Allspring Special Mid Cap Value Fund (WFMDX) N-CSRS Certified semi-annual shareholder report (management investment company)

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSRS

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)

C. David Messman

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: January 31

Registrant is making a filing for 8 of its series:

Wells Fargo 100% Treasury Money Market Fund, Wells Fargo Cash Investment Money Market Fund, Wells Fargo Government Money Market Fund, Wells Fargo Heritage Money Market Fund, Wells Fargo Money Market Fund, Wells Fargo Municipal Cash Management Money Market Fund, Wells Fargo National Tax-Free Money Market Fund, and Wells Fargo Treasury Plus Money Market Fund.

Date of reporting period: July 31, 2017

ITEM 1. REPORT TO STOCKHOLDERS

Semi-Annual Report

July 31, 2017

Retail Money Market Funds

∎ Wells Fargo Money Market Fund

Reduce clutter. Save trees.

Sign up for electronic delivery of prospectuses and shareholder reports at wellsfargo.com/advantagedelivery

Contents

Letter to shareholders	2
Performance highlights	4
Fund expenses	6
Portfolio of investments	7
Financial statements
Statement of assets and liabilities	12
Statement of operations	13
Statement of changes in net assets	14
Financial highlights	15
Notes to financial statements	19
Other information	23
List of abbreviations	30

The views expressed and any forward-looking statements are as of July 31, 2017, unless otherwise noted, and are those of the Fund managers and/or Wells Fargo Funds Management, LLC. Discussions of individual securities, or the markets generally, or any Wells Fargo Fund 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 Funds Management, LLC and the Fund disclaim any obligation to publicly update or revise any views expressed or forward-looking statements.

NOT FDIC INSURED  ◾  NO BANK GUARANTEE  ◾   MAY LOSE VALUE

2 Wells Fargo Money Market Fund Letter to shareholders (unaudited)

Andrew Owen

President

Wells Fargo Funds

Early in July, volatility expectations increased and then receded, as measured by the CBOE VIX.

Dear Shareholder:

We are pleased to offer you this semi-annual report for the Wells Fargo Money Market Fund for the six-month period that ended July 31, 2017. Many equity markets advanced during this reporting period, supported by modest economic growth despite political uncertainty. U.S. and international stocks returned 9.51% and 14.26%, for the six-month period, as measured by the S&P 500 Index¹ and the MSCI ACWI ex USA Index (Net)², respectively. Within fixed income, the Bloomberg Barclays U.S. Aggregate Bond Index³ returned 4.98% and the Bloomberg Barclays Municipal Bond Index⁴ returned 3.72% as interest rates rose from low levels.

Equity and bond markets advanced during the first quarter of 2017 amid improving economic data globally.

Stocks rallied globally through the first quarter of 2017, supported by signs of improvement in the U.S. and global economies. U.S. economic data released during the quarter reflected a healthy economy. Hiring remained strong, and business and consumer sentiment improved. In March, U.S. Federal Reserve (Fed) officials raised their target interest rate by a quarter percentage point to a range from 0.75% to 1.00%. With the Fed’s target interest rate increase, short-term bond yields rose during the quarter. Meanwhile, longer-term Treasury yields were little changed, leading to positive performance. Investment-grade and high-yield bonds benefited from strong demand. Municipal bond returns were positive in the quarter, helped by strong demand and constrained new-issue supply. Outside of the U.S., stocks in emerging markets generally outperformed stocks in the U.S. and international developed markets because they benefited from both global economic growth and recent weakening in the U.S. dollar. Stocks in Asia, Europe, and Latin America also outperformed the U.S. market during the quarter.

Steady advancement in many markets marked the first seven months of 2017.

During the second quarter, most equity markets in the U.S. and abroad advanced. Steady, albeit modest, economic growth both in the U.S. and abroad and generally favorable corporate earnings announcements after the second quarter supported higher valuations. Within the economy, U.S. inflation trended lower despite the unemployment rate continuing to decline. Ten-year U.S. Treasury yields declined, resulting in stronger prices for long-term bonds. As was widely expected, in June, the Fed raised the target interest rate by a quarter percentage point to a range from 1.00% to 1.25%. In addition, the Fed indicated that it would begin to sell bonds accumulated on its balance sheet during quantitative easing programs conducted since 2008, likely beginning later this year. Early in July, volatility expectations increased and then receded, as measured by the CBOE VIX.⁵ Although economic momentum increased in Europe, the European Central Bank held its rates steady at

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 markets, excluding the United States and Canada. 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 indexes or any securities or financial products. This report is not approved, reviewed, or produced by MSCI. You cannot invest directly in an index.

³ 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.

⁴  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.

⁵  The Chicago Board Options Exchange Market Volatility Index (CBOE VIX) is a popular measure of the implied volatility of S&P 500 Index options. It represents one measure of the market’s expectation of stock market volatility over the next 30-day period. You cannot invest directly in an index.

Letter to shareholders (unaudited) Wells Fargo Money Market Fund 3

low levels because underlying inflation remained subdued. In emerging markets, many countries benefited from stronger currencies versus the U.S. dollar.

Don’t let short-term uncertainty derail long-term investment goals.

Periods of 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 in 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

Periods of 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.

For further information about your Fund, contact your investment professional, visit our website at wellsfargofunds.com, or call us directly at 1-800-222-8222. We are available 24 hours a day, 7 days a week.

4 Wells Fargo Money Market Fund Performance highlights (unaudited)

Investment objective

The Fund seeks current income, while preserving capital and liquidity.

Manager

Wells Fargo Funds Management, LLC

Subadvisers

Wells Capital Management Incorporated

Wells Capital Management Singapore

Portfolio managers

Michael C. Bird, CFA^®

Jeffrey L. Weaver, CFA^®

Laurie White

Average annual total returns (%) as of July 31, 2017¹

		Including sales charge							Excluding sales charge						Expense ratios2 (%)
	Inception date	1 year			5 year		10 year		1 year		5 year		10 year		Gross		Net3
Class A (STGXX)	7-1-1992		–			–		–		0.28		0.06		0.46		0.83		0.65
Class C*	6-30-2010		(0.99	)		0.01		0.31		0.01		0.01		0.31		1.58		1.40
Premier Class (WMPXX)	3-31-2016		–			–		–		0.71		0.17		0.51		0.44		0.20
Service Class (WMOXX)	6-30-2010		–			–		–		0.41		0.09		0.49		0.73		0.50

Yield summary (%) as of July 31, 2017³

	Class A	Class C*		Premier Class		Service Class
7-day current yield	0.70		0.01		1.15		0.85
7-day compound yield	0.71		0.01		1.15		0.85
30-day simple yield	0.68		0.01		1.12		0.83
30-day compound yield	0.68		0.01		1.13		0.83

* Class C shares are available only to shareholders making an exchange out of Class C shares of another mutual fund within the Wells Fargo family of funds.

Figures quoted represent past performance, which is no guarantee of future results, and do not reflect taxes that a shareholder may pay on fund distributions or the redemption of fund shares. Investment returns will fluctuate. The Fund’s yield figures more closely reflect the current earnings of the Fund than the total return figures. 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, wellsfargofunds.com.

Class A shares, Premier Class shares, and Service Class shares are sold without a front-end sales charge or contingent deferred sales charge. 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.

For retail money market funds: You could lose money by investing in the Fund. Although the Fund seeks to preserve the value of your investment at $1.00 per share, it cannot guarantee it will do so. The Fund may impose a fee upon sale of your shares or may temporarily suspend your ability to sell shares if the Fund’s liquidity falls below required minimums because of market conditions or other factors. An investment in the Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The Fund’s sponsor has no legal obligation to provide financial support to the Fund, and you should not expect that the sponsor will provide financial support to the Fund at any time.

Please see footnotes on page 5.

Performance highlights (unaudited) Wells Fargo Money Market Fund 5

Portfolio composition as of July 31, 2017⁴

Effective maturity distribution as of July 31, 2017⁴

Weighted average maturity as of July 31, 2017⁵

20 days

Weighted average life as of July 31, 2017⁶

67 days

¹  Historical performance shown for Class C shares prior to their inception reflects the performance of the former Class B shares. Historical performance shown for Premier Class shares prior to their inception reflects the performance of Class A shares, and includes the higher expenses applicable to Class A shares. If these expenses were not included, returns for Premier Class shares would be higher. Historical performance shown for Service Class shares prior to their inception reflects the performance of the former Investor Class shares, and includes the higher expenses applicable to the former Investor Class shares. If these expenses had not been included, returns for Service Class shares would be higher.

²  Reflects the expense ratios as stated in the most recent prospectuses. The expense ratios shown are subject to change and may differ from the annualized expense ratios shown in the financial highlights of this report.

³  The manager has contractually committed through May 31, 2018, to waive fees and/or reimburse expenses to the extent necessary to cap the Fund’s Total Annual Fund Operating Expenses After Fee Waivers at the amounts shown. 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. Brokerage commissions, stamp duty fees, interest, taxes, acquired fund fees and expenses, and extraordinary expenses are excluded from the expense cap. Without this cap, the Fund’s returns would have been lower. Without waived fees and/or reimbursed expenses, the Fund’s 7-day current yield would have been 0.51%, (0.25)%, 0.89%, and 0.60% for Class A, Class C, Premier Class, and Service Class, respectively. The expense ratio paid by an investor is the net expense ratio or the Fund’s Total Annual Fund Operating Expenses After Fee Waivers, as stated in the prospectuses.

⁴  Amounts are calculated based on the total investments of the Fund. These amounts are subject to change and may have changed since the date specified.

⁵  Weighted Average Maturity (WAM): WAM is an average of the effective maturities of all securities held in the portfolio, weighted by each security’s percentage of total investments. The maturity of a portfolio security is the period remaining until the date on which the principal amount is unconditionally required to be paid, or in the case of a security called for redemption, the date on which the redemption payment is unconditionally required to be made. WAM calculations allow for the maturities of certain securities with demand features or periodic interest rate resets to be shortened. WAM is a way to measure a fund’s sensitivity to potential interest rate changes. Rule 2a-7 under the Investment Company Act of 1940 requires money market funds to maintain a WAM of 60 calendar days or less. WAM is subject to change and may have changed since the date specified.

⁶  Weighted Average Life (WAL): WAL is an average of the final maturities of all securities held in the portfolio, weighted by their percentage of total investments. The maturity of a portfolio security is the period remaining until the date on which the principal amount is unconditionally required to be paid, or in the case of a security called for redemption, the date on which the redemption payment is unconditionally required to be made. In contrast to WAM, the calculation of WAL allows for the maturities of certain securities with demand features to be shortened, but not the periodic interest rate resets. WAL is a way to measure a fund’s potential sensitivity to credit spread changes. Rule 2a-7 under the Investment Company Act of 1940 requires money market funds to maintain a weighted average life of 120 calendar days or less. WAL is subject to change and may have changed since the date specified.

6 Wells Fargo Money Market Fund Fund expenses (unaudited)

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including contingent deferred sales charges (if any) on redemptions and (2) ongoing costs, including management fees, distribution (12b-1) and/or shareholder service 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 February 1, 2017 to July 31, 2017.

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 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 cost would have been higher.

	Beginning account value 2-1-2017		Ending account value 7-31-2017		Expenses paid during the period¹		Annualized net expense ratio
Class A
Actual	$	1,000.00	$	1,002.37	$	3.23		0.65	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.57	$	3.26		0.65	%
Class C
Actual	$	1,000.00	$	1,000.05	$	5.45		1.10	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,019.34	$	5.51		1.10	%
Premier Class
Actual	$	1,000.00	$	1,004.56	$	0.99		0.20	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,023.80	$	1.00		0.20	%
Service Class
Actual	$	1,000.00	$	1,003.10	$	2.48		0.50	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,022.32	$	2.51		0.50	%

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).

Portfolio of investments—July 31, 2017 (unaudited) Wells Fargo Money Market Fund 7

Security name	Interest rate			Maturity date		Principal		Value
Certificates of Deposit: 24.07%
Abbey National Treasury Services ±		1.41	%		12-15-2017	$	3,000,000	$	3,000,000
Bank of Montreal		1.22			8-3-2017		2,000,000		2,000,000
Bank of Nova Scotia ±		1.38			3-20-2018		5,000,000		5,000,000
Chiba Bank Limited		1.27			8-7-2017		4,000,000		4,000,000
China Construction Bank Corporation ±		1.48			7-20-2018		7,000,000		7,000,000
Citibank (New York) ±		1.32			1-3-2018		4,000,000		4,000,000
Credit Suisse (New York) ±		1.45			11-7-2017		5,000,000		5,000,000
Dexia Credit Local SA ±		1.60			12-7-2017		7,000,000		7,000,000
HSBC Bank plc		1.11			8-1-2017		9,000,000		9,000,000
HSBC Bank plc ±		1.33			5-11-2018		3,000,000		3,000,000
KBC Bank		1.18			8-2-2017		6,000,000		6,000,000
Mitsubishi Trust & Bank ±		1.42			11-30-2017		2,000,000		2,000,000
Mizuho Bank Limited ±		1.45			11-8-2017		3,000,000		3,000,504
Mizuho Bank Limited		1.52			10-6-2017		2,000,000		2,000,448
Mizuho Bank Limited ±		1.52			10-10-2017		3,000,000		3,000,000
National Australia Bank Limited		1.25			9-12-2017		4,000,000		4,000,000
National Bank of Kuwait		1.10			8-1-2017		13,600,000		13,600,000
NBAD Americas NV		1.11			8-1-2017		13,000,000		13,000,000
Norinchukin Bank		1.20			8-2-2017		8,000,000		7,999,989
Norinchukin Bank ±		1.41			1-11-2018		5,000,000		5,000,000
Oversea-Chinese Banking Corporation		1.14			8-4-2017		6,000,000		5,999,954
Sumitomo Mitsui Banking Corporation ±		1.34			8-18-2017		3,000,000		3,000,000
Sumitomo Mitsui Banking Corporation ±		1.40			12-1-2017		2,000,000		2,000,000
Sumitomo Mitsui Banking Corporation ±		1.41			1-16-2018		4,000,000		4,000,000
Toronto Dominion Bank ±		1.45			10-17-2017		2,000,000		2,000,000
Toronto Dominion Bank ±		1.57			3-5-2018		2,000,000		2,000,000
Total Certificates of Deposit (Cost $127,600,895)									127,600,895
Commercial Paper: 54.13%
Asset-Backed Commercial Paper: 33.79%
Albion Capital Corporation (z)		1.27			8-21-2017		5,000,000		4,996,472
Albion Capital Corporation (z)		1.27			8-25-2017		3,000,000		2,997,460
Alpine Securitization Limited 144A±		1.47			4-10-2018		9,000,000		9,000,000
Anglesea Funding LLC 144A±		1.46			10-4-2017		5,000,000		5,000,000
Antalis SA 144A(z)		1.34			9-18-2017		4,000,000		3,992,853
Antalis SA 144A(z)		1.35			9-22-2017		1,000,000		998,050
Antalis SA 144A(z)		1.37			10-16-2017		5,000,000		4,985,539
Autobahn Funding Company 144A(z)		1.15			8-1-2017		4,000,000		4,000,000
Bedford Row Funding Corporation 144A±		1.36			5-31-2018		5,000,000		5,000,000
Cancara Asset Securitization Limited (z)		1.30			9-26-2017		7,000,000		6,985,844
Cedar Spring Capital Company 144A(z)		1.22			8-9-2017		5,000,000		4,998,645
Charta LLC 144A(z)		1.24			8-3-2017		3,300,000		3,299,773
Chesham Finance Limited 144A(z)		1.23			8-1-2017		10,000,000		10,000,000
Chesham Finance Limited 144A(z)		1.51			12-18-2017		5,000,000		4,971,042
Collateralized Commercial Paper Company LLC 144A±		1.52			8-8-2017		3,000,000		3,000,128
Concord Minutemen Capital Company 144A(z)		1.20			8-9-2017		7,000,000		6,998,134
Concord Minutemen Capital Company 144A(z)		1.34			10-20-2017		5,000,000		4,985,111
Crown Point Capital Company LLC 144A±		1.48			2-26-2018		10,000,000		10,000,000
Institutional Secured Funding LLC 144A(z)		1.28			8-1-2017		4,000,000		4,000,000
Institutional Secured Funding LLC 144A(z)		1.30			8-7-2017		3,000,000		2,999,350
Institutional Secured Funding LLC 144A(z)		1.32			8-18-2017		2,000,000		1,998,753

The accompanying notes are an integral part of these financial statements.

8 Wells Fargo Money Market Fund Portfolio of investments—July 31, 2017 (unaudited)

Security name	Interest rate			Maturity date		Principal		Value
Asset-Backed Commercial Paper (continued)
Kells Funding LLC 144A(z)		1.30	%		10-17-2017	$	4,000,000	$	3,988,878
Legacy Capital Company 144A(z)		1.32			9-19-2017		3,000,000		2,994,610
Lexington Parker Capital Company LLC 144A(z)		1.37			10-24-2017		3,000,000		2,990,410
LMA Americas LLC 144A(z)		1.15			8-1-2017		10,000,000		10,000,000
Matchpoint Finance plc 144A(z)		1.33			9-25-2017		5,000,000		4,989,840
Mountcliff Funding LLC 144A(z)		1.23			8-1-2017		5,000,000		5,000,000
Mountcliff Funding LLC 144A±		1.51			10-25-2017		4,000,000		4,000,000
Regency Markets No.1 LLC 144A(z)		1.23			8-10-2017		5,000,000		4,998,463
Ridgefield Funding Company 144A(z)		1.34			10-11-2017		4,000,000		3,989,429
Starbird Funding Corporation 144A(z)		1.15			8-1-2017		6,000,000		6,000,000
Toyota Motor Credit ±		1.44			3-12-2018		5,000,000		5,000,000
Toyota Motor Credit ±		1.44			3-27-2018		1,000,000		1,000,000
Versailles Commercial Paper LLC 144A±		1.43			11-27-2017		7,000,000		7,000,000
Victory Receivables 144A(z)		1.25			8-10-2017		12,000,000		11,996,250
									179,155,034
Financial Company Commercial Paper: 19.77%
ABN AMRO Funding LLC 144A(z)		1.30			10-10-2017		4,000,000		3,989,889
Bank of Nova Scotia 144A±		1.45			4-11-2018		3,000,000		3,000,000
Barclays Bank plc ±		1.75			4-3-2018		1,000,000		1,000,000
Caisse Centrale Desjardins du Quebec 144A(z)		1.33			11-7-2017		3,000,000		2,989,179
Charles Schwab Corporation 144A(z)		1.20			8-7-2017		1,900,000		1,899,620
Commonwealth Bank of Australia 144A±		1.43			4-20-2018		4,000,000		4,001,128
Commonwealth Bank of Australia 144A±		1.43			4-13-2018		2,000,000		2,000,000
Commonwealth Bank of Australia 144A±		1.55			3-16-2018		2,000,000		2,000,000
Commonwealth Bank of Australia 144A±		1.57			3-1-2018		2,000,000		2,000,000
DBS Bank Limited 144A(z)		1.25			8-21-2017		7,000,000		6,995,139
DBS Bank Limited 144A(z)		1.30			9-27-2017		2,000,000		1,995,883
DBS Bank Limited 144A±		1.43			7-17-2018		3,000,000		3,000,000
Erste Bank der Oesterreichischen Sparkassen AG 144A±		1.45			10-27-2017		4,000,000		4,000,000
Macquarie Bank Limited 144A(z)		1.32			9-18-2017		10,000,000		9,982,400
Macquarie Bank Limited 144A(z)		1.34			9-19-2017		2,000,000		1,996,352
Mitsubishi UFJ Trust & Banking Corporation 144A(z)		1.44			10-17-2017		2,000,000		1,993,883
National Australia Bank Limited 144A±		1.57			3-6-2018		4,000,000		4,000,000
National Bank of Canada 144A(z)		1.30			10-6-2017		4,000,000		3,990,467
NRW Bank 144A(z)		1.25			8-23-2017		3,000,000		2,997,708
NRW Bank 144A(z)		1.25			8-24-2017		3,000,000		2,997,604
Ontario Teachers Finance Trust 144A±		1.37			4-3-2018		3,000,000		3,000,000
Oversea-Chinese Banking Corporation 144A(z)		1.32			10-6-2017		2,000,000		1,995,160
Oversea-Chinese Banking Corporation 144A±		1.36			1-11-2018		4,000,000		4,000,000
Oversea-Chinese Banking Corporation 144A±		1.39			2-12-2018		2,000,000		2,000,218
PSP Capital Incorporated 144A±		1.25			5-4-2018		6,000,000		6,000,000
PSP Capital Incorporated 144A±		1.28			5-30-2018		3,000,000		3,000,000
Sumitomo Trust & Banking Corporation 144A(z)		1.15			8-1-2017		3,000,000		3,000,000
Suncorp Group Limited 144A(z)		1.24			9-5-2017		1,000,000		998,794
United Overseas Bank Limited 144A(z)		1.27			8-24-2017		5,000,000		4,995,943
Westpac Banking Corporation 144A±		1.43			4-13-2018		4,000,000		4,000,000
Westpac Banking Corporation 144A±		1.55			3-15-2018		2,000,000		2,000,000
Westpac Banking Corporation 144A±		1.55			3-2-2018		3,000,000		3,000,000
									104,819,367

The accompanying notes are an integral part of these financial statements.

Portfolio of investments—July 31, 2017 (unaudited) Wells Fargo Money Market Fund 9

Security name	Interest rate			Maturity date		Principal		Value
Other Commercial Paper: 0.57%
COFCO Capital Corporation (z)		1.41	%		8-1-2017	$	3,000,000	$	3,000,000
Total Commercial Paper (Cost $286,974,401)									286,974,401
Municipal Obligations: 17.94%
California: 1.51%
Variable Rate Demand Notes ø: 1.51%
California Tender Option Bond Trust Receipts/Certificates Palomar Pomerado Health Series XG0017 (GO Revenue, Bank of America NA LIQ) 144A		1.25			8-1-2037		2,000,000		2,000,000
RBC Municipal Products Incorporated Trust Water District Series E (Water & Sewer Revenue, Royal Bank of Canada LOC) 144A		1.22			4-5-2019		6,000,000		6,000,000
									8,000,000
Colorado: 1.58%
Variable Rate Demand Notes ø: 1.58%
Colorado HFA Class II Series A-2 (Housing Revenue, FHLB SPA)		1.35			10-1-2033		2,355,000		2,355,000
Colorado HFA MFHR Class II Series B (Housing Revenue, FHLB SPA)		1.25			5-1-2052		6,000,000		6,000,000
									8,355,000
Georgia: 1.85%
Variable Rate Demand Notes ø: 1.85%
Columbus GA Housing Development Authority Puttable Floating Option Taxable Notes Series TN-024 (Housing Revenue, ACA Insured, Bank of America NA LIQ) 144A		1.47			10-1-2039		4,830,000		4,830,000
Macon-Bibb County GA Industrial Authority Development Kumho Tire Georgia Incorporated Series A (Industrial Development Revenue, Korea Development Bank LOC)		1.30			12-1-2022		5,000,000		5,000,000
									9,830,000
Louisiana: 0.38%
Variable Rate Demand Note ø: 0.38%
East Baton Rouge Parish LA Sewerage Commission Revenue Series B005 (Water & Sewer Revenue, Morgan Stanley Bank LIQ) 144A		1.27			2-1-2045		2,000,000		2,000,000
Minnesota: 0.04%
Variable Rate Demand Note ø: 0.04%
RBC Municipal Products Incorporated Trust Series E-69 (Housing Revenue, Royal Bank of Canada LOC) 144A		1.22			5-31-2018		200,000		200,000
Nebraska: 0.89%
Variable Rate Demand Note ø: 0.89%
Nebraska Tender Option Bond Trust Receipts/Certificates Omaha Packaging Facilities Corporation Series SGT13 (Miscellaneous Revenue, Societe Generale LIQ) 144A		1.22			3-1-2033		4,705,000		4,705,000
New York: 4.34%
Variable Rate Demand Notes ø: 4.34%
New York HFA 33 Bond Street Series A (Housing Revenue, Manufacturers & Traders LOC)		1.23			11-1-2049		3,000,000		3,000,000
New York HFA 605 West 42nd Street Series B (Housing Revenue, Bank of China LOC)		1.45			5-1-2048		6,000,000		6,000,000

The accompanying notes are an integral part of these financial statements.

10 Wells Fargo Money Market Fund Portfolio of investments—July 31, 2017 (unaudited)

Security name	Interest rate			Maturity date		Principal		Value
Variable Rate Demand Notes ø (continued)
New York HFA Manhattan West Residential Housing Project Series B-2 (Housing Revenue, Bank of China LOC)		1.50	%		11-1-2049	$	10,000,000	$	10,000,000
RBC Municipal Products Incorporated Trust Series E-51 for Invesco Van Kampen New York Value Income Trust (Miscellaneous Revenue, Royal Bank of Canada LOC) 144A(i)		1.63			12-1-2017		4,000,000		4,000,000
									23,000,000
Oregon: 0.94%
Variable Rate Demand Note ø: 0.94%
Tender Option Bond Trust Receipts/Certificates (Miscellaneous Revenue, Bank of America NA LIQ) 144A		1.47			5-1-2035		5,000,000		5,000,000
Other: 4.34%
Variable Rate Demand Notes ø: 4.34%
Jets Stadium Development Bonds Series A-4B (Miscellaneous Revenue, Sumitomo Mitsui Banking Corporation LOC) 144A		1.23			4-1-2047		7,000,000		7,000,000
Providence Health & Services Series 12-E (Health Revenue, U.S. Bank NA LOC)		1.25			10-1-2042		7,780,000		7,780,000
SSAB AB Series A (Miscellaneous Revenue, DNB Banking ASA LOC)		1.24			6-1-2035		1,000,000		1,000,000
Steadfast Crestvilla LLC Series A (Health Revenue, American AgCredit LOC)		1.25			2-1-2056		4,240,000		4,240,000
Steadfast Crestvilla LLC Series B (Health Revenue, U.S. Bank NA LOC)		1.25			2-1-2056		3,000,000		3,000,000
									23,020,000
Pennsylvania: 0.56%
Other Municipal Debt: 0.19%
University of Pittsburgh Revenue Bond (Education Revenue)		1.27			9-21-2017		1,000,000		1,000,000
Variable Rate Demand Notes ø: 0.37%
RBC Municipal Products Incorporated Trust Series E-52 Invesco Van Kampen Trust (Miscellaneous Revenue, Royal Bank of Canada LOC) 144A(i)		1.63			12-1-2017		2,000,000		2,000,000
Rhode Island: 0.57%
Variable Rate Demand Note ø: 0.57%
Providence St. Joseph Health (Health Revenue, GNMA/FNMA/FHLMC Insured, JPMorgan Chase & Company SPA)		1.22			10-1-2047		3,000,000		3,000,000
Tennessee: 0.94%
Variable Rate Demand Note ø: 0.94%
Montgomery County TN Industrial Development Bonds Hankook Tire Manufacturing Project Series A (Industrial Development Revenue, Kookmin Bank LOC)		1.35			12-1-2024		5,000,000		5,000,000
Total Municipal Obligations (Cost $95,110,000)									95,110,000
Repurchase Agreements: 3.96%
GX Clarke & Company, dated 7-31-2017, maturity value $21,000,700 ^^		1.20			8-1-2017		21,000,000		21,000,000
Total Repurchase Agreements (Cost $21,000,000)									21,000,000

Total investments in securities (Cost $530,685,296) *	100.10	%		530,685,296
Other assets and liabilities, net	(0.10	)		(540,598	)
Total net assets	100.00	%	$	530,144,698

The accompanying notes are an integral part of these financial statements.

Portfolio of investments—July 31, 2017 (unaudited) Wells Fargo Money Market Fund 11

± Variable rate investment. The rate shown is the rate in effect at period end.

(z) Zero coupon security. The rate represents the current yield to maturity.

144A The security may be resold in transactions exempt from registration, normally to qualified institutional buyers, pursuant to Rule 144A under the Securities Act of 1933.

ø Variable rate demand notes are subject to a demand feature which reduces the effective maturity. The maturity date shown represents the final maturity date of the security. The interest rate is determined and reset by the issuer daily, weekly, or monthly depending upon the terms of the security. The rate shown is the rate in effect at period end.

(i) Illiquid security

§ The security is subject to a demand feature which reduces the effective maturity.

^^ Collateralized by U.S. government securities, 0.00% to 9.00%, 8-15-2017 to 1-1-2049, fair value including accrued interest is $21,583,243.

* Cost for federal income tax purposes is substantially the same as for financial reporting purposes.

The accompanying notes are an integral part of these financial statements.

12 Wells Fargo Money Market Fund Statement of assets and liabilities—July 31, 2017 (unaudited)

Assets
Investments in unaffiliated securities, at amortized cost	$	530,685,296
Cash		38,132
Receivable for Fund shares sold		448,850
Receivable for interest		374,894
Prepaid expenses and other assets		304,466
Total assets		531,851,638
Liabilities
Dividends payable		63,882
Payable for Fund shares redeemed		989,965
Management fee payable		69,040
Distribution fees payable		5,989
Administration fees payable		98,452
Accrued expenses and other liabilities		479,612
Total liabilities		1,706,940
Total net assets	$	530,144,698
NET ASSETS CONSIST OF
Paid-in capital	$	530,877,219
Overdistributed net investment income		(357,459	)
Accumulated net realized losses on investments		(375,062	)
Total net assets	$	530,144,698
COMPUTATION OF NET ASSET VALUE PER SHARE
Net assets – Class A	$	506,781,790
Shares outstanding – Class A1		506,467,677
Net asset value per share – Class A		$1.00
Net assets – Class C	$	9,091,630
Shares outstanding – Class C1		9,085,714
Net asset value per share – Class C		$1.00
Net assets – Premier Class	$	100,879
Shares outstanding – Premier Class1		100,817
Net asset value per share – Premier Class		$1.00
Net assets – Service Class	$	14,170,399
Shares outstanding – Service Class1		14,161,966
Net asset value per share – Service Class		$1.00

¹  The Fund has an unlimited number of authorized shares.

The accompanying notes are an integral part of these financial statements.

Statement of operations—six months ended July 31, 2017 (unaudited) Wells Fargo Money Market Fund 13

Investment income
Interest	$	3,073,142
Expenses
Management fee		955,951
Administration fees
Class A		567,842
Class B		84	1
Class C		11,859
Premier Class		40
Service Class		11,447
Shareholder servicing fees
Class A		645,275
Class B		96	1
Class C		13,476
Service Class		23,848
Distribution fees
Class B		287	1
Class C		40,428
Custody and accounting fees		7,330
Professional fees		25,230
Registration fees		224
Shareholder report expenses		272
Trustees’ fees and expenses		10,435
Other fees and expenses		22,017
Total expenses		2,336,141
Less: Fee waivers and/or expense reimbursements		(550,915	)
Net expenses		1,785,226
Net investment income		1,287,916
Net realized gains on investments		33,229
Net increase in net assets resulting from operations	$	1,321,145

¹  For the period from February 1, 2017 to July 6, 2017. Effective at the close of business on July 6, 2017, Class B shares were converted to Class A shares and are no longer offered by the Fund.

The accompanying notes are an integral part of these financial statements.

14 Wells Fargo Money Market Fund Statement of changes in net assets

	Six months ended July 31, 2017 (unaudited)						Year ended January 31, 2017
Operations
Net investment income				$	1,287,916					$	440,447
Net realized gains on investments					33,229						5,152
Net increase in net assets resulting from operations					1,321,145						445,599
Distributions to shareholders from
Net investment income
Class A					(1,228,928	)					(321,952	)
Class B					(3	)1					(79	)
Class C					(540	)					(1,378	)
Daily Class					N/A						(48,461	)2
Premier Class					(465	)					(359	)3
Service Class					(57,976	)					(58,081	)
Total distributions to shareholders					(1,287,912	)					(430,310	)
Capital share transactions		Shares						Shares
Proceeds from shares sold
Class A		52,057,502			52,057,502			847,102,026			847,102,026
Class B		0	1		0	1		12,747			12,747
Class C		1,325,073			1,325,073			7,193,960			7,193,960
Daily Class		N/A			N/A			2,109,837,809	2		2,109,837,809	2
Premier Class		6,500			6,500			100,000	3		100,000	3
Service Class		3,146,947			3,146,947			303,011,729			303,011,729
					56,536,022						3,267,258,271
Reinvestment of distributions
Class A		1,167,159			1,167,159			294,442			294,442
Class B		3	1		3	1		75			75
Class C		510			510			1,293			1,293
Daily Class		N/A			N/A			28,154	2		28,154	2
Premier Class		465			465			359	3		359	3
Service Class		52,356			52,356			36,456			36,456
					1,220,493						360,779
Payment for shares redeemed
Class A		(86,468,448	)		(86,468,448	)		(1,513,320,693	)		(1,513,320,693	)
Class B		(195,598	)1		(195,598	)1		(1,097,796	)		(1,097,796	)
Class C		(5,525,948	)		(5,525,948	)		(10,525,482	)		(10,525,482	)
Daily Class		N/A			N/A			(3,361,722,860	)2		(3,361,722,860	)2
Premier Class		(6,507	)		(6,507	)		0	3		0	3
Service Class		(10,627,757	)		(10,627,757	)		(555,677,111	)		(555,677,111	)
					(102,824,258	)					(5,442,343,942	)
Net decrease in net assets resulting from capital share transactions					(45,067,743	)					(2,174,724,892	)
Total decrease in net assets					(45,034,510	)					(2,174,709,603	)
Net assets
Beginning of period					575,179,208						2,749,888,811
End of period				$	530,144,698					$	575,179,208
Overdistributed net investment income				$	(357,459	)				$	(357,463	)

¹  For the period from February 1, 2017 to July 6, 2017. Effective at the close of business on July 6, 2017, Class B shares were converted to Class A shares and are no longer offered by the Fund.

²  For the period from February 1, 2016 to August 31, 2016. At the close of business on August 31, 2016, Daily Class was liquidated and all outstanding shares were automatically redeemed. Effective September 1, 2016, Daily Class shares are no longer offered by the Fund.

³  For the period from March 31, 2016 (commencement of class operations) to January 31, 2017

The accompanying notes are an integral part of these financial statements.

Financial highlights Wells Fargo Money Market Fund 15

(For a share outstanding throughout each period)

	Six months ended July 31, 2017 (unaudited)			Year ended January 31
CLASS A				2017			2016			2015			2014			2013
Net asset value, beginning of period		$1.00			$1.00			$1.00			$1.00			$1.00			$1.00
Net investment income		0.00	1		0.00	1		0.00	1		0.00	1		0.00	1		0.00	1
Net realized gains on investments		0.00	1		0.00	1		0.00	1		0.00	1		0.00	1		0.00	1
Total from investment operations		0.00	1		0.00	1		0.00	1		0.00	1		0.00	1		0.00	1
Distributions to shareholders from
Net investment income		(0.00	)1		(0.00	)1		(0.00	)1		(0.00	)1		(0.00	)1		(0.00	)1
Net asset value, end of period		$1.00			$1.00			$1.00			$1.00			$1.00			$1.00
Total return2		0.24	%		0.05	%		0.01	%		0.01	%		0.01	%		0.01	%
Ratios to average net assets (annualized)
Gross expenses		0.84	%		0.83	%		0.82	%		0.83	%		0.82	%		0.80	%
Net expenses		0.65	%		0.55	%		0.29	%		0.19	%		0.22	%		0.25	%
Net investment income		0.48	%		0.03	%		0.01	%		0.01	%		0.01	%		0.01	%
Supplemental data
Net assets, end of period (000s omitted)		$506,782			$539,989			$1,205,785			$876,562			$1,468,645			$2,040,718

¹  Amount is less than $0.005.

²  Returns for periods of less than one year are not annualized.

The accompanying notes are an integral part of these financial statements.

16 Wells Fargo Money Market Fund Financial highlights

(For a share outstanding throughout each period)

	Six months ended July 31, 2017 (unaudited)			Year ended January 31
CLASS C				2017			2016			2015			2014			2013
Net asset value, beginning of period		$1.00			$1.00			$1.00			$1.00			$1.00			$1.00
Net investment income		0.00	1		0.00	1		0.00	1		0.00	1		0.00	1		0.00	1
Net realized gains on investments		0.00	1		0.00	1		0.00	1		0.00	1		0.00	1		0.00	1
Total from investment operations		0.00	1		0.00	1		0.00	1		0.00	1		0.00	1		0.00	1
Distributions to shareholders from
Net investment income		(0.00	)1		(0.00	)1		(0.00	)1		(0.00	)1		(0.00	)1		(0.00	)1
Net asset value, end of period		$1.00			$1.00			$1.00			$1.00			$1.00			$1.00
Total return2		0.00	%		0.01	%		0.01	%		0.01	%		0.01	%		0.01	%
Ratios to average net assets (annualized)
Gross expenses		1.59	%		1.58	%		1.57	%		1.58	%		1.57	%		1.55	%
Net expenses		1.10	%		0.60	%		0.29	%		0.19	%		0.22	%		0.25	%
Net investment income		0.01	%		0.01	%		0.01	%		0.01	%		0.01	%		0.01	%
Supplemental data
Net assets, end of period (000s omitted)		$9,092			$13,293			$16,617			$13,628			$16,270			$14,491

¹  Amount is less than $0.005.

²  Returns for periods of less than one year are not annualized.

The accompanying notes are an integral part of these financial statements.

Financial highlights Wells Fargo Money Market Fund 17

(For a share outstanding throughout each period)

PREMIER CLASS	Six months ended July 31, 2017 (unaudited)			Year ended January 31, 20171
Net asset value, beginning of period		$1.00			$1.00
Net investment income		0.00	2		0.00	2
Net realized gains on investments		0.00	2		0.00	2
Total from investment operations		0.00	2		0.00	2
Distributions to shareholders from
Net investment income		(0.00	)2		(0.00	)2
Net asset value, end of period		$1.00			$1.00
Total return3		0.46	%		0.36	%
Ratios to average net assets (annualized)
Gross expenses		0.45	%		0.45	%
Net expenses		0.20	%		0.20	%
Net investment income		0.92	%		0.43	%
Supplemental data
Net assets, end of period (000s omitted)		$101			$100

¹  For the period from March 31, 2016 (commencement of class operations) to January 31, 2017

²  Amount is less than $0.005.

³  Returns for periods of less than one year are not annualized.

The accompanying notes are an integral part of these financial statements.

18 Wells Fargo Money Market Fund Financial highlights

(For a share outstanding throughout each period)

	Six months ended July 31, 2017 (unaudited)			Year ended January 31
SERVICE CLASS				2017			2016			2015			2014			2013
Net asset value, beginning of period		$1.00			$1.00			$1.00			$1.00			$1.00			$1.00
Net investment income		0.00	1		0.00	1		0.00	1		0.00	1		0.00	1		0.00	1
Net realized gains on investments		0.00	1		0.00	1		0.00	1		0.00	1		0.00	1		0.00	1
Total from investment operations		0.00	1		0.00	1		0.00	1		0.00	1		0.00	1		0.00	1
Distributions to shareholders from
Net investment income		(0.00	)1		(0.00	)1		(0.00	)1		(0.00	)1		(0.00	)1		(0.00	)1
Net asset value, end of period		$1.00			$1.00			$1.00			$1.00			$1.00			$1.00
Total return2		0.31	%		0.11	%		0.01	%		0.01	%		0.01	%		0.01	%
Ratios to average net assets (annualized)
Gross expenses		0.74	%		0.72	%		0.72	%		0.73	%		0.72	%		0.70	%
Net expenses		0.50	%		0.50	%		0.28	%		0.19	%		0.22	%		0.25	%
Net investment income		0.61	%		0.05	%		0.01	%		0.01	%		0.01	%		0.01	%
Supplemental data
Net assets, end of period (000s omitted)		$14,170			$21,602			$274,245			$281,157			$334,659			$398,160

¹  Amount is less than $0.005.

²  Returns for periods of less than one year are not annualized.

The accompanying notes are an integral part of these financial statements.

Notes to financial statements (unaudited) Wells Fargo Money Market Fund 19

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 Wells Fargo Money Market Fund (the “Fund”) which is a diversified series of the Trust.

Effective at the close of business on July 6, 2017, Class B shares were converted to Class A shares and are no longer offered by the Fund. Information for Class B shares reflected in the financial statements represents activity through July 6, 2017.

Effective September 1, 2016, Daily Class shares are no longer offered by the Fund. Information for Daily Class shares reflected in the financial statements represent activity through August 31, 2016.

2. SIGNIFICANT ACCOUNTING POLICIES

The following significant accounting policies, which are consistently followed in the preparation of the financial statements of the 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 revenues and expenses during the reporting period. Actual results could differ from those estimates.

Securities valuation

As permitted under Rule 2a-7 of the 1940 Act, portfolio securities are valued at amortized cost, which approximates fair value. The amortized cost method involves valuing a security at its cost, plus accretion of discount or minus amortization of premium over the period until maturity.

Investments which are not valued using the method discussed above are valued at their fair value, as determined in good faith by the Board of Trustees of the Fund. 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 Management Valuation Team of 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 Management Valuation Team which may include items for ratification.

Valuations of fair valued securities are compared to the next actual sales price when available, or other appropriate market values, to assess the continued appropriateness of the fair valuation methodologies used. These securities are fair valued on a day-to-day basis, taking into consideration changes to appropriate market information and any significant changes to the inputs considered in the valuation process until there is a readily available price provided on an exchange or by an independent pricing service. Valuations received from an independent pricing service or independent broker-dealer quotes are periodically validated by comparisons to most recent trades and valuations provided by other independent pricing services in addition to the review of prices by the manager and/or subadviser. Unobservable inputs used in determining fair valuations are identified based on the type of security, taking into consideration factors utilized by market participants in valuing the investment, knowledge about the issuer and the current market environment.

Repurchase agreements

The Fund may invest in repurchase agreements and may participate in pooled repurchase agreement transactions with other funds advised by Funds Management. Repurchase agreements are agreements where the seller of a security to the Fund agrees to repurchase that security from the Fund at a mutually agreed upon time and price. The repurchase agreements must be fully collateralized based on values that are marked-to-market daily. The collateral may be held by an agent bank under a tri-party agreement. It is the custodian’s responsibility to value collateral daily and to take action to obtain additional collateral as necessary to maintain market value equal to or greater than the resale price. The repurchase agreements are collateralized by instruments such as U.S. Treasury, federal agency, or high-grade corporate obligations. There could be potential loss to the Fund in the event that the Fund is delayed or prevented from exercising its rights to dispose of the collateral, including the risk of a possible decline in the value of the underlying obligations during the period in which the Fund seeks to assert its rights.

When-issued transactions

The Fund may purchase securities on a forward commitment or when-issued basis. The Fund records a when-issued transaction on the trade date and will segregate assets in an amount at least equal in value to the Fund’s commitment to

20 Wells Fargo Money Market Fund Notes to financial statements (unaudited)

purchase when-issued securities. Securities purchased on a when-issued basis are marked-to-market daily and the Fund begins earning interest on the settlement date. Losses may arise due to changes in the market value of the underlying securities or if the counterparty does not perform under the contract.

Security transactions and income recognition

Securities transactions are recorded on a trade date basis. Realized gains or losses are recorded on the basis of identified cost.

Interest income is accrued daily and bond discounts are accreted and premiums are amortized daily based on the effective interest method. 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 are accrued daily and paid monthly. Distributions from net realized gains, if any, are recorded on the ex-dividend date. 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 the Fund’s fiscal year end. Therefore, a portion of the Fund’s distributions made prior to the Fund’s fiscal year end may be categorized as a tax return of capital.

Federal and other taxes

The 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.

The 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 the 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 January 31, 2017, the Fund had capital loss carryforwards available to offset future net realized capital gains in the amount of $408,286 expiring in 2019.

Class allocations

The separate classes of shares offered by the 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 expenses, and realized gains (losses) on investments are allocated daily to each class of shares based on the relative proportion of net assets of each class.

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 the 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). The 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.

Notes to financial statements (unaudited) Wells Fargo Money Market Fund 21

The following is a summary of the inputs used in valuing the Fund’s assets and liabilities as of July 31, 2017:

	Quoted prices (Level 1)		Other significant observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total
Assets
Investments in:
Certificates of deposit	$	0	$	127,600,895	$	0	$	127,600,895
Commercial paper		0		286,974,401		0		286,974,401
Municipal obligations		0		95,110,000		0		95,110,000
Repurchase agreements		0		21,000,000		0		21,000,000
Total assets	$	0	$	530,685,296	$	0	$	530,685,296

The Fund recognizes transfers between levels within the fair value hierarchy at the end of the reporting period. At July 31, 2017, the Fund did not have any transfers into/out of Level 1, Level 2, or Level 3.

4. TRANSACTIONS WITH AFFILIATES

Management fee

Funds Management, an indirect wholly owned subsidiary of Wells Fargo & Company (“Wells Fargo”), is the manager of the 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 the Fund, supervising the subadvisers, providing fund-level administrative services in connection with the Fund’s operations, and providing any other fund-level administrative services reasonably necessary for the operation of the Fund. As compensation for its services under the investment management agreement, Funds Management is entitled to receive an annual management fee starting at 0.35% and declining to 0.23% as the average daily net assets of the Fund increase. For the year ended July 31, 2017, the management fee was equivalent to an annual rate of 0.35% of the Fund’s average daily net assets.

Funds Management has retained the services of certain subadvisers to provide daily portfolio management to the 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 the Fund and is entitled to receive a fee from Funds Management at an annual rate starting at 0.05% and declining to 0.01% as the average daily net assets of the Fund increase. Wells Capital Management Singapore, a separately identifiable department of Wells Fargo Bank, N.A., an affiliate of Funds Management and wholly owned subsidiary of Wells Fargo, is also a subadviser to the Fund and is entitled to receive a fee from WellsCap at an annual rate starting at 0.0025% and declining to 0.0005% as the average daily net assets of the Fund increase.

Administration fees

Under a class-level administration agreement, Funds Management provides class-level administrative services to the 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, Class B, Class C		0.22	%
Premier Class		0.08
Service Class		0.12

Funds Management has contractually waived and/or reimbursed management and administration fees to the extent necessary to maintain certain net operating expense ratios for the Fund. Waiver of fees and/or reimbursement of expenses by Funds Management were made first from fund level expenses on a proportionate basis and then from class specific expenses. Funds Management has committed through May 31, 2018 to waive fees and/or reimburse expenses to

22 Wells Fargo Money Market Fund Notes to financial statements (unaudited)

the extent necessary to cap the Fund’s expenses at 0.65% for Class A shares, 1.40% for Class C shares, 0.20% for Premier Class shares, and 0.50% for Service Class shares. 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. During the six months ended July 31, 2017, Funds Management voluntarily waived additional expenses to maintain a positive yield.

Distribution fees

The Trust has adopted a distribution plan for Class B and Class C shares of the Fund pursuant to Rule 12b-1 under the 1940 Act. Distribution fees are charged to Class C shares and paid to Wells Fargo Funds Distributor, LLC (“Funds Distributor”), the principal underwriter, at an annual rate of 0.75% of the average daily net assets of Class B and Class C shares.

In addition, Funds Distributor is entitled to receive contingent deferred sales charges from redemptions of Class B and Class C shares. No contingent deferred sales charges were incurred by Class B and Class C shares for the six months ended July 31, 2017.

Shareholder servicing fees

The Trust has entered into contracts with one or more shareholder servicing agents, whereby Class A, Class B, Class C, and Service Class of the Fund is charged a fee at an annual rate of 0.25% of the respective average daily net assets of each class.

A portion of these total shareholder servicing fees were paid to affiliates of Wells Fargo.

Interfund transactions

The Fund may purchase or sell investment securities to other Wells Fargo affiliates pursuant to Rule 17a-7 of the 1940 Act and under procedures adopted by the Board of Trustees. The procedures have been designed to ensure that these interfund transactions, which do not incur broker commissions, are effected at current market prices. Pursuant to these procedures, the Fund had $11,950,000 and $11,120,000 in interfund purchases and sales, respectively, during the six months ended July 31, 2017.

5. INDEMNIFICATION

Under the Trust’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 the Trust. Additionally, in the normal course of business, the Trust may enter into contracts with service providers that contain a variety of indemnification clauses. The Trust’s maximum exposure under these arrangements is dependent on future claims that may be made against the Fund and, therefore, cannot be estimated.

6. REGULATORY CHANGES

In October 2016, the Securities and Exchange Commission (“SEC”) adopted new rules and forms and amended existing rules and forms (together, “final rules”) intended to modernize and enhance the reporting and disclosure of information by registered investment companies and to enhance liquidity risk management by open-end mutual funds and exchange-traded funds. The final rules will enhance the quality of information available to investors and will allow the SEC to more effectively collect and use data reported by funds. In part, the final rules amend Regulation S-X and require standardized, enhanced disclosure about derivatives in the Fund’s financial statements, as well as other amendments. The compliance date for the amendments to Regulation S-X is August 1, 2017. Management has evaluated the amendments to Regulation S-X and its adoption will result in enhanced financial disclosures in the Fund’s financial statements. Management continues to evaluate the reporting requirements for the new form types (compliance date is June 1, 2018) and the implementation of the liquidity risk management program (compliance date is December 1, 2018).

Other information (unaudited) Wells Fargo Money Market Fund 23

PROXY VOTING INFORMATION

A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities is available, upon request, by calling 1-800-222-8222, visiting our website at wellsfargofunds.com, or visiting the SEC website at sec.gov. Information regarding how the Fund voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is available on the Fund’s website at wellsfargofunds.com or by visiting the SEC website at sec.gov.

PORTFOLIO HOLDINGS INFORMATION

The complete portfolio holdings for the Fund are publicly available on the Fund’s website (wellsfargofunds.com) on a 1-day delayed basis. The Fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q, which is available by visiting the SEC website at sec.gov. In addition, the Fund’s Form N-Q may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC, and at regional offices in New York City, at 233 Broadway, and in Chicago, at 175 West Jackson Boulevard, Suite 900. Information about the Public Reference Room may be obtained by calling 1-800-SEC-0330.

24 Wells Fargo Money Market Fund Other information (unaudited)

BOARD OF TRUSTEES AND OFFICERS

Each of the Trustees and Officers¹ listed in the table below acts in identical capacities for each fund in the Wells Fargo family of funds, which consists of 145 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 Information². 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. Board member of the Forté Foundation (non-profit organization) and the Vincent Memorial Hospital Endowment (non-profit organization), where he serves on the Investment Committee and as a Chair of the Audit Committee. Mr. Ebsworth is a CFA® charterholder.	Asset Allocation Trust
Jane A. Freeman (Born 1953)	Trustee, since 2015	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 a Board Member of Ruth Bancroft Garden (non-profit organization) and an inactive chartered financial analyst.	Asset Allocation Trust
Peter G. Gordon** (Born 1942)	Trustee, since 1998; Chairman, since 2005	Co-Founder, Retired Chairman, President and CEO of Crystal Geyser Water Company. Trustee Emeritus, Colby College.	Asset Allocation Trust
Isaiah Harris, Jr. (Born 1952)	Trustee, since 2009	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 (charter school). Advisory Board Member, Child Evangelism Fellowship (non-profit). Mr. Harris is a certified public accountant (inactive status).	CIGNA Corporation; Asset Allocation Trust
Judith M. Johnson (Born 1949)	Trustee, since 2008; Audit Committee Chairman, 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.	Asset Allocation Trust
David F. Larcker (Born 1950)	Trustee, since 2009	James Irvin Miller Professor of Accounting at the Graduate School of Business, 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.	Asset Allocation Trust

Other information (unaudited) Wells Fargo Money Market Fund 25

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	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.	Asset Allocation Trust
Timothy J. Penny (Born 1951)	Trustee, since 1996: Vice Chairman, since 2017	President and Chief Executive Officer of Southern Minnesota Initiative Foundation, a non-profit organization, since 2007 and Senior Fellow at the Humphrey Institute Policy Forum at the University of Minnesota since 1995. Member of the Board of Trustees of NorthStar Education Finance, Inc., a non-profit organization, since 2007.	Asset Allocation Trust
Michael S. Scofield (Born 1943)	Trustee, since 2010	Served on the Investment Company Institute’s Board of Governors and Executive Committee from 2008-2011 as well the Governing Council of the Independent Directors Council from 2006-2011 and the Independent Directors Council Executive Committee from 2008-2011. Chairman of the IDC from 2008-2010. Trustee of the Evergreen Funds complex (and its predecessors) from 1984 to 2010. Chairman of the Evergreen Funds from 2000-2010. Former Trustee of the Mentor Funds. Retired Attorney, Law Offices of Michael S. Scofield.	Asset Allocation Trust

* Length of service dates reflect the Trustee’s commencement of service with the Trust’s predecessor entities, where applicable.

** Peter Gordon is expected to retire on December 31, 2017.

Advisory Board Members

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
James G. Polisson (Born 1959)	Advisory Board Member, since 2017	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 (Blackrock) from 1998 to 2010 and Global Chief Marketing Officer for iShares and Barclays Global Investors from 2000 to 2010. Prior thereto, Vice President, Fidelity Retail Mutual Fund Group from 1996 to 1998 and Risk Management Practice Manager, Fidelity Consulting from 1995 to 1996. 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.	None
Pamela Wheelock (Born 1959)	Advisory Board Member, since 2017	Chief Operating Officer, Twin Cities Habitat for Humanity, since January, 2017. Vice President of University Services, University of Minnesota from 2012 to 2017. Prior thereto, Interim President and Chief Executive Officer of Blue Cross Blue Shield of Minnesota from 2010 to 2011, Chairman of the Board from 2009 to 2011 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. Commissioner of Finance, State of Minnesota, from 1999 to 2002. Currently on the Board of Directors, Governance Committee and Finance Committee, for the Minnesota Philanthropy Partners (Saint Paul Foundation) since 2012 and Board Chair of the Minnesota Wild Foundation since 2010.	None

26 Wells Fargo Money Market Fund 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.
Nancy Wiser1 (Born 1967)	Treasurer, since 2012	Executive Vice President of Wells Fargo Funds Management, LLC since 2011. Chief Operating Officer and Chief Compliance Officer at LightBox Capital Management LLC, from 2008 to 2011.
C. David Messman (Born 1960)	Secretary, since 2000; Chief Legal Officer, since 2003	Senior Vice President and Secretary of Wells Fargo Funds Management, LLC since 2001. Assistant General Counsel of Wells Fargo Bank, N.A. since 2013 and Vice President and Managing Counsel of Wells Fargo Bank, N.A. from 1996 to 2013.
Michael H. Whitaker (Born 1967)	Chief Compliance Officer, since 2016	Senior Vice President and Chief Compliance Officer since 2016. Senior Vice President and Chief Compliance Officer for Fidelity Investments from 2007 to 2016.
David Berardi (Born 1975)	Assistant Treasurer, since 2009	Vice President of Wells Fargo Funds Management, LLC since 2009. Vice President of Evergreen Investment Management Company, LLC from 2008 to 2010. Manager of Fund Reporting and Control for Evergreen Investment Management Company, LLC from 2004 to 2010.
Jeremy DePalma1 (Born 1974)	Assistant Treasurer, since 2009	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.

¹  Nancy Wiser acts as Treasurer of 69 funds in the Fund Complex. Jeremy DePalma acts as Treasurer of 76 funds and Assistant Treasurer of 69 funds in the Fund Complex.

² 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 wellsfargofunds.com.

Other information (unaudited) Wells Fargo Money Market Fund 27

BOARD CONSIDERATION OF INVESTMENT MANAGEMENT AND SUB-ADVISORY AGREEMENTS:

Under the Investment Company Act of 1940 (the “1940 Act”), the Board of Trustees (the “Board”) of Wells Fargo Funds Trust (the “Trust”) must determine annually whether to approve the continuation of the Trust’s investment management and sub-advisory agreements. In this regard, at an in-person meeting held on May 16-17, 2017 (the “Meeting”), the Board, all the members of which have no direct or indirect interest in the investment management and sub-advisory agreements and are not “interested persons” of the Trust, as defined in the 1940 Act (the “Independent Trustees”), reviewed and approved for Wells Fargo Money Market Fund (the “Fund”): (i) an investment management agreement (the “Management Agreement”) with Wells Fargo Funds Management, LLC (“Funds Management”); (ii) an investment sub-advisory agreement with Wells Capital Management Incorporated (“WellsCap”), an affiliate of Funds Management; and (iii) an investment sub-advisory agreement with Wells Fargo Bank, N.A. d/b/a Wells Capital Management Singapore (“WellsCap Singapore”), an affiliate of Funds Management. The sub-advisory agreements with WellsCap and WellsCap Singapore (the “Sub-Advisers”) are collectively referred to as the Sub-Advisory Agreements, and the Management Agreement and the Sub-Advisory Agreements are collectively referred to as the “Advisory Agreements.”

At the Meeting, the Board considered the factors and reached the conclusions described below relating to the selection of Funds Management and the Sub-Advisers and the approval of the Advisory Agreements. Prior to the Meeting, including at an in-person meeting in April 2017, the Trustees conferred extensively among themselves and with representatives of Funds Management about these matters. Also, the Board has adopted a team-based approach, with each team consisting of a sub-set of Trustees, to assist the full Board in the discharge of its duties in reviewing performance and other matters throughout the year. The Independent Trustees were assisted in their evaluation of the Advisory Agreements by independent legal counsel, from whom they received separate legal advice and with whom they met separately.

In providing information to the Board, Funds Management and the Sub-Advisers were guided by a detailed set of requests for information submitted to them by independent legal counsel on behalf of the Independent Trustees at the start of the Board’s annual contract renewal process earlier in 2017. In considering and approving the Advisory Agreements, the Trustees considered the information they believed relevant, including but not limited to the information discussed below. The Board considered not only the specific information presented in connection with the Meeting, but also the knowledge gained over time through interaction with Funds Management and the Sub-Advisers about various topics. In this regard, the Board reviewed reports of Funds Management at each of its quarterly meetings, which included, among other things, portfolio reviews and performance reports. In addition, the Board and the teams mentioned above confer with portfolio managers at various times throughout the year. The Board did not identify any particular information or consideration that was all-important or controlling, and each individual Trustee may have attributed different weights to various factors.

After its deliberations, the Board unanimously approved the continuation of the Advisory Agreements for a one-year term and determined that the compensation payable to Funds Management and the Sub-Advisers under each of the Advisory Agreements was reasonable. The Board considered the approval of the Advisory Agreements for the Fund as part of its consideration of agreements for funds across the complex, but its approvals were made on a fund-by-fund basis. The following summarizes a number of important, but not necessarily all, factors considered by the Board in support of its approvals.

Nature, extent and quality of services

The Board received and considered various information regarding the nature, extent and quality of services provided to the Fund by Funds Management and the Sub-Advisers under the Advisory Agreements. This information included a description of the investment advisory services and Fund-level administrative services covered by the Management Agreement, as well as, among other things, a summary of the background and experience of senior management of Funds Management, a summary of certain organizational and personnel changes involving Funds Management and the Sub-Advisers, and a description of Funds Management’s and the Sub-Advisers’ business continuity planning programs and of their approaches to data privacy and cybersecurity. The Board also considered the qualifications, background, tenure and responsibilities of each of the portfolio managers primarily responsible for the day-to-day portfolio management of the Fund.

The Board evaluated the ability of Funds Management and the Sub-Advisers to attract and retain qualified investment professionals, including research, advisory and supervisory personnel. The Board further considered the compliance programs and compliance records of Funds Management and the Sub-Advisers. In addition, the Board took into account the full range of services provided to the Fund by Funds Management and its affiliates.

28 Wells Fargo Money Market Fund Other information (unaudited)

Fund performance and expenses

The Board considered the performance results for the Fund over various time periods ended December 31, 2016. The Board considered these results in comparison to the performance of funds in a universe that was determined by Broadridge Inc. (“Broadridge”) to be similar to the Fund (the “Universe”), and to other comparative data. Broadridge is an independent provider of investment company data. The Board received a description of the methodology used by Broadridge to select the mutual funds in the performance Universe. The Board noted that the performance of the Fund (Class A) was in range of the average performance of the Universe for all periods under review.

The Board also received and considered information regarding the Fund’s net operating expense ratios and their various components, including actual management fees, custodian and other non-management fees, and Rule 12b-1 and non-Rule 12b-1 shareholder service fees. The Board considered these ratios in comparison to the median ratios of funds in class-specific expense groups that were determined by Broadridge to be similar to the Fund (the “Groups”). The Board received a description of the methodology used by Broadridge to select the mutual funds in the expense Groups and an explanation of how funds comprising expense groups and their expense ratios may vary from year-to-year. Based on the Broadridge reports, the Board noted that the net operating expense ratios of the Fund were higher than the median net operating expense ratios of the expense Groups for all share classes except Premium Class.

The Board took into account the Fund performance and expense information provided to it among the factors considered in deciding to re-approve the Advisory Agreements.

Investment management and sub-advisory fee rates

The Board reviewed and considered the contractual fee rates payable by the Fund to Funds Management under the Management Agreement, as well as the contractual fee rates payable by the Fund to Funds Management for class-level administrative services under a Class-Level Administration Agreement, which include, among other things, class-level transfer agency and sub-transfer agency costs (collectively, the “Management Rates”). The Board also reviewed and considered the contractual investment sub-advisory fee rates that are payable by Funds Management to the Sub-Advisers for investment sub-advisory services.

Among other information reviewed by the Board was a comparison of the Fund’s Management Rates with the average contractual investment management fee rates of funds in the expense Groups at a common asset level as well as transfer agency costs of the funds in the expense Groups. The Board noted that the Management Rates of the Fund were lower than or in range of the sum of these average rates for the Fund’s expense Groups for all share classes except for Class C.

The Board also received and considered information about the portion of the total management fee that was retained by Funds Management after payment of the fee to the Sub-Advisers for sub-advisory services. In assessing the reasonableness of this amount, the Board received and evaluated information about the nature and extent of responsibilities retained and risks assumed by Funds Management and not delegated to or assumed by the Sub-Advisers, and about Funds Management’s on-going oversight services. Given the affiliation between Funds Management and the Sub-Advisers, the Board ascribed limited relevance to the allocation of fees between them.

The Board also received and considered information about the nature and extent of services offered and fee rates charged by Funds Management and the Sub-Advisers to other types of clients with investment strategies similar to those of the Fund. In this regard, the Board received information about the significantly greater scope of services, and compliance, reporting and other legal burdens and risks of managing mutual funds compared with those associated with managing assets of non-mutual fund clients such as institutional separate accounts.

Based on its consideration of the factors and information it deemed relevant, including those described here, the Board determined that the compensation payable to Funds Management under the Management Agreement and to the Sub-Advisers under the Sub-Advisory Agreements was reasonable.

Profitability

The Board received and considered information concerning the profitability of Funds Management, as well as the profitability of Wells Fargo as a whole, from providing services to the Fund and the fund family as a whole. The Board also received and considered information concerning the profitability of the Sub-Advisers from providing services to the fund family as a whole, noting that the Sub-Advisers’ profitability information with respect to providing services to the Fund was subsumed in the Wells Fargo and Funds Management profitability analysis.

Funds Management reported on the methodologies and estimates used in calculating profitability, including a description of the methodology used to allocate certain expenses. Among other things, the Board noted that the levels of profitability reported on a fund-by-fund basis varied widely, depending on factors such as the size and type of fund.

Other information (unaudited) Wells Fargo Money Market Fund 29

Based on its review, the Board did not deem the profits reported by Funds Management or Wells Fargo from its services to the Fund to be at a level that would prevent it from approving the continuation of the Advisory Agreements.

Economies of scale

With respect to possible economies of scale, the Board noted the existence of breakpoints in the Fund’s management fee structure, which operate generally to reduce the Fund’s expense ratios as the Fund grows in size. It considered that, for a small fund or a fund that shrinks in size, breakpoints conversely can result in higher fee levels. The Board also considered that in addition to management fee breakpoints, competitive management fee rates set at the outset without regard to breakpoints and fee waiver and expense reimbursement arrangements are means of sharing potential economies of scale with shareholders of the Fund. The Board considered Funds Management’s view, which Funds Management indicated was supported by independent third-party industry studies which were summarized for the Board, that any analyses of potential economies of scale in managing a particular fund are inherently limited in light of the joint and common costs and investments that Funds Management incurs across the fund family as a whole.

The Board concluded that the Fund’s fee and expense arrangements, including contractual breakpoints, constituted a reasonable approach to sharing potential economies of scale with the Fund and its shareholders.

Other benefits to Funds Management and the Sub-Advisers

The Board received and considered information regarding potential “fall-out” or ancillary benefits received by Funds Management and its affiliates, including the Sub-Advisers, as a result of their relationships with the Fund. Ancillary benefits could include, among others, benefits directly attributable to other relationships with the Fund and benefits potentially derived from an increase in Funds Management’s and the Sub-Advisers’ business as a result of their relationships with the Fund. The Board noted that various affiliates of Funds Management may receive distribution-related fees, shareholder servicing payments and sub-transfer agency fees in respect of shares sold or held through them and services provided.

The Board also reviewed information about soft dollar credits earned and utilized by the Sub-Advisers, fees earned by Funds Management and WellsCap from managing a private investment vehicle for the fund family’s securities lending collateral and commissions earned by an affiliated broker from portfolio transactions.

Based on its consideration of the factors and information it deemed relevant, including those described here, the Board did not find that any ancillary benefits received by Funds Management and its affiliates, including the Sub-Advisers, were unreasonable.

Conclusion

At the Meeting, after considering the above-described factors and based on its deliberations and its evaluation of the information described above, the Board unanimously approved the continuation of the Advisory Agreements for a one-year term and determined that the compensation payable to Funds Management and the Sub-Advisers under each of the Advisory Agreements was reasonable.

30 Wells Fargo Money Market Fund List of abbreviations

The following is a list of common abbreviations for terms and entities that may have appeared in this report.

ACA —  ACA Financial Guaranty Corporation

ADR —  American depositary receipt

ADS —  American depositary shares

AGC —  Assured Guaranty Corporation

AGM —  Assured Guaranty Municipal

Ambac —  Ambac Financial Group Incorporated

AMT —  Alternative minimum tax

AUD —  Australian dollar

BAN —  Bond anticipation notes

BHAC —  Berkshire Hathaway Assurance Corporation

BRL —  Brazilian real

CAB —  Capital appreciation bond

CAD —  Canadian dollar

CCAB —  Convertible capital appreciation bond

CDA —  Community Development Authority

CDO —  Collateralized debt obligation

CHF —  Swiss franc

CLO —  Collateralized loan obligation

CLP —  Chilean peso

COP —  Colombian peso

DKK —  Danish krone

DRIVER —  Derivative inverse tax-exempt receipts

DW&P —  Department of Water & Power

DWR —  Department of Water Resources

ECFA —  Educational & Cultural Facilities Authority

EDA —  Economic Development Authority

EDFA —  Economic Development Finance Authority

ETF —  Exchange-traded fund

EUR —  Euro

FDIC —  Federal Deposit Insurance Corporation

FFCB —  Federal Farm Credit Banks

FGIC —  Financial Guaranty Insurance Corporation

FHA —  Federal Housing Administration

FHLB —  Federal Home Loan Bank

FHLMC —  Federal Home Loan Mortgage Corporation

FICO —  The Financing Corporation

FNMA —  Federal National Mortgage Association

FSA —  Farm Service Agency

GBP —  Great British pound

GDR —  Global depositary receipt

GNMA —  Government National Mortgage Association

GO —  General obligation

HCFR —  Healthcare facilities revenue

HEFA —  Health & Educational Facilities Authority

HEFAR —  Higher education facilities authority revenue

HFA —  Housing Finance Authority

HFFA —  Health Facilities Financing Authority

HKD —  Hong Kong dollar

HUD —  Department of Housing and Urban Development

HUF —  Hungarian forint

IDA —  Industrial Development Authority

IDAG —  Industrial Development Agency

IDR —  Indonesian rupiah

IEP —  Irish pound

JPY —  Japanese yen

KRW —  Republic of Korea won

LIBOR —  London Interbank Offered Rate

LIFER —  Long Inverse Floating Exempt Receipts

LIQ —  Liquidity agreement

LLC —  Limited liability company

LLLP —  Limited liability limited partnership

LLP —  Limited liability partnership

LOC —  Letter of credit

LP —  Limited partnership

MBIA —  Municipal Bond Insurance Association

MFHR —  Multifamily housing revenue

MSTR —  Municipal securities trust receipts

MTN —  Medium-term note

MUD —  Municipal Utility District

MXN —  Mexican peso

MYR —  Malaysian ringgit

National —  National Public Finance Guarantee Corporation

NGN —  Nigerian naira

NOK —  Norwegian krone

NZD —  New Zealand dollar

PCFA —  Pollution Control Financing Authority

PCL —  Public Company Limited

PCR —  Pollution control revenue

PFA —  Public Finance Authority

PFFA —  Public Facilities Financing Authority

PFOTER —  Puttable floating option tax-exempt receipts

PJSC —  Public Joint Stock Company

plc —  Public limited company

PLN —  Polish zloty

PUTTER —  Puttable tax-exempt receipts

R&D —  Research & development

Radian —  Radian Asset Assurance

RAN —  Revenue anticipation notes

RDA —  Redevelopment Authority

RDFA —  Redevelopment Finance Authority

REIT —  Real estate investment trust

ROC —  Reset option certificates

RON —  Romanian lei

RUB —  Russian ruble

SAVRS —  Select auction variable rate securities

SBA —  Small Business Authority

SDR —  Swedish depositary receipt

SEK —  Swedish krona

SFHR —  Single-family housing revenue

SFMR —  Single-family mortgage revenue

SGD —  Singapore dollar

SPA —  Standby purchase agreement

SPDR —  Standard & Poor’s Depositary Receipts

SPEAR —  Short Puttable Exempt Adjustable Receipts

STRIPS —  Separate trading of registered interest and

      principal securities

TAN —  Tax anticipation notes

TBA —  To be announced

THB —  Thai baht

TIPS —  Treasury inflation-protected securities

TRAN —  Tax revenue anticipation notes

TRY —  Turkish lira

TTFA —  Transportation Trust Fund Authority

TVA —  Tennessee Valley Authority

ZAR —  South African rand

This page is intentionally left blank.

This page is intentionally left blank.

For more information

More information about Wells Fargo Funds is available free upon request. To obtain literature, please write, email, visit the Fund’s website, or call:

Wells Fargo Funds

P.O. Box 8266

Boston, MA 02266-8266

Email: fundservice@wellsfargo.com

Website: wellsfargofunds.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 Fund. 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 Fund’s website at wellsfargofunds.com. Read the prospectus carefully before you invest or send money.

Wells Fargo Asset Management (WFAM) is a trade name used by the asset management businesses of Wells Fargo & Company. Wells Fargo Funds Management, LLC, a wholly owned subsidiary of Wells Fargo & Company, provides investment advisory and administrative services for Wells Fargo Funds. Other affiliates of Wells Fargo & Company provide subadvisory and other services for the funds. The funds are distributed by Wells Fargo Funds Distributor, LLC, Member FINRA, an affiliate of Wells Fargo & Company. Neither Wells Fargo Funds Management nor Wells Fargo Funds Distributor has Fund customer accounts/assets, and neither provides investment advice/recommendations or acts as an investment advice fiduciary to any investor.

NOT FDIC INSURED  ◾  NO BANK GUARANTEE  ◾   MAY LOSE VALUE

© 2017 Wells Fargo Funds Management, LLC. All rights reserved.

305362 09-17 SA306/SAR306 07-17

Semi-Annual Report

July 31, 2017

Retail Money Market Funds

∎ Wells Fargo National Tax-Free Money Market Fund

Reduce clutter. Save trees.

Sign up for electronic delivery of prospectuses and shareholder reports at wellsfargo.com/advantagedelivery

Contents

Letter to shareholders	2
Performance highlights	4
Fund expenses	6
Portfolio of investments	7
Financial statements
Statement of assets and liabilities	14
Statement of operations	15
Statement of changes in net assets	16
Financial highlights	17
Notes to financial statements	21
Other information	25
List of abbreviations	32

The views expressed and any forward-looking statements are as of July 31, 2017, unless otherwise noted, and are those of the Fund managers and/or Wells Fargo Funds Management, LLC. Discussions of individual securities, or the markets generally, or any Wells Fargo Fund 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 Funds Management, LLC and the Fund disclaim any obligation to publicly update or revise any views expressed or forward-looking statements.

NOT FDIC INSURED  ◾  NO BANK GUARANTEE  ◾   MAY LOSE VALUE

2 Wells Fargo National Tax-Free Money Market Fund Letter to shareholders (unaudited)

Andrew Owen

President

Wells Fargo Funds

Early in July, volatility expectations increased and then receded, as measured by the CBOE VIX.

Dear Shareholder:

We are pleased to offer you this semi-annual report for the Wells Fargo National Tax-Free Money Market Fund for the six-month period that ended July 31, 2017. Many equity markets advanced during this reporting period, supported by modest economic growth despite political uncertainty. U.S. and international stocks returned 9.51% and 14.26%, for the six-month period, as measured by the S&P 500 Index¹ and the MSCI ACWI ex USA Index (Net)², respectively. Within fixed income, the Bloomberg Barclays U.S. Aggregate Bond Index³ returned 4.98% and the Bloomberg Barclays Municipal Bond Index⁴ returned 3.72% as interest rates rose from low levels.

Equity and bond markets advanced during the first quarter of 2017 amid improving economic data globally.

Stocks rallied globally through the first quarter of 2017, supported by signs of improvement in the U.S. and global economies. U.S. economic data released during the quarter reflected a healthy economy. Hiring remained strong, and business and consumer sentiment improved. In March, U.S. Federal Reserve (Fed) officials raised their target interest rate by a quarter percentage point to a range from 0.75% to 1.00%. With the Fed’s target interest rate increase, short-term bond yields rose during the quarter. Meanwhile, longer-term Treasury yields were little changed, leading to positive performance. Investment-grade and high-yield bonds benefited from strong demand. Municipal bond returns were positive in the quarter, helped by strong demand and constrained new-issue supply. Outside of the U.S., stocks in emerging markets generally outperformed stocks in the U.S. and international developed markets because they benefited from both global economic growth and recent weakening in the U.S. dollar. Stocks in Asia, Europe, and Latin America also outperformed the U.S. market during the quarter.

Steady advancement in many markets marked the first seven months of 2017.

During the second quarter, most equity markets in the U.S. and abroad advanced. Steady, albeit modest, economic growth both in the U.S. and abroad and generally favorable corporate earnings announcements after the second quarter supported higher valuations. Within the economy, U.S. inflation trended lower despite the unemployment rate continuing to decline. Ten-year U.S. Treasury yields declined, resulting in stronger prices for long-term bonds. As was widely expected, in June, the Fed raised the target interest rate by a quarter percentage point to a range from 1.00% to 1.25%. In addition, the Fed indicated that it would begin to sell bonds accumulated on its balance sheet during quantitative easing programs conducted since 2008, likely beginning later this year. Early in July, volatility expectations increased and then receded, as measured by the CBOE VIX.⁵ Although economic momentum increased in Europe, the European Central Bank held its rates steady at

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 markets, excluding the United States and Canada. 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 indexes or any securities or financial products. This report is not approved, reviewed, or produced by MSCI. You cannot invest directly in an index.

³  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.

⁴  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.

⁵  The Chicago Board Options Exchange Market Volatility Index (CBOE VIX) is a popular measure of the implied volatility of S&P 500 Index options. It represents one measure of the market’s expectation of stock market volatility over the next 30-day period. You cannot invest directly in an index.

Letter to shareholders (unaudited) Wells Fargo National Tax-Free Money Market Fund 3

low levels because underlying inflation remained subdued. In emerging markets, many countries benefited from stronger currencies versus the U.S. dollar.

Don’t let short-term uncertainty derail long-term investment goals.

Periods of 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 in 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

Periods of 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.

For further information about your Fund, contact your investment professional, visit our website at wellsfargofunds.com, or call us directly at 1-800-222-8222. We are available 24 hours a day, 7 days a week.

4 Wells Fargo National Tax-Free Money Market Fund Performance highlights (unaudited)

Investment objective

The Fund seeks current income exempt from federal income tax, while preserving capital and liquidity.

Manager

Wells Fargo Funds Management, LLC

Subadviser

Wells Capital Management Incorporated

Portfolio managers

James Randazzo

Jeffrey L. Weaver, CFA^®

Average annual total returns (%) as of July 31, 2017

								Expense ratios1 (%)
	Inception date	1 year		5 year		10 year		Gross		Net2
Class A (NWMXX)	7-28-2003		0.22		0.06		0.33		0.64		0.64
Administrator Class (WNTXX)	4-8-2005		0.54		0.13		0.44		0.37		0.30
Premier Class (WFNXX)	11-8-1999		0.64		0.16		0.49		0.25		0.20
Service Class (MMIXX)	8-3-1993		0.39		0.09		0.38		0.54		0.45

Yield summary (%) as of July 31, 2017³

	Class A	Administrator Class		Premier Class		Service Class
7-day current yield	0.27		0.60		0.70		0.45
7-day compound yield	0.27		0.60		0.70		0.45
30-day simple yield	0.28		0.62		0.72		0.47
30-day compound yield	0.28		0.62		0.72		0.47

Figures quoted represent past performance, which is no guarantee of future results, and do not reflect taxes that a shareholder may pay on fund distributions or the redemption of fund shares. Investment returns will fluctuate. The Fund’s yield figures more closely reflect the current earnings of the Fund than the total return figures. 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, wellsfargofunds.com.

Each class is sold without a front-end sales charge or contingent deferred sales charge.

For retail money market funds: You could lose money by investing in the Fund. Although the Fund seeks to preserve the value of your investment at $1.00 per share, it cannot guarantee it will do so. The Fund may impose a fee upon sale of your shares or may temporarily suspend your ability to sell shares if the Fund’s liquidity falls below required minimums because of market conditions or other factors. An investment in the Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The Fund’s sponsor has no legal obligation to provide financial support to the Fund, and you should not expect that the sponsor will provide financial support to the Fund at any time.

Please see footnotes on page 5.

Performance highlights (unaudited) Wells Fargo National Tax-Free Money Market Fund 5

Revenue source distribution as of July 31, 2017³

Effective maturity distribution as of July 31, 2017³

Weighted average maturity as of July 31, 2017⁴

6 days

Weighted average life as of July 31, 2017⁵

6 days

¹  Reflects the expense ratios as stated in the most recent prospectuses. 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 May 31, 2018, to waive fees and/or reimburse expenses to the extent necessary to cap the Fund’s Total Annual Fund Operating Expenses After Fee Waivers at the amounts shown. 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. Brokerage commissions, stamp duty fees, interest, taxes, acquired fund fees and expenses, and extraordinary expenses are excluded from the expense cap. Without this cap, the Fund’s returns would have been lower. Without waived fees and/or reimbursed expenses, the Fund’s 7-day current yield would have been 0.23%, 0.50%, 0.62%, and 0.32% for Class A, Administrator Class, Premier Class, and Service Class respectively. The expense ratio paid by an investor is the net expense ratio or the Fund’s Total Annual Fund Operating Expenses After Fee Waivers, as stated in the prospectuses.

³  Amounts are calculated based on the total investments of the Fund. These amounts are subject to change and may have changed since the date specified.

⁴  Weighted Average Maturity (WAM): WAM is an average of the effective maturities of all securities held in the portfolio, weighted by each security’s percentage of total investments. The maturity of a portfolio security is the period remaining until the date on which the principal amount is unconditionally required to be paid, or in the case of a security called for redemption, the date on which the redemption payment is unconditionally required to be made. WAM calculations allow for the maturities of certain securities with demand features or periodic interest rate resets to be shortened. WAM is a way to measure a fund’s sensitivity to potential interest rate changes. Rule 2a-7 under the Investment Company Act of 1940 requires money market funds to maintain a WAM of 60 calendar days or less. WAM is subject to change and may have changed since the date specified.

⁵  Weighted Average Life (WAL): WAL is an average of the final maturities of all securities held in the portfolio, weighted by their percentage of total investments. The maturity of a portfolio security is the period remaining until the date on which the principal amount is unconditionally required to be paid, or in the case of a security called for redemption, the date on which the redemption payment is unconditionally required to be made. In contrast to WAM, the calculation of WAL allows for the maturities of certain securities with demand features to be shortened, but not the periodic interest rate resets. WAL is a way to measure a fund’s potential sensitivity to credit spread changes. Rule 2a-7 under the Investment Company Act of 1940 requires money market funds to maintain a weighted average life of 120 calendar days or less. WAL is subject to change and may have changed since the date specified.

6 Wells Fargo National Tax-Free Money Market Fund Fund expenses (unaudited)

As a shareholder of the Fund, you incur ongoing costs, including management fees, 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 February 1, 2017 to July 31, 2017.

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. 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.

	Beginning account value 2-1-2017		Ending account value 7-31-2017		Expenses paid during the period¹		Annualized net expense ratio
Class A
Actual	$	1,000.00	$	1,000.99	$	3.18		0.64	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.62	$	3.21		0.64	%
Administrator Class
Actual	$	1,000.00	$	1,002.67	$	1.49		0.30	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,023.31	$	1.51		0.30	%
Premier Class
Actual	$	1,000.00	$	1,003.16	$	0.99		0.20	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,023.80	$	1.00		0.20	%
Service Class
Actual	$	1,000.00	$	1,001.92	$	2.23		0.45	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,022.56	$	2.26		0.45	%

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).

Portfolio of investments—July 31, 2017 (unaudited) Wells Fargo National Tax-Free Money Market Fund 7

Security name	Interest rate			Maturity date		Principal		Value
Municipal Obligations: 90.48%
Alabama: 2.89%
Variable Rate Demand Notes ø: 2.89%
Alabama Federal Aid Highway Finance Authority Series 2016A Tender Option Bond Trust Receipts/Certificates Series 2016-XF2373 (Tax Revenue, Citibank NA LIQ) 144A		0.85	%		9-1-2024	$	5,000,000	$	5,000,000
Chatom AL IDA Board Gulf Opportunity Zone PowerSouth Energy Cooperative Projects Series 2011 (Utilities Revenue, National Rural Utilities Cooperative Finance Corporation LOC)		0.95			8-1-2041		10,500,000		10,500,000
									15,500,000
Arizona: 1.87%
Variable Rate Demand Note ø: 1.87%
Mesa AZ Utility System Clipper Tax-Exempt Certificate Trust Series 2009-33 (Miscellaneous Revenue, State Street Bank & Trust Company LIQ)		0.85			7-1-2024		10,055,000		10,055,000
California: 10.66%
Variable Rate Demand Notes ø: 10.66%
California CDA Motion Picture & Television Fund Series 2001-A (Health Revenue, Northern Trust Company LOC)		0.85			3-1-2031		1,430,000		1,430,000
California HFFA Dignity Health Series 2016A Residual Interest Bond Floater Trust Series 2017-004 (Health Revenue, Barclays Bank plc LOC, Barclays Bank plc LIQ) 144A		0.90			3-1-2042		3,000,000		3,000,000
California Infrastructure & Economic Development Bank Saddleback Valley Christian Schools Project Series A (Miscellaneous Revenue, East West Bank LOC) 144A		0.87			12-1-2040		14,250,000		14,250,000
California Municipal Finance Authority High Desert Foundation Project Series 2012A (Education Revenue, Union Bank NA LOC)		0.87			4-1-2042		1,210,000		1,210,000
California State University Series A Tender Option Bond Trust Receipts/Certificates Series 2017-XF2441 (Education Revenue, Citibank NA LIQ) 144A		0.85			5-1-2024		2,000,000		2,000,000
California Statewide Community Development Authority Uptown Newport Apartments Series 2017 AA & BB (Housing Revenue, East West Bank LOC)		0.88			3-1-2057		4,000,000		4,000,000
California Tender Option Bond Trust Receipts/Certificates Palomar Pomerado Health Series XG0017 (GO Revenue, Bank of America NA LIQ) 144A		1.25			8-1-2037		10,000,000		10,000,000
California Tender Option Bond Trust Receipts/Certificates Series XM0147 (Education Revenue, Morgan Stanley Bank LIQ) 144A		0.86			1-1-2039		10,000,000		10,000,000
Los Angeles CA Department Series C Tender Option Bond Trust Receipts/Certificates Series 2017-SM0533 (Utilities Revenue, Citibank NA LIQ) 144A		0.83			7-1-2025		2,225,000		2,225,000
Rancho CA Water District Finance Authority Series 2016A Tender Option Bond Trust Receipts/Certificates Series 2016-XF2367 (Water & Sewer Revenue, Citibank NA LIQ) 144A		0.84			8-1-2024		3,200,000		3,200,000
San Francisco CA RDA Fillmore Center 1999 Issue Series B-1 (Housing Revenue, FHLMC LIQ)		0.87			12-1-2017		3,500,000		3,500,000
San Joaquin CA Delta Community College Tender Option Bond Trust Receipts/Certificates Series ZF0180 (GO Revenue, JPMorgan Chase & Company LIQ) 144A		0.92			8-1-2022		2,415,000		2,415,000
									57,230,000
Colorado: 4.03%
Variable Rate Demand Notes ø: 4.03%
Colorado ECFA Nature Conservancy Project Series 2012 (Miscellaneous Revenue, The Nature Conservancy LOC)		0.90			7-1-2033		14,095,000		14,095,000
Colorado HFA Catholic Health Initiatives Series 2008D-2 (Health Revenue, Morgan Stanley Bank LIQ) 144A		1.04			10-1-2037		7,550,000		7,550,000
									21,645,000

The accompanying notes are an integral part of these financial statements.

8 Wells Fargo National Tax-Free Money Market Fund Portfolio of investments—July 31, 2017 (unaudited)

Security name	Interest rate			Maturity date		Principal		Value
District of Columbia: 0.65%
Variable Rate Demand Note ø: 0.65%
District of Columbia Community Connection Real Estate Foundation Issue Series 2007A (Miscellaneous Revenue, Manufacturers & Traders LOC)		0.87	%		7-1-2032	$	3,505,000	$	3,505,000
Florida: 5.09%
Variable Rate Demand Notes ø: 5.09%
Highlands County FL Health Facilities Authority Adventist Health System Sunbelt Obligated Group Series 2012 I-2 (Health Revenue, Adventist Health System LOC)		0.78			11-15-2032		600,000		600,000
Orange County FL School Board Certificate of Participation Series 2009A (Miscellaneous Revenue, AGC Insured, Morgan Stanley Bank LIQ) 144A		0.95			8-1-2034		3,300,000		3,300,000
Orlando & Orange County FL Expressway Authority Series 2007 (Transportation Revenue, BHAC/AGM Insured, Citibank NA LIQ)		0.86			7-1-2042		6,000,000		6,000,000
Pinellas County FL IDA Neighborly Care Network Project Series 2008 (Miscellaneous Revenue, Branch Banking & Trust LOC)		0.83			8-1-2028		3,495,000		3,495,000
West Palm Beach FL Utilities Systems Series C (Water & Sewer Revenue, AGC Insured, JPMorgan Chase & Company SPA)		0.92			10-1-2038		13,910,000		13,910,000
									27,305,000
Georgia: 0.78%
Variable Rate Demand Note ø: 0.78%
Metropolitan Atlanta GA Rapid Transit Authority Series P (Tax Revenue, Societe Generale LOC, Ambac Insured, Societe Generale LIQ) 144A		0.85			7-1-2020		4,170,000		4,170,000
Illinois: 2.45%
Variable Rate Demand Notes ø: 2.45%
Illinois Tender Option Bond Trust Receipts/Certificates Series XF2202 (Transportation Revenue, Citibank NA LIQ) 144A		0.85			7-1-2023		1,140,000		1,140,000
Illinois Tender Option Bond Trust Receipts/Certificates Series ZM0120 (Transportation Revenue, Royal Bank of Canada LIQ) 144A		0.87			7-1-2023		3,100,000		3,100,000
Quad Cities Illinois Regional EDA Augustana College Series 2005 (Education Revenue, Harris NA LOC)		0.84			10-1-2035		5,000,000		5,000,000
Southwestern IL Development Authority Health Facilities Series 2016 Hospital Sisters Services Incorporated JPMorgan Chase PUTTER/DRIVER Trust Series 5014 (Health Revenue, JPMorgan Chase & Company LIQ) 144A		0.80			12-23-2021		3,900,000		3,900,000
									13,140,000
Indiana: 1.85%
Variable Rate Demand Note ø: 1.85%
Indiana Certificate of Participation Clipper Tax-Exempt Certificate Trust Series 2009-34 (Miscellaneous Revenue, State Street Bank & Trust Company LIQ)		0.86			7-1-2023		9,915,000		9,915,000
Iowa: 3.45%
Variable Rate Demand Notes ø: 3.45%
Hills IA Mercy HCFR Hospital Project Series 2008 (Health Revenue, U.S. Bank NA LOC)		0.76			8-1-2035		5,900,000		5,900,000
Iowa Finance Authority Holy Family Catholic Schools (Educational Facilities Revenue, Allied Irish Bank plc LOC) (Education Revenue, U.S. Bank NA LOC)		0.76			3-1-2036		2,400,000		2,400,000
Iowa Finance Authority Midwestern Disaster Area Project (Industrial Development Revenue, Korea Development Bank LOC)		1.05			4-1-2022		3,000,000		3,000,000
Urbandale IA Industrial Development Aurora Business Park Associates LP Series 1985-IA (Industrial Development Revenue, Bankers Trust Company LOC)		0.87			8-1-2018		7,200,000		7,200,000
									18,500,000

The accompanying notes are an integral part of these financial statements.

Portfolio of investments—July 31, 2017 (unaudited) Wells Fargo National Tax-Free Money Market Fund 9

Security name	Interest rate			Maturity date		Principal		Value
Kansas: 0.45%
Variable Rate Demand Note ø: 0.45%
University of Kansas Hospital Authority KU Health System (Health Revenue, U.S. Bank NA LOC)		0.76	%		9-1-2034	$	2,400,000	$	2,400,000
Maryland: 0.74%
Variable Rate Demand Note ø: 0.74%
Maryland Transportation Authority Facilities Project Series 2008 Tender Option Bond Trust Receipts/Certificates Series 2016-XF0278 (Transportation Revenue, AGM Insured, Bank of America NA LIQ) 144A		0.89			7-1-2041		4,000,000		4,000,000
Michigan: 1.95%
Variable Rate Demand Note ø: 1.95%
St. Joseph MI Hospital Finance Authority Lakeland Hospital Niles & St. Joseph Obligated Group Series 2002 (Health Revenue, AGM Insured, JPMorgan Chase & Company SPA)		0.92			1-1-2032		10,480,000		10,480,000
Minnesota: 2.27%
Variable Rate Demand Notes ø: 2.27%
Burnsville MN Bridgeway Apartments Project Series 2003 (Housing Revenue, FNMA LOC, FNMA LIQ)		0.90			10-15-2033		2,375,000		2,375,000
Forest Lake MN Kilkenny Court Apartments Project Series 2008 (Housing Revenue, FNMA LOC, FNMA LIQ)		0.91			8-15-2038		4,500,000		4,500,000
Maple Grove MN MFHR Basswood Trails Apartment Project Series 2002 (Housing Revenue, FHLMC LIQ)		0.90			3-1-2029		2,340,000		2,340,000
Minnesota HEFAR Concordia University Series P-1 (Education Revenue, U.S. Bank NA LOC)		0.74			4-1-2027		125,000		125,000
Plymouth MN Lancaster Village Apartments Project Series 2001 (Housing Revenue, FNMA LOC, FNMA LIQ)		0.90			9-15-2031		2,865,000		2,865,000
									12,205,000
Mississippi: 1.82%
Variable Rate Demand Note ø: 1.82%
Mississippi Series A Clipper Tax Exempt Trust Receipts/Certificates Series 2009-60 (Miscellaneous Revenue, State Street Bank & Trust Company LIQ)		0.87			11-1-2018		9,760,000		9,760,000
Missouri: 2.88%
Variable Rate Demand Notes ø: 2.88%
Missouri Development Finance Board Nelson Gallery Foundation Series A (Miscellaneous Revenue, Northern Trust Company SPA)		0.72			12-1-2033		7,770,000		7,770,000
Missouri Tender Option Bond Trust Receipts/Certificates Series XF2198 (Water & Sewer Revenue, Citibank NA LIQ) 144A		0.85			5-1-2023		2,670,000		2,670,000
St. Louis County MO Sewer District Wastewater System Series 2013B (Water & Sewer Revenue, Morgan Stanley Bank LIQ) 144A		0.85			5-1-2043		5,000,000		5,000,000
									15,440,000
Nebraska: 2.70%
Variable Rate Demand Notes ø: 2.70%
Douglas County NE Hospital Authority No 2 Children’s Hospital Obligation Group Series 2008A (Health Revenue, U.S. Bank NA LOC)		0.76			8-15-2032		4,000,000		4,000,000
Nebraska Investment Finance Authority MFHR Apple Creek Associates Project Series 1985-A (Housing Revenue, Northern Trust Company LOC)		0.95			9-1-2031		10,500,000		10,500,000
									14,500,000

The accompanying notes are an integral part of these financial statements.

10 Wells Fargo National Tax-Free Money Market Fund Portfolio of investments—July 31, 2017 (unaudited)

Security name	Interest rate			Maturity date		Principal		Value
New Jersey: 1.19%
Variable Rate Demand Notes ø: 1.19%
New Jersey Tender Option Bond Trust Receipts/Certificates Series 2016-XM0226 (Miscellaneous Revenue, BHAC/National Insured, Bank of America NA LIQ) 144A		0.94	%		7-1-2026	$	3,370,000	$	3,370,000
New Jersey Tender Option Bond Trust Receipts/Certificates Series 2017-ZF2476 (Education Revenue, Citibank NA LIQ) 144A		0.82			11-1-2021		1,000,000		1,000,000
New Jersey Tender Option Bond Trust Receipts/Certificates Series 2017-ZF2477 (Education Revenue, Citibank NA LIQ) 144A		0.82			11-1-2021		2,000,000		2,000,000
									6,370,000
New York: 10.37%
Variable Rate Demand Notes ø: 10.37%
Battery Park City Authority New York Revenue Refunding Series 2013C JPMorgan Chase PUTTER/DRIVER Trust Series 5012 (Miscellaneous Revenue, JPMorgan Chase & Company LOC, JPMorgan Chase & Company LIQ) 144A		0.80			11-1-2019		1,500,000		1,500,000
New York Dormitory Authority Series 12 Clipper Tax-Exempt Certificate Trust Series 2009-35 (Miscellaneous Revenue, State Street Bank & Trust Company LIQ) 144A		0.85			11-15-2026		3,770,000		3,770,000
New York HFA 605 West 42nd Street Series 2014-A (Housing Revenue, Bank of China LOC)		0.82			5-1-2048		3,680,000		3,680,000
New York HFA 605 West 42nd Street Series 2015-A (Housing Revenue, Bank of China LOC)		0.82			5-1-2048		4,900,000		4,900,000
New York HFA Manhattan West Residential Housing Revenue Series 2015-A (Housing Revenue, Bank of China LOC)		0.88			11-1-2049		5,000,000		5,000,000
New York Metropolitan Transportation Authority Subordinate Series E-4 (Transportation Revenue, Bank of the West LOC)		0.86			11-15-2045		6,890,000		6,890,000
New York NY City Municipal Water Finance Authority Water & Sewer System Series 2014AA-4 (Water & Sewer Revenue, Bank of Montreal SPA)		0.77			6-15-2049		5,070,000		5,070,000
New York NY Fiscal Series 2004H-1 (GO Revenue, Bank of New York Mellon LOC)		0.76			3-1-2034		3,700,000		3,700,000
New York NY Fiscal Series 2004H-4 (GO Revenue, Bank of New York Mellon LOC)		0.76			3-1-2034		4,400,000		4,400,000
New York NY Municipal Water Finance Authority Series B3 (Water & Sewer Revenue, Bank of America NA SPA)		0.72			6-15-2025		3,000,000		3,000,000
New York NY Municipal Water Finance Authority Water & Sewer System 2nd General Resolution Bonds Fiscal 2011 Subordinate Series DD-1 (Water & Sewer Revenue, TD Bank NA SPA)		0.74			6-15-2043		1,300,000		1,300,000
New York NY Subordinate Series F-5 (GO Revenue, Barclays Bank plc LIQ)		0.75			6-1-2044		6,000,000		6,000,000
New York NY Transitional Finance Authority Future Tax Secured Bonds Fiscal 2013 Subordinate Series A-4 (Tax Revenue, Northern Trust Company SPA)		0.74			8-1-2039		100,000		100,000
New York NY Transitional Finance Authority Future Tax Secured Tax-Exempt Bonds Fiscal 2015 Subordinate Series A-3 (Tax Revenue, Mizuho Bank Limited SPA)		0.76			8-1-2043		5,000,000		5,000,000
New York NY Transitional Finance Authority Recovery Bonds Fiscal 2003 Series 3 Subordinate Series 3F (Tax Revenue, Royal Bank of Canada SPA)		0.74			11-1-2022		1,345,000		1,345,000
									55,655,000
North Carolina: 1.84%
Variable Rate Demand Notes ø: 1.84%
North Carolina Capital Facilities Finance Agency Duke University Project Series 2015B Tender Option Bond Trust Receipts/Certificates Series 2015-ZM0105 (Education Revenue, Morgan Stanley Bank LIQ) 144A		0.85			10-1-2055		2,250,500		2,250,500
North Carolina Capital Facilities Finance Agency Educational Hill Center Project Series 2008 (Education Revenue, Branch Banking & Trust LOC)		0.83			7-1-2028		3,630,000		3,630,000
North Carolina Medical Care Commission Hospice Alamance-Caswell Project Series 2008 (Health Revenue, Branch Banking & Trust LOC)		0.83			12-1-2033		4,000,000		4,000,000
									9,880,500

The accompanying notes are an integral part of these financial statements.

Portfolio of investments—July 31, 2017 (unaudited) Wells Fargo National Tax-Free Money Market Fund 11

Security name	Interest rate			Maturity date		Principal		Value
Ohio: 4.73%
Variable Rate Demand Notes ø: 4.73%
Middletown OH Hospital Facility Premier Health Partners Obligation Group Series A (Health Revenue, Barclays Bank plc LOC, Barclays Bank plc LIQ) 144A		0.97	%		11-15-2045	$	9,925,000	$	9,925,000
Montgomery County OH Catholic Health Initiatives Series A (Health Revenue, Morgan Stanley Bank LIQ) 144A		1.04			5-1-2034		7,965,000		7,965,000
Ohio Capital Facilities Lease Adult Correctional Building Fund Series C (Miscellaneous Revenue)		0.88			10-1-2036		5,500,000		5,500,000
Ohio Tender Option Bond Trust Receipts/Certificates Series 2017-XF2438 (Education Revenue, Citibank NA LIQ) 144A		0.85			12-1-2024		2,000,000		2,000,000
									25,390,000
Oklahoma: 0.34%
Variable Rate Demand Note ø: 0.34%
Oklahoma Turnpike Authority Second Senior Series B (Transportation Revenue, Royal Bank of Canada SPA)		0.71			1-1-2028		1,800,000		1,800,000
Other: 1.84%
Variable Rate Demand Notes ø: 1.84%
Clipper Tax-Exempt Certificate Trust Series 2009-54 (Miscellaneous Revenue, State Street Bank & Trust Company LIQ)		0.87			2-15-2028		7,990,000		7,990,000
FHLMC MFHR Series M031 Class A (Housing Revenue, FHLMC LIQ)		0.90			12-15-2045		1,095,000		1,095,000
FHLMC MFHR Series M033 Class A (Housing Revenue, FHLMC LIQ)		0.90			3-15-2049		800,000		800,000
									9,885,000
Pennsylvania: 1.95%
Variable Rate Demand Notes ø: 1.95%
Pennsylvania Tender Option Bond Trust Receipts/Certificates Series 2016-ZF0504 (Water & Sewer Revenue, TD Bank NA LIQ) 144A		0.97			8-15-2042		4,875,000		4,875,000
Southcentral Pennsylvania General Authority WellSpan Health Obliged Group Series 2014A Tender Option Bond Trust Receipts/Certificates Series 2015-ZM0081 (Health Revenue, Morgan Stanley Bank LIQ) 144A		0.85			6-1-2044		3,000,000		3,000,000
Westmoreland County PA Municipal Authority Service Series 2016 Tender Option Bond Trust Receipts/Certificates Series 2017-ZF0539 (Water & Sewer Revenue, Build America Mutual Assurance Company Insured, TD Bank NA LIQ) 144A		0.97			8-15-2038		2,615,000		2,615,000
									10,490,000
Rhode Island: 1.86%
Variable Rate Demand Note ø: 1.86%
Narragansett Bay RI Commission Wastewater System Series 2013A Tender Option Trust Receipts/Certificates Series 2016-XM0140 (Water & Sewer Revenue, Royal Bank of Canada LIQ) 144A		0.92			9-1-2020		10,000,000		10,000,000
South Carolina: 2.26%
Variable Rate Demand Notes ø: 2.26%
Greenville SC Health System Hospital Series 2014B Tender Option Bond Trust Receipts/Certificates Series 2015-XF0145 (Health Revenue, TD Bank NA LIQ) 144A		0.86			5-30-2022		8,020,000		8,020,000
South Carolina Educational Facilities Authority for Private Non-Profit Institutions Higher Learning Educational Facilities Spartanburg Methodist Series 2005 (Education Revenue, Branch Banking & Trust LOC)		0.85			8-1-2025		2,725,000		2,725,000
South Carolina Jobs EDA Institutional Business & Home Safety Project Series 2009 (Industrial Development Revenue, Branch Banking & Trust LOC)		0.87			11-1-2034		1,385,000		1,385,000
									12,130,000

The accompanying notes are an integral part of these financial statements.

12 Wells Fargo National Tax-Free Money Market Fund Portfolio of investments—July 31, 2017 (unaudited)

Security name	Interest rate			Maturity date		Principal		Value
Tennessee: 3.67%
Variable Rate Demand Notes ø: 3.67%
Clarksville TN Public Building Authority Tennessee Municipal Building Fund (Miscellaneous Revenue, Bank of America NA LOC)		0.79	%		11-1-2035	$	2,400,000	$	2,400,000
Clarksville TN Public Building Authority Tennessee Municipal Building Fund Series 2003 (Miscellaneous Revenue, Bank of America NA LOC)		0.79			1-1-2033		3,710,000		3,710,000
Franklin County TN HEFA Board University of the South Project Series 1998B (Education Revenue, The University of South Tennessee LOC)		0.87			9-1-2018		2,390,000		2,390,000
Sevier County TN Public Building Authority Local Government Public Improvement Series 6-A1 (Miscellaneous Revenue, Branch Banking & Trust SPA)		0.83			6-1-2029		3,780,000		3,780,000
Shelby County TN HEFA Multifamily Housing Hedgerow Apartments Series A-1 (Housing Revenue, FNMA LOC, FNMA LIQ)		0.83			12-15-2037		7,410,000		7,410,000
									19,690,000
Texas: 7.19%
Variable Rate Demand Notes ø: 7.19%
Bexar County TX Housing Finance Corporation Palisades Park Apartments Project Series 2009 (Housing Revenue, FHLMC LIQ)		0.90			9-1-2039		3,900,000		3,900,000
Brazos Harbor TX Industrial Development Corporation BASF Corporation Project Series 2001 (Industrial Development Revenue, BASF SE LOC)		0.93			7-1-2022		4,900,000		4,900,000
Dickinson TX Independent School District Unlimited Tax School House Refunding Bonds Series 2000 (GO Revenue, Societe Generale LIQ)		0.82			2-15-2028		7,680,000		7,680,000
Lower Neches Valley TX Authority Industrial Development Corporation ExxonMobil Project Series 2011 (Industrial Development Revenue, Exxon Mobil Corporation LOC)		0.73			11-1-2051		5,000,000		5,000,000
Port Arthur TX Navigation District Industrial Development Corporation Total Petrochemicals USA Incorporated Project (Industrial Development Revenue, Total SA LOC)		0.88			6-1-2041		5,000,000		5,000,000
Port Corpus Christi TX Solid Waste Disposal Flint Hills Resources Project Series 2002B (Resource Recovery Revenue, Flint Hills Resources LLC LOC)		0.88			7-1-2029		4,200,000		4,200,000
Tarrant County TX Cultural Educational Facilities Finance Corporation Christus Health Series 2008C-2 (Health Revenue, Bank of New York Mellon LOC)		0.83			7-1-2047		7,905,000		7,905,000
									38,585,000
Vermont: 0.88%
Variable Rate Demand Notes ø: 0.88%
Vermont Educational & Health Buildings Financing Agency Landmark College Project Series 2008A (Education Revenue, TD Bank NA LOC)		0.74			7-1-2033		2,765,000		2,765,000
Vermont Educational & Health Buildings Financing Agency Norwich University Project Series 2008 (Education Revenue, TD Bank NA LOC)		0.79			9-1-2038		1,950,000		1,950,000
									4,715,000
Virginia: 1.48%
Variable Rate Demand Notes ø: 1.48%
Fauquier County VA IDA Highland School Project Series 2008 (Education Revenue, Branch Banking & Trust LOC)		0.83			12-1-2033		2,960,000		2,960,000
Virginia Tender Option Bond Trust Receipts/Certificates Series 2017-XG0143 (Transportation Revenue, Citibank NA LIQ) 144A		0.84			5-1-2025		5,000,000		5,000,000
									7,960,000

The accompanying notes are an integral part of these financial statements.

Portfolio of investments—July 31, 2017 (unaudited) Wells Fargo National Tax-Free Money Market Fund 13

Security name	Interest rate			Maturity date		Principal		Value
Wisconsin: 4.35%
Variable Rate Demand Notes ø: 4.35%
Appleton WI Recovery Zone Facilities Foremost Farms Project Series 2010 (Industrial Development Revenue, CoBank LOC)		1.10	%		5-1-2037	$	15,200,000	$	15,200,000
Wisconsin HEFA Aurora Health Care Series B (Health Revenue, Bank of Montreal LOC)		0.76			7-15-2028		4,300,000		4,300,000
Wisconsin PFA Midwestern Disaster Area Program Series 2011 (Industrial Development Revenue, Farm Credit Services America LOC)		0.88			9-1-2036		3,840,000		3,840,000
									23,340,000
Total Municipal Obligations (Cost $485,640,500)									485,640,500
Repurchase Agreements: 6.52%
Merrill Lynch Pierce Fenner & Smith, dated 7-31-2017, maturity value $35,001,011 ^^		1.04			8-1-2017		35,000,000		35,000,000
Total Repurchase Agreements (Cost $35,000,000)									35,000,000

Total investments in securities (Cost $520,640,500) *	97.00	%		520,640,500
Other assets and liabilities, net	3.00			16,086,627
Total net assets	100.00	%	$	536,727,127

ø Variable rate demand notes are subject to a demand feature which reduces the effective maturity. The maturity date shown represents the final maturity date of the security. The interest rate is determined and reset by the issuer daily, weekly, or monthly depending upon the terms of the security. The rate shown is the rate in effect at period end.

144A The security may be resold in transactions exempt from registration, normally to qualified institutional buyers, pursuant to Rule 144A under the Securities Act of 1933.

^^ Collateralized by U.S. government securities, 2.00%, 12-15-2025, fair value including accrued interest is $35,700,009.

* Cost for federal income tax purposes is substantially the same as for financial reporting purposes.

The accompanying notes are an integral part of these financial statements.

14 Wells Fargo National Tax-Free Money Market Fund Statement of assets and liabilities—July 31, 2017 (unaudited)

Assets
Investments in unaffiliated securities, at amortized cost	$	520,640,500
Cash		101,661
Receivable for investments sold		14,686,749
Receivable for Fund shares sold		1,186,377
Receivable for interest		659,674
Prepaid expenses and other assets		220,694
Total assets		537,495,655
Liabilities
Dividends payable		43,776
Payable for Fund shares redeemed		393,977
Management fee payable		28,837
Administration fees payable		54,646
Trustees’ fees and expenses payable		57,183
Custodian and accounting fees payable		77,719
Shareholder servicing fees payable		51,884
Professional fees payable		44,135
Accrued expenses and other liabilities		16,371
Total liabilities		768,528
Total net assets	$	536,727,127
NET ASSETS CONSIST OF
Paid-in capital	$	536,581,875
Overdistributed net investment income		(80,140	)
Accumulated net realized gains on investments		225,392
Total net assets	$	536,727,127
COMPUTATION OF NET ASSET VALUE PER SHARE
Net assets – Class A	$	125,267,869
Shares outstanding – Class A1		125,199,784
Net asset value per share – Class A		$1.00
Net assets – Administrator Class	$	136,225,566
Shares outstanding – Administrator Class1		136,151,420
Net asset value per share – Administrator Class		$1.00
Net assets – Premier Class	$	210,875,915
Shares outstanding – Premier Class1		210,761,494
Net asset value per share – Premier Class		$1.00
Net assets – Service Class	$	64,357,777
Shares outstanding – Service Class1		64,322,741
Net asset value per share – Service Class		$1.00

¹  The Fund has an unlimited number of authorized shares.

The accompanying notes are an integral part of these financial statements.

Statement of operations—six months ended July 31, 2017 (unaudited) Wells Fargo National Tax-Free Money Market Fund 15

Investment income
Interest	$	2,045,328
Expenses
Management fee		365,305
Administration fees
Class A		142,226
Administrator Class		73,187
Premier Class		56,345
Service Class		42,323
Shareholder servicing fees
Class A		161,021
Administrator Class		73,187
Service Class		87,793
Custody and accounting fees		29,383
Professional fees		21,378
Registration fees		40,463
Shareholder report expenses		18,444
Trustees’ fees and expenses		10,965
Other fees and expenses		24,222
Total expenses		1,146,242
Less: Fee waivers and/or expense reimbursements		(213,356	)
Net expenses		932,886
Net investment income		1,112,442
Net realized gains on investments		225,396
Net increase in net assets resulting from operations	$	1,337,838

The accompanying notes are an integral part of these financial statements.

16 Wells Fargo National Tax-Free Money Market Fund Statement of changes in net assets

	Six months ended July 31, 2017 (unaudited)						Year ended January 31, 2017
Operations
Net investment income				$	1,112,442					$	1,933,555
Net realized gains on investments					225,396						195,185
Net increase in net assets resulting from operations					1,337,838						2,128,740
Distributions to shareholders from
Net investment income
Class A					(128,044	)					(20,946	)
Administrator Class					(390,708	)					(363,184	)
Premier Class1					(458,315	)					(1,492,448	)
Service Class					(135,375	)					(21,340	)
Sweep Class					N/A						(35,384	)2
Net realized gains
Class A					0						(29,049	)
Administrator Class					0						(140,887	)
Premier Class1					0						(233,674	)
Service Class					0						(13,473	)
Sweep Class					N/A						(98,267	)2
Total distributions to shareholders					(1,112,442	)					(2,448,652	)
Capital share transactions		Shares						Shares
Proceeds from shares sold
Class A		14,844,298			14,844,298			114,884,864			114,884,864
Administrator Class		17,052,532			17,052,532			92,880,863			92,880,863
Premier Class1		218,787,059			218,787,059			3,084,454,000			3,084,454,000
Service Class		1,758,988			1,758,988			147,571,199			147,571,199
Sweep Class		N/A			N/A			940,580,808	2		940,580,808	2
					252,442,877						4,380,371,734
Reinvestment of distributions
Class A		125,692			125,692			45,465			45,465
Administrator Class		382,957			382,957			478,069			478,069
Premier Class1		334,207			334,207			348,250			348,250
Service Class		45,200			45,200			12,977			12,977
Sweep Class		N/A			N/A			30,506	2		30,506	2
					888,056						915,267
Payment for shares redeemed
Class A		(25,454,627	)		(25,454,627	)		(272,167,842	)		(272,167,842	)
Administrator Class		(36,710,568	)		(36,710,568	)		(117,070,901	)		(117,070,901	)
Premier Class1		(114,226,453	)		(114,226,453	)		(4,659,151,833	)		(4,659,151,833	)
Service Class		(10,943,232	)		(10,943,232	)		(255,796,391	)		(255,796,391	)
Sweep Class		N/A			N/A			(1,583,291,129	)2		(1,583,291,129	)2
					(187,334,880	)					(6,887,478,096	)
Net asset value of shares issued in acquisition
Class A		0			0			120,222,543			120,102,778
Premier Class1		0			0			2,813,688			2,810,859
Service Class		0			0			19,115,113			19,095,896
					0						142,009,533
Net increase (decrease) in net assets resulting from capital share transactions					65,996,053						(2,364,181,562	)
Total increase (decrease) in net assets					66,221,449						(2,364,501,474	)
Net assets
Beginning of period					470,505,678						2,835,007,152
End of period				$	536,727,127					$	470,505,678
Overdistributed net investment income				$	(80,140	)				$	(80,140	)

¹  Effective April 1, 2016, Institutional Class was renamed Premier Class.

²  For the period from February 1, 2016 to August 31, 2016. At the close of business on August 31, 2016, Sweep Class was liquidated and outstanding shares were automatically redeemed. Effective September 1, 2016, Sweep Class shares are no longer offered by the Fund.

The accompanying notes are an integral part of these financial statements.

Financial highlights Wells Fargo National Tax-Free Money Market Fund 17

(For a share outstanding throughout each period)

	Six months ended July 31, 2017 (unaudited)			Year ended January 31
CLASS A				2017			2016			2015			2014			2013
Net asset value, beginning of period		$1.00			$1.00			$1.00			$1.00			$1.00			$1.00
Net investment income		0.00	1		0.00	1		0.00	1		0.00	1		0.00	1		0.00	1
Net realized gains on investments		0.00	1		0.00	1		0.00	1		0.00	1		0.00	1		0.00	1
Total from investment operations		0.00	1		0.00	1		0.00	1		0.00	1		0.00	1		0.00	1
Distributions to shareholders from
Net investment income		(0.00	)1		(0.00	)1		(0.00	)1		(0.00	)1		(0.00	)1		(0.00	)1
Net realized gains		0.00			(0.00	)1		(0.00	)1		(0.00	)1		(0.00	)1		(0.00	)1
Total distributions to shareholders		(0.00	)1		(0.00	)1		(0.00	)1		(0.00	)1		(0.00	)1		(0.00	)1
Net asset value, end of period		$1.00			$1.00			$1.00			$1.00			$1.00			$1.00
Total return2		0.10	%		0.13	%		0.02	%		0.02	%		0.02	%		0.02	%
Ratios to average net assets (annualized)
Gross expenses		0.68	%		0.65	%		0.63	%		0.63	%		0.63	%		0.63	%
Net expenses		0.64	%		0.39	%		0.08	%		0.08	%		0.12	%		0.18	%
Net investment income		0.20	%		0.02	%		0.01	%		0.01	%		0.01	%		0.01	%
Supplemental data
Net assets, end of period (000s omitted)		$125,268			$135,704			$172,725			$123,525			$203,609			$284,041

¹  Amount is less than $0.005.

²  Returns for periods of less than one year are not annualized.

The accompanying notes are an integral part of these financial statements.

18 Wells Fargo National Tax-Free Money Market Fund Financial highlights

(For a share outstanding throughout each period)

	Six months ended July 31, 2017 (unaudited)			Year ended January 31
ADMINISTRATOR CLASS				2017			2016			2015			2014			2013
Net asset value, beginning of period		$1.00			$1.00			$1.00			$1.00			$1.00			$1.00
Net investment income		0.00	1		0.00	1		0.00	1		0.00	1		0.00	1		0.00	1
Net realized gains on investments		0.00	1		0.00	1		0.00	1		0.00	1		0.00	1		0.00	1
Total from investment operations		0.00	1		0.00	1		0.00	1		0.00	1		0.00	1		0.00	1
Distributions to shareholders from
Net investment income		(0.00	)1		(0.00	)1		(0.00	)1		(0.00	)1		(0.00	)1		(0.00	)1
Net realized gains		0.00			(0.00	)1		(0.00	)1		(0.00	)1		(0.00	)1		(0.00	)1
Total distributions to shareholders		(0.00	)1		(0.00	)1		(0.00	)1		(0.00	)1		(0.00	)1		(0.00	)1
Net asset value, end of period		$1.00			$1.00			$1.00			$1.00			$1.00			$1.00
Total return2		0.27	%		0.33	%		0.02	%		0.02	%		0.02	%		0.02	%
Ratios to average net assets (annualized)
Gross expenses		0.41	%		0.40	%		0.36	%		0.36	%		0.36	%		0.36	%
Net expenses		0.30	%		0.27	%		0.08	%		0.08	%		0.11	%		0.18	%
Net investment income		0.53	%		0.22	%		0.01	%		0.01	%		0.01	%		0.01	%
Supplemental data
Net assets, end of period (000s omitted)		$136,226			$155,448			$179,171			$191,766			$214,788			$226,083

¹  Amount is less than $0.005.

²  Returns for periods of less than one year are not annualized.

The accompanying notes are an integral part of these financial statements.

Financial highlights Wells Fargo National Tax-Free Money Market Fund 19

(For a share outstanding throughout each period)

	Six months ended July 31, 2017 (unaudited)			Year ended January 31
PREMIER CLASS1				2017			2016			2015			2014			2013
Net asset value, beginning of period		$1.00			$1.00			$1.00			$1.00			$1.00			$1.00
Net investment income		0.00	2		0.00	2		0.00	2		0.00	2		0.00	2		0.00	2
Net realized gains on investments		0.00	2		0.00	2		0.00	2		0.00	2		0.00	2		0.00	2
Total from investment operations		0.00	2		0.00	2		0.00	2		0.00	2		0.00	2		0.00	2
Distributions to shareholders from
Net investment income		(0.00	)2		(0.00	)2		(0.00	)2		(0.00	)2		(0.00	)2		(0.00	)2
Net realized gains		0.00			(0.00	)2		(0.00	)2		(0.00	)2		(0.00	)2		(0.00	)2
Total distributions to shareholders		(0.00	)2		(0.00	)2		(0.00	)2		(0.00	)2		(0.00	)2		(0.00	)2
Net asset value, end of period		$1.00			$1.00			$1.00			$1.00			$1.00			$1.00
Total return3		0.32	%		0.41	%		0.02	%		0.02	%		0.02	%		0.03	%
Ratios to average net assets (annualized)
Gross expenses		0.29	%		0.25	%		0.24	%		0.24	%		0.24	%		0.24	%
Net expenses		0.20	%		0.18	%		0.08	%		0.08	%		0.11	%		0.17	%
Net investment income		0.65	%		0.18	%		0.01	%		0.01	%		0.01	%		0.02	%
Supplemental data
Net assets, end of period (000s omitted)		$210,876			$105,881			$1,677,748			$2,269,187			$2,292,160			$2,112,183

¹  Effective April 1, 2016, Institutional Class was renamed Premier Class.

²  Amount is less than $0.005.

³  Returns for periods of less than one year are not annualized.

The accompanying notes are an integral part of these financial statements.

20 Wells Fargo National Tax-Free Money Market Fund Financial highlights

(For a share outstanding throughout each period)

	Six months ended July 31, 2017 (unaudited)			Year ended January 31
SERVICE CLASS				2017			2016			2015			2014			2013
Net asset value, beginning of period		$1.00			$1.00			$1.00			$1.00			$1.00			$1.00
Net investment income		0.00	1		0.00	1		0.00	1		0.00	1		0.00	1		0.00	1
Net realized gains on investments		0.00	1		0.00	1		0.00	1		0.00	1		0.00	1		0.00	1
Total from investment operations		0.00	1		0.00	1		0.00	1		0.00	1		0.00	1		0.00	1
Distributions to shareholders from
Net investment income		(0.00	)1		(0.00	)1		(0.00	)1		(0.00	)1		(0.00	)1		(0.00	)1
Net realized gains		0.00			(0.00	)1		(0.00	)1		(0.00	)1		(0.00	)1		(0.00	)1
Total distributions to shareholders		(0.00	)1		(0.00	)1		(0.00	)1		(0.00	)1		(0.00	)1		(0.00	)1
Net asset value, end of period		$1.00			$1.00			$1.00			$1.00			$1.00			$1.00
Total return2		0.19	%		0.20	%		0.02	%		0.02	%		0.02	%		0.02	%
Ratios to average net assets (annualized)
Gross expenses		0.58	%		0.54	%		0.53	%		0.52	%		0.53	%		0.53	%
Net expenses		0.45	%		0.32	%		0.08	%		0.08	%		0.12	%		0.18	%
Net investment income		0.38	%		0.03	%		0.01	%		0.01	%		0.01	%		0.01	%
Supplemental data
Net assets, end of period (000s omitted)		$64,358			$73,472			$162,593			$139,915			$166,178			$264,063

¹  Amount is less than $0.005.

²  Returns for periods of less than one year are not annualized.

The accompanying notes are an integral part of these financial statements.

Notes to financial statements (unaudited) Wells Fargo National Tax-Free Money Market Fund 21

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 Wells Fargo National Tax-Free Money Market Fund (the “Fund”) which is a diversified series of the Trust.

2. SIGNIFICANT ACCOUNTING POLICIES

The following significant accounting policies, which are consistently followed in the preparation of the financial statements of the 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 revenues and expenses during the reporting period. Actual results could differ from those estimates.

Securities valuation

As permitted under Rule 2a-7 of the 1940 Act, portfolio securities are valued at amortized cost, which approximates fair value. The amortized cost method involves valuing a security at its cost, plus accretion of discount or minus amortization of premium over the period until maturity.

Investments which are not valued using the method discussed above are valued at their fair value, as determined in good faith by the Board of Trustees of the Funds. 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 Management Valuation Team of 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 Management Valuation Team which may include items for ratification.

Valuations of fair valued securities are compared to the next actual sales price when available, or other appropriate market values, to assess the continued appropriateness of the fair valuation methodologies used. These securities are fair valued on a day-to-day basis, taking into consideration changes to appropriate market information and any significant changes to the inputs considered in the valuation process until there is a readily available price provided on an exchange or by an independent pricing service. Valuations received from an independent pricing service or independent broker-dealer quotes are periodically validated by comparisons to most recent trades and valuations provided by other independent pricing services in addition to the review of prices by the manager and/or subadviser. Unobservable inputs used in determining fair valuations are identified based on the type of security, taking into consideration factors utilized by market participants in valuing the investment, knowledge about the issuer and the current market environment.

Repurchase agreements

The Fund may invest in repurchase agreements and may participate in pooled repurchase agreement transactions with other funds advised by Funds Management. Repurchase agreements are agreements where the seller of a security to the Fund agrees to repurchase that security from the Fund at a mutually agreed upon time and price. The repurchase agreements must be fully collateralized based on values that are marked-to-market daily. The collateral may be held by an agent bank under a tri-party agreement. It is the custodian’s responsibility to value collateral daily and to take action to obtain additional collateral as necessary to maintain market value equal to or greater than the resale price. The repurchase agreements are collateralized by instruments such as U.S. Treasury, federal agency, or high-grade corporate obligations. There could be potential loss to the Fund in the event that the Fund is delayed or prevented from exercising its rights to dispose of the collateral, including the risk of a possible decline in the value of the underlying obligations during the period in which the Fund seeks to assert its rights.

Security transactions and income recognition

Securities transactions are recorded on a trade date basis. Realized gains or losses are recorded on the basis of identified cost.

Interest income is accrued daily and bond discounts are accreted and premiums are amortized daily based on the effective interest method. 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

22 Wells Fargo National Tax-Free Money Market Fund Notes to financial statements (unaudited)

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 are accrued daily and paid monthly. Distributions from net realized gains, if any, are recorded on the ex-dividend date. 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 the Fund’s fiscal year end. Therefore, a portion of the Fund’s distributions made prior to the Fund’s fiscal year end may be categorized as a tax return of capital.

Federal and other taxes

The Fund intends to continue to qualify as a regulated investment company by distributing substantially all of its investment company taxable and tax-exempt 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.

The 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 the 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.

Class allocations

The separate classes of shares offered by the Fund differ principally in shareholder servicing and administration fees. Class specific expenses are charged directly to that share class. Investment income, common expenses, and realized gains (losses) on investments are allocated daily to each class of shares based on the relative proportion of net assets of each class.

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 the 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). The 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 the Fund’s assets and liabilities as of July 31, 2017:

	Quoted prices (Level 1)		Other significant observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total
Assets
Investments in:
Municipal obligations	$	0	$	485,640,500	$	0	$	485,640,500
Repurchase agreements		0		35,000,000		0		35,000,000
Total assets	$	0	$	520,640,500	$	0	$	520,640,500

The Fund recognizes transfers between levels within the fair value hierarchy at the end of the reporting period. At July 31, 2017, the Fund did not have any transfers into/out of Level 1, Level 2, or Level 3.

Notes to financial statements (unaudited) Wells Fargo National Tax-Free Money Market Fund 23

4. TRANSACTIONS WITH AFFILIATES

Management fee

Funds Management, an indirect wholly owned subsidiary of Wells Fargo & Company (“Wells Fargo”), is the manager of the 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 the Fund, supervising the subadviser, providing fund-level administrative services in connection with the Fund’s operations, and providing any other fund-level administrative services reasonably necessary for the operation of the Fund. As compensation for its services under the investment management agreement, Funds Management is entitled to receive an annual management fee starting at 0.15% and declining to 0.13% as the average daily net assets of the Fund increase. For the six months ended July 31, 2017, the management fee was equivalent to an annual rate of 0.15% of the Fund’s average daily net assets.

Funds Management has retained the services of a subadviser to provide daily portfolio management to the 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 the Fund and is entitled to receive a fee from Funds Management at an annual rate starting at 0.05% and declining to 0.01% as the average daily net assets of the Fund increase.

Administration fees

Under a class-level administration agreement, Funds Management provides class-level administrative services to the 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		0.22	%
Administrator Class		0.10
Premier Class		0.08
Service Class		0.12

Funds Management has contractually waived and/or reimbursed management and administration fees to the extent necessary to maintain certain net operating expense ratios for the Fund. Waiver of fees and/or reimbursement of expenses by Funds Management were made first from fund level expenses on a proportionate basis and then from class specific expenses. Funds Management has committed through May 31, 2018 to waive fees and/or reimburse expenses to the extent necessary to cap the Fund’s expenses at 0.64% for Class A shares, 0.30% for Administrator Class shares, 0.20% for Premier Class shares, and 0.45% for Service Class shares. 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.

Shareholder servicing fees

The Trust has entered into contracts with one or more shareholder servicing agents, whereby Class A and Service Class of the Fund is charged a fee at an annual rate of 0.25% of the respective average daily net assets of each class. Administrator Class 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.

Interfund transactions

The Fund may purchase or sell investment securities to other Wells Fargo affiliates pursuant to Rule 17a-7 of the 1940 Act and under procedures adopted by the Board of Trustees. The procedures have been designed to ensure that these interfund transactions, which do not incur broker commissions, are effected at current market prices. Pursuant to these procedures, the Fund had $422,126,000 and $355,910,000 in interfund purchases and sales, respectively, during the six months ended July 31, 2017.

24 Wells Fargo National Tax-Free Money Market Fund Notes to financial statements (unaudited)

5. ACQUISITION

After the close of business on January 20, 2017, the Fund acquired the net assets of Wells Fargo Municipal Money Market Fund. The purpose of the transaction was to combine two funds with similar investment objectives and strategies Shareholders holding Class A, Premier Class and Service Class shares of Wells Fargo Municipal Money Market Fund received Class A, Premier Class and Service Class shares, respectively, of the Fund in the reorganization. The acquisition was accomplished by a tax-free exchange of all of the shares of Wells Fargo Municipal Money Market Fund for 142,151,344 shares of the Fund valued at $142,009,533 at an exchange ratio of 1.00, 1.00, and 1.00 for Class A, Premier Class, and Service Class shares, respectively. The investment portfolio of Wells Fargo Municipal Money Market Fund with an amortized cost of $139,920,548 at January 20, 2017 were the principal assets acquired by the Fund. The aggregate net assets of Wells Fargo Municipal Money Market Fund and the Fund immediately prior to the acquisition were $142,009,533 and $325,404,888, respectively. The aggregate net assets of the Fund immediately after the acquisition were $476,414,421. For financial reporting purposes, assets received and shares issued by the Fund were recorded at fair value; however, the cost basis of the investments received from Wells Fargo Municipal Money Market Fund was carried forward to align ongoing reporting of the Fund’s realized gains and losses with amounts distributable to shareholders for tax purposes.

Assuming the acquisition had been completed February 1, 2016, the beginning of the annual reporting period for the Fund, the pro forma results of operations for the twelve months ended January 31, 2017 would have been:

Net investment income	$	2,239,826
Net realized gains on investments	$	225,550
Net increase in net assets resulting from operations	$	2,465,376

6. INDEMNIFICATION

Under the Trust’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 the Trust. Additionally, in the normal course of business, the Trust may enter into contracts with service providers that contain a variety of indemnification clauses. The Trust’s maximum exposure under these arrangements is dependent on future claims that may be made against the Fund and, therefore, cannot be estimated.

7. REGULATORY CHANGES

In October 2016, the Securities and Exchange Commission (“SEC”) adopted new rules and forms and amended existing rules and forms (together, “final rules”) intended to modernize and enhance the reporting and disclosure of information by registered investment companies and to enhance liquidity risk management by open-end mutual funds and exchange-traded funds. The final rules will enhance the quality of information available to investors and will allow the SEC to more effectively collect and use data reported by funds. In part, the final rules amend Regulation S-X and require standardized, enhanced disclosure about derivatives in the Fund’s financial statements, as well as other amendments. The compliance date for the amendments to Regulation S-X is August 1, 2017. Management has evaluated the amendments to Regulation S-X and its adoption will result in enhanced financial disclosures in the Fund’s financial statements. Management continues to evaluate the reporting requirements for the new form types (compliance date is June 1, 2018) and the implementation of the liquidity risk management program (compliance date is December 1, 2018).

Other information (unaudited) Wells Fargo National Tax-Free Money Market Fund 25

PROXY VOTING INFORMATION

A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities is available, upon request, by calling 1-800-222-8222, visiting our website at wellsfargofunds.com, or visiting the SEC website at sec.gov. Information regarding how the Fund voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is available on the Fund’s website at wellsfargofunds.com or by visiting the SEC website at sec.gov.

PORTFOLIO HOLDINGS INFORMATION

The complete portfolio holdings for the Fund are publicly available on the Fund’s website (wellsfargofunds.com) on a 1-day delayed basis. The Fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q, which is available by visiting the SEC website at sec.gov. In addition, the Fund’s Form N-Q may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC, and at regional offices in New York City, at 233 Broadway, and in Chicago, at 175 West Jackson Boulevard, Suite 900. Information about the Public Reference Room may be obtained by calling 1-800-SEC-0330.

26 Wells Fargo National Tax-Free Money Market Fund Other information (unaudited)

BOARD OF TRUSTEES AND OFFICERS

Each of the Trustees and Officers¹ listed in the table below acts in identical capacities for each fund in the Wells Fargo family of funds, which consists of 145 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 Information². 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. Board member of the Forté Foundation (non-profit organization) and the Vincent Memorial Hospital Endowment (non-profit organization), where he serves on the Investment Committee and as a Chair of the Audit Committee. Mr. Ebsworth is a CFA® charterholder.	Asset Allocation Trust
Jane A. Freeman (Born 1953)	Trustee, since 2015	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 a Board Member of Ruth Bancroft Garden (non-profit organization) and an inactive chartered financial analyst.	Asset Allocation Trust
Peter G. Gordon** (Born 1942)	Trustee, since 1998; Chairman, since 2005	Co-Founder, Retired Chairman, President and CEO of Crystal Geyser Water Company. Trustee Emeritus, Colby College.	Asset Allocation Trust
Isaiah Harris, Jr. (Born 1952)	Trustee, since 2009	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 (charter school). Advisory Board Member, Child Evangelism Fellowship (non-profit). Mr. Harris is a certified public accountant (inactive status).	CIGNA Corporation; Asset Allocation Trust
Judith M. Johnson (Born 1949)	Trustee, since 2008; Audit Committee Chairman, 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.	Asset Allocation Trust
David F. Larcker (Born 1950)	Trustee, since 2009	James Irvin Miller Professor of Accounting at the Graduate School of Business, 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.	Asset Allocation Trust

Other information (unaudited) Wells Fargo National Tax-Free Money Market Fund 27

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	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.	Asset Allocation Trust
Timothy J. Penny (Born 1951)	Trustee, since 1996: Vice Chairman, since 2017	President and Chief Executive Officer of Southern Minnesota Initiative Foundation, a non-profit organization, since 2007 and Senior Fellow at the Humphrey Institute Policy Forum at the University of Minnesota since 1995. Member of the Board of Trustees of NorthStar Education Finance, Inc., a non-profit organization, since 2007.	Asset Allocation Trust
Michael S. Scofield (Born 1943)	Trustee, since 2010	Served on the Investment Company Institute’s Board of Governors and Executive Committee from 2008-2011 as well the Governing Council of the Independent Directors Council from 2006-2011 and the Independent Directors Council Executive Committee from 2008-2011. Chairman of the IDC from 2008-2010. Trustee of the Evergreen Funds complex (and its predecessors) from 1984 to 2010. Chairman of the Evergreen Funds from 2000-2010. Former Trustee of the Mentor Funds. Retired Attorney, Law Offices of Michael S. Scofield.	Asset Allocation Trust

* Length of service dates reflect the Trustee’s commencement of service with the Trust’s predecessor entities, where applicable.

** Peter Gordon is expected to retire on December 31, 2017.

Advisory Board Members

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
James G. Polisson (Born 1959)	Advisory Board Member, since 2017	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 (Blackrock) from 1998 to 2010 and Global Chief Marketing Officer for iShares and Barclays Global Investors from 2000 to 2010. Prior thereto, Vice President, Fidelity Retail Mutual Fund Group from 1996 to 1998 and Risk Management Practice Manager, Fidelity Consulting from 1995 to 1996. 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.	None
Pamela Wheelock (Born 1959)	Advisory Board Member, since 2017	Chief Operating Officer, Twin Cities Habitat for Humanity, since January, 2017. Vice President of University Services, University of Minnesota from 2012 to 2017. Prior thereto, Interim President and Chief Executive Officer of Blue Cross Blue Shield of Minnesota from 2010 to 2011, Chairman of the Board from 2009 to 2011 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. Commissioner of Finance, State of Minnesota, from 1999 to 2002. Currently on the Board of Directors, Governance Committee and Finance Committee, for the Minnesota Philanthropy Partners (Saint Paul Foundation) since 2012 and Board Chair of the Minnesota Wild Foundation since 2010.	None

28 Wells Fargo National Tax-Free Money Market Fund 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.
Nancy Wiser1 (Born 1967)	Treasurer, since 2012	Executive Vice President of Wells Fargo Funds Management, LLC since 2011. Chief Operating Officer and Chief Compliance Officer at LightBox Capital Management LLC, from 2008 to 2011.
C. David Messman (Born 1960)	Secretary, since 2000; Chief Legal Officer, since 2003	Senior Vice President and Secretary of Wells Fargo Funds Management, LLC since 2001. Assistant General Counsel of Wells Fargo Bank, N.A. since 2013 and Vice President and Managing Counsel of Wells Fargo Bank, N.A. from 1996 to 2013.
Michael H. Whitaker (Born 1967)	Chief Compliance Officer, since 2016	Senior Vice President and Chief Compliance Officer since 2016. Senior Vice President and Chief Compliance Officer for Fidelity Investments from 2007 to 2016.
David Berardi (Born 1975)	Assistant Treasurer, since 2009	Vice President of Wells Fargo Funds Management, LLC since 2009. Vice President of Evergreen Investment Management Company, LLC from 2008 to 2010. Manager of Fund Reporting and Control for Evergreen Investment Management Company, LLC from 2004 to 2010.
Jeremy DePalma1 (Born 1974)	Assistant Treasurer, since 2009	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.

¹  Nancy Wiser acts as Treasurer of 69 funds in the Fund Complex. Jeremy DePalma acts as Treasurer of 76 funds and Assistant Treasurer of 69 funds in the Fund Complex.

² 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 wellsfargofunds.com.

Other information (unaudited) Wells Fargo National Tax-Free Money Market Fund 29

BOARD CONSIDERATION OF INVESTMENT MANAGEMENT AND SUB-ADVISORY AGREEMENTS:

Under the Investment Company Act of 1940 (the “1940 Act”), the Board of Trustees (the “Board”) of Wells Fargo Funds Trust (the “Trust”) must determine annually whether to approve the continuation of the Trust’s investment management and sub-advisory agreements. In this regard, at an in-person meeting held on May 16-17, 2017 (the “Meeting”), the Board, all the members of which have no direct or indirect interest in the investment management and sub-advisory agreements and are not “interested persons” of the Trust, as defined in the 1940 Act (the “Independent Trustees”), reviewed and approved for Wells Fargo National Tax-Free Money Market Fund (the “Fund”): (i) an investment management agreement (the “Management Agreement”) with Wells Fargo Funds Management, LLC (“Funds Management”); and (ii) an investment sub-advisory agreement (the “Sub-Advisory Agreement”) with Wells Capital Management Incorporated (the “Sub-Adviser”), an affiliate of Funds Management. The Management Agreement and the Sub-Advisory Agreement are collectively referred to as the “Advisory Agreements.”

At the Meeting, the Board considered the factors and reached the conclusions described below relating to the selection of Funds Management and the Sub-Adviser and the approval of the Advisory Agreements. Prior to the Meeting, including at an in-person meeting in April 2017, the Trustees conferred extensively among themselves and with representatives of Funds Management about these matters. Also, the Board has adopted a team-based approach, with each team consisting of a sub-set of Trustees, to assist the full Board in the discharge of its duties in reviewing performance and other matters throughout the year. The Independent Trustees were assisted in their evaluation of the Advisory Agreements by independent legal counsel, from whom they received separate legal advice and with whom they met separately.

In providing information to the Board, Funds Management and the Sub-Adviser were guided by a detailed set of requests for information submitted to them by independent legal counsel on behalf of the Independent Trustees at the start of the Board’s annual contract renewal process earlier in 2017. In considering and approving the Advisory Agreements, the Trustees considered the information they believed relevant, including but not limited to the information discussed below. The Board considered not only the specific information presented in connection with the Meeting, but also the knowledge gained over time through interaction with Funds Management and the Sub-Adviser about various topics. In this regard, the Board reviewed reports of Funds Management at each of its quarterly meetings, which included, among other things, portfolio reviews and performance reports. In addition, the Board and the teams mentioned above confer with portfolio managers at various times throughout the year. The Board did not identify any particular information or consideration that was all-important or controlling, and each individual Trustee may have attributed different weights to various factors.

After its deliberations, the Board unanimously approved the continuation of the Advisory Agreements for a one-year term and determined that the compensation payable to Funds Management and the Sub-Adviser under each of the Advisory Agreements was reasonable. The Board considered the approval of the Advisory Agreements for the Fund as part of its consideration of agreements for funds across the complex, but its approvals were made on a fund-by-fund basis. The following summarizes a number of important, but not necessarily all, factors considered by the Board in support of its approvals.

Nature, extent and quality of services

The Board received and considered various information regarding the nature, extent and quality of services provided to the Fund by Funds Management and the Sub-Adviser under the Advisory Agreements. This information included a description of the investment advisory services and Fund-level administrative services covered by the Management Agreement, as well as, among other things, a summary of the background and experience of senior management of Funds Management, a summary of certain organizational and personnel changes involving Funds Management and the Sub-Adviser, and a description of Funds Management’s and the Sub-Adviser’s business continuity planning programs and of their approaches to data privacy and cybersecurity. The Board also considered the qualifications, background, tenure and responsibilities of each of the portfolio managers primarily responsible for the day-to-day portfolio management of the Fund.

The Board evaluated the ability of Funds Management and the Sub-Adviser to attract and retain qualified investment professionals, including research, advisory and supervisory personnel. The Board further considered the compliance programs and compliance records of Funds Management and the Sub-Adviser. In addition, the Board took into account the full range of services provided to the Fund by Funds Management and its affiliates.

Fund performance and expenses

The Board considered the performance results for the Fund over various time periods ended December 31, 2016. The Board considered these results in comparison to the performance of funds in a universe that was determined by

30 Wells Fargo National Tax-Free Money Market Fund Other information (unaudited)

Broadridge Inc. (“Broadridge”) to be similar to the Fund (the “Universe”), and to other comparative data. Broadridge is an independent provider of investment company data. The Board received a description of the methodology used by Broadridge to select the mutual funds in the performance Universe. The Board noted that the performance of the Fund (Administrator Class) was higher than the average performance of the Universe for all periods under review.

The Board also received and considered information regarding the Fund’s net operating expense ratios and their various components, including actual management fees, custodian and other non-management fees, and Rule 12b-1 and non-Rule 12b-1 shareholder service fees. The Board considered these ratios in comparison to the median ratios of funds in class-specific expense groups that were determined by Broadridge to be similar to the Fund (the “Groups”). The Board received a description of the methodology used by Broadridge to select the mutual funds in the expense Groups and an explanation of how funds comprising expense groups and their expense ratios may vary from year-to-year. Based on the Broadridge reports, the Board noted that the net operating expense ratios of the Fund were higher than the median net operating expense ratios of the expense Groups for all share classes except Premium Class.

The Board took into account the Fund performance and expense information provided to it among the factors considered in deciding to re-approve the Advisory Agreements.

Investment management and sub-advisory fee rates

The Board reviewed and considered the contractual fee rates payable by the Fund to Funds Management under the Management Agreement, as well as the contractual fee rates payable by the Fund to Funds Management for class-level administrative services under a Class-Level Administration Agreement, which include, among other things, class-level transfer agency and sub-transfer agency costs (collectively, the “Management Rates”). The Board also reviewed and considered the contractual investment sub-advisory fee rates that are payable by Funds Management to the Sub-Adviser for investment sub-advisory services.

Among other information reviewed by the Board was a comparison of the Fund’s Management Rates with the average contractual investment management fee rates of funds in the expense Groups at a common asset level as well as transfer agency costs of the funds in the expense Groups. The Board noted that the Management Rates of the Fund were lower than or in range of the sum of these average rates for the Fund’s expense Groups for all share classes.

The Board also received and considered information about the portion of the total management fee that was retained by Funds Management after payment of the fee to the Sub-Adviser for sub-advisory services. In assessing the reasonableness of this amount, the Board received and evaluated information about the nature and extent of responsibilities retained and risks assumed by Funds Management and not delegated to or assumed by the Sub-Adviser, and about Funds Management’s on-going oversight services. Given the affiliation between Funds Management and the Sub-Adviser, the Board ascribed limited relevance to the allocation of fees between them.

The Board also received and considered information about the nature and extent of services offered and fee rates charged by Funds Management and the Sub-Adviser to other types of clients with investment strategies similar to those of the Fund. In this regard, the Board received information about the significantly greater scope of services, and compliance, reporting and other legal burdens and risks of managing mutual funds compared with those associated with managing assets of non-mutual fund clients such as a short-term investment portfolio.

Based on its consideration of the factors and information it deemed relevant, including those described here, the Board determined that the compensation payable to Funds Management under the Management Agreement and to the Sub-Adviser under the Sub-Advisory Agreement was reasonable.

Profitability

The Board received and considered information concerning the profitability of Funds Management, as well as the profitability of Wells Fargo as a whole, from providing services to the Fund and the fund family as a whole. The Board also received and considered information concerning the profitability of the Sub-Adviser from providing services to the fund family as a whole, noting that the Sub-Adviser’s profitability information with respect to providing services to the Fund was subsumed in the Wells Fargo and Funds Management profitability analysis.

Funds Management reported on the methodologies and estimates used in calculating profitability, including a description of the methodology used to allocate certain expenses. Among other things, the Board noted that the levels of profitability reported on a fund-by-fund basis varied widely, depending on factors such as the size and type of fund. Based on its review, the Board did not deem the profits reported by Funds Management or Wells Fargo from its services to the Fund to be at a level that would prevent it from approving the continuation of the Advisory Agreements.

Other information (unaudited) Wells Fargo National Tax-Free Money Market Fund 31

Economies of scale

With respect to possible economies of scale, the Board noted the existence of breakpoints in the Fund’s management fee structure, which operate generally to reduce the Fund’s expense ratios as the Fund grows in size. It considered that, for a small fund or a fund that shrinks in size, breakpoints conversely can result in higher fee levels. The Board also considered that in addition to management fee breakpoints, competitive management fee rates set at the outset without regard to breakpoints and fee waiver and expense reimbursement arrangements are means of sharing potential economies of scale with shareholders of the Fund. The Board considered Funds Management’s view, which Funds Management indicated was supported by independent third-party industry studies which were summarized for the Board, that any analyses of potential economies of scale in managing a particular fund are inherently limited in light of the joint and common costs and investments that Funds Management incurs across the fund family as a whole.

The Board concluded that the Fund’s fee and expense arrangements, including contractual breakpoints, constituted a reasonable approach to sharing potential economies of scale with the Fund and its shareholders.

Other benefits to Funds Management and the Sub-Adviser

The Board received and considered information regarding potential “fall-out” or ancillary benefits received by Funds Management and its affiliates, including the Sub-Adviser, as a result of their relationships with the Fund. Ancillary benefits could include, among others, benefits directly attributable to other relationships with the Fund and benefits potentially derived from an increase in Funds Management’s and the Sub-Adviser’s business as a result of their relationships with the Fund. The Board noted that various affiliates of Funds Management may receive distribution-related fees, shareholder servicing payments and sub-transfer agency fees in respect of shares sold or held through them and services provided.

The Board also reviewed information about soft dollar credits earned and utilized by the Sub-Adviser, fees earned by Funds Management and the Sub-Adviser from managing a private investment vehicle for the fund family’s securities lending collateral and commissions earned by an affiliated broker from portfolio transactions.

Based on its consideration of the factors and information it deemed relevant, including those described here, the Board did not find that any ancillary benefits received by Funds Management and its affiliates, including the Sub-Adviser, were unreasonable.

Conclusion

At the Meeting, after considering the above-described factors and based on its deliberations and its evaluation of the information described above, the Board unanimously approved the continuation of the Advisory Agreements for a one-year term and determined that the compensation payable to Funds Management and the Sub-Adviser under each of the Advisory Agreements was reasonable.

32 Wells Fargo National Tax-Free Money Market Fund List of abbreviations

The following is a list of common abbreviations for terms and entities that may have appeared in this report.

ACA —  ACA Financial Guaranty Corporation

ADR —  American depositary receipt

ADS —  American depositary shares

AGC —  Assured Guaranty Corporation

AGM —  Assured Guaranty Municipal

Ambac —  Ambac Financial Group Incorporated

AMT —  Alternative minimum tax

AUD —  Australian dollar

BAN —  Bond anticipation notes

BHAC —  Berkshire Hathaway Assurance Corporation

BRL —  Brazilian real

CAB —  Capital appreciation bond

CAD —  Canadian dollar

CCAB —  Convertible capital appreciation bond

CDA —  Community Development Authority

CDO —  Collateralized debt obligation

CHF —  Swiss franc

CLO —  Collateralized loan obligation

CLP —  Chilean peso

COP —  Colombian peso

DKK —  Danish krone

DRIVER —  Derivative inverse tax-exempt receipts

DW&P —  Department of Water & Power

DWR —  Department of Water Resources

ECFA —  Educational & Cultural Facilities Authority

EDA —  Economic Development Authority

EDFA —  Economic Development Finance Authority

ETF —  Exchange-traded fund

EUR —  Euro

FDIC —  Federal Deposit Insurance Corporation

FFCB —  Federal Farm Credit Banks

FGIC —  Financial Guaranty Insurance Corporation

FHA —  Federal Housing Administration

FHLB —  Federal Home Loan Bank

FHLMC —  Federal Home Loan Mortgage Corporation

FICO —  The Financing Corporation

FNMA —  Federal National Mortgage Association

FSA —  Farm Service Agency

GBP —  Great British pound

GDR —  Global depositary receipt

GNMA —  Government National Mortgage Association

GO —  General obligation

HCFR —  Healthcare facilities revenue

HEFA —  Health & Educational Facilities Authority

HEFAR —  Higher education facilities authority revenue

HFA —  Housing Finance Authority

HFFA —  Health Facilities Financing Authority

HKD —  Hong Kong dollar

HUD —  Department of Housing and Urban Development

HUF —  Hungarian forint

IDA —  Industrial Development Authority

IDAG —  Industrial Development Agency

IDR —  Indonesian rupiah

IEP —  Irish pound

JPY —  Japanese yen

KRW —  Republic of Korea won

LIBOR —  London Interbank Offered Rate

LIFER —  Long Inverse Floating Exempt Receipts

LIQ —  Liquidity agreement

LLC —  Limited liability company

LLLP —  Limited liability limited partnership

LLP —  Limited liability partnership

LOC —  Letter of credit

LP —  Limited partnership

MBIA —  Municipal Bond Insurance Association

MFHR —  Multifamily housing revenue

MSTR —  Municipal securities trust receipts

MTN —  Medium-term note

MUD —  Municipal Utility District

MXN —  Mexican peso

MYR —  Malaysian ringgit

National —  National Public Finance Guarantee Corporation

NGN —  Nigerian naira

NOK —  Norwegian krone

NZD —  New Zealand dollar

PCFA —  Pollution Control Financing Authority

PCL —  Public Company Limited

PCR —  Pollution control revenue

PFA —  Public Finance Authority

PFFA —  Public Facilities Financing Authority

PFOTER —  Puttable floating option tax-exempt receipts

PJSC —  Public Joint Stock Company

plc —  Public limited company

PLN —  Polish zloty

PUTTER —  Puttable tax-exempt receipts

R&D —  Research & development

Radian —  Radian Asset Assurance

RAN —  Revenue anticipation notes

RDA —  Redevelopment Authority

RDFA —  Redevelopment Finance Authority

REIT —  Real estate investment trust

ROC —  Reset option certificates

RON —  Romanian lei

RUB —  Russian ruble

SAVRS —  Select auction variable rate securities

SBA —  Small Business Authority

SDR —  Swedish depositary receipt

SEK —  Swedish krona

SFHR —  Single-family housing revenue

SFMR —  Single-family mortgage revenue

SGD —  Singapore dollar

SPA —  Standby purchase agreement

SPDR —  Standard & Poor’s Depositary Receipts

SPEAR —  Short Puttable Exempt Adjustable Receipts

STRIPS —  Separate trading of registered interest and

      principal securities

TAN —  Tax anticipation notes

TBA —  To be announced

THB —  Thai baht

TIPS —  Treasury inflation-protected securities

TRAN —  Tax revenue anticipation notes

TRY —  Turkish lira

TTFA —  Transportation Trust Fund Authority

TVA —  Tennessee Valley Authority

ZAR —  South African rand

For more information

More information about Wells Fargo Funds is available free upon request. To obtain literature, please write, email, visit the Fund’s website, or call:

Wells Fargo Funds

P.O. Box 8266

Boston, MA 02266-8266

Email: fundservice@wellsfargo.com

Website: wellsfargofunds.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 Fund. 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 Fund’s website at wellsfargofunds.com. Read the prospectus carefully before you invest or send money.

Wells Fargo Asset Management (WFAM) is a trade name used by the asset management businesses of Wells Fargo & Company. Wells Fargo Funds Management, LLC, a wholly owned subsidiary of Wells Fargo & Company, provides investment advisory and administrative services for Wells Fargo Funds. Other affiliates of Wells Fargo & Company provide subadvisory and other services for the funds. The funds are distributed by Wells Fargo Funds Distributor, LLC, Member FINRA, an affiliate of Wells Fargo & Company. Neither Wells Fargo Funds Management nor Wells Fargo Funds Distributor has Fund customer accounts/assets, and neither provides investment advice/recommendations or acts as an investment advice fiduciary to any investor.

NOT FDIC INSURED  ◾  NO BANK GUARANTEE  ◾   MAY LOSE VALUE

© 2017 Wells Fargo Funds Management, LLC. All rights reserved.

305363 09-17 SA309/SAR309 07-17

Semi-Annual Report

July 31, 2017

Institutional Money Market Funds

∎ Wells Fargo Cash Investment Money Market Fund

Reduce clutter. Save trees.

Sign up for electronic delivery of prospectuses and shareholder reports at wellsfargo.com/advantagedelivery

Contents

Letter to shareholders	2
Performance highlights	4
Fund expenses	6
Portfolio of investments	7
Financial statements
Statement of assets and liabilities	12
Statement of operations	13
Statement of changes in net assets	14
Financial highlights	15
Notes to financial statements	19
Other information	23
List of abbreviations	30

The views expressed and any forward-looking statements are as of July 31, 2017, unless otherwise noted, and are those of the Fund managers and/or Wells Fargo Funds Management, LLC. Discussions of individual securities, or the markets generally, or any Wells Fargo Fund 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 Funds Management, LLC and the Fund disclaim any obligation to publicly update or revise any views expressed or forward-looking statements.

NOT FDIC INSURED  ◾  NO BANK GUARANTEE  ◾   MAY LOSE VALUE

2 Wells Fargo Cash Investment Money Market Fund Letter to shareholders (unaudited)

Andrew Owen

President

Wells Fargo Funds

Early in July, volatility expectations increased and then receded, as measured by the CBOE VIX.

Dear Shareholder:

We are pleased to offer you this semi-annual report for the Wells Fargo Cash Investment Money Market Fund for the six-month period that ended July 31, 2017. Many equity markets advanced during this reporting period, supported by modest economic growth despite political uncertainty. U.S. and international stocks returned 9.51% and 14.26%, for the six-month period, as measured by the S&P 500 Index¹ and the MSCI ACWI ex USA Index (Net)², respectively. Within fixed income, the Bloomberg Barclays U.S. Aggregate Bond Index³ returned 4.98% and the Bloomberg Barclays Municipal Bond Index⁴ returned 3.72% as interest rates rose from low levels.

Equity and bond markets advanced during the first quarter of 2017 amid improving economic data globally.

Stocks rallied globally through the first quarter of 2017, supported by signs of improvement in the U.S. and global economies. U.S. economic data released during the quarter reflected a healthy economy. Hiring remained strong, and business and consumer sentiment improved. In March, U.S. Federal Reserve (Fed) officials raised their target interest rate by a quarter percentage point to a range from 0.75% to 1.00%. With the Fed’s target interest rate increase, short-term bond yields rose during the quarter. Meanwhile, longer-term Treasury yields were little changed, leading to positive performance. Investment-grade and high-yield bonds benefited from strong demand. Municipal bond returns were positive in the quarter, helped by strong demand and constrained new-issue supply. Outside of the U.S., stocks in emerging markets generally outperformed stocks in the U.S. and international developed markets because they benefited from both global economic growth and recent weakening in the U.S. dollar. Stocks in Asia, Europe, and Latin America also outperformed the U.S. market during the quarter.

Steady advancement in many markets marked the first seven months of 2017.

During the second quarter, most equity markets in the U.S. and abroad advanced. Steady, albeit modest, economic growth both in the U.S. and abroad and generally favorable corporate earnings announcements after the second quarter supported higher valuations. Within the economy, U.S. inflation trended lower despite the unemployment rate continuing to decline. Ten-year U.S. Treasury yields declined, resulting in stronger prices for long-term bonds. As was widely expected, in June, the Fed raised the target interest rate by a quarter percentage point to a range from 1.00% to 1.25%. In addition, the Fed indicated that it would begin to sell bonds accumulated on its balance sheet during quantitative easing programs conducted since 2008, likely beginning later this year. Early in July, volatility expectations increased and then receded, as measured by the CBOE VIX.⁵ Although economic momentum increased in Europe, the European Central Bank held its rates steady at

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 markets, excluding the United States and Canada. 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 indexes or any securities or financial products. This report is not approved, reviewed, or produced by MSCI. You cannot invest directly in an index.

³ 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.

⁴  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.

⁵  The Chicago Board Options Exchange Market Volatility Index (CBOE VIX) is a popular measure of the implied volatility of S&P 500 Index options. It represents one measure of the market’s expectation of stock market volatility over the next 30-day period. You cannot invest directly in an index.

Letter to shareholders (unaudited) Wells Fargo Cash Investment Money Market Fund 3

low levels because underlying inflation remained subdued. In emerging markets, many countries benefited from stronger currencies versus the U.S. dollar.

Don’t let short-term uncertainty derail long-term investment goals.

Periods of 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 in 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

Periods of 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.

For further information about your Fund, contact your investment professional, visit our website at wellsfargofunds.com, or call us directly at 1-800-222-8222. We are available 24 hours a day, 7 days a week.

4 Wells Fargo Cash Investment Money Market Fund Performance highlights (unaudited)

Investment objective

The Fund seeks current income, while preserving capital and liquidity.

Manager

Wells Fargo Funds Management, LLC

Subadvisers

Wells Capital Management Incorporated

Wells Capital Management Singapore

Portfolio managers

Michael C. Bird, CFA^®

Jeffrey L. Weaver, CFA^®

Laurie White

Average annual total returns (%) as of July 31, 2017¹

								Expense ratios2 (%)
	Inception date	1 year		5 year		10 year		Gross		Net3
Administrator Class (WFAXX)	7-31-2003		0.63		0.16		0.60		0.36		0.35
Institutional Class (WFIXX)	10-14-1987		0.76		0.22		0.68		0.24		0.20
Select Class (WFQXX)	6-29-2007		0.83		0.29		0.75		0.20		0.13
Service Class (NWIXX)	10-14-1987		0.47		0.11		0.53		0.53		0.50

Yield summary (%) as of July 31, 2017³

	Administrator Class	Institutional Class		Select Class		Service Class
7-day current yield	1.00		1.13		1.20		0.83
7-day compound yield	1.01		1.14		1.21		0.84
30-day simple yield	0.99		1.12		1.19		0.82
30-day compound yield	1.00		1.13		1.20		0.83

Figures quoted represent past performance, which is no guarantee of future results, and do not reflect taxes that a shareholder may pay on fund distributions or the redemption of fund shares. Investment returns will fluctuate. The Fund’s yield figures more closely reflect the current earnings of the Fund than the total return figures. 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, wellsfargofunds.com.

Each class is sold without a front-end sales charge or contingent deferred sales charge.

For floating NAV money market funds: You could lose money by investing in the Fund. Because the share price of the Fund will fluctuate, when you sell your shares they may be worth more or less than what you originally paid for them. The Fund may impose a fee upon sale of your shares or may temporarily suspend your ability to sell shares if the Fund’s liquidity falls below required minimums because of market conditions or other factors. An investment in the Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The Fund’s sponsor has no legal obligation to provide financial support to the Fund, and you should not expect that the sponsor will provide financial support to the Fund at any time.

Please see footnotes on page 5.

Performance highlights (unaudited) Wells Fargo Cash Investment Money Market Fund 5

Portfolio composition as of July 31, 2017⁴

Effective maturity distribution as of July 31, 2017⁴

Weighted average maturity as of July 31, 2017⁵

17 days

Weighted average life as of July 31, 2017⁶

63 days

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

²  Reflects the expense ratios as stated in the most recent prospectuses. The expense ratios shown are subject to change and may differ from the annualized expense ratios shown in the financial highlights of this report.

³  The manager has contractually committed through May 31, 2018, to waive fees and/or reimburse expenses to the extent necessary to cap the Fund’s Total Annual Fund Operating Expenses After Fee Waivers at the amounts shown. 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. Brokerage commissions, stamp duty fees, interest, taxes, acquired fund fees and expenses, and extraordinary expenses are excluded from the expense cap. Without this cap, the Fund’s returns would have been lower. Without waived fees and/or reimbursed expenses, the Fund’s 7-day current yield would have been 0.96%, 1.08%, 1.12%, and 0.79% for Administrator Class, Institutional Class, Select Class, and Service Class respectively. The expense ratio paid by an investor is the net expense ratio or the Fund’s Total Annual Fund Operating Expenses After Fee Waivers, as stated in the prospectuses.

⁴  Amounts are calculated based on the total investments of the Fund. These amounts are subject to change and may have changed since the date specified.

⁵  Weighted Average Maturity (WAM): WAM is an average of the effective maturities of all securities held in the portfolio, weighted by each security’s percentage of total investments. The maturity of a portfolio security is the period remaining until the date on which the principal amount is unconditionally required to be paid, or in the case of a security called for redemption, the date on which the redemption payment is unconditionally required to be made. WAM calculations allow for the maturities of certain securities with demand features or periodic interest rate resets to be shortened. WAM is a way to measure a fund’s sensitivity to potential interest rate changes. Rule 2a-7 under the Investment Company Act of 1940 requires money market funds to maintain a WAM of 60 calendar days or less. WAM is subject to change and may have changed since the date specified.

⁶  Weighted Average Life (WAL): WAL is an average of the final maturities of all securities held in the portfolio, weighted by their percentage of total investments. The maturity of a portfolio security is the period remaining until the date on which the principal amount is unconditionally required to be paid, or in the case of a security called for redemption, the date on which the redemption payment is unconditionally required to be made. In contrast to WAM, the calculation of WAL allows for the maturities of certain securities with demand features to be shortened, but not the periodic interest rate resets. WAL is a way to measure a fund’s potential sensitivity to credit spread changes. Rule 2a-7 under the Investment Company Act of 1940 requires money market funds to maintain a weighted average life of 120 calendar days or less. WAL is subject to change and may have changed since the date specified.

6 Wells Fargo Cash Investment Money Market Fund Fund expenses (unaudited)

As a shareholder of the Fund, you incur ongoing costs, including management fees, 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 February 1, 2017 to July 31, 2017.

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. 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.

	Beginning account value 2-1-2017		Ending account value 7-31-2017		Expenses paid during the period¹		Annualized net expense ratio
Administrator Class
Actual	$	1,000.00	$	1,004.10	$	1.64		0.33	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,023.16	$	1.66		0.33	%
Institutional Class
Actual	$	1,000.00	$	1,004.74	$	0.99		0.20	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,023.80	$	1.00		0.20	%
Select Class
Actual	$	1,000.00	$	1,005.08	$	0.65		0.13	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,024.15	$	0.65		0.13	%
Service Class
Actual	$	1,000.00	$	1,003.26	$	2.48		0.50	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,022.32	$	2.51		0.50	%

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).

Portfolio of investments—July 31, 2017 (unaudited) Wells Fargo Cash Investment Money Market Fund 7

Security name	Interest rate			Maturity date		Principal		Value
Certificates of Deposit: 27.86%
Abbey National Treasury Services		1.08	%		8-1-2017	$	37,000,000	$	37,000,000
Abbey National Treasury Services ±		1.41			12-15-2017		12,000,000		12,003,705
Bank of Montreal		1.22			8-3-2017		10,000,000		9,999,980
Bank of Nova Scotia ±		1.38			3-20-2018		10,000,000		9,999,765
Chiba Bank Limited		1.27			8-7-2017		14,000,000		14,000,244
Chiba Bank Limited		1.40			9-6-2017		10,000,000		10,000,956
China Construction Bank Corporation ±		1.48			7-20-2018		25,000,000		24,996,942
Citibank New York ±		1.32			1-3-2018		8,000,000		7,999,778
Credit Suisse (New York) ±		1.45			11-7-2017		12,000,000		12,005,283
Dexia Credit Local SA ±		1.60			12-7-2017		25,000,000		25,025,457
HSBC Bank plc		1.11			8-1-2017		34,000,000		34,000,000
HSBC Bank plc ±		1.33			5-11-2018		10,000,000		10,007,134
HSBC Bank plc ±144A		1.35			5-3-2018		10,000,000		10,010,129
KBC Bank		1.18			8-2-2017		40,000,000		39,999,996
Mitsubishi Trust & Bank ±		1.42			11-30-2017		8,000,000		8,000,059
Mitsubishi Trust & Bank		1.53			8-23-2017		10,000,000		10,001,828
Mizuho Bank Limited ±		1.45			11-8-2017		9,000,000		9,003,459
Mizuho Bank Limited		1.52			10-6-2017		5,000,000		5,002,617
Mizuho Bank Limited ±		1.52			10-10-2017		10,000,000		10,005,448
National Australia Bank Limited		1.25			9-12-2017		10,000,000		10,000,525
National Bank of Kuwait		1.10			8-1-2017		55,425,000		55,425,000
NBAD Americas NV		1.11			8-1-2017		55,000,000		55,000,000
Norinchukin Bank		1.18			8-14-2017		10,765,000		10,764,970
Norinchukin Bank		1.20			8-2-2017		12,000,000		12,000,009
Norinchukin Bank ±		1.41			1-11-2018		15,000,000		15,001,305
Oversea-Chinese Banking Corporation		1.14			8-4-2017		15,000,000		14,999,867
Sumitomo Mitsui Banking Corporation ±		1.34			8-18-2017		15,000,000		15,000,784
Sumitomo Mitsui Banking Corporation ±		1.40			12-1-2017		15,000,000		15,001,605
Sumitomo Mitsui Banking Corporation ±		1.41			1-16-2018		13,000,000		13,000,425
Svenska Handelsbanken NY ±		1.62			8-7-2017		14,000,000		14,001,079
Toronto Dominion Bank ±		1.45			10-17-2017		12,000,000		12,004,875
Toronto Dominion Bank ±		1.57			3-5-2018		10,000,000		10,012,100
Total Certificates of Deposit (Cost $551,194,157)									551,275,324
Commercial Paper: 50.75%
Asset-Backed Commercial Paper: 28.86%
Albion Capital Corporation (z)		1.27			8-21-2017		15,000,000		14,990,267
Albion Capital Corporation (z)		1.27			8-25-2017		10,000,000		9,992,180
Alpine Securitization Limited ±144A		1.47			4-10-2018		30,000,000		29,995,904
Anglesea Funding LLC ±144A		1.46			10-4-2017		17,000,000		16,999,712
Antalis SA 144A(z)		1.34			9-18-2017		13,000,000		12,978,108
Antalis SA 144A(z)		1.35			9-26-2017		5,000,000		4,990,138
Antalis SA 144A(z)		1.35			9-22-2017		5,000,000		4,990,864
Antalis SA 144A(z)		1.37			10-16-2017		12,000,000		11,967,244
Autobahn Funding Company 144A(z)		1.15			8-1-2017		20,000,000		20,000,000
Barton Capital Corporation ±144A		1.47			12-20-2017		25,000,000		24,999,047
Bedford Row Funding Corporation ±144A		1.36			5-31-2018		16,000,000		16,003,098
Cedar Spring Capital Company 144A(z)		1.22			8-9-2017		17,000,000		16,995,157
Charta LLC 144A(z)		1.24			8-3-2017		8,000,000		7,999,460

The accompanying notes are an integral part of these financial statements.

8 Wells Fargo Cash Investment Money Market Fund Portfolio of investments—July 31, 2017 (unaudited)

Security name	Interest rate			Maturity date		Principal		Value
Asset-Backed Commercial Paper (continued)
Chesham Finance Limited 144A(z)		1.23	%		8-1-2017	$	35,000,000	$	35,000,000
Chesham Finance Limited 144A(z)		1.51			12-18-2017		5,000,000		4,973,107
Collateralized Commercial Paper Company LLC ±144A		1.52			8-8-2017		8,000,000		8,000,553
Concord Minutemen Capital Company 144A(z)		1.20			8-9-2017		19,000,000		18,994,921
Concord Minutemen Capital Company 144A(z)		1.34			10-20-2017		15,000,000		14,956,733
Crown Point Capital Company LLC ±144A		1.48			2-26-2018		20,000,000		19,999,998
Institutional Secured Funding LLC 144A(z)		1.28			8-1-2017		17,000,000		17,000,000
Institutional Secured Funding LLC 144A(z)		1.30			8-7-2017		10,000,000		9,998,000
Institutional Secured Funding LLC 144A(z)		1.32			8-18-2017		6,000,000		5,996,549
Kells Funding LLC 144A(z)		1.30			10-17-2017		16,000,000		15,956,743
Legacy Capital Company 144A(z)		1.32			9-19-2017		16,000,000		15,968,139
Lexington Parker Capital Company LLC 144A(z)		1.30			9-12-2017		10,000,000		9,985,312
Lexington Parker Capital Company LLC 144A(z)		1.37			10-24-2017		12,000,000		11,962,200
LMA Americas LLC 144A(z)		1.15			8-1-2017		30,000,000		30,000,000
LMA Americas LLC 144A(z)		1.41			8-3-2017		4,455,000		4,454,704
Mountcliff Funding LLC 144A(z)		1.23			8-1-2017		25,000,000		25,000,000
Mountcliff Funding LLC ±144A		1.51			10-25-2017		15,000,000		15,006,671
Regency Markets No.1 LLC 144A(z)		1.23			8-10-2017		17,000,000		16,994,883
Regency Markets No.1 LLC 144A(z)		1.23			8-25-2017		14,948,000		14,935,673
Ridgefield Funding Company 144A(z)		1.34			10-11-2017		11,000,000		10,972,101
Starbird Funding Corporation 144A(z)		1.15			8-1-2017		18,000,000		18,000,000
Toyota Motor Credit ±		1.44			3-12-2018		16,000,000		16,005,647
Toyota Motor Credit ±		1.44			3-27-2018		4,000,000		4,001,024
Versailles Commercial Paper LLC ±144A		1.43			11-27-2017		22,000,000		21,999,295
Victory Receivables 144A(z)		1.25			8-10-2017		12,000,000		11,996,388
									571,059,820
Financial Company Commercial Paper: 20.83%
ABN AMRO Funding LLC 144A(z)		1.30			10-10-2017		10,000,000		9,975,481
Bank of Nova Scotia ±144A		1.45			4-11-2018		11,000,000		11,004,213
Bank of Nova Scotia ±144A		1.67			8-4-2017		10,000,000		10,000,422
Barclays Bank plc ±		1.75			4-3-2018		5,000,000		4,999,546
Caisse Centrale Desjardins du Quebec 144A(z)		1.33			11-7-2017		15,000,000		14,945,814
Caisse Centrale Desjardins du Quebec ±144A		1.98			1-29-2018		5,000,000		5,013,354
Charles Schwab Corporation 144A(z)		1.20			8-7-2017		7,000,000		6,998,658
Commonwealth Bank of Australia ±144A		1.43			4-20-2018		6,000,000		6,003,918
Commonwealth Bank of Australia ±144A		1.43			4-13-2018		10,000,000		10,007,133
Commonwealth Bank of Australia ±144A		1.55			3-16-2018		6,000,000		6,008,292
Commonwealth Bank of Australia ±144A		1.57			3-1-2018		8,000,000		8,011,428
Commonwealth Bank of Australia ±144A		1.62			8-4-2017		10,000,000		10,000,389
DBS Bank Limited 144A(z)		1.23			8-23-2017		6,600,000		6,595,277
DBS Bank Limited 144A(z)		1.25			8-21-2017		18,000,000		17,988,320
DBS Bank Limited ±144A		1.43			7-17-2018		10,000,000		10,002,643
DZ Bank AG Deutsche Zentral-Ge 144A(z)		1.08			8-1-2017		20,000,000		20,000,000
Erste Bank der Oesterreichischen Sparkassen AG ±144A		1.45			10-27-2017		13,000,000		13,004,701
Macquarie Bank Limited 144A(z)		1.32			9-18-2017		25,000,000		24,957,600
Macquarie Bank Limited 144A(z)		1.34			9-19-2017		8,000,000		7,986,138
Mitsubishi UFJ Trust & Banking Corporation 144A(z)		1.44			10-17-2017		8,000,000		7,978,098
Nasdaq Incorporated 144A(z)		1.47			8-10-2017		5,100,000		5,098,274
National Australia Bank Limited ±144A		1.57			3-6-2018		17,000,000		17,022,689

The accompanying notes are an integral part of these financial statements.

Portfolio of investments—July 31, 2017 (unaudited) Wells Fargo Cash Investment Money Market Fund 9

Security name	Interest rate			Maturity date		Principal		Value
Financial Company Commercial Paper (continued)
National Bank of Canada 144A(z)		1.30	%		10-6-2017	$	11,000,000	$	10,975,659
NRW Bank 144A(z)		1.25			8-23-2017		12,000,000		11,991,391
NRW Bank 144A(z)		1.25			8-24-2017		10,000,000		9,992,480
Ontario Teachers Finance Trust ±144A		1.37			4-3-2018		12,000,000		12,000,000
Oversea-Chinese Banking Corporation 144A(z)		1.32			10-6-2017		8,000,000		7,981,095
Oversea-Chinese Banking Corporation ±144A		1.36			1-11-2018		12,000,000		12,000,232
Oversea-Chinese Banking Corporation ±144A		1.39			2-12-2018		10,500,000		10,501,256
PSP Capital Incorporated ±144A		1.25			5-4-2018		25,000,000		25,005,518
PSP Capital Incorporated ±144A		1.28			5-30-2018		8,000,000		8,000,583
Sumitomo Trust & Banking Corporation 144A(z)		1.15			8-1-2017		15,000,000		15,000,000
Suncorp Group Limited 144A(z)		1.24			9-5-2017		4,000,000		3,994,929
United Overseas Bank Limited 144A(z)		1.27			8-24-2017		15,000,000		14,988,768
Westpac Banking Corporation ±144A		1.43			4-13-2018		13,000,000		13,008,358
Westpac Banking Corporation ±144A		1.55			3-15-2018		10,000,000		10,013,134
Westpac Banking Corporation ±144A		1.55			3-2-2018		13,000,000		13,016,358
									412,072,149
Other Commercial Paper: 1.06%
China International Marine Containers (z)		1.50			8-2-2017		5,000,000		4,999,841
COFCO Capital Corporation (z)		1.41			8-1-2017		16,000,000		16,000,000
									20,999,841
Total Commercial Paper (Cost $1,003,993,155)									1,004,131,810
Municipal Obligations: 15.73%
California: 1.56%
Variable Rate Demand Notes ø: 1.56%
California Tender Option Bond Trust Receipts/Certificates Palomar Pomerado Health Series XG0017 (GO Revenue, Bank of America NA LIQ) 144A		1.25			8-1-2037		6,850,000		6,850,000
RBC Municipal Products Incorporated Trust Water District Series E (Water & Sewer Revenue, Royal Bank of Canada LOC) 144A		1.22			4-5-2019		24,000,000		24,000,000
									30,850,000
Colorado: 3.25%
Variable Rate Demand Notes ø: 3.25%
Colorado HFA MFHR Class I Series A-1 (Housing Revenue, FHLB SPA)		1.35			10-1-2033		9,000,000		9,000,000
Colorado HFA MFHR Class II Series B (Housing Revenue, FHLB SPA)		1.25			5-1-2052		40,290,000		40,290,000
Colorado Southern Ute Indian Tribe Reservation Series 2007 (Miscellaneous Revenue)		1.28			1-1-2027		15,000,000		15,000,000
									64,290,000
Louisiana: 0.20%
Variable Rate Demand Note ø: 0.20%
East Baton Rouge Parish LA Sewerage Commission Revenue Series B005 (Water & Sewer Revenue, Morgan Stanley Bank LIQ) 144A		1.27			2-1-2045		4,000,000		4,000,000

The accompanying notes are an integral part of these financial statements.

10 Wells Fargo Cash Investment Money Market Fund Portfolio of investments—July 31, 2017 (unaudited)

Security name	Interest rate			Maturity date		Principal		Value
Nebraska: 0.68%
Variable Rate Demand Note ø: 0.68%
Nebraska Tender Option Bond Trust Receipts/Certificates Omaha Packaging Facilities Corporation Series SGT13 (Miscellaneous Revenue, Societe Generale LIQ) 144A		1.22	%		3-1-2033	$	13,400,000	$	13,400,000
New Jersey: 0.50%
Variable Rate Demand Note ø: 0.50%
RBC Municipal Products Incorporated Trust Taxable Floater Series E-83 (Miscellaneous Revenue, Royal Bank of Canada LOC) 144A		1.22			12-17-2018		10,000,000		10,000,000
New York: 4.28%
Variable Rate Demand Notes ø: 4.28%
New York HFA 33 Bond Street Series A (Housing Revenue, Manufacturers & Traders LOC)		1.23			11-1-2049		32,000,000		32,000,000
New York HFA 605 West 42nd Street Series B (Housing Revenue, Bank of China LOC)		1.45			5-1-2048		40,630,000		40,630,000
New York HFA Taxable Variable 222-E 44TH Street HSG Series A (Housing Revenue, Bank of China LOC)		1.43			5-1-2050		10,000,000		10,000,000
RBC Municipal Products Incorporated Trust Series E-51 Invesco Van Kampen New York Value Income Trust (Miscellaneous Revenue, Royal Bank of Canada LOC) 144A(i)		1.63			12-1-2017		2,000,000		2,000,000
									84,630,000
Oregon: 0.05%
Variable Rate Demand Note ø: 0.05%
Tender Option Bond Trust Receipts/Certificates (Miscellaneous Revenue, Bank of America NA LIQ) 144A		1.47			5-1-2035		1,000,000		1,000,000
Other: 3.29%
Variable Rate Demand Notes ø: 3.29%
Jets Stadium Development Bonds Series A-4B (Miscellaneous Revenue, Sumitomo Mitsui Banking Corporation LOC) 144A		1.23			4-1-2047		18,100,000		18,100,000
Providence Health & Services Series 12-E (Health Revenue, U.S. Bank NA LOC)		1.25			10-1-2042		35,960,000		35,960,000
SSAB AB Series A (Miscellaneous Revenue, DNB Bank LOC)		1.24			6-1-2035		6,000,000		6,000,000
Steadfast Crestvilla LLC Series A (Health Revenue, FHLB LOC)		1.25			2-1-2056		3,000,000		3,000,000
Steadfast Crestvilla LLC Series B (Health Revenue, FHLB LOC)		1.25			2-1-2056		2,000,000		2,000,000
									65,060,000
Pennsylvania: 1.06%
Other Municipal Debt: 0.25%
University of Pittsburgh Revenue Bond (Education Revenue)		1.27			9-21-2017		5,000,000		5,000,117
Variable Rate Demand Notes ø: 0.81%
RBC Municipal Products Incorporated Trust Series E-52 Invesco Van Kampen Trust (Miscellaneous Revenue, Royal Bank of Canada LOC) 144A(i)		1.63			12-1-2017		16,000,000		16,000,000
Rhode Island: 0.61%
Variable Rate Demand Note ø: 0.61%
Providence RI St. Joseph Health Obligation Series 16G (Health Revenue, Bank of Tokyo-Mitsubishi LOC) ±		1.22			10-1-2047		12,000,000		12,000,000

The accompanying notes are an integral part of these financial statements.

Portfolio of investments—July 31, 2017 (unaudited) Wells Fargo Cash Investment Money Market Fund 11

Security name	Interest rate			Maturity date		Principal		Value
Tennessee: 0.25%
Variable Rate Demand Note ø: 0.25%
Montgomery County TN Industrial Development Board Hankook Tire Manufacturing Project Series A (Industrial Development Revenue, Kookmin Bank LOC) 144A		1.35	%		12-1-2024	$	5,000,000	$	5,000,000
Total Municipal Obligations (Cost $311,230,000)									311,230,117
Other: 1.52%
JPMorgan Chase PUTTER/DRIVER Trust Series T0005 related to Blackrock Municipal Income Trust (Miscellaneous Revenue, JPMorgan Chase & Company LIQ) ±144A§		1.30			1-2-2019		30,000,000		30,000,000
Total Other (Cost $30,000,000)									30,000,000
Other Instruments: 0.10%
ROC III CA Crossings at Chino Hills LLC ±§		1.25			1-1-2057		2,000,000		2,000,000
Total Other Instruments (Cost $2,000,000)									2,000,000
Repurchase Agreements: 3.99%
GX Clarke & Company, dated 7-31-2017, maturity value $79,002,633 ^^		1.20			8-1-2017		79,000,000		79,000,000
Total Repurchase Agreements (Cost $79,000,000)									79,000,000

Total investments in securities (Cost $1,977,417,312) *	99.95	%		1,977,637,251
Other assets and liabilities, net	0.05			964,972
Total net assets	100.00	%	$	1,978,602,223

± Variable rate investment. The rate shown is the rate in effect at period end.

144A The security may be resold in transactions exempt from registration, normally to qualified institutional buyers, pursuant to Rule 144A under the Securities Act of 1933.

(z) Zero coupon security. The rate represents the current yield to maturity.

ø Variable rate demand notes are subject to a demand feature which reduces the effective maturity. The maturity date shown represents the final maturity date of the security. The interest rate is determined and reset by the issuer daily, weekly, or monthly depending upon the terms of the security. The rate shown is the rate in effect at period end.

(i) Illiquid security

§ The security is subject to a demand feature which reduces the effective maturity.

^^ Collateralized by U.S. government securities, 0.00% to 9.00%, 8-15-2017 to 1-1-2049, fair value including accrued interest is $81,194,103.

* Cost for federal income tax purposes is $1,977,417,312 and unrealized gains (losses) consists of:

Gross unrealized gains	$	235,033
Gross unrealized losses		(15,094	)
Net unrealized gains	$	219,939

The accompanying notes are an integral part of these financial statements.

12 Wells Fargo Cash Investment Money Market Fund Statement of assets and liabilities—July 31, 2017 (unaudited)

Assets
Investment in unaffiliated securities, at value (cost $1,977,417,312)	$	1,977,637,251
Cash		34,113
Receivable for Fund shares sold		550
Receivable for interest		1,482,107
Prepaid expenses and other assets		116,496
Total assets		1,979,270,517
Liabilities
Dividends payable		2,116
Payable for Fund shares redeemed		138,000
Management fee payable		124,424
Administration fees payable		102,401
Custodian and accounting fees payable		301,353
Total liabilities		668,294
Total net assets	$	1,978,602,223
NET ASSETS CONSIST OF
Paid-in capital	$	1,980,490,971
Undistributed net investment income		5,935
Accumulated net realized losses on investments		(2,114,622	)
Net unrealized gains on investments		219,939
Total net assets	$	1,978,602,223
COMPUTATION OF NET ASSET VALUE PRICE PER SHARE
Net assets – Administrator Class	$	120,078,322
Shares outstanding – Administrator Class1		120,016,554
Net asset value per share – Administrator Class		$1.0005
Net assets – Institutional Class	$	619,153,167
Shares outstanding – Institutional Class1		618,823,454
Net asset value per share – Institutional Class		$1.0005
Net assets – Select Class	$	1,047,602,378
Shares outstanding – Select Class1		1,047,063,007
Net asset value per share – Select Class		$1.0005
Net assets – Service Class	$	191,768,356
Shares outstanding – Service Class1		191,653,037
Net asset value per share – Service Class		$1.0006

¹  The Fund has an unlimited number of authorized shares.

The accompanying notes are an integral part of these financial statements.

Statement of operations—six months ended July 31, 2017 (unaudited) Wells Fargo Cash Investment Money Market Fund 13

Investment income
Interest	$	10,591,197
Expenses
Management fee		1,406,562
Administration fees
Administrator Class		57,295
Institutional Class		256,970
Select Class		185,419
Service Class		114,784
Shareholder servicing fees
Administrator Class		57,295
Service Class		239,134
Custody and accounting fees		121,454
Professional fees		20,828
Registration fees		18,140
Shareholder report expenses		17,255
Trustees’ fees and expenses		10,514
Other fees and expenses		67,902
Total expenses		2,573,552
Less: Fee waivers and/or expense reimbursements		(661,175	)
Net expenses		1,912,377
Net investment income		8,678,820
REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS
Net realized gains on investments		156,869
Net change in unrealized gains (losses) on investments		34,431
Net realized and unrealized gains (losses) on investments		191,300
Net increase in net assets resulting from operations	$	8,870,120

The accompanying notes are an integral part of these financial statements.

14 Wells Fargo Cash Investment Money Market Fund Statement of changes in net assets

	Six months ended July 31, 2017 (unaudited)						Year ended January 31, 2017
Operations
Net investment income				$	8,678,820					$	27,548,925
Net realized gains on investments					156,869						11,508
Net change in unrealized gains (losses) on investments					34,431						185,508
Net increase in net assets resulting from operations					8,870,120						27,745,941
Distributions to shareholders from
Net investment income
Administrator Class					(460,592	)					(540,997	)
Institutional Class					(2,968,480	)					(12,049,723	)
Select Class					(4,643,997	)					(14,446,130	)
Service Class					(605,751	)					(510,333	)
Total distributions to shareholders					(8,678,820	)					(27,547,183	)
Capital share transactions		Shares						Shares
Proceeds from shares sold
Administrator Class		122,919,208			122,981,322			381,529,877			381,550,428
Institutional Class		1,047,579,376			1,048,127,889			14,830,401,000			14,830,752,281
Select Class		1,353,818,875			1,354,503,849			38,831,892,502			38,832,055,838
Service Class		616,668,097			617,038,017			2,792,738,152			2,792,906,014
					3,142,651,077						56,837,264,561
Reinvestment of distributions
Administrator Class		441,361			441,590			440,268			440,327
Institutional Class		2,766,264			2,767,787			8,689,256			8,689,862
Select Class		4,451,985			4,454,289			11,765,023			11,765,707
Service Class		587,003			587,355			326,656			326,731
					8,251,021						21,222,627
Payment for shares redeemed
Administrator Class		(121,842,646	)		(121,904,314	)		(560,835,735	)		(560,853,047	)
Institutional Class		(1,187,403,716	)		(1,188,035,965	)		(19,109,952,121	)		(19,110,543,296	)
Select Class		(1,184,003,760	)		(1,184,608,858	)		(43,566,130,581	)		(43,566,338,024	)
Service Class		(615,135,594	)		(615,505,957	)		(3,840,448,957	)		(3,840,626,360	)
					(3,110,055,094	)					(67,078,360,727	)
Net increase (decrease) in net assets resulting from capital share transactions					40,847,004						(10,219,873,539	)
Total increase (decrease) in net assets					41,038,304						(10,219,674,781	)
Net assets
Beginning of period					1,937,563,919						12,157,238,700
End of period				$	1,978,602,223					$	1,937,563,919
Undistributed net investment income				$	5,935					$	5,935

The accompanying notes are an integral part of these financial statements.

Financial highlights Wells Fargo Cash Investment Money Market Fund 15

(For a share outstanding throughout each period)

	Six months ended July 31, 2017 (unaudited)			Year ended January 31
ADMINISTRATOR CLASS				2017			20161			20151			20141			20131
Net asset value, beginning of period		$1.0004			$1.0000			$1.00			$1.00			$1.00			$1.00
Net investment income		0.0040			0.0029			0.00	2		0.00	2		0.00	2		0.00	2
Net realized and unrealized gains (losses) on investments		0.0001			0.0004			0.00	2		0.00	2		0.00	2		0.00	2
Total from investment operations		0.0041			0.0033			0.00	2		0.00	2		0.00	2		0.00	2
Distributions to shareholders from
Net investment income		(0.0040	)		(0.0029	)		(0.00	)2		(0.00	)2		(0.00	)2		(0.00	)2
Net asset value, end of period		$1.0005			$1.0004			$1.00			$1.00			$1.00			$1.00
Total return3		0.41	%		0.33	%		0.03	%		0.01	%		0.01	%		0.01	%
Ratios to average net assets (annualized)
Gross expenses		0.38	%		0.36	%		0.35	%		0.35	%		0.35	%		0.34	%
Net expenses		0.33	%		0.33	%		0.26	%		0.19	%		0.22	%		0.26	%
Net investment income		0.80	%		0.26	%		0.03	%		0.01	%		0.01	%		0.01	%
Supplemental data
Net assets, end of period (000s omitted)		$120,078			$118,548			$297,396			$396,339			$493,087			$549,744

¹  The presentation of prior year amounts reflect the Fund transacting shares at a fixed NAV rounded to two decimal places. Beginning October 11, 2016, the Fund began selling and redeeming shares of the Fund at a floating NAV rounded to the fourth decimal place.

²  Amount is less than $0.005.

³  Returns for periods of less than one year are not annualized.

The accompanying notes are an integral part of these financial statements.

16 Wells Fargo Cash Investment Money Market Fund Financial highlights

(For a share outstanding throughout each period)

	Six months ended July 31, 2017 (unaudited)			Year ended January 31
INSTITUTIONAL CLASS				2017			20161			20151			20141			20131
Net asset value, beginning of period		$1.0004			$1.0000			$1.00			$1.00			$1.00			$1.00
Net investment income		0.0046			0.0043			0.00	2		0.00	2		0.00	2		0.00	2
Net realized and unrealized gains (losses) on investments		0.0001			0.0003			0.00	2		0.00	2		0.00	2		0.00	2
Total from investment operations		0.0047			0.0046			0.00	2		0.00	2		0.00	2		0.00	2
Distributions to shareholders from
Net investment income		(0.0046	)		(0.0042	)		(0.00	)2		(0.00	)2		(0.00	)2		(0.00	)2
Net asset value, end of period		$1.0005			$1.0004			$1.00			$1.00			$1.00			$1.00
Total return3		0.47	%		0.46	%		0.09	%		0.01	%		0.03	%		0.07	%
Ratios to average net assets (annualized)
Gross expenses		0.26	%		0.23	%		0.23	%		0.23	%		0.23	%		0.23	%
Net expenses		0.20	%		0.20	%		0.20	%		0.19	%		0.20	%		0.20	%
Net investment income		0.92	%		0.37	%		0.10	%		0.01	%		0.03	%		0.07	%
Supplemental data
Net assets, end of period (000s omitted)		$619,153			$756,218			$5,027,125			$4,320,392			$5,127,034			$7,186,632

¹  The presentation of prior year amounts reflect the Fund transacting shares at a fixed NAV rounded to two decimal places. Beginning October 11, 2016, the Fund began selling and redeeming shares of the Fund at a floating NAV rounded to the fourth decimal place.

²  Amount is less than $0.005.

³  Returns for periods of less than one year are not annualized.

The accompanying notes are an integral part of these financial statements.

Financial highlights Wells Fargo Cash Investment Money Market Fund 17

(For a share outstanding throughout each period)

	Six months ended July 31, 2017 (unaudited)			Year ended January 31
SELECT CLASS				2017			20161			20151			20141			20131
Net asset value, beginning of period		$1.0004			$1.0000			$1.00			$1.00			$1.00			$1.00
Net investment income		0.0050			0.0049			0.00	2		0.00	2		0.00	2		0.00	2
Net realized and unrealized gains (losses) on investments		0.0001			0.0004			0.00	2		0.00	2		0.00	2		0.00	2
Total from investment operations		0.0051			0.0053			0.00			0.00	2		0.00	2		0.00	2
Distributions to shareholders from
Net investment income		(0.0050	)		(0.0049	)		(0.00	)2		(0.00	)2		(0.00	)2		(0.00	)2
Net asset value, end of period		$1.0005			$1.0004			$1.00			$1.00			$1.00			$1.00
Total return3		0.51	%		0.53	%		0.16	%		0.07	%		0.10	%		0.14	%
Ratios to average net assets (annualized)
Gross expenses		0.22	%		0.19	%		0.19	%		0.19	%		0.19	%		0.19	%
Net expenses		0.13	%		0.13	%		0.13	%		0.13	%		0.13	%		0.13	%
Net investment income		1.00	%		0.44	%		0.16	%		0.07	%		0.10	%		0.14	%
Supplemental data
Net assets, end of period (000s omitted)		$1,047,602			$873,167			$5,595,704			$5,889,779			$7,650,810			$6,407,032

¹  The presentation of prior year amounts reflect the Fund transacting shares at a fixed NAV rounded to two decimal places. Beginning October 11, 2016, the Fund began selling and redeeming shares of the Fund at a floating NAV rounded to the fourth decimal place.

²  Amount is less than $0.005.

³  Returns for periods of less than one year are not annualized.

The accompanying notes are an integral part of these financial statements.

18 Wells Fargo Cash Investment Money Market Fund Financial highlights

(For a share outstanding throughout each period)

	Six months ended July 31, 2017 (unaudited)			Year ended January 31
SERVICE CLASS				2017			20161			20151			20141			20131
Net asset value, beginning of period		$1.0005			$1.0000			$1.00			$1.00			$1.00			$1.00
Net investment income		0.0032			0.0011			0.00	2		0.00	2		0.00	2		0.00	2
Net realized and unrealized gains (losses) on investments		0.0001			0.0006			0.00	2		0.00	2		0.00	2		0.00	2
Total from investment operations		0.0033			0.0017			0.00	2		0.00			0.00	2		0.00	2
Distributions to shareholders from
Net investment income		(0.0032	)		(0.0012	)		(0.00	)2		(0.00	)2		(0.00	)2		(0.00	)2
Net asset value, end of period		$1.0006			$1.0005			$1.00			$1.00			$1.00			$1.00
Total return3		0.33	%		0.17	%		0.01	%		0.01	%		0.01	%		0.01	%
Ratios to average net assets (annualized)
Gross expenses		0.55	%		0.52	%		0.52	%		0.52	%		0.52	%		0.52	%
Net expenses		0.50	%		0.50	%		0.28	%		0.19	%		0.22	%		0.26	%
Net investment income		0.63	%		0.08	%		0.01	%		0.01	%		0.01	%		0.01	%
Supplemental data
Net assets, end of period (000s omitted)		$191,768			$189,632			$1,237,014			$1,438,336			$1,448,713			$1,594,389

¹  The presentation of prior year amounts reflect the Fund transacting shares at a fixed NAV rounded to two decimal places. Beginning October 11, 2016, the Fund began selling and redeeming shares of the Fund at a floating NAV rounded to the fourth decimal place.

²  Amount is less than $0.005.

³  Returns for periods of less than one year are not annualized.

The accompanying notes are an integral part of these financial statements.

Notes to financial statements (unaudited) Wells Fargo Cash Investment Money Market Fund 19

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 Wells Fargo Cash Investment Money Market Fund (the “Fund”) which is a diversified series of the Trust.

2. SIGNIFICANT ACCOUNTING POLICIES

The following significant accounting policies, which are consistently followed in the preparation of the financial statements of the 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 revenues and expenses during the reporting period. Actual results could differ from those estimates.

Securities valuation

Debt securities are valued at the evaluated bid price provided by an independent pricing service or, if a reliable price is not available, the quoted bid price from an independent broker-dealer.

Investments which are not valued using the method discussed above are valued at their fair value, as determined in good faith by the Board of Trustees of the Fund. 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 Management Valuation Team of 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 Management Valuation Team which may include items for ratification.

Valuations of fair valued securities are compared to the next actual sales price when available, or other appropriate market values, to assess the continued appropriateness of the fair valuation methodologies used. These securities are fair valued on a day-to-day basis, taking into consideration changes to appropriate market information and any significant changes to the inputs considered in the valuation process until there is a readily available price provided on an exchange or by an independent pricing service. Valuations received from an independent pricing service or independent broker-dealer quotes are periodically validated by comparisons to most recent trades and valuations provided by other independent pricing services in addition to the review of prices by the manager and/or subadvisers. Unobservable inputs used in determining fair valuations are identified based on the type of security, taking into consideration factors utilized by market participants in valuing the investment, knowledge about the issuer and the current market environment.

Repurchase agreements

The Fund may invest in repurchase agreements and may participate in pooled repurchase agreement transactions with other funds advised by Funds Management. Repurchase agreements are agreements where the seller of a security to the Fund agrees to repurchase that security from the Fund at a mutually agreed upon time and price. The repurchase agreements must be fully collateralized based on values that are marked-to-market daily. The collateral may be held by an agent bank under a tri-party agreement. It is the custodian’s responsibility to value collateral daily and to take action to obtain additional collateral as necessary to maintain market value equal to or greater than the resale price. The repurchase agreements are collateralized by instruments such as U.S. Treasury, federal agency, or high-grade corporate obligations. There could be potential loss to the Fund in the event that the Fund is delayed or prevented from exercising its rights to dispose of the collateral, including the risk of a possible decline in the value of the underlying obligations during the period in which the Fund seeks to assert its rights.

When-issued transactions

The Fund may purchase securities on a forward commitment or when-issued basis. The Fund records a when-issued transaction on the trade date and will segregate assets in an amount at least equal in value to the Fund’s commitment to purchase when-issued securities. Securities purchased on a when-issued basis are marked-to-market daily and the Fund begins earning interest on the settlement date. Losses may arise due to changes in the market value of the underlying securities or if the counterparty does not perform under the contract.

20 Wells Fargo Cash Investment Money Market Fund Notes to financial statements (unaudited)

Security transactions and income recognition

Securities transactions are recorded on a trade date basis. Realized gains or losses are recorded on the basis of identified cost.

Interest income is accrued daily and bond discounts are accreted and premiums are amortized daily based on the effective interest method. 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 are accrued daily and paid monthly. Distributions from net realized gains, if any, are recorded on the ex-dividend date. 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 the Fund’s fiscal year end. Therefore, a portion of the Fund’s distributions made prior to the Fund’s fiscal year end may be categorized as a tax return of capital.

Federal and other taxes

The 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.

The 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 the 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 January 31, 2017, the Fund had capital loss carryforwards available to offset future net realized capital gains in the amount of $2,271,491 expiring in 2018.

Class allocations

The separate classes of shares offered by the Fund differ principally in shareholder servicing and administration fees. Class specific expenses are charged directly to that share class. Investment income, common 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.

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 the 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). The 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.

Notes to financial statements (unaudited) Wells Fargo Cash Investment Money Market Fund 21

The following is a summary of the inputs used in valuing the Fund’s assets and liabilities as of July 31, 2017:

	Quoted prices (Level 1)		Other significant observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total
Assets
Investments in:
Certificates of deposit	$	0	$	551,275,324	$	0	$	551,275,324
Commercial paper		0		1,004,131,810		0		1,004,131,810
Municipal obligations		0		311,230,117		0		311,230,117
Other		0		30,000,000		0		30,000,000
Other instruments		0		2,000,000		0		2,000,000
Repurchase agreements		0		79,000,000		0		79,000,000
Total assets	$	0	$	1,977,637,251	$	0	$	1,977,637,251

The Fund recognizes transfers between levels within the fair value hierarchy at the end of the reporting period. At July 31, 2017, the Fund did not have any transfers into/out of Level 1, Level 2, or Level 3.

4. TRANSACTIONS WITH AFFILIATES

Management fee

Funds Management, an indirect wholly owned subsidiary of Wells Fargo & Company (“Wells Fargo”), is the manager of the 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 the Fund, supervising the subadvisers, providing fund-level administrative services in connection with the Fund’s operations, and providing any other fund-level administrative services reasonably necessary for the operation of the Fund. As compensation for its services under the investment management agreement, Funds Management is entitled to receive an annual management fee starting at 0.15% and declining to 0.13% as the average daily net assets of the Fund increase. For the six month ended July 31, 2017, the management fee was equivalent to an annual rate of 0.15% of the Fund’s average daily net assets.

Funds Management has retained the services of certain subadvisers to provide daily portfolio management to the Fund. Wells Capital Management Incorporated (“WellsCap”), an affiliate of Funds Management and an indirect wholly owned subsidiary of Wells Fargo, is a subadviser to the Fund and is entitled to receive a fee from Funds Management at an annual rate starting at 0.05% and declining to 0.01% as the average daily net assets of the Fund increase. Wells Capital Management Singapore, a separately identifiable department of Wells Fargo Bank, N.A., an affiliate of Funds Management and wholly owned subsidiary of Wells Fargo, is also a subadviser to the Fund and is entitled to receive a fee from WellsCap at an annual rate starting at 0.0025% and declining to 0.0005% as the average daily net assets of the Fund increase.

Administration fees

Under a class-level administration agreement, Funds Management provides class-level administrative services to the 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
Administrator Class	0.10%
Institutional Class	0.08
Select Class	0.04
Service Class	0.12

Funds Management has contractually waived and/or reimbursed management and administration fees to the extent necessary to maintain certain net operating expense ratios for the Fund. Waiver of fees and/or reimbursement of

22 Wells Fargo Cash Investment Money Market Fund Notes to financial statements (unaudited)

expenses by Funds Management were made first from fund level expenses on a proportionate basis and then from class specific expenses. Funds Management has committed through October 13, 2017 to waive fees and/or reimburse expenses to the extent necessary to cap the Fund’s expenses at 0.35% for Administrator Class shares, 0.20% for Institutional Class shares, 0.13% for Select Class shares, and 0.50% for Service Class shares. 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. During the six months ended July 31, 2017, Funds Management voluntarily waived additional expenses to maintain a positive yield.

Shareholder servicing fees

The Trust has entered into contracts with one or more shareholder servicing agents. Administrator Class and Service Class of the Fund are each charged a fee at an annual rate of 0.10% and 0.25%, respectively, of their average daily net assets.

A portion of these total shareholder servicing fees were paid to affiliates of Wells Fargo.

Interfund transactions

The Fund may purchase or sell investment securities to other Wells Fargo affiliates pursuant to Rule 17a-7 of the 1940 Act and under procedures adopted by the Board of Trustees. The procedures have been designed to ensure that these interfund transactions, which do not incur broker commissions, are effected at current market prices. Pursuant to these procedures, the Fund had $28,960,000 and $28,000,000 in interfund purchases and sales, respectively, during the six months ended July 31, 2017.

5. INDEMNIFICATION

Under the Trust’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 the Trust. Additionally, in the normal course of business, the Trust may enter into contracts with service providers that contain a variety of indemnification clauses. The Trust’s maximum exposure under these arrangements is dependent on future claims that may be made against the Fund and, therefore, cannot be estimated.

6. REGULATORY CHANGES

In October 2016, the Securities and Exchange Commission (“SEC”) adopted new rules and forms and amended existing rules and forms (together, “final rules”) intended to modernize and enhance the reporting and disclosure of information by registered investment companies and to enhance liquidity risk management by open-end mutual funds and exchange-traded funds. The final rules will enhance the quality of information available to investors and will allow the SEC to more effectively collect and use data reported by funds. In part, the final rules amend Regulation S-X and require standardized, enhanced disclosure about derivatives in the Fund’s financial statements, as well as other amendments. The compliance date for the amendments to Regulation S-X is August 1, 2017. Management has evaluated the amendments to Regulation S-X and its adoption will result in enhanced financial disclosures in the Fund’s financial statements. Management continues to evaluate the reporting requirements for the new form types (compliance date is June 1, 2018) and the implementation of the liquidity risk management program (compliance date is December 1, 2018).

Other information (unaudited) Wells Fargo Cash Investment Money Market Fund 23

PROXY VOTING INFORMATION

A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities is available, upon request, by calling 1-800-222-8222, visiting our website at wellsfargofunds.com, or visiting the SEC website at sec.gov. Information regarding how the Fund voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is available on the Fund’s website at wellsfargofunds.com or by visiting the SEC website at sec.gov.

PORTFOLIO HOLDINGS INFORMATION

The complete portfolio holdings for the Fund are publicly available on the Fund’s website (wellsfargofunds.com) on a 1-day delayed basis. The Fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q, which is available by visiting the SEC website at sec.gov. In addition, the Fund’s Form N-Q may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC, and at regional offices in New York City, at 233 Broadway, and in Chicago, at 175 West Jackson Boulevard, Suite 900. Information about the Public Reference Room may be obtained by calling 1-800-SEC-0330.

24 Wells Fargo Cash Investment Money Market Fund Other information (unaudited)

BOARD OF TRUSTEES AND OFFICERS

Each of the Trustees and Officers¹ listed in the table below acts in identical capacities for each fund in the Wells Fargo family of funds, which consists of 145 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 Information². 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. Board member of the Forté Foundation (non-profit organization) and the Vincent Memorial Hospital Endowment (non-profit organization), where he serves on the Investment Committee and as a Chair of the Audit Committee. Mr. Ebsworth is a CFA® charterholder.	Asset Allocation Trust
Jane A. Freeman (Born 1953)	Trustee, since 2015	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 a Board Member of Ruth Bancroft Garden (non-profit organization) and an inactive chartered financial analyst.	Asset Allocation Trust
Peter G. Gordon** (Born 1942)	Trustee, since 1998; Chairman, since 2005	Co-Founder, Retired Chairman, President and CEO of Crystal Geyser Water Company. Trustee Emeritus, Colby College.	Asset Allocation Trust
Isaiah Harris, Jr. (Born 1952)	Trustee, since 2009	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 (charter school). Advisory Board Member, Child Evangelism Fellowship (non-profit). Mr. Harris is a certified public accountant (inactive status).	CIGNA Corporation; Asset Allocation Trust
Judith M. Johnson (Born 1949)	Trustee, since 2008; Audit Committee Chairman, 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.	Asset Allocation Trust
David F. Larcker (Born 1950)	Trustee, since 2009	James Irvin Miller Professor of Accounting at the Graduate School of Business, 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.	Asset Allocation Trust

Other information (unaudited) Wells Fargo Cash Investment Money Market Fund 25

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	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.	Asset Allocation Trust
Timothy J. Penny (Born 1951)	Trustee, since 1996: Vice Chairman, since 2017	President and Chief Executive Officer of Southern Minnesota Initiative Foundation, a non-profit organization, since 2007 and Senior Fellow at the Humphrey Institute Policy Forum at the University of Minnesota since 1995. Member of the Board of Trustees of NorthStar Education Finance, Inc., a non-profit organization, since 2007.	Asset Allocation Trust
Michael S. Scofield (Born 1943)	Trustee, since 2010	Served on the Investment Company Institute’s Board of Governors and Executive Committee from 2008-2011 as well the Governing Council of the Independent Directors Council from 2006-2011 and the Independent Directors Council Executive Committee from 2008-2011. Chairman of the IDC from 2008-2010. Trustee of the Evergreen Funds complex (and its predecessors) from 1984 to 2010. Chairman of the Evergreen Funds from 2000-2010. Former Trustee of the Mentor Funds. Retired Attorney, Law Offices of Michael S. Scofield.	Asset Allocation Trust

* Length of service dates reflect the Trustee’s commencement of service with the Trust’s predecessor entities, where applicable.

** Peter Gordon is expected to retire on December 31, 2017.

Advisory Board Members

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
James G. Polisson (Born 1959)	Advisory Board Member, since 2017	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 (Blackrock) from 1998 to 2010 and Global Chief Marketing Officer for iShares and Barclays Global Investors from 2000 to 2010. Prior thereto, Vice President, Fidelity Retail Mutual Fund Group from 1996 to 1998 and Risk Management Practice Manager, Fidelity Consulting from 1995 to 1996. 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.	None
Pamela Wheelock (Born 1959)	Advisory Board Member, since 2017	Chief Operating Officer, Twin Cities Habitat for Humanity, since January, 2017. Vice President of University Services, University of Minnesota from 2012 to 2017. Prior thereto, Interim President and Chief Executive Officer of Blue Cross Blue Shield of Minnesota from 2010 to 2011, Chairman of the Board from 2009 to 2011 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. Commissioner of Finance, State of Minnesota, from 1999 to 2002. Currently on the Board of Directors, Governance Committee and Finance Committee, for the Minnesota Philanthropy Partners (Saint Paul Foundation) since 2012 and Board Chair of the Minnesota Wild Foundation since 2010.	None

26 Wells Fargo Cash Investment Money Market Fund 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.
Nancy Wiser1 (Born 1967)	Treasurer, since 2012	Executive Vice President of Wells Fargo Funds Management, LLC since 2011. Chief Operating Officer and Chief Compliance Officer at LightBox Capital Management LLC, from 2008 to 2011.
C. David Messman (Born 1960)	Secretary, since 2000; Chief Legal Officer, since 2003	Senior Vice President and Secretary of Wells Fargo Funds Management, LLC since 2001. Assistant General Counsel of Wells Fargo Bank, N.A. since 2013 and Vice President and Managing Counsel of Wells Fargo Bank, N.A. from 1996 to 2013.
Michael H. Whitaker (Born 1967)	Chief Compliance Officer, since 2016	Senior Vice President and Chief Compliance Officer since 2016. Senior Vice President and Chief Compliance Officer for Fidelity Investments from 2007 to 2016.
David Berardi (Born 1975)	Assistant Treasurer, since 2009	Vice President of Wells Fargo Funds Management, LLC since 2009. Vice President of Evergreen Investment Management Company, LLC from 2008 to 2010. Manager of Fund Reporting and Control for Evergreen Investment Management Company, LLC from 2004 to 2010.
Jeremy DePalma1 (Born 1974)	Assistant Treasurer, since 2009	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.

¹  Nancy Wiser acts as Treasurer of 69 funds in the Fund Complex. Jeremy DePalma acts as Treasurer of 76 funds and Assistant Treasurer of 69 funds in the Fund Complex.

² 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 wellsfargofunds.com.

Other information (unaudited) Wells Fargo Cash Investment Money Market Fund 27

BOARD CONSIDERATION OF INVESTMENT MANAGEMENT AND SUB-ADVISORY AGREEMENTS:

Under the Investment Company Act of 1940 (the “1940 Act”), the Board of Trustees (the “Board”) of Wells Fargo Funds Trust (the “Trust”) must determine annually whether to approve the continuation of the Trust’s investment management and sub-advisory agreements. In this regard, at an in-person meeting held on May 16-17, 2017 (the “Meeting”), the Board, all the members of which have no direct or indirect interest in the investment management and sub-advisory agreements and are not “interested persons” of the Trust, as defined in the 1940 Act (the “Independent Trustees”), reviewed and approved for Wells Fargo Cash Investment Money Market Fund (the “Fund”): (i) an investment management agreement (the “Management Agreement”) with Wells Fargo Funds Management, LLC (“Funds Management”); (ii) an investment sub-advisory agreement with Wells Capital Management Incorporated (“WellsCap”), an affiliate of Funds Management; and (iii) an investment sub-advisory agreement with Wells Fargo Bank, N.A. d/b/a Wells Capital Management Singapore (“WellsCap Singapore”), an affiliate of Funds Management. The sub-advisory agreements with WellsCap and WellsCap Singapore (the “Sub-Advisers”) are collectively referred to as the Sub-Advisory Agreements, and the Management Agreement and the Sub-Advisory Agreements are collectively referred to as the “Advisory Agreements.”

At the Meeting, the Board considered the factors and reached the conclusions described below relating to the selection of Funds Management and the Sub-Advisers and the approval of the Advisory Agreements. Prior to the Meeting, including at an in-person meeting in April 2017, the Trustees conferred extensively among themselves and with representatives of Funds Management about these matters. Also, the Board has adopted a team-based approach, with each team consisting of a sub-set of Trustees, to assist the full Board in the discharge of its duties in reviewing performance and other matters throughout the year. The Independent Trustees were assisted in their evaluation of the Advisory Agreements by independent legal counsel, from whom they received separate legal advice and with whom they met separately.

In providing information to the Board, Funds Management and the Sub-Advisers were guided by a detailed set of requests for information submitted to them by independent legal counsel on behalf of the Independent Trustees at the start of the Board’s annual contract renewal process earlier in 2017. In considering and approving the Advisory Agreements, the Trustees considered the information they believed relevant, including but not limited to the information discussed below. The Board considered not only the specific information presented in connection with the Meeting, but also the knowledge gained over time through interaction with Funds Management and the Sub-Advisers about various topics. In this regard, the Board reviewed reports of Funds Management at each of its quarterly meetings, which included, among other things, portfolio reviews and performance reports. In addition, the Board and the teams mentioned above confer with portfolio managers at various times throughout the year. The Board did not identify any particular information or consideration that was all-important or controlling, and each individual Trustee may have attributed different weights to various factors.

After its deliberations, the Board unanimously approved the continuation of the Advisory Agreements for a one-year term and determined that the compensation payable to Funds Management and the Sub-Advisers under each of the Advisory Agreements was reasonable. The Board considered the approval of the Advisory Agreements for the Fund as part of its consideration of agreements for funds across the complex, but its approvals were made on a fund-by-fund basis. The following summarizes a number of important, but not necessarily all, factors considered by the Board in support of its approvals.

Nature, extent and quality of services

The Board received and considered various information regarding the nature, extent and quality of services provided to the Fund by Funds Management and the Sub-Advisers under the Advisory Agreements. This information included a description of the investment advisory services and Fund-level administrative services covered by the Management Agreement, as well as, among other things, a summary of the background and experience of senior management of Funds Management, a summary of certain organizational and personnel changes involving Funds Management and the Sub-Advisers, and a description of Funds Management’s and the Sub-Advisers’ business continuity planning programs and of their approaches to data privacy and cybersecurity. The Board also considered the qualifications, background, tenure and responsibilities of each of the portfolio managers primarily responsible for the day-to-day portfolio management of the Fund.

The Board evaluated the ability of Funds Management and the Sub-Advisers to attract and retain qualified investment professionals, including research, advisory and supervisory personnel. The Board further considered the compliance programs and compliance records of Funds Management and the Sub-Advisers. In addition, the Board took into account the full range of services provided to the Fund by Funds Management and its affiliates.

28 Wells Fargo Cash Investment Money Market Fund Other information (unaudited)

Fund performance and expenses

The Board considered the performance results for the Fund over various time periods ended December 31, 2016. The Board considered these results in comparison to the performance of funds in a universe that was determined by Broadridge Inc. (“Broadridge”) to be similar to the Fund (the “Universe”), and to other comparative data. Broadridge is an independent provider of investment company data. The Board received a description of the methodology used by Broadridge to select the mutual funds in the performance Universe. The Board noted that the performance of the Fund (Administrator Class) was higher than or in range of the average performance of the Universe for all periods under review.

The Board also received and considered information regarding the Fund’s net operating expense ratios and their various components, including actual management fees, custodian and other non-management fees, and Rule 12b-1 and non-Rule 12b-1 shareholder service fees. The Board considered these ratios in comparison to the median ratios of funds in class-specific expense groups that were determined by Broadridge to be similar to the Fund (the “Groups”). The Board received a description of the methodology used by Broadridge to select the mutual funds in the expense Groups and an explanation of how funds comprising expense groups and their expense ratios may vary from year-to-year. Based on the Broadridge reports, the Board noted that the net operating expense ratios of the Fund were lower than or in range of the median net operating expense ratios of the expense Groups for all share classes except Service Class.

The Board took into account the Fund performance and expense information provided to it among the factors considered in deciding to re-approve the Advisory Agreements.

Investment management and sub-advisory fee rates

The Board reviewed and considered the contractual fee rates payable by the Fund to Funds Management under the Management Agreement, as well as the contractual fee rates payable by the Fund to Funds Management for class-level administrative services under a Class-Level Administration Agreement, which include, among other things, class-level transfer agency and sub-transfer agency costs (collectively, the “Management Rates”). The Board also reviewed and considered the contractual investment sub-advisory fee rates that are payable by Funds Management to the Sub-Advisers for investment sub-advisory services.

Among other information reviewed by the Board was a comparison of the Fund’s Management Rates with the average contractual investment management fee rates of funds in the expense Groups at a common asset level as well as transfer agency costs of the funds in the expense Groups. The Board noted that the Management Rates of the Fund were equal to or in range of the sum of these average rates for the Fund’s expense Groups for all share classes.

The Board also received and considered information about the portion of the total management fee that was retained by Funds Management after payment of the fee to the Sub-Advisers for sub-advisory services. In assessing the reasonableness of this amount, the Board received and evaluated information about the nature and extent of responsibilities retained and risks assumed by Funds Management and not delegated to or assumed by the Sub-Advisers, and about Funds Management’s on-going oversight services. Given the affiliation between Funds Management and the Sub-Advisers, the Board ascribed limited relevance to the allocation of fees between them.

The Board also received and considered information about the nature and extent of services offered and fee rates charged by Funds Management and the Sub-Advisers to other types of clients with investment strategies similar to those of the Fund. In this regard, the Board received information about the significantly greater scope of services, and compliance, reporting and other legal burdens and risks of managing mutual funds compared with those associated with managing assets of non-mutual fund clients such as a foreign fund.

Based on its consideration of the factors and information it deemed relevant, including those described here, the Board determined that the compensation payable to Funds Management under the Management Agreement and to the Sub-Advisers under the Sub-Advisory Agreements was reasonable.

Profitability

The Board received and considered information concerning the profitability of Funds Management, as well as the profitability of Wells Fargo as a whole, from providing services to the Fund and the fund family as a whole. The Board also received and considered information concerning the profitability of the Sub-Advisers from providing services to the fund family as a whole, noting that the Sub-Advisers’ profitability information with respect to providing services to the Fund was subsumed in the Wells Fargo and Funds Management profitability analysis.

Funds Management reported on the methodologies and estimates used in calculating profitability, including a description of the methodology used to allocate certain expenses. Among other things, the Board noted that the levels of profitability reported on a fund-by-fund basis varied widely, depending on factors such as the size and type of fund.

Other information (unaudited) Wells Fargo Cash Investment Money Market Fund 29

Based on its review, the Board did not deem the profits reported by Funds Management or Wells Fargo from its services to the Fund to be at a level that would prevent it from approving the continuation of the Advisory Agreements.

Economies of scale

With respect to possible economies of scale, the Board noted the existence of breakpoints in the Fund’s management fee structure, which operate generally to reduce the Fund’s expense ratios as the Fund grows in size. It considered that, for a small fund or a fund that shrinks in size, breakpoints conversely can result in higher fee levels. The Board also considered that in addition to management fee breakpoints, competitive management fee rates set at the outset without regard to breakpoints and fee waiver and expense reimbursement arrangements are means of sharing potential economies of scale with shareholders of the Fund. The Board considered Funds Management’s view, which Funds Management indicated was supported by independent third-party industry studies which were summarized for the Board, that any analyses of potential economies of scale in managing a particular fund are inherently limited in light of the joint and common costs and investments that Funds Management incurs across the fund family as a whole.

The Board concluded that the Fund’s fee and expense arrangements, including contractual breakpoints, constituted a reasonable approach to sharing potential economies of scale with the Fund and its shareholders.

Other benefits to Funds Management and the Sub-Advisers

The Board received and considered information regarding potential “fall-out” or ancillary benefits received by Funds Management and its affiliates, including the Sub-Advisers, as a result of their relationships with the Fund. Ancillary benefits could include, among others, benefits directly attributable to other relationships with the Fund and benefits potentially derived from an increase in Funds Management’s and the Sub-Advisers’ business as a result of their relationships with the Fund. The Board noted that various affiliates of Funds Management may receive distribution-related fees, shareholder servicing payments and sub-transfer agency fees in respect of shares sold or held through them and services provided.

The Board also reviewed information about soft dollar credits earned and utilized by the Sub-Advisers, fees earned by Funds Management and WellsCap from managing a private investment vehicle for the fund family’s securities lending collateral and commissions earned by an affiliated broker from portfolio transactions.

Based on its consideration of the factors and information it deemed relevant, including those described here, the Board did not find that any ancillary benefits received by Funds Management and its affiliates, including the Sub-Advisers, were unreasonable.

Conclusion

At the Meeting, after considering the above-described factors and based on its deliberations and its evaluation of the information described above, the Board unanimously approved the continuation of the Advisory Agreements for a one-year term and determined that the compensation payable to Funds Management and the Sub-Advisers under each of the Advisory Agreements was reasonable.

30 Wells Fargo Cash Investment Money Market Fund List of abbreviations

The following is a list of common abbreviations for terms and entities that may have appeared in this report.

ACA —  ACA Financial Guaranty Corporation

ADR —  American depositary receipt

ADS —  American depositary shares

AGC —  Assured Guaranty Corporation

AGM —  Assured Guaranty Municipal

Ambac —  Ambac Financial Group Incorporated

AMT —  Alternative minimum tax

AUD —  Australian dollar

BAN —  Bond anticipation notes

BHAC —  Berkshire Hathaway Assurance Corporation

BRL —  Brazilian real

CAB —  Capital appreciation bond

CAD —  Canadian dollar

CCAB —  Convertible capital appreciation bond

CDA —  Community Development Authority

CDO —  Collateralized debt obligation

CHF —  Swiss franc

CLO —  Collateralized loan obligation

CLP —  Chilean peso

COP —  Colombian peso

DKK —  Danish krone

DRIVER —  Derivative inverse tax-exempt receipts

DW&P —  Department of Water & Power

DWR —  Department of Water Resources

ECFA —  Educational & Cultural Facilities Authority

EDA —  Economic Development Authority

EDFA —  Economic Development Finance Authority

ETF —  Exchange-traded fund

EUR —  Euro

FDIC —  Federal Deposit Insurance Corporation

FFCB —  Federal Farm Credit Banks

FGIC —  Financial Guaranty Insurance Corporation

FHA —  Federal Housing Administration

FHLB —  Federal Home Loan Bank

FHLMC —  Federal Home Loan Mortgage Corporation

FICO —  The Financing Corporation

FNMA —  Federal National Mortgage Association

FSA —  Farm Service Agency

GBP —  Great British pound

GDR —  Global depositary receipt

GNMA —  Government National Mortgage Association

GO —  General obligation

HCFR —  Healthcare facilities revenue

HEFA —  Health & Educational Facilities Authority

HEFAR —  Higher education facilities authority revenue

HFA —  Housing Finance Authority

HFFA —  Health Facilities Financing Authority

HKD —  Hong Kong dollar

HUD —  Department of Housing and Urban Development

HUF —  Hungarian forint

IDA —  Industrial Development Authority

IDAG —  Industrial Development Agency

IDR —  Indonesian rupiah

IEP —  Irish pound

JPY —  Japanese yen

KRW —  Republic of Korea won

LIBOR —  London Interbank Offered Rate

LIFER —  Long Inverse Floating Exempt Receipts

LIQ —  Liquidity agreement

LLC —  Limited liability company

LLLP —  Limited liability limited partnership

LLP —  Limited liability partnership

LOC —  Letter of credit

LP —  Limited partnership

MBIA —  Municipal Bond Insurance Association

MFHR —  Multifamily housing revenue

MSTR —  Municipal securities trust receipts

MTN —  Medium-term note

MUD —  Municipal Utility District

MXN —  Mexican peso

MYR —  Malaysian ringgit

National —  National Public Finance Guarantee Corporation

NGN —  Nigerian naira

NOK —  Norwegian krone

NZD —  New Zealand dollar

PCFA —  Pollution Control Financing Authority

PCL —  Public Company Limited

PCR —  Pollution control revenue

PFA —  Public Finance Authority

PFFA —  Public Facilities Financing Authority

PFOTER —  Puttable floating option tax-exempt receipts

PJSC —  Public Joint Stock Company

plc —  Public limited company

PLN —  Polish zloty

PUTTER —  Puttable tax-exempt receipts

R&D —  Research & development

Radian —  Radian Asset Assurance

RAN —  Revenue anticipation notes

RDA —  Redevelopment Authority

RDFA —  Redevelopment Finance Authority

REIT —  Real estate investment trust

ROC —  Reset option certificates

RON —  Romanian lei

RUB —  Russian ruble

SAVRS —  Select auction variable rate securities

SBA —  Small Business Authority

SDR —  Swedish depositary receipt

SEK —  Swedish krona

SFHR —  Single-family housing revenue

SFMR —  Single-family mortgage revenue

SGD —  Singapore dollar

SPA —  Standby purchase agreement

SPDR —  Standard & Poor’s Depositary Receipts

SPEAR —  Short Puttable Exempt Adjustable Receipts

STRIPS —  Separate trading of registered interest and

      principal securities

TAN —  Tax anticipation notes

TBA —  To be announced

THB —  Thai baht

TIPS —  Treasury inflation-protected securities

TRAN —  Tax revenue anticipation notes

TRY —  Turkish lira

TTFA —  Transportation Trust Fund Authority

TVA —  Tennessee Valley Authority

ZAR —  South African rand

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For more information

More information about Wells Fargo Funds is available free upon request. To obtain literature, please write, email, visit the Fund’s website, or call:

Wells Fargo Funds

P.O. Box 8266

Boston, MA 02266-8266

Email: fundservice@wellsfargo.com

Website: wellsfargofunds.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 Fund. 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 Fund’s website at wellsfargofunds.com. Read the prospectus carefully before you invest or send money.

Wells Fargo Asset Management (WFAM) is a trade name used by the asset management businesses of Wells Fargo & Company. Wells Fargo Funds Management, LLC, a wholly owned subsidiary of Wells Fargo & Company, provides investment advisory and administrative services for Wells Fargo Funds. Other affiliates of Wells Fargo & Company provide subadvisory and other services for the funds. The funds are distributed by Wells Fargo Funds Distributor, LLC, Member FINRA, an affiliate of Wells Fargo & Company. Neither Wells Fargo Funds Management nor Wells Fargo Funds Distributor has Fund customer accounts/assets, and neither provides investment advice/recommendations or acts as an investment advice fiduciary to any investor.

NOT FDIC INSURED  ◾  NO BANK GUARANTEE  ◾   MAY LOSE VALUE

© 2017 Wells Fargo Funds Management, LLC. All rights reserved.

305364 09-17 SA302/SAR302 07-17

Semi-Annual Report

July 31, 2017

Institutional Money Market Funds

∎ Wells Fargo Heritage Money Market Fund

Reduce clutter. Save trees.

Sign up for electronic delivery of prospectuses and shareholder reports at wellsfargo.com/advantagedelivery

Contents

Letter to shareholders	2
Performance highlights	4
Fund expenses	6
Portfolio of investments	7
Financial statements
Statement of assets and liabilities	13
Statement of operations	14
Statement of changes in net assets	15
Financial highlights	16
Notes to financial statements	20
Other information	24
List of abbreviations	31

The views expressed and any forward-looking statements are as of July 31, 2017, unless otherwise noted, and are those of the Fund managers and/or Wells Fargo Funds Management, LLC. Discussions of individual securities, or the markets generally, or any Wells Fargo Fund 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 Funds Management, LLC and the Fund disclaim any obligation to publicly update or revise any views expressed or forward-looking statements.

NOT FDIC INSURED  ◾  NO BANK GUARANTEE  ◾   MAY LOSE VALUE

2 Wells Fargo Heritage Money Market Fund Letter to shareholders (unaudited)

Andrew Owen

President

Wells Fargo Funds

Early in July, volatility expectations increased and then receded, as measured by the CBOE VIX.

Dear Shareholder:

We are pleased to offer you this semi-annual report for the Wells Fargo Heritage Money Market Fund for the six-month period that ended July 31, 2017. Many equity markets advanced during this reporting period, supported by modest economic growth despite political uncertainty. U.S. and international stocks returned 9.51% and 14.26%, for the six-month period, as measured by the S&P 500 Index¹ and the MSCI ACWI ex USA Index (Net)², respectively. Within fixed income, the Bloomberg Barclays U.S. Aggregate Bond Index³ returned 4.98% and the Bloomberg Barclays Municipal Bond Index⁴ returned 3.72% as interest rates rose from low levels.

Equity and bond markets advanced during the first quarter of 2017 amid improving economic data globally.

Stocks rallied globally through the first quarter of 2017, supported by signs of improvement in the U.S. and global economies. U.S. economic data released during the quarter reflected a healthy economy. Hiring remained strong, and business and consumer sentiment improved. In March, U.S. Federal Reserve (Fed) officials raised their target interest rate by a quarter percentage point to a range from 0.75% to 1.00%. With the Fed’s target interest rate increase, short-term bond yields rose during the quarter. Meanwhile, longer-term Treasury yields were little changed, leading to positive performance. Investment-grade and high-yield bonds benefited from strong demand. Municipal bond returns were positive in the quarter, helped by strong demand and constrained new-issue supply. Outside of the U.S., stocks in emerging markets generally outperformed stocks in the U.S. and international developed markets because they benefited from both global economic growth and recent weakening in the U.S. dollar. Stocks in Asia, Europe, and Latin America also outperformed the U.S. market during the quarter.

Steady advancement in many markets marked the first seven months of 2017.

During the second quarter, most equity markets in the U.S. and abroad advanced. Steady, albeit modest, economic growth both in the U.S. and abroad and generally favorable corporate earnings announcements after the second quarter supported higher valuations. Within the economy, U.S. inflation trended lower despite the unemployment rate continuing to decline. Ten-year U.S. Treasury yields declined, resulting in stronger prices for long-term bonds. As was widely expected, in June, the Fed raised the target interest rate by a quarter percentage point to a range from 1.00% to 1.25%. In addition, the Fed indicated that it would begin to sell bonds accumulated on its balance sheet during quantitative easing programs conducted since 2008, likely beginning later this year. Early in July, volatility expectations increased and then receded, as measured by the CBOE VIX.⁵ Although economic momentum increased in Europe, the European Central Bank held its rates steady at

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 markets, excluding the United States and Canada. 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 indexes or any securities or financial products. This report is not approved, reviewed, or produced by MSCI. You cannot invest directly in an index.

³ 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.

⁴  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.

⁵  The Chicago Board Options Exchange Market Volatility Index (CBOE VIX) is a popular measure of the implied volatility of S&P 500 Index options. It represents one measure of the market’s expectation of stock market volatility over the next 30-day period. You cannot invest directly in an index.

Letter to shareholders (unaudited) Wells Fargo Heritage Money Market Fund 3

low levels because underlying inflation remained subdued. In emerging markets, many countries benefited from stronger currencies versus the U.S. dollar.

Don’t let short-term uncertainty derail long-term investment goals.

Periods of 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 in 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

Periods of 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.

For further information about your Fund, contact your investment professional, visit our website at wellsfargofunds.com, or call us directly at 1-800-222-8222. We are available 24 hours a day, 7 days a week.

4 Wells Fargo Heritage Money Market Fund Performance highlights (unaudited)

Investment objective

The Fund seeks current income, while preserving capital and liquidity.

Manager

Wells Fargo Funds Management, LLC

Subadvisers

Wells Capital Management Incorporated

Wells Capital Management Singapore

Portfolio managers

Michael C. Bird, CFA^®

Jeffrey L. Weaver, CFA^®

Laurie White

Average annual total returns (%) as of July 31, 2017¹

								Expense ratios2 (%)
	Inception date	1 year		5 year		10 year		Gross		Net3
Administrator Class (SHMXX)	6-29-1995		0.60		0.15		0.59		0.35		0.35
Institutional Class (SHIXX)	3-31-2000		0.73		0.21		0.67		0.23		0.20
Select Class (WFJXX)	6-29-2007		0.81		0.28		0.74		0.19		0.13
Service Class (WHTXX)	6-30-2010		0.50		0.12		0.57		0.52		0.43

Yield summary (%) as of July 31, 2017³

	Administrator Class	Institutional Class		Select Class		Service Class
7-day current yield	1.02		1.14		1.22		0.90
7-day compound yield	1.02		1.15		1.23		0.90
30-day simple yield	1.01		1.13		1.21		0.89
30-day compound yield	1.01		1.13		1.21		0.89

Figures quoted represent past performance, which is no guarantee of future results, and do not reflect taxes that a shareholder may pay on fund distributions or the redemption of fund shares. Investment returns will fluctuate. The Fund’s yield figures more closely reflect the current earnings of the Fund than the total return figures. 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, wellsfargofunds.com.

Each class is sold without a front-end sales charge or contingent deferred sales charge.

For floating NAV money market funds: You could lose money by investing in the Fund. Because the share price of the Fund will fluctuate, when you sell your shares they may be worth more or less than what you originally paid for them. The Fund may impose a fee upon sale of your shares or may temporarily suspend your ability to sell shares if the Fund’s liquidity falls below required minimums because of market conditions or other factors. An investment in the Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The Fund’s sponsor has no legal obligation to provide financial support to the Fund, and you should not expect that the sponsor will provide financial support to the Fund at any time.

Please see footnotes on page 5.

Performance highlights (unaudited) Wells Fargo Heritage Money Market Fund 5

Portfolio composition as of July 31, 2017⁴

Effective maturity distribution as of July 31, 2017⁴

Weighted average maturity as of July 31, 2017⁵

19 days

Weighted average life as of July 31, 2017⁶

68 days

¹  Historical performance shown for Service Class shares prior to their inception reflects the performance of Administrator Class shares and has not been adjusted to reflect the higher expenses applicable to Service Class shares. If these expenses had been adjusted, returns for Service Class shares would be lower.

²  Reflects the expense ratios as stated in the most recent prospectuses. The expense ratios shown are subject to change and may differ from the annualized expense ratios shown in the financial highlights of this report.

³  The manager has contractually committed through May 31, 2018, to waive fees and/or reimburse expenses to the extent necessary to cap the Fund’s Total Annual Fund Operating Expenses After Fee Waivers at the amounts shown. 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. Brokerage commissions, stamp duty fees, interest, taxes, acquired fund fees and expenses, and extraordinary expenses are excluded from the expense cap. Without this cap, the Fund’s returns would have been lower. Without waived fees and/or reimbursed expenses, the Fund’s 7-day current yield would have been 0.93%, 1.05%, 1.09%, and 0.80% for Administrator Class, Institutional Class, Select Class, and Service Class respectively. The expense ratio paid by an investor is the net expense ratio or the Fund’s Total Annual Fund Operating Expenses After Fee Waivers, as stated in the prospectuses.

⁴  Amounts are calculated based on the total investments of the Fund. These amounts are subject to change and may have changed since the date specified.

⁵  Weighted Average Maturity (WAM): WAM is an average of the effective maturities of all securities held in the portfolio, weighted by each security’s percentage of total investments. The maturity of a portfolio security is the period remaining until the date on which the principal amount is unconditionally required to be paid, or in the case of a security called for redemption, the date on which the redemption payment is unconditionally required to be made. WAM calculations allow for the maturities of certain securities with demand features or periodic interest rate resets to be shortened. WAM is a way to measure a fund’s sensitivity to potential interest rate changes. Rule 2a-7 under the Investment Company Act of 1940 requires money market funds to maintain a WAM of 60 calendar days or less. WAM is subject to change and may have changed since the date specified.

⁶  Weighted Average Life (WAL): WAL is an average of the final maturities of all securities held in the portfolio, weighted by their percentage of total investments. The maturity of a portfolio security is the period remaining until the date on which the principal amount is unconditionally required to be paid, or in the case of a security called for redemption, the date on which the redemption payment is unconditionally required to be made. In contrast to WAM, the calculation of WAL allows for the maturities of certain securities with demand features to be shortened, but not the periodic interest rate resets. WAL is a way to measure a fund’s potential sensitivity to credit spread changes. Rule 2a-7 under the Investment Company Act of 1940 requires money market funds to maintain a weighted average life of 120 calendar days or less. WAL is subject to change and may have changed since the date specified.

6 Wells Fargo Heritage Money Market Fund Fund expenses (unaudited)

As a shareholder of the Fund, you incur ongoing costs, including management fees, 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 February 1, 2017 to July 31, 2017.

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. 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.

	Beginning account value 2-1-2017		Ending account value 7-31-2017		Expenses paid during the period¹		Annualized net expense ratio
Administrator Class
Actual	$	1,000.00	$	1,003.99	$	1.64		0.33	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,023.16	$	1.66		0.33	%
Institutional Class
Actual	$	1,000.00	$	1,004.60	$	0.99		0.20	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,023.80	$	1.00		0.20	%
Select Class
Actual	$	1,000.00	$	1,004.97	$	0.60		0.12	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,024.20	$	0.60		0.12	%
Service Class
Actual	$	1,000.00	$	1,003.45	$	2.14		0.43	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,022.66	$	2.16		0.43	%

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).

Portfolio of investments—July 31, 2017 (unaudited) Wells Fargo Heritage Money Market Fund 7

Security name	Interest rate			Maturity date		Principal		Value
Certificates of Deposit: 29.22%
Abbey National Treasury Services		1.08	%		8-1-2017	$	43,000,000	$	43,000,000
Abbey National Treasury Services ±		1.41			12-15-2017		30,000,000		30,009,262
Bank of Montreal		1.22			8-3-2017		48,000,000		47,999,905
Bank of Nova Scotia ±		1.38			3-20-2018		30,000,000		29,999,294
Chiba Bank Limited		1.40			9-6-2017		40,000,000		40,003,824
Chiba Bank Limited		1.40			9-11-2017		30,000,000		30,002,486
China Construction Bank Corporation ±		1.48			7-20-2018		63,000,000		62,992,294
Citibank New York ±		1.32			1-3-2018		23,000,000		22,999,360
Credit Suisse ±		1.45			11-7-2017		28,000,000		28,012,327
Dexia Credit Local SA ±		1.60			12-7-2017		61,000,000		61,062,116
HSBC Bank plc		1.11			8-1-2017		82,000,000		82,000,000
HSBC Bank plc ±		1.77			11-17-2017		41,235,000		41,307,564
HSBC Bank plc ±		1.33			5-11-2018		32,000,000		32,022,829
KBC Bank		1.18			8-2-2017		79,000,000		78,999,993
Mitsubishi Trust & Bank ±		1.42			11-30-2017		50,000,000		50,000,369
Mitsubishi Trust & Bank		1.53			8-23-2017		25,000,000		25,004,570
Mizuho Bank Limited ±		1.45			11-8-2017		30,000,000		30,011,531
Mizuho Bank Limited		1.52			10-6-2017		13,000,000		13,006,804
Mizuho Bank Limited ±		1.52			10-10-2017		28,000,000		28,015,253
National Australia Bank Limited		1.25			9-12-2017		36,000,000		36,001,891
National Bank of Kuwait		1.10			8-1-2017		128,950,000		128,950,000
NBAD Americas NV		1.11			8-1-2017		132,000,000		132,000,000
Norinchukin Bank		1.20			8-2-2017		30,000,000		30,000,022
Norinchukin Bank		1.22			9-20-2017		29,900,000		29,899,862
Norinchukin Bank ±		1.41			1-11-2018		55,000,000		55,004,786
Oversea-Chinese Banking Corporation		1.14			8-4-2017		22,000,000		21,999,805
Sumitomo Mitsui Banking Corporation ±		1.34			8-18-2017		27,000,000		27,001,411
Sumitomo Mitsui Banking Corporation ±		1.40			12-1-2017		58,000,000		58,006,204
Sumitomo Mitsui Banking Corporation ±		1.41			1-16-2018		33,000,000		33,001,079
Svenska Handelsbanken NY ±		1.62			8-7-2017		36,000,000		36,002,774
Toronto Dominion Bank ±		1.45			10-17-2017		28,000,000		28,011,376
Toronto Dominion Bank ±		1.57			3-5-2018		30,000,000		30,036,299
Total Certificates of Deposit (Cost $1,422,159,833)									1,422,365,290
Commercial Paper: 54.23%
Asset-Backed Commercial Paper: 30.95%
Albion Capital Corporation (z)		1.27			8-21-2017		33,000,000		32,978,587
Albion Capital Corporation (z)		1.27			8-25-2017		17,000,000		16,986,706
Alpine Securitization Limited 144A±		1.47			4-10-2018		81,000,000		80,988,941
Anglesea Funding LLC 144A±		1.46			10-4-2017		38,000,000		37,999,356
Antalis SA 144A(z)		1.34			9-18-2017		33,000,000		32,944,428
Antalis SA 144A(z)		1.35			9-26-2017		5,000,000		4,990,138
Antalis SA 144A(z)		1.35			9-22-2017		14,000,000		13,974,419
Antalis SA 144A(z)		1.37			10-16-2017		17,830,000		17,781,330
Autobahn Funding Company 144A(z)		1.15			8-1-2017		71,000,000		71,000,000
Barton Capital Corporation 144A±		1.47			12-22-2017		50,000,000		49,998,069
Bedford Row Funding Corporation 144A±		1.36			5-31-2018		44,000,000		44,008,519
Bedford Row Funding Corporation 144A±		1.67			2-16-2018		13,000,000		13,020,473
Cancara Asset Securitization Limited (z)		1.30			9-26-2017		43,000,000		42,915,185

The accompanying notes are an integral part of these financial statements.

8 Wells Fargo Heritage Money Market Fund Portfolio of investments—July 31, 2017 (unaudited)

Security name	Interest rate			Maturity date		Principal		Value
Asset-Backed Commercial Paper (continued)
Cedar Spring Capital Company 144A(z)		1.22	%		8-9-2017	$	43,883,000	$	43,870,498
Charta LLC 144A(z)		1.24			8-3-2017		34,000,000		33,997,705
Chesham Finance Limited 144A(z)		1.23			8-1-2017		43,000,000		43,000,000
Chesham Finance Limited 144A(z)		1.23			8-1-2017		45,000,000		45,000,000
Chesham Finance Limited 144A(z)		1.23			8-1-2017		50,000,000		50,000,000
Collateralized Commercial Paper Company LLC 144A±		1.52			8-8-2017		39,000,000		39,002,696
Concord Minutemen Capital Company 144A(z)		1.20			8-9-2017		49,000,000		48,986,900
Concord Minutemen Capital Company 144A(z)		1.34			10-20-2017		30,000,000		29,913,467
Crown Point Capital Company LLC 144A±		1.48			2-26-2018		45,000,000		44,999,996
Institutional Secured Funding LLC 144A(z)		1.28			8-1-2017		44,000,000		44,000,000
Institutional Secured Funding LLC 144A(z)		1.30			8-7-2017		32,000,000		31,993,600
Institutional Secured Funding LLC 144A(z)		1.32			8-18-2017		18,000,000		17,989,647
Kells Funding LLC 144A(z)		1.30			10-17-2017		30,000,000		29,918,893
Legacy Capital Company 144A(z)		1.32			9-19-2017		48,000,000		47,904,417
Lexington Parker Capital Company LLC 144A(z)		1.30			9-12-2017		35,800,000		35,747,416
Lexington Parker Capital Company LLC 144A(z)		1.37			10-24-2017		30,000,000		29,905,500
LMA Americas LLC 144A(z)		1.15			8-1-2017		65,400,000		65,400,000
LMA Americas LLC 144A(z)		1.41			8-3-2017		20,000,000		19,998,672
Mountcliff Funding LLC 144A(z)		1.23			8-1-2017		43,000,000		43,000,000
Mountcliff Funding LLC 144A±		1.51			10-25-2017		31,000,000		31,013,787
Nieuw Amsterdam Receivable 144A(z)		1.30			9-18-2017		7,000,000		6,988,025
Nieuw Amsterdam Receivable 144A(z)		1.30			9-21-2017		7,125,000		7,112,030
Regency Markets No.1 LLC 144A(z)		1.23			8-10-2017		53,000,000		52,984,047
Ridgefield Funding Company 144A(z)		1.34			10-11-2017		18,700,000		18,652,572
Starbird Funding Corporation 144A(z)		1.15			8-1-2017		36,661,000		36,661,000
Toyota Motor Credit ±		1.44			3-12-2018		43,000,000		43,015,176
Toyota Motor Credit ±		1.44			3-27-2018		22,000,000		22,005,633
Versailles Commercial Paper LLC 144A±		1.43			11-27-2017		61,000,000		60,998,046
Victory Receivables 144A(z)		1.25			8-10-2017		23,000,000		22,993,077
									1,506,638,951
Financial Company Commercial Paper: 21.94%
ABN AMRO Funding LLC 144A(z)		1.30			10-10-2017		31,000,000		30,923,990
Bank of Nova Scotia 144A±		1.45			4-11-2018		29,000,000		29,011,106
Bank of Nova Scotia 144A±		1.67			8-4-2017		32,000,000		32,001,352
Caisse Centrale Desjardins du Quebec 144A(z)		1.33			11-7-2017		32,000,000		31,884,404
Caisse Centrale Desjardins du Quebec 144A±		1.98			1-29-2018		10,700,000		10,728,577
Charles Schwab Corporation 144A(z)		1.20			8-7-2017		37,000,000		36,992,908
Commonwealth Bank of Australia 144A±		1.43			4-20-2018		8,000,000		8,005,224
Commonwealth Bank of Australia 144A±		1.43			4-13-2018		13,000,000		13,009,273
Commonwealth Bank of Australia 144A±		1.55			3-16-2018		30,000,000		30,041,462
Commonwealth Bank of Australia 144A±		1.57			3-1-2018		22,000,000		22,031,427
Commonwealth Bank of Australia 144A±		1.62			8-4-2017		32,000,000		32,001,244
DBS Bank Limited 144A(z)		1.23			8-23-2017		30,000,000		29,978,532
DBS Bank Limited 144A(z)		1.25			8-21-2017		50,000,000		49,967,556
DBS Bank Limited 144A(z)		1.30			9-27-2017		23,000,000		22,956,336
DBS Bank Limited 144A±		1.43			7-17-2018		27,000,000		27,007,135
Erste Bank der Oesterreichischen Sparkassen AG 144A±		1.45			10-27-2017		29,000,000		29,010,486
Federation Des Caisses 144A(z)		1.27			9-22-2017		15,000,000		14,974,108
Macquarie Bank Limited 144A(z)		1.32			9-18-2017		65,000,000		64,889,760

The accompanying notes are an integral part of these financial statements.

Portfolio of investments—July 31, 2017 (unaudited) Wells Fargo Heritage Money Market Fund 9

Security name	Interest rate			Maturity date		Principal		Value
Financial Company Commercial Paper (continued)
Macquarie Bank Limited 144A(z)		1.34	%		9-19-2017	$	15,000,000	$	14,974,010
Mitsubishi UFJ Trust & Banking Corporation 144A(z)		1.44			10-17-2017		15,000,000		14,958,933
NV Bank Nederlandse Gemeenten 144A(z)		1.21			8-1-2017		15,000,000		15,000,000
National Australia Bank Limited 144A±		1.57			3-6-2018		41,000,000		41,054,720
National Bank of Canada 144A(z)		1.30			10-6-2017		35,000,000		34,922,551
NRW Bank 144A(z)		1.25			8-23-2017		10,000,000		9,992,826
NRW Bank 144A(z)		1.25			8-24-2017		22,000,000		21,983,457
Ontario Teachers Finance Trust 144A±		1.37			4-3-2018		30,000,000		30,000,000
Oversea-Chinese Banking Corporation 144A(z)		1.32			10-6-2017		30,000,000		29,929,105
Oversea-Chinese Banking Corporation 144A±		1.36			1-11-2018		34,000,000		34,000,658
Oversea-Chinese Banking Corporation 144A±		1.39			2-12-2018		16,000,000		16,001,914
PSP Capital Incorporated 144A±		1.25			5-4-2018		59,000,000		59,013,022
PSP Capital Incorporated 144A±		1.28			5-30-2018		34,000,000		34,002,477
Sumitomo Trust & Banking Corporation 144A(z)		1.15			8-1-2017		22,000,000		22,000,000
Suncorp Group Limited 144A(z)		1.24			9-5-2017		20,000,000		19,974,644
Suncorp Group Limited 144A(z)		1.32			9-27-2017		13,000,000		12,972,851
United Overseas Bank Limited 144A(z)		1.22			8-10-2017		27,900,000		27,891,951
United Overseas Bank Limited 144A(z)		1.27			8-24-2017		30,000,000		29,977,537
Westpac Banking Corporation 144A±		1.43			4-13-2018		27,000,000		27,017,359
Westpac Banking Corporation 144A±		1.55			3-15-2018		27,000,000		27,035,463
Westpac Banking Corporation 144A±		1.55			3-2-2018		30,000,000		30,037,750
									1,068,156,108
Other Commercial Paper: 1.34%
China International Marine Containers (z)		1.50			8-2-2017		30,000,000		29,999,047
COFCO Capital Corporation (z)		1.41			8-1-2017		35,050,000		35,050,000
									65,049,047
Total Commercial Paper (Cost $2,639,470,796)									2,639,844,106
Municipal Obligations: 15.80%
California: 1.23%
Variable Rate Demand Notes ø: 1.23%
California Tender Option Bond Trust Receipts/Certificates Palomar Pomerado Health Series XG0017 (GO Revenue, Bank of America NA LIQ) 144A		1.25			8-1-2037		5,000,000		5,000,000
RBC Municipal Products Incorporated Trust Water District Series E (Water & Sewer Revenue, Royal Bank of Canada LOC) 144A		1.22			4-5-2019		55,000,000		55,000,000
									60,000,000
Colorado: 2.66%
Variable Rate Demand Notes ø: 2.66%
Colorado HFA MFHR Class I Series A-1 (Housing Revenue, FHLB SPA)		1.35			10-1-2033		16,240,000		16,240,000
Colorado HFA MFHR Class II Series A-2 (Housing Revenue, FHLB SPA)		1.35			10-1-2033		2,265,000		2,265,000
Colorado HFA MFHR Class II Series B (Housing Revenue, FHLB SPA)		1.25			5-1-2052		81,000,000		81,000,000
Colorado Southern Ute Indian Tribe Reservation Series 2007 (Miscellaneous Revenue)		1.28			1-1-2027		29,850,000		29,850,000
									129,355,000

The accompanying notes are an integral part of these financial statements.

10 Wells Fargo Heritage Money Market Fund Portfolio of investments—July 31, 2017 (unaudited)

Security name	Interest rate			Maturity date		Principal		Value
Georgia: 1.00%
Variable Rate Demand Notes ø: 1.00%
Macon-Bibb County GA Industrial Authority Development Kumho Tire Georgia Incorporated Series A (Industrial Development Revenue, Korea Development Bank LOC)		1.30	%		12-1-2022	$	5,000,000	$	5,000,000
Tender Option Bond Trust Receipts/Certificates Oglethorpe Power Corporation (Utilities Revenue, Societe Generale LOC, National Insured) 144A		1.22			1-1-2035		43,650,000		43,650,000
									48,650,000
Louisiana: 0.21%
Variable Rate Demand Note ø: 0.21%
East Baton Rouge Parish LA Sewerage Commission Revenue Series B005 (Water & Sewer Revenue, Morgan Stanley Bank LIQ) 144A		1.27			2-1-2045		10,280,000		10,280,000
Minnesota: 0.01%
Variable Rate Demand Note ø: 0.01%
RBC Municipal Products Incorporated Trust Series E-69 (Housing Revenue, Royal Bank of Canada LOC) 144A		1.22			5-31-2018		450,000		450,000
New Jersey: 0.41%
Variable Rate Demand Note ø: 0.41%
RBC Municipal Products Incorporated Trust Taxable Floater Series E-83 (Miscellaneous Revenue, Royal Bank of Canada LOC) 144A		1.22			12-17-2018		20,000,000		20,000,000
New York: 4.22%
Variable Rate Demand Notes ø: 4.22%
New York Dormitory Authority Personal Income Taxable Floaters Series XFT910 (Tax Revenue, Citibank NA LIQ) 144A		1.25			3-15-2040		12,000,000		12,000,000
New York Dormitory Authority Secondary Issues Floater Series B-4 (Tax Revenue, Morgan Stanley Bank LIQ) 144A		1.25			3-15-2040		16,000,000		16,000,000
New York HFA 33 Bond Street Series A (Housing Revenue, Manufacturers & Traders LOC)		1.23			11-1-2049		5,000,000		5,000,000
New York HFA 605 West 42nd Street Series B (Housing Revenue, Bank of China LOC)		1.45			5-1-2048		58,000,000		58,000,000
New York HFA Manhattan West Residential Project Series B-1 (Housing Revenue, Bank of China LOC)		1.45			11-1-2049		23,000,000		23,000,000
New York HFA Manhattan West Residential Project Series B-2 (Housing Revenue, Bank of China LOC)		1.50			11-1-2049		11,325,000		11,325,000
New York HFA 222 East 44th Street Series A (Housing Revenue, Bank of China LOC)		1.43			5-1-2050		20,000,000		20,000,000
New York Municipal Water Finance Authority Series T-30001-I (Water & Sewer Revenue, Citibank NA LIQ) 144A		1.25			6-15-2044		16,000,000		16,000,000
RBC Municipal Products Incorporated Trust Series E-51 Invesco Van Kampen New York Value Income Trust (Miscellaneous Revenue, Royal Bank of Canada LOC) 144A(i)		1.63			12-1-2017		44,000,000		44,000,000
									205,325,000
Ohio: 0.34%
Variable Rate Demand Note ø: 0.34%
Tender Option Bond Trust Receipts/Certificates Akron Student Housing Association LLC (Education Revenue, Societe Generale LOC, AGM Insured) 144A		1.22			3-15-2034		16,730,000		16,730,000

The accompanying notes are an integral part of these financial statements.

Portfolio of investments—July 31, 2017 (unaudited) Wells Fargo Heritage Money Market Fund 11

Security name	Interest rate			Maturity date		Principal		Value
Other: 3.92%
Variable Rate Demand Notes ø: 3.92%
FHLMC MFHR Series M004 Class A (Housing Revenue, FHLMC LIQ)		0.24	%		1-15-2042	$	41,667,106	$	41,667,106
FHLMC MFHR Series M011 Class A (Housing Revenue, FHLMC LIQ)		1.32			8-15-2021		515,000		515,000
Jets Stadium Development Bonds Series A-4B (Miscellaneous Revenue, Sumitomo Mitsui Banking Corporation LOC) 144A		1.23			4-1-2047		43,000,000		43,000,000
Providence Health & Services Series 12-E (Health Revenue, U.S. Bank NA LOC)		1.25			10-1-2042		63,210,000		63,210,000
SSAB AB Series A (Miscellaneous Revenue, DNB Bank LOC)		1.24			6-1-2035		13,000,000		13,000,000
Steadfast Crestvilla LLC Series A (Health Revenue, FHLB LOC)		1.25			2-1-2056		17,600,000		17,600,000
Steadfast Crestvilla LLC Series B (Health Revenue, FHLB LOC)		1.25			2-1-2056		11,560,000		11,560,000
									190,552,106
Pennsylvania: 0.64%
Other Municipal Debt: 0.29%
University of Pittsburgh Revenue Bond (Education Revenue)		1.27			8-9-2017		14,000,000		14,000,328
Variable Rate Demand Notes ø: 0.35%
RBC Municipal Products Incorporated Trust Series E-81 (Transportation Revenue, Royal Bank of Canada LOC) 144A		1.22			6-1-2022		15,000,000		15,000,000
RBC Municipal Products Incorporated Trust Series E-52 Invesco Van Kampen Trust (Miscellaneous Revenue, Royal Bank of Canada LOC) 144A(i)		1.63			12-1-2017		2,000,000		2,000,000
									17,000,000
Rhode Island: 0.82%
Variable Rate Demand Note ø: 0.82%
Providence RI St. Joseph Health Obligation (Health Revenue, Bank of Tokyo-Mitsubishi LOC)		1.22			10-1-2047		40,000,000		40,000,000
Tennessee: 0.34%
Variable Rate Demand Notes ø: 0.34%
Montgomery County TN Industrial Development Board Hankook Tire Manufacturing Project Series A (Industrial Development Revenue, Kookmin Bank LOC)		1.35			12-1-2024		5,000,000		5,000,000
Montgomery County TN Industrial Development Board Hankook Tire Manufacturing Project Series A (Industrial Development Revenue, Kookmin Bank LOC) 144A		1.35			12-1-2024		11,700,000		11,700,000
									16,700,000
Total Municipal Obligations (Cost $769,042,106)									769,042,434
Other Instruments: 0.50%
Jefferson Stadium Park L Series A Secured ±§		1.31			2-1-2057		1,960,000		1,960,000
Jefferson Stadium Park L Series B Secured ±§		1.31			2-1-2057		1,000,000		1,000,000
ROC III CA Crossings Chino Hills LLC Series A ±§		1.25			1-1-2057		12,160,000		12,160,000
ROC III CA Crossings Chino Hills LLC Series B ±§		1.25			1-1-2057		9,440,000		9,440,000
Total Other Instruments (Cost $24,560,000)									24,560,000

Total investments in securities (Cost $4,855,232,735) *	99.75	%		4,855,811,830
Other assets and liabilities, net	0.25			12,187,773
Total net assets	100.00	%	$	4,867,999,603

The accompanying notes are an integral part of these financial statements.

12 Wells Fargo Heritage Money Market Fund Portfolio of investments—July 31, 2017 (unaudited)

± Variable rate investment. The rate shown is the rate in effect at period end.

(z) Zero coupon security. The rate represents the current yield to maturity.

144A The security may be resold in transactions exempt from registration, normally to qualified institutional buyers, pursuant to Rule 144A under the Securities Act of 1933.

ø Variable rate demand notes are subject to a demand feature which reduces the effective maturity. The maturity date shown represents the final maturity date of the security. The interest rate is determined and reset by the issuer daily, weekly, or monthly depending upon the terms of the security. The rate shown is the rate in effect at period end.

(i) Illiquid security

§ The security is subject to a demand feature which reduces the effective maturity.

* Cost for federal income tax purposes is $4,855,232,738 and unrealized gains (losses) consists of:

Gross unrealized gains	$	617,695
Gross unrealized losses		(38,603	)
Net unrealized gains	$	579,092

The accompanying notes are an integral part of these financial statements.

Statement of assets and liabilities—July 31, 2017 (unaudited) Wells Fargo Heritage Money Market Fund 13

Assets
In unaffiliated securities, at value (cost $4,855,232,735)	$	4,855,811,830
Cash		36,762
Receivable for Fund shares sold		12,000,300
Receivable for interest		3,697,649
Total assets		4,871,546,541
Liabilities
Dividends payable		1,033,481
Payable for Fund shares redeemed		4,046
Management fee payable		105,342
Administration fees payable		202,165
Trustees’ fees and expenses payable		256,819
Custodian and accounting fees payable		1,604,912
Accrued expenses and other liabilities		340,173
Total liabilities		3,546,938
Total net assets	$	4,867,999,603
NET ASSETS CONSIST OF
Paid-in capital	$	4,867,771,299
Overdistributed net investment income		(410,417	)
Accumulated net realized gains on investments		59,626
Net unrealized gains on investments		579,095
Total net assets	$	4,867,999,603
COMPUTATION OF NET ASSET VALUE PER SHARE
Net assets – Administrator Class	$	65,804,465
Shares outstanding – Administrator Class1		65,782,889
Net asset value per share – Administrator Class		$1.0003
Net assets – Institutional Class	$	921,718,871
Shares outstanding – Institutional Class1		921,403,017
Net asset value per share – Institutional Class		$1.0003
Net assets – Select Class	$	3,831,129,793
Shares outstanding – Select Class1		3,829,564,800
Net asset value per share – Select Class		$1.0004
Net assets – Service Class	$	49,346,474
Shares outstanding – Service Class1		49,330,248
Net asset value per share – Service Class		$1.0003

¹  The Fund has an unlimited number of authorized shares.

The accompanying notes are an integral part of these financial statements.

14 Wells Fargo Heritage Money Market Fund Statement of operations—six months ended July 31, 2017 (unaudited)

Investment income
Interest	$	25,718,060
Expenses
Management fee		3,416,682
Administration fees
Administrator Class		40,624
Institutional Class		348,905
Select Class		708,947
Service Class		35,590
Shareholder servicing fees
Administrator Class		40,624
Service Class		68,332
Custody and accounting fees		596,542
Professional fees		31,351
Registration fees		288,871
Shareholder report expenses		38,837
Trustees’ fees and expenses		8,319
Other fees and expenses		301,091
Total expenses		5,924,715
Less: Fee waivers and/or expense reimbursements		(2,598,573	)
Net expenses		3,326,142
Net investment income		22,391,918
REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS
Net realized gains on investments		59,626
Net change in unrealized gains on investments		189,779
Net realized and unrealized gains (losses) on investments		249,405
Net increase in net assets resulting from operations	$	22,641,323

The accompanying notes are an integral part of these financial statements.

Statement of changes in net assets Wells Fargo Heritage Money Market Fund 15

	Six months ended July 31, 2017 (unaudited)						Year ended January 31, 2017
Operations
Net investment income				$	22,391,918					$	105,303,303
Net realized gains on investments					59,626						86,447
Net change in unrealized gains (losses) on investments					189,779						389,316
Net increase in net assets resulting from operations					22,641,323						105,779,066
Distributions to shareholders from
Net investment income
Administrator Class					(320,147	)					(526,144	)
Institutional Class					(4,065,716	)					(17,905,043	)
Select Class					(17,802,715	)					(86,260,247	)
Service Class					(203,340	)					(599,853	)
Total distributions to shareholders					(22,391,918	)					(105,291,287	)
Capital share transactions		Shares						Shares
Proceeds from shares sold
Administrator Class		77,630,547			77,655,096			455,731,837			455,737,704
Institutional Class		3,133,656,743			3,134,701,764			29,504,670,500			29,504,977,813
Select Class		9,254,894,640			9,258,606,071			279,199,542,442			270,201,686,287
Service Class		106,305,506			106,339,154			10,449,618,132			10,449,635,008
					12,577,302,085						310,612,036,812
Reinvestment of distributions
Administrator Class		299,731			299,826			316,562			316,587
Institutional Class		2,891,364			2,892,331			5,832,711			5,832,989
Select Class		14,013,378			14,019,254			52,842,200			52,843,886
Service Class		163,552			163,606			147,805			147,820
					17,375,017						59,141,282
Payment for shares redeemed
Administrator Class		(94,716,663	)		(94,746,792	)		(631,620,593	)		(631,627,902	)
Institutional Class		(2,963,988,734	)		(2,964,966,290	)		(37,013,949,429	)		(37,014,338,574	)
Select Class		(8,824,235,620	)		(8,827,789,991	)		(313,085,833,381	)		(304,088,354,729	)
Service Class		(124,559,576	)		(124,599,584	)		(11,280,593,935	)		(11,280,612,758	)
					(12,012,102,657	)					(353,014,933,963	)
Net increase (decrease) in net assets resulting from capital share transactions					582,574,445						(42,343,755,869	)
Total increase (decrease) in net assets					582,823,850						(42,343,268,090	)
Net assets
Beginning of period					4,285,175,753						46,628,443,843
End of period				$	4,867,999,603					$	4,285,175,753
Overdistributed net investment income				$	(410,417	)				$	(410,417	)

The accompanying notes are an integral part of these financial statements.

16 Wells Fargo Heritage Money Market Fund Financial highlights

(For a share outstanding throughout each period)

	Six months ended July 31, 2017 (unaudited)			Year ended January 31
ADMINISTRATOR CLASS				2017			20161			20151			20141			20131
Net asset value, beginning of period		$1.0003			$1.0000			$1.00			$1.00			$1.00			$1.00
Net investment income		0.0040			0.0028			0.00	2		0.00	2		0.00	2		0.00	2
Net realized and unrealized gains (losses) on investments		0.0000	3		0.0003			0.00	2		0.00	2		0.00	2		0.00	2
Total from investment operations		0.0040			0.0031			0.00	2		0.00	2		0.00	2		0.00	2
Distributions to shareholders from
Net investment income		(0.0040	)		(0.0028	)		(0.00	)2		(0.00	)2		(0.00	)2		(0.00	)2
Net asset value, end of period		$1.0003			$1.0003			$1.00			$1.00			$1.00			$1.00
Total return4		0.40	%		0.31	%		0.03	%		0.01	%		0.01	%		0.01	%
Ratios to average net assets (annualized)
Gross expenses		0.41	%		0.35	%		0.34	%		0.34	%		0.34	%		0.34	%
Net expenses		0.33	%		0.33	%		0.25	%		0.19	%		0.20	%		0.24	%
Net investment income		0.79	%		0.24	%		0.03	%		0.01	%		0.01	%		0.01	%
Supplemental data
Net assets, end of period (000s omitted)		$65,804			$82,591			$258,152			$312,748			$286,618			$278,541

¹  The presentation of prior year amounts reflect the Fund transacting shares at a fixed NAV rounded to two decimal places. Beginning October 11, 2016, the Fund began selling and redeeming shares of the Fund at a floating NAV rounded to the fourth decimal place.

²  Amount is less than $0.005.

³  Amount is less than $0.00005.

⁴  Returns for periods of less than one year are not annualized.

The accompanying notes are an integral part of these financial statements.

Financial highlights Wells Fargo Heritage Money Market Fund 17

(For a share outstanding throughout each period)

	Six months ended July 31, 2017 (unaudited)			Year ended January 31
INSTITUTIONAL CLASS				2017			20161			20151			20141			20131
Net asset value, beginning of period		$1.0003			$1.0000			$1.00			$1.00			$1.00			$1.00
Net investment income		0.0046			0.0039			0.00	2		0.00	2		0.00	2		0.00	2
Net realized and unrealized gains (losses) on investments		0.0000	3		0.0005			0.00	2		0.00	2		0.00	2		0.00	2
Total from investment operations		0.0046			0.0044			0.00	2		0.00	2		0.00	2		0.00	2
Distributions to shareholders from
Net investment income		(0.0046	)		(0.0041	)		(0.00	)2		(0.00	)2		(0.00	)2		(0.00	)2
Net asset value, end of period		$1.0003			$1.0003			$1.00			$1.00			$1.00			$1.00
Total return4		0.46	%		0.44	%		0.08	%		0.01	%		0.02	%		0.05	%
Ratios to average net assets (annualized)
Gross expenses		0.29	%		0.23	%		0.22	%		0.22	%		0.22	%		0.22	%
Net expenses		0.20	%		0.20	%		0.20	%		0.19	%		0.19	%		0.20	%
Net investment income		0.93	%		0.36	%		0.08	%		0.01	%		0.02	%		0.05	%
Supplemental data
Net assets, end of period (000s omitted)		$921,719			$749,052			$8,252,614			$9,397,113			$10,473,476			$7,815,293

¹  The presentation of prior year amounts reflect the Fund transacting shares at a fixed NAV rounded to two decimal places. Beginning October 11, 2016, the Fund began selling and redeeming shares of the Fund at a floating NAV rounded to the fourth decimal place.

²  Amount is less than $0.005.

³  Amount is less than $0.00005.

⁴  Returns for periods of less than one year are not annualized.

The accompanying notes are an integral part of these financial statements.

18 Wells Fargo Heritage Money Market Fund Financial highlights

(For a share outstanding throughout each period)

	Six months ended July 31, 2017 (unaudited)			Year ended January 31
SELECT CLASS				2017			20161			20151			20141			20131
Net asset value, beginning of period		$1.0004			$1.0000			$1.00			$1.00			$1.00			$1.00
Net investment income		0.0050			0.0048			0.00	2		0.00	2		0.00	2		0.00	2
Net realized and unrealized gains (losses) on investments		0.0000	3		0.0004			0.00	2		0.00	2		0.00	2		0.00	2
Total from investment operations		0.0050			0.0052			0.00	2		0.00	2		0.00	2		0.00	2
Distributions to shareholders from
Net investment income		(0.0050	)		(0.0048	)		(0.00	)2		(0.00	)2		(0.00	)2		(0.00	)2
Net asset value, end of period		$1.0004			$1.0004			$1.00			$1.00			$1.00			$1.00
Total return4		0.50	%		0.52	%		0.15	%		0.07	%		0.09	%		0.12	%
Ratios to average net assets (annualized)
Gross expenses		0.25	%		0.19	%		0.18	%		0.18	%		0.18	%		0.18	%
Net expenses		0.12	%		0.13	%		0.13	%		0.13	%		0.13	%		0.13	%
Net investment income		1.00	%		0.43	%		0.16	%		0.07	%		0.08	%		0.12	%
Supplemental data
Net assets, end of period (000s omitted)		$3,831,130			$3,386,093			$37,219,390			$35,247,440			$30,569,838			$27,354,255

¹  The presentation of prior year amounts reflect the Fund transacting shares at a fixed NAV rounded to two decimal places. Beginning October 11, 2016, the Fund began selling and redeeming shares of the Fund at a floating NAV rounded to the fourth decimal place.

²  Amount is less than $0.005.

³  Amount is less than $0.00005.

⁴  Returns for periods of less than one year are not annualized.

The accompanying notes are an integral part of these financial statements.

Financial highlights Wells Fargo Heritage Money Market Fund 19

(For a share outstanding throughout each period)

	Six months ended July 31, 2017 (unaudited)			Year ended January 31
SERVICE CLASS				2017			20161			20151			20141			20131
Net asset value, beginning of period		$1.0003			$1.0000			$1.00			$1.00			$1.00			$1.00
Net investment income		0.0033			0.0016			0.00	2		0.00	2		0.00	2		0.00	2
Net realized and unrealized gains (losses) on investments		0.0001			0.0005			0.00	2		0.00	2		0.00	2		0.00	2
Total from investment operations		0.0034			0.0021			0.00	2		0.00	2		0.00	2		0.00	2
Distributions to shareholders from
Net investment income		(0.0034	)		(0.0018	)		(0.00	)2		(0.00	)2		(0.00	)2		(0.00	)2
Net asset value, end of period		$1.0003			$1.0003			$1.00			$1.00			$1.00			$1.00
Total return3		0.34	%		0.21	%		0.02	%		0.01	%		0.01	%		0.01	%
Ratios to average net assets (annualized)
Gross expenses		0.56	%		0.52	%		0.51	%		0.50	%		0.50	%		0.50	%
Net expenses		0.43	%		0.43	%		0.27	%		0.19	%		0.20	%		0.24	%
Net investment income		0.69	%		0.13	%		0.02	%		0.01	%		0.01	%		0.01	%
Supplemental data
Net assets, end of period (000s omitted)		$49,346			$67,439			$898,288			$1,124,475			$1,064,804			$662,253

¹  The presentation of prior year amounts reflect the Fund transacting shares at a fixed NAV rounded to two decimal places. Beginning October 11, 2016, the Fund began selling and redeeming shares of the Fund at a floating NAV rounded to the fourth decimal place.

²  Amount is less than $0.005.

³  Returns for periods of less than one year are not annualized.

The accompanying notes are an integral part of these financial statements.

20 Wells Fargo Heritage Money Market Fund Notes to financial statements (unaudited)

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 Wells Fargo Heritage Money Market Fund (the “Fund”) which is a diversified series of the Trust.

2. SIGNIFICANT ACCOUNTING POLICIES

The following significant accounting policies, which are consistently followed in the preparation of the financial statements of the 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 revenues and expenses during the reporting period. Actual results could differ from those estimates.

Securities valuation

Debt securities are valued at the evaluated bid price provided by an independent pricing service or, if a reliable price is not available, the quoted bid price from an independent broker-dealer.

Investments which are not valued using any of the method discussed above are valued at their fair value, as determined in good faith by the Board of Trustees of the Fund. 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 Management Valuation Team of 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 Management Valuation Team which may include items for ratification.

Valuations of fair valued securities are compared to the next actual sales price when available, or other appropriate market values, to assess the continued appropriateness of the fair valuation methodologies used. These securities are fair valued on a day-to-day basis, taking into consideration changes to appropriate market information and any significant changes to the inputs considered in the valuation process until there is a readily available price provided on an exchange or by an independent pricing service. Valuations received from an independent pricing service or independent broker-dealer quotes are periodically validated by comparisons to most recent trades and valuations provided by other independent pricing services in addition to the review of prices by the manager and/or subadviser. Unobservable inputs used in determining fair valuations are identified based on the type of security, taking into consideration factors utilized by market participants in valuing the investment, knowledge about the issuer and the current market environment.

Repurchase agreements

The Fund may invest in repurchase agreements and may participate in pooled repurchase agreement transactions with other funds advised by Funds Management. Repurchase agreements are agreements where the seller of a security to the Fund agrees to repurchase that security from the Fund at a mutually agreed upon time and price. The repurchase agreements must be fully collateralized based on values that are marked-to-market daily. The collateral may be held by an agent bank under a tri-party agreement. It is the custodian’s responsibility to value collateral daily and to take action to obtain additional collateral as necessary to maintain market value equal to or greater than the resale price. The repurchase agreements are collateralized by instruments such as U.S. Treasury, federal agency, or high-grade corporate obligations. There could be potential loss to the Fund in the event that the Fund is delayed or prevented from exercising its rights to dispose of the collateral, including the risk of a possible decline in the value of the underlying obligations during the period in which the Fund seeks to assert its rights.

When-issued transactions

The Fund may purchase securities on a forward commitment or when-issued basis. The Fund records a when-issued transaction on the trade date and will segregate assets in an amount at least equal in value to the Fund’s commitment to purchase when-issued securities. Securities purchased on a when-issued basis are marked-to-market daily and the Fund begins earning interest on the settlement date. Losses may arise due to changes in the market value of the underlying securities or if the counterparty does not perform under the contract.

Notes to financial statements (unaudited) Wells Fargo Heritage Money Market Fund 21

Security transactions and income recognition

Securities transactions are recorded on a trade date basis. Realized gains or losses are recorded on the basis of identified cost.

Interest income is accrued daily and bond discounts are accreted and premiums are amortized daily based on the effective interest method. 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 are accrued daily and paid monthly. Distributions from net realized gains, if any, are recorded on the ex-dividend date. 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 the Fund’s fiscal year end. Therefore, a portion of the Fund’s distributions made prior to the Fund’s fiscal year end may be categorized as a tax return of capital.

Federal and other taxes

The 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.

The 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 the 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.

Class allocations

The separate classes of shares offered by the Fund differ principally in shareholder servicing and administration fees. Class specific expenses are charged directly to that share class. Investment income, common 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.

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 the 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). The 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.

22 Wells Fargo Heritage Money Market Fund Notes to financial statements (unaudited)

The following is a summary of the inputs used in valuing the Fund’s assets and liabilities as of July 31, 2017:

	Quoted prices (Level 1)		Other significant observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total
Assets
Investments in:
Certificates of deposit	$	0	$	1,422,365,290	$	0	$	1,422,365,290
Asset-backed commercial paper		0		1,506,638,951		0		1,506,638,951
Financial company commercial paper		0		1,057,427,531		0		1,057,427,531
Other commercial paper		0		65,049,047		0		65,049,047
Variable rate demand notes		0		769,042,434		0		769,042,434
Other instruments		0		35,288,577		0		35,288,577
Total assets	$	0	$	4,855,811,830	$	0	$	4,855,811,830

The Fund recognizes transfers between levels within the fair value hierarchy at the end of the reporting period. At July 31, 2017, the Fund did not have any transfers into/out of Level 1, Level 2, or Level 3.

4. TRANSACTIONS WITH AFFILIATES

Management fee

Funds Management, an indirect wholly owned subsidiary of Wells Fargo & Company (“Wells Fargo”), is the manager of the 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 the Fund, supervising the subadvisers, providing fund-level administrative services in connection with the Fund’s operations, and providing any other fund-level administrative services reasonably necessary for the operation of the Fund. As compensation for its services under the investment management agreement, Funds Management is entitled to receive an annual management fee starting at 0.15% and declining to 0.13% as the average daily net assets of the Fund increase. For the six months ended July 31, 2017, the management fee was equivalent to an annual rate of 0.15% of the Fund’s average daily net assets.

Funds Management has retained the services of a certain subadvisers to provide daily portfolio management to the Fund. The fee for subadvisory services is borne by Funds Management. Wells Capital Management Incorporated (“WellsCap”), an affiliate of Funds Management and an indirect wholly owned subsidiary of Wells Fargo, is a subadviser to the Fund and is entitled to receive a fee from Funds Management at an annual rate starting at 0.05% and declining to 0.01% as the average daily net assets of the Fund increase. Wells Capital Management Singapore, a separately identifiable department of Wells Fargo Bank, N.A. an affiliate of Funds Management and wholly owned subsidiary of Wells Fargo, is also a subadviser to the Fund and is entitled to receive a fee from WellsCap at an annual rate starting at 0.0025% and declining to 0.0005% as the average daily net assets of the Fund increase.

Administration fees

Under a class-level administration agreement, Funds Management provides class-level administrative services to the 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
Administrator Class		0.10	%
Institutional Class		0.08
Select Class		0.04
Service Class		0.12

Notes to financial statements (unaudited) Wells Fargo Heritage Money Market Fund 23

Funds Management has contractually waived and/or reimbursed management and administration fees to the extent necessary to maintain certain net operating expense ratios for the Fund. Waiver of fees and/or reimbursement of expenses by Funds Management were made first from fund level expenses on a proportionate basis and then from class specific expenses. Funds Management has committed through May 31, 2018 to waive fees and/or reimburse expenses to the extent necessary to cap the Fund’s expenses at 0.35% for Administrator Class shares, 0.20% for Institutional Class shares, 0.13% for Select Class shares, and 0.43% for Service Class shares. 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. During the six months ended July 31, 2017, Funds Management voluntarily waived additional class specific expenses to maintain a positive yield.

Shareholder servicing fees

The Trust has entered into contracts with one or more shareholder servicing agents, whereby Administrator Class and Service Class of the Fund are charged a fee at an annual rate of 0.10% and 0.25%, respectively, of their average daily net assets.

A portion of these total shareholder servicing fees were paid to affiliates of Wells Fargo.

Interfund transactions

The Fund may purchase or sell investment securities to other Wells Fargo affiliates pursuant to Rule 17a-7 of the 1940 Act and under procedures adopted by the Board of Trustees. The procedures have been designed to ensure that these interfund transactions, which do not incur broker commissions, are effected at current market prices. Pursuant to these procedures, the Fund had $92,660,000 and $103,230,000 in interfund purchases and sales, respectively, during the six months ended July 31, 2017.

5. INDEMNIFICATION

Under the Trust’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 the Trust. Additionally, in the normal course of business, the Trust may enter into contracts with service providers that contain a variety of indemnification clauses. The Trust’s maximum exposure under these arrangements is dependent on future claims that may be made against the Fund and, therefore, cannot be estimated.

6. REGULATORY CHANGES

In October 2016, the Securities and Exchange Commission (“SEC”) adopted new rules and forms and amended existing rules and forms (together, “final rules”) intended to modernize and enhance the reporting and disclosure of information by registered investment companies and to enhance liquidity risk management by open-end mutual funds and exchange-traded funds. The final rules will enhance the quality of information available to investors and will allow the SEC to more effectively collect and use data reported by funds. In part, the final rules amend Regulation S-X and require standardized, enhanced disclosure about derivatives in the Fund’s financial statements, as well as other amendments. The compliance date for the amendments to Regulation S-X is August 1, 2017. Management has evaluated the amendments to Regulation S-X and its adoption will result in enhanced financial disclosures in the Fund’s financial statements. Management continues to evaluate the reporting requirements for the new form types (compliance date is June 1, 2018) and the implementation of the liquidity risk management program (compliance date is December 1, 2018).

24 Wells Fargo Heritage Money Market Fund Other information (unaudited)

PROXY VOTING INFORMATION

A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities is available, upon request, by calling 1-800-222-8222, visiting our website at wellsfargofunds.com, or visiting the SEC website at sec.gov. Information regarding how the Fund voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is available on the Fund’s website at wellsfargofunds.com or by visiting the SEC website at sec.gov.

PORTFOLIO HOLDINGS INFORMATION

The complete portfolio holdings for the Fund are publicly available on the Fund’s website (wellsfargofunds.com) on a 1-day delayed basis. The Fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q, which is available by visiting the SEC website at sec.gov. In addition, the Fund’s Form N-Q may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC, and at regional offices in New York City, at 233 Broadway, and in Chicago, at 175 West Jackson Boulevard, Suite 900. Information about the Public Reference Room may be obtained by calling 1-800-SEC-0330.

Other information (unaudited) Wells Fargo Heritage Money Market Fund 25

BOARD OF TRUSTEES AND OFFICERS    

Each of the Trustees and Officers¹ listed in the table below acts in identical capacities for each fund in the Wells Fargo family of funds, which consists of 145 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 Information². 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. Board member of the Forté Foundation (non-profit organization) and the Vincent Memorial Hospital Endowment (non-profit organization), where he serves on the Investment Committee and as a Chair of the Audit Committee. Mr. Ebsworth is a CFA® charterholder.	Asset Allocation Trust
Jane A. Freeman (Born 1953)	Trustee, since 2015	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 a Board Member of Ruth Bancroft Garden (non-profit organization) and an inactive chartered financial analyst.	Asset Allocation Trust
Peter G. Gordon** (Born 1942)	Trustee, since 1998; Chairman, since 2005	Co-Founder, Retired Chairman, President and CEO of Crystal Geyser Water Company. Trustee Emeritus, Colby College.	Asset Allocation Trust
Isaiah Harris, Jr. (Born 1952)	Trustee, since 2009	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 (charter school). Advisory Board Member, Child Evangelism Fellowship (non-profit). Mr. Harris is a certified public accountant (inactive status).	CIGNA Corporation; Asset Allocation Trust
Judith M. Johnson (Born 1949)	Trustee, since 2008; Audit Committee Chairman, 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.	Asset Allocation Trust
David F. Larcker (Born 1950)	Trustee, since 2009	James Irvin Miller Professor of Accounting at the Graduate School of Business, 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.	Asset Allocation Trust

26 Wells Fargo Heritage Money Market Fund 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	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.	Asset Allocation Trust
Timothy J. Penny (Born 1951)	Trustee, since 1996: Vice Chairman, since 2017	President and Chief Executive Officer of Southern Minnesota Initiative Foundation, a non-profit organization, since 2007 and Senior Fellow at the Humphrey Institute Policy Forum at the University of Minnesota since 1995. Member of the Board of Trustees of NorthStar Education Finance, Inc., a non-profit organization, since 2007.	Asset Allocation Trust
Michael S. Scofield (Born 1943)	Trustee, since 2010	Served on the Investment Company Institute’s Board of Governors and Executive Committee from 2008-2011 as well the Governing Council of the Independent Directors Council from 2006-2011 and the Independent Directors Council Executive Committee from 2008-2011. Chairman of the IDC from 2008-2010. Trustee of the Evergreen Funds complex (and its predecessors) from 1984 to 2010. Chairman of the Evergreen Funds from 2000-2010. Former Trustee of the Mentor Funds. Retired Attorney, Law Offices of Michael S. Scofield.	Asset Allocation Trust

* Length of service dates reflect the Trustee’s commencement of service with the Trust’s predecessor entities, where applicable.

** Peter Gordon is expected to retire on December 31, 2017.

Advisory Board Members

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
James G. Polisson (Born 1959)	Advisory Board Member, since 2017	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 (Blackrock) from 1998 to 2010 and Global Chief Marketing Officer for iShares and Barclays Global Investors from 2000 to 2010. Prior thereto, Vice President, Fidelity Retail Mutual Fund Group from 1996 to 1998 and Risk Management Practice Manager, Fidelity Consulting from 1995 to 1996. 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.	None
Pamela Wheelock (Born 1959)	Advisory Board Member, since 2017	Chief Operating Officer, Twin Cities Habitat for Humanity, since January, 2017. Vice President of University Services, University of Minnesota from 2012 to 2017. Prior thereto, Interim President and Chief Executive Officer of Blue Cross Blue Shield of Minnesota from 2010 to 2011, Chairman of the Board from 2009 to 2011 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. Commissioner of Finance, State of Minnesota, from 1999 to 2002. Currently on the Board of Directors, Governance Committee and Finance Committee, for the Minnesota Philanthropy Partners (Saint Paul Foundation) since 2012 and Board Chair of the Minnesota Wild Foundation since 2010.	None

Other information (unaudited) Wells Fargo Heritage Money Market Fund 27

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.
Nancy Wiser1 (Born 1967)	Treasurer, since 2012	Executive Vice President of Wells Fargo Funds Management, LLC since 2011. Chief Operating Officer and Chief Compliance Officer at LightBox Capital Management LLC, from 2008 to 2011.
C. David Messman (Born 1960)	Secretary, since 2000; Chief Legal Officer, since 2003	Senior Vice President and Secretary of Wells Fargo Funds Management, LLC since 2001. Assistant General Counsel of Wells Fargo Bank, N.A. since 2013 and Vice President and Managing Counsel of Wells Fargo Bank, N.A. from 1996 to 2013.
Michael H. Whitaker (Born 1967)	Chief Compliance Officer, since 2016	Senior Vice President and Chief Compliance Officer since 2016. Senior Vice President and Chief Compliance Officer for Fidelity Investments from 2007 to 2016.
David Berardi (Born 1975)	Assistant Treasurer, since 2009	Vice President of Wells Fargo Funds Management, LLC since 2009. Vice President of Evergreen Investment Management Company, LLC from 2008 to 2010. Manager of Fund Reporting and Control for Evergreen Investment Management Company, LLC from 2004 to 2010.
Jeremy DePalma1 (Born 1974)	Assistant Treasurer, since 2009	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.

¹  Nancy Wiser acts as Treasurer of 69 funds in the Fund Complex. Jeremy DePalma acts as Treasurer of 76 funds and Assistant Treasurer of 69 funds in the Fund Complex.

² 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 wellsfargofunds.com.    

28 Wells Fargo Heritage Money Market Fund Other information (unaudited)

BOARD CONSIDERATION OF INVESTMENT MANAGEMENT AND SUB-ADVISORY AGREEMENTS:

Under the Investment Company Act of 1940 (the “1940 Act”), the Board of Trustees (the “Board”) of Wells Fargo Funds Trust (the “Trust”) must determine annually whether to approve the continuation of the Trust’s investment management and sub-advisory agreements. In this regard, at an in-person meeting held on May 16-17, 2017 (the “Meeting”), the Board, all the members of which have no direct or indirect interest in the investment management and sub-advisory agreements and are not “interested persons” of the Trust, as defined in the 1940 Act (the “Independent Trustees”), reviewed and approved for Wells Fargo Heritage Money Market Fund (the “Fund”): (i) an investment management agreement (the “Management Agreement”) with Wells Fargo Funds Management, LLC (“Funds Management”); (ii) an investment sub-advisory agreement with Wells Capital Management Incorporated (“WellsCap”), an affiliate of Funds Management; and (iii) an investment sub-advisory agreement with Wells Fargo Bank, N.A. d/b/a Wells Capital Management Singapore (“WellsCap Singapore”), an affiliate of Funds Management. The sub-advisory agreements with WellsCap and WellsCap Singapore (the “Sub-Advisers”) are collectively referred to as the Sub-Advisory Agreements, and the Management Agreement and the Sub-Advisory Agreements are collectively referred to as the “Advisory Agreements.”

At the Meeting, the Board considered the factors and reached the conclusions described below relating to the selection of Funds Management and the Sub-Advisers and the approval of the Advisory Agreements. Prior to the Meeting, including at an in-person meeting in April 2017, the Trustees conferred extensively among themselves and with representatives of Funds Management about these matters. Also, the Board has adopted a team-based approach, with each team consisting of a sub-set of Trustees, to assist the full Board in the discharge of its duties in reviewing performance and other matters throughout the year. The Independent Trustees were assisted in their evaluation of the Advisory Agreements by independent legal counsel, from whom they received separate legal advice and with whom they met separately.

In providing information to the Board, Funds Management and the Sub-Advisers were guided by a detailed set of requests for information submitted to them by independent legal counsel on behalf of the Independent Trustees at the start of the Board’s annual contract renewal process earlier in 2017. In considering and approving the Advisory Agreements, the Trustees considered the information they believed relevant, including but not limited to the information discussed below. The Board considered not only the specific information presented in connection with the Meeting, but also the knowledge gained over time through interaction with Funds Management and the Sub-Advisers about various topics. In this regard, the Board reviewed reports of Funds Management at each of its quarterly meetings, which included, among other things, portfolio reviews and performance reports. In addition, the Board and the teams mentioned above confer with portfolio managers at various times throughout the year. The Board did not identify any particular information or consideration that was all-important or controlling, and each individual Trustee may have attributed different weights to various factors.

After its deliberations, the Board unanimously approved the continuation of the Advisory Agreements for a one-year term and determined that the compensation payable to Funds Management and the Sub-Advisers under each of the Advisory Agreements was reasonable. The Board considered the approval of the Advisory Agreements for the Fund as part of its consideration of agreements for funds across the complex, but its approvals were made on a fund-by-fund basis. The following summarizes a number of important, but not necessarily all, factors considered by the Board in support of its approvals.

Nature, extent and quality of services

The Board received and considered various information regarding the nature, extent and quality of services provided to the Fund by Funds Management and the Sub-Advisers under the Advisory Agreements. This information included a description of the investment advisory services and Fund-level administrative services covered by the Management Agreement, as well as, among other things, a summary of the background and experience of senior management of Funds Management, a summary of certain organizational and personnel changes involving Funds Management and the Sub-Advisers, and a description of Funds Management’s and the Sub-Advisers’ business continuity planning programs and of their approaches to data privacy and cybersecurity. The Board also considered the qualifications, background, tenure and responsibilities of each of the portfolio managers primarily responsible for the day-to-day portfolio management of the Fund.

The Board evaluated the ability of Funds Management and the Sub-Advisers to attract and retain qualified investment professionals, including research, advisory and supervisory personnel. The Board further considered the compliance programs and compliance records of Funds Management and the Sub-Advisers. In addition, the Board took into account the full range of services provided to the Fund by Funds Management and its affiliates.

Other information (unaudited) Wells Fargo Heritage Money Market Fund 29

Fund performance and expenses

The Board considered the performance results for the Fund over various time periods ended December 31, 2016. The Board considered these results in comparison to the performance of funds in a universe that was determined by Broadridge Inc. (“Broadridge”) to be similar to the Fund (the “Universe”), and to other comparative data. Broadridge is an independent provider of investment company data. The Board received a description of the methodology used by Broadridge to select the mutual funds in the performance Universe. The Board noted that the performance of the Fund (Administrator Class) was in range of the average performance of the Universe for all periods under review.

The Board also received and considered information regarding the Fund’s net operating expense ratios and their various components, including actual management fees, custodian and other non-management fees, and Rule 12b-1 and non-Rule 12b-1 shareholder service fees. The Board considered these ratios in comparison to the median ratios of funds in class-specific expense groups that were determined by Broadridge to be similar to the Fund (the “Groups”). The Board received a description of the methodology used by Broadridge to select the mutual funds in the expense Groups and an explanation of how funds comprising expense groups and their expense ratios may vary from year-to-year. Based on the Broadridge reports, the Board noted that the net operating expense ratios of the Fund were lower than or in range of the median net operating expense ratios of the expense Groups for all share classes except Service Class.

The Board took into account the Fund performance and expense information provided to it among the factors considered in deciding to re-approve the Advisory Agreements.

Investment management and sub-advisory fee rates

The Board reviewed and considered the contractual fee rates payable by the Fund to Funds Management under the Management Agreement, as well as the contractual fee rates payable by the Fund to Funds Management for class-level administrative services under a Class-Level Administration Agreement, which include, among other things, class-level transfer agency and sub-transfer agency costs (collectively, the “Management Rates”). The Board also reviewed and considered the contractual investment sub-advisory fee rates that are payable by Funds Management to the Sub-Advisers for investment sub-advisory services.

Among other information reviewed by the Board was a comparison of the Fund’s Management Rates with the average contractual investment management fee rates of funds in the expense Groups at a common asset level as well as transfer agency costs of the funds in the expense Groups. The Board noted that the Management Rates of the Fund were in range of the sum of these average rates for the Fund’s expense Groups for all share classes.

The Board also received and considered information about the portion of the total management fee that was retained by Funds Management after payment of the fee to the Sub-Advisers for sub-advisory services. In assessing the reasonableness of this amount, the Board received and evaluated information about the nature and extent of responsibilities retained and risks assumed by Funds Management and not delegated to or assumed by the Sub-Advisers, and about Funds Management’s on-going oversight services. Given the affiliation between Funds Management and the Sub-Advisers, the Board ascribed limited relevance to the allocation of fees between them.

The Board also received and considered information about the nature and extent of services offered and fee rates charged by Funds Management and the Sub-Advisers to other types of clients with investment strategies similar to those of the Fund. In this regard, the Board received information about the significantly greater scope of services, and compliance, reporting and other legal burdens and risks of managing mutual funds compared with those associated with managing assets of non-mutual fund clients such as a foreign fund.

Based on its consideration of the factors and information it deemed relevant, including those described here, the Board determined that the compensation payable to Funds Management under the Management Agreement and to the Sub-Advisers under the Sub-Advisory Agreements was reasonable.

Profitability

The Board received and considered information concerning the profitability of Funds Management, as well as the profitability of Wells Fargo as a whole, from providing services to the Fund and the fund family as a whole. The Board also received and considered information concerning the profitability of the Sub-Advisers from providing services to the fund family as a whole, noting that the Sub-Advisers’ profitability information with respect to providing services to the Fund was subsumed in the Wells Fargo and Funds Management profitability analysis.

Funds Management reported on the methodologies and estimates used in calculating profitability, including a description of the methodology used to allocate certain expenses. Among other things, the Board noted that the levels of profitability reported on a fund-by-fund basis varied widely, depending on factors such as the size and type of fund.

30 Wells Fargo Heritage Money Market Fund Other information (unaudited)

Based on its review, the Board did not deem the profits reported by Funds Management or Wells Fargo from its services to the Fund to be at a level that would prevent it from approving the continuation of the Advisory Agreements.

Economies of scale

With respect to possible economies of scale, the Board noted the existence of breakpoints in the Fund’s management fee structure, which operate generally to reduce the Fund’s expense ratios as the Fund grows in size. It considered that, for a small fund or a fund that shrinks in size, breakpoints conversely can result in higher fee levels. The Board also considered that in addition to management fee breakpoints, competitive management fee rates set at the outset without regard to breakpoints and fee waiver and expense reimbursement arrangements are means of sharing potential economies of scale with shareholders of the Fund. The Board considered Funds Management’s view, which Funds Management indicated was supported by independent third-party industry studies which were summarized for the Board, that any analyses of potential economies of scale in managing a particular fund are inherently limited in light of the joint and common costs and investments that Funds Management incurs across the fund family as a whole.

The Board concluded that the Fund’s fee and expense arrangements, including contractual breakpoints, constituted a reasonable approach to sharing potential economies of scale with the Fund and its shareholders.

Other benefits to Funds Management and the Sub-Advisers

The Board received and considered information regarding potential “fall-out” or ancillary benefits received by Funds Management and its affiliates, including the Sub-Advisers, as a result of their relationships with the Fund. Ancillary benefits could include, among others, benefits directly attributable to other relationships with the Fund and benefits potentially derived from an increase in Funds Management’s and the Sub-Advisers’ business as a result of their relationships with the Fund. The Board noted that various affiliates of Funds Management may receive distribution-related fees, shareholder servicing payments and sub-transfer agency fees in respect of shares sold or held through them and services provided.

The Board also reviewed information about soft dollar credits earned and utilized by the Sub-Advisers, fees earned by Funds Management and WellsCap from managing a private investment vehicle for the fund family’s securities lending collateral and commissions earned by an affiliated broker from portfolio transactions.

Based on its consideration of the factors and information it deemed relevant, including those described here, the Board did not find that any ancillary benefits received by Funds Management and its affiliates, including the Sub-Advisers, were unreasonable.

Conclusion

At the Meeting, after considering the above-described factors and based on its deliberations and its evaluation of the information described above, the Board unanimously approved the continuation of the Advisory Agreements for a one-year term and determined that the compensation payable to Funds Management and the Sub-Advisers under each of the Advisory Agreements was reasonable.

��

List of abbreviations Wells Fargo Heritage Money Market Fund 31

The following is a list of common abbreviations for terms and entities that may have appeared in this report.

ACA —  ACA Financial Guaranty Corporation

ADR —  American depositary receipt

ADS —  American depositary shares

AGC —  Assured Guaranty Corporation

AGM —  Assured Guaranty Municipal

Ambac —  Ambac Financial Group Incorporated

AMT —  Alternative minimum tax

AUD —  Australian dollar

BAN —  Bond anticipation notes

BHAC —  Berkshire Hathaway Assurance Corporation

BRL —  Brazilian real

CAB —  Capital appreciation bond

CAD —  Canadian dollar

CCAB —  Convertible capital appreciation bond

CDA —  Community Development Authority

CDO —  Collateralized debt obligation

CHF —  Swiss franc

CLO —  Collateralized loan obligation

CLP —  Chilean peso

COP —  Colombian peso

DKK —  Danish krone

DRIVER —  Derivative inverse tax-exempt receipts

DW&P —  Department of Water & Power

DWR —  Department of Water Resources

ECFA —  Educational & Cultural Facilities Authority

EDA —  Economic Development Authority

EDFA —  Economic Development Finance Authority

ETF —  Exchange-traded fund

EUR —  Euro

FDIC —  Federal Deposit Insurance Corporation

FFCB —  Federal Farm Credit Banks

FGIC —  Financial Guaranty Insurance Corporation

FHA —  Federal Housing Administration

FHLB —  Federal Home Loan Bank

FHLMC —  Federal Home Loan Mortgage Corporation

FICO —  The Financing Corporation

FNMA —  Federal National Mortgage Association

FSA —  Farm Service Agency

GBP —  Great British pound

GDR —  Global depositary receipt

GNMA —  Government National Mortgage Association

GO —  General obligation

HCFR —  Healthcare facilities revenue

HEFA —  Health & Educational Facilities Authority

HEFAR —  Higher education facilities authority revenue

HFA —  Housing Finance Authority

HFFA —  Health Facilities Financing Authority

HKD —  Hong Kong dollar

HUD —  Department of Housing and Urban Development

HUF —  Hungarian forint

IDA —  Industrial Development Authority

IDAG —  Industrial Development Agency

IDR —  Indonesian rupiah

IEP —  Irish pound

JPY —  Japanese yen

KRW —  Republic of Korea won

LIBOR —  London Interbank Offered Rate

LIFER —  Long Inverse Floating Exempt Receipts

LIQ —  Liquidity agreement

LLC —  Limited liability company

LLLP —  Limited liability limited partnership

LLP —  Limited liability partnership

LOC —  Letter of credit

LP —  Limited partnership

MBIA —  Municipal Bond Insurance Association

MFHR —  Multifamily housing revenue

MSTR —  Municipal securities trust receipts

MTN —  Medium-term note

MUD —  Municipal Utility District

MXN —  Mexican peso

MYR —  Malaysian ringgit

National —  National Public Finance Guarantee Corporation

NGN —  Nigerian naira

NOK —  Norwegian krone

NZD —  New Zealand dollar

PCFA —  Pollution Control Financing Authority

PCL —  Public Company Limited

PCR —  Pollution control revenue

PFA —  Public Finance Authority

PFFA —  Public Facilities Financing Authority

PFOTER —  Puttable floating option tax-exempt receipts

PJSC —  Public Joint Stock Company

plc —  Public limited company

PLN —  Polish zloty

PUTTER —  Puttable tax-exempt receipts

R&D —  Research & development

Radian —  Radian Asset Assurance

RAN —  Revenue anticipation notes

RDA —  Redevelopment Authority

RDFA —  Redevelopment Finance Authority

REIT —  Real estate investment trust

ROC —  Reset option certificates

RON —  Romanian lei

RUB —  Russian ruble

SAVRS —  Select auction variable rate securities

SBA —  Small Business Authority

SDR —  Swedish depositary receipt

SEK —  Swedish krona

SFHR —  Single-family housing revenue

SFMR —  Single-family mortgage revenue

SGD —  Singapore dollar

SPA —  Standby purchase agreement

SPDR —  Standard & Poor’s Depositary Receipts

SPEAR —  Short Puttable Exempt Adjustable Receipts

STRIPS —  Separate trading of registered interest and

      principal securities

TAN —  Tax anticipation notes

TBA —  To be announced

THB —  Thai baht

TIPS —  Treasury inflation-protected securities

TRAN —  Tax revenue anticipation notes

TRY —  Turkish lira

TTFA —  Transportation Trust Fund Authority

TVA —  Tennessee Valley Authority

ZAR —  South African rand

This page is intentionally left blank.

For more information

More information about Wells Fargo Funds is available free upon request. To obtain literature, please write, email, visit the Fund’s website, or call:

Wells Fargo Funds

P.O. Box 8266

Boston, MA 02266-8266

Email: fundservice@wellsfargo.com

Website: wellsfargofunds.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 Fund. 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 Fund’s website at wellsfargofunds.com. Read the prospectus carefully before you invest or send money.

Wells Fargo Asset Management (WFAM) is a trade name used by the asset management businesses of Wells Fargo & Company. Wells Fargo Funds Management, LLC, a wholly owned subsidiary of Wells Fargo & Company, provides investment advisory and administrative services for Wells Fargo Funds. Other affiliates of Wells Fargo & Company provide subadvisory and other services for the funds. The funds are distributed by Wells Fargo Funds Distributor, LLC, Member FINRA, an affiliate of Wells Fargo & Company. Neither Wells Fargo Funds Management nor Wells Fargo Funds Distributor has Fund customer accounts/assets, and neither provides investment advice/recommendations or acts as an investment advice fiduciary to any investor.

NOT FDIC INSURED  ◾  NO BANK GUARANTEE  ◾   MAY LOSE VALUE

© 2017 Wells Fargo Funds Management, LLC. All rights reserved.

305365 09-17 SA304/SAR304 07-17

Semi-Annual Report

July 31, 2017

Institutional Money Market Funds

∎ Wells Fargo Municipal Cash Management Money Market Fund

Reduce clutter. Save trees.

Sign up for electronic delivery of prospectuses and shareholder reports at wellsfargo.com/advantagedelivery

Contents

Letter to shareholders	2
Performance highlights	4
Fund expenses	6
Portfolio of investments	7
Financial statements
Statement of assets and liabilities	14
Statement of operations	15
Statement of changes in net assets	16
Financial highlights	17
Notes to financial statements	20
Other information	24
List of abbreviations	31

The views expressed and any forward-looking statements are as of July 31, 2017, unless otherwise noted, and are those of the Fund managers and/or Wells Fargo Funds Management, LLC. Discussions of individual securities, or the markets generally, or any Wells Fargo Fund 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 Funds Management, LLC and the Fund disclaim any obligation to publicly update or revise any views expressed or forward-looking statements.

NOT FDIC INSURED  ◾  NO BANK GUARANTEE  ◾   MAY LOSE VALUE

2 Wells Fargo Municipal Cash Management Money Market Fund Letter to shareholders (unaudited)

Andrew Owen

President

Wells Fargo Funds

Early in July, volatility expectations increased and then receded, as measured by the CBOE VIX.

Dear Shareholder:

We are pleased to offer you this semi-annual report for the Wells Fargo Municipal Cash Management Money Market Fund for the six-month period that ended July 31, 2017. Many equity markets advanced during this reporting period, supported by modest economic growth despite political uncertainty. U.S. and international stocks returned 9.51% and 14.26%, for the six-month period, as measured by the S&P 500 Index¹ and the MSCI ACWI ex USA Index (Net)², respectively. Within fixed income, the Bloomberg Barclays U.S. Aggregate Bond Index³ returned 4.98% and the Bloomberg Barclays Municipal Bond Index⁴ returned 3.72% as interest rates rose from low levels.

Equity and bond markets advanced during the first quarter of 2017 amid improving economic data globally.

Stocks rallied globally through the first quarter of 2017, supported by signs of improvement in the U.S. and global economies. U.S. economic data released during the quarter reflected a healthy economy. Hiring remained strong, and business and consumer sentiment improved. In March, U.S. Federal Reserve (Fed) officials raised their target interest rate by a quarter percentage point to a range from 0.75% to 1.00%. With the Fed’s target interest rate increase, short-term bond yields rose during the quarter. Meanwhile, longer-term Treasury yields were little changed, leading to positive performance. Investment-grade and high-yield bonds benefited from strong demand. Municipal bond returns were positive in the quarter, helped by strong demand and constrained new-issue supply. Outside of the U.S., stocks in emerging markets generally outperformed stocks in the U.S. and international developed markets because they benefited from both global economic growth and recent weakening in the U.S. dollar. Stocks in Asia, Europe, and Latin America also outperformed the U.S. market during the quarter.

Steady advancement in many markets marked the first seven months of 2017.

During the second quarter, most equity markets in the U.S. and abroad advanced. Steady, albeit modest, economic growth both in the U.S. and abroad and generally favorable corporate earnings announcements after the second quarter supported higher valuations. Within the economy, U.S. inflation trended lower despite the unemployment rate continuing to decline. Ten-year U.S. Treasury yields declined, resulting in stronger prices for long-term bonds. As was widely expected, in June, the Fed raised the target interest rate by a quarter percentage point to a range from 1.00% to 1.25%. In addition, the Fed indicated that it would begin to sell bonds accumulated on its balance sheet during quantitative easing programs conducted since 2008, likely beginning later this year. Early in July, volatility expectations increased and then receded, as measured by the CBOE VIX.⁵ Although economic momentum increased in Europe, the European Central Bank held its rates steady at

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 markets, excluding the United States and Canada. 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 indexes or any securities or financial products. This report is not approved, reviewed, or produced by MSCI. You cannot invest directly in an index.

³ 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.

⁴  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.

⁵  The Chicago Board Options Exchange Market Volatility Index (CBOE VIX) is a popular measure of the implied volatility of S&P 500 Index options. It represents one measure of the market’s expectation of stock market volatility over the next 30-day period. You cannot invest directly in an index.

Letter to shareholders (unaudited) Wells Fargo Municipal Cash Management Money Market Fund 3

low levels because underlying inflation remained subdued. In emerging markets, many countries benefited from stronger currencies versus the U.S. dollar.

Don’t let short-term uncertainty derail long-term investment goals.

Periods of 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 in 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

Periods of 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.

For further information about your Fund, contact your investment professional, visit our website at wellsfargofunds.com, or call us directly at 1-800-222-8222. We are available 24 hours a day, 7 days a week.

4 Wells Fargo Municipal Cash Management Money Market Fund Performance highlights (unaudited)

Investment objective

The Fund seeks current income exempt from regular federal income tax, while preserving capital and liquidity.

Manager

Wells Fargo Funds Management, LLC

Subadviser

Wells Capital Management Incorporated

Portfolio managers

James Randazzo

Jeffrey L. Weaver, CFA^®

Average annual total returns (%) as of July 31, 2017¹

								Expense ratios2 (%)
	Inception date	1 year		5 year		10 year		Gross		Net3
Administrator Class (WUCXX)	7-9-2010		0.63		0.16		0.54		0.38		0.30
Institutional Class (EMMXX)	11-20-1996		0.74		0.19		0.57		0.26		0.20
Service Class (EISXX)	11-25-1996		0.48		0.12		0.46		0.55		0.45

Yield summary (%) as of July 31, 2017³

	Administrator Class	Institutional Class		Service Class
7-day current yield	0.64		0.74		0.49
7-day compound yield	0.64		0.74		0.49
30-day simple yield	0.64		0.74		0.49
30-day compound yield	0.64		0.74		0.49

Figures quoted represent past performance, which is no guarantee of future results, and do not reflect taxes that a shareholder may pay on fund distributions or the redemption of fund shares. Investment returns will fluctuate. The Fund’s yield figures more closely reflect the current earnings of the Fund than the total return figures. 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, wellsfargofunds.com.

Each class is sold without a front-end sales charge or contingent deferred sales charge.

For floating NAV money market funds: You could lose money by investing in the Fund. Because the share price of the Fund will fluctuate, when you sell your shares they may be worth more or less than what you originally paid for them. The Fund may impose a fee upon sale of your shares or may temporarily suspend your ability to sell shares if the Fund’s liquidity falls below required minimums because of market conditions or other factors. An investment in the Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The Fund’s sponsor has no legal obligation to provide financial support to the Fund, and you should not expect that the sponsor will provide financial support to the Fund at any time.

Please see footnotes on page 5.

Performance highlights (unaudited) Wells Fargo Municipal Cash Management Money Market Fund 5

Revenue source as of July 31, 2017⁴

Effective maturity distribution as of July 31, 2017⁴

Weighted average maturity as of July 31, 2017⁵

5 days

Weighted average life as of July 31, 2017⁶

5 days

¹  Historical performance shown for Administrator Class shares prior to their inception reflects the performance of Institutional Class shares, and has not been adjusted to include the higher expenses applicable to Administrator Class shares. If these expenses had been included, returns for Administrator Class shares would be lower. Historical performance shown for all classes of the Fund prior to July 12, 2010, is based on the performance of the Fund’s predecessor, Evergreen Institutional Municipal Money Market Fund.

²  Reflects the expense ratios as stated in the most recent prospectuses. The expense ratios shown are subject to change and may differ from the annualized expense ratios shown in the financial highlights of this report.

³  The manager has contractually committed through May 31, 2018, to waive fees and/or reimburse expenses to the extent necessary to cap the Fund’s Total Annual Fund Operating Expenses After Fee Waivers at the amounts shown. 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. Brokerage commissions, stamp duty fees, interest, taxes, acquired fund fees and expenses, and extraordinary expenses are excluded from the expense cap. Without this cap, the Fund’s returns would have been lower. Without waived fees and/or reimbursed expenses, the Fund’s 7-day current yield would have been 0.53%, 0.65%, and 0.36% for Administrator Class, Institutional Class, and Service Class, respectively. The expense ratio paid by an investor is the net expense ratio or the Fund’s Total Annual Fund Operating Expenses After Fee Waivers, as stated in the prospectuses.

⁴  Amounts are calculated based on the total investments of the Fund. These amounts are subject to change and may have changed since the date specified.

⁵  Weighted Average Maturity (WAM): WAM is an average of the effective maturities of all securities held in the portfolio, weighted by each security’s percentage of total investments. The maturity of a portfolio security is the period remaining until the date on which the principal amount is unconditionally required to be paid, or in the case of a security called for redemption, the date on which the redemption payment is unconditionally required to be made. WAM calculations allow for the maturities of certain securities with demand features or periodic interest rate resets to be shortened. WAM is a way to measure a fund’s sensitivity to potential interest rate changes. Rule 2a-7 under the Investment Company Act of 1940 requires money market funds to maintain a WAM of 60 calendar days or less. WAM is subject to change and may have changed since the date specified.

⁶  Weighted Average Life (WAL): WAL is an average of the final maturities of all securities held in the portfolio, weighted by their percentage of total investments. The maturity of a portfolio security is the period remaining until the date on which the principal amount is unconditionally required to be paid, or in the case of a security called for redemption, the date on which the redemption payment is unconditionally required to be made. In contrast to WAM, the calculation of WAL allows for the maturities of certain securities with demand features to be shortened, but not the periodic interest rate resets. WAL is a way to measure a fund’s potential sensitivity to credit spread changes. Rule 2a-7 under the Investment Company Act of 1940 requires money market funds to maintain a weighted average life of 120 calendar days or less. WAL is subject to change and may have changed since the date specified.

6 Wells Fargo Municipal Cash Management Money Market Fund Fund expenses (unaudited)

As a shareholder of the Fund, you incur ongoing costs, including management fees, 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 February 1, 2017 to July 31, 2017.

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. 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.

	Beginning account value 2-1-2017		Ending account value 7-31-2017		Expenses paid during the period¹		Annualized net expense ratio
Administrator Class
Actual	$	1,000.00	$	1,003.34	$	1.49		0.30	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,023.31	$	1.51		0.30	%
Institutional Class
Actual	$	1,000.00	$	1,003.94	$	0.99		0.20	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,023.80	$	1.00		0.20	%
Service Class
Actual	$	1,000.00	$	1,002.60	$	2.23		0.45	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,022.56	$	2.26		0.45	%

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).

Portfolio of investments—July 31, 2017 (unaudited) Wells Fargo Municipal Cash Management Money Market Fund 7

Security name	Interest rate			Maturity date		Principal		Value
Municipal Obligations: 78.32%
Alabama: 1.18%
Variable Rate Demand Note ø: 1.18%
Chatom AL IDA Board Gulf Opportunity Zone PowerSouth Energy Cooperative Projects Series 2011 (Utilities Revenue, National Rural Utilities Cooperative Finance Corporation LOC)		0.95	%		8-1-2041	$	4,500,000	$	4,500,000
Arizona: 2.91%
Variable Rate Demand Notes ø: 2.91%
Maricopa County AZ IDA Solid Waste Disposal Ambian Dairy LLC Project Series 2008 (Resource Recovery Revenue, Farm Credit Services America LOC)		0.95			11-1-2033		3,600,000		3,600,000
Maricopa County AZ IDA Solid Waste Disposal Series 2006 (Resource Recovery Revenue, Farm Credit Services America LOC)		0.95			8-1-2026		2,500,000		2,500,000
Pinal County AZ IDA Shamrock Farms Project (Resource Recovery Revenue, Farm Credit Services America LOC)		0.90			8-1-2022		3,700,000		3,700,000
Pinal County AZ IDA Solid Waste Disposal Feenstra Investments LLC Project Series 2002 (Resource Recovery Revenue, Farm Credit Services America LOC)		0.90			8-1-2027		1,250,000		1,250,000
									11,050,000
California: 3.28%
Variable Rate Demand Notes ø: 3.28%
California HFFA Dignity Health Series 2016A RIB Floater Trust Series 2017-004 (Health Revenue, Barclays Bank plc LOC, Barclays Bank plc LIQ) 144A		0.90			3-1-2042		7,000,000		7,000,000
California PCFA Solid Waste Milk Time Dairy Farms Project (Resource Recovery Revenue, Rabobank LOC)		0.91			11-1-2027		1,400,000		1,400,000
California Tender Option Bond Trust Receipts/Certificates Series ZM0473 (Airport Revenue, Royal Bank of Canada LIQ) 144A		0.87			5-15-2024		2,600,000		2,600,000
California Tender Option Bond Trust Receipts/Certificates Series ZM0487 (Airport Revenue, Royal Bank of Canada LIQ) 144A		0.87			5-15-2024		1,470,000		1,470,000
									12,470,000
Colorado: 1.48%
Variable Rate Demand Notes ø: 1.48%
Arapahoe County CO Cottrell Printing Project (Industrial Development Revenue, U.S. Bank NA LOC)		0.97			10-1-2019		945,000		945,000
Colorado HFA Catholic Health Initiatives Series 2008D-2 (Health Revenue, Morgan Stanley Bank LIQ) 144A		1.04			10-1-2037		3,700,000		3,700,000
Town of Hudson CO Series A (Industrial Development Revenue, U.S. Bank NA LOC)		1.30			11-1-2020		990,000		990,000
									5,635,000
Connecticut: 1.32%
Variable Rate Demand Note ø: 1.32%
Connecticut Residual Interest Bond Floater Trust Series 2017-016 (Miscellaneous Revenue, Barclays Bank plc LOC, Barclays Bank plc LIQ) 144A		0.82			6-1-2037		5,000,000		5,000,000
Florida: 3.05%
Variable Rate Demand Notes ø: 3.05%
Florida Tender Option Bond Trust Receipts/Certificates Series 2016 XL0027 (Airport Revenue, AGC Insured, JPMorgan Chase & Company LIQ) 144A		1.02			10-1-2030		7,995,000		7,995,000

The accompanying notes are an integral part of these financial statements.

8 Wells Fargo Municipal Cash Management Money Market Fund Portfolio of investments—July 31, 2017 (unaudited)

Security name	Interest rate			Maturity date		Principal		Value
Variable Rate Demand Notes (continued)
Martin County FL Power & Light Company Project (Industrial Development Revenue Florida Power & Light Company LOC)		0.77	%		7-15-2022	$	3,600,000	$	3,600,000
									11,595,000
Illinois: 6.18%
Variable Rate Demand Notes ø: 6.18%
Chicago IL Education Marine Project Series 1984 (Industrial Development Revenue, FHLB LOC)		1.15			7-1-2023		4,200,000		4,200,000
Chicago IL Enterprise Zone Gardner Gibson Project (Industrial Development Revenue, BMO Harris Bank NA LOC)		0.92			7-1-2033		1,780,000		1,780,000
Chicago IL Series C-2 (Airport Revenue, Bank of Montreal LOC)		0.86			1-1-2035		1,925,000		1,925,000
Lake County IL Multi-Family Housing (Housing Revenue, FHLMC LIQ)		0.94			11-1-2034		5,420,000		5,420,000
Peoria County IL Caterpillar Incorporated Project (Industrial Development Revenue, Caterpillar Incorporated LOC)		1.02			2-1-2030		4,300,000		4,300,000
Southwestern IL Development Authority Health Facacilities Series 2016 Hospital Sisters Services Incorporated JPMorgan Chase PUTTER/DRIVER Trust Series 5014 (Health Revenue, JPMorgan Chase & Company LIQ) 144A		0.80			12-23-2021		5,850,000		5,850,000
									23,475,000
Indiana: 1.96%
Variable Rate Demand Notes ø: 1.96%
Indiana Certificate of Participation Clipper Tax-Exempt Certificate Trust Series 2009-34 (Miscellaneous Revenue, State Street Bank & Trust Company LIQ)		0.86			7-1-2023		1,380,000		1,380,000
Jeffersonville IN Economic Development Eagle Steel Products Incorporated Project (Industrial Development Revenue, Bank of America NA LOC)		1.00			12-1-2027		3,225,000		3,225,000
Noblesville IN Greystone Apartments Project Series B (Housing Revenue, FHLB LOC)		0.98			3-1-2041		1,415,000		1,415,000
St. Joseph County IN Midcorr Land Development LLC Project (Industrial Development Revenue, PNC Bank NA LOC)		0.91			10-1-2023		1,430,000		1,430,000
									7,450,000
Iowa: 2.86%
Variable Rate Demand Notes ø: 2.86%
Hills IA Mercy HCFR Hospital Project Series 2008 (Health Revenue, U.S. Bank NA LOC)		0.76			8-1-2035		3,680,000		3,680,000
Iowa Finance Authority Holy Family Catholic Schools (Educational Facilities Revenue, Allied Irish Bank plc LOC) (Education Revenue, U.S. Bank NA LOC)		0.76			3-1-2036		2,100,000		2,100,000
Iowa Finance Authority John Maassen & Sons Project (Industrial Development Revenue, Farm Credit Services America LOC)		0.97			11-1-2035		2,075,000		2,075,000
Iowa Finance Authority Midwestern Disaster Area Project (Industrial Development Revenue, Korea Development Bank LOC)		1.05			4-1-2022		3,000,000		3,000,000
									10,855,000
Kansas: 0.77%
Variable Rate Demand Notes ø: 0.77%
Nemaha County KS Midwest AG Services LLC Project (Industrial Development Revenue, CoBank LOC)		0.90			11-1-2020		1,155,000		1,155,000
Olathe KS Integral Senior Living LLC Project (Industrial Development Revenue, U.S. Bank NA LOC)		0.92			8-1-2027		1,765,000		1,765,000
									2,920,000

The accompanying notes are an integral part of these financial statements.

Portfolio of investments—July 31, 2017 (unaudited) Wells Fargo Municipal Cash Management Money Market Fund 9

Security name	Interest rate			Maturity date		Principal		Value
Kentucky: 1.44%
Variable Rate Demand Notes ø: 1.44%
Jefferson County KY Industrial Building Dant Growth LLC Project Series 2002 (Industrial Development Revenue, Stock Yards Bank & Trust LOC)		0.91	%		9-1-2022	$	1,450,000	$	1,450,000
Louisville & Jefferson Counties KY Regional Airport Authority UPS Worldwide Forwarding Incorporated Series B (Industrial Development Revenue)		0.80			1-1-2029		4,000,000		4,000,000
									5,450,000
Louisiana: 1.05%
Variable Rate Demand Note ø: 1.05%
Louisiana Local Government Environmental Facilities CDA Honeywell International Incorporated Project (Industrial Development Revenue, Honeywell International Incorporated LOC)		0.97			12-1-2036		4,000,000		4,000,000
Massachusetts: 0.11%
Variable Rate Demand Note ø: 0.11%
Massachusetts Industrial Finance Agency Constitution Project (Miscellaneous Revenue, TD Bank NA LOC)		1.08			6-1-2018		400,000		400,000
Michigan: 2.44%
Variable Rate Demand Notes ø: 2.44%
Michigan Housing Development Authority Series A (Housing Revenue, Bank of America NA SPA)		1.00			4-1-2037		6,465,000		6,465,000
Michigan Strategic Fund Limited Obligation Series 1982 (Resource Recovery Revenue, Farm Credit Services America LOC)		1.24			6-1-2024		2,800,000		2,800,000
									9,265,000
Minnesota: 3.18%
Variable Rate Demand Notes ø: 3.18%
Coon Rapids MN Drake Apartments Project Series A (Housing Revenue, FNMA LOC, FNMA LIQ)		0.93			6-15-2038		2,555,000		2,555,000
Forest Lake MN Kilkenny Court Apartments Project Series 2008 (Housing Revenue, FNMA LOC, FNMA LIQ)		0.91			8-15-2038		750,000		750,000
Mahtomedi MN Briarcliff Manor Apartments Series A (Housing Revenue, FNMA LOC, FNMA LIQ)		0.93			6-15-2038		3,645,000		3,645,000
Minnesota Bond Securitization Trust Certificate Series S-1 Class A (Miscellaneous Revenue, PNC Bank NA LOC)		1.05			2-1-2027		2,290,000		2,290,000
St. Paul MN Housing & RDA Hampden Square Apartments Series A (Housing Revenue, FNMA LOC, FNMA LIQ)		0.93			6-1-2032		2,840,000		2,840,000
									12,080,000
Mississippi: 3.34%
Variable Rate Demand Notes ø: 3.34%
Mississippi Business Finance Corporation Gulf Opportunity Chevron USA Incorporated Project Series H (Industrial Development Revenue, Chevron Corporation LOC)		0.77			11-1-2035		10,000,000		10,000,000
Mississippi Series A Clipper Tax Exempt Trust Receipts/Certificates Series 2009-60 (Miscellaneous Revenue, State Street Bank & Trust Company LIQ)		0.87			11-1-2018		2,700,000		2,700,000
									12,700,000

The accompanying notes are an integral part of these financial statements.

10 Wells Fargo Municipal Cash Management Money Market Fund Portfolio of investments—July 31, 2017 (unaudited)

Security name	Interest rate			Maturity date		Principal		Value
Missouri: 0.37%
Variable Rate Demand Note ø: 0.37%
St. Charles County MO IDA Kuenz Heating & Sheet Metal Series 2001 (Industrial Development Revenue, U.S. Bank NA LOC)		1.00	%		4-1-2026	$	1,400,000	$	1,400,000
New Jersey: 0.55%
Variable Rate Demand Note ø: 0.55%
New Jersey Tender Option Bond Trust Receipts/Certificates Series 2015-XF0015 (Housing Revenue, JPMorgan Chase & Company LIQ) 144A		0.92			4-1-2023		2,095,000		2,095,000
New York: 10.02%
Variable Rate Demand Notes ø: 10.02%
Battery Park City Authority New York Revenue Refunding Series 2013C JPMorgan Chase PUTTER/DRIVER Trust Series 5012 (Miscellaneous Revenue, JPMorgan Chase & Company LOC, JPMorgan Chase & Company LIQ) 144A		0.80			11-1-2019		9,500,000		9,500,000
New York HFA 605 West 42nd Street Series 2014-A (Housing Revenue, Bank of China LOC)		0.82			5-1-2048		9,000,000		9,000,000
New York HFA Manhattan West Residential Housing Revenue Series 2015-A (Housing Revenue, Bank of China LOC)		0.88			11-1-2049		1,500,000		1,500,000
New York Homeowner Mortgage Agency Series 142 (Housing Revenue, Bank of New York Mellon SPA)		0.80			10-1-2037		4,665,000		4,665,000
New York NY Fiscal Series 2004H-1 (GO Revenue, Bank of New York Mellon LOC)		0.76			3-1-2034		2,000,000		2,000,000
New York NY Municipal Water Finance Authority Series B3 (Water & Sewer Revenue, Bank of America NA SPA)		0.72			6-15-2025		3,410,000		3,410,000
New York NY Subordinate Series F-5 (GO Revenue, Barclays Bank plc LIQ)		0.75			6-1-2044		8,000,000		8,000,000
									38,075,000
North Carolina: 0.88%
Variable Rate Demand Notes ø: 0.88%
Charlotte Mecklenburg NC Hospital Authority Carolinas Health Care System Series 2007E (Health Revenue, TD Bank NA LOC, AGM Insured)		0.74			1-15-2044		1,700,000		1,700,000
Rockingham County NC Industrial Facilities & PCFA Innofa USA Project Series 2007 (Industrial Development Revenue, Branch Banking & Trust LOC)		0.88			1-1-2027		1,650,000		1,650,000
									3,350,000
North Dakota: 0.30%
Variable Rate Demand Note ø: 0.30%
Mandan ND IDA Cloverdale Foods Company Project (Industrial Development Revenue, BNC National Bank LOC)		1.02			12-1-2022		1,155,000		1,155,000
Ohio: 3.44%
Variable Rate Demand Notes ø: 3.44%
Columbus OH Regional Airport Authority Flightsafety International Incorporated Project Series A (Airport Revenue, Berkshire Hathaway, Incorporated LOC)		0.83			4-1-2035		3,000,000		3,000,000
Montgomery County OH Catholic Health Initiatives Series A (Health Revenue, Morgan Stanley Bank LIQ) 144A		1.04			5-1-2034		5,600,000		5,600,000
Ohio HFA Residential Mortgage (Housing Revenue, GNMA/FNMA/FHLMC Insured, JPMorgan Chase & Company SPA)		0.84			9-1-2046		4,480,000		4,480,000
									13,080,000

The accompanying notes are an integral part of these financial statements.

Portfolio of investments—July 31, 2017 (unaudited) Wells Fargo Municipal Cash Management Money Market Fund 11

Security name	Interest rate			Maturity date		Principal		Value
Oklahoma: 2.25%
Variable Rate Demand Notes ø: 2.25%
Oklahoma Development Finance Authority Industrial Development Tracker Marine Project (Miscellaneous Revenue, Bank of America NA LOC)		1.06	%		3-1-2018	$	150,000	$	150,000
Oklahoma Turnpike Authority Second Senior Series B (Transportation Revenue, Royal Bank of Canada SPA)		0.71			1-1-2028		8,400,000		8,400,000
									8,550,000
Other: 3.18%
Variable Rate Demand Notes ø: 3.18%
Clipper Tax-Exempt Certificate Trust Series 2009-54 (Miscellaneous Revenue, State Street Bank & Trust Company LIQ)		0.87			2-15-2028		7,000,000		7,000,000
FHLMC MFHR Series M031 Class A (Housing Revenue, FHLMC LIQ)		0.90			12-15-2045		2,415,000		2,415,000
FHLMC MFHR Series M033 Class A (Housing Revenue, FHLMC LIQ)		0.90			3-15-2049		2,665,000		2,665,000
									12,080,000
Pennsylvania: 1.28%
Variable Rate Demand Notes ø: 1.28%
Pennsylvania EDFA Series D-7 (Industrial Development Revenue, PNC Bank NA LOC)		0.91			8-1-2022		600,000		600,000
Pennsylvania EDFA Series G-10 (Miscellaneous Revenue, PNC Bank NA LOC)		0.91			12-1-2025		2,000,000		2,000,000
Tender Option Bond Trust Receipts/Certificates Series 2016-ZF0281 (Housing Revenue, TD Bank NA LIQ) 144A		0.88			4-1-2029		2,260,000		2,260,000
									4,860,000
South Dakota: 0.42%
Variable Rate Demand Note ø: 0.42%
Grant County SD Mill Valley LLC Project (Industrial Development Revenue, Farm Credit Services America LOC)		0.90			7-1-2037		1,600,000		1,600,000
Tennessee: 2.17%
Variable Rate Demand Notes ø: 2.17%
Clarksville TN Public Building Authority Tennessee Municipal Building Fund (Miscellaneous Revenue, Bank of America NA LOC)		0.79			2-1-2038		4,550,000		4,550,000
Clarksville TN Public Building Authority Tennessee Municipal Building Fund Series 2004 (Miscellaneous Revenue, Bank of America NA LOC)		0.79			7-1-2034		3,675,000		3,675,000
									8,225,000
Texas: 9.53%
Variable Rate Demand Notes ø: 9.53%
Brazos Harbor TX Industrial Development Corporation (Industrial Development Revenue, BASF SE LOC)		1.03			10-1-2036		5,000,000		5,000,000
Brazos River Harbor TX Naval District BASF Corporation Project (Industrial Development Revenue, BASF SE LOC)		1.03			5-1-2036		4,000,000		4,000,000
Dallam County TX Industrial Development Corporation Dalhart Jersey Ranch Incorporated Series 2008 (Resource Recovery Revenue, CoBank ACB LOC)		0.97			8-1-2039		1,700,000		1,700,000
Dickinson TX Independent School District Unlimited Tax School House Refunding Bonds Series 2000 (GO Revenue, Societe Generale LIQ)		0.82			2-15-2028		5,000,000		5,000,000

The accompanying notes are an integral part of these financial statements.

12 Wells Fargo Municipal Cash Management Money Market Fund Portfolio of investments—July 31, 2017 (unaudited)

Security name	Interest rate			Maturity date		Principal		Value
Variable Rate Demand Notes (continued)
Lower Neches Valley TX Authority Industrial Development Corporation ExxonMobil Project Series 2010 (Industrial Development Revenue, Exxon Mobil Corporation LOC)		0.73	%		11-1-2038	$	10,500,000	$	10,500,000
Port Arthur TX Navigation District Jefferson County Total Petrochemicals USA Incorporated Project Series 2003-C (Industrial Development Revenue, Total SA LOC)		0.88			4-1-2027		3,000,000		3,000,000
Port Corpus Christi TX Flint Hills Resources Project Series A (Resource Recovery Revenue, Flint Hills Resources LLC LOC)		1.00			4-1-2028		7,000,000		7,000,000
									36,200,000
Virginia: 0.42%
Variable Rate Demand Note ø: 0.42%
Chesterfield County VA IDA Super Radiator Coils Project Series A (Industrial Development Revenue, Marshall & Ilsley Bank LOC)		0.87			4-1-2026		1,600,000		1,600,000
Washington: 1.69%
Variable Rate Demand Notes ø: 1.69%
Washington Finance Authority Smith Brothers Farms Incorporated Series 2001 (Industrial Development Revenue, Northwest Farm Credit LOC)		1.97			9-1-2021		3,300,000		3,300,000
Washington Housing Finance Commission Whisperwood Apartments Project Series A (Housing Revenue, FNMA LOC, FNMA LIQ)		0.95			5-15-2035		1,590,000		1,590,000
Yakima County WA Solid Waste Disposal George Deruyter & Son Project Series 2006 (Resource Recovery Revenue, Northwest Farm Credit LOC)		0.97			8-1-2026		1,510,000		1,510,000
									6,400,000
West Virginia: 0.71%
Variable Rate Demand Note ø: 0.71%
West Virginia EDA Collins Hardwood Company LLC (Industrial Development Revenue, American AgCredit LOC)		0.90			10-1-2031		2,700,000		2,700,000
Wisconsin: 4.56%
Variable Rate Demand Notes ø: 4.56%
Appleton WI Recovery Zone Facilities Foremost Farms Project Series 2010 (Industrial Development Revenue, CoBank LOC)		1.10			5-1-2037		14,800,000		14,800,000
Manitowoc WI CDA Regency House Project (Housing Revenue, Bank First National LOC)		1.01			11-1-2020		1,015,000		1,015,000
Sheboygan WI Vortex Liquid Color Project (Industrial Development Revenue, Bank First National LOC)		1.01			11-1-2020		800,000		800,000
Two Rivers WI Riverside Foods Incorporated Project (Industrial Development Revenue, Bank First National LOC)		1.05			12-1-2022		720,000		720,000
									17,335,000
Total Municipal Obligations (Cost $297,549,841)									297,550,000
Other: 4.40%
Nuveen California Dividend Advantage Municipal Fund Variable Rate Demand Preferred Shares Series 3 (Deutsche Bank LIQ) 144A§±		0.94			3-1-2040		3,000,000		3,000,000
Nuveen Quality Municipal Income Fund Variable Rate Demand Preferred Shares Series 1-2118 144A§±		1.02			5-1-2041		5,000,000		5,000,000
Western Asset Intermediate Municipal Fund Incorporated Variable Rate Demand Preferred Shares Series 1 (Citibank NA LIQ) 144A§±		1.07			2-25-2045		5,000,000		5,000,000

The accompanying notes are an integral part of these financial statements.

Portfolio of investments—July 31, 2017 (unaudited) Wells Fargo Municipal Cash Management Money Market Fund 13

Security name	Interest rate			Maturity date		Principal		Value
Other (continued)
Western Asset Municipal Partners Incorporated Variable Rate Demand Preferred Shares Series 1 (Citibank NA LIQ) 144A§±		1.07	%		3-11-2045	$	3,700,000	$	3,700,000
Total Other (Cost $16,700,000)									16,700,000
Repurchase Agreements: 6.58%
Merrill Lynch Pierce Fenner & Smith, dated 7-31-2017, maturity value $25,000,722 ^^		1.04			8-1-2017		25,000,000		25,000,000
Total Repurchase Agreements (Cost $25,000,000)									25,000,000

Total investments in securities (Cost $339,249,841) *	89.30	%		339,250,000
Other assets and liabilities, net	10.70			40,658,609
Total net assets	100.00	%	$	379,908,609

ø Variable rate demand notes are subject to a demand feature which reduces the effective maturity. The maturity date shown represents the final maturity date of the security. The interest rate is determined and reset by the issuer daily, weekly, or monthly depending upon the terms of the security. The rate shown is the rate in effect at period end.

144A The security may be resold in transactions exempt from registration, normally to qualified institutional buyers, pursuant to Rule 144A under the Securities Act of 1933.

§ The security is subject to a demand feature which reduces the effective maturity.

± Variable rate investment. The rate shown is the rate in effect at period end.

^^ Collateralized by U.S. government securities, 2.00%, 12-15-2025, fair value including accrued interest is $25,500,007.

* Cost for federal income tax purposes is $339,249,841 and unrealized gains (losses) consists of:

Gross unrealized gains	$	159
Gross unrealized losses		0
Net unrealized gains	$	159

The accompanying notes are an integral part of these financial statements.

14 Wells Fargo Municipal Cash Management Money Market Fund Statement of assets and liabilities—July 31, 2017 (unaudited)

Assets
Investments in unaffiliated securities, at value (cost $339,249,841)	$	339,250,000
Cash		138,871
Receivable for investments sold		40,595,854
Receivable for interest		406,816
Prepaid expenses and other assets		83,920
Total assets		380,475,461
Liabilities
Dividends payable		5,114
Payable for investments purchased		332,679
Management fee payable		25,071
Administration fees payable		29,329
Trustees’ fees and expenses payable		108,903
Accrued expenses and other liabilities		65,756
Total liabilities		566,852
Total net assets	$	379,908,609
NET ASSETS CONSIST OF
Paid-in capital	$	379,789,447
Overdistributed net investment income		(75,241	)
Accumulated net realized gains on investments		194,244
Net unrealized gains on investments		159
Total net assets	$	379,908,609
COMPUTATION OF NET ASSET VALUE PER SHARE
Net assets – Administrator Class	$	3,233,949
Shares outstanding – Administrator Class1		3,230,735
Net asset value per share – Administrator Class		$1.0010
Net assets – Institutional Class	$	355,159,996
Shares outstanding – Institutional Class1		354,784,920
Net asset value per share – Institutional Class		$1.0011
Net assets – Service Class	$	21,514,664
Shares outstanding – Service Class1		21,493,145
Net asset value per share – Service Class		$1.0010

¹  The Fund has an unlimited number of authorized shares.

The accompanying notes are an integral part of these financial statements.

Statement of operations—six months ended July 31, 2017 (unaudited) Wells Fargo Municipal Cash Management Money Market Fund 15

Investment income
Interest	$	1,466,954
Expenses
Management fee		252,830
Administration fees
Administrator Class		1,600
Institutional Class		124,742
Service Class		13,230
Shareholder servicing fees
Administrator Class		1,600
Service Class		27,562
Custody and accounting fees		11,412
Professional fees		19,397
Registration fees		39,326
Shareholder report expenses		6,996
Trustees’ fees and expenses		10,428
Other fees and expenses		11,372
Total expenses		520,495
Less: Fee waivers and/or expense reimbursements		(154,227	)
Net expenses		366,268
Net investment income		1,100,686
REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS
Net realized gains on investments		193,167
Net change in unrealized gains (losses) on investments		(16	)
Net realized and unrealized gains (losses) on investments		193,151
Net increase in net assets resulting from operations	$	1,293,837

The accompanying notes are an integral part of these financial statements.

16 Wells Fargo Municipal Cash Management Money Market Fund Statement of changes in net assets

	Six months ended July 31, 2017 (unaudited)						Year ended January 31, 2017
Operations
Net investment income				$	1,100,686					$	1,828,715
Net realized gains on investments					193,167						166,954
Net change in unrealized gains (losses) on investments					(16	)					175
Net increase in net assets resulting from operations					1,293,837						1,995,844
Distributions to shareholders from
Net investment income
Administrator Class					(9,163	)					(7,355	)
Institutional Class					(1,045,406	)					(1,705,732	)
Service Class					(46,278	)					(50,688	)
Net realized gains
Administrator Class					0						(1,354	)
Institutional Class					0						(200,959	)
Service Class					0						(13,947	)
Total distributions to shareholders					(1,100,847	)					(1,980,035	)
Capital share transactions		Shares						Shares
Proceeds from shares sold
Administrator Class		0			0			2,105,087			2,105,101
Institutional Class		3,113,802,610			3,115,774,613			9,480,282,067			9,481,711,234
Service Class		2,453,556			2,454,899			331,085,947			331,086,245
					3,118,229,512						9,814,902,580
Reinvestment of distributions
Administrator Class		9,158			9,163			8,721			8,709
Institutional Class		1,021,464			1,022,200			1,177,361			1,177,809
Service Class		28,557			28,576			40,681			40,692
					1,059,939						1,227,210
Payment for shares redeemed
Administrator Class		0			0			(2,429,155	)		(2,429,170	)
Institutional Class		(3,022,407,609	)		(3,024,328,354	)		(10,172,020,238	)		(10,173,420,410	)
Service Class		(4,938,910	)		(4,941,607	)		(415,655,259	)		(415,657,336	)
					(3,029,269,961	)					(10,591,506,916	)
Net increase (decrease) in net assets resulting from capital share transactions					90,019,490						(775,377,126	)
Total increase (decrease) in net assets					90,212,480						(775,361,317	)
Net assets
Beginning of period					289,696,129						1,065,057,446
End of period				$	379,908,609					$	289,696,129
Overdistributed net investment income				$	(75,241	)				$	(75,080	)

The accompanying notes are an integral part of these financial statements.

Financial highlights Wells Fargo Municipal Cash Management Money Market Fund 17

(For a share outstanding throughout each period)

	Six months ended July 31, 2017 (unaudited)			Year ended January 31
ADMINISTRATOR CLASS				2017			20161			20151			20141			20131
Net asset value, beginning of period		$1.0005			$1.0000			$1.00			$1.00			$1.00			$1.00
Net investment income		0.0028			0.0031			0.00	2		0.00	2		0.00	2		0.00	2
Net realized and unrealized gains (losses) on investments		0.0007			0.0008			0.00	2		0.00	2		0.00	2		0.00	2
Total from investment operations		0.0035			0.0039			0.00	2		0.00	2		0.00	2		0.00	2
Distributions to shareholders from
Net investment income		(0.0030	)		(0.0030	)		(0.00	)2		(0.00	)2		(0.00	)2		(0.00	)2
Net realized gains		0.0000			(0.0004	)		(0.00	)2		(0.00	)2		(0.00	)2		(0.00	)2
Total distributions to shareholders		(0.0030	)		(0.0034	)		(0.00	)2		(0.00	)2		(0.00	)2		(0.00	)2
Net asset value, end of period		$1.0010			$1.0005			$1.00			$1.00			$1.00			$1.00
Total return3		0.33	%		0.35	%		0.02	%		0.02	%		0.04	%		0.05	%
Ratios to average net assets (annualized)
Gross expenses		0.41	%		0.39	%		0.37	%		0.37	%		0.36	%		0.36	%
Net expenses		0.30	%		0.27	%		0.10	%		0.11	%		0.15	%		0.22	%
Net investment income		0.57	%		0.29	%		0.01	%		0.01	%		0.01	%		0.01	%
Supplemental data
Net assets, end of period (000s omitted)		$3,234			$3,223			$3,537			$3,536			$3,536			$3,534

¹  The presentation of prior year amounts reflect the Fund transacting shares at a fixed NAV rounded to two decimal places. Beginning October 11, 2016, the Fund began selling and redeeming shares of the Fund at a floating NAV rounded to the fourth decimal place.

²  Amount is less than $0.005.

³  Returns for periods of less than one year are not annualized.

The accompanying notes are an integral part of these financial statements.

18 Wells Fargo Municipal Cash Management Money Market Fund Financial highlights

(For a share outstanding throughout each period)

	Six months ended July 31, 2017 (unaudited)			Year ended January 31
INSTITUTIONAL CLASS				2017			20161			20151			20141			20131
Net asset value, beginning of period		$1.0005			$1.0000			$1.00			$1.00			$1.00			$1.00
Net investment income		0.0035			0.0035			0.00	2		0.00	2		0.00	2		0.00	2
Net realized and unrealized gains (losses) on investments		0.0001			0.0012			0.00	2		0.00	2		0.00	2		0.00	2
Total from investment operations		0.0036			0.0047			0.00	2		0.00	2		0.00	2		0.00	2
Distributions to shareholders from
Net investment income		(0.0030	)		(0.0038	)		(0.00	)2		(0.00	)2		(0.00	)2		(0.00	)2
Net realized gains		0.0000			(0.0004	)		(0.00	)2		(0.00	)2		(0.00	)2		(0.00	)2
Total distributions to shareholders		(0.0030	)		(0.0042	)		(0.00	)2		(0.00	)2		(0.00	)2		(0.00	)2
Net asset value, end of period		$1.0011			$1.0005			$1.00			$1.00			$1.00			$1.00
Total return3		0.39	%		0.44	%		0.02	%		0.02	%		0.04	%		0.08	%
Ratios to average net assets (annualized)
Gross expenses		0.29	%		0.26	%		0.25	%		0.25	%		0.24	%		0.24	%
Net expenses		0.20	%		0.18	%		0.10	%		0.11	%		0.15	%		0.19	%
Net investment income		0.67	%		0.27	%		0.01	%		0.01	%		0.01	%		0.04	%
Supplemental data
Net assets, end of period (000s omitted)		$355,160			$262,511			$953,036			$1,008,667			$1,104,686			$1,566,716

¹  The presentation of prior year amounts reflect the Fund transacting shares at a fixed NAV rounded to two decimal places. Beginning October 11, 2016, the Fund began selling and redeeming shares of the Fund at a floating NAV rounded to the fourth decimal place.

²  Amount is less than $0.005.

³  Returns for periods of less than one year are not annualized.

The accompanying notes are an integral part of these financial statements.

Financial highlights Wells Fargo Municipal Cash Management Money Market Fund 19

(For a share outstanding throughout each period)

	Six months ended July 31, 2017 (unaudited)			Year ended January 31
SERVICE CLASS				2017			20161			20151			20141			20131
Net asset value, beginning of period		$1.0005			$1.0000			$1.00			$1.00			$1.00			$1.00
Net investment income		0.0024			0.0037			0.00	2		0.00	2		0.00	2		0.00	2
Net realized and unrealized gains (losses) on investments		0.0001			(0.0010	)		0.00	2		0.00	2		0.00	2		0.00	2
Total from investment operations		0.0025			0.0027			0.00	2		0.00	2		0.00	2		0.00	2
Distributions to shareholders from
Net investment income		(0.0020	)		(0.0018	)		(0.00	)2		(0.00	)2		(0.00	)2		(0.00	)2
Net realized gains		0.0000			(0.0004	)		(0.00	)2		(0.00	)2		(0.00	)2		(0.00	)2
Total distributions to shareholders		(0.0020	)		(0.0022	)		(0.00	)2		(0.00	)2		(0.00	)2		(0.00	)2
Net asset value, end of period		$1.0010			$1.0005			$1.00			$1.00			$1.00			$1.00
Total return3		0.26	%		0.23	%		0.02	%		0.02	%		0.04	%		0.05	%
Ratios to average net assets (annualized)
Gross expenses		0.58	%		0.49	%		0.48	%		0.47	%		0.48	%		0.48	%
Net expenses		0.45	%		0.35	%		0.10	%		0.11	%		0.15	%		0.22	%
Net investment income		0.42	%		0.09	%		0.01	%		0.01	%		0.01	%		0.01	%
Supplemental data
Net assets, end of period (000s omitted)		$21,515			$23,962			$108,484			$140,465			$175,358			$140,313

¹  The presentation of prior year amounts reflect the Fund transacting shares at a fixed NAV rounded to two decimal places. Beginning October 11, 2016, the Fund began selling and redeeming shares of the Fund at a floating NAV rounded to the fourth decimal place.

²  Amount is less than $0.005.

³  Returns for periods of less than one year are not annualized.

The accompanying notes are an integral part of these financial statements.

20 Wells Fargo Municipal Cash Management Money Market Fund Notes to financial statements (unaudited)

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 Wells Fargo Municipal Cash Management Money Market Fund (the “Fund”) which is a diversified series of the Trust.

2. SIGNIFICANT ACCOUNTING POLICIES

The following significant accounting policies, which are consistently followed in the preparation of the financial statements of the 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 revenues and expenses during the reporting period. Actual results could differ from those estimates.

Securities valuation

Debt securities are valued at the evaluated bid price provided by an independent pricing service or, if a reliable price is not available, the quoted bid price from an independent broker-dealer.

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 of the Fund. 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 Management Valuation Team of 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 Management Valuation Team which may include items for ratification.

Valuations of fair valued securities are compared to the next actual sales price when available, or other appropriate market values, to assess the continued appropriateness of the fair valuation methodologies used. These securities are fair valued on a day-to-day basis, taking into consideration changes to appropriate market information and any significant changes to the inputs considered in the valuation process until there is a readily available price provided on an exchange or by an independent pricing service. Valuations received from an independent pricing service or independent broker-dealer quotes are periodically validated by comparisons to most recent trades and valuations provided by other independent pricing services in addition to the review of prices by the manager and/or subadviser. Unobservable inputs used in determining fair valuations are identified based on the type of security, taking into consideration factors utilized by market participants in valuing the investment, knowledge about the issuer and the current market environment.

Repurchase agreements

The Fund may invest in repurchase agreements and may participate in pooled repurchase agreement transactions with other funds advised by Funds Management. Repurchase agreements are agreements where the seller of a security to the Fund agrees to repurchase that security from the Fund at a mutually agreed upon time and price. The repurchase agreements must be fully collateralized based on values that are marked-to-market daily. The collateral may be held by an agent bank under a tri-party agreement. It is the custodian’s responsibility to value collateral daily and to take action to obtain additional collateral as necessary to maintain market value equal to or greater than the resale price. The repurchase agreements are collateralized by instruments such as U.S. Treasury, federal agency, or high-grade corporate obligations. There could be potential loss to the Fund in the event that the Fund is delayed or prevented from exercising its rights to dispose of the collateral, including the risk of a possible decline in the value of the underlying obligations during the period in which the Fund seeks to assert its rights.

When-issued transactions

The Fund may purchase securities on a forward commitment or when-issued basis. The Fund records a when-issued transaction on the trade date and will segregate assets in an amount at least equal in value to the Fund’s commitment to purchase when-issued securities. Securities purchased on a when-issued basis are marked-to-market daily and the Fund begins earning interest on the settlement date. Losses may arise due to changes in the market value of the underlying securities or if the counterparty does not perform under the contract.

Notes to financial statements (unaudited) Wells Fargo Municipal Cash Management Money Market Fund 21

Security transactions and income recognition

Securities transactions are recorded on a trade date basis. Realized gains or losses are recorded on the basis of identified cost.

Interest income is accrued daily and bond discounts are accreted and premiums are amortized daily based on the effective interest method. 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 are accrued daily and paid monthly. Distributions from net realized gains, if any, are recorded on the ex-dividend date. 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 the Fund’s fiscal year end. Therefore, a portion of the Fund’s distributions made prior to the Fund’s fiscal year end may be categorized as a tax return of capital.

Federal and other taxes

The Fund intends to continue to qualify as a regulated investment company by distributing substantially all of its investment company taxable and tax-exempt 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.

The 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 the 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.

Class allocations

The separate classes of shares offered by the Fund differ principally in shareholder servicing and administration fees. Class specific expenses are charged directly to that share class. Investment income, common 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.

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 the 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). The 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.

22 Wells Fargo Municipal Cash Management Money Market Fund Notes to financial statements (unaudited)

The following is a summary of the inputs used in valuing the Fund’s assets and liabilities as of July 31, 2017:

	Quoted prices (Level 1)		Other significant observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total
Assets
Investments in:
Municipal obligations	$	0	$	297,550,000	$	0	$	297,550,000
Other		0		16,700,000		0		16,700,000
Repurchase agreements		0		25,000,000		0		25,000,000
Total assets	$	0	$	339,250,000	$	0	$	339,250,000

The Fund recognizes transfers between levels within the fair value hierarchy at the end of the reporting period. At July 31, 2017, the Fund did not have any transfers into/out of Level 1, Level 2, or Level 3.

4. TRANSACTIONS WITH AFFILIATES

Management fee

Funds Management, an indirect wholly owned subsidiary of Wells Fargo & Company (“Wells Fargo”), is the manager of the 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 the Fund, supervising the subadviser, providing fund-level administrative services in connection with the Fund’s operations, and providing any other fund-level administrative services reasonably necessary for the operation of the Fund. As compensation for its services under the investment management agreement, Funds Management is entitled to receive an annual management fee starting at 0.15% and declining to 0.13% as the average daily net assets of the Fund increase. For the six months ended July 31, 2017, the management fee was equivalent to an annual rate of 0.15% of the Fund’s average daily net assets.

Funds Management has retained the services of a subadviser to provide daily portfolio management to the 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 the Fund and is entitled to receive a fee from Funds Management at an annual rate starting at 0.05% and declining to 0.01% as the average daily net assets of the Fund increase.

Administration fees

Under a class-level administration agreement, Funds Management provides class-level administrative services to the 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
Administrator Class		0.10	%
Institutional Class		0.08
Service Class		0.12

Funds Management has contractually waived and/or reimbursed management and administration fees to the extent necessary to maintain certain net operating expense ratios for the Fund. Waiver of fees and/or reimbursement of expenses by Funds Management were made first from fund level expenses on a proportionate basis and then from class specific expenses. Funds Management has committed through May 31, 2018 to waive fees and/or reimburse expenses to the extent necessary to cap the Fund’s expenses at 0.30% for Administrator Class shares, 0.20% for Institutional Class shares and 0.45% for Service Class shares. 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.

Notes to financial statements (unaudited) Wells Fargo Municipal Cash Management Money Market Fund 23

Shareholder servicing fees

The Trust has entered into contracts with one or more shareholder servicing agents. Administrator Class and Service Class of the Fund are charged a fee at an annual rate of 0.10% and 0.25%, respectively, of their average daily net assets.

A portion of these total shareholder servicing fees were paid to affiliates of Wells Fargo.

Interfund transactions

The Fund may purchase or sell investment securities to other Wells Fargo affiliates pursuant to Rule 17a-7 of the 1940 Act and under procedures adopted by the Board of Trustees. The procedures have been designed to ensure that these interfund transactions, which do not incur broker commissions, are effected at current market prices. Pursuant to these procedures, the Fund had $405,310,000 and $423,650,000 in interfund purchases and sales, respectively, during the six months ended July 31, 2017.

5. INDEMNIFICATION

Under the Trust’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 the Trust. Additionally, in the normal course of business, the Trust may enter into contracts with service providers that contain a variety of indemnification clauses. The Trust’s maximum exposure under these arrangements is dependent on future claims that may be made against the Fund and, therefore, cannot be estimated.

6. REGULATORY CHANGES

In October 2016, the Securities and Exchange Commission (“SEC”) adopted new rules and forms and amended existing rules and forms (together, “final rules”) intended to modernize and enhance the reporting and disclosure of information by registered investment companies and to enhance liquidity risk management by open-end mutual funds and exchange-traded funds. The final rules will enhance the quality of information available to investors and will allow the SEC to more effectively collect and use data reported by funds. In part, the final rules amend Regulation S-X and require standardized, enhanced disclosure about derivatives in the Fund’s financial statements, as well as other amendments. The compliance date for the amendments to Regulation S-X is August 1, 2017. Management has evaluated the amendments to Regulation S-X and its adoption will result in enhanced financial disclosures in the Fund’s financial statements. Management continues to evaluate the reporting requirements for the new form types (compliance date is June 1, 2018) and the implementation of the liquidity risk management program (compliance date is December 1, 2018).

24 Wells Fargo Municipal Cash Management Money Market Fund Other information (unaudited)

PROXY VOTING INFORMATION

A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities is available, upon request, by calling 1-800-222-8222, visiting our website at wellsfargofunds.com, or visiting the SEC website at sec.gov. Information regarding how the Fund voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is available on the Fund’s website at wellsfargofunds.com or by visiting the SEC website at sec.gov.

PORTFOLIO HOLDINGS INFORMATION

The complete portfolio holdings for the Fund are publicly available on the Fund’s website (wellsfargofunds.com) on a 1-day delayed basis. The Fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q, which is available by visiting the SEC website at sec.gov. In addition, the Fund’s Form N-Q may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC, and at regional offices in New York City, at 233 Broadway, and in Chicago, at 175 West Jackson Boulevard, Suite 900. Information about the Public Reference Room may be obtained by calling 1-800-SEC-0330.

Other information (unaudited) Wells Fargo Municipal Cash Management Money Market Fund 25

BOARD OF TRUSTEES AND OFFICERS

Each of the Trustees and Officers¹ listed in the table below acts in identical capacities for each fund in the Wells Fargo family of funds, which consists of 145 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 Information². 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. Board member of the Forté Foundation (non-profit organization) and the Vincent Memorial Hospital Endowment (non-profit organization), where he serves on the Investment Committee and as a Chair of the Audit Committee. Mr. Ebsworth is a CFA® charterholder.	Asset Allocation Trust
Jane A. Freeman (Born 1953)	Trustee, since 2015	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 a Board Member of Ruth Bancroft Garden (non-profit organization) and an inactive chartered financial analyst.	Asset Allocation Trust
Peter G. Gordon** (Born 1942)	Trustee, since 1998; Chairman, since 2005	Co-Founder, Retired Chairman, President and CEO of Crystal Geyser Water Company. Trustee Emeritus, Colby College.	Asset Allocation Trust
Isaiah Harris, Jr. (Born 1952)	Trustee, since 2009	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 (charter school). Advisory Board Member, Child Evangelism Fellowship (non-profit). Mr. Harris is a certified public accountant (inactive status).	CIGNA Corporation; Asset Allocation Trust
Judith M. Johnson (Born 1949)	Trustee, since 2008; Audit Committee Chairman, 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.	Asset Allocation Trust
David F. Larcker (Born 1950)	Trustee, since 2009	James Irvin Miller Professor of Accounting at the Graduate School of Business, 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.	Asset Allocation Trust

26 Wells Fargo Municipal Cash Management Money Market Fund 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	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.	Asset Allocation Trust
Timothy J. Penny (Born 1951)	Trustee, since 1996: Vice Chairman, since 2017	President and Chief Executive Officer of Southern Minnesota Initiative Foundation, a non-profit organization, since 2007 and Senior Fellow at the Humphrey Institute Policy Forum at the University of Minnesota since 1995. Member of the Board of Trustees of NorthStar Education Finance, Inc., a non-profit organization, since 2007.	Asset Allocation Trust
Michael S. Scofield (Born 1943)	Trustee, since 2010	Served on the Investment Company Institute’s Board of Governors and Executive Committee from 2008-2011 as well the Governing Council of the Independent Directors Council from 2006-2011 and the Independent Directors Council Executive Committee from 2008-2011. Chairman of the IDC from 2008-2010. Trustee of the Evergreen Funds complex (and its predecessors) from 1984 to 2010. Chairman of the Evergreen Funds from 2000-2010. Former Trustee of the Mentor Funds. Retired Attorney, Law Offices of Michael S. Scofield.	Asset Allocation Trust

* Length of service dates reflect the Trustee’s commencement of service with the Trust’s predecessor entities, where applicable.

** Peter Gordon is expected to retire on December 31, 2017.

Advisory Board Members

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
James G. Polisson (Born 1959)	Advisory Board Member, since 2017	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 (Blackrock) from 1998 to 2010 and Global Chief Marketing Officer for iShares and Barclays Global Investors from 2000 to 2010. Prior thereto, Vice President, Fidelity Retail Mutual Fund Group from 1996 to 1998 and Risk Management Practice Manager, Fidelity Consulting from 1995 to 1996. 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.	None
Pamela Wheelock (Born 1959)	Advisory Board Member, since 2017	Chief Operating Officer, Twin Cities Habitat for Humanity, since January, 2017. Vice President of University Services, University of Minnesota from 2012 to 2017. Prior thereto, Interim President and Chief Executive Officer of Blue Cross Blue Shield of Minnesota from 2010 to 2011, Chairman of the Board from 2009 to 2011 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. Commissioner of Finance, State of Minnesota, from 1999 to 2002. Currently on the Board of Directors, Governance Committee and Finance Committee, for the Minnesota Philanthropy Partners (Saint Paul Foundation) since 2012 and Board Chair of the Minnesota Wild Foundation since 2010.	None

Other information (unaudited) Wells Fargo Municipal Cash Management Money Market Fund 27

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.
Nancy Wiser1 (Born 1967)	Treasurer, since 2012	Executive Vice President of Wells Fargo Funds Management, LLC since 2011. Chief Operating Officer and Chief Compliance Officer at LightBox Capital Management LLC, from 2008 to 2011.
C. David Messman (Born 1960)	Secretary, since 2000; Chief Legal Officer, since 2003	Senior Vice President and Secretary of Wells Fargo Funds Management, LLC since 2001. Assistant General Counsel of Wells Fargo Bank, N.A. since 2013 and Vice President and Managing Counsel of Wells Fargo Bank, N.A. from 1996 to 2013.
Michael H. Whitaker (Born 1967)	Chief Compliance Officer, since 2016	Senior Vice President and Chief Compliance Officer since 2016. Senior Vice President and Chief Compliance Officer for Fidelity Investments from 2007 to 2016.
David Berardi (Born 1975)	Assistant Treasurer, since 2009	Vice President of Wells Fargo Funds Management, LLC since 2009. Vice President of Evergreen Investment Management Company, LLC from 2008 to 2010. Manager of Fund Reporting and Control for Evergreen Investment Management Company, LLC from 2004 to 2010.
Jeremy DePalma1 (Born 1974)	Assistant Treasurer, since 2009	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.

¹  Nancy Wiser acts as Treasurer of 69 funds in the Fund Complex. Jeremy DePalma acts as Treasurer of 76 funds and Assistant Treasurer of 69 funds in the Fund Complex.

² 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 wellsfargofunds.com.

28 Wells Fargo Municipal Cash Management Money Market Fund Other information (unaudited)

BOARD CONSIDERATION OF INVESTMENT MANAGEMENT AND SUB-ADVISORY AGREEMENTS:

Under the Investment Company Act of 1940 (the “1940 Act”), the Board of Trustees (the “Board”) of Wells Fargo Funds Trust (the “Trust”) must determine annually whether to approve the continuation of the Trust’s investment management and sub-advisory agreements. In this regard, at an in-person meeting held on May 16-17, 2017 (the “Meeting”), the Board, all the members of which have no direct or indirect interest in the investment management and sub-advisory agreements and are not “interested persons” of the Trust, as defined in the 1940 Act (the “Independent Trustees”), reviewed and approved for Wells Fargo Municipal Cash Management Money Market Fund (the “Fund”): (i) an investment management agreement (the “Management Agreement”) with Wells Fargo Funds Management, LLC (“Funds Management”); and (ii) an investment sub-advisory agreement (the “Sub-Advisory Agreement”) with Wells Capital Management Incorporated (the “Sub-Adviser”), an affiliate of Funds Management. The Management Agreement and the Sub-Advisory Agreement are collectively referred to as the “Advisory Agreements.”

At the Meeting, the Board considered the factors and reached the conclusions described below relating to the selection of Funds Management and the Sub-Adviser and the approval of the Advisory Agreements. Prior to the Meeting, including at an in-person meeting in April 2017, the Trustees conferred extensively among themselves and with representatives of Funds Management about these matters. Also, the Board has adopted a team-based approach, with each team consisting of a sub-set of Trustees, to assist the full Board in the discharge of its duties in reviewing performance and other matters throughout the year. The Independent Trustees were assisted in their evaluation of the Advisory Agreements by independent legal counsel, from whom they received separate legal advice and with whom they met separately.

In providing information to the Board, Funds Management and the Sub-Adviser were guided by a detailed set of requests for information submitted to them by independent legal counsel on behalf of the Independent Trustees at the start of the Board’s annual contract renewal process earlier in 2017. In considering and approving the Advisory Agreements, the Trustees considered the information they believed relevant, including but not limited to the information discussed below. The Board considered not only the specific information presented in connection with the Meeting, but also the knowledge gained over time through interaction with Funds Management and the Sub-Adviser about various topics. In this regard, the Board reviewed reports of Funds Management at each of its quarterly meetings, which included, among other things, portfolio reviews and performance reports. In addition, the Board and the teams mentioned above confer with portfolio managers at various times throughout the year. The Board did not identify any particular information or consideration that was all-important or controlling, and each individual Trustee may have attributed different weights to various factors.

After its deliberations, the Board unanimously approved the continuation of the Advisory Agreements for a one-year term and determined that the compensation payable to Funds Management and the Sub-Adviser under each of the Advisory Agreements was reasonable. The Board considered the approval of the Advisory Agreements for the Fund as part of its consideration of agreements for funds across the complex, but its approvals were made on a fund-by-fund basis. The following summarizes a number of important, but not necessarily all, factors considered by the Board in support of its approvals.

Nature, extent and quality of services

The Board received and considered various information regarding the nature, extent and quality of services provided to the Fund by Funds Management and the Sub-Adviser under the Advisory Agreements. This information included a description of the investment advisory services and Fund-level administrative services covered by the Management Agreement, as well as, among other things, a summary of the background and experience of senior management of Funds Management, a summary of certain organizational and personnel changes involving Funds Management and the Sub-Adviser, and a description of Funds Management’s and the Sub-Adviser’s business continuity planning programs and of their approaches to data privacy and cybersecurity. The Board also considered the qualifications, background, tenure and responsibilities of each of the portfolio managers primarily responsible for the day-to-day portfolio management of the Fund.

The Board evaluated the ability of Funds Management and the Sub-Adviser to attract and retain qualified investment professionals, including research, advisory and supervisory personnel. The Board further considered the compliance programs and compliance records of Funds Management and the Sub-Adviser. In addition, the Board took into account the full range of services provided to the Fund by Funds Management and its affiliates.

Other information (unaudited) Wells Fargo Municipal Cash Management Money Market Fund 29

Fund performance and expenses

The Board considered the performance results for the Fund over various time periods ended December 31, 2016. The Board considered these results in comparison to the performance of funds in a universe that was determined by Broadridge Inc. (“Broadridge”) to be similar to the Fund (the “Universe”), and to other comparative data. Broadridge is an independent provider of investment company data. The Board received a description of the methodology used by Broadridge to select the mutual funds in the performance Universe. The Board noted that the performance of the Fund (Institutional Class) was higher than the average performance of the Universe for the all periods under review.

The Board also received and considered information regarding the Fund’s net operating expense ratios and their various components, including actual management fees, custodian and other non-management fees, and Rule 12b-1 and non-Rule 12b-1 shareholder service fees. The Board considered these ratios in comparison to the median ratios of funds in class-specific expense groups that were determined by Broadridge to be similar to the Fund (the “Groups”). The Board received a description of the methodology used by Broadridge to select the mutual funds in the expense Groups and an explanation of how funds comprising expense groups and their expense ratios may vary from year-to-year. Based on the Broadridge reports, the Board noted that the net operating expense ratios of the Fund were higher than the median net operating expense ratios of the expense Groups for all share classes except Institutional Class.

The Board took into account the Fund performance and expense information provided to it among the factors considered in deciding to re-approve the Advisory Agreements.

Investment management and sub-advisory fee rates

The Board reviewed and considered the contractual fee rates payable by the Fund to Funds Management under the Management Agreement, as well as the contractual fee rates payable by the Fund to Funds Management for class-level administrative services under a Class-Level Administration Agreement, which include, among other things, class-level transfer agency and sub-transfer agency costs (collectively, the “Management Rates”). The Board also reviewed and considered the contractual investment sub-advisory fee rates that are payable by Funds Management to the Sub-Adviser for investment sub-advisory services.

Among other information reviewed by the Board was a comparison of the Fund’s Management Rates with the average contractual investment management fee rates of funds in the expense Groups at a common asset level as well as transfer agency costs of the funds in the expense Groups. The Board noted that the Management Rates of the Fund were lower than or in range of the sum of these average rates for the Fund’s expense Groups for all share classes.

The Board also received and considered information about the portion of the total management fee that was retained by Funds Management after payment of the fee to the Sub-Adviser for sub-advisory services. In assessing the reasonableness of this amount, the Board received and evaluated information about the nature and extent of responsibilities retained and risks assumed by Funds Management and not delegated to or assumed by the Sub-Adviser, and about Funds Management’s on-going oversight services. Given the affiliation between Funds Management and the Sub-Adviser, the Board ascribed limited relevance to the allocation of fees between them.

The Board also received and considered information about the nature and extent of services offered and fee rates charged by Funds Management and the Sub-Adviser to other types of clients with investment strategies similar to those of the Fund. In this regard, the Board received information about the significantly greater scope of services, and compliance, reporting and other legal burdens and risks of managing mutual funds compared with those associated with managing assets of non-mutual fund clients such as a short-term investment portfolio.

Based on its consideration of the factors and information it deemed relevant, including those described here, the Board determined that the compensation payable to Funds Management under the Management Agreement and to the Sub-Adviser under the Sub-Advisory Agreement was reasonable.

Profitability

The Board received and considered information concerning the profitability of Funds Management, as well as the profitability of Wells Fargo as a whole, from providing services to the Fund and the fund family as a whole. The Board also received and considered information concerning the profitability of the Sub-Adviser from providing services to the fund family as a whole, noting that the Sub-Adviser’s profitability information with respect to providing services to the Fund was subsumed in the Wells Fargo and Funds Management profitability analysis.

Funds Management reported on the methodologies and estimates used in calculating profitability, including a description of the methodology used to allocate certain expenses. Among other things, the Board noted that the levels of profitability reported on a fund-by-fund basis varied widely, depending on factors such as the size and type of fund.

30 Wells Fargo Municipal Cash Management Money Market Fund Other information (unaudited)

Based on its review, the Board did not deem the profits reported by Funds Management or Wells Fargo from its services to the Fund to be at a level that would prevent it from approving the continuation of the Advisory Agreements.

Economies of scale

With respect to possible economies of scale, the Board noted the existence of breakpoints in the Fund’s management fee structure, which operate generally to reduce the Fund’s expense ratios as the Fund grows in size. It considered that, for a small fund or a fund that shrinks in size, breakpoints conversely can result in higher fee levels. The Board also considered that in addition to management fee breakpoints, competitive management fee rates set at the outset without regard to breakpoints and fee waiver and expense reimbursement arrangements are means of sharing potential economies of scale with shareholders of the Fund. The Board considered Funds Management’s view, which Funds Management indicated was supported by independent third-party industry studies which were summarized for the Board, that any analyses of potential economies of scale in managing a particular fund are inherently limited in light of the joint and common costs and investments that Funds Management incurs across the fund family as a whole.

The Board concluded that the Fund’s fee and expense arrangements, including contractual breakpoints, constituted a reasonable approach to sharing potential economies of scale with the Fund and its shareholders.

Other benefits to Funds Management and the Sub-Adviser

The Board received and considered information regarding potential “fall-out” or ancillary benefits received by Funds Management and its affiliates, including the Sub-Adviser, as a result of their relationships with the Fund. Ancillary benefits could include, among others, benefits directly attributable to other relationships with the Fund and benefits potentially derived from an increase in Funds Management’s and the Sub-Adviser’s business as a result of their relationships with the Fund. The Board noted that various affiliates of Funds Management may receive distribution-related fees, shareholder servicing payments and sub-transfer agency fees in respect of shares sold or held through them and services provided.

The Board also reviewed information about soft dollar credits earned and utilized by the Sub-Adviser, fees earned by Funds Management and the Sub-Adviser from managing a private investment vehicle for the fund family’s securities lending collateral and commissions earned by an affiliated broker from portfolio transactions.

Based on its consideration of the factors and information it deemed relevant, including those described here, the Board did not find that any ancillary benefits received by Funds Management and its affiliates, including the Sub-Adviser, were unreasonable.

Conclusion

At the Meeting, after considering the above-described factors and based on its deliberations and its evaluation of the information described above, the Board unanimously approved the continuation of the Advisory Agreements for a one-year term and determined that the compensation payable to Funds Management and the Sub-Adviser under each of the Advisory Agreements was reasonable.

List of abbreviations Wells Fargo Municipal Cash Management Money Market Fund 31

The following is a list of common abbreviations for terms and entities that may have appeared in this report.

ACA —  ACA Financial Guaranty Corporation

ADR —  American depositary receipt

ADS —  American depositary shares

AGC —  Assured Guaranty Corporation

AGM —  Assured Guaranty Municipal

Ambac —  Ambac Financial Group Incorporated

AMT —  Alternative minimum tax

AUD —  Australian dollar

BAN —  Bond anticipation notes

BHAC —  Berkshire Hathaway Assurance Corporation

BRL —  Brazilian real

CAB —  Capital appreciation bond

CAD —  Canadian dollar

CCAB —  Convertible capital appreciation bond

CDA —  Community Development Authority

CDO —  Collateralized debt obligation

CHF —  Swiss franc

CLO —  Collateralized loan obligation

CLP —  Chilean peso

COP —  Colombian peso

DKK —  Danish krone

DRIVER —  Derivative inverse tax-exempt receipts

DW&P —  Department of Water & Power

DWR —  Department of Water Resources

ECFA —  Educational & Cultural Facilities Authority

EDA —  Economic Development Authority

EDFA —  Economic Development Finance Authority

ETF —  Exchange-traded fund

EUR —  Euro

FDIC —  Federal Deposit Insurance Corporation

FFCB —  Federal Farm Credit Banks

FGIC —  Financial Guaranty Insurance Corporation

FHA —  Federal Housing Administration

FHLB —  Federal Home Loan Bank

FHLMC —  Federal Home Loan Mortgage Corporation

FICO —  The Financing Corporation

FNMA —  Federal National Mortgage Association

FSA —  Farm Service Agency

GBP —  Great British pound

GDR —  Global depositary receipt

GNMA —  Government National Mortgage Association

GO —  General obligation

HCFR —  Healthcare facilities revenue

HEFA —  Health & Educational Facilities Authority

HEFAR —  Higher education facilities authority revenue

HFA —  Housing Finance Authority

HFFA —  Health Facilities Financing Authority

HKD —  Hong Kong dollar

HUD —  Department of Housing and Urban Development

HUF —  Hungarian forint

IDA —  Industrial Development Authority

IDAG —  Industrial Development Agency

IDR —  Indonesian rupiah

IEP —  Irish pound

JPY —  Japanese yen

KRW —  Republic of Korea won

LIBOR —  London Interbank Offered Rate

LIFER —  Long Inverse Floating Exempt Receipts

LIQ —  Liquidity agreement

LLC —  Limited liability company

LLLP —  Limited liability limited partnership

LLP —  Limited liability partnership

LOC —  Letter of credit

LP —  Limited partnership

MBIA —  Municipal Bond Insurance Association

MFHR —  Multifamily housing revenue

MSTR —  Municipal securities trust receipts

MTN —  Medium-term note

MUD —  Municipal Utility District

MXN —  Mexican peso

MYR —  Malaysian ringgit

National —  National Public Finance Guarantee Corporation

NGN —  Nigerian naira

NOK —  Norwegian krone

NZD —  New Zealand dollar

PCFA —  Pollution Control Financing Authority

PCL —  Public Company Limited

PCR —  Pollution control revenue

PFA —  Public Finance Authority

PFFA —  Public Facilities Financing Authority

PFOTER —  Puttable floating option tax-exempt receipts

PJSC —  Public Joint Stock Company

plc —  Public limited company

PLN —  Polish zloty

PUTTER —  Puttable tax-exempt receipts

R&D —  Research & development

Radian —  Radian Asset Assurance

RAN —  Revenue anticipation notes

RDA —  Redevelopment Authority

RDFA —  Redevelopment Finance Authority

REIT —  Real estate investment trust

ROC —  Reset option certificates

RON —  Romanian lei

RUB —  Russian ruble

SAVRS —  Select auction variable rate securities

SBA —  Small Business Authority

SDR —  Swedish depositary receipt

SEK —  Swedish krona

SFHR —  Single-family housing revenue

SFMR —  Single-family mortgage revenue

SGD —  Singapore dollar

SPA —  Standby purchase agreement

SPDR —  Standard & Poor’s Depositary Receipts

SPEAR —  Short Puttable Exempt Adjustable Receipts

STRIPS —  Separate trading of registered interest and

      principal securities

TAN —  Tax anticipation notes

TBA —  To be announced

THB —  Thai baht

TIPS —  Treasury inflation-protected securities

TRAN —  Tax revenue anticipation notes

TRY —  Turkish lira

TTFA —  Transportation Trust Fund Authority

TVA —  Tennessee Valley Authority

ZAR —  South African rand

This page is intentionally left blank.

For more information

More information about Wells Fargo Funds is available free upon request. To obtain literature, please write, email, visit the Fund’s website, or call:

Wells Fargo Funds

P.O. Box 8266

Boston, MA 02266-8266

Email: fundservice@wellsfargo.com

Website: wellsfargofunds.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 Fund. 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 Fund’s website at wellsfargofunds.com. Read the prospectus carefully before you invest or send money.

Wells Fargo Asset Management (WFAM) is a trade name used by the asset management businesses of Wells Fargo & Company. Wells Fargo Funds Management, LLC, a wholly owned subsidiary of Wells Fargo & Company, provides investment advisory and administrative services for Wells Fargo Funds. Other affiliates of Wells Fargo & Company provide subadvisory and other services for the funds. The funds are distributed by Wells Fargo Funds Distributor, LLC, Member FINRA, an affiliate of Wells Fargo & Company. Neither Wells Fargo Funds Management nor Wells Fargo Funds Distributor has Fund customer accounts/assets, and neither provides investment advice/recommendations or acts as an investment advice fiduciary to any investor.

NOT FDIC INSURED  ◾  NO BANK GUARANTEE  ◾   MAY LOSE VALUE

© 2017 Wells Fargo Funds Management, LLC. All rights reserved.

305366 09-17 SA307/SAR307 07-17

Semi-Annual Report

July 31, 2017

Government Money Market Funds

∎ Wells Fargo Government Money Market Fund

Reduce clutter. Save trees.

Sign up for electronic delivery of prospectuses and shareholder reports at wellsfargo.com/advantagedelivery

Contents

Letter to shareholders	2
Performance highlights	4
Fund expenses	6
Portfolio of investments	7
Financial statements
Statement of assets and liabilities	17
Statement of operations	18
Statement of changes in net assets	19
Financial highlights	20
Notes to financial statements	26
Other information	30
List of abbreviations	37

The views expressed and any forward-looking statements are as of July 31, 2017, unless otherwise noted, and are those of the Fund managers and/or Wells Fargo Funds Management, LLC. Discussions of individual securities, or the markets generally, or any Wells Fargo Fund 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 Funds Management, LLC and the Fund disclaim any obligation to publicly update or revise any views expressed or forward-looking statements.

NOT FDIC INSURED  ◾  NO BANK GUARANTEE  ◾   MAY LOSE VALUE

2 Wells Fargo Government Money Market Fund Letter to shareholders (unaudited)

Andrew Owen

President

Wells Fargo Funds

Early in July, volatility expectations increased and then receded, as measured by the CBOE VIX.

Dear Shareholder:

We are pleased to offer you this semi-annual report for the Wells Fargo Government Money Market Fund for the six-month period that ended July 31, 2017. Many equity markets advanced during this reporting period, supported by modest economic growth despite political uncertainty. U.S. and international stocks returned 9.51% and 14.26%, for the six-month period, as measured by the S&P 500 Index¹ and the MSCI ACWI ex USA Index (Net)², respectively. Within fixed income, the Bloomberg Barclays U.S. Aggregate Bond Index³ returned 4.98% and the Bloomberg Barclays Municipal Bond Index⁴ returned 3.72% as interest rates rose from low levels.

Equity and bond markets advanced during the first quarter of 2017 amid improving economic data globally.

Stocks rallied globally through the first quarter of 2017, supported by signs of improvement in the U.S. and global economies. U.S. economic data released during the quarter reflected a healthy economy. Hiring remained strong, and business and consumer sentiment improved. In March, U.S. Federal Reserve (Fed) officials raised their target interest rate by a quarter percentage point to a range from 0.75% to 1.00%. With the Fed’s target interest rate increase, short-term bond yields rose during the quarter. Meanwhile, longer-term Treasury yields were little changed, leading to positive performance. Investment-grade and high-yield bonds benefited from strong demand. Municipal bond returns were positive in the quarter, helped by strong demand and constrained new-issue supply. Outside of the U.S., stocks in emerging markets generally outperformed stocks in the U.S. and international developed markets because they benefited from both global economic growth and recent weakening in the U.S. dollar. Stocks in Asia, Europe, and Latin America also outperformed the U.S. market during the quarter.

Steady advancement in many markets marked the first seven months of 2017.

During the second quarter, most equity markets in the U.S. and abroad advanced. Steady, albeit modest, economic growth both in the U.S. and abroad and generally favorable corporate earnings announcements after the second quarter supported higher valuations. Within the economy, U.S. inflation trended lower despite the unemployment rate continuing to decline. Ten-year U.S. Treasury yields declined, resulting in stronger prices for long-term bonds. As was widely expected, in June, the Fed raised the target interest rate by a quarter percentage point to a range from 1.00% to 1.25%. In addition, the Fed indicated that it would begin to sell bonds accumulated on its balance sheet during quantitative easing programs conducted since 2008, likely beginning later this year. Early in July, volatility expectations increased and then receded, as measured by the CBOE VIX.⁵ Although economic momentum increased in Europe, the European Central Bank held its rates steady at

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 markets, excluding the United States and Canada. 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 indexes or any securities or financial products. This report is not approved, reviewed, or produced by MSCI. You cannot invest directly in an index.

³ 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.

⁴  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.

⁵  The Chicago Board Options Exchange Market Volatility Index (CBOE VIX) is a popular measure of the implied volatility of S&P 500 Index options. It represents one measure of the market’s expectation of stock market volatility over the next 30-day period. You cannot invest directly in an index.

Letter to shareholders (unaudited) Wells Fargo Government Money Market Fund 3

low levels because underlying inflation remained subdued. In emerging markets, many countries benefited from stronger currencies versus the U.S. dollar.

Don’t let short-term uncertainty derail long-term investment goals.

Periods of 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 in 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

Periods of 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.

For further information about your Fund, contact your investment professional, visit our website at wellsfargofunds.com, or call us directly at 1-800-222-8222. We are available 24 hours a day, 7 days a week.

4 Wells Fargo Government Money Market Fund Performance highlights (unaudited)

Investment objective

The Fund seeks current income, while preserving capital and liquidity.

Manager

Wells Fargo Funds Management, LLC

Subadviser

Wells Capital Management Incorporated

Portfolio managers

Michael C. Bird, CFA^®

Jeffrey L. Weaver, CFA^®

Laurie White

Average annual total returns (%) as of July 31, 2017¹

								Expense ratios2 (%)
	Inception date	1 year		5 year		10 year		Gross		Net3
Class A (WFGXX)	11-8-1999		0.11		0.03		0.37		0.61		0.61
Administrator Class (WGAXX)	7-31-2003		0.32		0.08		0.44		0.34		0.34
Institutional Class (GVIXX)	7-28-2003		0.46		0.12		0.49		0.22		0.20
Select Class (WFFXX)	6-30-2015		0.52		0.14		0.51		0.18		0.16
Service Class (NWGXX)	11-16-1987		0.17		0.04		0.40		0.51		0.50
Sweep Class	6-30-2010		0.05		0.02		0.39		0.77		0.77

Yield summary (%) as of July 31, 2017³

	Class A	Administrator Class		Institutional Class		Select Class		Service Class		Sweep Class
7-day current yield	0.42		0.69		0.83		0.89		0.53		0.27
7-day compound yield	0.43		0.70		0.84		0.90		0.53		0.27
30-day simple yield	0.41		0.68		0.82		0.88		0.52		0.25
30-day compound yield	0.41		0.68		0.82		0.88		0.52		0.25

Figures quoted represent past performance, which is no guarantee of future results, and do not reflect taxes that a shareholder may pay on fund distributions or the redemption of fund shares. Investment returns will fluctuate. The Fund’s yield figures more closely reflect the current earnings of the Fund than the total return figures. 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, wellsfargofunds.com.

Each class is sold without a front-end sales charge or contingent deferred sales charge.

For government money market funds: You could lose money by investing in the Fund. Although the Fund seeks to preserve the value of your investment at $1.00 per share, it cannot guarantee it will do so. An investment in the Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The Fund’s sponsor has no legal obligation to provide financial support to the Fund, and you should not expect that the sponsor will provide financial support to the Fund at any time.

Please see footnotes on page 5.

Performance highlights (unaudited) Wells Fargo Government Money Market Fund 5

Portfolio composition as of July 31, 2017⁴

Effective maturity distribution as of July 31, 2017⁴

Weighted average maturity as of July 31, 2017⁵

32 days

Weighted average life as of July 31, 2017⁶

84 days

¹  Historical performance shown for the Select Class shares prior to their inception reflects the performance of the Institutional Class, and includes the higher expenses applicable to Institutional Class shares. If these expenses had not been included, returns for Select Class shares would be higher. Historical performance shown for Sweep Class shares prior to their inception reflects the performance of Service Class shares, and has not been adjusted to include the higher expenses applicable to Sweep Class shares. If these expenses had been included, returns for Sweep Class shares would be lower.

²  Reflects the expense ratios as stated in the most recent prospectuses. The expense ratios shown are subject to change and may differ from the annualized expense ratios shown in the financial highlights of this report.

³  The manager has contractually committed through May 31, 2018, to waive fees and/or reimburse expenses to the extent necessary to cap the Fund’s Total Annual Fund Operating Expenses After Fee Waivers at 0.65% for Class A, 0.35% for Administrator Class, 0.20% for Institutional Class, 0.16% for Select Class, 0.50% for Service Class, and 0.79% for Sweep Class. 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. Brokerage commissions, stamp duty fees, interest, taxes, acquired fund fees and expenses, and extraordinary expenses are excluded from the expense cap. Without this cap, the Fund’s returns would have been lower. Without waived fees and/or reimbursed expenses, the Fund’s 7-day current yield would have been 0.42%, 0.69%, 0.81%, 0.85%, 0.52%, and 0.27% for Class A, Administrator Class, Institutional Class, Select Class, Service Class, and Sweep Class respectively. The expense ratio paid by an investor is the net expense ratio or the Fund’s Total Annual Fund Operating Expenses After Fee Waivers, as stated in the prospectuses.

⁴  Amounts are calculated based on the total investments of the Fund. These amounts are subject to change and may have changed since the date specified.

⁵  Weighted Average Maturity (WAM): WAM is an average of the effective maturities of all securities held in the portfolio, weighted by each security’s percentage of total investments. The maturity of a portfolio security is the period remaining until the date on which the principal amount is unconditionally required to be paid, or in the case of a security called for redemption, the date on which the redemption payment is unconditionally required to be made. WAM calculations allow for the maturities of certain securities with demand features or periodic interest rate resets to be shortened. WAM is a way to measure a fund’s sensitivity to potential interest rate changes. Rule 2a-7 under the Investment Company Act of 1940 requires money market funds to maintain a WAM of 60 calendar days or less. WAM is subject to change and may have changed since the date specified.

⁶  Weighted Average Life (WAL): WAL is an average of the final maturities of all securities held in the portfolio, weighted by their percentage of total investments. The maturity of a portfolio security is the period remaining until the date on which the principal amount is unconditionally required to be paid, or in the case of a security called for redemption, the date on which the redemption payment is unconditionally required to be made. In contrast to WAM, the calculation of WAL allows for the maturities of certain securities with demand features to be shortened, but not the periodic interest rate resets. WAL is a way to measure a fund’s potential sensitivity to credit spread changes. Rule 2a-7 under the Investment Company Act of 1940 requires money market funds to maintain a weighted average life of 120 calendar days or less. WAL is subject to change and may have changed since the date specified.

6 Wells Fargo Government Money Market Fund Fund expenses (unaudited)

As a shareholder of the Fund, you incur 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 February 1, 2017 to July 31, 2017.

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. 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.

	Beginning account value 2-1-2017		Ending account value 7-31-2017		Expenses paid during the period¹		Annualized net expense ratio
Class A
Actual	$	1,000.00	$	1,001.06	$	3.03		0.61	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.77	$	3.06		0.61	%
Administrator Class
Actual	$	1,000.00	$	1,002.40	$	1.69		0.34	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,023.11	$	1.71		0.34	%
Institutional Class
Actual	$	1,000.00	$	1,003.08	$	0.99		0.20	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,023.80	$	1.00		0.20	%
Select Class
Actual	$	1,000.00	$	1,003.38	$	0.70		0.14	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,024.10	$	0.70		0.14	%
Service Class
Actual	$	1,000.00	$	1,001.59	$	2.48		0.50	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,022.32	$	2.51		0.50	%
Sweep Class
Actual	$	1,000.00	$	1,000.46	$	3.62		0.73	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.17	$	3.66		0.73	%

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).

Portfolio of investments—July 31, 2017 (unaudited) Wells Fargo Government Money Market Fund 7

Security name	Interest rate			Maturity date		Principal		Value
Government Agency Debt: 45.20%
FFCB ±%%		0.00	%		8-1-2019	$	100,000,000	$	100,000,000
FFCB (z)		0.67			8-21-2017		49,000,000		48,981,761
FFCB (z)		0.69			8-16-2017		50,000,000		49,985,625
FFCB (z)		0.82			9-11-2017		50,000,000		49,953,875
FFCB (z)		0.86			10-30-2017		50,000,000		49,893,750
FFCB (z)		0.91			10-12-2017		50,000,000		49,910,000
FFCB ±		0.97			1-11-2018		150,000,000		150,000,000
FFCB (z)		0.97			12-12-2017		88,000,000		87,687,893
FFCB		1.00			9-25-2017		15,000,000		15,000,055
FFCB (z)		1.01			12-5-2017		27,000,000		26,905,500
FFCB (z)		1.03			11-9-2017		25,000,000		24,929,167
FFCB ±		1.03			11-14-2018		27,550,000		27,551,150
FFCB (z)		1.07			12-6-2017		15,000,000		14,943,908
FFCB (z)		1.09			12-27-2017		25,000,000		24,889,000
FFCB (z)		1.10			2-20-2018		20,000,000		19,877,072
FFCB (z)		1.11			1-12-2018		25,000,000		24,874,722
FFCB		1.13			9-22-2017		10,000,000		10,003,587
FFCB		1.13			1-16-2018		15,000,000		14,997,550
FFCB (z)		1.13			1-25-2018		15,000,000		14,917,400
FFCB ±		1.13			5-25-2018		50,000,000		49,998,445
FFCB		1.15			10-10-2017		5,000,000		5,001,475
FFCB (z)		1.17			1-10-2018		20,000,000		19,895,600
FFCB (z)		1.19			3-7-2018		16,000,000		15,885,671
FFCB (z)		1.19			3-8-2018		20,000,000		19,856,433
FFCB (z)		1.19			3-9-2018		70,000,000		69,495,222
FFCB ±		1.20			10-30-2017		25,000,000		24,999,813
FFCB ±		1.20			9-11-2017		175,000,000		174,999,602
FFCB ±		1.21			4-16-2018		68,000,000		67,999,188
FFCB ±		1.22			6-1-2018		25,000,000		24,999,132
FFCB ±		1.22			8-25-2017		200,000,000		199,998,684
FFCB ±		1.22			9-25-2017		80,000,000		79,997,965
FFCB ±		1.22			10-10-2017		100,000,000		99,991,737
FFCB ±		1.22			7-10-2018		200,000,000		199,980,787
FFCB ±		1.24			10-3-2018		75,000,000		75,004,744
FFCB ±		1.24			11-27-2017		5,120,000		5,119,671
FFCB ±		1.25			8-22-2018		250,000,000		249,988,890
FFCB ±		1.26			3-22-2018		21,115,000		21,123,994
FFCB ±		1.26			12-8-2017		35,000,000		34,995,641
FFCB ±		1.26			2-26-2018		137,735,000		137,646,031
FFCB ±		1.27			9-15-2017		150,000,000		149,998,361
FFCB ±		1.27			4-9-2018		9,505,000		9,504,715
FFCB ±		1.27			4-23-2018		100,000,000		100,015,000
FFCB ±		1.27			4-9-2018		25,000,000		25,004,586
FFCB ±		1.28			4-16-2018		7,830,000		7,833,827
FFCB ±		1.28			11-15-2018		250,000,000		249,993,507
FFCB ±		1.28			1-3-2019		50,000,000		50,000,000
FFCB ±		1.29			1-8-2019		125,000,000		125,000,000
FFCB ±		1.30			11-29-2018		100,000,000		99,993,310
FFCB ±		1.30			2-16-2018		150,000,000		149,998,351
FFCB ±		1.32			10-11-2018		375,000,000		374,976,618

The accompanying notes are an integral part of these financial statements.

8 Wells Fargo Government Money Market Fund Portfolio of investments—July 31, 2017 (unaudited)

Security name	Interest rate			Maturity date		Principal		Value
Government Agency Debt (continued)
FFCB ±		1.32	%		9-19-2018	$	300,000,000	$	299,989,724
FFCB ±		1.32			10-19-2018		150,000,000		150,000,000
FFCB ±		1.32			10-3-2018		249,000,000		248,983,379
FFCB ±		1.32			1-29-2018		150,000,000		149,989,375
FFCB ±		1.33			9-6-2018		175,000,000		175,000,000
FFCB ±		1.34			5-4-2018		250,000,000		249,994,385
FFCB ±		1.35			6-20-2018		150,000,000		150,000,000
FFCB ±		1.35			12-4-2017		100,000,000		100,000,000
FFCB ±		1.36			7-19-2018		165,000,000		165,270,013
FFCB ±		1.37			8-1-2018		69,000,000		69,003,522
FFCB ±		1.39			3-26-2018		20,220,000		20,236,139
FFCB ±		1.41			8-8-2018		40,000,000		40,020,635
FHLB (z)		0.66			11-27-2017		500,000,000		498,197,222
FHLB (z)		0.74			8-16-2017		200,000,000		199,938,375
FHLB (z)		0.75			8-30-2017		75,000,000		74,954,889
FHLB		0.75			9-8-2017		82,860,000		82,853,400
FHLB		0.75			11-16-2017		72,050,000		72,022,545
FHLB (z)		0.76			8-1-2017		175,000,000		175,000,000
FHLB ±		0.77			8-3-2017		470,000,000		469,998,826
FHLB (z)		0.78			8-2-2017		328,550,000		328,542,934
FHLB (z)		0.78			8-4-2017		490,000,000		489,968,114
FHLB ±		0.79			11-24-2017		250,000,000		250,000,000
FHLB ±		0.80			2-9-2018		200,000,000		200,000,000
FHLB ±		0.80			2-9-2018		100,000,000		100,002,604
FHLB ±		0.80			2-15-2018		150,000,000		149,997,713
FHLB ±		0.83			5-11-2018		150,000,000		150,000,000
FHLB ±		0.83			5-14-2018		141,900,000		141,825,381
FHLB ±		0.83			5-15-2018		100,000,000		99,998,156
FHLB ±		0.83			5-15-2018		150,000,000		150,000,000
FHLB (z)		0.87			8-23-2017		150,000,000		149,920,708
FHLB (z)		0.87			8-25-2017		257,100,000		256,951,728
FHLB		0.88			3-19-2018		100,000,000		99,918,306
FHLB (z)		0.88			8-11-2017		300,000,000		299,927,222
FHLB ±		0.89			3-7-2018		100,000,000		100,000,000
FHLB (z)		0.90			8-9-2017		265,000,000		264,947,000
FHLB ±		0.90			11-3-2017		200,000,000		200,000,000
FHLB ±		0.91			8-18-2017		100,000,000		100,000,000
FHLB (z)		0.92			10-18-2017		678,000,000		676,657,491
FHLB (z)		0.93			10-6-2017		50,000,000		49,914,750
FHLB (z)		0.94			9-20-2017		243,750,000		243,433,290
FHLB (z)		0.94			9-18-2017		150,000,000		149,812,000
FHLB ±		0.95			10-10-2017		400,000,000		400,000,000
FHLB		0.95			8-15-2017		10,000,000		10,000,944
FHLB ±		0.95			2-16-2018		75,000,000		75,000,000
FHLB (z)		0.96			9-21-2017		100,000,000		99,864,000
FHLB (z)		0.97			9-5-2017		118,000,000		117,889,594
FHLB ±		0.97			12-22-2017		250,000,000		250,000,000
FHLB (z)		0.97			9-8-2017		75,000,000		74,923,208
FHLB (z)		0.97			9-11-2017		100,000,000		99,889,528
FHLB ±		0.98			11-2-2018		91,400,000		91,358,794

The accompanying notes are an integral part of these financial statements.

Portfolio of investments—July 31, 2017 (unaudited) Wells Fargo Government Money Market Fund 9

Security name	Interest rate			Maturity date		Principal		Value
Government Agency Debt (continued)
FHLB (z)		0.98	%		8-10-2017	$	100,000,000	$	99,975,500
FHLB ±		0.98			9-6-2017		100,000,000		100,000,000
FHLB (z)		0.99			10-30-2017		100,000,000		99,755,000
FHLB (z)		0.99			11-6-2017		20,000,000		19,947,189
FHLB (z)		1.00			10-26-2017		50,000,000		49,881,153
FHLB		1.00			12-19-2017		161,000,000		161,071,553
FHLB (z)		1.00			9-15-2017		150,000,000		149,812,813
FHLB (z)		1.00			11-1-2017		121,500,000		121,189,683
FHLB (z)		1.01			12-4-2017		100,000,000		99,652,778
FHLB (z)		1.01			9-6-2017		50,000,000		49,949,550
FHLB (z)		1.02			10-3-2017		150,000,000		149,734,438
FHLB ±		1.02			10-25-2017		100,000,000		99,994,816
FHLB ±		1.02			3-8-2018		85,000,000		85,046,539
FHLB ±		1.02			4-12-2018		150,000,000		150,000,000
FHLB (z)		1.03			9-22-2017		184,800,000		184,526,393
FHLB ±		1.03			1-19-2018		200,000,000		200,000,000
FHLB (z)		1.03			10-13-2017		224,950,000		224,481,021
FHLB (z)		1.03			8-29-2017		100,000,000		99,919,889
FHLB ±		1.04			12-14-2017		150,000,000		150,000,000
FHLB ±		1.04			2-26-2018		50,000,000		50,000,000
FHLB ±		1.04			2-8-2018		25,000,000		25,022,142
FHLB ±		1.04			3-1-2018		100,000,000		100,029,965
FHLB (z)		1.04			1-25-2018		75,000,000		74,620,188
FHLB (z)		1.04			9-13-2017		73,000,000		72,909,405
FHLB ±		1.04			6-1-2018		70,000,000		70,000,000
FHLB ±		1.04			6-1-2018		335,000,000		334,998,566
FHLB (z)		1.04			9-25-2017		100,000,000		99,841,111
FHLB (z)		1.05			10-25-2017		221,000,000		220,455,380
FHLB (z)		1.05			9-26-2017		150,000,000		149,755,000
FHLB ±		1.05			1-10-2018		200,000,000		200,000,000
FHLB (z)		1.06			10-11-2017		100,000,000		99,792,128
FHLB (z)		1.06			10-20-2017		450,000,000		448,946,667
FHLB ±		1.06			12-18-2017		100,000,000		100,000,000
FHLB ±		1.06			2-5-2018		30,000,000		30,000,000
FHLB ±		1.06			6-12-2018		250,000,000		249,989,126
FHLB (z)		1.06			9-28-2017		100,000,000		99,829,222
FHLB (z)		1.06			9-29-2017		100,000,000		99,826,278
FHLB (z)		1.06			11-10-2017		175,000,000		174,480,272
FHLB ±		1.06			2-8-2018		100,000,000		100,000,000
FHLB ±		1.07			1-25-2018		100,000,000		100,000,000
FHLB ±		1.07			1-25-2018		200,000,000		200,000,000
FHLB (z)		1.07			10-4-2017		100,000,000		99,809,778
FHLB ±		1.08			12-22-2017		100,000,000		100,000,000
FHLB ±		1.08			1-19-2018		100,000,000		100,000,000
FHLB (z)		1.08			11-8-2017		158,750,000		158,280,988
FHLB (z)		1.08			11-22-2017		50,000,000		49,831,599
FHLB ±		1.08			12-29-2017		150,000,000		150,000,000
FHLB ±		1.08			4-17-2018		100,000,000		100,000,000
FHLB (z)		1.08			10-12-2017		200,000,000		199,569,000
FHLB ±		1.08			4-13-2018		125,000,000		125,000,000

The accompanying notes are an integral part of these financial statements.

10 Wells Fargo Government Money Market Fund Portfolio of investments—July 31, 2017 (unaudited)

Security name	Interest rate			Maturity date		Principal		Value
Government Agency Debt (continued)
FHLB ±		1.08	%		4-13-2018	$	200,000,000	$	199,982,862
FHLB ±		1.09			4-6-2018		100,000,000		100,000,000
FHLB ±		1.09			7-6-2018		100,000,000		100,000,000
FHLB ±		1.09			11-6-2017		14,400,000		14,399,830
FHLB ±		1.10			11-10-2017		100,000,000		100,000,000
FHLB (z)		1.10			11-9-2017		100,000,000		99,695,833
FHLB (z)		1.10			11-17-2017		150,000,000		149,507,250
FHLB ±		1.10			10-26-2018		200,000,000		200,000,000
FHLB ±		1.10			1-18-2019		300,000,000		300,018,571
FHLB ±		1.11			6-28-2018		100,000,000		100,000,000
FHLB ±		1.12			8-25-2017		21,000,000		20,998,985
FHLB		1.13			12-8-2017		28,580,000		28,597,933
FHLB (z)		1.13			12-8-2017		50,000,000		49,798,975
FHLB ±		1.13			12-21-2018		100,000,000		100,000,000
FHLB ±		1.13			1-14-2019		100,000,000		100,000,228
FHLB ±		1.14			8-1-2017		50,000,000		50,000,000
FHLB ±		1.14			8-9-2017		62,270,000		62,274,107
FHLB ±		1.14			8-21-2017		66,200,000		66,210,770
FHLB (z)		1.14			1-26-2018		150,000,000		149,156,724
FHLB ±		1.15			1-22-2019		100,000,000		100,000,000
FHLB ±		1.16			12-7-2017		100,000,000		100,000,000
FHLB ±		1.16			11-22-2017		64,500,000		64,499,027
FHLB ±		1.16			1-24-2019		100,000,000		100,000,000
FHLB ±		1.17			8-28-2017		21,000,000		21,004,505
FHLB ±		1.17			7-12-2018		200,000,000		200,048,738
FHLB ±		1.18			10-5-2018		50,000,000		49,998,999
FHLB ±		1.18			9-1-2017		25,000,000		25,006,271
FHLB ±		1.20			8-17-2017		150,000,000		150,000,000
FHLB ±		1.20			3-8-2018		100,000,000		99,999,211
FHLB ±		1.20			9-11-2017		25,000,000		24,999,859
FHLB ±		1.21			9-11-2017		70,500,000		70,499,129
FHLB ±		1.22			6-25-2018		70,000,000		69,975,123
FHLB ±		1.24			8-22-2017		100,000,000		100,000,000
FHLB ±		1.24			10-27-2017		50,000,000		49,999,153
FHLB ±		1.24			10-25-2017		80,000,000		80,000,000
FHLB		5.00			11-17-2017		72,935,000		73,809,933
FHLMC		0.75			1-12-2018		457,046,000		456,512,749
FHLMC (z)		0.80			8-2-2017		150,000,000		149,996,667
FHLMC (z)		0.83			8-4-2017		100,000,000		99,993,083
FHLMC (z)		0.85			8-24-2017		50,000,000		49,972,847
FHLMC (z)		0.89			9-15-2017		50,000,000		49,944,438
FHLMC		0.90			9-15-2017		35,000,000		35,008,120
FHLMC (z)		0.95			9-19-2017		100,000,000		99,870,694
FHLMC (z)		0.98			10-3-2017		100,000,000		99,828,500
FHLMC (z)		0.99			10-10-2017		50,000,000		49,903,750
FHLMC (z)		0.99			10-11-2017		200,000,000		199,609,500
FHLMC		1.00			9-27-2017		50,237,000		50,243,858
FHLMC		1.00			9-29-2017		12,520,000		12,521,195
FHLMC		1.00			12-15-2017		155,900,000		155,968,972
FHLMC (z)		1.02			11-2-2017		70,000,000		69,816,454

The accompanying notes are an integral part of these financial statements.

Portfolio of investments—July 31, 2017 (unaudited) Wells Fargo Government Money Market Fund 11

Security name	Interest rate			Maturity date		Principal		Value
Government Agency Debt (continued)
FHLMC (z)		1.04	%		11-10-2017	$	50,000,000	$	49,854,672
FHLMC (z)		1.08			11-3-2017		300,000,000		299,154,000
FHLMC (z)		1.11			12-6-2017		40,000,000		39,844,778
FHLMC (z)		1.15			12-26-2017		150,000,000		149,301,750
FHLMC ±		1.20			12-21-2017		50,000,000		50,000,000
FHLMC ±		1.27			1-8-2018		150,000,000		150,000,000
FHLMC		5.13			11-17-2017		26,526,000		26,849,244
FHMLC		0.75			4-9-2018		200,000,000		199,321,826
FNMA		0.88			8-28-2017		70,121,000		70,125,466
FNMA		0.88			10-26-2017		115,628,000		115,600,545
FNMA		0.88			12-20-2017		319,918,000		319,838,253
FNMA		0.88			2-8-2018		10,000,000		9,980,900
FNMA		1.00			9-20-2017		10,700,000		10,701,862
FNMA		1.00			9-27-2017		103,510,000		103,528,731
FNMA		1.05			9-5-2017		13,610,000		13,613,094
FNMA (z)		1.06			10-23-2017		300,000,000		299,266,834
FNMA ±		1.23			3-21-2018		150,000,000		150,003,910
FNMA ±		1.23			9-8-2017		100,000,000		99,998,948
FNMA ±		1.24			10-5-2017		130,000,000		129,996,465
FNMA ±		1.28			1-11-2018		175,000,000		175,000,000
Overseas Private Investment Corporation ±%%§		0.00			1-15-2040		12,000,000		12,000,000
Overseas Private Investment Corporation ±§		1.10			10-15-2032		25,182,051		25,182,051
Overseas Private Investment Corporation ±§		1.10			6-15-2034		20,213,248		20,213,248
Overseas Private Investment Corporation ±§		1.13			6-28-2028		36,096,000		36,096,000
Overseas Private Investment Corporation ±§		1.15			8-15-2019		18,000,000		18,000,001
Overseas Private Investment Corporation ±§		1.15			11-15-2022		21,700,000		21,700,000
Overseas Private Investment Corporation ±§		1.15			11-15-2023		10,000,000		10,000,000
Overseas Private Investment Corporation ±§		1.15			10-15-2033		14,965,000		14,965,000
Overseas Private Investment Corporation ±§		1.15			10-15-2039		15,000,000		15,000,000
Overseas Private Investment Corporation ±§		1.15			7-7-2040		37,100,000		37,100,000
Overseas Private Investment Corporation ±§		1.22			12-15-2019		27,720,000		27,720,000
Overseas Private Investment Corporation ±§		1.22			7-9-2026		84,541,500		84,541,500
Overseas Private Investment Corporation ±§		1.22			1-15-2030		18,867,925		18,867,925
Overseas Private Investment Corporation ±§		1.22			9-2-2031		20,585,000		20,585,000
Overseas Private Investment Corporation ±§		1.22			9-30-2031		11,871,960		11,871,960
Overseas Private Investment Corporation ±§		1.22			5-15-2033		4,869,944		4,869,944
Overseas Private Investment Corporation ±§		1.24			4-30-2026		23,500,000		23,500,000
Overseas Private Investment Corporation ±§		1.24			1-20-2035		22,400,000		22,400,000
Overseas Private Investment Corporation ±§		1.24			4-20-2035		17,500,000		17,500,000
Overseas Private Investment Corporation Series 1 ±§		1.22			9-30-2031		4,674,000		4,674,000
Overseas Private Investment Corporation Series 1 ±§		1.24			8-15-2026		17,232,266		17,232,266
Overseas Private Investment Corporation Series 2 ±§		1.15			10-10-2025		7,960,770		7,960,770
Overseas Private Investment Corporation Series 2 ±§		1.22			9-30-2031		10,937,160		10,937,160
Overseas Private Investment Corporation Series 3 ±§		1.15			10-10-2025		10,349,001		10,349,001
Overseas Private Investment Corporation Series 3 ±§		1.22			7-15-2026		6,096,420		6,096,420
Overseas Private Investment Corporation Series 4 ±§		1.10			11-15-2033		26,803,419		26,803,419
Overseas Private Investment Corporation Series 4 ±§		1.22			9-30-2031		6,356,640		6,356,640
Overseas Private Investment Corporation Series 5 ±§		1.22			9-30-2031		6,543,600		6,543,600
Overseas Private Investment Corporation Series 6 ±§		1.22			9-30-2031		6,543,600		6,543,600
Overseas Private Investment Corporation Series 7 ±§		1.22			9-30-2031		3,739,200		3,739,200

The accompanying notes are an integral part of these financial statements.

12 Wells Fargo Government Money Market Fund Portfolio of investments—July 31, 2017 (unaudited)

Security name	Interest rate			Maturity date		Principal		Value
Government Agency Debt (continued)
Overseas Private Investment Corporation Series 8 ±§		1.22	%		9-30-2031	$	14,022,000	$	14,022,000
Overseas Private Investment Corporation Series 9 ±§		1.10			5-15-2030		28,356,000		28,356,000
Overseas Private Investment Corporation Series 9 ±§		1.22			9-30-2031		4,393,560		4,393,560
Total Government Agency Debt (Cost $27,472,494,425)									27,472,494,425
Municipal Obligations: 0.26%
California: 0.01%
Variable Rate Demand Notes ø: 0.01%
Association of Bay Area Governments Finance Authority for Nonprofit Corporation California Gaia Building Series A (Housing Revenue, FNMA LOC, FNMA LIQ)		1.25			9-15-2032		260,000		260,000
California Municipal Finance Authority Copper Square Apartments Series A2 (Housing Revenue, FHLB LOC)		1.20			2-1-2046		3,000,000		3,000,000
California Statewide CDA Valley Palms Apartments Series C (Housing Revenue, FNMA Insured, FNMA LOC, FNMA LIQ)		1.15			5-15-2035		560,000		560,000
									3,820,000
Florida: 0.01%
Variable Rate Demand Notes ø: 0.01%
Florida Housing Finance Corporation MFHR Hudson Ridge Apartments Series L (Housing Revenue, FHLB LOC)		0.87			8-15-2041		6,655,000		6,655,000
Orange County FL HFA Glenn Apartments Series D (Housing Revenue, FNMA LOC)		1.20			7-15-2034		140,000		140,000
									6,795,000
Georgia: 0.01%
Variable Rate Demand Note ø: 0.01%
Clayton County GA Housing Authority Refunding Bond BS Partners LP Project (Housing Revenue, FNMA Insured, FNMA LOC, FNMA LIQ)		1.08			9-1-2026		7,215,000		7,215,000
Illinois: 0.01%
Variable Rate Demand Note ø: 0.01%
Southwestern IL Development Authority Solid Waste Disposal Center Ethanol Series B (Resource Recovery Revenue, FHLB LOC)		1.03			1-1-2033		7,370,000		7,370,000
New York: 0.01%
Variable Rate Demand Note ø: 0.01%
New York HFA 38th Street Series B (Housing Revenue, FNMA LOC, FNMA LIQ)		1.10			5-15-2033		3,700,000		3,700,000
Other: 0.10%
Variable Rate Demand Note ø: 0.10%
Buffalo Peak Apartments LLC MFHR Series A (Housing Revenue, FHLB LOC)		1.25			12/1/2055		11,400,000		11,400,000
FHLMC MFHR Series M006 Class A (Housing Revenue, FHLMC LOC, FHLMC LIQ)		1.32			10/15/2045		18,812,295		18,812,295
Fortenbery Children 2017 Irrevocable Trust UTA (FHLB LOC)		1.24			5/1/2037		12,275,000		12,275,000
Hallmark 75 Ontario LLC MFHR Apartment Homes Series A (Housing Revenue, FHLB LOC)		1.25			12/1/2056		5,000,000		5,000,000
Sunroad Centrum Apartments 5 LP MFHR Arriva Apartments Series A (Housing Revenue, FHLB LOC)		1.25			8/1/2056		6,600,000		6,600,000

The accompanying notes are an integral part of these financial statements.

Portfolio of investments—July 31, 2017 (unaudited) Wells Fargo Government Money Market Fund 13

Security name	Interest rate			Maturity date		Principal		Value
Variable Rate Demand Notes ø (continued)
Sunroad Centrum Apartments 5 LP MFHR Arriva Apartments Series B (Housing Revenue, FHLB LOC)		1.25	%		8/1/2056	$	4,400,000	$	4,400,000
									58,487,295
Washington: 0.02%
Variable Rate Demand Notes ø: 0.02%
Washington Housing Finance Commission Brittany Park Project Series B (Housing Revenue, FNMA LOC, FNMA LIQ)		1.30			11-1-2021		245,000		245,000
Washington Housing Finance Commission Eagles Landing Apartments Project Series A (Housing Revenue, FNMA LOC, FNMA LIQ)		1.15			12-15-2036		2,240,000		2,240,000
Washington Housing Finance Commission Highland Park Apartments Project Series B (Housing Revenue, FNMA LOC, FNMA LIQ)		1.40			7-15-2038		590,000		590,000
Washington Housing Finance Commission Taxable Bond Park Vista Retirements Apartments Series B (Housing Revenue, FHLB LOC)		1.15			3-1-2041		1,580,000		1,580,000
Washington State Housing Finance Commission The Lodge at Eagle Ridge Senior Living Apartments Series A (Housing Revenue, FHLB LOC)		0.88			8-1-2041		9,485,000		9,485,000
									14,140,000
Wisconsin: 0.09%
Variable Rate Demand Notes ø: 0.09%
WIisconsin PFA Assisted Living Facilities Taxable Bond Brannan Park Project (Housing Revenue, FHLB LOC)		1.10			1-1-2048		12,320,000		12,320,000
Wisconsin PFA Affinity at Monterrey Project (Housing Revenue, FHLB LOC)		1.10			8-1-2048		20,900,000		20,900,000
Wisconsin PFA Multifamily Housing Affinity Wells Branch Project (Housing Revenue, FHLB LOC)		1.10			11-1-2047		21,775,000		21,775,000
									54,995,000
Total Municipal Obligations (Cost $156,522,295)									156,522,295
Repurchase Agreements ^^: 46.19%
Bank of America Corporation, dated 7-31-2017, maturity value $1,500,043,750 (1)		1.05			8-1-2017		1,500,000,000		1,500,000,000
Bank of Montreal, dated 7-31-2017, maturity value $50,001,444 (2)		1.04			8-1-2017		50,000,000		50,000,000
Bank of Nova Scotia, dated 7-31-2017, maturity value $900,026,000 (3)		1.04			8-1-2017		900,000,000		900,000,000
Barclays Capital Incorporated, dated 7-31-2017, maturity value $1,000,028,889 (4)		1.04			8-1-2017		1,000,000,000		1,000,000,000
Barclays Capital Incorporated, dated 7-31-2017, maturity value $200,005,722 (5)		1.03			8-1-2017		200,000,000		200,000,000
BNP Paribas Securities Corporation, dated 6-08-2017, maturity value $601,057,333 (6)(i)		1.04			8-8-2017		600,000,000		600,000,000
BNP Paribas Securities Corporation, dated 6-09-2017, maturity value $350,622,708 (7)(i)		1.05			8-9-2017		350,000,000		350,000,000
BNP Paribas Securities Corporation, dated 6-12-2017, maturity value $300,525,000 (8)(i)		1.05			8-11-2017		300,000,000		300,000,000
BNP Paribas Securities Corporation, dated 6-30-2017, maturity value $300,405,000 (9)(i)		1.08			8-14-2017		300,000,000		300,000,000
BNP Paribas Securities Corporation, dated 7-31-2017, maturity value $100,002,917 (10)		1.05			8-1-2017		100,000,000		100,000,000
BNP Paribas Securities Corporation, dated 7-31-2017, maturity value $200,005,889 (11)		1.06			8-1-2017		200,000,000		200,000,000

The accompanying notes are an integral part of these financial statements.

14 Wells Fargo Government Money Market Fund Portfolio of investments—July 31, 2017 (unaudited)

Security name	Interest rate			Maturity date		Principal		Value
Repurchase Agreements ^^ (continued)
BNP Paribas Securities Corporation, dated 7-31-2017, maturity value $947,027,358 (12)		1.04	%		8-1-2017	$	947,000,000	$	947,000,000
Citibank NA, dated 7-27-2017, maturity value $250,051,042 (13)		1.05			8-3-2017		250,000,000		250,000,000
Citibank NA, dated 7-31-2017, maturity value $250,007,361 (14)		1.06			8-1-2017		250,000,000		250,000,000
Citigroup Global Markets Incorporated, dated 7-25-2017, maturity value $250,051,042 (15)		1.05			8-1-2017		250,000,000		250,000,000
Citigroup Global Markets Incorporated, dated 7-31-2017, maturity value $500,014,722 (16)		1.06			8-1-2017		500,000,000		500,000,000
Credit Agricole SA, dated 7-19-2017, maturity value $300,122,500 (17)(i)		1.05			8-2-2017		300,000,000		300,000,000
Credit Agricole SA, dated 7-28-2017, maturity value $250,050,556 (18)		1.04			8-4-2017		250,000,000		250,000,000
Credit Agricole SA, dated 7-31-2017, maturity value $300,008,833 (19)		1.06			8-1-2017		300,000,000		300,000,000
Credit Agricole SA, dated 7-31-2017, maturity value $633,018,287 (20)		1.04			8-1-2017		633,000,000		633,000,000
Deutsche Bank Securities, dated 7-31-2017, maturity value $250,007,500 (21)		1.08			8-1-2017		250,000,000		250,000,000
Federal Reserve Bank of New York, dated 7-31-2017, maturity value $5,200,144,444 (22)		1.00			8-1-2017		5,200,000,000		5,200,000,000
Goldman Sachs & Company, dated 7-31-2017, maturity value $1,000,026,389 (23)		0.95			8-1-2017		1,000,000,000		1,000,000,000
Goldman Sachs & Company, dated 7-31-2017, maturity value $100,002,833 (24)		1.02			8-1-2017		100,000,000		100,000,000
ING Financial Markets LLC, dated 6-26-2017, maturity value $100,133,750 (25)(i)		1.07			8-10-2017		100,000,000		100,000,000
ING Financial Markets LLC, dated 7-13-2017, maturity value $260,252,633 (26)(i)		1.06			8-15-2017		260,000,000		260,000,000
ING Financial Markets LLC, dated 7-27-2017, maturity value $200,040,444 (27)		1.04			8-3-2017		200,000,000		200,000,000
ING Financial Markets LLC, dated 7-31-2017, maturity value $1,600,045,778 (28)		1.03			8-1-2017		1,600,000,000		1,600,000,000
ING Financial Markets LLC, dated 7-31-2017, maturity value $100,002,917 (29)		1.05			8-1-2017		100,000,000		100,000,000
JPMorgan Securities, dated 7-31-2017, maturity value $200,005,611 (30)		1.01			8-1-2017		200,000,000		200,000,000
JPMorgan Securities, dated 7-31-2017, maturity value $250,007,153 (31)		1.03			8-1-2017		250,000,000		250,000,000
JPMorgan Securities, dated 7-31-2017, maturity value $250,007,361 (32)		1.06			8-1-2017		250,000,000		250,000,000
JPMorgan Securities, dated 7-31-2017, maturity value $500,014,583 (33)		1.05			8-1-2017		500,000,000		500,000,000
Merrill Pierce Fenner Smith Incorporated, dated 7-31-2017, maturity value $100,002,917 (34)		1.05			8-1-2017		100,000,000		100,000,000
MetLife Incorporated, dated 7-31-2017, maturity value $125,006,450 (35)		1.08			8-1-2017		125,002,700		125,002,700
Mizuho Bank, dated 7-31-2017, maturity value $250,007,361 (36)		1.06			8-1-2017		250,000,000		250,000,000
Nomura, dated 7-31-2017, maturity value $2,000,057,778 (37)		1.04			8-1-2017		2,000,000,000		2,000,000,000
Prudential, dated 7-31-2017, maturity value $663,449,719 (38)		1.07			8-1-2017		663,430,000		663,430,000
RBC Capital Markets, dated 7-31-2017, maturity value $200,005,722 (39)		1.03			8-1-2017		200,000,000		200,000,000
RBC Capital Markets, dated 7-31-2017, maturity value $500,014,444 (40)		1.04			8-1-2017		500,000,000		500,000,000
RBC Capital Markets, dated 5-08-2017, maturity value $501,213,333 (41)(i)		0.96			8-7-2017		500,000,000		500,000,000
RBC Capital Markets, dated 5-11-2017, maturity value $300,712,500 (42)§(i)		0.95			8-9-2017		300,000,000		300,000,000
RBC Capital Markets, dated 7-13-2017, maturity value $601,635,000 (43)§(i)		1.09			10-11-2017		600,000,000		600,000,000
RBC Capital Markets, dated 7-21-2017, maturity value $300,266,083 (44)§(i)		1.03			8-21-2017		300,000,000		300,000,000
RBC Capital Markets, dated 7-24-2017, maturity value $300,257,500 (45)§(i)		1.03			8-23-2017		300,000,000		300,000,000
RBC Capital Markets, dated 7-25-2017, maturity value $250,221,736 (46)§(i)		1.03			8-25-2017		250,000,000		250,000,000
RBC Capital Markets, dated 7-26-2017, maturity value $250,264,653 (47)§(i)		1.03			9-1-2017		250,000,000		250,000,000
Societe Generale, dated 7-31-2017, maturity value $250,051,042 (48)		1.05			8-7-2017		250,000,000		250,000,000
Societe Generale, dated 7-31-2017, maturity value $500,014,861 (49)		1.07			8-1-2017		500,000,000		500,000,000
TD Securities, dated 7-31-2017, maturity value $1,800,052,500 (50)		1.05			8-1-2017		1,800,000,000		1,800,000,000
Total Repurchase Agreements (Cost $28,078,432,700)									28,078,432,700

The accompanying notes are an integral part of these financial statements.

Portfolio of investments—July 31, 2017 (unaudited) Wells Fargo Government Money Market Fund 15

Security name	Interest rate			Maturity date		Principal		Value
Treasury Debt: 8.71%
U.S. Treasury Bill (z)		0.65	%		8-17-2017	$	180,000,000	$	179,948,311
U.S. Treasury Bill (z)		0.67			8-24-2017		250,000,000		249,893,785
U.S. Treasury Bill (z)##		0.82			10-5-2017		130,000,000		129,808,936
U.S. Treasury Bill (z)		0.83			8-31-2017		90,000,000		89,938,325
U.S. Treasury Bill (z)		0.89			9-21-2017		50,000,000		49,937,171
U.S. Treasury Bill (z)		0.95			10-12-2017		78,000,000		77,851,800
U.S. Treasury Bill (z)		1.06			11-24-2017		50,000,000		49,832,292
U.S. Treasury Bill (z)		1.12			12-14-2017		50,000,000		49,790,938
U.S. Treasury Note		0.63			8-31-2017		290,000,000		289,986,313
U.S. Treasury Note		0.63			9-30-2017		222,000,000		221,906,555
U.S. Treasury Note		0.75			10-31-2017		200,000,000		199,885,658
U.S. Treasury Note		0.88			8-15-2017		150,000,000		150,002,157
U.S. Treasury Note		0.88			10-15-2017		265,000,000		265,004,042
U.S. Treasury Note		0.88			1-15-2018		45,000,000		44,978,882
U.S. Treasury Note		1.00			9-15-2017		41,000,000		41,004,451
U.S. Treasury Note		1.00			12-15-2017		80,000,000		80,051,523
U.S. Treasury Note		1.00			12-31-2017		150,000,000		149,898,900
U.S. Treasury Note		1.88			8-31-2017		60,000,000		60,045,420
U.S. Treasury Note		1.88			9-30-2017		430,000,000		430,733,032
U.S. Treasury Note		1.88			10-31-2017		365,000,000		365,919,620
U.S. Treasury Note		2.25			11-30-2017		940,000,000		943,855,816
U.S. Treasury Note		2.63			1-31-2018		90,000,000		90,661,830
U.S. Treasury Note		2.75			12-31-2017		120,000,000		120,790,440
U.S. Treasury Note		2.75			2-28-2018		90,000,000		90,796,756
U.S. Treasury Note		3.50			2-15-2018		170,000,000		172,092,623
U.S. Treasury Note		4.25			11-15-2017		565,000,000		570,390,104
U.S. Treasury Note		4.75			8-15-2017		130,000,000		130,198,940
Total Treasury Debt (Cost $5,295,204,620)									5,295,204,620

Total investments in securities (Cost $61,002,654,040) *	100.36	%		61,002,654,040
Other assets and liabilities, net	(0.36	)		(217,356,526	)
Total net assets	100.00	%	$	60,785,297,514

The accompanying notes are an integral part of these financial statements.

16 Wells Fargo Government Money Market Fund Portfolio of investments—July 31, 2017 (unaudited)

± Variable rate investment. The rate shown is the rate in effect at period end.

%% The security is issued on a when-issued basis.

(z) Zero coupon security. The rate represents the current yield to maturity.

§ The security is subject to a demand feature which reduces the effective maturity.

ø Variable rate demand notes are subject to a demand feature which reduces the effective maturity. The maturity date shown represents the final maturity date of the security. The interest rate is determined and reset by the issuer daily, weekly, or monthly depending upon the terms of the security. The rate shown is the rate in effect at period end.

^^ Collateralized by:

(1) U.S. government securities, 3.00% to 3.50%, 11-1-2042 to 9-1-2045, fair value including accrued interest is $1,545,000,001.

(2) U.S. government securities, 3.00% to 3.50%, 7-1-2032 to 7-1-2047, fair value including accrued interest is $51,500,000.

(3) U.S. government securities, 2.39% to 6.00%, 10-1-2025 to 6-1-2047, fair value including accrued interest is $927,000,000.

(4) U.S. government securities, 0.00% to 3.75%, 8-15-2017 to 5-15-2047, fair value including accrued interest is $1,020,000,019.

(5) U.S. government securities, 0.00% to 4.00%, 12-15-2017 to 5-1-2047, fair value including accrued interest is $205,999,913.

(6) U.S. government securities, 1.13% to 8.75%, 5-15-2020 to 5-20-2067, fair value including accrued interest is $617,582,769.

(7) U.S. government securities, 0.00% to 8.75%, 10-12-2017 to 3-20-2067, fair value including accrued interest is $360,349,550.

(8) U.S. government securities, 0.88% to 4.50%, 4-15-2019 to 4-20-2067, fair value including accrued interest is $308,667,536.

(9) U.S. government securities, 1.13% to 9.00%, 5-31-2018 to 11-20-2063, fair value including accrued interest is $308,357,347.

(10) U.S. government securities, 0.00% to 7.13%, 3-31-2019 to 3-9-2038, fair value including accrued interest is $102,000,003.

(11) U.S. government securities, 0.13% to 7.00%, 6-20-2018 to 7-20-2046, fair value including accrued interest is $205,454,156.

(12) U.S. government securities, 0.00% to 9.00%, 10-31-2017 to 2-15-2046, fair value including accrued interest is $965,940,000.

(13) U.S. government securities, 0.00% to 8.60%, 9-15-2017 to 9-15-2060, fair value including accrued interest is $255,928,345.

(14) U.S. government securities, 0.00% to 8.88%, 8-10-2017 to 6-1-2047, fair value including accrued interest is $256,066,049.

(15) U.S. government securities, 1.38% to 8.50%, 12-1-2017 to 6-1-2051, fair value including accrued interest is $257,478,245.

(16) U.S. government securities, 0.00% to 8.50%, 2-15-2018 to 7-1-2047, fair value including accrued interest is $514,972,704.

(17) U.S. government securities, 1.88% to 8.00%, 11-15-2021 to 11-15-2044, fair value including accrued interest is $306,000,020.

(18) U.S. government securities, 1.00% to 2.75%, 11-30-2019 to 2-15-2024, fair value including accrued interest is $255,000,052.

(19) U.S. government securities, 3.50% to 4.00%, 6-1-2042 to 8-1-2047, fair value including accrued interest is $309,000,000.

(20) U.S. government securities, 1.50% to 3.63%, 10-31-2021 to 2-15-2044, fair value including accrued interest is $645,660,004.

(21) U.S. government securities, 1.63% to 4.50%, 3-1-2020 to 8-1-2047, fair value including accrued interest is $256,984,429.

(22) U.S. government securities, 1.13% to 3.63%, 2-28-2021 to 8-15-2043, fair value including accrued interest is $5,200,144,446.

(23) U.S. government securities, 0.00% to 8.00%, 12-7-2017 to 7-15-2052, fair value including accrued interest is $1,020,006,796.

(24) U.S. government securities, 2.13% to 9.50%, 7-25-2022 to 6-1-2047, fair value including accrued interest is $102,973,686.

(25) U.S. government securities, 2.07% to 3.64%, 1-1-2038 to 11-1-2044, fair value including accrued interest is $103,000,069.

(26) U.S. government securities, 2.01% to 5.07%, 10-1-2024 to 7-1-2047, fair value including accrued interest is $267,802,706.

(27) U.S. government securities, 2.03% to 3.57%, 8-1-2031 to 12-1-2044, fair value including accrued interest is $206,000,306.

(28) U.S. government securities, 1.00% to 1.75%, 2-15-2018 to 8-15-2026, fair value including accrued interest is $1,632,653,061.

(29) U.S. government securities, 2.21% to 5.39%, 5-1-2019 to 3-1-2050, fair value including accrued interest is $103,001,620.

(30) U.S. government securities, 2.38% to 3.75%, 8-15-2024 to 11-15-2043, fair value including accrued interest is $204,004,990.

(31) U.S. government securities, 2.13% to 3.75%, 2-29-2024 to 11-15-2043, fair value including accrued interest is $255,004,387.

(32) U.S. government securities, 2.50% to 9.00%, 4-15-2018 to 7-20-2047, fair value including accrued interest is $257,500,805.

(33) U.S. government securities, 0.00% to 8.88%, 8-4-2017 to 8-23-2032, fair value including accrued interest is $510,000,409.

(34) U.S. government securities, 0.13% to 1.38%, 4-15-2021 to 5-31-2021, fair value including accrued interest is $102,000,070.

(35) U.S. government securities, 1.00%, 11-30-2018, fair value including accrued interest is $127,400,450.

(36) U.S. government securities, 3.50%, 7-20-2047, fair value including accrued interest is $257,500,001.

(37) U.S. government securities, 0.00% to 9.13%, 8-3-2017 to 5-15-2047, fair value including accrued interest is $2,040,000,056.

(38) U.S. government securities, 0.00% to 3.50%, 5-15-2018 to 5-15-2045, fair value including accrued interest is $676,698,600.

(39) U.S. government securities, 0.00% to 4.50%, 8-15-2017 to 11-15-2044, fair value including accrued interest is $204,000,022.

(40) U.S. government securities, 1.50% to 7.00%, 2-1-2020 to 7-20-2047, fair value including accrued interest is $514,853,580.

(41) U.S. government securities, 2.50% to 4.50%, 1-1-2027 to 7-20-2047, fair value including accrued interest is $515,000,001.

(42) U.S. government securities, 0.00% to 5.25%, 8-15-2017 to 5-15-2047, fair value including accrued interest is $306,000,097.

(43) U.S. government securities, 0.00% to 9.00%, 8-15-2017 to 2-15-2044, fair value including accrued interest is $612,000,014.

(44) U.S. government securities, 3.00% to 4.00%, 1-1-2042 to 7-20-2047, fair value including accrued interest is $309,000,000.

(45) U.S. government securities, 0.00% to 8.13%, 10-31-2017 to 2-15-2045, fair value including accrued interest is $306,000,019.

(46) U.S. government securities, 0.00% to 3.63%, 8-10-2017 to 2-15-2045, fair value including accrued interest is $255,000,015.

(47) U.S. government securities, 0.00% to 3.00%, 8-15-2017 to 5-15-2045, fair value including accrued interest is $255,000,092.

(48) U.S. government securities, 2.00%, 11-30-2022, fair value including accrued interest is $255,000,089.

(49) U.S. government securities, 0.00% to 8.75%, 11-1-2017 to 9-1-2043, fair value including accrued interest is $510,000,116.

(50) U.S. government securities, 1.50% to 7.00%, 7-1-2018 to 8-1-2048, fair value including accrued interest is $1,852,914,941.

(i) Illiquid security

## All or a portion of this security is segregated for when-issued securities.

* Cost for federal income tax purposes is substantially the same as for financial reporting purposes.

The accompanying notes are an integral part of these financial statements.

Statement of assets and liabilities—July 31, 2017 (unaudited) Wells Fargo Government Money Market Fund 17

Assets
Investments
In unaffiliated securities, at amortized cost	$	32,924,221,340
In repurchase agreements, at amortized cost		28,078,432,700
Total investments, at amortized cost		61,002,654,040
Cash		89,836,959
Receivable for investments sold		39,944,537
Receivable for Fund shares sold		3,551,961
Receivable for interest		48,872,904
Prepaid expenses and other assets		551,872
Total assets		61,185,412,273
Liabilities
Dividends payable		20,728,488
Payable for investments purchased		360,404,635
Payable for Fund shares redeemed		8,442,811
Management fee payable		5,378,065
Distribution fee payable		30
Administration fees payable		3,100,843
Accrued expenses and other liabilities		2,059,887
Total liabilities		400,114,759
Total net assets	$	60,785,297,514
NET ASSETS CONSIST OF
Paid-in capital	$	60,785,044,465
Undistributed net investment income		47,098
Accumulated net realized gains on investments		205,951
Total net assets	$	60,785,297,514
COMPUTATION OF NET ASSET VALUE PER SHARE
Net assets – Class A	$	261,356,172
Shares outstanding – Class A1		261,354,874
Net asset value per share – Class A		$1.00
Net assets – Administrator Class	$	869,865,973
Shares outstanding – Administrator Class1		869,858,490
Net asset value per share – Administrator Class		$1.00
Net assets – Institutional Class	$	21,428,947,189
Shares outstanding – Institutional Class1		21,428,931,154
Net asset value per share – Institutional Class		$1.00
Net assets – Select Class	$	35,449,719,996
Shares outstanding – Select Class1		35,449,567,100
Net asset value per share – Select Class		$1.00
Net assets – Service Class	$	2,775,308,132
Shares outstanding – Service Class1		2,775,294,700
Net asset value per share – Service Class		$1.00
Net assets – Sweep Class	$	100,052
Shares outstanding – Sweep Class1		100,051
Net asset value per share – Sweep Class		$1.00

¹ The Fund has an unlimited number of authorized shares.

The accompanying notes are an integral part of these financial statements.

18 Wells Fargo Government Money Market Fund Statement of operations—six months ended July 31, 2017 (unaudited)

Investment income
Interest	$	254,568,285
Expenses
Management fee		41,200,758
Administration fees
Class A		290,938
Administrator Class		274,588
Institutional Class		8,748,997
Select Class		7,293,617
Service Class		1,852,247
Sweep Class		14
Shareholder servicing fees
Class A		330,612
Administrator Class		274,588
Service Class		3,858,849
Sweep Class		124
Distribution fee
Sweep Class		174
Custody and accounting fees		1,239,789
Professional fees		29,523
Registration fees		57,902
Shareholder report expenses		1,081
Trustees’ fees and expenses		10,561
Other fees and expenses		318,316
Total expenses		65,782,678
Less: Fee waivers and/or expense reimbursements		(8,933,817	)
Net expenses		56,848,861
Net investment income		197,719,424
Net realized gains on investments		148,768
Net increase in net assets resulting from operations	$	197,868,192

The accompanying notes are an integral part of these financial statements.

Statement of changes in net assets Wells Fargo Government Money Market Fund 19

	Six months ended July 31, 2017 (unaudited)						Year ended January 31, 2017
Operations
Net investment income				$	197,719,424					$	134,339,812
Net realized gains on investments					148,768						99,365
Net increase in net assets resulting from operations					197,868,192						134,439,177
Distributions to shareholders from
Net investment income
Class A					(279,928	)					(26,088	)
Administrator Class					(1,386,683	)					(490,169	)
Institutional Class					(67,503,608	)					(48,554,431	)
Select Class					(123,564,656	)					(84,566,237	)
Service Class					(4,984,503	)					(623,539	)
Sweep Class					(46	)					(159	)
Total distributions to shareholders					(197,719,424	)					(134,260,623	)
Capital share transactions		Shares						Shares
Proceeds from shares sold
Class A		54,657,879			54,657,879			271,536,745			271,536,745
Administrator Class		2,493,742,508			2,493,742,508			3,391,516,371			3,391,516,371
Institutional Class		70,925,600,100			70,925,600,100			134,844,264,908			134,844,264,908
Select Class		213,156,932,981			213,156,932,981			276,797,863,539			276,797,863,539
Service Class		45,378,180,855			45,378,180,855			62,131,626,136			62,131,626,136
Sweep Class		0			0			13,401,843			13,401,843
					332,009,114,323						477,450,209,542
Reinvestment of distributions
Class A		279,190			279,190			25,847			25,847
Administrator Class		454,826			454,826			225,549			225,549
Institutional Class		25,673,127			25,673,127			17,284,022			17,284,022
Select Class		73,906,279			73,906,279			58,868,859			58,868,859
Service Class		828,196			828,196			107,813			107,813
Sweep Class		46			46			142			142
					101,141,664						76,512,232
Payment for shares redeemed
Class A		(67,664,047	)		(67,664,047	)		(262,601,748	)		(262,601,748	)
Administrator Class		(2,067,825,849	)		(2,067,825,849	)		(3,330,300,682	)		(3,330,300,682	)
Institutional Class		(72,764,701,516	)		(72,764,701,516	)		(125,832,281,995	)		(125,832,281,995	)
Select Class		(216,780,752,475	)		(216,780,752,475	)		(245,842,447,384	)		(245,842,447,384	)
Service Class		(45,596,468,824	)		(45,596,468,824	)		(62,102,819,516	)		(62,102,819,516	)
Sweep Class		0			0			(16,278,599	)		(16,278,599	)
					(337,277,412,711	)					(437,386,729,924	)
Net increase (decrease) in net assets resulting from capital share transactions					(5,167,156,724	)					40,139,991,850
Total increase (decrease) in net assets					(5,167,007,956	)					40,140,170,404
Net assets
Beginning of period					65,952,305,470						25,812,135,066
End of period				$	60,785,297,514					$	65,952,305,470
Undistributed net investment income				$	47,098					$	47,098

The accompanying notes are an integral part of these financial statements.

20 Wells Fargo Government Money Market Fund Financial highlights

(For a share outstanding throughout each period)

	Six months ended July 31, 2017 (unaudited)			Year ended January 31
CLASS A				2017			2016			2015			2014			2013
Net asset value, beginning of period		$1.00			$1.00			$1.00			$1.00			$1.00			$1.00
Net investment income		0.00	1		0.00	1		0.00	1		0.00	1		0.00	1		0.00	1
Net realized gains (losses) on investments		0.00	1		0.00	1		0.00	1		(0.00	)1		0.00	1		0.00
Total from investment operations		0.00	1		0.00	1		0.00	1		0.00	1		0.00	1		0.00	1
Distributions to shareholders from
Net investment income		(0.00	)1		(0.00	)1		(0.00	)1		(0.00	)1		(0.00	)1		(0.00	)1
Net realized gains		0.00			0.00			0.00			(0.00	)1		(0.00	)1		0.00
Total distributions to shareholders		(0.00	)1		(0.00	)1		(0.00	)1		(0.00	)1		(0.00	)1		(0.00	)1
Net asset value, end of period		$1.00			$1.00			$1.00			$1.00			$1.00			$1.00
Total return2		0.11	%		0.01	%		0.01	%		0.01	%		0.01	%		0.01	%
Ratios to average net assets (annualized)
Gross expenses		0.61	%		0.61	%		0.61	%		0.61	%		0.61	%		0.61	%
Net expenses		0.61	%		0.41	%		0.13	%		0.09	%		0.10	%		0.17	%
Net investment income		0.21	%		0.01	%		0.01	%		0.01	%		0.01	%		0.01	%
Supplemental data
Net assets, end of period (000s omitted)		$261,356			$274,083			$265,119			$308,757			$406,489			$564,676

¹  Amount is less than $0.005.

²  Returns for periods of less than one year are not annualized.

The accompanying notes are an integral part of these financial statements.

Financial highlights Wells Fargo Government Money Market Fund 21

(For a share outstanding throughout each period)

	Six months ended July 31, 2017 (unaudited)			Year ended January 31
ADMINISTRATOR CLASS				2017			2016			2015			2014			2013
Net asset value, beginning of period		$1.00			$1.00			$1.00			$1.00			$1.00			$1.00
Net investment income		0.00	1		0.00	1		0.00	1		0.00	1		0.00	1		0.00	1
Net realized gains (losses) on investments		0.00	1		0.00	1		0.00	1		(0.00	)1		0.00	1		0.00
Total from investment operations		0.00	1		0.00	1		0.00	1		0.00	1		0.00	1		0.00	1
Distributions to shareholders from
Net investment income		(0.00	)1		(0.00	)1		(0.00	)1		(0.00	)1		(0.00	)1		(0.00	)1
Net realized gains		0.00			0.00			0.00			(0.00	)1		(0.00	)1		0.00
Total distributions to shareholders		(0.00	)1		(0.00	)1		(0.00	)1		(0.00	)1		(0.00	)1		(0.00	)1
Net asset value, end of period		$1.00			$1.00			$1.00			$1.00			$1.00			$1.00
Total return2		0.24	%		0.10	%		0.01	%		0.01	%		0.01	%		0.01	%
Ratios to average net assets (annualized)
Gross expenses		0.34	%		0.34	%		0.34	%		0.34	%		0.34	%		0.34	%
Net expenses		0.34	%		0.31	%		0.12	%		0.09	%		0.09	%		0.17	%
Net investment income		0.51	%		0.11	%		0.01	%		0.01	%		0.01	%		0.01	%
Supplemental data
Net assets, end of period (000s omitted)		$869,866			$443,500			$382,043			$644,666			$596,022			$408,411

¹  Amount is less than $0.005.

²  Returns for periods of less than one year are not annualized.

The accompanying notes are an integral part of these financial statements.

22 Wells Fargo Government Money Market Fund Financial highlights

(For a share outstanding throughout each period)

	Six months ended July 31, 2017 (unaudited)			Year ended January 31
INSTITUTIONAL CLASS				2017			2016			2015			2014			2013
Net asset value, beginning of period		$1.00			$1.00			$1.00			$1.00			$1.00			$1.00
Net investment income		0.00	1		0.00	1		0.00	1		0.00	1		0.00	1		0.00	1
Net realized gains (losses) on investments		0.00	1		0.00	1		0.00	1		(0.00	)1		0.00	1		0.00
Total from investment operations		0.00	1		0.00	1		0.00	1		0.00	1		0.00	1		0.00	1
Distributions to shareholders from
Net investment income		(0.00	)1		(0.00	)1		(0.00	)1		(0.00	)1		(0.00	)1		(0.00	)1
Net realized gains		0.00			0.00			0.00			(0.00	)1		(0.00	)1		0.00
Total distributions to shareholders		(0.00	)1		(0.00	)1		(0.00	)1		(0.00	)1		(0.00	)1		(0.00	)1
Net asset value, end of period		$1.00			$1.00			$1.00			$1.00			$1.00			$1.00
Total return2		0.31	%		0.24	%		0.02	%		0.01	%		0.01	%		0.01	%
Ratios to average net assets (annualized)
Gross expenses		0.22	%		0.22	%		0.22	%		0.22	%		0.22	%		0.22	%
Net expenses		0.20	%		0.17	%		0.12	%		0.09	%		0.10	%		0.17	%
Net investment income		0.62	%		0.25	%		0.02	%		0.01	%		0.01	%		0.01	%
Supplemental data
Net assets, end of period (000s omitted)		$21,428,947			$23,242,417			$14,212,988			$17,509,698			$20,793,077			$22,762,489

¹  Amount is less than $0.005.

²  Returns for periods of less than one year are not annualized.

The accompanying notes are an integral part of these financial statements.

Financial highlights Wells Fargo Government Money Market Fund 23

(For a share outstanding throughout each period)

	Six months ended July 31, 2017 (unaudited)			Year ended January 31
SELECT CLASS				2017			20161
Net asset value, beginning of period		$1.00			$1.00			$1.00
Net investment income		0.00	2		0.00	2		0.00	2
Net realized gains on investments		0.00	2		0.00	2		0.00	2
Total from investment operations		0.00	2		0.00	2		0.00	2
Distributions to shareholders from net investment income		(0.00	)2		(0.00	)2		(0.00	)2
Net asset value, end of period		$1.00			$1.00			$1.00
Total return3		0.34	%		0.30	%		0.04	%
Ratios to average net assets (annualized)
Gross expenses		0.18	%		0.18	%		0.18	%
Net expenses		0.14	%		0.11	%		0.10	%
Net investment income		0.68	%		0.34	%		0.08	%
Supplemental data
Net assets, end of period (000s omitted)		$35,449,720			$38,999,425			$7,985,195

¹  For the period from June 30, 2015 (commencement of class operations) to January 31, 2016

²  Amount is less than $0.005.

³  Returns for periods of less than one year are not annualized.

The accompanying notes are an integral part of these financial statements.

24 Wells Fargo Government Money Market Fund Financial highlights

(For a share outstanding throughout each period)

	Six months ended July 31, 2017 (unaudited)			Year ended January 31
SERVICE CLASS				2017			2016			2015			2014			2013
Net asset value, beginning of period		$1.00			$1.00			$1.00			$1.00			$1.00			$1.00
Net investment income		0.00	1		0.00	1		0.00	1		0.00	1		0.00	1		0.00	1
Net realized gains (losses) on investments		0.00	1		0.00	1		0.00	1		(0.00	)1		0.00	1		0.00
Total from investment operations		0.00	1		0.00	1		0.00	1		0.00	1		0.00	1		0.00	1
Distributions to shareholders from
Net investment income		(0.00	)1		(0.00	)1		(0.00	)1		(0.00	)1		(0.00	)1		(0.00	)1
Net realized gains		0.00			0.00			0.00			(0.00	)1		(0.00	)1		0.00
Total distributions to shareholders		(0.00	)1		(0.00	)1		(0.00	)1		(0.00	)1		(0.00	)1		(0.00	)1
Net asset value, end of period		$1.00			$1.00			$1.00			$1.00			$1.00			$1.00
Total return2		0.16	%		0.02	%		0.01	%		0.01	%		0.01	%		0.01	%
Ratios to average net assets (annualized)
Gross expenses		0.51	%		0.51	%		0.51	%		0.51	%		0.51	%		0.51	%
Net expenses		0.50	%		0.40	%		0.13	%		0.09	%		0.10	%		0.17	%
Net investment income		0.32	%		0.02	%		0.01	%		0.01	%		0.01	%		0.01	%
Supplemental data
Net assets, end of period (000s omitted)		$2,775,308			$2,992,780			$2,963,813			$4,129,813			$4,140,419			$6,440,560

¹  Amount is less than $0.005.

²  Returns for periods of less than one year are not annualized.

The accompanying notes are an integral part of these financial statements.

Financial highlights Wells Fargo Government Money Market Fund 25

(For a share outstanding throughout each period)

	Six months ended July 31, 2017 (unaudited)			Year ended January 31
SWEEP CLASS				2017			2016			2015			2014			2013
Net asset value, beginning of period		$1.00			$1.00			$1.00			$1.00			$1.00			$1.00
Net investment income		0.00	1		0.00	1		0.00	1		0.00	1		0.00	1		0.00	1
Net realized gains (losses) on investments		0.00	1		0.00	1		0.00	1		(0.00	)1		0.00	1		0.00
Total from investment operations		0.00	1		0.00	1		0.00	1		0.00	1		0.00	1		0.00	1
Distributions to shareholders from
Net investment income		(0.00	)1		(0.00	)1		(0.00	)1		(0.00	)1		(0.00	)1		(0.00	)1
Net realized gains		0.00			0.00			0.00			(0.00	)1		(0.00	)1		0.00
Total distributions to shareholders		(0.00	)1		(0.00	)1		(0.00	)1		(0.00	)1		(0.00	)1		(0.00	)1
Net asset value, end of period		$1.00			$1.00			$1.00			$1.00			$1.00			$1.00
Total return2		0.05	%		0.01	%		0.01	%		0.01	%		0.01	%		0.01	%
Ratios to average net assets (annualized)
Gross expenses		0.77	%		0.96	%		0.96	%		0.96	%		0.96	%		0.96	%
Net expenses		0.73	%		0.38	%		0.13	%		0.09	%		0.10	%		0.17	%
Net investment income		0.09	%		0.01	%		0.01	%		0.01	%		0.01	%		0.01	%
Supplemental data
Net assets, end of period (000s omitted)		$100			$100			$2,977			$6,615			$18,244			$22,998

¹  Amount is less than $0.005.

²  Returns for periods of less than one year are not annualized.

The accompanying notes are an integral part of these financial statements.

26 Wells Fargo Government Money Market Fund Notes to financial statements (unaudited)

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 Wells Fargo Government Money Market Fund (the “Fund”) which is a diversified series of the Trust.

2. SIGNIFICANT ACCOUNTING POLICIES

The following significant accounting policies, which are consistently followed in the preparation of the financial statements of the 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 revenues and expenses during the reporting period. Actual results could differ from those estimates.

Securities valuation

As permitted under Rule 2a-7 of the 1940 Act, portfolio securities are valued at amortized cost, which approximates fair value. The amortized cost method involves valuing a security at its cost, plus accretion of discount or minus amortization of premium over the period until maturity.

Investments which are not valued using the method discussed above are valued at their fair value, as determined in good faith by the Board of Trustees of the Fund. 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 Management Valuation Team of 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 Management Valuation Team which may include items for ratification.

Valuations of fair valued securities are compared to the next actual sales price when available, or other appropriate market values, to assess the continued appropriateness of the fair valuation methodologies used. These securities are fair valued on a day-to-day basis, taking into consideration changes to appropriate market information and any significant changes to the inputs considered in the valuation process until there is a readily available price provided on an exchange or by an independent pricing service. Valuations received from an independent pricing service or independent broker-dealer quotes are periodically validated by comparisons to most recent trades and valuations provided by other independent pricing services in addition to the review of prices by the manager and/or subadviser. Unobservable inputs used in determining fair valuations are identified based on the type of security, taking into consideration factors utilized by market participants in valuing the investment, knowledge about the issuer and the current market environment.

Repurchase agreements

The Fund may invest in repurchase agreements and may participate in pooled repurchase agreement transactions with other funds advised by Funds Management. Repurchase agreements are agreements where the seller of a security to the Fund agrees to repurchase that security from the Fund at a mutually agreed upon time and price. The repurchase agreements must be fully collateralized based on values that are marked-to-market daily. The collateral may be held by an agent bank under a tri-party agreement. It is the custodian’s responsibility to value collateral daily and to take action to obtain additional collateral as necessary to maintain market value equal to or greater than the resale price. The repurchase agreements are collateralized by instruments such as U.S. Treasury, federal agency, or high-grade corporate obligations. There could be potential loss to the Fund in the event that the Fund is delayed or prevented from exercising its rights to dispose of the collateral, including the risk of a possible decline in the value of the underlying obligations during the period in which the Fund seeks to assert its rights.

When-issued transactions

The Fund may purchase securities on a forward commitment or when-issued basis. The Fund records a when-issued transaction on the trade date and will segregate assets in an amount at least equal in value to the Fund’s commitment to purchase when-issued securities. Securities purchased on a when-issued basis are marked-to-market daily and the Fund begins earning interest on the settlement date. Losses may arise due to changes in the market value of the underlying securities or if the counterparty does not perform under the contract.

Notes to financial statements (unaudited) Wells Fargo Government Money Market Fund 27

Security transactions and income recognition

Securities transactions are recorded on a trade date basis. Realized gains or losses are recorded on the basis of identified cost.

Interest income is accrued daily and bond discounts are accreted and premiums are amortized daily based on the effective interest method. 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 are accrued daily and paid monthly. Distributions from net realized gains, if any, are recorded on the ex-dividend date. 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 the Fund’s fiscal year end. Therefore, a portion of the Fund’s distributions made prior to the Fund’s fiscal year end may be categorized as a tax return of capital.

Federal and other taxes

The 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.

The 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 the 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.

Class allocations

The separate classes of shares offered by the Fund differ principally in distribution, shareholder servicing, and administration fees. Class specific expenses are charged directly to that share class. Investment income, common expenses, and realized gains (losses) on investments are allocated daily to each class of shares based on the relative proportion of net assets of each class.

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 the 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). The 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.

28 Wells Fargo Government Money Market Fund Notes to financial statements (unaudited)

The following is a summary of the inputs used in valuing the Fund’s assets and liabilities as of July 31, 2017:

	Quoted prices (Level 1)		Other significant observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total
Assets
Investments in:
Government agency debt	$	0	$	27,472,494,425	$	0	$	27,472,494,425
Municipal obligations		0		156,522,295		0		156,522,295
Repurchase agreements		0		28,078,432,700		0		28,078,432,700
Treasury debt		0		5,295,204,620		0		5,295,204,620
Total assets	$	0	$	61,002,654,040	$	0	$	61,002,654,040

The Fund recognizes transfers between levels within the fair value hierarchy at the end of the reporting period. At July 31, 2017, the Fund did not have any transfers into/out of Level 1, Level 2, or Level 3.

4. TRANSACTIONS WITH AFFILIATES

Management fee

Funds Management, an indirect wholly owned subsidiary of Wells Fargo & Company (“Wells Fargo”), is the manager of the 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 the Fund, supervising the subadviser, providing fund-level administrative services in connection with the Fund’s operations, and providing any other fund-level administrative services reasonably necessary for the operation of the Fund. As compensation for its services under the investment management agreement, Funds Management is entitled to receive an annual management fee starting at 0.15% and declining to 0.13% as the average daily net assets of the Fund increase. For the six months ended July 31, 2017, the management fee was equivalent to an annual rate of 0.13% of the Fund’s average daily net assets.

Funds Management has retained the services of a subadviser to provide daily portfolio management to the Fund. The fee for subadvisory services is borne by Funds Management. Wells Capital Management Incorporated, an affiliate of Funds Management indirect wholly owned subsidiary of Wells Fargo, is the subadviser to the Fund and is entitled to receive a fee from Funds Management at an annual rate starting at 0.05% and declining to 0.01% as the average daily net assets of the Fund increase.

Administration fees

Under a class-level administration agreement, Funds Management provides class-level administrative services to the 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		0.22	%
Administrator Class		0.10
Institutional Class		0.08
Select Class		0.04
Service Class		0.12
Sweep Class		0.03

Funds Management has contractually waived and/or reimbursed management and administration fees to the extent necessary to maintain certain net operating expense ratios for the Fund. Waiver of fees and/or reimbursement of expenses by Funds Management were made first from fund level expenses on a proportionate basis and then from class specific expenses. Funds Management has committed through May 31, 2018 to waive fees and/or reimburse expenses to

Notes to financial statements (unaudited) Wells Fargo Government Money Market Fund 29

the extent necessary to cap the Fund’s expenses at 0.65% for Class A shares, 0.35% for Administrator Class shares, 0.20% for Institutional Class shares, 0.16% for Select Class shares, 0.50% for Service Class shares, and 0.79% for Sweep Class shares. 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. During the six months ended July 31, 2017, Funds Management voluntarily waived additional expenses to maintain a positive yield.

Distribution fee

The Trust has adopted a distribution plan for Sweep Class shares of the Fund pursuant to Rule 12b-1 under the 1940 Act. A distribution fee is charged to Sweep Class shares and paid to Wells Fargo Funds Distributor, LLC, the principal underwriter, at an annual rate of 0.35% of the average daily net assets of Sweep Class shares.

Shareholder servicing fees

The Trust has entered into contracts with one or more shareholder servicing agents, whereby Class A, Service Class, and Sweep Class of the Fund are charged a fee at an annual rate of 0.25% of the respective average daily net assets of each class. Administrator Class 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.

Interfund transactions

The Fund may purchase or sell investment securities to other Wells Fargo affiliates pursuant to Rule 17a-7 of the 1940 Act and under procedures adopted by the Board of Trustees. The procedures have been designed to ensure that these interfund transactions, which do not incur broker commissions, are effected at current market prices.

5. INDEMNIFICATION

Under the Trust’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 the Trust. Additionally, in the normal course of business, the Trust may enter into contracts with service providers that contain a variety of indemnification clauses. The Trust’s maximum exposure under these arrangements is dependent on future claims that may be made against the Fund and, therefore, cannot be estimated.

6. REGULATORY CHANGES

In October 2016, the Securities and Exchange Commission (“SEC”) adopted new rules and forms and amended existing rules and forms (together, “final rules”) intended to modernize and enhance the reporting and disclosure of information by registered investment companies and to enhance liquidity risk management by open-end mutual funds and exchange-traded funds. The final rules will enhance the quality of information available to investors and will allow the SEC to more effectively collect and use data reported by funds. In part, the final rules amend Regulation S-X and require standardized, enhanced disclosure about derivatives in the Fund’s financial statements, as well as other amendments. The compliance date for the amendments to Regulation S-X is August 1, 2017. Management has evaluated the amendments to Regulation S-X and its adoption will result in enhanced financial disclosures in the Fund’s financial statements. Management continues to evaluate the reporting requirements for the new form types (compliance date is June 1, 2018) and the implementation of the liquidity risk management program (compliance date is December 1, 2018).

30 Wells Fargo Government Money Market Fund Other information (unaudited)

PROXY VOTING INFORMATION

A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities is available, upon request, by calling 1-800-222-8222, visiting our website at wellsfargofunds.com, or visiting the SEC website at sec.gov. Information regarding how the Fund voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is available on the Fund’s website at wellsfargofunds.com or by visiting the SEC website at sec.gov.

PORTFOLIO HOLDINGS INFORMATION

The complete portfolio holdings for the Fund are publicly available on the Fund’s website (wellsfargofunds.com) on a 1-day delayed basis. The Fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q, which is available by visiting the SEC website at sec.gov. In addition, the Fund’s Form N-Q may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC, and at regional offices in New York City, at 233 Broadway, and in Chicago, at 175 West Jackson Boulevard, Suite 900. Information about the Public Reference Room may be obtained by calling 1-800-SEC-0330.

Other information (unaudited) Wells Fargo Government Money Market Fund 31

BOARD OF TRUSTEES AND OFFICERS

Each of the Trustees and Officers¹ listed in the table below acts in identical capacities for each fund in the Wells Fargo family of funds, which consists of 145 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 Information². 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. Board member of the Forté Foundation (non-profit organization) and the Vincent Memorial Hospital Endowment (non-profit organization), where he serves on the Investment Committee and as a Chair of the Audit Committee. Mr. Ebsworth is a CFA® charterholder.	Asset Allocation Trust
Jane A. Freeman (Born 1953)	Trustee, since 2015	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 a Board Member of Ruth Bancroft Garden (non-profit organization) and an inactive chartered financial analyst.	Asset Allocation Trust
Peter G. Gordon** (Born 1942)	Trustee, since 1998; Chairman, since 2005	Co-Founder, Retired Chairman, President and CEO of Crystal Geyser Water Company. Trustee Emeritus, Colby College.	Asset Allocation Trust
Isaiah Harris, Jr. (Born 1952)	Trustee, since 2009	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 (charter school). Advisory Board Member, Child Evangelism Fellowship (non-profit). Mr. Harris is a certified public accountant (inactive status).	CIGNA Corporation; Asset Allocation Trust
Judith M. Johnson (Born 1949)	Trustee, since 2008; Audit Committee Chairman, 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.	Asset Allocation Trust
David F. Larcker (Born 1950)	Trustee, since 2009	James Irvin Miller Professor of Accounting at the Graduate School of Business, 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.	Asset Allocation Trust

32 Wells Fargo Government Money Market Fund 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	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.	Asset Allocation Trust
Timothy J. Penny (Born 1951)	Trustee, since 1996: Vice Chairman, since 2017	President and Chief Executive Officer of Southern Minnesota Initiative Foundation, a non-profit organization, since 2007 and Senior Fellow at the Humphrey Institute Policy Forum at the University of Minnesota since 1995. Member of the Board of Trustees of NorthStar Education Finance, Inc., a non-profit organization, since 2007.	Asset Allocation Trust
Michael S. Scofield (Born 1943)	Trustee, since 2010	Served on the Investment Company Institute’s Board of Governors and Executive Committee from 2008-2011 as well the Governing Council of the Independent Directors Council from 2006-2011 and the Independent Directors Council Executive Committee from 2008-2011. Chairman of the IDC from 2008-2010. Trustee of the Evergreen Funds complex (and its predecessors) from 1984 to 2010. Chairman of the Evergreen Funds from 2000-2010. Former Trustee of the Mentor Funds. Retired Attorney, Law Offices of Michael S. Scofield.	Asset Allocation Trust

* Length of service dates reflect the Trustee’s commencement of service with the Trust’s predecessor entities, where applicable.

** Peter Gordon is expected to retire on December 31, 2017.

Advisory Board Members

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
James G. Polisson (Born 1959)	Advisory Board Member, since 2017	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 (Blackrock) from 1998 to 2010 and Global Chief Marketing Officer for iShares and Barclays Global Investors from 2000 to 2010. Prior thereto, Vice President, Fidelity Retail Mutual Fund Group from 1996 to 1998 and Risk Management Practice Manager, Fidelity Consulting from 1995 to 1996. 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.	None
Pamela Wheelock (Born 1959)	Advisory Board Member, since 2017	Chief Operating Officer, Twin Cities Habitat for Humanity, since January, 2017. Vice President of University Services, University of Minnesota from 2012 to 2017. Prior thereto, Interim President and Chief Executive Officer of Blue Cross Blue Shield of Minnesota from 2010 to 2011, Chairman of the Board from 2009 to 2011 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. Commissioner of Finance, State of Minnesota, from 1999 to 2002. Currently on the Board of Directors, Governance Committee and Finance Committee, for the Minnesota Philanthropy Partners (Saint Paul Foundation) since 2012 and Board Chair of the Minnesota Wild Foundation since 2010.	None

Other information (unaudited) Wells Fargo Government Money Market Fund 33

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.
Nancy Wiser1 (Born 1967)	Treasurer, since 2012	Executive Vice President of Wells Fargo Funds Management, LLC since 2011. Chief Operating Officer and Chief Compliance Officer at LightBox Capital Management LLC, from 2008 to 2011.
C. David Messman (Born 1960)	Secretary, since 2000; Chief Legal Officer, since 2003	Senior Vice President and Secretary of Wells Fargo Funds Management, LLC since 2001. Assistant General Counsel of Wells Fargo Bank, N.A. since 2013 and Vice President and Managing Counsel of Wells Fargo Bank, N.A. from 1996 to 2013.
Michael H. Whitaker (Born 1967)	Chief Compliance Officer, since 2016	Senior Vice President and Chief Compliance Officer since 2016. Senior Vice President and Chief Compliance Officer for Fidelity Investments from 2007 to 2016.
David Berardi (Born 1975)	Assistant Treasurer, since 2009	Vice President of Wells Fargo Funds Management, LLC since 2009. Vice President of Evergreen Investment Management Company, LLC from 2008 to 2010. Manager of Fund Reporting and Control for Evergreen Investment Management Company, LLC from 2004 to 2010.
Jeremy DePalma1 (Born 1974)	Assistant Treasurer, since 2009	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.

¹  Nancy Wiser acts as Treasurer of 69 funds in the Fund Complex. Jeremy DePalma acts as Treasurer of 76 funds and Assistant Treasurer of 69 funds in the Fund Complex.

² 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 wellsfargofunds.com.

34 Wells Fargo Government Money Market Fund Other information (unaudited)

BOARD CONSIDERATION OF INVESTMENT MANAGEMENT AND SUB-ADVISORY AGREEMENTS:

Under the Investment Company Act of 1940 (the “1940 Act”), the Board of Trustees (the “Board”) of Wells Fargo Funds Trust (the “Trust”) must determine annually whether to approve the continuation of the Trust’s investment management and sub-advisory agreements. In this regard, at an in-person meeting held on May 16-17, 2017 (the “Meeting”), the Board, all the members of which have no direct or indirect interest in the investment management and sub-advisory agreements and are not “interested persons” of the Trust, as defined in the 1940 Act (the “Independent Trustees”), reviewed and approved for Wells Fargo Government Money Market Fund (the “Fund”): (i) an investment management agreement (the “Management Agreement”) with Wells Fargo Funds Management, LLC (“Funds Management”); and (ii) an investment sub-advisory agreement (the “Sub-Advisory Agreement”) with Wells Capital Management Incorporated (the “Sub-Adviser”), an affiliate of Funds Management. The Management Agreement and the Sub-Advisory Agreement are collectively referred to as the “Advisory Agreements.”

At the Meeting, the Board considered the factors and reached the conclusions described below relating to the selection of Funds Management and the Sub-Adviser and the approval of the Advisory Agreements. Prior to the Meeting, including at an in-person meeting in April 2017, the Trustees conferred extensively among themselves and with representatives of Funds Management about these matters. Also, the Board has adopted a team-based approach, with each team consisting of a sub-set of Trustees, to assist the full Board in the discharge of its duties in reviewing performance and other matters throughout the year. The Independent Trustees were assisted in their evaluation of the Advisory Agreements by independent legal counsel, from whom they received separate legal advice and with whom they met separately.

In providing information to the Board, Funds Management and the Sub-Adviser were guided by a detailed set of requests for information submitted to them by independent legal counsel on behalf of the Independent Trustees at the start of the Board’s annual contract renewal process earlier in 2017. In considering and approving the Advisory Agreements, the Trustees considered the information they believed relevant, including but not limited to the information discussed below. The Board considered not only the specific information presented in connection with the Meeting, but also the knowledge gained over time through interaction with Funds Management and the Sub-Adviser about various topics. In this regard, the Board reviewed reports of Funds Management at each of its quarterly meetings, which included, among other things, portfolio reviews and performance reports. In addition, the Board and the teams mentioned above confer with portfolio managers at various times throughout the year. The Board did not identify any particular information or consideration that was all-important or controlling, and each individual Trustee may have attributed different weights to various factors.

After its deliberations, the Board unanimously approved the continuation of the Advisory Agreements for a one-year term and determined that the compensation payable to Funds Management and the Sub-Adviser under each of the Advisory Agreements was reasonable. The Board considered the approval of the Advisory Agreements for the Fund as part of its consideration of agreements for funds across the complex, but its approvals were made on a fund-by-fund basis. The following summarizes a number of important, but not necessarily all, factors considered by the Board in support of its approvals.

Nature, extent and quality of services

The Board received and considered various information regarding the nature, extent and quality of services provided to the Fund by Funds Management and the Sub-Adviser under the Advisory Agreements. This information included a description of the investment advisory services and Fund-level administrative services covered by the Management Agreement, as well as, among other things, a summary of the background and experience of senior management of Funds Management, a summary of certain organizational and personnel changes involving Funds Management and the Sub-Adviser, and a description of Funds Management’s and the Sub-Adviser’s business continuity planning programs and of their approaches to data privacy and cybersecurity. The Board also considered the qualifications, background, tenure and responsibilities of each of the portfolio managers primarily responsible for the day-to-day portfolio management of the Fund.

The Board evaluated the ability of Funds Management and the Sub-Adviser to attract and retain qualified investment professionals, including research, advisory and supervisory personnel. The Board further considered the compliance programs and compliance records of Funds Management and the Sub-Adviser. In addition, the Board took into account the full range of services provided to the Fund by Funds Management and its affiliates.

Fund performance and expenses

The Board considered the performance results for the Fund over various time periods ended December 31, 2016. The Board considered these results in comparison to the performance of funds in a universe that was determined by

Other information (unaudited) Wells Fargo Government Money Market Fund 35

Broadridge Inc. (“Broadridge”) to be similar to the Fund (the “Universe”), and in comparison to the Fund’s benchmark index and to other comparative data. Broadridge is an independent provider of investment company data. The Board received a description of the methodology used by Broadridge to select the mutual funds in the performance Universe. The Board noted that the performance of the Fund (Administrator Class) was in range of the average performance of the Universe for all periods under. The Board also noted that the performance of the Fund was higher than or equal to its benchmark, the Lipper U.S. Government Money Market Funds Index, for all periods under review.

The Board also received and considered information regarding the Fund’s net operating expense ratios and their various components, including actual management fees, custodian and other non-management fees, and Rule 12b-1 and non-Rule 12b-1 shareholder service fees. The Board considered these ratios in comparison to the median ratios of funds in class-specific expense groups that were determined by Broadridge to be similar to the Fund (the “Groups”). The Board received a description of the methodology used by Broadridge to select the mutual funds in the expense Groups and an explanation of how funds comprising expense groups and their expense ratios may vary from year-to-year. Based on the Broadridge reports, the Board noted that the net operating expense ratios of the Fund were lower than or in range of the median net operating expense ratios of the expense Groups for all share classes except Class A and Service Class. The Board discussed and accepted Funds Management’s proposal to reduce the net operating expense ratio cap for Sweep Class.

The Board took into account the Fund performance and expense information provided to it among the factors considered in deciding to re-approve the Advisory Agreements.

Investment management and sub-advisory fee rates

The Board reviewed and considered the contractual fee rates payable by the Fund to Funds Management under the Management Agreement, as well as the contractual fee rates payable by the Fund to Funds Management for class-level administrative services under a Class-Level Administration Agreement, which include, among other things, class-level transfer agency and sub-transfer agency costs (collectively, the “Management Rates”). The Board also reviewed and considered the contractual investment sub-advisory fee rates that are payable by Funds Management to the Sub-Adviser for investment sub-advisory services.

Among other information reviewed by the Board was a comparison of the Fund’s Management Rates with the average contractual investment management fee rates of funds in the expense Groups at a common asset level as well as transfer agency costs of the funds in the expense Groups. The Board noted that the Management Rates of the Fund were lower than or in range of the sum of these average rates for the Fund’s expense Groups for all share classes.

The Board also received and considered information about the portion of the total management fee that was retained by Funds Management after payment of the fee to the Sub-Adviser for sub-advisory services. In assessing the reasonableness of this amount, the Board received and evaluated information about the nature and extent of responsibilities retained and risks assumed by Funds Management and not delegated to or assumed by the Sub-Adviser, and about Funds Management’s on-going oversight services. Given the affiliation between Funds Management and the Sub-Adviser, the Board ascribed limited relevance to the allocation of fees between them.

The Board also received and considered information about the nature and extent of services offered and fee rates charged by Funds Management and the Sub-Adviser to other types of clients with investment strategies similar to those of the Fund. In this regard, the Board received information about the significantly greater scope of services, and compliance, reporting and other legal burdens and risks of managing mutual funds compared with those associated with managing assets of non-mutual fund clients such as a short-term investment portfolio.

Based on its consideration of the factors and information it deemed relevant, including those described here, the Board determined that the compensation payable to Funds Management under the Management Agreement and to the Sub-Adviser under the Sub-Advisory Agreement was reasonable.

Profitability

The Board received and considered information concerning the profitability of Funds Management, as well as the profitability of Wells Fargo as a whole, from providing services to the Fund and the fund family as a whole. The Board also received and considered information concerning the profitability of the Sub-Adviser from providing services to the fund family as a whole, noting that the Sub-Adviser’s profitability information with respect to providing services to the Fund was subsumed in the Wells Fargo and Funds Management profitability analysis.

Funds Management reported on the methodologies and estimates used in calculating profitability, including a description of the methodology used to allocate certain expenses. Among other things, the Board noted that the levels of

36 Wells Fargo Government Money Market Fund Other information (unaudited)

profitability reported on a fund-by-fund basis varied widely, depending on factors such as the size and type of fund. Based on its review, the Board did not deem the profits reported by Funds Management or Wells Fargo from its services to the Fund to be at a level that would prevent it from approving the continuation of the Advisory Agreements.

Economies of scale

With respect to possible economies of scale, the Board noted the existence of breakpoints in the Fund’s management fee structure, which operate generally to reduce the Fund’s expense ratios as the Fund grows in size. It considered that, for a small fund or a fund that shrinks in size, breakpoints conversely can result in higher fee levels. The Board also considered that in addition to management fee breakpoints, competitive management fee rates set at the outset without regard to breakpoints and fee waiver and expense reimbursement arrangements are means of sharing potential economies of scale with shareholders of the Fund. The Board discussed and accepted Funds Management’s proposal to reduce the net operating expense ratio cap for Sweep Class. The Board considered Funds Management’s view, which Funds Management indicated was supported by independent third-party industry studies which were summarized for the Board, that any analyses of potential economies of scale in managing a particular fund are inherently limited in light of the joint and common costs and investments that Funds Management incurs across the fund family as a whole.

The Board concluded that the Fund’s fee and expense arrangements, including contractual breakpoints, constituted a reasonable approach to sharing potential economies of scale with the Fund and its shareholders.

Other benefits to Funds Management and the Sub-Adviser

The Board received and considered information regarding potential “fall-out” or ancillary benefits received by Funds Management and its affiliates, including the Sub-Adviser, as a result of their relationships with the Fund. Ancillary benefits could include, among others, benefits directly attributable to other relationships with the Fund and benefits potentially derived from an increase in Funds Management’s and the Sub-Adviser’s business as a result of their relationships with the Fund. The Board noted that various affiliates of Funds Management may receive distribution-related fees, shareholder servicing payments and sub-transfer agency fees in respect of shares sold or held through them and services provided.

The Board also reviewed information about soft dollar credits earned and utilized by the Sub-Adviser, fees earned by Funds Management and the Sub-Adviser from managing a private investment vehicle for the fund family’s securities lending collateral and commissions earned by an affiliated broker from portfolio transactions.

Based on its consideration of the factors and information it deemed relevant, including those described here, the Board did not find that any ancillary benefits received by Funds Management and its affiliates, including the Sub-Adviser, were unreasonable.

Conclusion

At the Meeting, after considering the above-described factors and based on its deliberations and its evaluation of the information described above, the Board unanimously approved the continuation of the Advisory Agreements for a one-year term and determined that the compensation payable to Funds Management and the Sub-Adviser under each of the Advisory Agreements was reasonable.

List of abbreviations Wells Fargo Government Money Market Fund 37

The following is a list of common abbreviations for terms and entities that may have appeared in this report.

ACA —  ACA Financial Guaranty Corporation

ADR —  American depositary receipt

ADS —  American depositary shares

AGC —  Assured Guaranty Corporation

AGM —  Assured Guaranty Municipal

Ambac —  Ambac Financial Group Incorporated

AMT —  Alternative minimum tax

AUD —  Australian dollar

BAN —  Bond anticipation notes

BHAC —  Berkshire Hathaway Assurance Corporation

BRL —  Brazilian real

CAB —  Capital appreciation bond

CAD —  Canadian dollar

CCAB —  Convertible capital appreciation bond

CDA —  Community Development Authority

CDO —  Collateralized debt obligation

CHF —  Swiss franc

CLO —  Collateralized loan obligation

CLP —  Chilean peso

COP —  Colombian peso

DKK —  Danish krone

DRIVER —  Derivative inverse tax-exempt receipts

DW&P —  Department of Water & Power

DWR —  Department of Water Resources

ECFA —  Educational & Cultural Facilities Authority

EDA —  Economic Development Authority

EDFA —  Economic Development Finance Authority

ETF —  Exchange-traded fund

EUR —  Euro

FDIC —  Federal Deposit Insurance Corporation

FFCB —  Federal Farm Credit Banks

FGIC —  Financial Guaranty Insurance Corporation

FHA —  Federal Housing Administration

FHLB —  Federal Home Loan Bank

FHLMC —  Federal Home Loan Mortgage Corporation

FICO —  The Financing Corporation

FNMA —  Federal National Mortgage Association

FSA —  Farm Service Agency

GBP —  Great British pound

GDR —  Global depositary receipt

GNMA —  Government National Mortgage Association

GO —  General obligation

HCFR —  Healthcare facilities revenue

HEFA —  Health & Educational Facilities Authority

HEFAR —  Higher education facilities authority revenue

HFA —  Housing Finance Authority

HFFA —  Health Facilities Financing Authority

HKD —  Hong Kong dollar

HUD —  Department of Housing and Urban Development

HUF —  Hungarian forint

IDA —  Industrial Development Authority

IDAG —  Industrial Development Agency

IDR —  Indonesian rupiah

IEP —  Irish pound

JPY —  Japanese yen

KRW —  Republic of Korea won

LIBOR —  London Interbank Offered Rate

LIFER —  Long Inverse Floating Exempt Receipts

LIQ —  Liquidity agreement

LLC —  Limited liability company

LLLP —  Limited liability limited partnership

LLP —  Limited liability partnership

LOC —  Letter of credit

LP —  Limited partnership

MBIA —  Municipal Bond Insurance Association

MFHR ���  Multifamily housing revenue

MSTR —  Municipal securities trust receipts

MTN —  Medium-term note

MUD —  Municipal Utility District

MXN —  Mexican peso

MYR —  Malaysian ringgit

National —  National Public Finance Guarantee Corporation

NGN —  Nigerian naira

NOK —  Norwegian krone

NZD —  New Zealand dollar

PCFA —  Pollution Control Financing Authority

PCL —  Public Company Limited

PCR —  Pollution control revenue

PFA —  Public Finance Authority

PFFA —  Public Facilities Financing Authority

PFOTER —  Puttable floating option tax-exempt receipts

PJSC —  Public Joint Stock Company

plc —  Public limited company

PLN —  Polish zloty

PUTTER —  Puttable tax-exempt receipts

R&D —  Research & development

Radian —  Radian Asset Assurance

RAN —  Revenue anticipation notes

RDA —  Redevelopment Authority

RDFA —  Redevelopment Finance Authority

REIT —  Real estate investment trust

ROC —  Reset option certificates

RON —  Romanian lei

RUB —  Russian ruble

SAVRS —  Select auction variable rate securities

SBA —  Small Business Authority

SDR —  Swedish depositary receipt

SEK —  Swedish krona

SFHR —  Single-family housing revenue

SFMR —  Single-family mortgage revenue

SGD —  Singapore dollar

SPA —  Standby purchase agreement

SPDR —  Standard & Poor’s Depositary Receipts

SPEAR —  Short Puttable Exempt Adjustable Receipts

STRIPS —  Separate trading of registered interest and

      principal securities

TAN —  Tax anticipation notes

TBA —  To be announced

THB —  Thai baht

TIPS —  Treasury inflation-protected securities

TRAN —  Tax revenue anticipation notes

TRY —  Turkish lira

TTFA —  Transportation Trust Fund Authority

TVA —  Tennessee Valley Authority

ZAR —  South African rand

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For more information

More information about Wells Fargo Funds is available free upon request. To obtain literature, please write, email, visit the Fund’s website, or call:

Wells Fargo Funds

P.O. Box 8266

Boston, MA 02266-8266

Email: fundservice@wellsfargo.com

Website: wellsfargofunds.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 Fund. 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 Fund’s website at wellsfargofunds.com. Read the prospectus carefully before you invest or send money.

Wells Fargo Asset Management (WFAM) is a trade name used by the asset management businesses of Wells Fargo & Company. Wells Fargo Funds Management, LLC, a wholly owned subsidiary of Wells Fargo & Company, provides investment advisory and administrative services for Wells Fargo Funds. Other affiliates of Wells Fargo & Company provide subadvisory and other services for the funds. The funds are distributed by Wells Fargo Funds Distributor, LLC, Member FINRA, an affiliate of Wells Fargo & Company. Neither Wells Fargo Funds Management nor Wells Fargo Funds Distributor has Fund customer accounts/assets, and neither provides investment advice/recommendations or acts as an investment advice fiduciary to any investor.

NOT FDIC INSURED  ◾  NO BANK GUARANTEE  ◾   MAY LOSE VALUE

© 2017 Wells Fargo Funds Management, LLC. All rights reserved.

305367 09-17 SA303/SAR303 07-17

Semi-Annual Report

July 31, 2017

Government Money Market Funds

∎ Wells Fargo 100% Treasury Money Market Fund

Reduce clutter. Save trees.

Sign up for electronic delivery of prospectuses and shareholder reports at wellsfargo.com/advantagedelivery

Contents

Letter to shareholders	2
Performance highlights	4
Fund expenses	6
Portfolio of investments	7
Financial statements
Statement of assets and liabilities	8
Statement of operations	9
Statement of changes in net assets	10
Financial highlights	11
Notes to financial statements	16
Other information	20
List of abbreviations	27

The views expressed and any forward-looking statements are as of July 31, 2017, unless otherwise noted, and are those of the Fund managers and/or Wells Fargo Funds Management, LLC. Discussions of individual securities, or the markets generally, or any Wells Fargo Fund 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 Funds Management, LLC and the Fund disclaim any obligation to publicly update or revise any views expressed or forward-looking statements.

NOT FDIC INSURED  ◾  NO BANK GUARANTEE  ◾   MAY LOSE VALUE

2 Wells Fargo 100% Treasury Money Market Fund Letter to shareholders (unaudited)

Andrew Owen

President

Wells Fargo Funds

Early in July, volatility expectations increased and then receded, as measured by the CBOE VIX.

Dear Shareholder:

We are pleased to offer you this semi-annual report for the Wells Fargo 100% Treasury Money Market Fund for the six-month period that ended July 31, 2017. Many equity markets advanced during this reporting period, supported by modest economic growth despite political uncertainty. U.S. and international stocks returned 9.51% and 14.26%, for the six-month period, as measured by the S&P 500 Index¹ and the MSCI ACWI ex USA Index (Net)², respectively. Within fixed income, the Bloomberg Barclays U.S. Aggregate Bond Index³ returned 4.98% and the Bloomberg Barclays Municipal Bond Index⁴ returned 3.72% as interest rates rose from low levels.

Equity and bond markets advanced during the first quarter of 2017 amid improving economic data globally.

Stocks rallied globally through the first quarter of 2017, supported by signs of improvement in the U.S. and global economies. U.S. economic data released during the quarter reflected a healthy economy. Hiring remained strong, and business and consumer sentiment improved. In March, U.S. Federal Reserve (Fed) officials raised their target interest rate by a quarter percentage point to a range from 0.75% to 1.00%. With the Fed’s target interest rate increase, short-term bond yields rose during the quarter. Meanwhile, longer-term Treasury yields were little changed, leading to positive performance. Investment-grade and high-yield bonds benefited from strong demand. Municipal bond returns were positive in the quarter, helped by strong demand and constrained new-issue supply. Outside of the U.S., stocks in emerging markets generally outperformed stocks in the U.S. and international developed markets because they benefited from both global economic growth and recent weakening in the U.S. dollar. Stocks in Asia, Europe, and Latin America also outperformed the U.S. market during the quarter.

Steady advancement in many markets marked the first seven months of 2017.

During the second quarter, most equity markets in the U.S. and abroad advanced. Steady, albeit modest, economic growth both in the U.S. and abroad and generally favorable corporate earnings announcements after the second quarter supported higher valuations. Within the economy, U.S. inflation trended lower despite the unemployment rate continuing to decline. Ten-year U.S. Treasury yields declined, resulting in stronger prices for long-term bonds. As was widely expected, in June, the Fed raised the target interest rate by a quarter percentage point to a range from 1.00% to 1.25%. In addition, the Fed indicated that it would begin to sell bonds accumulated on its balance sheet during quantitative easing programs conducted since 2008, likely beginning later this year. Early in July, volatility expectations increased and then receded, as measured by the CBOE VIX.⁵ Although economic momentum increased in Europe, the European Central Bank held its rates steady at

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 markets, excluding the United States and Canada. 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 indexes or any securities or financial products. This report is not approved, reviewed, or produced by MSCI. You cannot invest directly in an index.

³ 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.

⁴  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.

⁵  The Chicago Board Options Exchange Market Volatility Index (CBOE VIX) is a popular measure of the implied volatility of S&P 500 Index options. It represents one measure of the market’s expectation of stock market volatility over the next 30-day period. You cannot invest directly in an index.

Letter to shareholders (unaudited) Wells Fargo 100% Treasury Money Market Fund 3

low levels because underlying inflation remained subdued. In emerging markets, many countries benefited from stronger currencies versus the U.S. dollar.

Don’t let short-term uncertainty derail long-term investment goals.

Periods of 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 in 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

Periods of 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.

For further information about your Fund, contact your investment professional, visit our website at wellsfargofunds.com, or call us directly at 1-800-222-8222. We are available 24 hours a day, 7 days a week.

4 Wells Fargo 100% Treasury Money Market Fund Performance highlights (unaudited)

Investment objective

The Fund seeks current income exempt from most state and local individual income taxes, while preserving capital and liquidity.

Manager

Wells Fargo Funds Management, LLC

Subadviser

Wells Capital Management Incorporated

Portfolio managers

Michael C. Bird, CFA^®

Jeffrey L. Weaver, CFA^®

Laurie White

Average annual total returns (%) as of July 31, 2017¹

								Expense ratios2 (%)
	Inception date	1 year		5 year		10 year		Gross		Net3
Class A (WFTXX)	11-8-1999		0.08		0.02		0.28		0.79		0.65
Administrator Class (WTRXX)	6-30-2010		0.29		0.06		0.32		0.52		0.30
Institutional Class (WOTXX)	10-31-2014		0.39		0.09		0.34		0.40		0.20
Service Class (NWTXX)	12-3-1990		0.14		0.03		0.31		0.69		0.50
Sweep Class	6-30-2010		0.02		0.01		0.30		0.95		0.83

Yield summary (%) as of July 31, 2017³

	Class A	Administrator Class		Institutional Class		Service Class		Sweep Class
7-day current yield	0.37		0.72		0.82		0.52		0.19
7-day compound yield	0.37		0.72		0.82		0.52		0.19
30-day simple yield	0.34		0.69		0.79		0.49		0.16
30-day compound yield	0.34		0.69		0.79		0.49		0.16

Figures quoted represent past performance, which is no guarantee of future results, and do not reflect taxes that a shareholder may pay on fund distributions or the redemption of fund shares. Investment returns will fluctuate. The Fund’s yield figures more closely reflect the current earnings of the Fund than the total return figures. 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, wellsfargofunds.com.

Each class is sold without a front-end sales charge or contingent deferred sales charge.

For government money market funds: You could lose money by investing in the Fund. Although the Fund seeks to preserve the value of your investment at $1.00 per share, it cannot guarantee it will do so. An investment in the Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The Fund’s sponsor has no legal obligation to provide financial support to the Fund, and you should not expect that the sponsor will provide financial support to the Fund at any time.

Please see footnotes on page 5.

Performance highlights (unaudited) Wells Fargo 100% Treasury Money Market Fund 5

Portfolio composition as of July 31, 2017⁴

Effective maturity distribution as of July 31, 2017⁴

Weighted average maturity as of July 31, 2017⁵

35 days

Weighted average life as of July 31, 2017⁶

76 days

¹  Historical performance shown for Administrator Class shares prior to their inception reflects the performance of Service Class shares, and includes the higher expenses applicable to Service Class shares. If these expenses had not been included, returns for Administrator Class shares would be higher. Historical performance shown for Institutional Class shares prior to their inception reflects the performance of Administrator Class shares, and includes the higher expenses applicable to Administrator Class shares. If these expenses had not been included, returns for Institutional Class shares would be higher. Historical performance shown for Sweep Class shares prior to their inception reflects the performance of Service Class shares, and has not been adjusted to reflect the higher expenses applicable to Sweep Class shares. If these expenses had been adjusted, returns for Sweep Class shares would be lower.

²  Reflects the expense ratios as stated in the most recent prospectuses. The expense ratios shown are subject to change and may differ from the annualized expense ratios shown in the financial highlights of this report.

³  The manager has contractually committed through May 31, 2018, to waive fees and/or reimburse expenses to the extent necessary to cap the Fund’s Total Annual Fund Operating Expenses After Fee Waivers at the amounts shown. 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. Brokerage commissions, stamp duty fees, interest, taxes, acquired fund fees and expenses, and extraordinary expenses are excluded from the expense cap. Without this cap, the Fund’s returns would have been lower. Without waived fees and/or reimbursed expenses, the Fund’s 7-day current yield would have been 0.22%, 0.49%, 0.61%, 0.32%, and 0.06% for Class A, Administrator Class, Institutional Class, Service Class, and Sweep Class, respectively. The expense ratio paid by an investor is the net expense ratio or the Fund’s Total Annual Fund Operating Expenses After Fee Waivers, as stated in the prospectuses.

⁴  Amounts are calculated based on the total investments of the Fund. These amounts are subject to change and may have changed since the date specified.

⁵  Weighted Average Maturity (WAM): WAM is an average of the effective maturities of all securities held in the portfolio, weighted by each security’s percentage of total investments. The maturity of a portfolio security is the period remaining until the date on which the principal amount is unconditionally required to be paid, or in the case of a security called for redemption, the date on which the redemption payment is unconditionally required to be made. WAM calculations allow for the maturities of certain securities with demand features or periodic interest rate resets to be shortened. WAM is a way to measure a fund’s sensitivity to potential interest rate changes. Rule 2a-7 under the Investment Company Act of 1940 requires money market funds to maintain a WAM of 60 calendar days or less. WAM is subject to change and may have changed since the date specified.

⁶  Weighted Average Life (WAL): WAL is an average of the final maturities of all securities held in the portfolio, weighted by their percentage of total investments. The maturity of a portfolio security is the period remaining until the date on which the principal amount is unconditionally required to be paid, or in the case of a security called for redemption, the date on which the redemption payment is unconditionally required to be made. In contrast to WAM, the calculation of WAL allows for the maturities of certain securities with demand features to be shortened, but not the periodic interest rate resets. WAL is a way to measure a fund’s potential sensitivity to credit spread changes. Rule 2a-7 under the Investment Company Act of 1940 requires money market funds to maintain a weighted average life of 120 calendar days or less. WAL is subject to change and may have changed since the date specified.

6 Wells Fargo 100% Treasury Money Market Fund Fund expenses (unaudited)

As a shareholder of the Fund, you incur 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 February 1, 2017 to July 31, 2017.

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. 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.

	Beginning account value 2-1-2017		Ending account value 7-31-2017		Expenses paid during the period¹		Annualized net expense ratio
Class A
Actual	$	1,000.00	$	1,000.72	$	3.13		0.63	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.67	$	3.16		0.63	%
Administrator Class
Actual	$	1,000.00	$	1,002.35	$	1.49		0.30	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,023.31	$	1.51		0.30	%
Institutional Class
Actual	$	1,000.00	$	1,002.85	$	0.99		0.20	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,023.80	$	1.00		0.20	%
Service Class
Actual	$	1,000.00	$	1,001.36	$	2.48		0.50	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,022.32	$	2.51		0.50	%
Sweep Class
Actual	$	1,000.00	$	1,000.19	$	3.57		0.72	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.22	$	3.61		0.72	%

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).

Portfolio of investments—July 31, 2017 (unaudited) Wells Fargo 100% Treasury Money Market Fund 7

Security name	Interest rate			Maturity date		Principal		Value
Treasury Debt: 94.33%
U.S. Treasury Bill (z)		0.83	%		8-31-2017	$	167,280,000	$	167,164,459
U.S. Treasury Bill (z)		0.89			8-3-2017		992,810,000		992,761,191
U.S. Treasury Bill (z)		0.90			8-10-2017		527,305,000		527,186,207
U.S. Treasury Bill (z)		0.93			8-17-2017		983,460,000		983,055,250
U.S. Treasury Bill (z)		0.97			8-24-2017		1,096,455,000		1,095,778,716
U.S. Treasury Bill (z)		0.99			9-7-2017		200,000,000		199,798,042
U.S. Treasury Bill (z)		0.99			9-14-2017		220,000,000		219,733,385
U.S. Treasury Bill (z)		1.00			10-19-2017		194,890,000		194,465,602
U.S. Treasury Bill (z)		1.00			9-28-2017		420,000,000		419,326,314
U.S. Treasury Bill (z)		1.01			9-21-2017		350,000,000		349,499,208
U.S. Treasury Bill (z)		1.02			10-5-2017		180,000,000		179,669,854
U.S. Treasury Bill (z)		1.02			11-9-2017		10,000,000		9,971,806
U.S. Treasury Bill (z)		1.02			11-16-2017		10,000,000		9,969,758
U.S. Treasury Bill (z)		1.04			10-12-2017		100,000,000		99,792,800
U.S. Treasury Bill (z)		1.16			10-26-2017		150,000,000		149,585,946
U.S. Treasury Note		0.63			8-31-2017		65,000,000		64,998,481
U.S. Treasury Note		0.63			9-30-2017		142,960,000		142,877,449
U.S. Treasury Note		0.63			11-30-2017		150,000,000		149,760,874
U.S. Treasury Note		0.75			10-31-2017		20,000,000		19,990,469
U.S. Treasury Note		0.88			8-15-2017		20,000,000		19,999,643
U.S. Treasury Note		0.88			10-15-2017		20,000,000		20,000,302
U.S. Treasury Note		0.88			11-15-2017		10,000,000		10,000,475
U.S. Treasury Note		0.88			1-15-2018		25,000,000		24,998,820
U.S. Treasury Note		1.00			9-15-2017		35,000,000		35,002,769
U.S. Treasury Note		1.00			12-15-2017		40,000,000		40,025,761
U.S. Treasury Note		1.00			12-31-2017		20,000,000		19,985,644
U.S. Treasury Note ±		1.32			1-31-2019		225,000,000		225,046,061
U.S. Treasury Note ±		1.35			10-31-2017		200,000,000		199,970,969
U.S. Treasury Note ±		1.35			10-31-2018		150,000,000		149,997,810
U.S. Treasury Note ±		1.36			7-31-2018		200,000,000		200,008,520
U.S. Treasury Note ±		1.37			4-30-2018		110,000,000		110,001,760
U.S. Treasury Note ±		1.46			1-31-2018		180,000,000		180,021,765
U.S. Treasury Note		1.88			8-31-2017		415,800,000		416,109,554
U.S. Treasury Note		1.88			9-30-2017		70,000,000		70,124,916
U.S. Treasury Note		1.88			10-31-2017		30,000,000		30,072,185
U.S. Treasury Note		2.25			11-30-2017		185,000,000		185,774,805
U.S. Treasury Note		2.63			1-31-2018		30,000,000		30,221,892
U.S. Treasury Note		2.75			12-31-2017		50,000,000		50,327,330
U.S. Treasury Note		2.75			2-28-2018		10,000,000		10,087,931
U.S. Treasury Note		3.50			2-15-2018		50,000,000		50,615,537
U.S. Treasury Note		4.25			11-15-2017		65,000,000		65,623,889
U.S. Treasury Note		4.75			8-15-2017		280,000,000		280,410,816
Total Treasury Debt (Cost $8,399,814,965)									8,399,814,965

Total investments in securities (Cost $8,399,814,965) *	94.33	%		8,399,814,965
Other assets and liabilities, net	5.67			505,051,285
Total net assets	100.00	%	$	8,904,866,250

(z) Zero coupon security. The rate represents the current yield to maturity.

± Variable rate investment. The rate shown is the rate in effect at period end.

* Cost for federal income tax purposes is substantially the same as for financial reporting purposes.

The accompanying notes are an integral part of these financial statements.

8 Wells Fargo 100% Treasury Money Market Fund Statement of assets and liabilities—July 31, 2017 (unaudited)

Assets
Investments in unaffiliated securities, at amortized cost	$	8,399,814,965
Cash		1,696
Receivable for investments sold		507,376,129
Receivable for Fund shares sold		35,974
Receivable for interest		13,385,615
Prepaid expenses and other assets		139,020
Total assets		8,920,753,399
Liabilities
Dividends payable		2,381,360
Payable for investments purchased		10,072,114
Payable for Fund shares redeemed		315,300
Management fee payable		881,785
Distribution fee payable		140,469
Administration fees payable		747,192
Shareholder servicing fees payable		867,245
Accrued expenses and other liabilities		481,684
Total liabilities		15,887,149
Total net assets	$	8,904,866,250
NET ASSETS CONSIST OF
Paid-in capital	$	8,904,679,780
Undistributed net investment income		301,469
Accumulated net realized losses on investments		(114,999	)
Total net assets	$	8,904,866,250
COMPUTATION OF NET ASSET VALUE PER SHARE
Net assets – Class A	$	285,988,942
Shares outstanding – Class A1		285,963,522
Net asset value per share – Class A		$1.00
Net assets – Administrator Class	$	1,033,157,881
Shares outstanding – Administrator Class1		1,033,083,480
Net asset value per share – Administrator Class		$1.00
Net assets – Institutional Class	$	4,216,654,724
Shares outstanding – Institutional Class1		4,216,325,448
Net asset value per share – Institutional Class		$1.00
Net assets – Service Class	$	2,907,920,985
Shares outstanding – Service Class1		2,907,688,802
Net asset value per share – Service Class		$1.00
Net assets – Sweep Class	$	461,143,718
Shares outstanding – Sweep Class1		461,108,076
Net asset value per share – Sweep Class		$1.00

¹  The Fund has an unlimited number of authorized shares.

The accompanying notes are an integral part of these financial statements.

Statement of operations—six months ended July 31, 2017 (unaudited) Wells Fargo 100% Treasury Money Market Fund 9

Investment income
Interest	$	36,739,101
Expenses
Management fee		14,710,057
Administration fees
Class A		361,199
Administrator Class		543,326
Institutional Class		1,683,401
Service Class		1,960,944
Sweep Class		85,427
Shareholder servicing fees
Class A		410,454
Administrator Class		543,326
Service Class		4,085,299
Sweep Class		711,890
Distribution fee
Sweep Class		996,646
Custody and accounting fees		228,007
Professional fees		26,071
Registration fees		156,511
Shareholder report expenses		77,778
Trustees’ fees and expenses		10,459
Other fees and expenses		63,669
Total expenses		26,654,464
Less: Fee waivers and/or expense reimbursements		(9,564,154	)
Net expenses		17,090,310
Net investment income		19,648,791
Net realized losses on investments		(141,173	)
Net increase in net assets resulting from operations	$	19,507,618

The accompanying notes are an integral part of these financial statements.

10 Wells Fargo 100% Treasury Money Market Fund Statement of changes in net assets

	Six months ended July 31, 2017 (unaudited)						Year ended January 31, 2017
Operations
Net investment income				$	19,648,791					$	5,376,155
Net realized gains (losses) on investments					(141,173	)					347,696
Net increase in net assets resulting from operations					19,507,618						5,723,851
Distributions to shareholders from
Net investment income
Class A					(229,867	)					(126	)
Administrator Class					(2,526,577	)					(973,968	)
Institutional Class					(12,176,526	)					(4,084,009	)
Service Class					(4,326,226	)					(93,373	)
Sweep Class					(91,361	)					(247	)
Net realized gains
Class A					0						(18,882	)
Administrator Class					0						(89,010	)
Institutional Class					0						(152,769	)
Service Class					0						(187,100	)
Sweep Class					0						(40,594	)
Total distributions to shareholders					(19,350,557	)					(5,640,078	)
Capital share transactions		Shares						Shares
Proceeds from shares sold
Class A		548,378,460			548,378,460			1,428,760,310			1,428,760,310
Administrator Class		2,428,392,792			2,428,392,792			4,591,892,019			4,591,892,019
Institutional Class		6,474,544,147			6,474,544,147			9,527,835,743			9,527,835,743
Service Class		9,931,469,145			9,931,469,145			20,737,559,430			20,737,559,430
Sweep Class		1,745,305,799			1,745,305,799			4,245,101,740			4,245,101,740
					21,128,090,343						40,531,149,242
Reinvestment of distributions
Class A		229,642			229,642			18,985			18,985
Administrator Class		1,256,165			1,256,165			442,842			442,842
Institutional Class		7,521,736			7,521,736			3,183,842			3,183,842
Service Class		809,208			809,208			56,832			56,832
Sweep Class		91,361			91,361			40,841			40,841
					9,908,112						3,743,342
Payment for shares redeemed
Class A		(626,257,502	)		(626,257,502	)		(1,529,334,437	)		(1,529,334,437	)
Administrator Class		(2,623,427,164	)		(2,623,427,164	)		(5,311,366,601	)		(5,311,366,601	)
Institutional Class		(5,832,255,003	)		(5,832,255,003	)		(6,596,772,428	)		(6,596,772,428	)
Service Class		(10,361,542,209	)		(10,361,542,209	)		(23,014,751,727	)		(23,014,751,727	)
Sweep Class		(1,956,498,663	)		(1,956,498,663	)		(4,046,160,962	)		(4,046,160,962	)
					(21,399,980,541	)					(40,498,386,155	)
Net increase (decrease) in net assets resulting from capital share transactions					(261,982,086	)					36,506,429
Total increase (decrease) in net assets					(261,825,025	)					36,590,202
Net assets
Beginning of period					9,166,691,275						9,130,101,073
End of period				$	8,904,866,250					$	9,166,691,275
Undistributed net investment income				$	301,469					$	3,235

The accompanying notes are an integral part of these financial statements.

Financial highlights Wells Fargo 100% Treasury Money Market Fund 11

(For a share outstanding throughout each period)

	Six months ended July 31, 2017 (unaudited)			Year ended January 31
CLASS A				2017			2016			2015			2014			2013
Net asset value, beginning of period		$1.00			$1.00			$1.00			$1.00			$1.00			$1.00
Net investment income (loss)		0.00	1		0.00	1		0.00	1,2		(0.00	)1,2		0.00	1		0.00
Net realized gains (losses) on investments		(0.00	)1		0.00	1		(0.00	)1		0.00	1		0.00	1		0.00	1
Total from investment operations		0.00	1		0.00	1		(0.00	)1		0.00	1		0.00	1		0.00	1
Distributions to shareholders from
Net investment income		(0.00	)1		(0.00	)1		(0.00	)1		(0.00	)1		(0.00	)1		0.00
Net realized gains		0.00			(0.00	)1		(0.00	)1		(0.00	)1		(0.00	)1		(0.00	)1
Total distributions to shareholders		(0.00	)1		(0.00	)1		(0.00	)1		(0.00	)1		(0.00	)1		(0.00	)1
Net asset value, end of period		$1.00			$1.00			$1.00			$1.00			$1.00			$1.00
Total return3		0.07	%		0.01	%		0.00	%		0.00	%		0.00	%		0.00	%
Ratios to average net assets (annualized)
Gross expenses		0.79	%		0.79	%		0.79	%		0.79	%		0.79	%		0.77	%
Net expenses		0.63	%		0.36	%		0.08	%		0.04	%		0.06	%		0.09	%
Net investment income (loss)		0.15	%		0.00	%		0.00	%		(0.00	)%		0.00	%		0.00	%
Supplemental data
Net assets, end of period (000s omitted)		$285,989			$363,639			$464,176			$1,009,623			$932,956			$290,743

¹  Amount is less than $0.005.

²  Calculated based upon average shares outstanding

³  Returns for periods of less than one year are not annualized.

The accompanying notes are an integral part of these financial statements.

12 Wells Fargo 100% Treasury Money Market Fund Financial highlights

(For a share outstanding throughout each period)

	Six months ended July 31, 2017 (unaudited)			Year ended January 31
ADMINISTRATOR CLASS				2017			2016			2015			2014			2013
Net asset value, beginning of period		$1.00			$1.00			$1.00			$1.00			$1.00			$1.00
Net investment income (loss)		0.00	1		0.00	1		0.00	1		(0.00	)1,2		0.00	1		0.00
Net realized gains (losses) on investments		(0.00	)1		0.00	1		(0.00	)1		0.00	1		0.00	1		0.00	1
Total from investment operations		0.00	1		0.00	1		(0.00	)1		0.00	1		0.00	1		0.00	1
Distributions to shareholders from
Net investment income		(0.00	)1		(0.00	)1		(0.00	)1		(0.00	)1		(0.00	)1		(0.00	)1
Net realized gains		0.00			(0.00	)1		(0.00	)1		(0.00	)1		(0.00	)1		(0.00	)1
Total distributions to shareholders		(0.00	)1		(0.00	)1		(0.00	)1		(0.00	)1		(0.00	)1		(0.00	)1
Net asset value, end of period		$1.00			$1.00			$1.00			$1.00			$1.00			$1.00
Total return3		0.24	%		0.07	%		0.00	%		0.00	%		0.00	%		0.00	%
Ratios to average net assets (annualized)
Gross expenses		0.52	%		0.52	%		0.51	%		0.51	%		0.51	%		0.52	%
Net expenses		0.30	%		0.30	%		0.08	%		0.04	%		0.06	%		0.09	%
Net investment income (loss)		0.47	%		0.06	%		0.00	%		(0.00	)%		0.00	%		0.00	%
Supplemental data
Net assets, end of period (000s omitted)		$1,033,158			$1,226,947			$1,945,991			$2,656,805			$2,754,138			$2,632,074

¹  Amount is less than $0.005.

²  Calculated based upon average shares outstanding

³  Returns for periods of less than one year are not annualized.

The accompanying notes are an integral part of these financial statements.

Financial highlights Wells Fargo 100% Treasury Money Market Fund 13

(For a share outstanding throughout each period)

	Six months ended July 31, 2017 (unaudited)			Year ended January 31
INSTITUTIONAL CLASS				2017			2016			20151
Net asset value, beginning of period		$1.00			$1.00			$1.00			$1.00
Net investment income (loss)		0.00	2		0.00	2		0.00	2		(0.00	)2,3
Net realized gains (losses) on investments		(0.00	)2		0.00	2		(0.00	)2		0.00	2
Total from investment operations		0.00	2		0.00	2		0.00	2		0.00	2
Distributions to shareholders from
Net investment income		(0.00	)2		(0.00	)2		(0.00	)2		(0.00	)2
Net realized gains		0.00			(0.00	)2		(0.00	)2		(0.00	)2
Total distributions to shareholders		(0.00	)2		(0.00	)2		(0.00	)2		(0.00	)2
Net asset value, end of period		$1.00			$1.00			$1.00			$1.00
Total return4		0.29	%		0.17	%		0.01	%		0.00	%
Ratios to average net assets (annualized)
Gross expenses		0.40	%		0.40	%		0.40	%		0.39	%
Net expenses		0.20	%		0.20	%		0.11	%		0.04	%
Net investment income (loss)		0.59	%		0.18	%		0.01	%		(0.00	)%
Supplemental data
Net assets, end of period (000s omitted)		$4,216,655			$3,566,678			$632,263			$100

¹  For the period from October 31, 2014 (commencement of operations) to January 31, 2015

²  Amount is less than $0.005.

³  Calculated based upon average shares outstanding

⁴  Returns for periods of less than one year are not annualized.

The accompanying notes are an integral part of these financial statements.

14 Wells Fargo 100% Treasury Money Market Fund Financial highlights

(For a share outstanding throughout each period)

	Six months ended July 31, 2017 (unaudited)			Year ended January 31
SERVICE CLASS				2017			2016			2015			2014			2013
Net asset value, beginning of period		$1.00			$1.00			$1.00			$1.00			$1.00			$1.00
Net investment income (loss)		0.00	1		0.00	1		0.00	1		(0.00	)1,2		0.00	1		0.00
Net realized gains (losses) on investments		(0.00	)1		0.00	1		(0.00	)1		0.00	1		0.00	1		0.00	1
Total from investment operations		0.00	1		0.00	1		(0.00	)1		0.00	1		0.00	1		0.00	1
Distributions to shareholders from
Net investment income		(0.00	)1		(0.00	)1		(0.00	)1		(0.00	)1		(0.00	)1		(0.00	)1
Net realized gains		0.00			(0.00	)1		(0.00	)1		(0.00	)1		(0.00	)1		(0.00	)1
Total distributions to shareholders		(0.00	)1		(0.00	)1		(0.00	)1		(0.00	)1		(0.00	)1		(0.00	)1
Net asset value, end of period		$1.00			$1.00			$1.00			$1.00			$1.00			$1.00
Total return3		0.14	%		0.01	%		0.00	%		0.00	%		0.00	%		0.00	%
Ratios to average net assets (annualized)
Gross expenses		0.69	%		0.69	%		0.69	%		0.68	%		0.68	%		0.69	%
Net expenses		0.50	%		0.36	%		0.09	%		0.05	%		0.07	%		0.09	%
Net investment income (loss)		0.27	%		0.00	%		0.00	%		(0.00	)%		0.00	%		0.00	%
Supplemental data
Net assets, end of period (000s omitted)		$2,907,921			$3,337,172			$5,614,425			$6,962,725			$7,491,653			$7,802,468

¹  Amount is less than $0.005.

²  Calculated based upon average shares outstanding

³  Returns for periods of less than one year are not annualized.

The accompanying notes are an integral part of these financial statements.

Financial highlights Wells Fargo 100% Treasury Money Market Fund 15

(For a share outstanding throughout each period)

	Six months ended July 31, 2017 (unaudited)			Year ended January 31
SWEEP CLASS				2017			2016			2015			2014			2013
Net asset value, beginning of period		$1.00			$1.00			$1.00			$1.00			$1.00			$1.00
Net investment income (loss)		0.00	1		0.00	1		0.00	1		(0.00	)1,2		0.00	1		0.00
Net realized gains (losses) on investments		(0.00	)1		0.00	1		(0.00	)1		0.00	1		0.00	1		0.00	1
Total from investment operations		0.00	1		0.00	1		(0.00	)1		0.00	1		0.00	1		0.00	1
Distributions to shareholders from
Net investment income		(0.00	)1		(0.00	)1		(0.00	)1		(0.00	)1		(0.00	)1		(0.00	)1
Net realized gains		0.00			(0.00	)1		(0.00	)1		(0.00	)1		(0.00	)1		(0.00	)1
Total distributions to shareholders		(0.00	)1		(0.00	)1		(0.00	)1		(0.00	)1		(0.00	)1		(0.00	)1
Net asset value, end of period		$1.00			$1.00			$1.00			$1.00			$1.00			$1.00
Total return3		0.02	%		0.01	%		0.00	%		0.00	%		0.00	%		0.00	%
Ratios to average net assets (annualized)
Gross expenses		0.95	%		1.11	%		1.14	%		1.14	%		1.14	%		1.14	%
Net expenses		0.72	%		0.36	%		0.09	%		0.04	%		0.06	%		0.09	%
Net investment income (loss)		0.04	%		0.00	%		0.00	%		(0.00	)%		0.00	%		0.00	%
Supplemental data
Net assets, end of period (000s omitted)		$461,144			$672,256			$473,246			$427,778			$390,560			$447,234

¹  Amount is less than $0.005.

²  Calculated based upon average shares outstanding

³  Returns for periods of less than one year are not annualized.

The accompanying notes are an integral part of these financial statements.

16 Wells Fargo 100% Treasury Money Market Fund Notes to financial statements (unaudited)

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 Wells Fargo 100% Treasury Money Market Fund (the “Fund”) which is a diversified series of the Trust.

2. SIGNIFICANT ACCOUNTING POLICIES

The following significant accounting policies, which are consistently followed in the preparation of the financial statements of the 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 revenues and expenses during the reporting period. Actual results could differ from those estimates.

Securities valuation

As permitted under Rule 2a-7 of the 1940 Act, portfolio securities are valued at amortized cost, which approximates fair value. The amortized cost method involves valuing a security at its cost, plus accretion of discount or minus amortization of premium over the period until maturity.

Investments which are not valued using the method discussed above are valued at their fair value, as determined in good faith by the Board of Trustees of the Fund. 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 Management Valuation Team of 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 Management Valuation Team which may include items for ratification.

Valuations of fair valued securities are compared to the next actual sales price when available, or other appropriate market values, to assess the continued appropriateness of the fair valuation methodologies used. These securities are fair valued on a day-to-day basis, taking into consideration changes to appropriate market information and any significant changes to the inputs considered in the valuation process until there is a readily available price provided on an exchange or by an independent pricing service. Valuations received from an independent pricing service or independent broker-dealer quotes are periodically validated by comparisons to most recent trades and valuations provided by other independent pricing services in addition to the review of prices by the manager and/or subadviser. Unobservable inputs used in determining fair valuations are identified based on the type of security, taking into consideration factors utilized by market participants in valuing the investment, knowledge about the issuer and the current market environment.

When-issued transactions

The Fund may purchase securities on a forward commitment or when-issued basis. The Fund records a when-issued transaction on the trade date and will segregate assets in an amount at least equal in value to the Fund’s commitment to purchase when-issued securities. Securities purchased on a when-issued basis are marked-to-market daily and the Fund begins earning interest on the settlement date. Losses may arise due to changes in the market value of the underlying securities or if the counterparty does not perform under the contract.

Security transactions and income recognition

Securities transactions are recorded on a trade date basis. Realized gains or losses are recorded on the basis of identified cost.

Interest income is accrued daily and bond discounts are accreted and premiums are amortized daily based on the effective interest method. 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.

Notes to financial statements (unaudited) Wells Fargo 100% Treasury Money Market Fund 17

Distributions to shareholders

Distributions to shareholders from net investment income are accrued daily and paid monthly. Distributions from net realized gains, if any, are recorded on the ex-dividend date. 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 the Fund’s fiscal year end. Therefore, a portion of the Fund’s distributions made prior to the Fund’s fiscal year end may be categorized as a tax return of capital.

Federal and other taxes

The 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.

The 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 the 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.

Class allocations

The separate classes of shares offered by the Fund differ principally in distribution, shareholder servicing, and administration fees. Class specific expenses are charged directly to that share class. Investment income, common expenses, and realized gains (losses) on investments are allocated daily to each class of shares based on the relative proportion of net assets of each class.

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 the 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). The 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 the Fund’s assets and liabilities as of July 31, 2017:

	Quoted prices (Level 1)		Other significant observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total
Assets
Investments in:
Treasury debt	$	0	$	8,399,814,965	$	0	$	8,399,814,965

The Fund recognizes transfers between levels within the fair value hierarchy at the end of the reporting period. At July 31, 2017, the Fund did not have any transfers into/out of Level 1, Level 2, or Level 3.

4. TRANSACTIONS WITH AFFILIATES

Management fee

Funds Management, an indirect wholly owned subsidiary of Wells Fargo & Company (“Wells Fargo”), is the manager of the Fund and provides advisory and fund-level administrative services under an investment management agreement.

18 Wells Fargo 100% Treasury Money Market Fund Notes to financial statements (unaudited)

Under the investment management agreement, Funds Management is responsible for, among other services, implementing the investment objectives and strategies of the Fund, supervising the subadviser, providing fund-level administrative services in connection with the Fund’s operations, and providing any other fund-level administrative services reasonably necessary for the operation of the Fund. As compensation for its services under the investment management agreement, Funds Management is entitled to receive an annual management fee starting at 0.35% and declining to 0.23% as the average daily net assets of the Fund increase. For the six months ended July 31, 2017, the management fee was equivalent to an annual rate of 0.31% of the Fund’s average daily net assets.

Funds Management has retained the services of a subadviser to provide daily portfolio management to the 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 the Fund and is entitled to receive a fee from Funds Management at an annual rate starting at 0.05% and declining to 0.01% as the average daily net assets of the Fund increase.

Administration fees

Under a class-level administration agreement, Funds Management provides class-level administrative services to the 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		0.22	%
Administrator Class		0.10
Institutional Class		0.08
Service Class		0.12
Sweep Class		0.03

Funds Management has contractually waived and/or reimbursed management and administration fees to the extent necessary to maintain certain net operating expense ratios for the Fund. Waiver of fees and/or reimbursement of expenses by Funds Management were made first from fund level expenses on a proportionate basis and then from class specific expenses. Funds Management has committed through May 31, 2018 to waive fees and/or reimburse expenses to the extent necessary to cap the Fund’s expenses at 0.65% for Class A shares, 0.30% for Administrator Class shares, 0.20% for Institutional Class shares, 0.50% for Service Class shares, and 0.83% for Sweep Class shares. 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. Prior to June 1, 2017, the Fund’s expenses were capped at 1.00% for Sweep Class shares. During the six months ended July 31, 2017, Funds Management voluntarily waived additional expenses to maintain a positive yield.

Distribution fee

The Trust has adopted a distribution plan for Sweep Class shares of the Fund pursuant to Rule 12b-1 under the 1940 Act. A distribution fee is charged to Sweep Class shares and paid to Wells Fargo Funds Distributor, LLC, the principal underwriter, at an annual rate of 0.35% of the average daily net assets of Sweep Class shares.

Shareholder servicing fees

The Trust has entered into contracts with one or more shareholder servicing agents, whereby Class A, Service Class, and Sweep Class of the Fund are charged a fee at an annual rate of 0.25% of the respective average daily net assets of each class. Administrator Class 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.

Interfund transactions

The Fund may purchase or sell investment securities to other Wells Fargo affiliates pursuant to Rule 17a-7 of the 1940 Act and under procedures adopted by the Board of Trustees. The procedures have been designed to ensure that these interfund transactions, which do not incur broker commissions, are effected at current market prices.

Notes to financial statements (unaudited) Wells Fargo 100% Treasury Money Market Fund 19

5. INDEMNIFICATION

Under the Trust’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 the Trust. Additionally, in the normal course of business, the Trust may enter into contracts with service providers that contain a variety of indemnification clauses. The Trust’s maximum exposure under these arrangements is dependent on future claims that may be made against the Fund and, therefore, cannot be estimated.

6. REGULATORY CHANGES

In October 2016, the Securities and Exchange Commission (“SEC”) adopted new rules and forms and amended existing rules and forms (together, “final rules”) intended to modernize and enhance the reporting and disclosure of information by registered investment companies and to enhance liquidity risk management by open-end mutual funds and exchange-traded funds. The final rules will enhance the quality of information available to investors and will allow the SEC to more effectively collect and use data reported by funds. In part, the final rules amend Regulation S-X and require standardized, enhanced disclosure about derivatives in the Fund’s financial statements, as well as other amendments. The compliance date for the amendments to Regulation S-X is August 1, 2017. Management has evaluated the amendments to Regulation S-X and its adoption will result in enhanced financial disclosures in the Fund’s financial statements. Management continues to evaluate the reporting requirements for the new form types (compliance date is June 1, 2018) and the implementation of the liquidity risk management program (compliance date is December 1, 2018).

20 Wells Fargo 100% Treasury Money Market Fund Other information (unaudited)

PROXY VOTING INFORMATION

A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities is available, upon request, by calling 1-800-222-8222, visiting our website at wellsfargofunds.com, or visiting the SEC website at sec.gov. Information regarding how the Fund voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is available on the Fund’s website at wellsfargofunds.com or by visiting the SEC website at sec.gov.

PORTFOLIO HOLDINGS INFORMATION

The complete portfolio holdings for the Fund are publicly available on the Fund’s website (wellsfargofunds.com) on a 1-day delayed basis. The Fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q, which is available by visiting the SEC website at sec.gov. In addition, the Fund’s Form N-Q may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC, and at regional offices in New York City, at 233 Broadway, and in Chicago, at 175 West Jackson Boulevard, Suite 900. Information about the Public Reference Room may be obtained by calling 1-800-SEC-0330.

Other information (unaudited) Wells Fargo 100% Treasury Money Market Fund 21

BOARD OF TRUSTEES AND OFFICERS

Each of the Trustees and Officers¹ listed in the table below acts in identical capacities for each fund in the Wells Fargo family of funds, which consists of 145 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 Information². 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. Board member of the Forté Foundation (non-profit organization) and the Vincent Memorial Hospital Endowment (non-profit organization), where he serves on the Investment Committee and as a Chair of the Audit Committee. Mr. Ebsworth is a CFA® charterholder.	Asset Allocation Trust
Jane A. Freeman (Born 1953)	Trustee, since 2015	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 a Board Member of Ruth Bancroft Garden (non-profit organization) and an inactive chartered financial analyst.	Asset Allocation Trust
Peter G. Gordon** (Born 1942)	Trustee, since 1998; Chairman, since 2005	Co-Founder, Retired Chairman, President and CEO of Crystal Geyser Water Company. Trustee Emeritus, Colby College.	Asset Allocation Trust
Isaiah Harris, Jr. (Born 1952)	Trustee, since 2009	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 (charter school). Advisory Board Member, Child Evangelism Fellowship (non-profit). Mr. Harris is a certified public accountant (inactive status).	CIGNA Corporation; Asset Allocation Trust
Judith M. Johnson (Born 1949)	Trustee, since 2008; Audit Committee Chairman, 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.	Asset Allocation Trust
David F. Larcker (Born 1950)	Trustee, since 2009	James Irvin Miller Professor of Accounting at the Graduate School of Business, 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.	Asset Allocation Trust

22 Wells Fargo 100% Treasury Money Market Fund 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	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.	Asset Allocation Trust
Timothy J. Penny (Born 1951)	Trustee, since 1996: Vice Chairman, since 2017	President and Chief Executive Officer of Southern Minnesota Initiative Foundation, a non-profit organization, since 2007 and Senior Fellow at the Humphrey Institute Policy Forum at the University of Minnesota since 1995. Member of the Board of Trustees of NorthStar Education Finance, Inc., a non-profit organization, since 2007.	Asset Allocation Trust
Michael S. Scofield (Born 1943)	Trustee, since 2010	Served on the Investment Company Institute’s Board of Governors and Executive Committee from 2008-2011 as well the Governing Council of the Independent Directors Council from 2006-2011 and the Independent Directors Council Executive Committee from 2008-2011. Chairman of the IDC from 2008-2010. Trustee of the Evergreen Funds complex (and its predecessors) from 1984 to 2010. Chairman of the Evergreen Funds from 2000-2010. Former Trustee of the Mentor Funds. Retired Attorney, Law Offices of Michael S. Scofield.	Asset Allocation Trust

* Length of service dates reflect the Trustee’s commencement of service with the Trust’s predecessor entities, where applicable.

** Peter Gordon is expected to retire on December 31, 2017.

Advisory Board Members

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
James G. Polisson (Born 1959)	Advisory Board Member, since 2017	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 (Blackrock) from 1998 to 2010 and Global Chief Marketing Officer for iShares and Barclays Global Investors from 2000 to 2010. Prior thereto, Vice President, Fidelity Retail Mutual Fund Group from 1996 to 1998 and Risk Management Practice Manager, Fidelity Consulting from 1995 to 1996. 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.	None
Pamela Wheelock (Born 1959)	Advisory Board Member, since 2017	Chief Operating Officer, Twin Cities Habitat for Humanity, since January, 2017. Vice President of University Services, University of Minnesota from 2012 to 2017. Prior thereto, Interim President and Chief Executive Officer of Blue Cross Blue Shield of Minnesota from 2010 to 2011, Chairman of the Board from 2009 to 2011 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. Commissioner of Finance, State of Minnesota, from 1999 to 2002. Currently on the Board of Directors, Governance Committee and Finance Committee, for the Minnesota Philanthropy Partners (Saint Paul Foundation) since 2012 and Board Chair of the Minnesota Wild Foundation since 2010.	None

Other information (unaudited) Wells Fargo 100% Treasury Money Market Fund 23

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.
Nancy Wiser1 (Born 1967)	Treasurer, since 2012	Executive Vice President of Wells Fargo Funds Management, LLC since 2011. Chief Operating Officer and Chief Compliance Officer at LightBox Capital Management LLC, from 2008 to 2011.
C. David Messman (Born 1960)	Secretary, since 2000; Chief Legal Officer, since 2003	Senior Vice President and Secretary of Wells Fargo Funds Management, LLC since 2001. Assistant General Counsel of Wells Fargo Bank, N.A. since 2013 and Vice President and Managing Counsel of Wells Fargo Bank, N.A. from 1996 to 2013.
Michael H. Whitaker (Born 1967)	Chief Compliance Officer, since 2016	Senior Vice President and Chief Compliance Officer since 2016. Senior Vice President and Chief Compliance Officer for Fidelity Investments from 2007 to 2016.
David Berardi (Born 1975)	Assistant Treasurer, since 2009	Vice President of Wells Fargo Funds Management, LLC since 2009. Vice President of Evergreen Investment Management Company, LLC from 2008 to 2010. Manager of Fund Reporting and Control for Evergreen Investment Management Company, LLC from 2004 to 2010.
Jeremy DePalma1 (Born 1974)	Assistant Treasurer, since 2009	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.

¹  Nancy Wiser acts as Treasurer of 69 funds in the Fund Complex. Jeremy DePalma acts as Treasurer of 76 funds and Assistant Treasurer of 69 funds in the Fund Complex.

² 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 wellsfargofunds.com.

24 Wells Fargo 100% Treasury Money Market Fund Other information (unaudited)

BOARD CONSIDERATION OF INVESTMENT MANAGEMENT AND SUB-ADVISORY AGREEMENTS:

Under the Investment Company Act of 1940 (the “1940 Act”), the Board of Trustees (the “Board”) of Wells Fargo Funds Trust (the “Trust”) must determine annually whether to approve the continuation of the Trust’s investment management and sub-advisory agreements. In this regard, at an in-person meeting held on May 16-17, 2017 (the “Meeting”), the Board, all the members of which have no direct or indirect interest in the investment management and sub-advisory agreements and are not “interested persons” of the Trust, as defined in the 1940 Act (the “Independent Trustees”), reviewed and approved for Wells Fargo 100% Treasury Money Market Fund (the “Fund”): (i) an investment management agreement (the “Management Agreement”) with Wells Fargo Funds Management, LLC (“Funds Management”); and (ii) an investment sub-advisory agreement (the “Sub-Advisory Agreement”) with Wells Capital Management Incorporated (the “Sub-Adviser”), an affiliate of Funds Management. The Management Agreement and the Sub-Advisory Agreement are collectively referred to as the “Advisory Agreements.”

At the Meeting, the Board considered the factors and reached the conclusions described below relating to the selection of Funds Management and the Sub-Adviser and the approval of the Advisory Agreements. Prior to the Meeting, including at an in-person meeting in April 2017, the Trustees conferred extensively among themselves and with representatives of Funds Management about these matters. Also, the Board has adopted a team-based approach, with each team consisting of a sub-set of Trustees, to assist the full Board in the discharge of its duties in reviewing performance and other matters throughout the year. The Independent Trustees were assisted in their evaluation of the Advisory Agreements by independent legal counsel, from whom they received separate legal advice and with whom they met separately.

In providing information to the Board, Funds Management and the Sub-Adviser were guided by a detailed set of requests for information submitted to them by independent legal counsel on behalf of the Independent Trustees at the start of the Board’s annual contract renewal process earlier in 2017. In considering and approving the Advisory Agreements, the Trustees considered the information they believed relevant, including but not limited to the information discussed below. The Board considered not only the specific information presented in connection with the Meeting, but also the knowledge gained over time through interaction with Funds Management and the Sub-Adviser about various topics. In this regard, the Board reviewed reports of Funds Management at each of its quarterly meetings, which included, among other things, portfolio reviews and performance reports. In addition, the Board and the teams mentioned above confer with portfolio managers at various times throughout the year. The Board did not identify any particular information or consideration that was all-important or controlling, and each individual Trustee may have attributed different weights to various factors.

After its deliberations, the Board unanimously approved the continuation of the Advisory Agreements for a one-year term and determined that the compensation payable to Funds Management and the Sub-Adviser under each of the Advisory Agreements was reasonable. The Board considered the approval of the Advisory Agreements for the Fund as part of its consideration of agreements for funds across the complex, but its approvals were made on a fund-by-fund basis. The following summarizes a number of important, but not necessarily all, factors considered by the Board in support of its approvals.

Nature, extent and quality of services

The Board received and considered various information regarding the nature, extent and quality of services provided to the Fund by Funds Management and the Sub-Adviser under the Advisory Agreements. This information included a description of the investment advisory services and Fund-level administrative services covered by the Management Agreement, as well as, among other things, a summary of the background and experience of senior management of Funds Management, a summary of certain organizational and personnel changes involving Funds Management and the Sub-Adviser, and a description of Funds Management’s and the Sub-Adviser’s business continuity planning programs and of their approaches to data privacy and cybersecurity. The Board also considered the qualifications, background, tenure and responsibilities of each of the portfolio managers primarily responsible for the day-to-day portfolio management of the Fund.

The Board evaluated the ability of Funds Management and the Sub-Adviser to attract and retain qualified investment professionals, including research, advisory and supervisory personnel. The Board further considered the compliance programs and compliance records of Funds Management and the Sub-Adviser. In addition, the Board took into account the full range of services provided to the Fund by Funds Management and its affiliates.

Fund performance and expenses

The Board considered the performance results for the Fund over various time periods ended December 31, 2016. The Board considered these results in comparison to the performance of funds in a universe that was determined by Broadridge Inc.

Other information (unaudited) Wells Fargo 100% Treasury Money Market Fund 25

(“Broadridge”) to be similar to the Fund (the “Universe”), and in comparison to the Fund’s benchmark index and to other comparative data. Broadridge is an independent provider of investment company data. The Board received a description of the methodology used by Broadridge to select the mutual funds in the performance Universe. The Board noted that the performance of the Fund (Service Class) was higher than or in range of the average performance of the Universe for all periods under review. The Board also noted that the performance of the Fund was higher than or in range of its benchmark, the Lipper U.S. Treasury Money Market Funds Index, for all periods under review.

The Board also received and considered information regarding the Fund’s net operating expense ratios and their various components, including actual management fees, custodian and other non-management fees, and Rule 12b-1 and non-Rule 12b-1 shareholder service fees. The Board considered these ratios in comparison to the median ratios of funds in class-specific expense groups that were determined by Broadridge to be similar to the Fund (the “Groups”). The Board received a description of the methodology used by Broadridge to select the mutual funds in the expense Groups and an explanation of how funds comprising expense groups and their expense ratios may vary from year-to-year. Based on the Broadridge reports, the Board noted that the net operating expense ratios of the Fund were higher than the median net operating expense ratios of the expense Groups for all share classes except Institutional Class. The Board discussed and accepted Funds Management’s proposal to reduce the net operating expense ratio cap for Sweep Class.

The Board took into account the Fund performance and expense information provided to it among the factors considered in deciding to re-approve the Advisory Agreements.

Investment management and sub-advisory fee rates

The Board reviewed and considered the contractual fee rates payable by the Fund to Funds Management under the Management Agreement, as well as the contractual fee rates payable by the Fund to Funds Management for class-level administrative services under a Class-Level Administration Agreement, which include, among other things, class-level transfer agency and sub-transfer agency costs (collectively, the “Management Rates”). The Board also reviewed and considered the contractual investment sub-advisory fee rates that are payable by Funds Management to the Sub-Adviser for investment sub-advisory services.

Among other information reviewed by the Board was a comparison of the Fund’s Management Rates with the average contractual investment management fee rates of funds in the expense Groups at a common asset level as well as transfer agency costs of the funds in the expense Groups. The Board noted that the Management Rates of the Fund were in range of the sum of these average rates for the Fund’s expense Groups for all share classes except Sweep and Service Classes. The Board discussed and accepted Funds Management’s proposal to reduce the net operating expense ratio cap for Sweep Class.

The Board also received and considered information about the portion of the total management fee that was retained by Funds Management after payment of the fee to the Sub-Adviser for sub-advisory services. In assessing the reasonableness of this amount, the Board received and evaluated information about the nature and extent of responsibilities retained and risks assumed by Funds Management and not delegated to or assumed by the Sub-Adviser, and about Funds Management’s on-going oversight services. Given the affiliation between Funds Management and the Sub-Adviser, the Board ascribed limited relevance to the allocation of fees between them.

Based on its consideration of the factors and information it deemed relevant, including those described here, the Board determined that the compensation payable to Funds Management under the Management Agreement and to the Sub-Adviser under the Sub-Advisory Agreement was reasonable.

Profitability

The Board received and considered information concerning the profitability of Funds Management, as well as the profitability of Wells Fargo as a whole, from providing services to the Fund and the fund family as a whole. The Board also received and considered information concerning the profitability of the Sub-Adviser from providing services to the fund family as a whole, noting that the Sub-Adviser’s profitability information with respect to providing services to the Fund was subsumed in the Wells Fargo and Funds Management profitability analysis.

Funds Management reported on the methodologies and estimates used in calculating profitability, including a description of the methodology used to allocate certain expenses. Among other things, the Board noted that the levels of profitability reported on a fund-by-fund basis varied widely, depending on factors such as the size and type of fund. Based on its review, the Board did not deem the profits reported by Funds Management or Wells Fargo from its services to the Fund to be at a level that would prevent it from approving the continuation of the Advisory Agreements.

26 Wells Fargo 100% Treasury Money Market Fund Other information (unaudited)

Economies of scale

With respect to possible economies of scale, the Board noted the existence of breakpoints in the Fund’s management fee structure, which operate generally to reduce the Fund’s expense ratios as the Fund grows in size. It considered that, for a small fund or a fund that shrinks in size, breakpoints conversely can result in higher fee levels. The Board also considered that in addition to management fee breakpoints, competitive management fee rates set at the outset without regard to breakpoints and fee waiver and expense reimbursement arrangements are means of sharing potential economies of scale with shareholders of the Fund. The Board discussed and accepted Funds Management’s proposal to reduce the net operating expense ratio cap for Sweep Class. The Board considered Funds Management’s view, which Funds Management indicated was supported by independent third-party industry studies which were summarized for the Board, that any analyses of potential economies of scale in managing a particular fund are inherently limited in light of the joint and common costs and investments that Funds Management incurs across the fund family as a whole.

The Board concluded that the Fund’s fee and expense arrangements, including contractual breakpoints, constituted a reasonable approach to sharing potential economies of scale with the Fund and its shareholders.

Other benefits to Funds Management and the Sub-Adviser

The Board received and considered information regarding potential “fall-out” or ancillary benefits received by Funds Management and its affiliates, including the Sub-Adviser, as a result of their relationships with the Fund. Ancillary benefits could include, among others, benefits directly attributable to other relationships with the Fund and benefits potentially derived from an increase in Funds Management’s and the Sub-Adviser’s business as a result of their relationships with the Fund. The Board noted that various affiliates of Funds Management may receive distribution-related fees, shareholder servicing payments and sub-transfer agency fees in respect of shares sold or held through them and services provided.

The Board also reviewed information about soft dollar credits earned and utilized by the Sub-Adviser, fees earned by Funds Management and the Sub-Adviser from managing a private investment vehicle for the fund family’s securities lending collateral and commissions earned by an affiliated broker from portfolio transactions.

Based on its consideration of the factors and information it deemed relevant, including those described here, the Board did not find that any ancillary benefits received by Funds Management and its affiliates, including the Sub-Adviser, were unreasonable.

Conclusion

At the Meeting, after considering the above-described factors and based on its deliberations and its evaluation of the information described above, the Board unanimously approved the continuation of the Advisory Agreements for a one-year term and determined that the compensation payable to Funds Management and the Sub-Adviser under each of the Advisory Agreements was reasonable.

List of abbreviations Wells Fargo 100% Treasury Money Market Fund 27

The following is a list of common abbreviations for terms and entities that may have appeared in this report.

ACA —  ACA Financial Guaranty Corporation

ADR —  American depositary receipt

ADS —  American depositary shares

AGC —  Assured Guaranty Corporation

AGM —  Assured Guaranty Municipal

Ambac —  Ambac Financial Group Incorporated

AMT —  Alternative minimum tax

AUD —  Australian dollar

BAN —  Bond anticipation notes

BHAC —  Berkshire Hathaway Assurance Corporation

BRL —  Brazilian real

CAB —  Capital appreciation bond

CAD —  Canadian dollar

CCAB —  Convertible capital appreciation bond

CDA —  Community Development Authority

CDO —  Collateralized debt obligation

CHF —  Swiss franc

CLO —  Collateralized loan obligation

CLP —  Chilean peso

COP —  Colombian peso

DKK —  Danish krone

DRIVER —  Derivative inverse tax-exempt receipts

DW&P —  Department of Water & Power

DWR —  Department of Water Resources

ECFA —  Educational & Cultural Facilities Authority

EDA —  Economic Development Authority

EDFA —  Economic Development Finance Authority

ETF —  Exchange-traded fund

EUR —  Euro

FDIC —  Federal Deposit Insurance Corporation

FFCB —  Federal Farm Credit Banks

FGIC —  Financial Guaranty Insurance Corporation

FHA —  Federal Housing Administration

FHLB —  Federal Home Loan Bank

FHLMC —  Federal Home Loan Mortgage Corporation

FICO —  The Financing Corporation

FNMA —  Federal National Mortgage Association

FSA —  Farm Service Agency

GBP —  Great British pound

GDR —  Global depositary receipt

GNMA —  Government National Mortgage Association

GO —  General obligation

HCFR —  Healthcare facilities revenue

HEFA —  Health & Educational Facilities Authority

HEFAR —  Higher education facilities authority revenue

HFA —  Housing Finance Authority

HFFA —  Health Facilities Financing Authority

HKD —  Hong Kong dollar

HUD —  Department of Housing and Urban Development

HUF —  Hungarian forint

IDA —  Industrial Development Authority

IDAG —  Industrial Development Agency

IDR —  Indonesian rupiah

IEP —  Irish pound

JPY —  Japanese yen

KRW —  Republic of Korea won

LIBOR —  London Interbank Offered Rate

LIFER —  Long Inverse Floating Exempt Receipts

LIQ —  Liquidity agreement

LLC —  Limited liability company

LLLP —  Limited liability limited partnership

LLP —  Limited liability partnership

LOC —  Letter of credit

LP —  Limited partnership

MBIA —  Municipal Bond Insurance Association

MFHR —  Multifamily housing revenue

MSTR —  Municipal securities trust receipts

MTN —  Medium-term note

MUD —  Municipal Utility District

MXN —  Mexican peso

MYR —  Malaysian ringgit

National —  National Public Finance Guarantee Corporation

NGN —  Nigerian naira

NOK —  Norwegian krone

NZD —  New Zealand dollar

PCFA —  Pollution Control Financing Authority

PCL —  Public Company Limited

PCR —  Pollution control revenue

PFA —  Public Finance Authority

PFFA —  Public Facilities Financing Authority

PFOTER —  Puttable floating option tax-exempt receipts

PJSC —  Public Joint Stock Company

plc —  Public limited company

PLN —  Polish zloty

PUTTER —  Puttable tax-exempt receipts

R&D —  Research & development

Radian —  Radian Asset Assurance

RAN —  Revenue anticipation notes

RDA —  Redevelopment Authority

RDFA —  Redevelopment Finance Authority

REIT —  Real estate investment trust

ROC —  Reset option certificates

RON —  Romanian lei

RUB —  Russian ruble

SAVRS —  Select auction variable rate securities

SBA —  Small Business Authority

SDR —  Swedish depositary receipt

SEK —  Swedish krona

SFHR —  Single-family housing revenue

SFMR —  Single-family mortgage revenue

SGD —  Singapore dollar

SPA —  Standby purchase agreement

SPDR —  Standard & Poor’s Depositary Receipts

SPEAR —  Short Puttable Exempt Adjustable Receipts

STRIPS —  Separate trading of registered interest and

      principal securities

TAN —  Tax anticipation notes

TBA —  To be announced

THB —  Thai baht

TIPS —  Treasury inflation-protected securities

TRAN —  Tax revenue anticipation notes

TRY —  Turkish lira

TTFA —  Transportation Trust Fund Authority

TVA —  Tennessee Valley Authority

ZAR —  South African rand

This page is intentionally left blank.

For more information

More information about Wells Fargo Funds is available free upon request. To obtain literature, please write, email, visit the Fund’s website, or call:

Wells Fargo Funds

P.O. Box 8266

Boston, MA 02266-8266

Email: fundservice@wellsfargo.com

Website: wellsfargofunds.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 Fund. 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 Fund’s website at wellsfargofunds.com. Read the prospectus carefully before you invest or send money.

Wells Fargo Asset Management (WFAM) is a trade name used by the asset management businesses of Wells Fargo & Company. Wells Fargo Funds Management, LLC, a wholly owned subsidiary of Wells Fargo & Company, provides investment advisory and administrative services for Wells Fargo Funds. Other affiliates of Wells Fargo & Company provide subadvisory and other services for the funds. The funds are distributed by Wells Fargo Funds Distributor, LLC, Member FINRA, an affiliate of Wells Fargo & Company. Neither Wells Fargo Funds Management nor Wells Fargo Funds Distributor has Fund customer accounts/assets, and neither provides investment advice/recommendations or acts as an investment advice fiduciary to any investor.

NOT FDIC INSURED  ◾  NO BANK GUARANTEE  ◾   MAY LOSE VALUE

© 2017 Wells Fargo Funds Management, LLC. All rights reserved.

305369 09-17 SA300/SAR300 07-17

Semi-Annual Report

July 31, 2017

Government Money Market Funds

∎ Wells Fargo Treasury Plus Money Market Fund

Reduce clutter. Save trees.

Sign up for electronic delivery of prospectuses and shareholder reports at wellsfargo.com/advantagedelivery

Contents

Letter to shareholders	2
Performance highlights	4
Fund expenses	6
Portfolio of investments	7
Financial statements
Statement of assets and liabilities	9
Statement of operations	10
Statement of changes in net assets	11
Financial highlights	12
Notes to financial statements	17
Other information	21
List of abbreviations	28

The views expressed and any forward-looking statements are as of July 31, 2017, unless otherwise noted, and are those of the Fund managers and/or Wells Fargo Funds Management, LLC. Discussions of individual securities, or the markets generally, or any Wells Fargo Fund 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 Funds Management, LLC and the Fund disclaim any obligation to publicly update or revise any views expressed or forward-looking statements.

NOT FDIC INSURED  ◾  NO BANK GUARANTEE  ◾   MAY LOSE VALUE

2 Wells Fargo Treasury Plus Money Market Fund Letter to shareholders (unaudited)

Andrew Owen

President

Wells Fargo Funds

Early in July, volatility expectations increased and then receded, as measured by the CBOE VIX.

Dear Shareholder:

We are pleased to offer you this semi-annual report for the Wells Fargo Treasury Plus Money Market Fund for the six-month period that ended July 31, 2017. Many equity markets advanced during this reporting period, supported by modest economic growth despite political uncertainty. U.S. and international stocks returned 9.51% and 14.26%, for the six-month period, as measured by the S&P 500 Index¹ and the MSCI ACWI ex USA Index (Net)², respectively. Within fixed income, the Bloomberg Barclays U.S. Aggregate Bond Index³ returned 4.98% and the Bloomberg Barclays Municipal Bond Index⁴ returned 3.72% as interest rates rose from low levels.

Equity and bond markets advanced during the first quarter of 2017 amid improving economic data globally.

Stocks rallied globally through the first quarter of 2017, supported by signs of improvement in the U.S. and global economies. U.S. economic data released during the quarter reflected a healthy economy. Hiring remained strong, and business and consumer sentiment improved. In March, U.S. Federal Reserve (Fed) officials raised their target interest rate by a quarter percentage point to a range from 0.75% to 1.00%. With the Fed’s target interest rate increase, short-term bond yields rose during the quarter. Meanwhile, longer-term Treasury yields were little changed, leading to positive performance. Investment-grade and high-yield bonds benefited from strong demand. Municipal bond returns were positive in the quarter, helped by strong demand and constrained new-issue supply. Outside of the U.S., stocks in emerging markets generally outperformed stocks in the U.S. and international developed markets because they benefited from both global economic growth and recent weakening in the U.S. dollar. Stocks in Asia, Europe, and Latin America also outperformed the U.S. market during the quarter.

Steady advancement in many markets marked the first seven months of 2017.

During the second quarter, most equity markets in the U.S. and abroad advanced. Steady, albeit modest, economic growth both in the U.S. and abroad and generally favorable corporate earnings announcements after the second quarter supported higher valuations. Within the economy, U.S. inflation trended lower despite the unemployment rate continuing to decline. Ten-year U.S. Treasury yields declined, resulting in stronger prices for long-term bonds. As was widely expected, in June, the Fed raised the target interest rate by a quarter percentage point to a range from 1.00% to 1.25%. In addition, the Fed indicated that it would begin to sell bonds accumulated on its balance sheet during quantitative easing programs conducted since 2008, likely beginning later this year. Early in July, volatility expectations increased and then receded, as measured by the CBOE VIX.⁵ Although economic momentum increased in Europe, the European Central Bank held its rates steady at

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 markets, excluding the United States and Canada. 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 indexes or any securities or financial products. This report is not approved, reviewed, or produced by MSCI. You cannot invest directly in an index.

³ 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.

⁴  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.

⁵  The Chicago Board Options Exchange Market Volatility Index (CBOE VIX) is a popular measure of the implied volatility of S&P 500 Index options. It represents one measure of the market’s expectation of stock market volatility over the next 30-day period. You cannot invest directly in an index.

Letter to shareholders (unaudited) Wells Fargo Treasury Plus Money Market Fund 3

low levels because underlying inflation remained subdued. In emerging markets, many countries benefited from stronger currencies versus the U.S. dollar.

Don’t let short-term uncertainty derail long-term investment goals.

Periods of 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 in 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

Periods of 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.

For further information about your Fund, contact your investment professional, visit our website at wellsfargofunds.com, or call us directly at 1-800-222-8222. We are available 24 hours a day, 7 days a week.

4 Wells Fargo Treasury Plus Money Market Fund Performance highlights (unaudited)

Investment objective

The Fund seeks current income, while preserving capital and liquidity.

Manager

Wells Fargo Funds Management, LLC

Subadviser

Wells Capital Management Incorporated

Portfolio managers

Michael C. Bird, CFA^®

Jeffrey L. Weaver, CFA^®

Laurie White

Average annual total returns (%) as of July 31, 2017¹

								Expense ratios2 (%)
	Inception date	1 year		5 year		10 year		Gross		Net3
Class A (PIVXX)	7-28-2003		0.11		0.03		0.30		0.62		0.62
Administrator Class (WTPXX)	3-31-2008		0.28		0.07		0.35		0.35		0.35
Institutional Class (PISXX)	8-11-1995		0.43		0.11		0.40		0.23		0.20
Service Class (PRVXX)	10-1-1985		0.20		0.05		0.32		0.52		0.45
Sweep Class	6-30-2010		0.05		0.02		0.29		0.78		0.78

Yield summary (%) as of July 31, 2017³

	Class A	Administrator Class		Institutional Class		Service Class		Sweep Class
7-day current yield	0.44		0.71		0.86		0.61		0.28
7-day compound yield	0.44		0.71		0.86		0.61		0.28
30-day simple yield	0.42		0.69		0.84		0.59		0.26
30-day compound yield	0.42		0.69		0.84		0.59		0.26

Figures quoted represent past performance, which is no guarantee of future results, and do not reflect taxes that a shareholder may pay on fund distributions or the redemption of fund shares. Investment returns will fluctuate. The Fund’s yield figures more closely reflect the current earnings of the Fund than the total return figures. 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, wellsfargofunds.com.

Each class is sold without a front-end sales charge or contingent deferred sales charge.

For government money market funds: You could lose money by investing in the Fund. Although the Fund seeks to preserve the value of your investment at $1.00 per share, it cannot guarantee it will do so. An investment in the Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The Fund’s sponsor has no legal obligation to provide financial support to the Fund, and you should not expect that the sponsor will provide financial support to the Fund at any time.

Please see footnotes on page 5.

Performance highlights (unaudited) Wells Fargo Treasury Plus Money Market Fund 5

Portfolio composition as of July 31, 2017⁴

Effective maturity distribution as of July 31, 2017⁴

Weighted average maturity as of July 31, 2017⁵

30 days

Weighted average life as of July 31, 2017⁶

67 days

¹  Historical performance shown for Administrator Class shares prior to their inception reflects the performance of Institutional Class shares, adjusted to reflect the higher expenses applicable to Administrator Class shares. Historical performance shown for Sweep Class shares prior to their inception reflects the performance of Class A shares, and has not been adjusted to include the higher expenses applicable to Sweep Class shares. If these expenses had been adjusted, returns for Sweep Class shares would be lower.

²  Reflects the expense ratios as stated in the most recent prospectuses. The expense ratios shown are subject to change and may differ from the annualized expense ratios shown in the financial highlights of this report.

³  The manager has contractually committed through May 31, 2018, to waive fees and/or reimburse expenses to the extent necessary to cap the Fund’s Total Annual Fund Operating Expenses After Fee Waivers at 0.65% for Class A, 0.35% for Administrator Class, 0.20% for Institutional Class, 0.45% for Service Class, and 0.83% for Sweep Class. 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. Brokerage commissions, stamp duty fees, interest, taxes, acquired fund fees and expenses, and extraordinary expenses are excluded from the cap. Without this cap, the Fund’s returns would have been lower. Without waived fees and/or reimbursed expenses, the Fund’s 7-day current yield would have been 0.44%, 0.71%, 0.83%, 0.54%, and 0.28% for Class A, Administrator Class, Institutional Class, Service Class, and Sweep Class, respectively. The expense ratio paid by an investor is the net expense ratio or the Fund’s Total Annual Fund Operating Expenses After Fee Waivers, as stated in the prospectuses.

⁴  Amounts are calculated based on the total investments of the Fund. These amounts are subject to change and may have changed since the date specified.

⁵  Weighted Average Maturity (WAM): WAM is an average of the effective maturities of all securities held in the portfolio, weighted by each security’s percentage of total investments. The maturity of a portfolio security is the period remaining until the date on which the principal amount is unconditionally required to be paid, or in the case of a security called for redemption, the date on which the redemption payment is unconditionally required to be made. WAM calculations allow for the maturities of certain securities with demand features or periodic interest rate resets to be shortened. WAM is a way to measure a fund’s sensitivity to potential interest rate changes. Rule 2a-7 under the Investment Company Act of 1940 requires money market funds to maintain a WAM of 60 calendar days or less. WAM is subject to change and may have changed since the date specified.

⁶  Weighted Average Life (WAL): WAL is an average of the final maturities of all securities held in the portfolio, weighted by their percentage of total investments. The maturity of a portfolio security is the period remaining until the date on which the principal amount is unconditionally required to be paid, or in the case of a security called for redemption, the date on which the redemption payment is unconditionally required to be made. In contrast to WAM, the calculation of WAL allows for the maturities of certain securities with demand features to be shortened, but not the periodic interest rate resets. WAL is a way to measure a fund’s potential sensitivity to credit spread changes. Rule 2a-7 under the Investment Company Act of 1940 requires money market funds to maintain a weighted average life of 120 calendar days or less. WAL is subject to change and may have changed since the date specified.

6 Wells Fargo Treasury Plus Money Market Fund Fund expenses (unaudited)

As a shareholder of the Fund, you incur 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 February 1, 2017 to July 31, 2017.

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. 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.

	Beginning account value 2-1-2017		Ending account value 7-31-2017		Expenses paid during the period¹		Annualized net expense ratio
Class A
Actual	$	1,000.00	$	1,001.05	$	3.03		0.61	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.77	$	3.06		0.61	%
Administrator Class
Actual	$	1,000.00	$	1,002.36	$	1.74		0.35	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,023.06	$	1.76		0.35	%
Institutional Class
Actual	$	1,000.00	$	1,003.09	$	0.99		0.20	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,023.80	$	1.00		0.20	%
Service Class
Actual	$	1,000.00	$	1,001.84	$	2.23		0.45	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,022.56	$	2.26		0.45	%
Sweep Class
Actual	$	1,000.00	$	1,000.45	$	3.62		0.73	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.17	$	3.66		0.73	%

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).

Portfolio of investments—July 31, 2017 (unaudited) Wells Fargo Treasury Plus Money Market Fund 7

Security name	Interest rate			Maturity date		Principal		Value
Repurchase Agreements^^: 56.54%
Bank of Montreal, dated 7-31-2017, maturity value $100,002,778 (1)		1.00	%		8-1-2017	$	100,000,000	$	100,000,000
Bank of Montreal, dated 7-31-2017, maturity value $100,002,861 (2)		1.03			8-1-2017		100,000,000		100,000,000
Bank of Nova Scotia NY, dated 7-31-2017, maturity value $1,350,038,625 (3)		1.03			8-1-2017		1,350,000,000		1,350,000,000
Barclays Capital Incorporated, dated 7-31-2017, maturity value $400,011,556 (4)		1.04			8-1-2017		400,000,000		400,000,000
BNP Paribas, dated 7-31-2017, maturity value $403,011,642 (5)		1.04			8-1-2017		403,000,000		403,000,000
Citigroup Global Markets Incorporated, dated 7-27-2017, maturity value $250,050,069 (6)		1.03			8-3-2017		250,000,000		250,000,000
Credit Agricole, dated 7-31-2017, maturity value $847,024,469 (7)		1.04			8-1-2017		847,000,000		847,000,000
Deutsche Bank Securities, dated 7-31-2017, maturity value $400,011,889 (8)		1.07			8-1-2017		400,000,000		400,000,000
Federal Reserve Bank of New York, dated 7-31-2017, maturity value $1,300,036,111 (9)		1.00			8-1-2017		1,300,000,000		1,300,000,000
ING Financial Markets LLC, dated 7-31-2017, maturity value $400,011,444 (10)		1.03			8-1-2017		400,000,000		400,000,000
JPMorgan Securities, dated 7-1-2017, maturity value $550,492,556 (11)¢±§		1.04			8-1-2017		550,000,000		550,000,000
JPMorgan Securities, dated 7-31-2017, maturity value $125,003,611 (12)		1.04			8-1-2017		125,000,000		125,000,000
JPMorgan Securities, dated 7-31-2017, maturity value $500,014,306 (13)		1.03			8-1-2017		500,000,000		500,000,000
Merrill Lynch, dated 7-31-2017, maturity value $232,006,702 (14)		1.04			8-1-2017		232,000,000		232,000,000
Met Life, dated 7-31-2017, maturity value $125,005,331 (15)		1.08			8-1-2017		125,001,581		125,001,581
Nomura, dated 7-31-2017, maturity value $1,000,028,889 (16)		1.04			8-1-2017		1,000,000,000		1,000,000,000
Prudential, dated 7-31-2017, maturity value $256,757,631 (17)		1.07			8-1-2017		256,750,000		256,750,000
Prudential, dated 7-31-2017, maturity value $42,706,269 (18)		1.07			8-1-2017		42,705,000		42,705,000
RBC Capital Markets, dated 7-31-2017, maturity value $50,001,431 (19)		1.03			8-1-2017		50,000,000		50,000,000
Royal Bank of Scotland, dated 7-31-2017, maturity value $250,007,222 (20)		1.04			8-1-2017		250,000,000		250,000,000
Total Repurchase Agreements (Cost $8,681,456,581)									8,681,456,581
Treasury Debt: 43.38%
U.S. Treasury Bill (z)		0.63			8-3-2017		80,000,000		79,997,222
U.S. Treasury Bill (z)		0.63			8-10-2017		60,000,000		59,990,595
U.S. Treasury Bill (z)		0.65			8-17-2017		70,000,000		69,979,911
U.S. Treasury Bill (z)		0.67			8-24-2017		110,000,000		109,953,035
U.S. Treasury Bill (z)		0.72			8-31-2017		187,720,000		187,604,012
U.S. Treasury Bill (z)		0.84			10-5-2017		126,000,000		125,809,886
U.S. Treasury Bill (z)		0.89			9-21-2017		30,000,000		29,962,303
U.S. Treasury Bill (z)		0.90			9-28-2017		40,000,000		39,942,322
U.S. Treasury Bill (z)		0.91			9-14-2017		30,000,000		29,966,743
U.S. Treasury Bill (z)		0.96			10-12-2017		20,000,000		19,961,900
U.S. Treasury Bill (z)		1.02			11-9-2017		40,000,000		39,887,222
U.S. Treasury Bill (z)		1.02			11-16-2017		40,000,000		39,879,031
U.S. Treasury Bill (z)		1.06			11-24-2017		50,000,000		49,832,292
U.S. Treasury Bill (z)		1.12			12-14-2017		50,000,000		49,790,938
U.S. Treasury Note		0.63			8-31-2017		95,000,000		94,994,082
U.S. Treasury Note		0.63			9-30-2017		180,000,000		179,921,331
U.S. Treasury Note		0.63			11-30-2017		87,980,000		87,839,744
U.S. Treasury Note		0.75			10-31-2017		145,000,000		144,904,341
U.S. Treasury Note		0.75			2-28-2018		16,000,000		15,957,970
U.S. Treasury Note		0.88			8-15-2017		105,000,000		105,004,529
U.S. Treasury Note		0.88			10-15-2017		87,858,000		87,854,811
U.S. Treasury Note		0.88			11-30-2017		29,000,000		28,976,739
U.S. Treasury Note		0.88			1-15-2018		80,000,000		80,000,606
U.S. Treasury Note		1.00			9-15-2017		60,000,000		60,007,429
U.S. Treasury Note		1.00			12-15-2017		84,000,000		84,050,392

The accompanying notes are an integral part of these financial statements.

8 Wells Fargo Treasury Plus Money Market Fund Portfolio of investments—July 31, 2017 (unaudited)

Security name	Interest rate			Maturity date		Principal		Value
Treasury Debt (continued)
U.S. Treasury Note		1.00	%		12-31-2017	$	180,000,000	$	179,877,367
U.S. Treasury Note ±		1.32			1-31-2019		270,000,000		270,052,230
U.S. Treasury Note ±		1.35			10-31-2017		550,000,000		549,931,633
U.S. Treasury Note ±		1.35			10-31-2018		260,000,000		259,983,638
U.S. Treasury Note ±		1.36			7-31-2018		350,000,000		350,001,960
U.S. Treasury Note ±		1.37			4-30-2018		186,851,000		186,861,376
U.S. Treasury Note ±		1.46			1-31-2018		400,000,000		400,049,994
U.S. Treasury Note		1.88			8-31-2017		60,000,000		60,045,420
U.S. Treasury Note		1.88			9-30-2017		360,000,000		360,620,476
U.S. Treasury Note		1.88			10-31-2017		122,402,000		122,675,959
U.S. Treasury Note		2.25			11-30-2017		684,000,000		686,792,116
U.S. Treasury Note		2.63			1-31-2018		80,000,000		80,582,740
U.S. Treasury Note		2.75			12-31-2017		213,000,000		214,393,965
U.S. Treasury Note		2.75			2-28-2018		100,000,000		100,884,687
U.S. Treasury Note		3.50			2-15-2018		180,000,000		182,215,701
U.S. Treasury Note		4.25			11-15-2017		661,800,000		668,004,093
U.S. Treasury Note		4.75			8-15-2017		85,000,000		85,130,248
Total Treasury Debt (Cost $6,660,172,989)									6,660,172,989

Total investments in securities (Cost $15,341,629,570) *	99.92	%		15,341,629,570
Other assets and liabilities, net	0.08			11,865,773
Total net assets	100.00	%	$	15,353,495,343

^^ Collateralized by:

(1) U.S. government securities, 3.88%, 5-15-2018, fair value including accrued interest is $102,000,010.

(2) U.S. government securities, 0.63% to 2.25%, 6-30-2018 to 11-15-2024, fair value including accrued interest is $102,000,042.

(3) U.S. government securities, 0.00% to 4.50%, 8-17-2017 to 5-15-2046, fair value including accrued interest is $1,377,000,082.

(4) U.S. government securities, 0.00% to 2.13%, 7-15-2018 to 5-15-2027, fair value including accrued interest is $408,000,099.

(5) U.S. government securities, 0.00% to 9.00%, 10-31-2017 to 2-15-2046, fair value including accrued interest is $411,060,000.

(6) U.S. government securities, 1.75% to 3.13%, 1-31-2023 to 5-15-2047, fair value including accrued interest is $255,000,004.

(7) U.S. government securities, 1.50% to 3.63%, 10-31-2021 to 2-15-2044, fair value including accrued interest is $863,940,006.

(8) U.S. government securities, 0.00% to 3.88%, 8-24-2017 to 8-15-2040, fair value including accrued interest is $408,000,099.

(9) U.S. government securities, 1.50% to 4.25%, 2-28-2023 to 8-15-2041, fair value including accrued interest is $1,300,036,172.

(10) U.S. government securities, 1.38% to 1.63%, 3-31-2019 to 9-30-2023, fair value including accrued interest is $408,163,265.

(11) U.S. government securities, 0.13% to 0.38%, 4-15-2019 to 7-15-2025, fair value including accrued interest is $561,000,209.

(12) U.S. government securities, 1.13%, 8-31-2021, fair value including accrued interest is $127,501,683.

(13) U.S. government securities, 1.25% to 2.75%, 1-31-2021 to 11-15-2042, fair value including accrued interest is $510,001,847.

(14) U.S. government securities, 2.00%, 12-15-2025, fair value including accrued interest is $236,640,062.

(15) U.S. government securities, 1.88%, 2-28-2022, fair value including accrued interest is $126,597,598.

(16) U.S. government securities, 0.00% to 9.13%, 8-3-2017 to 9-15-2047, fair value including accrued interest is $1,020,000,028.

(17) U.S. government securities, 0.00% to 0.13%, 4-15-2022 to 2-15-2026, fair value including accrued interest is $261,885,000.

(18) U.S. government securities, 0.00% , 2-15-2018, fair value is $43,559,100.

(19) U.S. government securities, 0.00% to 4.50%, 8-15-2017 to 11-15-2044, fair value including accrued interest is $51,000,006.

(20) U.S. government securities, 0.00%, 10-12-2017 to 10-19-2017, fair value is $255,000,856.

¢ The security represents a long-dated and extendible repurchase agreement which automatically renews on previously set terms. The maturity date represents the next put date.

± Variable rate investment. The rate shown is the rate in effect at period end.

§ The security is subject to a demand feature which reduces the effective maturity.

(z) Zero coupon security. The rate represents the current yield to maturity.

* Cost for federal income tax purposes is substantially the same as for financial reporting purposes.

The accompanying notes are an integral part of these financial statements.

Statement of assets and liabilities—July 31, 2017 (unaudited) Wells Fargo Treasury Plus Money Market Fund 9

Assets
Investments
In repurchase agreements, at amortized cost	$	8,681,456,581
In unaffiliated securities, at amortized cost		6,660,172,989
Total investments, at amortized cost		15,341,629,570
Cash		708,007
Receivable for investments sold		149,962,107
Receivable for Fund shares sold		926,046
Receivable for interest		21,375,943
Prepaid expenses and other assets		685,981
Total assets		15,515,287,654
Liabilities
Dividends payable		6,265,547
Payable for investments purchased		151,254,335
Payable for Fund shares redeemed		115,891
Management fee payable		1,478,829
Distribution fee payable		30
Administration fees payable		1,279,639
Accrued expenses and other liabilities		1,398,040
Total liabilities		161,792,311
Total net assets	$	15,353,495,343
NET ASSETS CONSIST OF
Paid-in capital	$	15,353,673,595
Overdistributed net investment income		(289,731	)
Accumulated net realized gains on investments		111,479
Total net assets	$	15,353,495,343
COMPUTATION OF NET ASSET VALUE PER SHARE
Net assets – Class A	$	1,487,536,905
Shares outstanding – Class A1		1,487,349,113
Net asset value per share – Class A		$1.00
Net assets – Administrator Class	$	71,776,638
Shares outstanding – Administrator Class1		71,766,780
Net asset value per share – Administrator Class		$1.00
Net assets – Institutional Class	$	12,227,527,990
Shares outstanding – Institutional Class1		12,225,982,388
Net asset value per share – Institutional Class		$1.00
Net assets – Service Class	$	1,566,553,747
Shares outstanding – Service Class1		1,566,356,666
Net asset value per share – Service Class		$1.00
Net assets – Sweep Class	$	100,063
Shares outstanding – Sweep Class1		100,050
Net asset value per share – Sweep Class		$1.00

¹  The Fund has an unlimited number of authorized shares.

The accompanying notes are an integral part of these financial statements.

10 Wells Fargo Treasury Plus Money Market Fund Statement of operations—six months ended July 31, 2017 (unaudited)

Investment income
Interest	$	59,002,027
Expenses
Management fee		10,046,925
Administration fees
Class A		1,627,709
Administrator Class		56,299
Institutional Class		4,496,017
Service Class		887,982
Sweep Class		14
Shareholder servicing fees
Class A		1,849,669
Administrator Class		56,299
Service Class		1,849,963
Sweep Class		125
Distribution fee
Sweep Class		174
Custody and accounting fees		327,387
Professional fees		24,578
Registration fees		45,152
Shareholder report expenses		19,410
Trustees’ fees and expenses		10,640
Other fees and expenses		29,865
Total expenses		21,328,208
Less: Fee waivers and/or expense reimbursements		(2,049,869	)
Net expenses		19,278,339
Net investment income		39,723,688
Net realized gains on investments		34,055
Net increase in net assets resulting from operations	$	39,757,743

The accompanying notes are an integral part of these financial statements.

Statement of changes in net assets Wells Fargo Treasury Plus Money Market Fund 11

	Six months ended July 31, 2017 (unaudited)						Year ended January 31, 2017
Operations
Net investment income				$	39,723,688					$	24,891,136
Net realized gains on investments					34,055						81,744
Net increase in net assets resulting from operations					39,757,743						24,972,880
Distributions to shareholders from
Net investment income
Class A					(1,587,444	)					(163,265	)
Administrator Class					(261,183	)					(51,470	)
Institutional Class					(35,146,087	)					(24,297,004	)
Service Class					(2,728,929	)					(350,804	)
Sweep Class					(45	)					(131	)
Total distributions to shareholders					(39,723,688	)					(24,862,674	)
Capital share transactions		Shares						Shares
Proceeds from shares sold
Class A		4,537,527,895			4,537,527,895			11,296,081,222			11,296,081,222
Administrator Class		471,873,490			471,873,490			499,035,081			499,035,081
Institutional Class		66,584,520,204			66,584,520,204			122,393,174,334			122,393,174,334
Service Class		3,301,749,529			3,301,749,529			7,018,205,428			7,018,205,428
Sweep Class		0			0			3,292,744			3,292,744
					74,895,671,118						141,209,788,809
Reinvestment of distributions
Class A		712,553			712,553			53,041			53,041
Administrator Class		233,344			233,344			50,911			50,911
Institutional Class		13,142,954			13,142,954			10,877,460			10,877,460
Service Class		869,118			869,118			108,713			108,713
Sweep Class		45			45			126			126
					14,958,014						11,090,251
Payment for shares redeemed
Class A		(4,796,030,623	)		(4,796,030,623	)		(11,507,366,314	)		(11,507,366,314	)
Administrator Class		(506,572,533	)		(506,572,533	)		(494,273,687	)		(494,273,687	)
Institutional Class		(65,859,940,744	)		(65,859,940,744	)		(123,531,631,920	)		(123,531,631,920	)
Service Class		(3,236,529,941	)		(3,236,529,941	)		(6,857,724,021	)		(6,857,724,021	)
Sweep Class		0			0			(6,337,930	)		(6,337,930	)
					(74,399,073,841	)					(142,397,333,872	)
Net increase (decrease) in net assets resulting from capital share transactions					511,555,291						(1,176,454,812	)
Total increase (decrease) in net assets					511,589,346						(1,176,344,606	)
Net assets
Beginning of period					14,841,905,997						16,018,250,603
End of period				$	15,353,495,343					$	14,841,905,997
Overdistributed net investment income				$	(289,731	)				$	(289,731	)

The accompanying notes are an integral part of these financial statements.

12 Wells Fargo Treasury Plus Money Market Fund Financial highlights

(For a share outstanding throughout each period)

	Six months ended July 31, 2017 (unaudited)			Year ended January 31
CLASS A				2017			2016			2015			2014			2013
Net asset value, beginning of period		$1.00			$1.00			$1.00			$1.00			$1.00			$1.00
Net investment income		0.00	1		0.00	1		0.00	1		0.00	1		0.00	1		0.00	1
Net realized gains (losses) on investments		0.00	1		0.00	1		0.00	1		(0.00	)1		0.00	1		0.00	1
Total from investment operations		0.00	1		0.00	1		0.00	1		0.00	1		0.00	1		0.00	1
Distributions to shareholders from
Net investment income		(0.00	)1		(0.00	)1		(0.00	)1		(0.00	)1		(0.00	)1		(0.00	)1
Net realized gains		0.00			0.00			0.00			(0.00	)1		(0.00	)1		0.00
Total distributions to shareholders		(0.00	)1		(0.00	)1		(0.00	)1		(0.00	)1		(0.00	)1		(0.00	)1
Net asset value, end of period		$1.00			$1.00			$1.00			$1.00			$1.00			$1.00
Total return2		0.11	%		0.01	%		0.01	%		0.01	%		0.01	%		0.01	%
Ratios to average net assets (annualized)
Gross expenses		0.62	%		0.62	%		0.62	%		0.62	%		0.62	%		0.62	%
Net expenses		0.61	%		0.39	%		0.11	%		0.06	%		0.06	%		0.12	%
Net investment income		0.21	%		0.01	%		0.01	%		0.01	%		0.01	%		0.01	%
Supplemental data
Net assets, end of period (000s omitted)		$1,487,537			$1,745,419			$1,956,626			$1,733,107			$1,998,010			$1,589,730

¹  Amount is less than $0.005.

²  Returns for periods of less than one year are not annualized.

The accompanying notes are an integral part of these financial statements.

Financial highlights Wells Fargo Treasury Plus Money Market Fund 13

(For a share outstanding throughout each period)

	Six months ended July 31, 2017 (unaudited)			Year ended January 31
ADMINISTRATOR CLASS				2017			2016			2015			2014			2013
Net asset value, beginning of period		$1.00			$1.00			$1.00			$1.00			$1.00			$1.00
Net investment income		0.00	1		0.00	1		0.00	1		0.00	1		0.00	1		0.00	1
Net realized gains (losses) on investments		0.00	1		0.00	1		0.00	1		(0.00	)1		0.00	1		0.00	1
Total from investment operations		0.00	1		0.00	1		0.00	1		0.00	1		0.00	1		0.00	1
Distributions to shareholders from
Net investment income		(0.00	)1		(0.00	)1		(0.00	)1		(0.00	)1		(0.00	)1		(0.00	)1
Net realized gains		0.00			0.00			0.00			(0.00	)1		(0.00	)1		0.00
Total distributions to shareholders		(0.00	)1		(0.00	)1		(0.00	)1		(0.00	)1		(0.00	)1		(0.00	)1
Net asset value, end of period		$1.00			$1.00			$1.00			$1.00			$1.00			$1.00
Total return2		0.24	%		0.06	%		0.01	%		0.01	%		0.01	%		0.01	%
Ratios to average net assets (annualized)
Gross expenses		0.35	%		0.34	%		0.34	%		0.34	%		0.34	%		0.35	%
Net expenses		0.35	%		0.34	%		0.10	%		0.06	%		0.07	%		0.13	%
Net investment income		0.46	%		0.05	%		0.01	%		0.01	%		0.01	%		0.01	%
Supplemental data
Net assets, end of period (000s omitted)		$71,777			$106,246			$101,432			$106,179			$98,633			$204,264

¹  Amount is less than $0.005.

²  Returns for periods of less than one year are not annualized.

The accompanying notes are an integral part of these financial statements.

14 Wells Fargo Treasury Plus Money Market Fund Financial highlights

(For a share outstanding throughout each period)

	Six months ended July 31, 2017 (unaudited)			Year ended January 31
INSTITUTIONAL CLASS				2017			2016			2015			2014			2013
Net asset value, beginning of period		$1.00			$1.00			$1.00			$1.00			$1.00			$1.00
Net investment income		0.00	1		0.00	1		0.00	1		0.00	1		0.00	1		0.00	1
Net realized gains (losses) on investments		0.00	1		0.00	1		0.00	1		(0.00	)1		0.00	1		0.00	1
Total from investment operations		0.00	1		0.00	1		0.00	1		0.00	1		0.00	1		0.00	1
Distributions to shareholders from
Net investment income		(0.00	)1		(0.00	)1		(0.00	)1		(0.00	)1		(0.00	)1		(0.00	)1
Net realized gains		0.00			0.00			0.00			(0.00	)1		(0.00	)1		0.00
Total distributions to shareholders		(0.00	)1		(0.00	)1		(0.00	)1		(0.00	)1		(0.00	)1		(0.00	)1
Net asset value, end of period		$1.00			$1.00			$1.00			$1.00			$1.00			$1.00
Total return2		0.31	%		0.20	%		0.02	%		0.01	%		0.01	%		0.01	%
Ratios to average net assets (annualized)
Gross expenses		0.23	%		0.23	%		0.23	%		0.23	%		0.23	%		0.23	%
Net expenses		0.20	%		0.20	%		0.10	%		0.06	%		0.06	%		0.12	%
Net investment income		0.63	%		0.20	%		0.02	%		0.01	%		0.01	%		0.01	%
Supplemental data
Net assets, end of period (000s omitted)		$12,227,528			$11,489,674			$12,617,153			$11,190,887			$9,522,210			$7,557,137

¹  Amount is less than $0.005.

²  Returns for periods of less than one year are not annualized.

The accompanying notes are an integral part of these financial statements.

Financial highlights Wells Fargo Treasury Plus Money Market Fund 15

(For a share outstanding throughout each period)

	Six months ended July 31, 2017 (unaudited)			Year ended January 31
SERVICE CLASS				2017			2016			2015			2014			2013
Net asset value, beginning of period		$1.00			$1.00			$1.00			$1.00			$1.00			$1.00
Net investment income		0.00	1		0.00	1		0.00	1		0.00	1		0.00	1		0.00	1
Net realized gains (losses) on investments		0.00	1		0.00	1		0.00	1		(0.00	)1		0.00	1		0.00	1
Total from investment operations		0.00	1		0.00	1		0.00	1		0.00	1		0.00	1		0.00	1
Distributions to shareholders from
Net investment income		(0.00	)1		(0.00	)1		(0.00	)1		(0.00	)1		(0.00	)1		(0.00	)1
Net realized gains		0.00			0.00			0.00			(0.00	)1		(0.00	)1		0.00
Total distributions to shareholders		(0.00	)1		(0.00	)1		(0.00	)1		(0.00	)1		(0.00	)1		(0.00	)1
Net asset value, end of period		$1.00			$1.00			$1.00			$1.00			$1.00			$1.00
Total return2		0.18	%		0.02	%		0.01	%		0.01	%		0.01	%		0.01	%
Ratios to average net assets (annualized)
Gross expenses		0.52	%		0.52	%		0.52	%		0.52	%		0.52	%		0.52	%
Net expenses		0.45	%		0.38	%		0.11	%		0.06	%		0.06	%		0.12	%
Net investment income		0.37	%		0.03	%		0.01	%		0.01	%		0.01	%		0.01	%
Supplemental data
Net assets, end of period (000s omitted)		$1,566,554			$1,500,467			$1,339,895			$1,845,375			$1,589,951			$1,932,680

¹  Amount is less than $0.005.

²  Returns for periods of less than one year are not annualized.

The accompanying notes are an integral part of these financial statements.

16 Wells Fargo Treasury Plus Money Market Fund Financial highlights

(For a share outstanding throughout each period)

	Six months ended July 31, 2017 (unaudited)			Year ended January 31
SWEEP CLASS				2017			2016			2015			2014			2013
Net asset value, beginning of period		$1.00			$1.00			$1.00			$1.00			$1.00			$1.00
Net investment income		0.00	1		0.00	1,2		0.00	1		0.00	1		0.00	1		0.00	1
Net realized gains (losses) on investments		0.00	1		0.00	1		0.00	1		(0.00	)1		0.00	1		0.00	1
Total from investment operations		0.00	1		0.00	1		0.00	1		0.00	1		0.00	1		0.00	1
Distributions to shareholders from
Net investment income		(0.00	)1		(0.00	)1		(0.00	)1		(0.00	)1		(0.00	)1		(0.00	)1
Net realized gains		0.00			0.00			0.00			(0.00	)1		(0.00	)1		0.00
Total distributions to shareholders		(0.00	)1		(0.00	)1		(0.00	)1		(0.00	)1		(0.00	)1		(0.00	)1
Net asset value, end of period		$1.00			$1.00			$1.00			$1.00			$1.00			$1.00
Total return3		0.05	%		0.01	%		0.01	%		0.01	%		0.01	%		0.01	%
Ratios to average net assets (annualized)
Gross expenses		0.78	%		0.96	%		0.97	%		0.97	%		0.97	%		0.97	%
Net expenses		0.73	%		0.34	%		0.11	%		0.06	%		0.06	%		0.12	%
Net investment income		0.09	%		0.01	%		0.01	%		0.01	%		0.01	%		0.01	%
Supplemental data
Net assets, end of period (000s omitted)		$100			$100			$3,145			$3,054			$20,122			$27,152

¹  Amount is less than $0.005.

²  Calculated based upon average shares outstanding

³  Returns for periods of less than one year are not annualized.

The accompanying notes are an integral part of these financial statements.

Notes to financial statements (unaudited) Wells Fargo Treasury Plus Money Market Fund 17

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 Wells Fargo Treasury Plus Money Market Fund (the “Fund”) which is a diversified series of the Trust.

2. SIGNIFICANT ACCOUNTING POLICIES

The following significant accounting policies, which are consistently followed in the preparation of the financial statements of the 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 revenues and expenses during the reporting period. Actual results could differ from those estimates.

Securities valuation

As permitted under Rule 2a-7 of the 1940 Act, portfolio securities are valued at amortized cost, which approximates fair value. The amortized cost method involves valuing a security at its cost, plus accretion of discount or minus amortization of premium over the period until maturity.

Investments which are not valued using the method discussed above are valued at their fair value, as determined in good faith by the Board of Trustees of the Fund. 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 Management Valuation Team of 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 Management Valuation Team which may include items for ratification.

Valuations of fair valued securities are compared to the next actual sales price when available, or other appropriate market values, to assess the continued appropriateness of the fair valuation methodologies used. These securities are fair valued on a day-to-day basis, taking into consideration changes to appropriate market information and any significant changes to the inputs considered in the valuation process until there is a readily available price provided on an exchange or by an independent pricing service. Valuations received from an independent pricing service or independent broker-dealer quotes are periodically validated by comparisons to most recent trades and valuations provided by other independent pricing services in addition to the review of prices by the manager and/or subadviser. Unobservable inputs used in determining fair valuations are identified based on the type of security, taking into consideration factors utilized by market participants in valuing the investment, knowledge about the issuer and the current market environment.

Repurchase agreements

The Fund may invest in repurchase agreements and may participate in pooled repurchase agreement transactions with other funds advised by Funds Management. Repurchase agreements are agreements where the seller of a security to the Fund agrees to repurchase that security from the Fund at a mutually agreed upon time and price. The repurchase agreements must be fully collateralized based on values that are marked-to-market daily. The collateral may be held by an agent bank under a tri-party agreement. It is the custodian’s responsibility to value collateral daily and to take action to obtain additional collateral as necessary to maintain market value equal to or greater than the resale price. The repurchase agreements are collateralized by instruments such as U.S. Treasury, federal agency, or high-grade corporate obligations. There could be potential loss to the Fund in the event that the Fund is delayed or prevented from exercising its rights to dispose of the collateral, including the risk of a possible decline in the value of the underlying obligations during the period in which the Fund seeks to assert its rights.

When-issued transactions

The Fund may purchase securities on a forward commitment or when-issued basis. The Fund records a when-issued transaction on the trade date and will segregate assets in an amount at least equal in value to the Fund’s commitment to purchase when-issued securities. Securities purchased on a when-issued basis are marked-to-market daily and the Fund begins earning interest on the settlement date. Losses may arise due to changes in the market value of the underlying securities or if the counterparty does not perform under the contract.

18 Wells Fargo Treasury Plus Money Market Fund Notes to financial statements (unaudited)

Security transactions and income recognition

Securities transactions are recorded on a trade date basis. Realized gains or losses are recorded on the basis of identified cost.

Interest income is accrued daily and bond discounts are accreted and premiums are amortized daily based on the effective interest method. 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 are accrued daily and paid monthly. Distributions from net realized gains, if any, are recorded on the ex-dividend date. 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 the Fund’s fiscal year end. Therefore, a portion of the Fund’s distributions made prior to the Fund’s fiscal year end may be categorized as a tax return of capital.

Federal and other taxes

The 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.

The 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 the 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.

Class allocations

The separate classes of shares offered by the Fund differ principally in distribution, shareholder servicing, and administration fees. Class specific expenses are charged directly to that share class. Investment income, common expenses, and realized gains (losses) on investments are allocated daily to each class of shares based on the relative proportion of net assets of each class.

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 the 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). The 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.

Notes to financial statements (unaudited) Wells Fargo Treasury Plus Money Market Fund 19

The following is a summary of the inputs used in valuing the Fund’s assets and liabilities as of July 31, 2017:

	Quoted prices (Level 1)		Other significant observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total
Assets
Investments in:
Repurchase agreements	$	0	$	8,681,456,581	$	0	$	8,681,456,581
Treasury debt		0		6,660,172,989		0		6,660,172,989
Total assets	$	0	$	15,341,629,570	$	0	$	15,341,629,570

The Fund recognizes transfers between levels within the fair value hierarchy at the end of the reporting period. At July 31, 2017, the Fund did not have any transfers into/out of Level 1, Level 2, or Level 3.

4. TRANSACTIONS WITH AFFILIATES

Management fee

Funds Management, an indirect wholly owned subsidiary of Wells Fargo & Company (“Wells Fargo”), is the manager of the 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 the Fund, supervising the subadviser, providing fund-level administrative services in connection with the Fund’s operations, and providing any other fund-level administrative services reasonably necessary for the operation of the Fund. As compensation for its services under the investment management agreement, Funds Management is entitled to receive an annual management fee starting at 0.15% and declining to 0.13% as the average daily net assets of the Fund increase. For the six months ended July 31, 2017, the management fee was equivalent to an annual rate of 0.14% of the Fund’s average daily net assets.

Funds Management has retained the services of a subadviser to provide daily portfolio management to the 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 the Fund and is entitled to receive a fee from Funds Management at an annual rate starting at 0.05% and declining to 0.01% as the average daily net assets of the Fund increase.

Administration fees

Under a class-level administration agreement, Funds Management provides class-level administrative services to the 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		0.22	%
Administrator Class		0.10
Institutional Class		0.08
Service Class		0.12
Sweep Class		0.03

Funds Management has contractually waived and/or reimbursed management and administration fees to the extent necessary to maintain certain net operating expense ratios for the Fund. Waiver of fees and/or reimbursement of expenses by Funds Management were made first from fund level expenses on a proportionate basis and then from class specific expenses. Funds Management has committed through May 31, 2018 to waive fees and/or reimburse expenses to the extent necessary to cap the Fund’s expenses at 0.65% for Class A shares, 0.35% for Administrator Class shares, 0.20% for Institutional Class shares, 0.45% for Service Class shares, and 0.83% for Sweep Class shares. 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. Prior to June 1, 2017, the Fund’s expenses were capped at 1.00% for Sweep Class shares. During the six months ended July 31, 2017, Funds Management voluntarily waived additional expenses to maintain a positive yield.

20 Wells Fargo Treasury Plus Money Market Fund Notes to financial statements (unaudited)

Distribution fee

The Trust has adopted a distribution plan for Sweep Class shares of the Fund pursuant to Rule 12b-1 under the 1940 Act. A distribution fee is charged to Sweep Class shares and paid to Wells Fargo Funds Distributor, LLC, the principal underwriter, at an annual rate of 0.35% of the average daily net assets of Sweep Class shares.

Shareholder servicing fees

The Trust has entered into contracts with one or more shareholder servicing agents, whereby Class A, Service Class, and Sweep Class of the Fund are charged a fee at an annual rate of 0.25% of the respective average daily net assets of each class. Administrator Class 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.

Interfund transactions

The Fund may purchase or sell investment securities to other Wells Fargo affiliates pursuant to Rule 17a-7 of the 1940 Act and under procedures adopted by the Board of Trustees. The procedures have been designed to ensure that these interfund transactions, which do not incur broker commissions, are effected at current market prices.

5. INDEMNIFICATION

Under the Trust’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 the Trust. Additionally, in the normal course of business, the Trust may enter into contracts with service providers that contain a variety of indemnification clauses. The Trust’s maximum exposure under these arrangements is dependent on future claims that may be made against the Fund and, therefore, cannot be estimated.

6. REGULATORY CHANGES

In October 2016, the Securities and Exchange Commission (“SEC”) adopted new rules and forms and amended existing rules and forms (together, “final rules”) intended to modernize and enhance the reporting and disclosure of information by registered investment companies and to enhance liquidity risk management by open-end mutual funds and exchange-traded funds. The final rules will enhance the quality of information available to investors and will allow the SEC to more effectively collect and use data reported by funds. In part, the final rules amend Regulation S-X and require standardized, enhanced disclosure about derivatives in the Fund’s financial statements, as well as other amendments. The compliance date for the amendments to Regulation S-X is August 1, 2017. Management has evaluated the amendments to Regulation S-X and its adoption will result in enhanced financial disclosures in the Fund’s financial statements. Management continues to evaluate the reporting requirements for the new form types (compliance date is June 1, 2018) and the implementation of the liquidity risk management program (compliance date is December 1, 2018).

Other information (unaudited) Wells Fargo Treasury Plus Money Market Fund 21

PROXY VOTING INFORMATION

A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities is available, upon request, by calling 1-800-222-8222, visiting our website at wellsfargofunds.com, or visiting the SEC website at sec.gov. Information regarding how the Fund voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is available on the Fund’s website at wellsfargofunds.com or by visiting the SEC website at sec.gov.

PORTFOLIO HOLDINGS INFORMATION

The complete portfolio holdings for the Fund are publicly available on the Fund’s website (wellsfargofunds.com) on a 1-day delayed basis. The Fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q, which is available by visiting the SEC website at sec.gov. In addition, the Fund’s Form N-Q may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC, and at regional offices in New York City, at 233 Broadway, and in Chicago, at 175 West Jackson Boulevard, Suite 900. Information about the Public Reference Room may be obtained by calling 1-800-SEC-0330.

22 Wells Fargo Treasury Plus Money Market Fund Other information (unaudited)

BOARD OF TRUSTEES AND OFFICERS

Each of the Trustees and Officers¹ listed in the table below acts in identical capacities for each fund in the Wells Fargo family of funds, which consists of 145 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 Information². 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. Board member of the Forté Foundation (non-profit organization) and the Vincent Memorial Hospital Endowment (non-profit organization), where he serves on the Investment Committee and as a Chair of the Audit Committee. Mr. Ebsworth is a CFA® charterholder.	Asset Allocation Trust
Jane A. Freeman (Born 1953)	Trustee, since 2015	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 a Board Member of Ruth Bancroft Garden (non-profit organization) and an inactive chartered financial analyst.	Asset Allocation Trust
Peter G. Gordon** (Born 1942)	Trustee, since 1998; Chairman, since 2005	Co-Founder, Retired Chairman, President and CEO of Crystal Geyser Water Company. Trustee Emeritus, Colby College.	Asset Allocation Trust
Isaiah Harris, Jr. (Born 1952)	Trustee, since 2009	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 (charter school). Advisory Board Member, Child Evangelism Fellowship (non-profit). Mr. Harris is a certified public accountant (inactive status).	CIGNA Corporation; Asset Allocation Trust
Judith M. Johnson (Born 1949)	Trustee, since 2008; Audit Committee Chairman, 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.	Asset Allocation Trust
David F. Larcker (Born 1950)	Trustee, since 2009	James Irvin Miller Professor of Accounting at the Graduate School of Business, 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.	Asset Allocation Trust

Other information (unaudited) Wells Fargo Treasury Plus Money Market Fund 23

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	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.	Asset Allocation Trust
Timothy J. Penny (Born 1951)	Trustee, since 1996: Vice Chairman, since 2017	President and Chief Executive Officer of Southern Minnesota Initiative Foundation, a non-profit organization, since 2007 and Senior Fellow at the Humphrey Institute Policy Forum at the University of Minnesota since 1995. Member of the Board of Trustees of NorthStar Education Finance, Inc., a non-profit organization, since 2007.	Asset Allocation Trust
Michael S. Scofield (Born 1943)	Trustee, since 2010	Served on the Investment Company Institute’s Board of Governors and Executive Committee from 2008-2011 as well the Governing Council of the Independent Directors Council from 2006-2011 and the Independent Directors Council Executive Committee from 2008-2011. Chairman of the IDC from 2008-2010. Trustee of the Evergreen Funds complex (and its predecessors) from 1984 to 2010. Chairman of the Evergreen Funds from 2000-2010. Former Trustee of the Mentor Funds. Retired Attorney, Law Offices of Michael S. Scofield.	Asset Allocation Trust

* Length of service dates reflect the Trustee’s commencement of service with the Trust’s predecessor entities, where applicable.

** Peter Gordon is expected to retire on December 31, 2017.

Advisory Board Members

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
James G. Polisson (Born 1959)	Advisory Board Member, since 2017	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 (Blackrock) from 1998 to 2010 and Global Chief Marketing Officer for iShares and Barclays Global Investors from 2000 to 2010. Prior thereto, Vice President, Fidelity Retail Mutual Fund Group from 1996 to 1998 and Risk Management Practice Manager, Fidelity Consulting from 1995 to 1996. 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.	None
Pamela Wheelock (Born 1959)	Advisory Board Member, since 2017	Chief Operating Officer, Twin Cities Habitat for Humanity, since January, 2017. Vice President of University Services, University of Minnesota from 2012 to 2017. Prior thereto, Interim President and Chief Executive Officer of Blue Cross Blue Shield of Minnesota from 2010 to 2011, Chairman of the Board from 2009 to 2011 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. Commissioner of Finance, State of Minnesota, from 1999 to 2002. Currently on the Board of Directors, Governance Committee and Finance Committee, for the Minnesota Philanthropy Partners (Saint Paul Foundation) since 2012 and Board Chair of the Minnesota Wild Foundation since 2010.	None

24 Wells Fargo Treasury Plus Money Market Fund 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.
Nancy Wiser1 (Born 1967)	Treasurer, since 2012	Executive Vice President of Wells Fargo Funds Management, LLC since 2011. Chief Operating Officer and Chief Compliance Officer at LightBox Capital Management LLC, from 2008 to 2011.
C. David Messman (Born 1960)	Secretary, since 2000; Chief Legal Officer, since 2003	Senior Vice President and Secretary of Wells Fargo Funds Management, LLC since 2001. Assistant General Counsel of Wells Fargo Bank, N.A. since 2013 and Vice President and Managing Counsel of Wells Fargo Bank, N.A. from 1996 to 2013.
Michael H. Whitaker (Born 1967)	Chief Compliance Officer, since 2016	Senior Vice President and Chief Compliance Officer since 2016. Senior Vice President and Chief Compliance Officer for Fidelity Investments from 2007 to 2016.
David Berardi (Born 1975)	Assistant Treasurer, since 2009	Vice President of Wells Fargo Funds Management, LLC since 2009. Vice President of Evergreen Investment Management Company, LLC from 2008 to 2010. Manager of Fund Reporting and Control for Evergreen Investment Management Company, LLC from 2004 to 2010.
Jeremy DePalma1 (Born 1974)	Assistant Treasurer, since 2009	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.

¹  Nancy Wiser acts as Treasurer of 69 funds in the Fund Complex. Jeremy DePalma acts as Treasurer of 76 funds and Assistant Treasurer of 69 funds in the Fund Complex.

² 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 wellsfargofunds.com.

Other information (unaudited) Wells Fargo Treasury Plus Money Market Fund 25

BOARD CONSIDERATION OF INVESTMENT MANAGEMENT AND SUB-ADVISORY AGREEMENTS:

Under the Investment Company Act of 1940 (the “1940 Act”), the Board of Trustees (the “Board”) of Wells Fargo Funds Trust (the “Trust”) must determine annually whether to approve the continuation of the Trust’s investment management and sub-advisory agreements. In this regard, at an in-person meeting held on May 16-17, 2017 (the “Meeting”), the Board, all the members of which have no direct or indirect interest in the investment management and sub-advisory agreements and are not “interested persons” of the Trust, as defined in the 1940 Act (the “Independent Trustees”), reviewed and approved for Wells Fargo Treasury Plus Money Market Fund (the “Fund”): (i) an investment management agreement (the “Management Agreement”) with Wells Fargo Funds Management, LLC (“Funds Management”); and (ii) an investment sub-advisory agreement (the “Sub-Advisory Agreement”) with Wells Capital Management Incorporated (the “Sub-Adviser”), an affiliate of Funds Management. The Management Agreement and the Sub-Advisory Agreement are collectively referred to as the “Advisory Agreements.”

At the Meeting, the Board considered the factors and reached the conclusions described below relating to the selection of Funds Management and the Sub-Adviser and the approval of the Advisory Agreements. Prior to the Meeting, including at an in-person meeting in April 2017, the Trustees conferred extensively among themselves and with representatives of Funds Management about these matters. Also, the Board has adopted a team-based approach, with each team consisting of a sub-set of Trustees, to assist the full Board in the discharge of its duties in reviewing performance and other matters throughout the year. The Independent Trustees were assisted in their evaluation of the Advisory Agreements by independent legal counsel, from whom they received separate legal advice and with whom they met separately.

In providing information to the Board, Funds Management and the Sub-Adviser were guided by a detailed set of requests for information submitted to them by independent legal counsel on behalf of the Independent Trustees at the start of the Board’s annual contract renewal process earlier in 2017. In considering and approving the Advisory Agreements, the Trustees considered the information they believed relevant, including but not limited to the information discussed below. The Board considered not only the specific information presented in connection with the Meeting, but also the knowledge gained over time through interaction with Funds Management and the Sub-Adviser about various topics. In this regard, the Board reviewed reports of Funds Management at each of its quarterly meetings, which included, among other things, portfolio reviews and performance reports. In addition, the Board and the teams mentioned above confer with portfolio managers at various times throughout the year. The Board did not identify any particular information or consideration that was all-important or controlling, and each individual Trustee may have attributed different weights to various factors.

After its deliberations, the Board unanimously approved the continuation of the Advisory Agreements for a one-year term and determined that the compensation payable to Funds Management and the Sub-Adviser under each of the Advisory Agreements was reasonable. The Board considered the approval of the Advisory Agreements for the Fund as part of its consideration of agreements for funds across the complex, but its approvals were made on a fund-by-fund basis. The following summarizes a number of important, but not necessarily all, factors considered by the Board in support of its approvals.

Nature, extent and quality of services

The Board received and considered various information regarding the nature, extent and quality of services provided to the Fund by Funds Management and the Sub-Adviser under the Advisory Agreements. This information included a description of the investment advisory services and Fund-level administrative services covered by the Management Agreement, as well as, among other things, a summary of the background and experience of senior management of Funds Management, a summary of certain organizational and personnel changes involving Funds Management and the Sub-Adviser, and a description of Funds Management’s and the Sub-Adviser’s business continuity planning programs and of their approaches to data privacy and cybersecurity. The Board also considered the qualifications, background, tenure and responsibilities of each of the portfolio managers primarily responsible for the day-to-day portfolio management of the Fund.

The Board evaluated the ability of Funds Management and the Sub-Adviser to attract and retain qualified investment professionals, including research, advisory and supervisory personnel. The Board further considered the compliance programs and compliance records of Funds Management and the Sub-Adviser. In addition, the Board took into account the full range of services provided to the Fund by Funds Management and its affiliates.

Fund performance and expenses

The Board considered the performance results for the Fund over various time periods ended December 31, 2016. The Board considered these results in comparison to the performance of funds in a universe that was determined by Broadridge Inc.

26 Wells Fargo Treasury Plus Money Market Fund Other information (unaudited)

(“Broadridge”) to be similar to the Fund (the “Universe”), and in comparison to the Fund’s benchmark index and to other comparative data. Broadridge is an independent provider of investment company data. The Board received a description of the methodology used by Broadridge to select the mutual funds in the performance Universe. The Board noted that the performance of the Fund (Institutional Class) was higher than the average performance of the Universe for all periods under review. The Board also noted that the performance of the Fund was higher than its benchmark, the Lipper U.S. Treasury Money Market Funds, for all periods under review.

The Board also received and considered information regarding the Fund’s net operating expense ratios and their various components, including actual management fees, custodian and other non-management fees, and Rule 12b-1 and non-Rule 12b-1 shareholder service fees. The Board considered these ratios in comparison to the median ratios of funds in class-specific expense groups that were determined by Broadridge to be similar to the Fund (the “Groups”). The Board received a description of the methodology used by Broadridge to select the mutual funds in the expense Groups and an explanation of how funds comprising expense groups and their expense ratios may vary from year-to-year. Based on the Broadridge reports, the Board noted that the net operating expense ratios of the Fund were higher than the median net operating expense ratios of the expense Groups for all share classes except for Institutional Class. The Board discussed and accepted Funds Management’s proposal to reduce the net operating expense ratio cap for Sweep Class.

The Board took into account the Fund performance and expense information provided to it among the factors considered in deciding to re-approve the Advisory Agreements.

Investment management and sub-advisory fee rates

The Board reviewed and considered the contractual fee rates payable by the Fund to Funds Management under the Management Agreement, as well as the contractual fee rates payable by the Fund to Funds Management for class-level administrative services under a Class-Level Administration Agreement, which include, among other things, class-level transfer agency and sub-transfer agency costs (collectively, the “Management Rates”). The Board also reviewed and considered the contractual investment sub-advisory fee rates that are payable by Funds Management to the Sub-Adviser for investment sub-advisory services.

Among other information reviewed by the Board was a comparison of the Fund’s Management Rates with the average contractual investment management fee rates of funds in the expense Groups at a common asset level as well as transfer agency costs of the funds in the expense Groups. The Board noted that the Management Rates of the Fund were lower than or in range of the sum of these average rates for the Fund’s expense Groups for all share classes.

The Board also received and considered information about the portion of the total management fee that was retained by Funds Management after payment of the fee to the Sub-Adviser for sub-advisory services. In assessing the reasonableness of this amount, the Board received and evaluated information about the nature and extent of responsibilities retained and risks assumed by Funds Management and not delegated to or assumed by the Sub-Adviser, and about Funds Management’s on-going oversight services. Given the affiliation between Funds Management and the Sub-Adviser, the Board ascribed limited relevance to the allocation of fees between them.

The Board also received and considered information about the nature and extent of services offered and fee rates charged by Funds Management and the Sub-Adviser to other types of clients with investment strategies similar to those of the Fund. In this regard, the Board received information about the significantly greater scope of services, and compliance, reporting and other legal burdens and risks of managing mutual funds compared with those associated with managing assets of non-mutual fund clients such as a short-term investment portfolio.

Based on its consideration of the factors and information it deemed relevant, including those described here, the Board determined that the compensation payable to Funds Management under the Management Agreement and to the Sub-Adviser under the Sub-Advisory Agreement was reasonable.

Profitability

The Board received and considered information concerning the profitability of Funds Management, as well as the profitability of Wells Fargo as a whole, from providing services to the Fund and the fund family as a whole. The Board also received and considered information concerning the profitability of the Sub-Adviser from providing services to the fund family as a whole, noting that the Sub-Adviser’s profitability information with respect to providing services to the Fund was subsumed in the Wells Fargo and Funds Management profitability analysis.

Funds Management reported on the methodologies and estimates used in calculating profitability, including a description of the methodology used to allocate certain expenses. Among other things, the Board noted that the levels of profitability reported on a fund-by-fund basis varied widely, depending on factors such as the size and type of fund.

Other information (unaudited) Wells Fargo Treasury Plus Money Market Fund 27

Based on its review, the Board did not deem the profits reported by Funds Management or Wells Fargo from its services to the Fund to be at a level that would prevent it from approving the continuation of the Advisory Agreements.

Economies of scale

With respect to possible economies of scale, the Board noted the existence of breakpoints in the Fund’s management fee structure, which operate generally to reduce the Fund’s expense ratios as the Fund grows in size. It considered that, for a small fund or a fund that shrinks in size, breakpoints conversely can result in higher fee levels. The Board also considered that in addition to management fee breakpoints, competitive management fee rates set at the outset without regard to breakpoints and fee waiver and expense reimbursement arrangements are means of sharing potential economies of scale with shareholders of the Fund. The Board discussed and accepted Funds Management’s proposal to reduce the net operating expense ratio cap for Sweep Class. The Board considered Funds Management’s view, which Funds Management indicated was supported by independent third-party industry studies which were summarized for the Board, that any analyses of potential economies of scale in managing a particular fund are inherently limited in light of the joint and common costs and investments that Funds Management incurs across the fund family as a whole.

The Board concluded that the Fund’s fee and expense arrangements, including contractual breakpoints, constituted a reasonable approach to sharing potential economies of scale with the Fund and its shareholders.

Other benefits to Funds Management and the Sub-Adviser

The Board received and considered information regarding potential “fall-out” or ancillary benefits received by Funds Management and its affiliates, including the Sub-Adviser, as a result of their relationships with the Fund. Ancillary benefits could include, among others, benefits directly attributable to other relationships with the Fund and benefits potentially derived from an increase in Funds Management’s and the Sub-Adviser’s business as a result of their relationships with the Fund. The Board noted that various affiliates of Funds Management may receive distribution-related fees, shareholder servicing payments and sub-transfer agency fees in respect of shares sold or held through them and services provided.

The Board also reviewed information about soft dollar credits earned and utilized by the Sub-Adviser, fees earned by Funds Management and the Sub-Adviser from managing a private investment vehicle for the fund family’s securities lending collateral and commissions earned by an affiliated broker from portfolio transactions.

Based on its consideration of the factors and information it deemed relevant, including those described here, the Board did not find that any ancillary benefits received by Funds Management and its affiliates, including the Sub-Adviser, were unreasonable.

Conclusion

At the Meeting, after considering the above-described factors and based on its deliberations and its evaluation of the information described above, the Board unanimously approved the continuation of the Advisory Agreements for a one-year term and determined that the compensation payable to Funds Management and the Sub-Adviser under each of the Advisory Agreements was reasonable.

28 Wells Fargo Treasury Plus Money Market Fund List of abbreviations

The following is a list of common abbreviations for terms and entities that may have appeared in this report.

ACA —  ACA Financial Guaranty Corporation

ADR —  American depositary receipt

ADS —  American depositary shares

AGC —  Assured Guaranty Corporation

AGM —  Assured Guaranty Municipal

Ambac —  Ambac Financial Group Incorporated

AMT —  Alternative minimum tax

AUD —  Australian dollar

BAN —  Bond anticipation notes

BHAC —  Berkshire Hathaway Assurance Corporation

BRL —  Brazilian real

CAB —  Capital appreciation bond

CAD —  Canadian dollar

CCAB —  Convertible capital appreciation bond

CDA —  Community Development Authority

CDO —  Collateralized debt obligation

CHF —  Swiss franc

CLO —  Collateralized loan obligation

CLP —  Chilean peso

COP —  Colombian peso

DKK —  Danish krone

DRIVER —  Derivative inverse tax-exempt receipts

DW&P —  Department of Water & Power

DWR —  Department of Water Resources

ECFA —  Educational & Cultural Facilities Authority

EDA —  Economic Development Authority

EDFA —  Economic Development Finance Authority

ETF —  Exchange-traded fund

EUR —  Euro

FDIC —  Federal Deposit Insurance Corporation

FFCB —  Federal Farm Credit Banks

FGIC —  Financial Guaranty Insurance Corporation

FHA —  Federal Housing Administration

FHLB —  Federal Home Loan Bank

FHLMC —  Federal Home Loan Mortgage Corporation

FICO —  The Financing Corporation

FNMA —  Federal National Mortgage Association

FSA —  Farm Service Agency

GBP —  Great British pound

GDR —  Global depositary receipt

GNMA —  Government National Mortgage Association

GO —  General obligation

HCFR —  Healthcare facilities revenue

HEFA —  Health & Educational Facilities Authority

HEFAR —  Higher education facilities authority revenue

HFA —  Housing Finance Authority

HFFA —  Health Facilities Financing Authority

HKD —  Hong Kong dollar

HUD —  Department of Housing and Urban Development

HUF —  Hungarian forint

IDA —  Industrial Development Authority

IDAG —  Industrial Development Agency

IDR —  Indonesian rupiah

IEP —  Irish pound

JPY —  Japanese yen

KRW —  Republic of Korea won

LIBOR —  London Interbank Offered Rate

LIFER —  Long Inverse Floating Exempt Receipts

LIQ —  Liquidity agreement

LLC —  Limited liability company

LLLP —  Limited liability limited partnership

LLP —  Limited liability partnership

LOC —  Letter of credit

LP —  Limited partnership

MBIA —  Municipal Bond Insurance Association

MFHR —  Multifamily housing revenue

MSTR —  Municipal securities trust receipts

MTN —  Medium-term note

MUD —  Municipal Utility District

MXN —  Mexican peso

MYR —  Malaysian ringgit

National —  National Public Finance Guarantee Corporation

NGN —  Nigerian naira

NOK —  Norwegian krone

NZD —  New Zealand dollar

PCFA —  Pollution Control Financing Authority

PCL —  Public Company Limited

PCR —  Pollution control revenue

PFA —  Public Finance Authority

PFFA —  Public Facilities Financing Authority

PFOTER —  Puttable floating option tax-exempt receipts

PJSC —  Public Joint Stock Company

plc —  Public limited company

PLN —  Polish zloty

PUTTER —  Puttable tax-exempt receipts

R&D —  Research & development

Radian —  Radian Asset Assurance

RAN —  Revenue anticipation notes

RDA —  Redevelopment Authority

RDFA —  Redevelopment Finance Authority

REIT —  Real estate investment trust

ROC —  Reset option certificates

RON —  Romanian lei

RUB —  Russian ruble

SAVRS —  Select auction variable rate securities

SBA —  Small Business Authority

SDR —  Swedish depositary receipt

SEK —  Swedish krona

SFHR —  Single-family housing revenue

SFMR —  Single-family mortgage revenue

SGD —  Singapore dollar

SPA —  Standby purchase agreement

SPDR —  Standard & Poor’s Depositary Receipts

SPEAR —  Short Puttable Exempt Adjustable Receipts

STRIPS —  Separate trading of registered interest and

      principal securities

TAN —  Tax anticipation notes

TBA —  To be announced

THB —  Thai baht

TIPS —  Treasury inflation-protected securities

TRAN —  Tax revenue anticipation notes

TRY —  Turkish lira

TTFA —  Transportation Trust Fund Authority

TVA —  Tennessee Valley Authority

ZAR —  South African rand

For more information

More information about Wells Fargo Funds is available free upon request. To obtain literature, please write, email, visit the Fund’s website, or call:

Wells Fargo Funds

P.O. Box 8266

Boston, MA 02266-8266

Email: fundservice@wellsfargo.com

Website: wellsfargofunds.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 Fund. 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 Fund’s website at wellsfargofunds.com. Read the prospectus carefully before you invest or send money.

Wells Fargo Asset Management (WFAM) is a trade name used by the asset management businesses of Wells Fargo & Company. Wells Fargo Funds Management, LLC, a wholly owned subsidiary of Wells Fargo & Company, provides investment advisory and administrative services for Wells Fargo Funds. Other affiliates of Wells Fargo & Company provide subadvisory and other services for the funds. The funds are distributed by Wells Fargo Funds Distributor, LLC, Member FINRA, an affiliate of Wells Fargo & Company. Neither Wells Fargo Funds Management nor Wells Fargo Funds Distributor has Fund customer accounts/assets, and neither provides investment advice/recommendations or acts as an investment advice fiduciary to any investor.

NOT FDIC INSURED  ◾  NO BANK GUARANTEE  ◾   MAY LOSE VALUE

© 2017 Wells Fargo Funds Management, LLC. All rights reserved.

305370 09-17 SA314/SAR314 07-17

ITEM 2. CODE OF ETHICS

Not applicable.

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT

Not applicable.

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES

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 (the “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 Trust 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 Trust’s internal controls over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) that occurred during the second fiscal quarter 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. EXHIBITS

(a)(1) Not applicable.

(a)(2) Certification pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)) is filed and attached hereto as Exhibit 99.CERT.

(a)(3) Not applicable.

(b) Certification pursuant to Rule 30a-2(b) under the Investment Company Act of 1940 (17 CFR 270.30a-2(b)) is filed and attached hereto as Exhibit 99.906CERT.

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:	September 25, 2017

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:	September 25, 2017
By:
	/s/ Nancy Wiser
	Nancy Wiser
	Treasurer
Date:	September 25, 2017