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: August 31

Registrant is making a filing for 9 of its series:

Wells Fargo Adjustable Rate Government Fund, Wells Fargo Conservative Income Fund, Wells Fargo Government Securities Fund, Wells Fargo High Yield Bond Fund, Wells Fargo Core Plus Bond Fund, Wells Fargo Short Duration Government Bond Fund, Wells Fargo Short-Term Bond Fund, Wells Fargo Short-Term High Yield Bond Fund, and Wells Fargo Ultra Short-Term Income Fund.

Date of reporting period: February 28, 2018

ITEM 1. REPORT TO STOCKHOLDERS

Semi-Annual Report

February 28, 2018

Wells Fargo Adjustable Rate Government Fund

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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	22
Statement of operations	23
Statement of changes in net assets	24
Financial highlights	25
Notes to financial statements	29
Other information	33
List of abbreviations	37

The views expressed and any forward-looking statements are as of February 28, 2018, 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 Adjustable Rate Government Fund Letter to shareholders (unaudited)

Andrew Owen

President

Wells Fargo Funds

During the period, stocks globally delivered positive returns.

Dear Shareholder:

We are pleased to offer you this semi-annual report for the Wells Fargo Adjustable Rate Government Fund for the six-month period that ended February 28, 2018. During the period, stocks globally delivered positive returns. For the period, U.S. stocks, as measured by the S&P 500 Index¹, gained 10.84% and international stocks, as measured by the MSCI ACWI ex USA Index (Net)², gained 7.59%. In bond markets, the Bloomberg Barclays U.S. Aggregate Bond Index³ declined 2.18% and the Bloomberg Barclays Municipal Bond Index⁴ lost 1.24% while fixed-income investments outside the U.S. gained 2.52%, according to the Bloomberg Barclays Global Aggregate ex-USD Index⁵. The ICE BofAML U.S. High Yield Index⁶ earned 1.01% during the period.

U.S. stocks advanced as business-friendly policies and regulations, newly implemented tax reform, increased hiring activity, and consistent corporate profits led to higher investor and consumer confidence. Internationally, stocks gained as unemployment fell and wages increased in the U.K.; the Bank of Japan continued its accommodative monetary policies; and industrial production, retail sales, and fixed asset investment increased in China. Stock returns in the emerging markets were strong, with the MSCI EM Index (Net)⁷ gaining 10.58% for the period.

Reactions to U.S. interest-rate increases were uneven across the yield curve and globally.

The U.S. Federal Reserve (Fed) increased the federal funds rate twice during the six-month period. Following a federal funds rate increase in June to a range of 1.00% to 1.25%, 10-year U.S. Treasury yields declined, the yield curve flattened, and long-term bond prices benefited.

Internationally, central banks maintained low interest rates and accommodative monetary policies that supported business activity and stock values in foreign markets. A weaker U.S. dollar was generally supportive of business activity in regions around the globe.

Positive economic and market news continued as 2017 closed and 2018 began.

During the fourth quarter of 2017, stock markets continued the move higher. Third-quarter economic output in the U.S. grew at a 3.2% annual rate. The unemployment rate fell to a 17-year low of 4.1%. Tax reform and wage growth encouraged increased business and consumer spending.

Fed officials announced in October 2017 plans to begin unwinding its $4.5 trillion portfolio of bonds and other assets accumulated during rounds of quantitative easing conducted since the 2008–2009 recession. Still, restrained inflation kept long-term bond rates steady and the flattening of the yield curve persisted.

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 indices 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 Bloomberg Barclays Global Aggregate ex-USD Index is an unmanaged index that provides a broad-based measure of the global investment-grade fixed-income markets excluding the U.S. dollar-denominated debt market. You cannot invest directly in an index.

⁶  The ICE BofAML U.S. High Yield Index is a market-capitalization-weighted index of domestic and Yankee high-yield bonds. The index tracks the performance of high-yield securities traded in the U.S. bond market. You cannot invest directly in an index. Copyright 2018. ICE Data Indices, LLC. All rights reserved.

⁷  The MSCI Emerging Markets (EM) Index (Net) is a free-float-adjusted market-capitalization-weighted index that is designed to measure large- and mid-cap equity market performance of emerging markets. The MSCI EM Index (Net) consists of the following 24 emerging markets country indices: Brazil, Chile, China, Colombia, Czech Republic, Egypt, Greece, Hungary, India, Indonesia, Korea, Malaysia, Mexico, Pakistan, Peru, the Philippines, Poland, Qatar, Russia, South Africa, Taiwan, Thailand, Turkey, and the United Arab Emirates. You cannot invest directly in an index.

Letter to shareholders (unaudited) Wells Fargo Adjustable Rate Government Fund 3

October 2017 also marked one year since the regulatory reform of money market investing in the U.S. By December 2017, money market fund asset levels exceeded their December 2016 levels, reflecting continued investor demand for short-term investment opportunities offered in money market funds.

In December, the Organisation for Economic Co-operation and Development (OECD) reported that the global economy was expanding at its fastest rate since 2010; all 35 countries the OECD follows were on track to expand for 2017. International economies benefited from economic stimulus, which accelerated trade growth; improving employment; increased investment; and firming commodity prices.

The Fed raised the federal funds rate target to a range of 1.25% to 1.50% in December 2017 and began reducing its bond portfolio.

2018 opened with continued stock advances, then volatility.

Improving business and economic data globally continued to support stock advances through January 2018. Even political wrangling in the U.S. over budget resolutions could not dissuade investors from buying stocks as payrolls and factory orders increased. Long-term interest rates in the U.S. trended higher as the yield curve steepened—the 10-year Treasury rate moved from 2.46% to 2.84% and the 30-year rate moved from 2.81% to 3.08% during January 2018.

Investor sentiment shifted in February. Concerns about inflation began to emerge in the U.S. as readings from the Producer Price Index in January rose 2.5% year over year. During February 2018, the U.S. market endured a loss of more than 10% before recovering much of that loss, but volatility affected stocks globally throughout the month.

During January 2018, purchasing managers’ indexes in China, the eurozone, India, and Japan reported data for December that indicated continued growth. International stock values fell during February 2018, swept up in the selling momentum in U.S. markets.

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

Periods of investment uncertainty can present challenges, but experience has taught us that maintaining long-term investment goals can be an effective way to plan for the future. To help you create a sound strategy based on your personal goals and risk tolerance, Wells Fargo Funds offers more than 100 mutual funds spanning a wide range of asset classes and investment styles. Although diversification cannot guarantee an investment profit or prevent losses, we believe it can be an effective way to manage investment risk and potentially smooth out overall portfolio performance. We encourage investors to know their investments and to understand that appropriate levels of risk-taking may unlock opportunities.

Thank you for choosing to invest with Wells Fargo Funds. We appreciate your confidence in us and remain committed to helping you meet your financial needs.

Sincerely,

Andrew Owen

President

Wells Fargo Funds

During February 2018, the U.S. market endured a loss of more than 10% before recovering much of that loss, but volatility affected stocks globally throughout the month.

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.

4 Wells Fargo Adjustable Rate Government Fund Performance highlights (unaudited)

Investment objective

The Fund seeks current income consistent with capital preservation.

Manager

Wells Fargo Funds Management, LLC

Subadviser

Wells Capital Management Incorporated

Portfolio managers

Christopher Y. Kauffman, CFA^®

Michal Stanczyk

Average annual total returns (%) as of February 28, 2018¹

		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 (ESAAX)	6-30-2000		(1.78	)		(0.12	)		0.97		0.19			0.29			1.18		0.80		0.74
Class C (ESACX)	6-30-2000		(1.67	)		(0.45	)		0.42		(0.67	)		(0.45	)		0.42		1.55		1.49
Administrator Class (ESADX)	7-30-2010		–			–			–		0.44			0.46			1.33		0.74		0.60
Institutional Class (EKIZX)	10-1-1991		–			–			–		0.47			0.58			1.46		0.47		0.46
Bloomberg Barclays 6-Month Treasury Bill Index4	–		–			–			–		1.04			0.48			0.64		–		–

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 return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Performance shown without sales charges would be lower if sales charges were reflected. Current performance may be lower or higher than the performance data quoted, which assumes the reinvestment of dividends and capital gains. Current month-end performance is available on the Fund’s website, wellsfargofunds.com.

Index returns do not include transaction costs associated with buying and selling securities, any mutual fund fees or expenses, or any taxes. It is not possible to invest directly in an index.

For Class A shares, the maximum front-end sales charge is 2.00%. 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. Administrator Class and Institutional Class shares are sold without a front-end sales charge or contingent deferred sales charge.

Bond values fluctuate in response to the financial condition of individual issuers, general market and economic conditions, and changes in interest rates. Changes in market conditions and government policies may lead to periods of heightened volatility in the bond market and reduced liquidity for certain bonds held by the Fund. In general, when interest rates rise, bond values fall and investors may lose principal value. Interest-rate changes and their impact on the Fund and its share price can be sudden and unpredictable. The use of derivatives may reduce returns and/or increase volatility. Securities issued by U.S. government agencies or government-sponsored entities may not be guaranteed by the U.S. Treasury. Certain investment strategies tend to increase the total risk of an investment (relative to the broader market). The Fund is exposed to mortgage- and asset-backed securities risk. The U.S. government guarantee applies to certain underlying securities and not to shares of the Fund. Consult the Fund’s prospectus for additional information on these and other risks.

Please see footnotes on page 5.

Performance highlights (unaudited) Wells Fargo Adjustable Rate Government Fund 5

Ten largest holdings (%) as of February 28, 20185
FNMA Series 2003-W18 Class 2A, 3.72%, 6-25-2043	1.92
FNMA Series 2002-66 Class A3, 3.83%, 4-25-2042	1.91
FNMA Series 2004-W15 Class 3A, 3.61%, 6-25-2044	1.46
FNMA Series 2006-W01 Class 3A, 3.26%, 10-25-2045	1.25
FHLMC Series T-67 Class 1A1C, 3.41%, 3-25-2036	1.21
GNMA Series 2017-H11 Class FE, 1.95%, 5-20-2067	1.12
FNMA Series 2004-W12 Class 2A, 3.78%, 6-25-2044	1.10
FNMA Series 2001-T12 Class A4, 3.96%, 8-25-2041	1.04
FHLMC Series T-67 Class 2A1C, 3.30%, 3-25-2036	0.98
FHLMC Series T-62 Class 1A1, 2.26%, 10-25-2044	0.89

Portfolio allocation as of February 28, 2018⁶

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 all classes of the Fund prior to July 12, 2010, is based on the performance of the Fund’s predecessor, Evergreen Adjustable Rate 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 December 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. The expense ratio paid by an investor is the net expense ratio (the total annual fund operating expenses after fee waivers) as stated in the prospectuses.

⁴  The Bloomberg Barclays 6-Month Treasury Bill Index tracks the performance and attributes of recently issued 6-month U.S. Treasury bills. The index follows Bloomberg Barclays’ monthly rebalancing conventions. You cannot invest directly in an index.

⁵  The ten largest holdings, excluding cash and cash equivalents, are calculated based on the value of the investments divided by total net assets of the Fund. Holdings are subject to change and may have changed since the date specified.

⁶  Amounts are calculated based on the total long-term investments of the Fund. These amounts are subject to change and may have changed since the date specified.

6 Wells Fargo Adjustable Rate Government Fund Fund expenses (unaudited)

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments and contingent deferred sales charges (if any) on redemptions and (2) ongoing costs, including management fees, distribution (12b-1) and/or shareholder servicing fees, and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The example is based on an investment of $1,000 invested at the beginning of the six-month period and held for the entire period from September 1, 2017 to February 28, 2018.

Actual expenses

The “Actual” line of the table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the “Actual” line under the heading entitled “Expenses paid during period” for your applicable class of shares to estimate the expenses you paid on your account during this period.

Hypothetical example for comparison purposes

The “Hypothetical” line of the table below provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads) and contingent deferred sales charges. Therefore, the “Hypothetical” line of the table is useful in comparing ongoing costs only and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

	Beginning account value 9-1-2017		Ending account value 2-28-2018		Expenses paid during the period¹		Annualized net expense ratio
Class A
Actual	$	1,000.00	$	995.20	$	3.66		0.74	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.12	$	3.71		0.74	%
Class C
Actual	$	1,000.00	$	991.51	$	7.36		1.49	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,017.41	$	7.45		1.49	%
Administrator Class
Actual	$	1,000.00	$	995.91	$	2.97		0.60	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.82	$	3.01		0.60	%
Institutional Class
Actual	$	1,000.00	$	996.65	$	2.28		0.46	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,022.51	$	2.31		0.46	%

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—February 28, 2018 (unaudited) Wells Fargo Adjustable Rate Government Fund 7

Security name	Interest rate			Maturity date		Principal		Value
Agency Securities: 97.33%
FDIC Series 2010-S2 Class 3A (1 Month LIBOR +0.70%) 144A±		2.26	%		12-29-2045	$	484,138	$	484,756
FHLMC (10 Year Treasury Constant Maturity -0.85%) ±		1.74			3-15-2024		462,260		458,872
FHLMC (1 Year Treasury Constant Maturity +0.71%) ±		1.76			4-1-2030		59,147		59,362
FHLMC (11th District Cost of Funds +1.25%) ±		1.88			5-1-2019		2,105		2,096
FHLMC (11th District Cost of Funds +1.25%) ±		1.98			1-1-2030		3,292		3,241
FHLMC (11th District Cost of Funds +1.25%) ±		1.98			1-1-2030		3,319		3,286
FHLMC (11th District Cost of Funds +1.25%) ±		1.98			7-1-2030		152,040		149,995
FHLMC (11th District Cost of Funds +1.25%) ±		1.99			7-1-2018		155		155
FHLMC (11th District Cost of Funds +1.25%) ±		1.99			1-1-2019		456		455
FHLMC (11th District Cost of Funds +1.25%) ±		1.99			2-1-2019		1,550		1,544
FHLMC (11th District Cost of Funds +1.25%) ±		1.99			2-1-2035		190,456		188,233
FHLMC (11th District Cost of Funds +1.25%) ±		2.00			5-1-2018		102		102
FHLMC (11th District Cost of Funds +1.25%) ±		2.00			6-1-2018		992		990
FHLMC (11th District Cost of Funds +1.25%) ±		2.00			9-1-2018		90		89
FHLMC (11th District Cost of Funds +0.00%) ±		2.03			3-1-2018		68		68
FHLMC (11th District Cost of Funds +1.44%) ±		2.08			6-1-2020		13,991		13,912
FHLMC (11th District Cost of Funds +1.36%) ±		2.09			10-1-2030		6,017		5,989
FHLMC (11th District Cost of Funds +1.50%) ±		2.24			8-1-2018		109		109
FHLMC (11th District Cost of Funds +0.00%) ±		2.27			10-1-2018		697		697
FHLMC (11th District Cost of Funds +1.72%) ±		2.45			1-1-2022		5,977		5,969
FHLMC (11th District Cost of Funds +1.25%) ±		2.52			11-1-2030		193,118		193,366
FHLMC (11th District Cost of Funds +1.88%) ±		2.52			6-1-2019		22,620		22,597
FHLMC (11th District Cost of Funds +0.00%) ±		2.53			12-1-2018		246		246
FHLMC (11th District Cost of Funds +1.91%) ±		2.53			12-1-2018		900		898
FHLMC (11th District Cost of Funds +1.88%) ±		2.64			3-1-2025		214,564		213,829
FHLMC (11th District Cost of Funds +2.00%) ±		2.66			6-1-2029		171,037		171,821
FHLMC (12 Month Treasury Average +1.90%) ±		2.68			5-1-2028		228,650		236,813
FHLMC (11th District Cost of Funds +2.25%) ±		2.88			8-1-2019		6,824		6,839
FHLMC (1 Year Treasury Constant Maturity +2.13%) ±		2.88			7-1-2019		504		503
FHLMC (11th District Cost of Funds +2.14%) ±		2.89			7-1-2018		1,733		1,730
FHLMC (1 Year Treasury Constant Maturity +2.17%) ±		2.94			5-1-2037		201,867		211,097
FHLMC (1 Year Treasury Constant Maturity +2.23%) ±		2.98			4-1-2034		344,426		361,754
FHLMC (1 Year Treasury Constant Maturity +1.88%) ±		2.98			5-1-2035		308,982		322,528
FHLMC (1 Year Treasury Constant Maturity +2.25%) ±		3.00			5-1-2034		244,986		258,434
FHLMC (11th District Cost of Funds +2.39%) ±		3.02			6-1-2021		47,581		47,898
FHLMC (11th District Cost of Funds +1.53%) ±		3.03			6-1-2019		5,059		5,068
FHLMC (6 Month LIBOR +1.42%) ±		3.03			2-1-2037		6,705		6,881
FHLMC (1 Year Treasury Constant Maturity +1.55%) ±		3.07			7-1-2030		4,941		4,922
FHLMC (1 Year Treasury Constant Maturity +2.23%) ±		3.08			4-1-2034		447,785		468,295
FHLMC (1 Year Treasury Constant Maturity +2.05%) ±		3.10			1-1-2030		17,970		18,526
FHLMC (1 Year Treasury Constant Maturity +2.05%) ±		3.11			8-1-2033		1,651,044		1,716,821
FHLMC (1 Year Treasury Constant Maturity +2.36%) ±		3.11			4-1-2038		1,882,273		1,997,278
FHLMC (1 Year Treasury Constant Maturity +2.18%) ±		3.11			4-1-2023		199,536		200,855
FHLMC (1 Year Treasury Constant Maturity +2.02%) ±		3.13			12-1-2035		561,030		585,550
FHLMC (1 Year Treasury Constant Maturity +2.23%) ±		3.13			5-1-2034		1,735,320		1,827,130
FHLMC (6 Month LIBOR +1.66%) ±		3.16			6-1-2037		414,893		427,684
FHLMC (1 Year Treasury Constant Maturity +2.23%) ±		3.19			3-1-2034		798,121		835,712
FHLMC (1 Year Treasury Constant Maturity +2.25%) ±		3.19			3-1-2036		701,941		735,701
FHLMC (3 Year Treasury Constant Maturity +2.27%) ±		3.19			4-1-2032		89,262		90,592
FHLMC (1 Year Treasury Constant Maturity +2.25%) ±		3.20			9-1-2038		243,438		248,034

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

8 Wells Fargo Adjustable Rate Government Fund Portfolio of investments—February 28, 2018 (unaudited)

Security name	Interest rate			Maturity date		Principal		Value
Agency Securities (continued)
FHLMC (6 Month LIBOR +1.70%) ±		3.22	%		1-1-2037	$	1,205,689	$	1,254,999
FHLMC (12 Month Treasury Average +2.46%) ±		3.23			10-1-2029		106,947		109,422
FHLMC (1 Year Treasury Constant Maturity +2.23%) ±		3.23			5-1-2032		43,906		45,511
FHLMC (1 Year Treasury Constant Maturity +2.23%) ±		3.23			9-1-2035		1,540,515		1,627,499
FHLMC (1 Year Treasury Constant Maturity +1.99%) ±		3.24			11-1-2034		304,987		318,879
FHLMC (1 Year Treasury Constant Maturity +2.10%) ±		3.24			10-1-2037		1,344,006		1,411,178
FHLMC (1 Year Treasury Constant Maturity +2.23%) ±		3.24			3-1-2034		727,415		760,863
FHLMC (1 Year Treasury Constant Maturity +2.02%) ±		3.25			5-1-2020		119		120
FHLMC (1 Year Treasury Constant Maturity +2.24%) ±		3.26			8-1-2027		5,503		5,556
FHLMC (1 Year Treasury Constant Maturity +2.25%) ±		3.26			4-1-2038		1,177,407		1,245,804
FHLMC (1 Year Treasury Constant Maturity +2.01%) ±		3.26			6-1-2020		499		497
FHLMC (1 Year Treasury Constant Maturity +2.23%) ±		3.26			5-1-2038		979,050		1,031,789
FHLMC (1 Year Treasury Constant Maturity +2.25%) ±		3.26			6-1-2035		130,824		138,365
FHLMC (1 Year Treasury Constant Maturity +2.40%) ±		3.27			7-1-2029		56,583		58,935
FHLMC (US Treasury H15 Treasury Bill 6 Month Auction High Discount +1.75%) ±		3.27			1-1-2023		29,580		30,870
FHLMC (1 Year Treasury Constant Maturity +2.29%) ±		3.29			9-1-2033		865,260		915,572
FHLMC (12 Month Treasury Average +2.37%) ±		3.29			6-1-2028		98,462		100,737
FHLMC (1 Year Treasury Constant Maturity +2.21%) ±		3.30			11-1-2036		1,131,446		1,192,565
FHLMC (1 Year Treasury Constant Maturity +2.28%) ±		3.30			4-1-2037		1,562,379		1,651,581
FHLMC (1 Year Treasury Constant Maturity +2.24%) ±		3.31			8-1-2035		533,409		562,919
FHLMC (1 Year Treasury Constant Maturity +2.24%) ±		3.31			3-1-2027		97,423		98,883
FHLMC (1 Year Treasury Constant Maturity +2.31%) ±		3.31			6-1-2035		531,492		556,912
FHLMC (1 Year Treasury Constant Maturity +2.44%) ±		3.32			4-1-2029		102,649		103,915
FHLMC (1 Year Treasury Constant Maturity +2.03%) ±		3.32			3-1-2025		66,470		68,575
FHLMC (1 Year Treasury Constant Maturity +2.21%) ±		3.32			1-1-2037		1,200,213		1,262,200
FHLMC (1 Year Treasury Constant Maturity +2.22%) ±		3.32			7-1-2036		340,941		364,905
FHLMC (1 Year Treasury Constant Maturity +2.25%) ±		3.33			11-1-2036		1,076,551		1,135,173
FHLMC (1 Year Treasury Constant Maturity +2.23%) ±		3.33			5-1-2038		1,318,957		1,391,362
FHLMC (1 Year Treasury Constant Maturity +2.24%) ±		3.33			4-1-2037		579,860		609,682
FHLMC (1 Year Treasury Constant Maturity +2.25%) ±		3.34			8-1-2035		1,962,359		2,069,693
FHLMC (1 Year Treasury Constant Maturity +2.48%) ±		3.34			6-1-2030		99,502		101,548
FHLMC (1 Year Treasury Constant Maturity +2.22%) ±		3.35			8-1-2033		237,726		249,775
FHLMC (1 Year Treasury Constant Maturity +2.16%) ±		3.35			6-1-2033		474,562		495,141
FHLMC (1 Year Treasury Constant Maturity +2.25%) ±		3.35			11-1-2035		1,115,944		1,175,360
FHLMC (1 Year Treasury Constant Maturity +2.60%) ±		3.35			6-1-2032		141,574		143,342
FHLMC (1 Year Treasury Constant Maturity +2.23%) ±		3.35			10-1-2033		57,101		57,449
FHLMC (1 Year Treasury Constant Maturity +2.23%) ±		3.35			11-1-2026		72,654		74,789
FHLMC (1 Year Treasury Constant Maturity +2.25%) ±		3.35			10-1-2034		1,024,725		1,079,494
FHLMC (1 Year Treasury Constant Maturity +2.24%) ±		3.35			2-1-2036		1,128,710		1,189,298
FHLMC (6 Month LIBOR +1.73%) ±		3.36			6-1-2024		7,526		7,529
FHLMC (1 Year Treasury Constant Maturity +2.30%) ±		3.36			1-1-2036		634,154		670,438
FHLMC (1 Year Treasury Constant Maturity +2.18%) ±		3.36			6-1-2036		1,086,817		1,140,797
FHLMC (1 Year Treasury Constant Maturity +2.35%) ±		3.37			7-1-2038		1,424,014		1,506,745
FHLMC (1 Year Treasury Constant Maturity +2.31%) ±		3.37			9-1-2029		751,108		786,131
FHLMC (1 Year Treasury Constant Maturity +2.26%) ±		3.37			5-1-2034		1,491,156		1,567,321
FHLMC (1 Year Treasury Constant Maturity +2.27%) ±		3.37			10-1-2036		727,553		765,065
FHLMC (1 Year Treasury Constant Maturity +2.34%) ±		3.38			2-1-2036		115,425		121,835
FHLMC (1 Year Treasury Constant Maturity +2.29%) ±		3.39			9-1-2030		228,933		239,617
FHLMC (1 Year Treasury Constant Maturity +2.02%) ±		3.39			5-1-2020		217		216
FHLMC (1 Year Treasury Constant Maturity +2.33%) ±		3.39			9-1-2032		1,672,607		1,761,155

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

Portfolio of investments—February 28, 2018 (unaudited) Wells Fargo Adjustable Rate Government Fund 9

Security name	Interest rate			Maturity date		Principal		Value
Agency Securities (continued)
FHLMC (1 Year Treasury Constant Maturity +2.34%) ±		3.39	%		7-1-2034	$	586,041	$	610,166
FHLMC (1 Year Treasury Constant Maturity +2.27%) ±		3.40			7-1-2031		1,130,209		1,164,179
FHLMC (1 Year Treasury Constant Maturity +2.32%) ±		3.40			6-1-2035		1,146,562		1,211,108
FHLMC (1 Year Treasury Constant Maturity +2.48%) ±		3.40			2-1-2030		52,004		52,645
FHLMC (1 Year Treasury Constant Maturity +2.26%) ±		3.40			2-1-2036		598,858		631,190
FHLMC (1 Year Treasury Constant Maturity +2.24%) ±		3.41			2-1-2036		765,627		800,944
FHLMC (1 Year Treasury Constant Maturity +2.35%) ±		3.41			2-1-2031		578,470		606,003
FHLMC (12 Month LIBOR +1.67%) ±		3.42			8-1-2035		146,490		150,135
FHLMC (1 Year Treasury Constant Maturity +2.47%) ±		3.42			7-1-2034		835,226		877,195
FHLMC (1 Year Treasury Constant Maturity +2.25%) ±		3.42			2-1-2036		1,226,414		1,292,344
FHLMC (1 Year Treasury Constant Maturity +2.20%) ±		3.43			12-1-2034		468,570		491,744
FHLMC (1 Year Treasury Constant Maturity +2.28%) ±		3.43			10-1-2036		577,335		608,112
FHLMC (1 Year Treasury Constant Maturity +2.40%) ±		3.43			9-1-2031		69,329		70,277
FHLMC (1 Year Treasury Constant Maturity +2.27%) ±		3.43			11-1-2029		152,079		154,438
FHLMC (1 Year Treasury Constant Maturity +2.25%) ±		3.43			9-1-2033		214,982		226,465
FHLMC (12 Month LIBOR +1.68%) ±		3.43			2-1-2037		320,447		335,256
FHLMC (1 Year Treasury Constant Maturity +2.23%) ±		3.45			7-1-2034		153,112		161,083
FHLMC (1 Year Treasury Constant Maturity +2.18%) ±		3.45			8-1-2034		983,641		1,031,283
FHLMC (1 Year Treasury Constant Maturity +2.30%) ±		3.45			3-1-2037		397,740		418,936
FHLMC (1 Year Treasury Constant Maturity +2.32%) ±		3.46			7-1-2038		706,143		743,476
FHLMC (1 Year Treasury Constant Maturity +2.22%) ±		3.46			10-1-2033		322,159		338,870
FHLMC (1 Year Treasury Constant Maturity +2.25%) ±		3.47			4-1-2036		597,348		628,355
FHLMC (1 Year Treasury Constant Maturity +2.22%) ±		3.47			10-1-2033		713,499		750,475
FHLMC (1 Year Treasury Constant Maturity +2.22%) ±		3.47			10-1-2033		1,359,568		1,426,004
FHLMC (1 Year Treasury Constant Maturity +2.37%) ±		3.47			7-1-2027		588,551		592,109
FHLMC (1 Year Treasury Constant Maturity +2.48%) ±		3.48			10-1-2025		30,020		30,086
FHLMC (12 Month LIBOR +1.73%) ±		3.48			1-1-2035		424,663		446,725
FHLMC (1 Year Treasury Constant Maturity +2.48%) ±		3.48			10-1-2025		68,036		69,166
FHLMC (1 Year Treasury Constant Maturity +2.33%) ±		3.48			9-1-2033		795,057		839,503
FHLMC (1 Year Treasury Constant Maturity +2.22%) ±		3.48			12-1-2033		719,079		750,463
FHLMC (1 Year Treasury Constant Maturity +2.24%) ±		3.48			1-1-2036		1,573,854		1,651,761
FHLMC (1 Year Treasury Constant Maturity +2.32%) ±		3.48			7-1-2031		184,592		194,447
FHLMC (12 Month LIBOR +1.74%) ±		3.49			12-1-2036		451,632		471,656
FHLMC (1 Year Treasury Constant Maturity +2.23%) ±		3.49			1-1-2034		922,544		965,640
FHLMC (1 Year Treasury Constant Maturity +2.39%) ±		3.49			6-1-2035		1,774,575		1,851,695
FHLMC (1 Year Treasury Constant Maturity +2.28%) ±		3.49			2-1-2036		830,872		875,077
FHLMC (1 Year Treasury Constant Maturity +2.43%) ±		3.50			8-1-2029		87,935		89,149
FHLMC (1 Year Treasury Constant Maturity +2.25%) ±		3.50			10-1-2034		1,566,339		1,647,693
FHLMC (12 Month LIBOR +1.75%) ±		3.50			4-1-2035		245,880		258,538
FHLMC (1 Year Treasury Constant Maturity +2.29%) ±		3.50			11-1-2027		492,166		514,982
FHLMC (1 Year Treasury Constant Maturity +2.36%) ±		3.50			1-1-2028		2,539		2,668
FHLMC (1 Year Treasury Constant Maturity +2.43%) ±		3.50			6-1-2025		60,623		61,291
FHLMC (1 Year Treasury Constant Maturity +2.44%) ±		3.51			11-1-2029		672,715		701,581
FHLMC (12 Month LIBOR +1.76%) ±		3.51			5-1-2037		1,325,359		1,390,109
FHLMC (1 Year Treasury Constant Maturity +2.29%) ±		3.52			11-1-2029		161,926		166,345
FHLMC (1 Year Treasury Constant Maturity +2.37%) ±		3.52			1-1-2037		1,830,724		1,932,046
FHLMC (1 Year Treasury Constant Maturity +2.27%) ±		3.52			5-1-2025		70,862		71,619
FHLMC (1 Year Treasury Constant Maturity +2.25%) ±		3.52			5-1-2034		94,913		99,891
FHLMC (1 Year Treasury Constant Maturity +2.52%) ±		3.52			11-1-2029		108,910		112,271
FHLMC (12 Month LIBOR +1.78%) ±		3.53			11-1-2035		453,292		475,507

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

10 Wells Fargo Adjustable Rate Government Fund Portfolio of investments—February 28, 2018 (unaudited)

Security name	Interest rate			Maturity date		Principal		Value
Agency Securities (continued)
FHLMC (11th District Cost of Funds +2.18%) ±		3.53	%		12-1-2025	$	42,270	$	42,597
FHLMC (1 Year Treasury Constant Maturity +2.48%) ±		3.53			6-1-2030		277,670		289,548
FHLMC (1 Year Treasury Constant Maturity +2.36%) ±		3.53			6-1-2035		539,702		570,155
FHLMC (1 Year Treasury Constant Maturity +2.24%) ±		3.54			7-1-2037		567,475		596,730
FHLMC (1 Year Treasury Constant Maturity +2.48%) ±		3.54			10-1-2024		86,688		90,094
FHLMC (12 Month LIBOR +1.77%) ±		3.54			6-1-2035		1,176,684		1,237,082
FHLMC (12 Month LIBOR +1.78%) ±		3.55			10-1-2035		1,092,286		1,147,629
FHLMC (12 Month LIBOR +1.76%) ±		3.55			10-1-2036		604,489		634,660
FHLMC (1 Year Treasury Constant Maturity +2.48%) ±		3.55			6-1-2035		1,678,829		1,779,222
FHLMC (1 Year Treasury Constant Maturity +2.26%) ±		3.55			9-1-2038		704,229		729,861
FHLMC (12 Month LIBOR +1.91%) ±		3.55			3-1-2032		829,763		875,462
FHLMC (US Treasury H15 Treasury Bill 6 Month Auction High Discount +1.94%) ±		3.56			7-1-2024		33,551		33,410
FHLMC (1 Year Treasury Constant Maturity +2.33%) ±		3.57			10-1-2033		1,940,498		2,033,247
FHLMC (1 Year Treasury Constant Maturity +2.25%) ±		3.57			1-1-2037		180,906		189,395
FHLMC (1 Year Treasury Constant Maturity +2.27%) ±		3.57			2-1-2034		743,076		785,344
FHLMC (3 Year Treasury Constant Maturity +2.44%) ±		3.58			5-1-2031		118,038		123,350
FHLMC (12 Month LIBOR +1.75%) ±		3.58			6-1-2033		759,955		798,474
FHLMC (1 Year Treasury Constant Maturity +2.27%) ±		3.59			2-1-2034		1,598,371		1,675,789
FHLMC (1 Year Treasury Constant Maturity +2.28%) ±		3.59			1-1-2035		352,097		369,827
FHLMC (12 Month LIBOR +1.84%) ±		3.60			4-1-2035		1,387,116		1,464,965
FHLMC (1 Year Treasury Constant Maturity +2.36%) ±		3.60			1-1-2028		18,510		19,282
FHLMC (1 Year Treasury Constant Maturity +2.22%) ±		3.60			1-1-2033		596,231		623,950
FHLMC (12 Month LIBOR +1.75%) ±		3.60			5-1-2033		194,452		205,428
FHLMC (12 Month LIBOR +1.82%) ±		3.60			5-1-2039		911,617		956,615
FHLMC (6 Month LIBOR +2.12%) ±		3.62			5-1-2037		148,216		155,737
FHLMC (6 Month LIBOR +2.08%) ±		3.62			6-1-2026		884,115		908,734
FHLMC (12 Month LIBOR +1.87%) ±		3.62			4-1-2037		542,151		571,928
FHLMC (US Treasury H15 Treasury Bill 6 Month Auction High Discount +2.50%) ±		3.63			11-1-2018		492		490
FHLMC (1 Year Treasury Constant Maturity +2.24%) ±		3.63			11-1-2022		90,831		93,170
FHLMC (1 Year Treasury Constant Maturity +2.43%) ±		3.63			10-1-2030		1,614,831		1,688,194
FHLMC (2 Year Treasury Constant Maturity +2.44%) ±		3.64			8-1-2029		105,458		108,278
FHLMC (1 Year Treasury Constant Maturity +2.30%) ±		3.66			11-1-2035		1,127,120		1,186,559
FHLMC (1 Year Treasury Constant Maturity +2.38%) ±		3.67			4-1-2034		518,637		539,692
FHLMC (12 Month LIBOR +1.87%) ±		3.68			9-1-2036		735,027		773,405
FHLMC (12 Month LIBOR +1.91%) ±		3.68			4-1-2037		702,659		737,116
FHLMC (12 Month LIBOR +1.87%) ±		3.68			5-1-2035		181,567		191,467
FHLMC (12 Month LIBOR +1.93%) ±		3.69			4-1-2035		975,042		1,030,453
FHLMC (1 Year Treasury Constant Maturity +2.58%) ±		3.70			8-1-2030		2,928,146		3,054,145
FHLMC (5 Year Treasury Constant Maturity +2.13%) ±		3.70			8-1-2029		9,390		9,301
FHLMC (1 Year Treasury Constant Maturity +2.25%) ±		3.70			2-1-2036		1,244,604		1,308,696
FHLMC (1 Year Treasury Constant Maturity +2.23%) ±		3.71			2-1-2034		971,245		1,013,185
FHLMC (12 Month LIBOR +1.98%) ±		3.73			11-1-2032		117,115		119,137
FHLMC (1 Year Treasury Constant Maturity +2.23%) ±		3.73			2-1-2034		495,287		520,035
FHLMC (12 Month LIBOR +1.99%) ±		3.75			7-1-2036		721,321		756,801
FHLMC (1 Year Treasury Constant Maturity +2.45%) ±		3.76			12-1-2032		557,702		583,837
FHLMC (1 Year Treasury Constant Maturity +2.36%) ±		3.77			2-1-2035		1,120,737		1,183,144
FHLMC (6 Month LIBOR +2.38%) ±		3.79			2-1-2024		18,160		18,233
FHLMC (1 Year Treasury Constant Maturity +2.55%) ±		3.80			9-1-2029		132,295		134,633
FHLMC (11th District Cost of Funds +2.57%) ±		3.80			12-1-2025		378,364		395,307
FHLMC (1 Year Treasury Constant Maturity +2.67%) ±		3.81			5-1-2028		228,652		236,782

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

Portfolio of investments—February 28, 2018 (unaudited) Wells Fargo Adjustable Rate Government Fund 11

Security name	Interest rate			Maturity date		Principal		Value
Agency Securities (continued)
FHLMC (1 Year Treasury Constant Maturity +2.44%) ±		3.82	%		2-1-2029	$	4,407	$	4,396
FHLMC (1 Year Treasury Constant Maturity +2.48%) ±		3.82			6-1-2030		33,001		33,529
FHLMC (1 Year Treasury Constant Maturity +2.61%) ±		3.82			9-1-2030		105,203		107,013
FHLMC (Federal Cost of Funds +2.72%) ±		3.89			4-1-2023		12,720		12,865
FHLMC (3 Year Treasury Constant Maturity +2.44%) ±		3.89			5-1-2032		221,670		219,477
FHLMC (3 Year Treasury Constant Maturity +2.65%) ±		3.91			6-1-2035		1,000,651		1,039,943
FHLMC		4.00			12-15-2023		11,091		11,110
FHLMC (5 Year Treasury Constant Maturity +2.44%) ±		4.02			8-1-2027		63,136		63,288
FHLMC (FHLMC National Average Mortgage Contract +3.27%) ±		4.27			2-1-2021		13,208		13,340
FHLMC (6 Month LIBOR +3.30%) ±		4.86			11-1-2026		99,040		102,219
FHLMC		5.00			10-1-2022		8,996		9,283
FHLMC (1 Year Treasury Constant Maturity +2.32%) ±		5.50			8-1-2024		254,726		257,418
FHLMC		6.50			4-1-2018		1,765		1,764
FHLMC Series 0020 Class F ±±		2.05			7-1-2029		13,583		13,862
FHLMC Series 1671 Class QA (11th District Cost of Funds +0.95%) ±		1.70			2-15-2024		590,190		601,866
FHLMC Series 1686 Class FE (11th District Cost of Funds +1.10%) ±		1.85			2-15-2024		20,778		21,210
FHLMC Series 1730 Class FA (10 Year Treasury Constant Maturity -0.60%) ±		1.99			5-15-2024		138,282		138,109
FHLMC Series 2315 Class FW (1 Month LIBOR +0.55%) ±		2.14			4-15-2027		91,558		92,735
FHLMC Series 2391 Class EF (1 Month LIBOR +0.50%) ±		2.09			6-15-2031		78,807		79,257
FHLMC Series 2454 Class SL (1 Month LIBOR +8.00%) ±(c)		6.41			3-15-2032		154,287		28,549
FHLMC Series 2461 Class FI (1 Month LIBOR +0.50%) ±		2.09			4-15-2028		115,020		115,494
FHLMC Series 2464 Class FE (1 Month LIBOR +1.00%) ±		2.59			3-15-2032		100,560		103,594
FHLMC Series 2466 Class FV (1 Month LIBOR +0.55%) ±		2.14			3-15-2032		197,231		200,301
FHLMC Series 2538 Class F (1 Month LIBOR +0.60%) ±		2.19			12-15-2032		442,296		448,932
FHLMC Series 3335 Class FT (1 Month LIBOR +0.15%) ±		1.74			8-15-2019		5,941		5,940
FHLMC Series 3436 Class A ±±		3.29			11-15-2036		958,032		1,010,633
FHLMC Series T-15 Class A6 (1 Month LIBOR +0.40%) ±		1.96			11-25-2028		572,379		569,393
FHLMC Series T-16 Class A (1 Month LIBOR +0.35%) ±		1.97			6-25-2029		1,379,207		1,380,912
FHLMC Series T-20 Class A7 (1 Month LIBOR +0.30%) ±		1.92			12-25-2029		2,644,435		2,593,889
FHLMC Series T-21 Class A (1 Month LIBOR +0.36%) ±		1.98			10-25-2029		1,332,940		1,322,949
FHLMC Series T-23 Class A (1 Month LIBOR +0.28%) ±		1.90			5-25-2030		1,636,618		1,632,431
FHLMC Series T-27 Class A (1 Month LIBOR +0.30%) ±		1.92			10-25-2030		1,097,851		1,099,946
FHLMC Series T-30 Class A7 (1 Month LIBOR +0.36%) ±		1.98			12-25-2030		1,150,433		1,113,233
FHLMC Series T-35 Class A (1 Month LIBOR +0.28%) ±		1.90			9-25-2031		3,085,718		3,051,741
FHLMC Series T-48 Class 2A ±±		3.78			7-25-2033		2,305,704		2,334,081
FHLMC Series T-54 Class 4A ±±		3.61			2-25-2043		1,539,014		1,543,965
FHLMC Series T-55 Class 1A1		6.50			3-25-2043		66,306		73,444
FHLMC Series T-56 Class 3AF (1 Month LIBOR +1.00%) ±		2.62			5-25-2043		1,010,803		1,034,276
FHLMC Series T-62 Class 1A1 (12 Month Treasury Average +1.20%) ±		2.26			10-25-2044		3,883,186		3,936,829
FHLMC Series T-63 Class 1A1 (12 Month Treasury Average +1.20%) ±		2.26			2-25-2045		3,481,690		3,506,889
FHLMC Series T-66 Class 2A1 ±±		3.58			1-25-2036		2,277,484		2,305,902
FHLMC Series T-67 Class 1A1C ±±		3.41			3-25-2036		5,215,824		5,363,091
FHLMC Series T-67 Class 2A1C ±±		3.30			3-25-2036		4,238,192		4,323,970
FHLMC Series T-75 Class A1 (1 Month LIBOR +0.04%) ±		1.60			12-25-2036		1,469,797		1,465,122
FNMA (1 Month LIBOR +0.35%) ±		1.91			8-25-2018		604,655		605,157
FNMA (11th District Cost of Funds +1.25%) ±		1.94			4-1-2021		28,440		28,276
FNMA (11th District Cost of Funds +1.25%) ±		1.95			11-1-2024		3,329		3,322
FNMA (11th District Cost of Funds +1.25%) ±		1.98			3-1-2033		139,178		141,193
FNMA (11th District Cost of Funds +1.25%) ±		1.99			11-1-2023		27,474		27,254
FNMA (11th District Cost of Funds +1.25%) ±		1.99			4-1-2019		357		356

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

12 Wells Fargo Adjustable Rate Government Fund Portfolio of investments—February 28, 2018 (unaudited)

Security name	Interest rate			Maturity date		Principal		Value
Agency Securities (continued)
FNMA (11th District Cost of Funds +1.26%) ±		1.99	%		1-1-2035	$	1,003,493	$	1,011,098
FNMA (11th District Cost of Funds +1.25%) ±		2.00			4-1-2042		2,133,591		2,158,640
FNMA (11th District Cost of Funds +1.25%) ±		2.00			10-1-2044		1,120,670		1,134,627
FNMA (11th District Cost of Funds +1.25%) ±		2.00			3-1-2021		105		104
FNMA (11th District Cost of Funds +1.42%) ±		2.07			4-1-2018		18		18
FNMA (11th District Cost of Funds +1.25%) ±		2.10			11-1-2020		157,572		156,650
FNMA (11th District Cost of Funds +1.50%) ±		2.13			6-1-2019		86		86
FNMA (11th District Cost of Funds +1.25%) ±		2.14			1-1-2038		148,940		148,560
FNMA (11th District Cost of Funds +1.45%) ±		2.20			4-1-2024		1,866,287		1,871,630
FNMA (11th District Cost of Funds +1.50%) ±		2.25			1-1-2019		6,563		6,547
FNMA (11th District Cost of Funds +1.50%) ±		2.25			5-1-2019		31		31
FNMA (11th District Cost of Funds +1.25%) ±		2.27			9-1-2037		2,317,259		2,341,323
FNMA (1 Year Treasury Constant Maturity +1.25%) ±		2.28			1-1-2021		1,551		1,572
FNMA (1 Year Treasury Constant Maturity +1.25%) ±		2.28			1-1-2021		1,087		1,102
FNMA (11th District Cost of Funds +1.78%) ±		2.33			1-1-2036		337,408		339,585
FNMA (11th District Cost of Funds +1.63%) ±		2.34			5-1-2028		20,756		20,751
FNMA (11th District Cost of Funds +1.25%) ±		2.35			4-1-2018		2,836		2,831
FNMA (6 Month LIBOR +1.00%) ±		2.38			12-1-2020		8,882		8,858
FNMA (3 Year Treasury Constant Maturity +1.21%) ±		2.45			3-1-2030		18,196		18,134
FNMA (1 Year Treasury Constant Maturity +1.58%) ±		2.46			3-1-2034		383,852		402,853
FNMA (1 Year Treasury Constant Maturity +1.67%) ±		2.46			4-1-2033		187,312		196,531
FNMA (11th District Cost of Funds +1.78%) ±		2.46			5-1-2028		59,163		59,289
FNMA (11th District Cost of Funds +1.25%) ±		2.50			10-1-2018		3,095		3,089
FNMA (6 Month LIBOR +1.00%) ±		2.50			6-1-2021		22,691		23,284
FNMA (11th District Cost of Funds +1.78%) ±		2.52			3-1-2033		279,277		279,920
FNMA (11th District Cost of Funds +1.87%) ±		2.52			10-1-2024		1,200		1,201
FNMA (11th District Cost of Funds +1.78%) ±		2.53			11-1-2022		29,206		29,233
FNMA (11th District Cost of Funds +1.83%) ±		2.53			1-1-2036		66,284		66,637
FNMA (12 Month Treasury Average +1.40%) ±		2.53			12-1-2030		92,618		92,517
FNMA (1 Month LIBOR +1.17%) ±		2.55			5-1-2029		45,709		47,344
FNMA (6 Month LIBOR +1.08%) ±		2.58			9-1-2032		55,248		55,174
FNMA (1 Year Treasury Constant Maturity +1.50%) ±		2.59			8-1-2030		1,239,458		1,269,057
FNMA (11th District Cost of Funds +1.89%) ±		2.60			9-1-2030		335,539		339,995
FNMA (11th District Cost of Funds +1.86%) ±		2.61			9-1-2019		5,958		5,958
FNMA (11th District Cost of Funds +1.87%) ±		2.61			10-1-2027		493,319		504,287
FNMA (1 Year Treasury Constant Maturity +1.52%) ±		2.63			8-1-2033		1,244,888		1,284,167
FNMA (11th District Cost of Funds +2.00%) ±		2.65			7-1-2028		1,178		1,195
FNMA (6 Month LIBOR +1.18%) ±		2.68			8-1-2033		180,319		187,365
FNMA (11th District Cost of Funds +1.96%) ±		2.70			1-1-2021		91,123		91,229
FNMA (11th District Cost of Funds +1.97%) ±		2.72			9-1-2021		20,595		20,603
FNMA (11th District Cost of Funds +1.74%) ±		2.72			4-1-2030		2,509		2,502
FNMA (6 Month LIBOR +1.38%) ±		2.75			8-1-2031		132,454		134,875
FNMA (11th District Cost of Funds +1.25%) ±		2.76			5-1-2018		4,867		4,859
FNMA (11th District Cost of Funds +1.25%) ±		2.76			10-1-2018		6,702		6,694
FNMA (1 Year Treasury Constant Maturity +1.89%) ±		2.77			6-1-2032		62,371		62,988
FNMA (11th District Cost of Funds +2.02%) ±		2.77			11-1-2024		32,141		32,419
FNMA (6 Month LIBOR +1.15%) ±		2.77			8-1-2032		228,879		228,906
FNMA (11th District Cost of Funds +1.25%) ±		2.79			7-1-2020		597,160		598,410
FNMA (6 Month LIBOR +1.42%) ±		2.80			9-1-2031		152,937		156,991
FNMA (11th District Cost of Funds +2.12%) ±		2.81			4-1-2020		1,248,263		1,246,777

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

Portfolio of investments—February 28, 2018 (unaudited) Wells Fargo Adjustable Rate Government Fund 13

Security name	Interest rate			Maturity date		Principal		Value
Agency Securities (continued)
FNMA (1 Year Treasury Constant Maturity +1.76%) ±		2.85	%		8-1-2032	$	138,034	$	140,699
FNMA (11th District Cost of Funds +1.25%) ±		2.85			3-1-2019		71,250		71,248
FNMA (1 Year Treasury Constant Maturity +2.12%) ±		2.87			3-1-2031		34,498		34,740
FNMA (6 Month LIBOR +1.16%) ±		2.87			8-1-2033		3,499		3,561
FNMA (US Treasury H15 Treasury Bill 6 Month Auction High Discount +1.75%) ±		2.92			7-1-2020		1,807		1,818
FNMA (1 Year Treasury Constant Maturity +2.13%) ±		2.92			5-1-2033		526,827		555,487
FNMA (1 Year Treasury Constant Maturity +1.88%) ±		2.93			8-1-2031		60,534		63,177
FNMA (1 Year Treasury Constant Maturity +1.89%) ±		2.93			7-1-2038		924,534		963,218
FNMA (6 Month LIBOR +1.44%) ±		2.94			12-1-2031		111,594		113,327
FNMA (1 Year Treasury Constant Maturity +2.18%) ±		2.94			5-1-2035		226,779		239,945
FNMA (6 Month LIBOR +1.42%) ±		2.96			12-1-2031		227,818		236,542
FNMA (1 Year Treasury Constant Maturity +2.22%) ±		2.97			4-1-2030		14,730		14,837
FNMA (1 Year Treasury Constant Maturity +2.13%) ±		2.97			5-1-2033		983,196		1,034,074
FNMA (1 Year Treasury Constant Maturity +2.21%) ±		2.97			5-1-2037		958,491		1,010,143
FNMA (6 Month LIBOR +1.37%) ±		2.99			1-1-2032		229,271		237,504
FNMA (1 Year Treasury Constant Maturity +2.25%) ±		3.00			6-1-2025		6,537		6,586
FNMA (6 Month LIBOR +1.38%) ±		3.00			12-1-2031		19,477		19,451
FNMA (1 Year Treasury Constant Maturity +2.12%) ±		3.00			5-1-2034		573,962		605,309
FNMA (12 Month Treasury Average +1.91%) ±		3.01			6-1-2035		684,013		713,964
FNMA (3 Year Treasury Constant Maturity +2.14%) ±		3.02			10-1-2025		6,686		6,630
FNMA (1 Year Treasury Constant Maturity +2.07%) ±		3.02			4-1-2030		84,828		86,274
FNMA (1 Year Treasury Constant Maturity +2.28%) ±		3.03			7-1-2024		10,110		10,146
FNMA (1 Year Treasury Constant Maturity +2.15%) ±		3.03			4-1-2033		1,034,742		1,091,811
FNMA (6 Month LIBOR +1.50%) ±		3.03			10-1-2037		1,120,365		1,159,336
FNMA (1 Year Treasury Constant Maturity +2.26%) ±		3.03			5-1-2035		429,472		456,000
FNMA (1 Year Treasury Constant Maturity +2.22%) ±		3.03			4-1-2033		815,671		854,892
FNMA (1 Year Treasury Constant Maturity +2.01%) ±		3.04			11-1-2027		25,395		25,645
FNMA (12 Month Treasury Average +1.90%) ±		3.04			11-1-2035		991,193		1,034,820
FNMA (6 Month LIBOR +1.55%) ±		3.05			12-1-2022		6,914		6,945
FNMA (12 Month Treasury Average +1.90%) ±		3.05			11-1-2035		42,038		43,865
FNMA (11th District Cost of Funds +1.21%) ±		3.06			10-1-2034		133,517		135,196
FNMA (6 Month LIBOR +1.55%) ±		3.06			3-1-2034		319,626		330,840
FNMA (12 Month Treasury Average +1.97%) ±		3.07			7-1-2035		835,795		874,019
FNMA (12 Month Treasury Average +1.91%) ±		3.07			1-1-2036		2,409,848		2,516,220
FNMA (1 Year Treasury Constant Maturity +2.31%) ±		3.07			5-1-2035		1,161,204		1,232,025
FNMA (1 Year Treasury Constant Maturity +2.10%) ±		3.07			7-1-2035		400,147		414,883
FNMA (1 Year Treasury Constant Maturity +2.08%) ±		3.07			9-1-2035		1,745,449		1,838,813
FNMA (3 Year Treasury Constant Maturity +1.83%) ±		3.08			4-1-2020		110		110
FNMA (12 Month Treasury Average +1.98%) ±		3.08			7-1-2035		1,162,984		1,216,695
FNMA (12 Month Treasury Average +1.93%) ±		3.08			11-1-2035		169,635		177,667
FNMA (1 Year Treasury Constant Maturity +2.09%) ±		3.09			8-1-2025		21,163		21,588
FNMA (1 Year Treasury Constant Maturity +2.03%) ±		3.10			12-1-2032		649,106		670,380
FNMA (1 Year Treasury Constant Maturity +2.11%) ±		3.11			9-1-2036		582,120		607,058
FNMA (1 Year Treasury Constant Maturity +1.74%) ±		3.12			1-1-2035		89,630		93,662
FNMA (1 Year Treasury Constant Maturity +2.24%) ±		3.12			7-1-2028		173		180
FNMA (1 Year Treasury Constant Maturity +2.21%) ±		3.12			6-1-2035		892,633		945,066
FNMA (6 Month LIBOR +1.63%) ±		3.13			1-1-2022		6,802		6,805
FNMA (12 Month Treasury Average +1.97%) ±		3.13			12-1-2035		3,156,547		3,301,791
FNMA (1 Year Treasury Constant Maturity +2.04%) ±		3.13			6-1-2034		783,045		823,101
FNMA (12 Month Treasury Average +1.98%) ±		3.13			10-1-2035		584,963		610,395

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

14 Wells Fargo Adjustable Rate Government Fund Portfolio of investments—February 28, 2018 (unaudited)

Security name	Interest rate			Maturity date		Principal		Value
Agency Securities (continued)
FNMA (1 Year Treasury Constant Maturity +2.15%) ±		3.13	%		1-1-2037	$	1,107,054	$	1,167,747
FNMA (1 Year Treasury Constant Maturity +2.22%) ±		3.13			5-1-2033		222,252		234,377
FNMA (12 Month Treasury Average +1.99%) ±		3.14			11-1-2035		1,161,909		1,216,054
FNMA (6 Month LIBOR +1.54%) ±		3.14			1-1-2035		1,551,726		1,605,983
FNMA (1 Year Treasury Constant Maturity +2.21%) ±		3.14			6-1-2033		275,497		286,107
FNMA (Federal Cost of Funds +2.00%) ±		3.15			8-1-2029		57,552		61,841
FNMA (3 Year Treasury Constant Maturity +2.15%) ±		3.15			8-1-2031		36,980		37,303
FNMA (1 Year Treasury Constant Maturity +2.11%) ±		3.15			7-1-2035		733,497		767,920
FNMA (1 Year Treasury Constant Maturity +2.18%) ±		3.15			6-1-2035		416,987		440,638
FNMA (11th District Cost of Funds +1.25%) ±		3.15			4-1-2034		1,494,246		1,545,355
FNMA (1 Year Treasury Constant Maturity +2.40%) ±		3.15			6-1-2024		38,863		38,840
FNMA (1 Year Treasury Constant Maturity +2.19%) ±		3.16			3-1-2035		824,881		864,186
FNMA (1 Year Treasury Constant Maturity +1.82%) ±		3.16			4-1-2038		576,196		603,691
FNMA (1 Year Treasury Constant Maturity +2.12%) ±		3.16			8-1-2026		50,689		51,619
FNMA (12 Month Treasury Average +1.99%) ±		3.16			8-1-2035		95,053		95,988
FNMA (1 Year Treasury Constant Maturity +1.70%) ±		3.16			2-1-2033		344,452		357,292
FNMA (1 Year Treasury Constant Maturity +2.19%) ±		3.17			7-1-2035		1,050,279		1,106,597
FNMA (1 Year Treasury Constant Maturity +2.32%) ±		3.17			4-1-2028		259,072		268,018
FNMA (1 Year Treasury Constant Maturity +2.22%) ±		3.18			6-1-2027		86,699		88,282
FNMA (1 Year Treasury Constant Maturity +2.07%) ±		3.18			12-1-2033		788,419		814,939
FNMA (1 Year Treasury Constant Maturity +2.20%) ±		3.19			6-1-2033		633,207		663,317
FNMA (1 Year Treasury Constant Maturity +2.17%) ±		3.19			10-1-2035		1,744,138		1,841,671
FNMA (1 Year Treasury Constant Maturity +2.22%) ±		3.20			6-1-2035		857,334		903,805
FNMA (US Treasury H15 Treasury Bill 6 Month Auction High Discount +2.13%) ±		3.20			4-1-2018		1,324		1,326
FNMA (US Treasury H15 Treasury Bill 6 Month Auction High Discount +2.00%) ±		3.21			10-1-2018		3,587		3,599
FNMA (12 Month Treasury Average +2.08%) ±		3.21			1-1-2035		493,645		517,758
FNMA (3 Year Treasury Constant Maturity +2.47%) ±		3.22			6-1-2024		18,929		18,872
FNMA (6 Month LIBOR +1.55%) ±		3.22			2-1-2033		204,078		211,139
FNMA (1 Year Treasury Constant Maturity +2.22%) ±		3.22			7-1-2035		233,544		246,257
FNMA (1 Year Treasury Constant Maturity +2.14%) ±		3.23			10-1-2033		341,599		359,107
FNMA (1 Year Treasury Constant Maturity +2.21%) ±		3.23			9-1-2035		603,203		635,891
FNMA (1 Year Treasury Constant Maturity +2.35%) ±		3.23			6-1-2027		74,078		75,154
FNMA (1 Year Treasury Constant Maturity +2.19%) ±		3.24			2-1-2036		724,841		763,996
FNMA (1 Year Treasury Constant Maturity +2.23%) ±		3.24			1-1-2032		61,044		61,676
FNMA (6 Month LIBOR +1.74%) ±		3.24			10-1-2024		41,107		41,255
FNMA (6 Month LIBOR +1.74%) ±		3.24			12-1-2024		59,887		60,129
FNMA (1 Year Treasury Constant Maturity +2.24%) ±		3.24			12-1-2040		1,776,737		1,881,943
FNMA (1 Year Treasury Constant Maturity +2.18%) ±		3.24			4-1-2038		1,109,925		1,167,546
FNMA (1 Year Treasury Constant Maturity +2.20%) ±		3.25			6-1-2036		1,435,021		1,512,052
FNMA (Federal Cost of Funds +1.75%) ±		3.25			8-1-2018		7,010		7,023
FNMA (1 Year Treasury Constant Maturity +2.00%) ±		3.25			2-1-2020		282		281
FNMA (Federal Cost of Funds +2.00%) ±		3.25			11-1-2028		1,891		1,902
FNMA (Federal Cost of Funds +1.75%) ±		3.25			12-1-2028		4,763		4,780
FNMA (Federal Cost of Funds +1.75%) ±		3.25			1-1-2029		1,423		1,433
FNMA (1 Year Treasury Constant Maturity +2.18%) ±		3.25			9-1-2036		647,337		683,163
FNMA (1 Year Treasury Constant Maturity +2.11%) ±		3.26			5-1-2035		773,557		812,660
FNMA (1 Year Treasury Constant Maturity +2.21%) ±		3.26			7-1-2033		66,039		69,852
FNMA (6 Month LIBOR +1.68%) ±		3.27			11-1-2034		434,889		453,123
FNMA (US Treasury H15 Treasury Bill 6 Month Auction High Discount +2.13%) ±		3.27			7-1-2018		5,160		5,166
FNMA (1 Year Treasury Constant Maturity +2.27%) ±		3.27			6-1-2036		167,663		176,522

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

Portfolio of investments—February 28, 2018 (unaudited) Wells Fargo Adjustable Rate Government Fund 15

Security name	Interest rate			Maturity date		Principal		Value
Agency Securities (continued)
FNMA (1 Year Treasury Constant Maturity +2.23%) ±		3.27	%		1-1-2035	$	620,676	$	656,657
FNMA (1 Year Treasury Constant Maturity +2.22%) ±		3.28			8-1-2026		329,903		346,605
FNMA (12 Month LIBOR +1.53%) ±		3.28			9-1-2035		1,396,129		1,454,641
FNMA (1 Year Treasury Constant Maturity +2.18%) ±		3.28			1-1-2036		973,953		1,028,301
FNMA (1 Year Treasury Constant Maturity +2.21%) ±		3.28			7-1-2040		2,202,591		2,324,018
FNMA (1 Year Treasury Constant Maturity +2.31%) ±		3.28			4-1-2038		683,191		713,366
FNMA (1 Year Treasury Constant Maturity +2.15%) ±		3.28			4-1-2040		164,189		172,837
FNMA (1 Year Treasury Constant Maturity +2.11%) ±		3.29			5-1-2034		692,919		727,906
FNMA (1 Year Treasury Constant Maturity +2.23%) ±		3.29			3-1-2038		1,763,027		1,858,046
FNMA (1 Year Treasury Constant Maturity +2.30%) ±		3.29			9-1-2037		747,970		794,572
FNMA (1 Year Treasury Constant Maturity +2.25%) ±		3.29			4-1-2033		658,059		695,762
FNMA (1 Year Treasury Constant Maturity +2.29%) ±		3.29			6-1-2037		779,798		821,731
FNMA (1 Year Treasury Constant Maturity +2.23%) ±		3.29			7-1-2037		574,562		605,621
FNMA (12 Month Treasury Average +2.15%) ±		3.29			8-1-2036		2,040,187		2,147,967
FNMA (1 Year Treasury Constant Maturity +2.21%) ±		3.29			1-1-2027		355,162		358,001
FNMA (Federal Cost of Funds +2.00%) ±		3.30			2-1-2029		14,515		14,595
FNMA (1 Year Treasury Constant Maturity +2.13%) ±		3.31			10-1-2025		94,882		96,995
FNMA (12 Month Treasury Average +2.49%) ±		3.31			6-1-2040		854,879		890,605
FNMA (1 Year Treasury Constant Maturity +2.19%) ±		3.31			5-1-2036		1,025,677		1,080,460
FNMA (1 Year Treasury Constant Maturity +2.27%) ±		3.31			5-1-2034		360,429		378,517
FNMA (1 Year Treasury Constant Maturity +2.28%) ±		3.31			4-1-2024		12,934		13,269
FNMA (1 Year Treasury Constant Maturity +2.19%) ±		3.32			8-1-2033		1,471,085		1,553,247
FNMA (1 Year Treasury Constant Maturity +2.20%) ±		3.32			5-1-2033		331,155		346,852
FNMA (1 Year Treasury Constant Maturity +2.20%) ±		3.32			10-1-2036		917,007		967,895
FNMA (1 Year Treasury Constant Maturity +2.31%) ±		3.32			2-1-2035		846,716		890,805
FNMA (1 Year Treasury Constant Maturity +2.22%) ±		3.32			7-1-2035		891,310		942,138
FNMA (1 Year Treasury Constant Maturity +2.21%) ±		3.32			8-1-2035		1,567,084		1,653,263
FNMA (1 Year Treasury Constant Maturity +2.19%) ±		3.32			12-1-2040		362,041		381,407
FNMA (1 Year Treasury Constant Maturity +2.19%) ±		3.32			6-1-2036		1,551,051		1,636,331
FNMA (1 Year Treasury Constant Maturity +2.21%) ±		3.32			5-1-2033		1,637,509		1,703,171
FNMA (1 Year Treasury Constant Maturity +2.19%) ±		3.32			12-1-2034		958,086		1,010,823
FNMA (1 Year Treasury Constant Maturity +2.18%) ±		3.33			1-1-2033		2,250,957		2,322,120
FNMA (1 Year Treasury Constant Maturity +2.22%) ±		3.33			12-1-2040		1,021,361		1,078,739
FNMA (Federal Cost of Funds +2.00%) ±		3.33			1-1-2029		1,130		1,147
FNMA (1 Year Treasury Constant Maturity +2.30%) ±		3.33			9-1-2030		117,165		119,492
FNMA (1 Year Treasury Constant Maturity +2.21%) ±		3.34			7-1-2035		725,647		765,080
FNMA (1 Year Treasury Constant Maturity +2.19%) ±		3.34			12-1-2035		374,206		393,783
FNMA (1 Year Treasury Constant Maturity +2.23%) ±		3.34			11-1-2037		777,254		820,511
FNMA (1 Year Treasury Constant Maturity +2.35%) ±		3.34			12-1-2030		712,136		745,922
FNMA (1 Year Treasury Constant Maturity +2.21%) ±		3.34			6-1-2034		1,952,945		2,059,822
FNMA (1 Year Treasury Constant Maturity +2.08%) ±		3.34			11-1-2035		774,974		810,106
FNMA (1 Year Treasury Constant Maturity +2.21%) ±		3.35			12-1-2036		546,069		576,111
FNMA (1 Year Treasury Constant Maturity +2.24%) ±		3.35			1-1-2037		1,345,589		1,420,954
FNMA (1 Year Treasury Constant Maturity +2.35%) ±		3.35			6-1-2030		53,317		54,476
FNMA (6 Month LIBOR +1.98%) ±		3.35			9-1-2033		55,911		56,135
FNMA (1 Year Treasury Constant Maturity +2.14%) ±		3.35			12-1-2034		995,966		1,047,756
FNMA (1 Year Treasury Constant Maturity +2.43%) ±		3.35			7-1-2037		1,765,415		1,869,669
FNMA (1 Year Treasury Constant Maturity +2.18%) ±		3.36			9-1-2035		1,399,763		1,474,843
FNMA (6 Month LIBOR +1.84%) ±		3.36			4-1-2033		381,845		400,409
FNMA (1 Year Treasury Constant Maturity +2.21%) ±		3.36			9-1-2033		623,609		650,062

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

16 Wells Fargo Adjustable Rate Government Fund Portfolio of investments—February 28, 2018 (unaudited)

Security name	Interest rate			Maturity date		Principal		Value
Agency Securities (continued)
FNMA (1 Year Treasury Constant Maturity +2.32%) ±		3.36	%		10-1-2034	$	778,192	$	825,464
FNMA (1 Year Treasury Constant Maturity +2.14%) ±		3.36			7-1-2029		499,967		525,020
FNMA (1 Year Treasury Constant Maturity +2.29%) ±		3.36			10-1-2036		754,768		797,385
FNMA (1 Year Treasury Constant Maturity +2.25%) ±		3.37			5-1-2036		1,778,509		1,857,101
FNMA (1 Year Treasury Constant Maturity +2.40%) ±		3.37			7-1-2037		640,285		673,298
FNMA (US Treasury H15 Treasury Bill 6 Month Auction High Discount +2.25%) ±		3.37			7-1-2020		20,281		20,297
FNMA (1 Year Treasury Constant Maturity +2.17%) ±		3.37			11-1-2038		664,540		697,367
FNMA (1 Year Treasury Constant Maturity +2.21%) ±		3.37			11-1-2035		1,390,620		1,466,467
FNMA (1 Year Treasury Constant Maturity +2.12%) ±		3.38			10-1-2035		168,992		176,798
FNMA (1 Year Treasury Constant Maturity +2.17%) ±		3.38			9-1-2035		203,679		213,565
FNMA (1 Year Treasury Constant Maturity +2.28%) ±		3.38			4-1-2024		42,045		42,279
FNMA (1 Year Treasury Constant Maturity +2.23%) ±		3.38			10-1-2035		1,012,228		1,067,709
FNMA (12 Month Treasury Average +2.24%) ±		3.38			9-1-2036		513,993		542,745
FNMA (1 Year Treasury Constant Maturity +2.21%) ±		3.39			2-1-2034		1,691,019		1,766,958
FNMA (12 Month LIBOR +1.58%) ±		3.39			6-1-2035		1,861,747		1,950,591
FNMA (1 Year Treasury Constant Maturity +2.21%) ±		3.40			7-1-2038		1,355,918		1,420,028
FNMA (12 Month LIBOR +1.61%) ±		3.40			1-1-2040		274,475		286,041
FNMA (1 Year Treasury Constant Maturity +2.24%) ±		3.40			9-1-2022		122,516		123,225
FNMA (12 Month LIBOR +1.65%) ±		3.40			9-1-2037		587,773		615,265
FNMA (1 Year Treasury Constant Maturity +2.28%) ±		3.40			9-1-2026		35,462		36,248
FNMA (1 Year Treasury Constant Maturity +2.24%) ±		3.40			2-1-2033		146,850		150,278
FNMA (1 Year Treasury Constant Maturity +2.34%) ±		3.40			3-1-2033		1,151,671		1,217,779
FNMA (12 Month LIBOR +1.65%) ±		3.41			9-1-2036		715,525		746,116
FNMA (1 Year Treasury Constant Maturity +2.25%) ±		3.41			10-1-2029		73,242		74,627
FNMA (1 Year Treasury Constant Maturity +2.09%) ±		3.41			1-1-2036		181,722		190,504
FNMA (12 Month LIBOR +1.66%) ±		3.41			11-1-2038		789,939		826,438
FNMA (12 Month Treasury Average +2.24%) ±		3.41			8-1-2035		940,200		985,354
FNMA (1 Year Treasury Constant Maturity +2.20%) ±		3.41			12-1-2032		594,358		625,602
FNMA (12 Month LIBOR +1.67%) ±		3.42			9-1-2034		1,174,178		1,231,192
FNMA (1 Year Treasury Constant Maturity +2.17%) ±		3.42			12-1-2039		204,376		210,860
FNMA (1 Year Treasury Constant Maturity +2.24%) ±		3.42			5-1-2035		1,524,982		1,608,200
FNMA (1 Year Treasury Constant Maturity +2.26%) ±		3.42			12-1-2040		2,683,021		2,831,010
FNMA (12 Month LIBOR +1.67%) ±		3.42			7-1-2035		1,718,534		1,803,655
FNMA (6 Month LIBOR +1.93%) ±		3.43			6-1-2032		70,868		71,723
FNMA (1 Year Treasury Constant Maturity +2.51%) ±		3.43			12-1-2021		15,371		15,432
FNMA (12 Month LIBOR +1.67%) ±		3.45			9-1-2038		907,555		952,559
FNMA (1 Year Treasury Constant Maturity +2.36%) ±		3.45			7-1-2028		591,337		611,052
FNMA (1 Year Treasury Constant Maturity +2.26%) ±		3.45			1-1-2038		724,068		760,620
FNMA (12 Month LIBOR +1.64%) ±		3.46			12-1-2033		1,248,283		1,307,069
FNMA (12 Month Treasury Average +2.33%) ±		3.47			5-1-2036		382,292		404,232
FNMA (12 Month LIBOR +1.74%) ±		3.47			4-1-2033		448,954		467,448
FNMA (1 Year Treasury Constant Maturity +2.41%) ±		3.47			5-1-2027		61,694		63,789
FNMA (1 Year Treasury Constant Maturity +2.22%) ±		3.47			10-1-2034		438,886		463,312
FNMA (1 Year Treasury Constant Maturity +2.32%) ±		3.47			1-1-2037		926,231		974,193
FNMA (12 Month Treasury Average +2.61%) ±		3.47			7-1-2039		1,846,949		1,948,228
FNMA (1 Year Treasury Constant Maturity +2.22%) ±		3.47			6-1-2026		56,578		57,980
FNMA (1 Year Treasury Constant Maturity +2.47%) ±		3.48			9-1-2035		64,543		68,655
FNMA (1 Year Treasury Constant Maturity +2.23%) ±		3.48			7-1-2030		528,636		553,565
FNMA (1 Year Treasury Constant Maturity +2.34%) ±		3.49			4-1-2036		904,294		956,779
FNMA (12 Month Treasury Average +2.36%) ±		3.49			8-1-2040		612,332		632,140

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

Portfolio of investments—February 28, 2018 (unaudited) Wells Fargo Adjustable Rate Government Fund 17

Security name	Interest rate			Maturity date		Principal		Value
Agency Securities (continued)
FNMA (12 Month LIBOR +1.74%) ±		3.49	%		5-1-2032	$	173,095	$	176,837
FNMA (1 Year Treasury Constant Maturity +1.63%) ±		3.49			11-1-2029		7,815		7,821
FNMA (12 Month LIBOR +1.72%) ±		3.50			2-1-2038		704,203		740,245
FNMA (1 Year Treasury Constant Maturity +2.37%) ±		3.50			1-1-2029		249,810		257,571
FNMA (1 Year Treasury Constant Maturity +2.13%) ±		3.50			1-1-2027		16,300		16,351
FNMA (1 Year Treasury Constant Maturity +2.38%) ±		3.50			7-1-2027		99,983		102,113
FNMA (1 Year Treasury Constant Maturity +2.29%) ±		3.50			12-1-2030		69,620		70,994
FNMA (12 Month LIBOR +1.75%) ±		3.50			4-1-2034		473,083		496,779
FNMA (12 Month LIBOR +1.75%) ±		3.50			5-1-2035		1,006,648		1,059,419
FNMA (1 Year Treasury Constant Maturity +2.57%) ±		3.50			5-1-2035		1,227,240		1,303,496
FNMA (1 Year Treasury Constant Maturity +2.33%) ±		3.51			11-1-2024		71,732		74,210
FNMA (12 Month LIBOR +1.71%) ±		3.51			4-1-2034		695,509		731,743
FNMA (12 Month LIBOR +1.71%) ±		3.51			3-1-2037		469,069		492,988
FNMA (1 Year Treasury Constant Maturity +2.41%) ±		3.52			9-1-2030		298,928		316,756
FNMA (1 Year Treasury Constant Maturity +2.64%) ±		3.52			3-1-2030		10,053		10,276
FNMA (1 Year Treasury Constant Maturity +2.31%) ±		3.52			1-1-2026		241,834		250,473
FNMA (12 Month LIBOR +1.73%) ±		3.52			6-1-2041		686,544		716,066
FNMA (12 Month LIBOR +1.75%) ±		3.53			7-1-2035		638,094		672,462
FNMA (1 Year Treasury Constant Maturity +2.50%) ±		3.53			10-1-2029		364,127		378,343
FNMA (12 Month LIBOR +1.75%) ±		3.55			1-1-2035		729,876		765,326
FNMA (1 Year Treasury Constant Maturity +2.36%) ±		3.55			11-1-2034		482,700		511,772
FNMA (1 Year Treasury Constant Maturity +2.18%) ±		3.55			12-1-2024		25,726		25,827
FNMA (6 Month LIBOR +2.00%) ±		3.55			10-1-2024		118,407		122,399
FNMA (1 Year Treasury Constant Maturity +2.31%) ±		3.56			12-1-2034		781,474		824,771
FNMA (12 Month LIBOR +1.73%) ±		3.56			12-1-2033		1,075,530		1,131,879
FNMA (US Treasury H15 Treasury Bill 6 Month Auction High Discount +2.23%) ±		3.56			7-1-2025		2,308		2,412
FNMA (12 Month Treasury Average +2.81%) ±		3.56			9-1-2032		1,442,595		1,530,198
FNMA (1 Year Treasury Constant Maturity +2.32%) ±		3.57			5-1-2025		35,781		35,881
FNMA (12 Month LIBOR +1.76%) ±		3.57			6-1-2036		392,371		412,260
FNMA (12 Month LIBOR +1.83%) ±		3.58			1-1-2033		921,645		969,905
FNMA (12 Month LIBOR +1.82%) ±		3.58			4-1-2035		1,181,487		1,246,832
FNMA (12 Month LIBOR +1.72%) ±		3.58			6-1-2035		206,257		217,136
FNMA (12 Month LIBOR +1.80%) ±		3.58			7-1-2033		721,709		761,318
FNMA (5 Year Treasury Constant Maturity +1.90%) ±		3.59			9-1-2031		219,242		223,082
FNMA (1 Year Treasury Constant Maturity +2.33%) ±		3.59			9-1-2028		89,952		91,397
FNMA (1 Year Treasury Constant Maturity +2.22%) ±		3.60			8-1-2031		111,618		113,373
FNMA (1 Year Treasury Constant Maturity +2.20%) ±		3.60			2-1-2035		252,099		265,154
FNMA (1 Year Treasury Constant Maturity +2.29%) ±		3.60			1-1-2031		396,305		416,786
FNMA (12 Month Treasury Average +2.48%) ±		3.61			4-1-2036		3,396,970		3,617,278
FNMA (Federal Cost of Funds +2.38%) ±		3.62			2-1-2029		1,178,541		1,217,148
FNMA (1 Year Treasury Constant Maturity +2.25%) ±		3.62			6-1-2027		879		899
FNMA (1 Year Treasury Constant Maturity +2.37%) ±		3.62			7-1-2027		22,965		23,042
FNMA (12 Month LIBOR +1.80%) ±		3.64			5-1-2033		614,186		648,150
FNMA (12 Month LIBOR +1.82%) ±		3.64			12-1-2046		640,301		676,786
FNMA (1 Year Treasury Constant Maturity +2.38%) ±		3.64			8-1-2035		687,346		722,866
FNMA (12 Month Treasury Average +2.81%) ±		3.64			4-1-2040		1,912,098		2,027,025
FNMA (1 Year Treasury Constant Maturity +2.37%) ±		3.65			9-1-2030		687,902		728,350
FNMA (12 Month LIBOR +1.90%) ±		3.65			10-1-2034		519,189		553,839
FNMA (6 Month LIBOR +2.09%) ±		3.66			2-1-2033		366,330		384,490
FNMA (1 Year Treasury Constant Maturity +2.42%) ±		3.66			9-1-2033		551,811		584,601

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

18 Wells Fargo Adjustable Rate Government Fund Portfolio of investments—February 28, 2018 (unaudited)

Security name	Interest rate			Maturity date		Principal		Value
Agency Securities (continued)
FNMA (12 Month LIBOR +1.91%) ±		3.66	%		8-1-2034	$	1,777,925	$	1,883,510
FNMA (12 Month LIBOR +1.83%) ±		3.67			6-1-2041		758,299		791,787
FNMA (1 Year Treasury Constant Maturity +2.18%) ±		3.68			1-1-2035		89,280		93,274
FNMA (1 Year Treasury Constant Maturity +2.50%) ±		3.68			9-1-2030		550,463		576,442
FNMA (1 Year Treasury Constant Maturity +2.32%) ±		3.70			1-1-2028		3,318		3,314
FNMA (1 Year Treasury Constant Maturity +2.32%) ±		3.70			6-1-2032		27,283		27,369
FNMA (6 Month LIBOR +2.43%) ±		3.71			1-1-2033		94,222		96,054
FNMA (12 Month LIBOR +1.96%) ±		3.71			9-1-2035		497,728		527,758
FNMA (11th District Cost of Funds +2.04%) ±		3.74			7-1-2021		28,677		28,741
FNMA (1 Year Treasury Constant Maturity +2.87%) ±		3.75			8-1-2030		82,577		84,145
FNMA (12 Month LIBOR +1.89%) ±		3.75			5-1-2037		1,804,481		1,903,347
FNMA (US Treasury H15 Treasury Bill 6 Month Auction High Discount +2.38%) ±		3.75			2-1-2019		145		145
FNMA (1 Year Treasury Constant Maturity +2.50%) ±		3.75			3-1-2027		86,605		89,339
FNMA (1 Year Treasury Constant Maturity +2.52%) ±		3.77			11-1-2024		63,476		64,014
FNMA (3 Year Treasury Constant Maturity +2.15%) ±		3.77			10-1-2024		34,355		34,524
FNMA (1 Year Treasury Constant Maturity +2.28%) ±		3.78			2-1-2037		1,351,290		1,431,278
FNMA (1 Year Treasury Constant Maturity +2.64%) ±		3.78			7-1-2028		158,535		163,729
FNMA (6 Month LIBOR +2.25%) ±		3.79			3-1-2034		1,086,481		1,151,314
FNMA (1 Year Treasury Constant Maturity +2.51%) ±		3.80			5-1-2035		1,664,837		1,770,382
FNMA (1 Year Treasury Constant Maturity +2.60%) ±		3.85			10-1-2025		8,180		8,318
FNMA (5 Year Treasury Constant Maturity +2.43%) ±		3.85			6-1-2028		30,622		30,831
FNMA (1 Year Treasury Constant Maturity +2.58%) ±		3.89			3-1-2032		118,815		121,647
FNMA (3 Year Treasury Constant Maturity +3.20%) ±		3.95			9-1-2023		771		769
FNMA (1 Year Treasury Constant Maturity +2.60%) ±		3.97			2-1-2028		37,646		37,780
FNMA (1 Year Treasury Constant Maturity +2.64%) ±		3.98			10-1-2028		119,481		122,561
FNMA (1 Year Treasury Constant Maturity +2.50%) ±		4.00			6-1-2032		90,795		92,587
FNMA (11th District Cost of Funds +1.86%) ±		4.06			5-1-2034		203,501		210,857
FNMA (5 Year Treasury Constant Maturity +2.46%) ±		4.06			6-1-2019		683		684
FNMA (3 Year Treasury Constant Maturity +2.20%) ±		4.08			5-1-2025		55		55
FNMA (6 Month LIBOR +2.64%) ±		4.10			4-1-2033		265,706		279,414
FNMA (6 Month LIBOR +2.48%) ±		4.11			7-1-2033		35,540		35,810
FNMA (1 Year Treasury Constant Maturity +2.89%) ±		4.14			1-1-2031		56,730		57,215
FNMA (6 Month LIBOR +2.65%) ±		4.15			4-1-2024		194,641		205,241
FNMA (3 Year Treasury Constant Maturity +2.38%) ±		4.25			10-1-2021		2,522		2,509
FNMA (11th District Cost of Funds +1.93%) ±		4.26			12-1-2036		113,901		120,229
FNMA (6 Month LIBOR +3.11%) ±		4.29			9-1-2033		39,310		39,728
FNMA (11th District Cost of Funds +1.83%) ±		4.29			6-1-2034		171,986		178,873
FNMA (6 Month LIBOR +2.70%) ±		4.30			1-1-2033		63,001		64,027
FNMA ±±		4.31			11-1-2019		116		111
FNMA (6 Month LIBOR +2.72%) ±		4.42			5-1-2033		1,004,759		1,080,347
FNMA (11th District Cost of Funds +1.25%) ±		4.68			1-1-2019		34,908		34,965
FNMA (11th District Cost of Funds +1.25%) ±		4.73			2-1-2019		39,940		40,342
FNMA (6 Month LIBOR +3.45%) ±		4.95			4-1-2032		164,207		162,984
FNMA (11th District Cost of Funds +1.75%) ±		5.00			6-1-2028		2,298		2,300
FNMA (11th District Cost of Funds +1.25%) ±		5.01			4-1-2018		514		514
FNMA (6 Month LIBOR +3.47%) ±		5.01			12-1-2032		152,120		156,836
FNMA (6 Month LIBOR +3.42%) ±		5.05			4-1-2033		183,990		189,332
FNMA (6 Month LIBOR +3.68%) ±		5.32			11-1-2031		95,743		95,170
FNMA (6 Month LIBOR +3.57%) ±		5.32			11-1-2031		14,244		14,136
FNMA		5.50			9-1-2019		252		253

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

Portfolio of investments—February 28, 2018 (unaudited) Wells Fargo Adjustable Rate Government Fund 19

Security name	Interest rate			Maturity date		Principal			Value
Agency Securities (continued)
FNMA (11th District Cost of Funds +1.25%) ±		5.69	%		1-1-2019	$	12,339		$	12,412
FNMA (1 Year Treasury Constant Maturity +1.75%) ±		6.00			1-1-2020		2,825			2,782
FNMA (11th District Cost of Funds +1.90%) ±		6.45			2-1-2034		33,504			33,268
FNMA		6.50			8-1-2028		53,644			55,299
FNMA		6.50			5-1-2031		139,548			155,418
FNMA		7.06			11-1-2024		10,170			10,198
FNMA		7.06			12-1-2024		25,360			25,474
FNMA		7.06			3-1-2025		46,305			47,179
FNMA		7.06			3-1-2025		4,335			4,347
FNMA		7.06			1-1-2027		26,022			26,064
FNMA		7.50			1-1-2031		63,692			68,398
FNMA		7.50			1-1-2033		225,376			246,639
FNMA		7.50			5-1-2033		176,696			193,730
FNMA		7.50			5-1-2033		169,399			183,451
FNMA		7.50			6-1-2033		29,085			29,290
FNMA		7.50			7-1-2033		45,150			46,384
FNMA		7.50			8-1-2033		96,076			100,929
FNMA		8.00			12-1-2026		79,233			86,490
FNMA		8.00			2-1-2030		184			185
FNMA		8.00			3-1-2030		269			291
FNMA		8.00			7-1-2031		27,707			27,922
FNMA		8.00			5-1-2033		92,163			98,680
FNMA		8.50			10-1-2026		3,411			3,458
FNMA		8.50			6-1-2030		46,657			48,228
FNMA		8.51			8-15-2024		42,472			44,873
FNMA		10.00			1-20-2021		5,155			5,223
FNMA Series 1989-74 Class J		9.80			10-25-2019		4,731			4,924
FNMA Series 1989-96 Class H		9.00			12-25-2019		1,793			1,859
FNMA Series 1992-39 Class FA (7-Year Treasury Constant Maturity +0.00%) ±		2.53			3-25-2022		98,188			98,123
FNMA Series 1992-45 Class F (7-Year Treasury Constant Maturity +0.00%) ±		2.80			4-25-2022		16,734	��		16,571
FNMA Series 1992-87 Class Z		8.00			5-25-2022		9,621			10,332
FNMA Series 1993-113 Class FA (10 Year Treasury Constant Maturity -0.65%) ±		2.22			7-25-2023		64,882			64,761
FNMA Series 1993-247 Class FM (11th District Cost of Funds +1.20%) ±		1.95			12-25-2023		295,496			301,540
FNMA Series 1994-14 Class F (11th District Cost of Funds +1.60%) ±		2.35			10-25-2023		174,646			179,952
FNMA Series 2001-50 Class BA		7.00			10-25-2041		154,573			172,329
FNMA Series 2001-63 Class FD (1 Month LIBOR +0.60%) ±		2.19			12-18-2031		156,195			158,570
FNMA Series 2001-81 Class F (1 Month LIBOR +0.55%) ±		2.17			1-25-2032		62,222			63,262
FNMA Series 2001-T08 Class A1		7.50			7-25-2041		135,957			154,351
FNMA Series 2001-T10 Class A2		7.50			12-25-2041		2,529,085			2,883,550
FNMA Series 2001-T12 Class A2		7.50			8-25-2041		192,272			220,195
FNMA Series 2001-T12 Class A4 ±±		3.96			8-25-2041		4,411,079			4,582,026
FNMA Series 2001-W01 Class AV1 (1 Month LIBOR +0.24%) ±		1.86			8-25-2031		66,231			64,519
FNMA Series 2001-W03 Class A ±±		7.00			9-25-2041		543,261			575,829
FNMA Series 2002-05 Class FD (1 Month LIBOR +0.90%) ±		2.52			2-25-2032		131,978			135,120
FNMA Series 2002-33 Class A4 ±±		5.13			11-25-2030		136,730			142,490
FNMA Series 2002-59 Class F (1 Month LIBOR +0.40%) ±		2.02			9-25-2032		426,152			426,479
FNMA Series 2002-66 Class A3 ±±		3.83			4-25-2042		8,101,674			8,441,902
FNMA Series 2002-T12 Class A3		7.50			5-25-2042		1,347,773			1,565,758
FNMA Series 2002-T12 Class A5 ±±		4.36			10-25-2041		1,818,150			1,874,322
FNMA Series 2002-T18 Class A5 ±±		4.19			5-25-2042		3,405,583			3,520,279

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

20 Wells Fargo Adjustable Rate Government Fund Portfolio of investments—February 28, 2018 (unaudited)

Security name	Interest rate			Maturity date		Principal		Value
Agency Securities (continued)
FNMA Series 2002-T19 Class A4 ±±		4.09	%		3-25-2042	$	199,791	$	210,519
FNMA Series 2002-W01 Class 3A ±±		3.74			4-25-2042		1,111,049		1,121,667
FNMA Series 2002-W04 Class A6 ±±		3.99			5-25-2042		1,851,815		1,907,207
FNMA Series 2003-07 Class A2 ±±		3.37			5-25-2042		817,189		828,794
FNMA Series 2003-17 Class FN (1 Month LIBOR +0.30%) ±		1.92			3-25-2018		29		29
FNMA Series 2003-63 Class A8 ±±		3.68			1-25-2043		1,343,054		1,388,894
FNMA Series 2003-W02 Class 1A3		7.50			7-25-2042		397,322		460,114
FNMA Series 2003-W04 Class 5A ±±		3.64			10-25-2042		1,063,063		1,075,080
FNMA Series 2003-W08 Class 4A ±±		3.87			11-25-2042		1,380,028		1,425,923
FNMA Series 2003-W09 Class A (1 Month LIBOR +0.12%) ±		1.74			6-25-2033		1,965,087		1,928,327
FNMA Series 2003-W10 Class 2A ±±		3.62			6-25-2043		2,707,667		2,724,497
FNMA Series 2003-W18 Class 2A ±±		3.72			6-25-2043		8,360,662		8,499,402
FNMA Series 2004-31 Class FG (1 Month LIBOR +0.40%) ±		2.02			8-25-2033		82,564		82,634
FNMA Series 2004-38 Class FT (1 Month LIBOR +0.43%) ±		2.05			10-25-2033		63,130		63,250
FNMA Series 2004-T03 Class 1A3		7.00			2-25-2044		499,925		566,945
FNMA Series 2004-T03 Class 2A ±±		3.65			8-25-2043		1,533,687		1,615,835
FNMA Series 2004-W01 Class 2A2		7.00			12-25-2033		273,399		310,028
FNMA Series 2004-W01 Class 3A ±±		3.80			1-25-2043		79,348		80,799
FNMA Series 2004-W02 Class 5A		7.50			3-25-2044		127,246		141,164
FNMA Series 2004-W12 Class 2A ±±		3.78			6-25-2044		4,709,531		4,887,018
FNMA Series 2004-W15 Class 3A ±±		3.61			6-25-2044		6,330,508		6,445,217
FNMA Series 2005-57 Class EG (1 Month LIBOR +0.30%) ±		1.92			3-25-2035		62,027		62,046
FNMA Series 2005-W03 Class 3A ±±		3.46			4-25-2045		1,249,105		1,263,682
FNMA Series 2006-15 Class FW (1 Month LIBOR +0.30%) ±		1.92			1-25-2036		154,893		155,475
FNMA Series 2006-W01 Class 3A ±±		3.26			10-25-2045		5,315,041		5,541,300
FNMA Series 2007-95 Class A2 (1 Month LIBOR +0.25%) ±		1.87			8-27-2036		436,029		434,392
FNMA Series 2012-47 Class FW ±±		3.32			5-25-2027		491,947		511,727
FNMA Series G92-20 Class FB (7-Year Treasury Constant Maturity +0.00%) ±		2.80			4-25-2022		11,572		11,535
FNMA Series G93-1 Class K		6.68			1-25-2023		276,069		291,481
FNMA Series G93-19 Class FD (10 Year Treasury Constant Maturity -0.65%) ±		2.22			4-25-2023		179,331		179,307
GNMA		6.45			4-20-2025		37,099		41,764
GNMA		6.45			9-20-2025		37,129		43,247
GNMA		6.50			6-20-2034		75,096		76,567
GNMA		6.50			8-20-2034		504,151		545,214
GNMA		6.50			8-20-2034		104,431		107,622
GNMA		6.75			2-15-2029		78,606		87,460
GNMA		7.00			7-20-2034		54,669		55,565
GNMA		9.00			3-15-2020		809		812
GNMA		9.00			8-15-2021		155		155
GNMA		9.00			8-20-2024		112		114
GNMA		9.00			9-20-2024		988		1,015
GNMA		9.00			11-20-2024		134		135
GNMA		9.00			1-20-2025		5,418		5,961
GNMA		9.00			2-20-2025		16,862		18,421
GNMA Series 2011-H12 Class FA (1 Month LIBOR +0.49%) ±		2.05			2-20-2061		2,741,095		2,745,113
GNMA Series 2011-H17 Class FA (1 Month LIBOR +0.53%) ±		2.09			6-20-2061		1,137,451		1,140,471
GNMA Series 2017-H11 Class FE (12 Month LIBOR +0.18%) ±		1.95			5-20-2067		4,979,253		4,964,012
Total Agency Securities (Cost $425,550,516)									430,781,901

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

Portfolio of investments—February 28, 2018 (unaudited) Wells Fargo Adjustable Rate Government Fund 21

Security name	Yield			Shares		Value
Short-Term Investments: 1.97%
Investment Companies: 1.97%
Wells Fargo Government Money Market Fund Select Class (l)(u)		1.29	%		8,712,877	$	8,712,877
Total Short-Term Investments (Cost $8,712,877)							8,712,877

Total investments in securities (Cost $434,263,393)	99.30	%		439,494,778
Other assets and liabilities, net	0.70			3,086,358
Total net assets	100.00	%	$	442,581,136

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.

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

±± The coupon of the security is adjusted based on the principal and interest payments received from the underlying pool of mortgages as well as the credit quality and the actual prepayment speed of the underlying mortgages.

(c) Investment in an interest-only security entitles holders to receive only the interest payments on the underlying mortgages. The prinicipal amount shown is the notional amount of the underlying mortgages. The rate represents the coupon rate.

(l) The issuer of the security is an affiliated person of the Fund as defined in the Investment Company Act of 1940.

(u) The rate represents the 7-day annualized yield at period end.

Investments in Affiliates

An affiliated investment is an investment in which the Fund owns at least 5% of the outstanding voting shares of the issuer or as a result of other relationships, such as the Fund and the issuer having the same investment manager. Transactions with issuers that were either affiliated persons of the Fund at the beginning of the period or the end of the period were as follows:

	Shares, beginning of period		Shares purchased		Shares sold		Shares, end of period		Net realized gains (losses)		Net change in unrealized gains (losses)		Income from affiliated securities		Value, end of period		% of net assets
Short-Term Investments
Investment Companies
Wells Fargo Government Money Market Fund Select Class		8,353,190		112,311,275		111,951,588		8,712,877	$	0	$	0	$	42,199	$	8,712,877		1.97	%

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

22 Wells Fargo Adjustable Rate Government Fund Statement of assets and liabilities—February 28, 2018 (unaudited)

Assets
Investments in unaffiliated securities, at value (cost $425,550,516)	$	430,781,901
Investments in affiliated securities, at value (cost $8,712,877)		8,712,877
Principal paydown receivable		2,315,519
Receivable for Fund shares sold		90,716
Receivable for interest		1,427,114
Prepaid expenses and other assets		140,250
Total assets		443,468,377
Liabilities
Payable for Fund shares redeemed		326,795
Dividends payable		200,169
Management fee payable		97,570
Custodian and accounting fees payable		75,264
Administration fees payable		38,893
Distribution fee payable		30,624
Trustees’ fees and expenses payable		1,805
Accrued expenses and other liabilities		116,121
Total liabilities		887,241
Total net assets	$	442,581,136
NET ASSETS CONSIST OF
Paid-in capital	$	439,236,550
Overdistributed net investment income		(100,005	)
Accumulated net realized losses on investments		(1,786,794	)
Net unrealized gains on investments		5,231,385
Total net assets	$	442,581,136
COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE PER SHARE
Net assets – Class A	$	129,371,170
Shares outstanding – Class A1		14,463,228
Net asset value per share – Class A		$8.94
Maximum offering price per share – Class A2		$9.12
Net assets – Class C	$	52,685,252
Shares outstanding – Class C1		5,890,445
Net asset value per share – Class C		$8.94
Net assets – Administrator Class	$	13,580,226
Shares outstanding – Administrator Class1		1,518,140
Net asset value per share – Administrator Class		$8.95
Net assets – Institutional Class	$	246,944,488
Shares outstanding – Institutional Class1		27,606,396
Net asset value per share – Institutional Class		$8.95

¹  The Fund has an unlimited number of authorized shares.

²  Maximum offering price is computed as 100/98 of net asset value. On investments of $50,000 or more, the offering price is reduced.

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

Statement of operations—six months ended February 28, 2018 (unaudited) Wells Fargo Adjustable Rate Government Fund 23

Investment income
Interest	$	4,762,996
Income from affiliated securities		42,199
Total investment income		4,805,195
Expenses
Management fee		888,594
Administration fees
Class A		110,112
Class C		45,139
Administrator Class		7,608
Institutional Class		119,395
Shareholder servicing fees
Class A		172,050
Class C		70,530
Administrator Class		18,812
Distribution fee
Class C		211,589
Custody and accounting fees		38,526
Professional fees		32,857
Registration fees		48,740
Shareholder report expenses		15,582
Trustees’ fees and expenses		14,987
Other fees and expenses		5,960
Total expenses		1,800,481
Less: Fee waivers and/or expense reimbursements		(138,685	)
Net expenses		1,661,796
Net investment income		3,143,399
REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS
Net realized gains on investments		515,562
Net change in unrealized gains (losses) on investments		(1,339,527	)
Net realized and unrealized gains (losses) on investments		(823,965	)
Net increase in net assets resulting from operations	$	2,319,434

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

24 Wells Fargo Adjustable Rate Government Fund Statement of changes in net assets

	Six months ended February 28, 2018 (unaudited)						Year ended August 31, 2017
Operations
Net investment income				$	3,143,399					$	6,832,710
Net realized gains on investments					515,562						1,558,231
Net change in unrealized gains (losses) on investments					(1,339,527	)					(5,258,425	)
Net increase in net assets resulting from operations					2,319,434						3,132,516
Distributions to shareholders from
Net investment income
Class A					(786,900	)					(1,238,794	)
Class B					N/A						(5	)1
Class C					(110,896	)					(27,529	)
Administrator Class					(97,621	)					(324,646	)
Institutional Class					(2,055,740	)					(5,899,360	)
Total distributions to shareholders					(3,051,157	)					(7,490,334	)
Capital share transactions		Shares						Shares
Proceeds from shares sold
Class A		300,775			2,696,840			3,084,824			27,722,527
Class C		82,980			744,110			174,032			1,564,611
Administrator Class		104,450			936,516			1,084,425			9,765,946
Institutional Class		3,789,497			33,991,595			17,873,034			160,859,388
					38,369,061						199,912,472
Reinvestment of distributions
Class A		63,257			566,693			111,286			1,000,787
Class B		N/A			N/A			1	1		5	1
Class C		11,961			107,026			2,348			21,130
Administrator Class		10,720			96,071			33,857			304,570
Institutional Class		174,509			1,564,162			499,163			4,490,201
					2,333,952						5,816,693
Payment for shares redeemed
Class A		(3,080,508	)		(27,614,567	)		(5,118,157	)		(46,046,224	)
Class B		N/A			N/A			(7,783	)1		(70,136	)1
Class C		(985,592	)		(8,836,498	)		(4,209,467	)		(37,840,666	)
Administrator Class		(695,407	)		(6,234,003	)		(5,862,305	)		(52,736,098	)
Institutional Class		(20,713,357	)		(185,757,739	)		(51,978,754	)		(467,553,596	)
					(228,442,807	)					(604,246,720	)
Net decrease in net assets resulting from capital share transactions					(187,739,794	)					(398,517,555	)
Total decrease in net assets					(188,471,517	)					(402,875,373	)
Net assets
Beginning of period					631,052,653						1,033,928,026
End of period				$	442,581,136					$	631,052,653
Overdistributed net investment income				$	(100,005	)				$	(192,247	)

¹  For the period from September 1, 2016 to December 5, 2016. Effective at the close of business on December 5, 2016, 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.

Financial highlights Wells Fargo Adjustable Rate Government Fund 25

(For a share outstanding throughout each period)

	Six months ended February 28, 2018 (unaudited)			Year ended August 31
CLASS A				2017			2016			2015			2014			2013
Net asset value, beginning of period		$8.96			$9.01			$9.10			$9.15			$9.14			$9.19
Net investment income		0.05			0.06			0.04			0.05			0.06			0.06
Net realized and unrealized gains (losses) on investments		(0.02	)		(0.04	)		(0.06	)		(0.03	)		0.02			(0.04	)
Total from investment operations		0.03			0.02			(0.02	)		0.02			0.08			0.02
Distributions to shareholders from
Net investment income		(0.05	)		(0.07	)		(0.05	)		(0.05	)		(0.06	)		(0.07	)
Tax basis return of capital		0.00			0.00			(0.02	)		(0.02	)		(0.01	)		(0.00	)1
Total distributions to shareholders		(0.05	)		(0.07	)		(0.07	)		(0.07	)		(0.07	)		(0.07	)
Net asset value, end of period		$8.94			$8.96			$9.01			$9.10			$9.15			$9.14
Total return2		0.35	%		0.23	%		(0.19	)%		0.24	%		0.90	%		0.23	%
Ratios to average net assets (annualized)
Gross expenses		0.82	%		0.80	%		0.78	%		0.79	%		0.80	%		0.84	%
Net expenses		0.74	%		0.74	%		0.74	%		0.74	%		0.74	%		0.74	%
Net investment income		1.17	%		0.72	%		0.56	%		0.58	%		0.64	%		0.71	%
Supplemental data
Portfolio turnover rate		0	%		2	%		13	%		10	%		18	%		10	%
Net assets, end of period (000s omitted)		$129,371			$153,953			$172,131			$215,830			$251,686			$281,028

¹  Amount is less than $0.005.

²  Total return calculations do not include any sales charges. 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 Adjustable Rate Government Fund Financial highlights

(For a share outstanding throughout each period)

	Six months ended February 28, 2018 (unaudited)			Year ended August 31
CLASS C				2017			2016			2015			2014			2013
Net asset value, beginning of period		$8.96			$9.01			$9.10			$9.15			$9.14			$9.19
Net investment income (loss)		0.02	1		(0.00	)1,2		(0.02	)1		(0.01	)1		(0.01	)1		(0.00	)1,2
Net realized and unrealized gains (losses) on investments		(0.02	)		(0.05	)		(0.07	)		(0.04	)		0.02			(0.05	)
Total from investment operations		0.00			(0.05	)		(0.09	)		(0.05	)		0.01			(0.05	)
Distributions to shareholders from
Net investment income		(0.02	)		(0.00	)2		(0.00	)2		(0.00	)2		(0.00	)2		(0.00	)2
Tax basis return of capital		0.00			0.00			(0.00	)2		(0.00	)2		(0.00	)2		(0.00	)2
Total distributions to shareholders		(0.02	)		(0.00	)2		(0.00	)2		(0.00	)2		(0.00	)2		(0.00	)2
Net asset value, end of period		$8.94			$8.96			$9.01			$9.10			$9.15			$9.14
Total return3		(0.02	)%		(0.52	)%		(0.94	)%		(0.51	)%		0.15	%		(0.52	)%
Ratios to average net assets (annualized)
Gross expenses		1.57	%		1.55	%		1.53	%		1.54	%		1.55	%		1.59	%
Net expenses		1.49	%		1.49	%		1.49	%		1.49	%		1.49	%		1.49	%
Net investment income (loss)		0.42	%		(0.04	)%		(0.19	)%		(0.16	)%		(0.11	)%		(0.04	)%
Supplemental data
Portfolio turnover rate		0	%		2	%		13	%		10	%		18	%		10	%
Net assets, end of period (000s omitted)		$52,685			$60,766			$97,452			$121,117			$148,523			$190,110

¹  Calculated based upon average shares outstanding

²  Amount is less than $0.005.

³  Total return calculations do not include any sales charges. 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 Adjustable Rate Government Fund 27

(For a share outstanding throughout each period)

	Six months ended February 28, 2018 (unaudited)			Year ended August 31
ADMINISTRATOR CLASS				2017			2016			2015			2014			2013
Net asset value, beginning of period		$8.96			$9.01			$9.10			$9.15			$9.14			$9.19
Net investment income		0.06	1		0.07	1		0.06			0.06			0.07			0.08
Net realized and unrealized gains (losses) on investments		(0.01	)		(0.04	)		(0.06	)		(0.03	)		0.03			(0.05	)
Total from investment operations		0.05			0.03			0.00			0.03			0.10			0.03
Distributions to shareholders from
Net investment income		(0.06	)		(0.08	)		(0.07	)		(0.06	)		(0.07	)		(0.08	)
Tax basis return of capital		0.00			0.00			(0.02	)		(0.02	)		(0.02	)		(0.00	)2
Total distributions to shareholders		(0.06	)		(0.08	)		(0.09	)		(0.08	)		(0.09	)		(0.08	)
Net asset value, end of period		$8.95			$8.96	��		$9.01			$9.10			$9.15			$9.14
Total return3		0.54	%		0.37	%		(0.05	)%		0.38	%		1.05	%		0.37	%
Ratios to average net assets (annualized)
Gross expenses		0.76	%		0.74	%		0.72	%		0.72	%		0.73	%		0.77	%
Net expenses		0.60	%		0.60	%		0.60	%		0.60	%		0.60	%		0.60	%
Net investment income		1.31	%		0.82	%		0.71	%		0.72	%		0.78	%		0.85	%
Supplemental data
Portfolio turnover rate		0	%		2	%		13	%		10	%		18	%		10	%
Net assets, end of period (000s omitted)		$13,580			$18,805			$61,658			$66,037			$124,345			$102,284

¹  Calculated based upon average shares outstanding

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.

28 Wells Fargo Adjustable Rate Government Fund Financial highlights

(For a share outstanding throughout each period)

	Six months ended February 28, 2018 (unaudited)			Year ended August 31
INSTITUTIONAL CLASS				2017			2016			2015			2014			2013
Net asset value, beginning of period		$8.96			$9.01			$9.10			$9.15			$9.14			$9.19
Net investment income		0.08			0.09			0.08			0.08			0.08			0.09	1
Net realized and unrealized gains (losses) on investments		(0.03	)		(0.04	)		(0.07	)		(0.03	)		0.03			(0.04	)
Total from investment operations		0.05			0.05			0.01			0.05			0.11			0.05
Distributions to shareholders from
Net investment income		(0.06	)		(0.10	)		(0.07	)		(0.08	)		(0.08	)		(0.10	)
Tax basis return of capital		0.00			0.00			(0.03	)		(0.02	)		(0.02	)		(0.00	)2
Total distributions to shareholders		(0.06	)		(0.10	)		(0.10	)		(0.10	)		(0.10	)		(0.10	)
Net asset value, end of period		$8.95			$8.96			$9.01			$9.10			$9.15			$9.14
Total return3		0.61	%		0.51	%		0.09	%		0.52	%		1.19	%		0.50	%
Ratios to average net assets (annualized)
Gross expenses		0.49	%		0.47	%		0.45	%		0.46	%		0.47	%		0.51	%
Net expenses		0.46	%		0.46	%		0.45	%		0.46	%		0.46	%		0.47	%
Net investment income		1.42	%		0.98	%		0.84	%		0.87	%		0.93	%		0.98	%
Supplemental data
Portfolio turnover rate		0	%		2	%		13	%		10	%		18	%		10	%
Net assets, end of period (000s omitted)		$246,944			$397,529			$702,617			$906,536			$844,221			$906,698

¹  Calculated based upon average shares outstanding

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 Adjustable Rate Government Fund 29

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 Adjustable Rate Government Fund (the “Fund”) which is a diversified series of the Trust.

Effective at the close of business on December 5, 2016, 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 December 5, 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

All investments are valued each business day as of the close of regular trading on the New York Stock Exchange (generally 4 p.m. Eastern Time), although the Fund may deviate from this calculation time under unusual or unexpected circumstances.

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 in registered open-end investment companies are valued at net asset value.

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 Wells Fargo Asset Management Pricing Committee at Wells Fargo Funds Management, LLC (“Funds Management”). The Board of Trustees retains the authority to make or ratify any valuation decisions or approve any changes to the Valuation Procedures as it deems appropriate. On a quarterly basis, the Board of Trustees receives reports on any valuation actions taken by the Valuation Committee or the Wells Fargo Asset Management Pricing Committee which may include items for ratification.

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.

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. 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.

30 Wells Fargo Adjustable Rate Government Fund Notes to financial statements (unaudited)

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 and paid at least annually. Such distributions are determined in accordance with income tax regulations and may differ from U.S. generally accepted accounting principles. Dividend sources are estimated at the time of declaration. The tax character of distributions is determined as of 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 at year end.

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 February 28, 2018, the aggregate cost of all investments for federal income tax purposes was $434,306,318 and the unrealized gains (losses) consisted of:

Gross unrealized gains	$	6,090,505
Gross unrealized losses		(902,045	)
Net unrealized gains	$	5,188,460

As of August 31, 2017, the Fund had capital loss carryforwards available to offset future net realized capital gains in the amount of $1,705,150 expiring in 2018 and $66,443 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 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 Adjustable Rate Government Fund 31

The following is a summary of the inputs used in valuing the Fund’s assets and liabilities as of February 28, 2018:

	Quoted prices (Level 1)		Other significant observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total
Assets
Investments in:
Agency securities	$	0	$	430,781,901	$	0	$	430,781,901
Short-term investments
Investment companies		8,712,877		0		0		8,712,877
Total assets	$	8,712,877	$	430,781,901	$	0	$	439,494,778

The Fund recognizes transfers between levels within the fair value hierarchy at the end of the reporting period. At February 28, 2018, 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 0.35% and declining to 0.255% as the average daily net assets of the Fund increase. For the six months ended February 28, 2018, 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 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 0.20% and declining to 0.10% 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 C		0.16	%
Administrator Class		0.10
Institutional Class		0.08

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 December 31, 2018 to waive fees and/or reimburse expenses to the extent necessary to cap the Fund’s expenses at 0.74% for Class A shares, 1.49% for Class C shares, 0.60% for Administrator Class shares, and 0.46% for Institutional 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.

32 Wells Fargo Adjustable Rate Government Fund Notes to financial statements (unaudited)

Distribution fee

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

In addition, Funds Distributor is entitled to receive the front-end sales charge from the purchase of Class A shares and a contingent deferred sales charge on the redemption of certain Class A shares. Funds Distributor is also entitled to receive the contingent deferred sales charges from redemptions of Class C shares. For the six month ended February 28, 2018, Funds Distributor received $35 from the sale of Class A shares. No contingent deferred sales charges were incurred by Class A and Class C shares for the six months ended February 28, 2018.

Shareholder servicing fees

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

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

Interfund transactions

The Fund may purchase or sell portfolio investment securities to certain other Wells Fargo affiliates pursuant to Rule 17a-7 under 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. INVESTMENT PORTFOLIO TRANSACTIONS

Purchases and sales of U.S. government securities, excluding short-term securities, for the six month ended February 28, 2018 were $36,232 and $125,719,844, respectively.

6. BANK BORROWINGS

The Trust (excluding the money market funds and certain other funds) and Wells Fargo Variable Trust are parties to a $280,000,000 revolving credit agreement whereby the Fund is permitted to use bank borrowings for temporary or emergency purposes, such as to fund shareholder redemption requests. Interest under the credit agreement is charged to the Fund based on a borrowing rate equal to the higher of the Federal Funds rate in effect on that day plus 1.25% or the overnight LIBOR rate in effect on that day plus 1.25%. In addition, an annual commitment fee equal to 0.25% of the unused balance is allocated to each participating fund.

For the six month ended February 28, 2018, there were no borrowings by the Fund under the agreement.

7. 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.

Other information (unaudited) Wells Fargo Adjustable Rate Government Fund 33

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 monthly on the Fund’s website (wellsfargofunds.com), on a one-month delayed basis. In addition, top ten holdings information (excluding derivative positions) for the Fund is publicly available on the Fund’s website on a monthly, seven-day or more 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.

34 Wells Fargo Adjustable Rate Government 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 153 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; Chair Liaison, since 2018	Retired. From 2012 to 2014 and 1999 to 2008, Chief Financial Officer of Scientific Learning Corporation. From 2008 to 2012, Ms. Freeman provided consulting services related to strategic business projects. Prior to 1999, Portfolio Manager at Rockefeller & Co. and Scudder, Stevens & Clark. Board member of the Harding Loevner Funds from 1996 to 2014, serving as both Lead Independent Director and chair of the Audit Committee. Board member of the Russell Exchange Traded Funds Trust from 2011 to 2012 and the chair of the Audit Committee. Ms. Freeman is a Board Member of Ruth Bancroft Garden (non-profit organization) and the Glimmerglass Festival. She is also an inactive Chartered Financial Analyst.	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 Adjustable Rate Government Fund 35

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; Governance Committee Chairman, since 2018	International Foundation of Employee Benefit Plans Professor, Wharton School of the University of Pennsylvania since 1993. Director of Wharton’s Pension Research Council and Boettner Center on Pensions & Retirement Research, and Research Associate at the National Bureau of Economic Research. Previously, Cornell University Professor from 1978 to 1993.	Asset Allocation Trust
Timothy J. Penny**** (Born 1951)	Trustee, since 1996; Chairman, since 2018; Vice Chairman, from 2017 to 2018	President and Chief Executive Officer of Southern Minnesota Initiative Foundation, a non-profit organization, since 2007. Member of the Board of Trustees of NorthStar Education Finance, Inc., a non-profit organization, since 2007.	Asset Allocation Trust
James G. Polisson***** (Born 1959)	Trustee, since 2018; Advisory Board Member, from 2017 to 2018	Retired. Chief Marketing Officer, Source (ETF) UK Services, Ltd, from 2015 to 2017. From 2012 to 2015, Principal of The Polisson Group, LLC, a management consulting, corporate advisory and principal investing company. Chief Executive Officer and Managing Director at Russell Investments, Global Exchange Traded Funds from 2010 to 2012. Managing Director of Barclays Global Investors from 1998 to 2010 and Global Chief Marketing Officer for iShares and Barclays Global Investors from 2000 to 2010. Trustee of the San Francisco Mechanics’ Institute, a non-profit organization, from 2013 to 2015. Board member of the Russell Exchange Traded Fund Trust from 2011 to 2012. Director of Barclays Global Investors Holdings Deutschland GmbH from 2006 to 2009. Mr. Polisson is an attorney and has a retired status with the Massachusetts and District of Columbia Bar Associations.	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. Trustee of the Evergreen Fund 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
Pamela Wheelock***** (Born 1959)	Trustee, since 2018; Advisory Board Member, from 2017 to 2018	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.	Asset Allocation Trust

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

** Jane Freeman became Chair Liaison effective January 1, 2018.

*** Olivia Mitchell became Chairman of the Governance Committee effective January 1, 2018.

**** Timothy Penny became Chairman effective January 1, 2018.

***** James Polisson and Pamela Wheelock each became a Trustee effective January 1, 2018.

36 Wells Fargo Adjustable Rate Government 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.
Alexander Kymn* (Born 1973)	Secretary, since 2018; Chief Legal Officer, since 2018	Senior Company Counsel of Wells Fargo Bank, N.A. since 2018 (previously Senior Counsel from 2007 to 2018). Vice President of Wells Fargo Funds Management, LLC from 2008 to 2014.
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 77 funds in the Fund Complex. Jeremy DePalma acts as Treasurer of 76 funds and Assistant Treasurer of 77 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.

* Alexander Kymn became the Secretary and Chief Legal Officer effective April 17, 2018.

** David Messman was the Secretary and Chief Legal Officer until April 16, 2018.

List of abbreviations Wells Fargo Adjustable Rate Government 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

INR —  Indian rupee

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 Agency

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

SIFMA —  Securities Industry and Financial Markets Association

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 Distributor nor Wells Fargo Funds Management holds fund shareholder accounts or assets. This material is for general informational and educational purposes only and is NOT intended to provide investment advice or a recommendation of any kind—including a recommendation for any specific investment, strategy, or plan.

NOT FDIC INSURED  ◾  NO BANK GUARANTEE  ◾   MAY LOSE VALUE

© 2018 Wells Fargo Funds Management, LLC. All rights reserved.

309366 04-18 SA215/SAR215 02-18

Semi-Annual Report

February 28, 2018

Wells Fargo Conservative Income 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	17
Other information	21
List of abbreviations	25

The views expressed and any forward-looking statements are as of February 28, 2018, 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 Conservative Income Fund Letter to shareholders (unaudited)

Andrew Owen

President

Wells Fargo Funds

During the period, stocks globally delivered

positive returns.

Dear Shareholder:

We are pleased to offer you this semi-annual report for the Wells Fargo Conservative Income Fund for the six-month period that ended February 28, 2018. During the period, stocks globally delivered positive returns. For the period, U.S. stocks, as measured by the S&P 500 Index¹, gained 10.84% and international stocks, as measured by the MSCI ACWI ex USA Index (Net)², gained 7.59%. In bond markets, the Bloomberg Barclays U.S. Aggregate Bond Index³ declined 2.18% and the Bloomberg Barclays Municipal Bond Index⁴ lost 1.24% while fixed-income investments outside the U.S. gained 2.52%, according to the Bloomberg Barclays Global Aggregate ex-USD Index⁵. The ICE BofAML U.S. High Yield Index⁶ earned 1.01% during the period.

U.S. stocks advanced as business-friendly policies and regulations, newly implemented tax reform, increased hiring activity, and consistent corporate profits led to higher investor and consumer confidence. Internationally, stocks gained as unemployment fell and wages increased in the U.K.; the Bank of Japan continued its accommodative monetary policies; and industrial production, retail sales, and fixed asset investment increased in China. Stock returns in the emerging markets were strong, with the MSCI EM Index (Net)⁷ gaining 10.58% for the period.

Reactions to U.S. interest-rate increases were uneven across the yield curve and globally.

The U.S. Federal Reserve (Fed) increased the federal funds rate twice during the six-month period. Following a federal funds rate increase in June to a range of 1.00% to 1.25%, 10-year U.S. Treasury yields declined, the yield curve flattened, and long-term bond prices benefited.

Internationally, central banks maintained low interest rates and accommodative monetary policies that supported business activity and stock values in foreign markets. A weaker U.S. dollar was generally supportive of business activity in regions around the globe.

Positive economic and market news continued as 2017 closed and 2018 began.

During the fourth quarter of 2017, stock markets continued the move higher. Third-quarter economic output in the U.S. grew at a 3.2% annual rate. The unemployment rate fell to a 17-year low of 4.1%. Tax reform and wage growth encouraged increased business and consumer spending.

Fed officials announced in October 2017 plans to begin unwinding its $4.5 trillion portfolio of bonds and other assets accumulated during rounds of quantitative easing conducted since the 2008–2009 recession. Still, restrained inflation kept long-term bond rates steady and the flattening of the yield curve persisted.

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 indices 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 Bloomberg Barclays Global Aggregate ex-USD Index is an unmanaged index that provides a broad-based measure of the global investment-grade fixed-income markets excluding the U.S. dollar-denominated debt market. You cannot invest directly in an index.

⁶  The ICE BofAML U.S. High Yield Index is a market-capitalization-weighted index of domestic and Yankee high-yield bonds. The index tracks the performance of high-yield securities traded in the U.S. bond market. You cannot invest directly in an index. Copyright 2018. ICE Data Indices, LLC. All rights reserved.

⁷  The MSCI Emerging Markets (EM) Index (Net) is a free-float-adjusted market-capitalization-weighted index that is designed to measure large- and mid-cap equity market performance of emerging markets. The MSCI EM Index (Net) consists of the following 24 emerging markets country indices: Brazil, Chile, China, Colombia, Czech Republic, Egypt, Greece, Hungary, India, Indonesia, Korea, Malaysia, Mexico, Pakistan, Peru, the Philippines, Poland, Qatar, Russia, South Africa, Taiwan, Thailand, Turkey, and the United Arab Emirates. You cannot invest directly in an index.

Letter to shareholders (unaudited) Wells Fargo Conservative Income Fund 3

October 2017 also marked one year since the regulatory reform of money market investing in the U.S. By December 2017, money market fund asset levels exceeded their December 2016 levels, reflecting continued investor demand for short-term investment opportunities offered in money market funds.

In December, the Organisation for Economic Co-operation and Development (OECD) reported that the global economy was expanding at its fastest rate since 2010; all 35 countries the OECD follows were on track to expand for 2017. International economies benefited from economic stimulus, which accelerated trade growth; improving employment; increased investment; and firming commodity prices.

The Fed raised the federal funds rate target to a range of 1.25% to 1.50% in December 2017 and began reducing its bond portfolio.

2018 opened with continued stock advances, then volatility.

Improving business and economic data globally continued to support stock advances through January 2018. Even political wrangling in the U.S. over budget resolutions could not dissuade investors from buying stocks as payrolls and factory orders increased. Long-term interest rates in the U.S. trended higher as the yield curve steepened—the 10-year Treasury rate moved from 2.46% to 2.84% and the 30-year rate moved from 2.81% to 3.08% during January 2018.

Investor sentiment shifted in February. Concerns about inflation began to emerge in the U.S. as readings from the Producer Price Index in January rose 2.5% year over year. During February 2018, the U.S. market endured a loss of more than 10% before recovering much of that loss, but volatility affected stocks globally throughout the month.

During January 2018, purchasing managers’ indexes in China, the eurozone, India, and Japan reported data for December that indicated continued growth. International stock values fell during February 2018, swept up in the selling momentum in U.S. markets.

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

Periods of investment uncertainty can present challenges, but experience has taught us that maintaining long-term investment goals can be an effective way to plan for the future. To help you create a sound strategy based on your personal goals and risk tolerance, Wells Fargo Funds offers more than 100 mutual funds spanning a wide range of asset classes and investment styles. Although diversification cannot guarantee an investment profit or prevent losses, we believe it can be an effective way to manage investment risk and potentially smooth out overall portfolio performance. We encourage investors to know their investments and to understand that appropriate levels of risk-taking may unlock opportunities.

Thank you for choosing to invest with Wells Fargo Funds. We appreciate your confidence in us and remain committed to helping you meet your financial needs.

Sincerely,

Andrew Owen

President

Wells Fargo Funds

During February 2018, the U.S. market endured a loss of more than 10% before recovering much of that loss, but volatility affected stocks globally throughout the month.

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.

4 Wells Fargo Conservative Income Fund Performance highlights (unaudited)

Investment objective

The Fund seeks current income consistent with capital preservation.

Manager

Wells Fargo Funds Management, LLC

Subadviser

Wells Capital Management Incorporated

Portfolio managers

Andrew M. Greenberg, CFA^®

Anthony J. Melville, CFA^®

Jeffrey L. Weaver, CFA^®

Average annual total returns (%) as of February 28, 2018

							Expense ratios1 (%)
	Inception date	1 year		Since inception			Gross		Net2
Institutional Class (WCIIX)	5-31-2013		1.22		0.75			0.36		0.27
Bloomberg Barclays 6-9 Month Treasury Bill Index3	–		0.76		0.35	*		–		–

* Based on inception date of the Institutional Class.

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 return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. 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.

Index returns do not include transaction costs associated with buying and selling securities, any mutual fund fees or expenses, or any taxes. It is not possible to invest directly in an index.

Institutional Class shares are sold without a front-end sales charge or contingent deferred sales charge.

Bond values fluctuate in response to the financial condition of individual issuers, general market and economic conditions, and changes in interest rates. Changes in market conditions and government policies may lead to periods of heightened volatility in the bond market and reduced liquidity for certain bonds held by the Fund. In general, when interest rates rise, bond values fall and investors may lose principal value. Interest-rate changes and their impact on the Fund and its share price can be sudden and unpredictable. The use of derivatives may reduce returns and/or increase volatility. Certain investment strategies tend to increase the total risk of an investment (relative to the broader market). The Fund is exposed to foreign investment risk, mortgage- and asset-backed securities risk, and municipal securities risk. Consult the Fund’s prospectus for additional information on these and other risks.

Please see footnotes on page 5.

Performance highlights (unaudited) Wells Fargo Conservative Income Fund 5

Ten largest holdings (%) as of February 28, 20184
American Express Credit Corporation, 2.15%, 3-18-2019	1.97
New York Life Global Funding, 1.97%, 4-9-2020	1.83
Japan Tobacco Incorporated, 2.10%, 7-23-2018	1.61
Santander Retail Auto Lease Trust Series 2017-A Class A2A, 2.02%, 3-20-2020	1.51
Anheuser-Busch InBev Finance Company, 1.90%, 2-1-2019	1.42
Berkshire Hathaway Finance Corporation, 2.07%, 3-7-2018	1.38
Hyundai Auto Lease Securitization Trust Series 2018-A Class A2A, 2.55%, 8-17-2020	1.38
Gilead Sciences Incorporated, 1.85%, 9-4-2018	1.38
Cards II Trust Series 2017-1A Class A, 1.96%, 4-18-2022	1.36
MMAF Equipment Finance LLC Series 2017-B Class A2, 1.93%, 10-15-2020	1.31

Portfolio allocation as of February 28, 2018⁵

¹  Reflects the expense ratios as stated in the most recent prospectus. The expense ratios shown are subject to change and may differ from the annualized expense ratio shown in the financial highlights of this report.

²  The manager has contractually committed through December 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 amount 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. The expense ratio paid by an investor is the net expense ratio (the total annual fund operating expenses after fee waivers) as stated in the prospectus.

³  The Bloomberg Barclays 6-9 Month Treasury Bill Index includes all publicly issued zero-coupon U.S. Treasury bills that have a remaining maturity of less than nine months and more than six, are rated investment-grade, and have $250 million or more of outstanding face value. You cannot invest directly in an index.

⁴  The ten largest holdings, excluding cash and cash equivalents, are calculated based on the value of the investments divided by total net assets of the Fund. Holdings are subject to change and may have changed since the date specified.

⁵  Amounts are calculated based on the total long-term investments of the Fund. These amounts are subject to change and may have changed since the date specified.

6 Wells Fargo Conservative Income Fund Fund expenses (unaudited)

As a shareholder of the Fund, you incur ongoing costs including management fees and other Fund expenses, This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The example is based on an investment of $1,000 invested at the beginning of the six-month period and held for the entire period from September 1, 2017 to February 28, 2018.

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. Therefore, the “Hypothetical” line of the table is useful in comparing ongoing costs and will not help you determine the relative total costs of owning different funds.

	Beginning account value 9-1-2017		Ending account value 2-28-2018		Expenses paid during the period¹		Annualized net expense ratio
Institutional Class
Actual	$	1,000.00	$	1,005.56	$	1.34		0.27	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,023.46	$	1.35		0.27	%

¹ Expenses paid is equal to the annualized net expense ratio 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—February 28, 2018 (unaudited) Wells Fargo Conservative Income Fund 7

Security name	Interest rate			Maturity date		Principal		Value
Asset-Backed Securities: 24.54%
Bank of the West Auto Trust Series 2017-1 Class A2 144A		1.78	%		2-15-2021	$	2,000,000	$	1,991,198
BMW Vehicle Lease Trust Series 2016-2 Class A3		1.43			9-20-2019		6,000,000		5,968,580
Canadian Pacer Auto Receivables Trust Series 2017-1A Class A2A 144A		1.77			12-19-2019		1,575,000		1,570,255
Cards II Trust Series 2017-1A Class A (1 Month LIBOR +0.37%) 144A±		1.96			4-18-2022		6,900,000		6,912,948
CarMax Auto Owner Trust Series 2017-1 Class A2		1.54			2-18-2020		3,173,720		3,167,743
CCG Receivables Trust Series 2018-1 Class A1 144A		1.85			2-14-2019		3,355,000		3,355,073
Dell Equipment Finance Trust Series 2017-1 Class A2 144A		1.86			6-24-2019		1,365,013		1,362,470
Dell Equipment Finance Trust Series 2017-2 Class A2A 144A		1.97			2-24-2020		2,450,000		2,439,937
Evergreen Credit Card Trust Series 2016-1 Class A (1 Month LIBOR +0.72%) 144A±		2.31			4-15-2020		5,000,000		5,004,070
Evergreen Credit Card Trust Series 2017-1 Class A (1 Month LIBOR +0.26%) 144A±		1.85			10-15-2021		3,500,000		3,504,995
Ford Credit Auto Lease Trust Series 2017-B Class A2A		1.80			6-15-2020		4,430,000		4,411,114
Ford Credit Auto Owner Trust Series 2016-B Class A3		1.33			10-15-2020		1,538,930		1,528,833
GM Financial Automobile Leasing Trust Series 2011-1 Class A2A		2.39			4-20-2020		2,900,000		2,895,529
GM Financial Automobile Leasing Trust Series 2016-2 Class A3		1.62			9-20-2019		4,639,362		4,626,290
GM Financial Automobile Leasing Trust Series 2017-2 Class A2A		1.72			1-21-2020		920,332		916,644
GM Financial Securitized Term Auto Receivables Trust Series 2018-1 Class A2A		2.08			1-19-2021		1,000,000		997,348
Hertz Fleet Lease Funding LP Series 2017-1 Class A1 (1 Month LIBOR +0.65%) 144A±		2.23			4-10-2031		2,000,000		2,001,151
Honda Auto Receivables Owner Trust Series 2018-1 Class A2		2.36			6-15-2020		2,000,000		1,999,995
Hyundai Auto Lease Securitization Trust Series 2017-C Class A2A 144A		1.89			3-16-2020		3,150,000		3,131,347
Hyundai Auto Lease Securitization Trust Series 2018-A Class A2A 144A		2.55			8-17-2020		7,000,000		6,999,313
John Deere Owner Trust Series 2016-B Class A3		1.25			6-15-2020		5,290,000		5,252,278
John Deere Owner Trust Series 2018-1A Class A2		1.95			3-15-2019		5,000,000		5,000,000
Kubota Credit Owner Trust Series 2017-1A Class A2 144A		1.66			5-15-2020		4,725,000		4,700,111
MMAF Equipment Finance LLC Series 2017-B Class A2 144A		1.93			10-15-2020		6,700,000		6,662,255
Nissan Auto Receivables Owner Trust Series 2015-A Class A4		1.50			9-15-2021		3,000,000		2,978,761
Nissan Auto Receivables Owner Trust Series 2016-A Class A3		1.34			10-15-2020		4,908,131		4,873,751
Oscar US Funding Trust Series 2016-2A Class A2A 144A		2.31			11-15-2019		487,238		486,110
Oscar US Funding Trust Series 2017-1A Class A2B (1 Month LIBOR +0.80%) 144A±		2.38			5-11-2020		1,995,390		1,997,286
Oscar US Funding Trust Series 2017-2A Class A2A 144A		2.13			11-10-2020		565,000		562,103
Santander Retail Auto Lease Trust Series 2017-A Class A2A 144A		2.02			3-20-2020		7,700,000		7,668,967
TCF Auto Receivables Owner Trust Series 2016-1A Class A 144A		1.93			6-15-2022		2,938,893		2,914,491
Tesla Auto Lease Trust Series 2018-A Class A 144A		2.32			12-20-2019		1,415,321		1,413,918
Tesla Auto Lease Trust Series 2018-A Class C 144A		2.97			4-20-2020		1,870,000		1,867,335
Trillium Credit Card Trust II Series 2016-1A Class A (1 Month LIBOR +0.72%) 144A±		2.34			5-26-2021		6,650,000		6,659,353
Verizon Owner Trust Series 2017-3A Class A1B (1 Month LIBOR +0.27%) 144A±		1.86			4-20-2022		3,500,000		3,507,331
Volvo Financial Equipment LLC Series 2018-1A Class A2 144A		2.26			9-15-2020		3,335,000		3,327,742
Total Asset-Backed Securities (Cost $124,910,536)									124,656,625
Corporate Bonds and Notes: 31.71%
Consumer Discretionary: 0.84%
Media: 0.84%
NBCUniversal Enterprise Incorporated (3 Month LIBOR +0.69%) 144A±		2.41			4-15-2018		4,250,000		4,252,852
Consumer Staples: 1.42%
Beverages: 1.42%
Anheuser-Busch InBev Finance Company		1.90			2-1-2019		7,250,000		7,200,900

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

8 Wells Fargo Conservative Income Fund Portfolio of investments—February 28, 2018 (unaudited)

Security name	Interest rate			Maturity date		Principal		Value
Financials: 24.04%
Banks: 6.44%
Bank of America Corporation		6.88	%		11-15-2018	$	1,260,000	$	1,300,510
Branch Banking & Trust Corporation (3 Month LIBOR +0.57%) ±		2.16			6-15-2020		2,000,000		2,011,947
Branch Banking & Trust Corporation (3 Month LIBOR +0.45%) ±		2.17			1-15-2020		2,000,000		2,008,837
Branch Banking & Trust Corporation (3 Month LIBOR +0.72%) ±		2.44			1-15-2020		1,830,000		1,844,955
Citibank NA (3 Month LIBOR +0.34%) ±		1.97			3-20-2019		3,000,000		3,003,840
Citibank NA (3 Month LIBOR +0.35%) ±		2.19			2-12-2021		4,000,000		3,997,796
HSBC USA Incorporated		2.63			9-24-2018		2,730,000		2,733,477
JPMorgan Chase & Company (3 Month LIBOR +0.29%) ±		2.06			2-1-2021		3,500,000		3,499,755
JPMorgan Chase & Company (3 Month LIBOR +0.84%) ±		2.50			3-22-2019		4,000,000		4,030,518
Manufacturers & Traders Trust Company		2.30			1-30-2019		2,000,000		1,996,924
MUFG Union Bank NA		2.25			5-6-2019		2,000,000		1,987,548
US Bancorp		1.95			11-15-2018		4,300,000		4,291,422
									32,707,529
Capital Markets: 2.11%
Goldman Sachs Group Incorporated (3 Month LIBOR +1.04%) ±		2.79			4-25-2019		4,000,000		4,031,720
Goldman Sachs Group Incorporated (3 Month LIBOR +1.20%) ±		2.97			4-30-2018		624,000		624,945
Morgan Stanley (3 Month LIBOR +0.85%) ±		2.59			1-24-2019		1,000,000		1,005,560
Morgan Stanley (3 Month LIBOR +1.38%) ±		3.15			2-1-2019		5,000,000		5,047,554
									10,709,779
Consumer Finance: 7.03%
American Express Credit Corporation (3 Month LIBOR +0.33%) ±		2.12			5-3-2019		1,000,000		1,001,930
American Express Credit Corporation (3 Month LIBOR +0.55%) ±		2.15			3-18-2019		9,950,000		9,985,627
BMW US Capital LLC (3 Month LIBOR +0.41%) 144A±		2.00			9-13-2019		4,000,000		4,019,080
Caterpillar Financial Services Corporation (3 Month LIBOR +0.13%) ±		1.61			11-29-2019		5,000,000		5,000,773
Caterpillar Financial Services Corporation		1.70			6-16-2018		2,478,000		2,474,363
Daimler Finance North America LLC 144A		1.65			3-2-2018		1,190,000		1,190,000
Daimler Finance North America LLC (3 Month LIBOR +0.53%) 144A±		2.32			5-5-2020		4,000,000		4,015,365
Daimler Finance North America LLC (3 Month LIBOR +0.62%) 144A±		2.39			10-30-2019		2,000,000		2,009,359
Nissan Motor Acceptance Corporation (3 Month LIBOR +0.39%) 144A±		2.11			7-13-2020		3,000,000		3,006,842
Nissan Motor Acceptance Corporation (3 Month LIBOR +1.01%) 144A±		2.53			3-8-2019		3,000,000		3,022,941
									35,726,280
Insurance: 8.46%
Berkshire Hathaway Finance Corporation (3 Month LIBOR +0.55%) ±		2.07			3-7-2018		7,000,000		7,000,569
Jackson National Life Insurance Company 144A		4.70			6-1-2018		4,800,000		4,828,681
Metropolitan Life Global Funding I (3 Month LIBOR +0.22%) 144A±		1.83			9-19-2019		3,000,000		3,005,988
Metropolitan Life Global Funding I (3 Month LIBOR +0.23%) 144A±		1.94			1-8-2021		1,500,000		1,496,028
Metropolitan Life Global Funding I (3 Month LIBOR +0.40%) 144A±		1.95			6-12-2020		3,000,000		3,014,925
Metropolitan Life Global Funding I 144A		3.65			6-14-2018		575,000		577,529
New York Life Global Funding (3 Month LIBOR +0.27%) 144A±		1.97			4-9-2020		9,250,000		9,275,916
Pricoa Global Funding 1 144A		1.90			9-21-2018		1,795,000		1,789,525
Protective Life Global Funding (3 Month LIBOR +0.55%) 144A±		2.07			6-8-2018		6,000,000		6,007,155
Reliance Standard Life Insurance 144A		2.15			10-15-2018		6,000,000		5,993,791
									42,990,107

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

Portfolio of investments—February 28, 2018 (unaudited) Wells Fargo Conservative Income Fund 9

Security name	Interest rate			Maturity date		Principal		Value
Health Care: 2.16%
Biotechnology: 1.37%
Gilead Sciences Incorporated		1.85	%		9-4-2018	$	7,000,000	$	6,985,416
Health Care Equipment & Supplies: 0.79%
Medtronic Incorporated		1.50			3-15-2018		4,000,000		3,999,184
Information Technology: 0.91%
Semiconductors & Semiconductor Equipment: 0.91%
Qualcomm Incorporated (3 Month LIBOR +0.55%) ±		2.43			5-20-2020		4,600,000		4,611,536
Materials: 0.68%
Chemicals: 0.68%
Praxair Incorporated		1.25			11-7-2018		3,500,000		3,474,569
Utilities: 1.66%
Electric Utilities: 1.66%
Duke Energy Florida LLC		2.10			12-15-2019		1,425,000		1,418,008
Duke Energy Progress LLC (3 Month LIBOR +0.18%) ±		1.70			9-8-2020		4,000,000		4,004,883
PacifiCorp		5.65			7-15-2018		3,000,000		3,035,873
									8,458,764
Total Corporate Bonds and Notes (Cost $161,099,139)									161,116,916
Municipal Obligations: 2.40%
Colorado: 1.18%
Colorado Tender Option Bond Trust Receipts/Certificates Series 2017-TPG007 (Health Revenue, Bank of America NA LIQ) 144Aø		2.09			10-29-2027		6,000,000		6,000,000
Kentucky: 0.92%
Louisville Jefferson County KY Metropolitan Government Series A (GO Revenue)		1.95			12-1-2018		4,690,000		4,677,431
Texas: 0.30%
Houston Texas Taxable Pension Obligation (GO Revenue)		2.20			3-1-2019		1,500,000		1,495,380
Total Municipal Obligations (Cost $12,190,000)									12,172,811
Yankee Corporate Bonds and Notes: 19.04%
Consumer Staples: 1.61%
Tobacco: 1.61%
Japan Tobacco Incorporated 144A		2.10			7-23-2018		8,200,000		8,196,548
Energy: 1.83%
Oil, Gas & Consumable Fuels: 1.83%
BP Capital Markets plc (3 Month LIBOR +0.35%) ±		2.18			8-14-2018		6,650,000		6,657,474
BP Capital Markets plc		2.50			12-10-2018		2,640,000		2,642,651
									9,300,125

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

10 Wells Fargo Conservative Income Fund Portfolio of investments—February 28, 2018 (unaudited)

Security name	Interest rate			Maturity date		Principal		Value
Financials: 15.60%
Banks: 12.60%
ABN AMRO Bank NV 144A		2.10	%		1-18-2019	$	5,000,000	$	4,978,575
ABN AMRO Bank NV 144A		2.50			10-30-2018		2,000,000		2,000,694
Australia & New Zealand Banking Group (3 Month LIBOR +0.32%) 144A±		2.12			11-9-2020		1,000,000		1,000,625
Bank of Tokyo-Mitsubishi UFJ Limited (3 Month LIBOR +1.02%) 144A±		2.59			9-14-2018		1,250,000		1,255,722
Banque Federative du Credit Mutuel SA (3 Month LIBOR +0.49%) 144A±		2.23			7-20-2020		1,500,000		1,507,696
Barclays Bank plc (3 Month LIBOR +0.46%) ±		2.16			1-11-2021		5,000,000		5,009,835
BNZ International Funding of London (3 Month LIBOR +0.70%) 144A±		2.59			2-21-2020		1,750,000		1,761,606
Canadian Imperial Bank of Commerce (3 Month LIBOR +0.32%) ±		2.09			2-2-2021		2,000,000		2,001,648
Commonwealth Bank of Australia (3 Month LIBOR +0.40%) 144A±		2.00			9-18-2020		3,000,000		3,007,530
ING Bank NV (3 Month LIBOR +0.61%) 144A±		2.45			8-15-2019		3,600,000		3,617,139
National Australia Bank (3 Month LIBOR +0.35%) 144A±		2.06			1-12-2021		2,000,000		2,000,885
National Australia Bank (3 Month LIBOR +0.69%) 144A±		2.23			12-9-2019		2,200,000		2,216,153
National Australia Bank (3 Month LIBOR +0.51%) 144A±		2.41			5-22-2020		1,000,000		1,004,436
Nordea Bank AB (3 Month LIBOR +0.47%) 144A±		1.95			5-29-2020		5,000,000		5,021,922
Rabobank Nederland NV (3 Month LIBOR +0.51%) ±		2.31			8-9-2019		3,000,000		3,013,961
Santander UK Group Holdings plc (3 Month LIBOR +0.30%) ±		2.09			11-3-2020		3,000,000		2,998,328
Santander UK Group Holdings plc		2.00			8-24-2018		3,000,000		2,995,544
Sumitomo Mitsui Banking Corporation (3 Month LIBOR +0.31%) ±		2.04			10-18-2019		4,600,000		4,604,416
Sumitomo Mitsui Banking Corporation (3 Month LIBOR +0.54%) ±		2.24			1-11-2019		2,000,000		2,006,158
Sumitomo Mitsui Trust Bank Limited (3 Month LIBOR +0.91%) 144A±		2.64			10-18-2019		6,000,000		6,048,760
The Bank of Nova Scotia (3 Month LIBOR +0.29%) ±		1.99			1-8-2021		1,000,000		999,747
Westpac Banking Corporation (3 Month LIBOR +0.34%) ±		2.09			1-25-2021		5,000,000		5,008,202
									64,059,582
Capital Markets: 1.42%
Siemens Financieringsmaatschappij NV (3 Month LIBOR +0.32%) 144A±		1.88			9-13-2019		4,610,000		4,626,732
Siemens Financieringsmaatschappij NV (3 Month LIBOR +0.34%) 144A±		1.94			3-16-2020		2,560,000		2,571,857
									7,198,589
Diversified Financial Services: 1.58%
UBS AG (3 Month LIBOR +0.48%) 144A±		1.96			12-1-2020		4,000,000		4,006,488
UBS AG (3 Month LIBOR +0.58%) 144A±		2.10			6-8-2020		4,000,000		4,018,224
									8,024,712
Total Yankee Corporate Bonds and Notes (Cost $96,608,280)									96,779,556
Yankee Government Bonds: 1.03%
Export-Import Bank of Korea (3 Month LIBOR +0.70%) ±		2.64			5-26-2019		4,000,000		4,007,720
Export-Import Bank of Korea		2.88			9-17-2018		1,200,000		1,200,802
Total Yankee Government Bonds (Cost $5,206,759)									5,208,522
Short-Term Investments: 20.68%
Certificates of Deposit: 1.28%
Barclays Bank plc (1 Month LIBOR +0.50%) ±		2.08			4-3-2018		3,000,000		3,001,815
Credit Suisse		2.82			3-8-2018		3,500,000		3,500,338
									6,502,153

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

Portfolio of investments—February 28, 2018 (unaudited) Wells Fargo Conservative Income Fund 11

Security name	Interest rate			Maturity date		Principal		Value
Commercial Paper: 19.39%
Anglesea Funding LLC 144A(p)(z)		1.50	%		4-3-2018	$	11,000,000	$	10,982,681
Atlantic Asset Securitization LLC (p)(z)		1.66			4-9-2018		6,000,000		5,988,087
Atlantic Asset Securitization LLC 144A(p)(z)		1.78			5-15-2018		2,600,000		2,589,127
Atlantic Asset Securitization LLC 144A(p)(z)		1.89			5-14-2018		2,000,000		1,991,771
AXA Financial Incorporated 144A(z)		1.69			3-15-2018		5,650,000		5,645,787
CNPC Finance Hong Kong Limited 144A(z)		1.85			3-13-2018		9,750,000		9,744,613
CRC Funding LLC 144A(p)(z)		1.42			3-12-2018		2,000,000		1,998,990
CRC Funding LLC 144A(p)(z)		1.76			5-10-2018		3,500,000		3,486,726
Fairway Finance Corporation 144A(p)(z)		1.79			4-24-2018		3,000,000		2,991,553
Gotham Funding Corporation 144A(p)(z)		1.54			3-20-2018		1,900,000		1,898,330
La Fayette Asset Securitization LLC 144A(p)(z)		1.57			3-22-2018		4,000,000		3,996,052
La Fayette Asset Securitization LLC 144A(p)(z)		1.76			5-3-2018		7,600,000		7,574,661
LMA Americas LLC 144A(p)(z)		1.64			5-3-2018		5,000,000		4,982,969
LMA Americas LLC 144A(p)(z)		1.67			4-11-2018		1,000,000		997,954
Old Line Funding LLC (1 Month LIBOR +0.20%) 144A(p)(z)		1.78			11-9-2018		7,000,000		6,998,124
Old Line Funding LLC 144A(p)(z)		1.83			5-16-2018		1,900,000		1,891,974
Starbird Funding Corporation 144A(p)(z)		1.62			4-16-2018		1,400,000		1,396,745
Thunder Bay Funding LLC 144A(p)(z)		2.04			6-22-2018		5,000,000		4,966,940
Toyota Industries Commercial Finance Incorporated 144A(z)		2.12			11-1-2018		7,000,000		6,894,719
Versailles Cds LLC 144A(p)(z)		1.71			4-11-2018		3,500,000		3,492,675
Victory Receivables 144A(p)(z)		1.78			4-30-2018		7,000,000		6,977,974
White Plains Capital 144A(z)		1.71			3-13-2018		1,000,000		999,335
									98,487,787
	Yield					Shares
Investment Companies: 0.01%
Wells Fargo Government Money Market Fund Select Class (l)(u)		1.29					56,620		56,620
Total Short-Term Investments (Cost $105,064,069)									105,046,560

Total investments in securities (Cost $505,078,783)	99.40	%		504,980,990
Other assets and liabilities, net	0.60			3,033,682
Total net assets	100.00	%	$	508,014,672

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.

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

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.

(p) Asset-backed commercial paper

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

(l) The issuer of the security is an affiliated person of the Fund as defined in the Investment Company Act of 1940.

(u) The rate represents the 7-day annualized yield at period end.

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

12 Wells Fargo Conservative Income Fund Portfolio of investments—February 28, 2018 (unaudited)

Investments in Affiliates

An affiliated investment is an investment in which the Fund owns at least 5% of the outstanding voting shares of the issuer or as a result of other relationships, such as the Fund and the issuer having the same investment manager. Transactions with issuers that were either affiliated persons of the Fund at the beginning of the period or the end of the period were as follows:

	Shares, beginning of period		Shares purchased		Shares sold		Shares, end of period		Net realized gains (losses)		Net change in unrealized gains (losses)		Income from affiliated securities		Value, end of period		% of net assets
Short-Term Investments
Investment Companies
Wells Fargo Government Money Market Fund Select Class		275,037		141,238,283		141,456,700		56,620	$	0	$	0	$	8,156	$	56,620		0.01	%

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

Statement of assets and liabilities—February 28, 2018 (unaudited) Wells Fargo Conservative Income Fund 13

Assets
Investments in unaffiliated securities, at value (cost $505,022,163)	$	504,924,370
Investments in affiliated securities, at value (cost $56,620)		56,620
Receivable for investments sold		1,051,013
Receivable for Fund shares sold		4,149,000
Receivable for interest		1,162,303
Prepaid expenses and other assets		49,122
Total assets		511,392,428
Liabilities
Payable for investments purchased		3,059,128
Payable for Fund shares redeemed		133,527
Dividends payable		73,984
Management fee payable		63,767
Administration fee payable		31,954
Trustees’ fees and expenses payable		1,715
Accrued expenses and other liabilities		13,681
Total liabilities		3,377,756
Total net assets	$	508,014,672
NET ASSETS CONSIST OF
Paid-in capital	$	508,560,490
Undistributed net investment income		4,600
Accumulated net realized losses on investments		(452,625	)
Net unrealized losses on investments		(97,793	)
Total net assets	$	508,014,672
COMPUTATION OF NET ASSET VALUE PER SHARE
Net assets – Institutional Class	$	508,014,672
Shares outstanding – Institutional Class1		50,858,642
Net asset value per share – Institutional Class		$9.99

¹  The Fund has an unlimited number of authorized shares.

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

14 Wells Fargo Conservative Income Fund Statement of operations—six months ended February 28, 2018 (unaudited)

Investment income
Interest (net of foreign interest withholding taxes of $913)	$	4,430,916
Income from affiliated securities		8,156
Total investment income		4,439,072
Expenses
Management fee		632,651
Administration fee
Institutional Class		202,448
Custody and accounting fees		14,478
Professional fees		20,086
Registration fees		31,916
Shareholder report expenses		1,082
Trustees’ fees and expenses		7,972
Other fees and expenses		2,836
Total expenses		913,469
Less: Fee waivers and/or expense reimbursements		(230,206	)
Net expenses		683,263
Net investment income		3,755,809
REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS
Net realized losses on investments		(452,208	)
Net change in unrealized gains (losses) on investments		(780,307	)
Net realized and unrealized gains (losses) on investments		(1,232,515	)
Net increase in net assets resulting from operations	$	2,523,294

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

Statement of changes in net assets Wells Fargo Conservative Income Fund 15

	Six months ended February 28, 2018 (unaudited)						Year ended August 31, 2017
Operations
Net investment income				$	3,755,809					$	5,763,414
Net realized gains (losses) on investments					(452,208	)					376,009
Net change in unrealized gains (losses) on investments					(780,307	)					(76,758	)
Net increase in net assets resulting from operations					2,523,294						6,062,665
Distributions to shareholders from
Net investment income – Institutional Class					(3,756,303	)					(5,765,706	)
Net realized gains – Institutional Class					(148,163	)					0
Total distributions to shareholders					(3,904,466	)					(5,765,706	)
Capital share transactions		Shares						Shares
Proceeds from shares sold – Institutional Class		37,136,629			371,621,639			32,361,100			323,882,718
Reinvestment of distributions – Institutional Class		329,189			3,292,027			500,446			5,007,754
Payment for shares redeemed – Institutional Class		(28,468,633	)		(284,756,862	)		(45,740,798	)		(457,777,428	)
Net increase (decrease) in net assets resulting from capital share transactions					90,156,804						(128,886,956	)
Total increase (decrease) in net assets					88,775,632						(128,589,997	)
Net assets
Beginning of period					419,239,040						547,829,037
End of period				$	508,014,672					$	419,239,040
Undistributed net investment income				$	4,600					$	5,094

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

16 Wells Fargo Conservative Income Fund Financial highlights

(For a share outstanding throughout each period)

	Six months ended February 28, 2018 (unaudited)			Year ended August 31
INSTITUTIONAL CLASS				2017			2016			2015			2014			20131
Net asset value, beginning of period		$10.01			$10.01			$10.00			$10.02			$9.99			$10.00
Net investment income		0.07			0.12			0.07			0.05			0.04			0.01
Net realized and unrealized gains (losses) on investments		(0.02	)		0.00	2		0.01			(0.02	)		0.03			(0.01	)
Total from investment operations		0.05			0.12			0.08			0.03			0.07			0.00
Distributions to shareholders from
Net investment income		(0.07	)		(0.12	)		(0.07	)		(0.05	)		(0.04	)		(0.01	)
Net realized gains		(0.00	)2		0.00			0.00			(0.00	)2		(0.00	)2		0.00
Total distributions to shareholders		(0.07	)		(0.12	)		(0.07	)		(0.05	)		(0.04	)		(0.01	)
Net asset value, end of period		$9.99			$10.01			$10.01			$10.00			$10.02			$9.99
Total return3		0.56	%		1.20	%		0.79	%		0.28	%		0.74	%		0.01	%
Ratios to average net assets (annualized)
Gross expenses		0.36	%		0.36	%		0.36	%		0.38	%		0.43	%		0.74	%
Net expenses		0.27	%		0.27	%		0.27	%		0.27	%		0.27	%		0.27	%
Net investment income		1.48	%		1.17	%		0.72	%		0.48	%		0.44	%		0.44	%
Supplemental data
Portfolio turnover rate		97	%		197	%		269	%		80	%		55	%		10	%
Net assets, end of period (000s omitted)		$508,015			$419,239			$547,829			$336,608			$143,418			$49,983

¹  For the period from May 31, 2013 (commencement of class operations) to August 31, 2013

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 Conservative Income 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 Conservative Income 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

All investments are valued each business day as of the close of regular trading on the New York Stock Exchange (generally 4 p.m. Eastern Time), although the Fund may deviate from this calculation time under unusual or unexpected circumstances.

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.

Futures that are listed on a foreign or domestic exchange or market are valued at the official closing price or, if none, the last sales price.

Investments in registered open-end investment companies are valued at net asset value.

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 Wells Fargo Asset Management Pricing Committee at Wells Fargo Funds Management, LLC (“Funds Management”). The Board of Trustees retains the authority to make or ratify any valuation decisions or approve any changes to the Valuation Procedures as it deems appropriate. On a quarterly basis, the Board of Trustees receives reports on any valuation actions taken by the Valuation Committee or the Wells Fargo Asset Management Pricing Committee which may include items for ratification.

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.

Futures contracts

The Fund is subject to interest rate risk in the normal course of pursuing its investment objectives. The Fund may buy and sell futures contracts in order to gain exposure to, or protect against, changes in interest rates. The primary risks associated with the use of futures contracts are the imperfect correlation between changes in market values of securities held by the Fund and the prices of futures contracts, and the possibility of an illiquid market.

18 Wells Fargo Conservative Income Fund Notes to financial statements (unaudited)

The aggregate principal amounts of the contracts are not recorded in the financial statements. Fluctuations in the value of the contracts are recorded in the Statement of Assets and Liabilities as an asset or liability and in the Statement of Operations as unrealized gains or losses until the contracts are closed, at which point they are recorded as net realized gains or losses on futures contracts. With futures contracts, there is minimal counterparty risk to the Fund since futures are exchange traded and the exchange’s clearinghouse, as counterparty to all exchange traded futures, guarantees the futures against default.

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. 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.

Income from foreign securities is recorded net of foreign taxes withheld where recovery of such taxes is not assured.

Distributions to shareholders

Distributions to shareholders from net investment income are declared daily and paid monthly. Distributions from net realized gains, if any, are recorded on the ex-dividend date and paid at least annually. Such distributions are determined in accordance with income tax regulations and may differ from U.S. generally accepted accounting principles. Dividend sources are estimated at the time of declaration. The tax character of distributions is determined as of 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 at year end.

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 February 28, 2018, the aggregate cost of all investments for federal income tax purposes was $505,078,682 and the unrealized gains (losses) consisted of:

Gross unrealized gains	$	491,849
Gross unrealized losses		(589,541	)
Net unrealized losses	$	(97,692	)

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)

Notes to financial statements (unaudited) Wells Fargo Conservative Income Fund 19

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 February 28, 2018:

	Quoted prices (Level 1)		Other significant observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total
Assets
Investments in:
Asset-backed securities	$	0	$	124,656,625	$	0	$	124,656,625
Corporate bonds and notes		0		161,116,916		0		161,116,916
Municipal obligations		0		12,172,811		0		12,172,811
Yankee corporate bonds and notes		0		96,779,556		0		96,779,556
Yankee government bonds		0		5,208,522		0		5,208,522
Short-term investments
Certificates of deposit		0		6,502,153		0		6,502,153
Commercial paper		0		98,487,787		0		98,487,787
Investment companies		56,620		0		0		56,620
Total assets	$	56,620	$	504,924,370	$	0	$	504,980,990

The Fund recognizes transfers between levels within the fair value hierarchy at the end of the reporting period. At February 28, 2018, 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 0.25% and declining to 0.18% as the average daily net assets of the Fund increase. For the six months ended February 28, 2018, the management fee was equivalent to an annual rate of 0.25% 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 0.10% and declining to 0.05% as the average daily net assets of the Fund increase.

Administration fee

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 of 0.08% which is calculated based on the average daily net assets of the Institutional Class.

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 December 31, 2018 to waive fees and/or reimburse expenses to the extent necessary to cap the Fund’s expenses at 0.27% for Institutional 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.

20 Wells Fargo Conservative Income Fund Notes to financial statements (unaudited)

Interfund transactions

The Fund may purchase or sell investment securities to other Wells Fargo affiliates pursuant to Rule 17a-7 under 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 $4,963,085 in interfund purchases during the six months ended February 28, 2018.

5. INVESTMENT PORTFOLIO TRANSACTIONS

Purchases and sales of investments, excluding U.S. government obligations (if any) and short-term securities, for the six months ended February 28, 2018 were $420,339,086 and $401,150,896, respectively.

6. BANK BORROWINGS

The Trust (excluding the money market funds and certain other funds) and Wells Fargo Variable Trust are parties to a $280,000,000 revolving credit agreement whereby the Fund is permitted to use bank borrowings for temporary or emergency purposes, such as to fund shareholder redemption requests. Interest under the credit agreement is charged to the Fund based on a borrowing rate equal to the higher of the Federal Funds rate in effect on that day plus 1.25% or the overnight LIBOR rate in effect on that day plus 1.25%. In addition, an annual commitment fee equal to 0.25% of the unused balance is allocated to each participating fund.

For the six months ended February 28, 2018, there were no borrowings by the Fund under the agreement.

7. 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.

Other information (unaudited) Wells Fargo Conservative Income 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 monthly on the Fund’s website (wellsfargofunds.com), on a one-month delayed basis. In addition, top ten holdings information (excluding derivative positions) for the Fund is publicly available on the Fund’s website on a monthly, seven-day or more 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 Conservative Income 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 153 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; Chair Liaison, since 2018	Retired. From 2012 to 2014 and 1999 to 2008, Chief Financial Officer of Scientific Learning Corporation. From 2008 to 2012, Ms. Freeman provided consulting services related to strategic business projects. Prior to 1999, Portfolio Manager at Rockefeller & Co. and Scudder, Stevens & Clark. Board member of the Harding Loevner Funds from 1996 to 2014, serving as both Lead Independent Director and chair of the Audit Committee. Board member of the Russell Exchange Traded Funds Trust from 2011 to 2012 and the chair of the Audit Committee. Ms. Freeman is a Board Member of Ruth Bancroft Garden (non-profit organization) and the Glimmerglass Festival. She is also an inactive Chartered Financial Analyst.	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 Conservative Income 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; Governance Committee Chairman, since 2018	International Foundation of Employee Benefit Plans Professor, Wharton School of the University of Pennsylvania since 1993. Director of Wharton’s Pension Research Council and Boettner Center on Pensions & Retirement Research, and Research Associate at the National Bureau of Economic Research. Previously, Cornell University Professor from 1978 to 1993.	Asset Allocation Trust
Timothy J. Penny**** (Born 1951)	Trustee, since 1996; Chairman, since 2018; Vice Chairman, from 2017 to 2018	President and Chief Executive Officer of Southern Minnesota Initiative Foundation, a non-profit organization, since 2007. Member of the Board of Trustees of NorthStar Education Finance, Inc., a non-profit organization, since 2007.	Asset Allocation Trust
James G. Polisson***** (Born 1959)	Trustee, since 2018; Advisory Board Member, from 2017 to 2018	Retired. Chief Marketing Officer, Source (ETF) UK Services, Ltd, from 2015 to 2017. From 2012 to 2015, Principal of The Polisson Group, LLC, a management consulting, corporate advisory and principal investing company. Chief Executive Officer and Managing Director at Russell Investments, Global Exchange Traded Funds from 2010 to 2012. Managing Director of Barclays Global Investors from 1998 to 2010 and Global Chief Marketing Officer for iShares and Barclays Global Investors from 2000 to 2010. Trustee of the San Francisco Mechanics’ Institute, a non-profit organization, from 2013 to 2015. Board member of the Russell Exchange Traded Fund Trust from 2011 to 2012. Director of Barclays Global Investors Holdings Deutschland GmbH from 2006 to 2009. Mr. Polisson is an attorney and has a retired status with the Massachusetts and District of Columbia Bar Associations.	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. Trustee of the Evergreen Fund 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
Pamela Wheelock***** (Born 1959)	Trustee, since 2018; Advisory Board Member, from 2017 to 2018	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.	Asset Allocation Trust

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

** Jane Freeman became Chair Liaison effective January 1, 2018.

*** Olivia Mitchell became Chairman of the Governance Committee effective January 1, 2018.

**** Timothy Penny became Chairman effective January 1, 2018.

***** James Polisson and Pamela Wheelock each became a Trustee effective January 1, 2018.

24 Wells Fargo Conservative Income 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.
Alexander Kymn* (Born 1973)	Secretary, since 2018; Chief Legal Officer, since 2018	Senior Company Counsel of Wells Fargo Bank, N.A. since 2018 (previously Senior Counsel from 2007 to 2018). Vice President of Wells Fargo Funds Management, LLC from 2008 to 2014.
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 77 funds in the Fund Complex. Jeremy DePalma acts as Treasurer of 76 funds and Assistant Treasurer of 77 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.

* Alexander Kymn became the Secretary and Chief Legal Officer effective April 17, 2018.

** David Messman was the Secretary and Chief Legal Officer until April 16, 2018.

List of abbreviations Wells Fargo Conservative Income Fund 25

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

INR —  Indian rupee

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 Agency

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

SIFMA —  Securities Industry and Financial Markets Association

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 Distributor nor Wells Fargo Funds Management holds fund shareholder accounts or assets. This material is for general informational and educational purposes only and is NOT intended to provide investment advice or a recommendation of any kind—including a recommendation for any specific investment, strategy, or plan.

NOT FDIC INSURED  ◾  NO BANK GUARANTEE  ◾   MAY LOSE VALUE

© 2018 Wells Fargo Funds Management, LLC. All rights reserved.

302023 04-18 SA265/SAR265 02-18

Semi-Annual Report

February 28, 2018

Wells Fargo Government Securities 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	18
Statement of operations	19
Statement of changes in net assets	20
Financial highlights	21
Notes to financial statements	25
Other information	30
List of abbreviations	34

The views expressed and any forward-looking statements are as of February 28, 2018, 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 Securities Fund Letter to shareholders (unaudited)

Andrew Owen

President

Wells Fargo Funds

During the period, stocks globally delivered positive returns.

Dear Shareholder:

We are pleased to offer you this semi-annual report for the Wells Fargo Government Securities Fund for the six-month period that ended February 28, 2018. During the period, stocks globally delivered positive returns. For the period, U.S. stocks, as measured by the S&P 500 Index¹, gained 10.84% and international stocks, as measured by the MSCI ACWI ex USA Index (Net)², gained 7.59%. In bond markets, the Bloomberg Barclays U.S. Aggregate Bond Index³ declined 2.18% and the Bloomberg Barclays Municipal Bond Index⁴ lost 1.24% while fixed-income investments outside the U.S. gained 2.52%, according to the Bloomberg Barclays Global Aggregate ex-USD Index⁵. The ICE BofAML U.S. High Yield Index⁶ earned 1.01% during the period.

U.S. stocks advanced as business-friendly policies and regulations, newly implemented tax reform, increased hiring activity, and consistent corporate profits led to higher investor and consumer confidence. Internationally, stocks gained as unemployment fell and wages increased in the U.K.; the Bank of Japan continued its accommodative monetary policies; and industrial production, retail sales, and fixed asset investment increased in China. Stock returns in the emerging markets were strong, with the MSCI EM Index (Net)⁷ gaining 10.58% for the period.

Reactions to U.S. interest-rate increases were uneven across the yield curve and globally.

The U.S. Federal Reserve (Fed) increased the federal funds rate twice during the six-month period. Following a federal funds rate increase in June to a range of 1.00% to 1.25%, 10-year U.S. Treasury yields declined, the yield curve flattened, and long-term bond prices benefited.

Internationally, central banks maintained low interest rates and accommodative monetary policies that supported business activity and stock values in foreign markets. A weaker U.S. dollar was generally supportive of business activity in regions around the globe.

Positive economic and market news continued as 2017 closed and 2018 began.

During the fourth quarter of 2017, stock markets continued the move higher. Third-quarter economic output in the U.S. grew at a 3.2% annual rate. The unemployment rate fell to a 17-year low of 4.1%. Tax reform and wage growth encouraged increased business and consumer spending.

Fed officials announced in October 2017 plans to begin unwinding its $4.5 trillion portfolio of bonds and other assets accumulated during rounds of quantitative easing conducted since the 2008–2009 recession. Still, restrained inflation kept long-term bond rates steady and the flattening of the yield curve persisted.

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 indices 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 Bloomberg Barclays Global Aggregate ex-USD Index is an unmanaged index that provides a broad-based measure of the global investment-grade fixed-income markets excluding the U.S. dollar-denominated debt market. You cannot invest directly in an index.

⁶  The ICE BofAML U.S. High Yield Index is a market-capitalization-weighted index of domestic and Yankee high-yield bonds. The index tracks the performance of high-yield securities traded in the U.S. bond market. You cannot invest directly in an index. Copyright 2018. ICE Data Indices, LLC. All rights reserved.

⁷  The MSCI Emerging Markets (EM) Index (Net) is a free-float-adjusted market-capitalization-weighted index that is designed to measure large- and mid-cap equity market performance of emerging markets. The MSCI EM Index (Net) consists of the following 24 emerging markets country indices: Brazil, Chile, China, Colombia, Czech Republic, Egypt, Greece, Hungary, India, Indonesia, Korea, Malaysia, Mexico, Pakistan, Peru, the Philippines, Poland, Qatar, Russia, South Africa, Taiwan, Thailand, Turkey, and the United Arab Emirates. You cannot invest directly in an index.

Letter to shareholders (unaudited) Wells Fargo Government Securities Fund 3

October 2017 also marked one year since the regulatory reform of money market investing in the U.S. By December 2017, money market fund asset levels exceeded their December 2016 levels, reflecting continued investor demand for short-term investment opportunities offered in money market funds.

In December, the Organisation for Economic Co-operation and Development (OECD) reported that the global economy was expanding at its fastest rate since 2010; all 35 countries the OECD follows were on track to expand for 2017. International economies benefited from economic stimulus, which accelerated trade growth; improving employment; increased investment; and firming commodity prices.

The Fed raised the federal funds rate target to a range of 1.25% to 1.50% in December 2017 and began reducing its bond portfolio.

2018 opened with continued stock advances, then volatility.

Improving business and economic data globally continued to support stock advances through January 2018. Even political wrangling in the U.S. over budget resolutions could not dissuade investors from buying stocks as payrolls and factory orders increased. Long-term interest rates in the U.S. trended higher as the yield curve steepened—the 10-year Treasury rate moved from 2.46% to 2.84% and the 30-year rate moved from 2.81% to 3.08% during January 2018.

Investor sentiment shifted in February. Concerns about inflation began to emerge in the U.S. as readings from the Producer Price Index in January rose 2.5% year over year. During February 2018, the U.S. market endured a loss of more than 10% before recovering much of that loss, but volatility affected stocks globally throughout the month.

During January 2018, purchasing managers’ indexes in China, the eurozone, India, and Japan reported data for December that indicated continued growth. International stock values fell during February 2018, swept up in the selling momentum in U.S. markets.

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

Periods of investment uncertainty can present challenges, but experience has taught us that maintaining long-term investment goals can be an effective way to plan for the future. To help you create a sound strategy based on your personal goals and risk tolerance, Wells Fargo Funds offers more than 100 mutual funds spanning a wide range of asset classes and investment styles. Although diversification cannot guarantee an investment profit or prevent losses, we believe it can be an effective way to manage investment risk and potentially smooth out overall portfolio performance. We encourage investors to know their investments and to understand that appropriate levels of risk-taking may unlock opportunities.

Thank you for choosing to invest with Wells Fargo Funds. We appreciate your confidence in us and remain committed to helping you meet your financial needs.

Sincerely,

Andrew Owen

President

Wells Fargo Funds

During February 2018, the U.S. market endured a loss of more than 10% before recovering much of that loss, but volatility affected stocks globally throughout the month.

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.

4 Wells Fargo Government Securities Fund Performance highlights (unaudited)

Investment objective

The Fund seeks current income.

Manager

Wells Fargo Funds Management, LLC

Subadviser

Wells Capital Management Incorporated

Portfolio managers

Christopher Y. Kauffman, CFA^®

Jay N. Mueller, CFA^®

Michal Stanczyk

Average annual total returns (%) as of February 28, 2018¹

		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 (SGVDX)	8-31-1999		(4.88	)		(0.06	)		2.24		(0.40	)		0.86		2.71		0.87		0.85
Class C (WGSCX)	12-26-2002		(2.14	)		0.13			1.95		(1.14	)		0.13		1.95		1.62		1.60
Administrator Class (WGSDX)	4-8-2005		–			–			–		(0.19	)		1.09		2.93		0.81		0.64
Institutional Class (SGVIX)	8-31-1999		–			–			–		(0.03	)		1.24		3.10		0.54		0.48
Bloomberg Barclays U.S. Aggregate ex Credit Index4	–		–			–			–		(0.20	)		1.25		3.09		–		–
Bloomberg Barclays Intermediate U.S. Government Bond Index5	–		–			–			–		(0.61	)		0.66		2.22		–		–

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 return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Performance shown without sales charges would be lower if sales charges were reflected. Current performance may be lower or higher than the performance data quoted, which assumes the reinvestment of dividends and capital gains. Current month-end performance is available on the Fund’s website, wellsfargofunds.com.

Index returns do not include transaction costs associated with buying and selling securities, any mutual fund fees or expenses, or any taxes. It is not possible to invest directly in an index.

For Class A shares, the maximum front-end sales charge is 4.50%. 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. Administrator Class and Institutional Class shares are sold without a front-end sales charge or contingent deferred sales charge.

Bond values fluctuate in response to the financial condition of individual issuers, general market and economic conditions, and changes in interest rates. Changes in market conditions and government policies may lead to periods of heightened volatility in the bond market and reduced liquidity for certain bonds held by the Fund. In general, when interest rates rise, bond values fall and investors may lose principal value. Interest-rate changes and their impact on the Fund and its share price can be sudden and unpredictable. The use of derivatives may reduce returns and/or increase volatility. Securities issued by U.S. government agencies or government sponsored entities may not be guaranteed by the U.S. Treasury. Certain investment strategies tend to increase the total risk of an investment (relative to the broader market). The Fund is exposed to mortgage- and asset-backed securities risk. The U.S. government guarantee applies to certain underlying securities and not to shares of the Fund. Consult the Fund’s prospectus for additional information on these and other risks.

Please see footnotes on page 5.

Performance highlights (unaudited) Wells Fargo Government Securities Fund 5

Ten largest holdings (%) as of February 28, 20186
FNMA, 4.50%, 3-13-2048	4.73
U.S. Treasury Note, 1.75%, 5-15-2023	4.29
GNMA, 3.50%, 3-28-2048	3.89
U.S. Treasury Bond, 3.75%, 11-15-2043	3.65
FNMA, 3.00%, 9-1-2036	3.32
Resolution Funding Corporation STRIPS, 0.00%, 7-15-2020	3.06
Resolution Funding Corporation STRIPS, 0.00%, 10-15-2019	2.67
FNMA, 4.00%, 4-1-2046	2.39
FNMA, 3.50%, 3-15-2033	2.21
GNMA, 4.00%, 12-20-2047	2.13

Portfolio allocation as of February 28, 2018⁷

¹  Effective June 20, 2008, the Advisor Class was renamed Class A and modified to assume the features and attributes of Class A. Historical performance shown for Class A shares through June 19, 2008, includes Advisor Class expenses.

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 December 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. The expense ratio paid by an investor is the net expense ratio (the total annual fund operating expenses after fee waivers) as stated in the prospectuses.

⁴  The Bloomberg Barclays U.S. Aggregate ex Credit Index is composed of the Bloomberg Barclays U.S. Government Bond Index and the Bloomberg Barclays U.S. Mortgage-Backed Securities Index and it includes Treasury issues, agency issues, and mortgage backed securities. You cannot invest directly in an index.

⁵  The Bloomberg Barclays Intermediate U.S. Government Bond Index is an unmanaged index composed of U.S. government securities with maturities in the one to 10-year range, including securities issued by the U.S. Treasury and U.S. government agencies. You cannot invest directly in an index.

⁶  The ten largest holdings, excluding cash and cash equivalents, are calculated based on the value of the investments divided by total net assets of the Fund. Holdings are subject to change and may have changed since the date specified.

⁷  Amounts are calculated based on the total long-term investments of the Fund. These amounts are subject to change and may have changed since the date specified.

6 Wells Fargo Government Securities Fund Fund expenses (unaudited)

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments and contingent deferred sales charges (if any) on redemptions and (2) ongoing costs, including management fees, distribution (12b-1) and/or shareholder servicing fees, and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The example is based on an investment of $1,000 invested at the beginning of the six-month period and held for the entire period from September 1, 2017 to February 28, 2018.

Actual expenses

The “Actual” line of the table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the “Actual” line under the heading entitled “Expenses paid during period” for your applicable class of shares to estimate the expenses you paid on your account during this period.

Hypothetical example for comparison purposes

The “Hypothetical” line of the table below provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads) and contingent deferred sales charges. Therefore, the “Hypothetical” line of the table is useful in comparing ongoing costs only and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

	Beginning account value 9-1-2017		Ending account value 2-28-2018		Expenses paid during the period¹		Annualized net expense ratio
Class A
Actual	$	1,000.00	$	976.81	$	4.17		0.85	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.58	$	4.26		0.85	%
Class C
Actual	$	1,000.00	$	973.18	$	7.83		1.60	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,016.86	$	8.00		1.60	%
Administrator Class
Actual	$	1,000.00	$	977.83	$	3.14		0.64	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.62	$	3.21		0.64	%
Institutional Class
Actual	$	1,000.00	$	978.58	$	2.35		0.48	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,022.41	$	2.41		0.48	%

¹ Expenses paid is equal to the annualized net expense ratio of each class multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year divided by the number of days in the fiscal year (to reflect the one-half-year period).

Portfolio of investments—February 28, 2018 (unaudited) Wells Fargo Government Securities Fund 7

Security name	Interest rate			Maturity date		Principal		Value
Agency Securities: 88.93%
FDIC Series 2010-R1 Class A 144A		2.18	%		5-25-2050	$	359,843	$	360,450
FDIC Series 2013-R1 Class A 144A		1.15			3-25-2033		2,011,123		1,980,475
FHLB		5.63			3-14-2036		6,020,000		7,927,311
FHLMC		1.42			5-25-2021		3,468,224		3,405,187
FHLMC (1 Month LIBOR +0.50%) ±		2.09			8-15-2037		3,751,860		3,782,494
FHLMC (1 Month LIBOR +0.67%) ±		2.25			2-25-2023		734,066		737,514
FHLMC		2.38			4-25-2023		2,663,103		2,616,758
FHLMC		2.46			3-25-2022		3,909,098		3,863,972
FHLMC		2.62			12-25-2026		4,098,866		3,994,173
FHLMC		2.75			3-25-2027		6,640,844		6,546,361
FHLMC (1 Month LIBOR +1.18%) ±		2.77			12-15-2036		408,730		423,705
FHLMC (1 Year Treasury Constant Maturity +2.13%) ±		2.89			10-1-2026		152,596		157,385
FHLMC		2.90			4-25-2026		6,545,795		6,485,868
FHLMC		3.00			5-15-2026		900,257		904,933
FHLMC		3.00			1-15-2054		195,057		193,380
FHLMC (1 Year Treasury Constant Maturity +2.25%) ±		3.25			6-1-2032		39,907		41,463
FHLMC ±±		3.31			5-25-2023		2,800,000		2,850,158
FHLMC (1 Year Treasury Constant Maturity +2.40%) ±		3.35			7-1-2029		99,745		103,077
FHLMC (11th District Cost of Funds +1.25%) ±		3.37			7-1-2032		526,908		529,453
FHLMC		3.50			8-1-2045		6,266,777		6,273,175
FHLMC		3.50			11-1-2045		11,232,726		11,244,201
FHLMC		3.50			12-1-2045		7,966,851		7,974,989
FHLMC		3.50			12-1-2045		2,593,485		2,596,128
FHLMC (3 Year Treasury Constant Maturity +2.25%) ±		3.52			5-1-2026		44,168		43,933
FHLMC (12 Month LIBOR +1.91%) ±		3.66			9-1-2031		3,499		3,529
FHLMC (12 Month LIBOR +1.91%) ±		3.66			9-1-2031		46,347		46,481
FHLMC (12 Month LIBOR +2.00%) ±		3.75			1-1-2038		1,090,856		1,150,398
FHLMC		4.00			12-15-2024		1,850,000		1,915,463
FHLMC		4.00			6-1-2044		5,645,553		5,808,934
FHLMC		4.50			3-1-2042		487,578		515,186
FHLMC		4.50			9-1-2044		4,373,901		4,596,511
FHLMC		5.00			5-1-2018		2,351		2,386
FHLMC		5.00			4-1-2019		9,333		9,469
FHLMC		5.00			4-1-2019		15,449		15,675
FHLMC		5.00			6-1-2019		69,597		70,613
FHLMC		5.00			8-1-2019		201,821		204,864
FHLMC		5.00			10-1-2019		83,300		84,516
FHLMC		5.00			2-1-2020		281,667		288,092
FHLMC		5.00			8-1-2040		1,344,203		1,452,476
FHLMC		5.11			5-25-2019		1,140,000		1,164,425
FHLMC		5.50			7-1-2035		3,942,922		4,342,366
FHLMC		5.50			12-1-2038		2,357,472		2,584,766
FHLMC		6.00			10-1-2032		33,222		37,361
FHLMC		6.00			5-25-2043		4,741,921		5,168,736
FHLMC (1 Year Treasury Constant Maturity +2.13%) ±		6.38			1-1-2026		60,649		58,617
FHLMC		6.50			4-1-2018		10		10
FHLMC		6.50			4-1-2021		2,451		2,511
FHLMC		6.50			4-1-2022		45,708		51,469
FHLMC		6.50			9-1-2028		18,859		21,237
FHLMC		6.50			9-1-2028		19,687		22,168

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

8 Wells Fargo Government Securities Fund Portfolio of investments—February 28, 2018 (unaudited)

Security name	Interest rate			Maturity date		Principal		Value
Agency Securities (continued)
FHLMC		6.50	%		7-1-2031	$	3	$	3
FHLMC		7.00			12-1-2023		2,907		3,146
FHLMC		7.00			5-1-2024		8,215		8,277
FHLMC		7.00			12-1-2026		2,029		2,071
FHLMC		7.00			12-1-2026		450		482
FHLMC		7.00			4-1-2029		1,738		1,930
FHLMC		7.00			5-1-2029		9,511		10,487
FHLMC		7.00			4-1-2032		108,807		121,410
FHLMC		7.50			11-1-2031		194,578		221,984
FHLMC		7.50			4-1-2032		173,258		195,878
FHLMC		8.00			8-1-2023		8,711		9,224
FHLMC		8.00			6-1-2024		4,603		4,982
FHLMC		8.00			6-1-2024		2,934		2,982
FHLMC		8.00			6-1-2024		7,238		7,613
FHLMC		8.00			8-1-2026		16,363		18,691
FHLMC		8.00			11-1-2026		15,298		17,258
FHLMC		8.00			11-1-2028		10,973		12,001
FHLMC		8.50			7-1-2022		1,208		1,226
FHLMC		8.50			12-1-2025		10,609		11,643
FHLMC		8.50			5-1-2026		1,598		1,730
FHLMC		8.50			8-1-2026		5,256		5,334
FHLMC		8.50			8-1-2026		19,089		19,156
FHLMC		9.00			8-1-2019		6		6
FHLMC		9.00			12-1-2019		47		48
FHLMC		9.00			1-1-2020		5		5
FHLMC		9.00			2-1-2020		58		60
FHLMC		9.00			3-1-2020		371		372
FHLMC		9.00			9-1-2020		59		61
FHLMC		9.00			9-1-2020		349		352
FHLMC		9.00			12-1-2020		12		12
FHLMC		9.00			3-1-2021		1,108		1,118
FHLMC		9.00			4-1-2021		2,663		2,677
FHLMC		9.00			4-1-2021		1,911		1,924
FHLMC		9.00			4-1-2021		113		119
FHLMC		9.00			7-1-2021		2,214		2,222
FHLMC		9.00			7-1-2021		2,433		2,461
FHLMC		9.00			8-1-2021		218		231
FHLMC		9.00			7-1-2022		283		286
FHLMC		9.00			9-1-2024		369		373
FHLMC		9.50			8-1-2018		2		2
FHLMC		9.50			8-1-2019		16		17
FHLMC		9.50			2-1-2020		1		1
FHLMC		9.50			6-1-2020		22		22
FHLMC		9.50			8-1-2020		91		95
FHLMC		9.50			9-1-2020		446		450
FHLMC		9.50			9-1-2020		15		15
FHLMC		9.50			9-1-2020		10		10
FHLMC		9.50			10-1-2020		16		16
FHLMC		9.50			10-1-2020		25		26
FHLMC		9.50			11-1-2020		36		38

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

Portfolio of investments—February 28, 2018 (unaudited) Wells Fargo Government Securities Fund 9

Security name	Interest rate			Maturity date		Principal		Value
Agency Securities (continued)
FHLMC		9.50	%		5-1-2021	$	105	$	111
FHLMC		9.50			9-17-2022		93,926		93,327
FHLMC		9.50			4-1-2025		17,288		17,547
FHLMC		10.00			1-1-2019		2		2
FHLMC		10.00			12-1-2019		82		84
FHLMC		10.00			3-1-2020		2		2
FHLMC		10.00			6-1-2020		9		9
FHLMC		10.00			8-1-2020		17		17
FHLMC		10.00			10-1-2021		14,794		14,926
FHLMC		10.00			8-17-2022		4,443		4,423
FHLMC		10.00			2-17-2025		154,924		158,298
FHLMC		10.50			5-1-2019		2		2
FHLMC		10.50			6-1-2019		2		2
FHLMC		10.50			8-1-2019		3,138		3,161
FHLMC		10.50			12-1-2019		7,459		7,478
FHLMC		10.50			5-1-2020		3,752		3,789
FHLMC		10.50			8-1-2020		5,286		5,322
FHLMC		10.50			8-1-2020		18,052		18,052
FHLMC Series 2015-SC01 Class 1A		3.50			5-25-2045		2,578,074		2,529,880
FHLMC Series 2758 Class FH (1 Month LIBOR +0.35%) ±		1.94			3-15-2019		268,321		268,541
FHLMC Series 2882 Class TF (1 Month LIBOR +0.25%) ±		1.84			10-15-2034		497,568		498,617
FHLMC Series 3767 Class PD		4.00			7-15-2040		54,489		54,727
FHLMC Series 3948 Class DA		3.00			12-15-2024		288,432		290,107
FHLMC Series K020 Class X1 ±±(c)		1.42			5-25-2022		45,093,062		2,209,686
FHLMC Series KJ14 Class A1		2.20			11-25-2023		5,325,233		5,163,220
FHLMC Series M036 Class A		4.16			12-15-2029		3,870,000		3,797,167
FHLMC Series T-15 Class A6 (1 Month LIBOR +0.40%) ±		1.96			11-25-2028		266,786		265,394
FHLMC Series T-23 Class A (1 Month LIBOR +0.28%) ±		1.90			5-25-2030		677,892		676,158
FHLMC Series T-35 Class A (1 Month LIBOR +0.28%) ±		1.90			9-25-2031		879,586		869,901
FHLMC Series T-42 Class A6		9.50			2-25-2042		860,220		1,034,501
FHLMC Series T-55 Class 2A1 ±±		3.17			3-25-2043		488,403		484,536
FHLMC Series T-57 Class 1A1		6.50			7-25-2043		1,148,918		1,298,029
FHLMC Series T-57 Class 2A1 ±±		3.70			7-25-2043		2,179,539		2,304,225
FHLMC Series T-62 Class 1A1 (12 Month Treasury Average +1.20%) ±		2.26			10-25-2044		1,303,706		1,321,716
FHLMC Series T-67 Class 1A1C ±±		3.41			3-25-2036		915,011		940,846
FHLMC Series T-67 Class 2A1C ±±		3.30			3-25-2036		1,643,356		1,676,616
FHLMC Series T-75 Class A1 (1 Month LIBOR +0.04%) ±		1.60			12-25-2036		1,674,833		1,669,506
FNMA ¤		0.00			10-9-2019		9,590,000		9,229,553
FNMA ¤		0.00			5-15-2030		7,700,000		5,091,799
FNMA ¤(a)		0.00			4-2-2018		12,000,000		11,988,947
FNMA		1.71			12-1-2022		3,875,418		3,770,674
FNMA		1.78			5-1-2020		913,465		894,705
FNMA (1 Month LIBOR +0.25%) ±		1.80			6-27-2036		122,931		120,652
FNMA (1 Month LIBOR +0.35%) ±		1.97			2-25-2032		715,672		720,932
FNMA (1 Month LIBOR +0.48%) ±		2.10			9-25-2037		3,181,219		3,182,999
FNMA (11th District Cost of Funds +1.27%) ±		2.11			5-1-2036		1,691,659		1,712,475
FNMA		2.13			4-24-2026		1,800,000		1,687,423
FNMA (1 Month LIBOR +0.55%) ±		2.17			4-25-2050		2,321,121		2,325,298
FNMA (11th District Cost of Funds +1.66%) ±		2.40			5-1-2023		265,054		264,767
FNMA (11th District Cost of Funds +1.25%) ±		2.46			9-1-2027		224,214		225,713

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

10 Wells Fargo Government Securities Fund Portfolio of investments—February 28, 2018 (unaudited)

Security name	Interest rate			Maturity date		Principal		Value
Agency Securities (continued)
FNMA %%		2.50	%		3-15-2033	$	4,960,000	$	4,838,131
FNMA		2.50			4-25-2039		95,621		94,572
FNMA (12 Month LIBOR +1.61%) ±		2.50			5-1-2046		5,450,569		5,419,212
FNMA		2.55			3-1-2022		1,631,776		1,610,294
FNMA		2.56			3-1-2021		951,549		941,354
FNMA		2.73			1-1-2024		488,042		479,338
FNMA ±±		2.78			2-25-2027		10,000,000		9,643,328
FNMA		2.86			11-1-2021		2,604,135		2,597,531
FNMA		3.00			5-1-2027		1,713,700		1,716,213
FNMA %%		3.00			3-15-2033		13,275,000		13,220,034
FNMA		3.00			4-1-2045		141,087		137,314
FNMA		3.00			11-1-2045		11,192,781		10,865,137
FNMA ##		3.00			12-1-2045		25,751,411		24,980,963
FNMA		3.00			11-1-2046		7,620,187		7,392,201
FNMA		3.00			12-1-2046		844,736		819,463
FNMA		3.02			2-1-2026		6,284,629		6,211,757
FNMA (11th District Cost of Funds +1.25%) ±		3.14			5-1-2036		573,728		598,618
FNMA (1 Year Treasury Constant Maturity +2.22%) ±		3.16			6-1-2032		120,665		126,080
FNMA (1 Year Treasury Constant Maturity +2.21%) ±		3.19			9-1-2031		32,924		34,645
FNMA (1 Year Treasury Constant Maturity +2.23%) ±		3.29			12-1-2040		26,933		28,287
FNMA (1 Year Treasury Constant Maturity +2.30%) ±		3.30			6-1-2034		480,551		504,379
FNMA (12 Month LIBOR +1.54%) ±		3.30			1-1-2043		409,443		420,254
FNMA		3.31			9-25-2020		4,324,773		4,366,255
FNMA		3.36			1-1-2024		6,267,357		6,310,175
FNMA (1 Year Treasury Constant Maturity +2.27%) ±		3.36			9-1-2031		301,560		314,591
FNMA		3.38			9-1-2020		1,910,775		1,939,305
FNMA (12 Month LIBOR +1.64%) ±		3.39			4-1-2032		89,808		91,233
FNMA (1 Year Treasury Constant Maturity +2.19%) ±		3.43			11-1-2031		132,967		139,135
FNMA (12 Month LIBOR +1.73%) ±		3.48			9-1-2036		700,349		734,064
FNMA		3.49			12-1-2020		3,448,012		3,509,978
FNMA %%		3.50			3-15-2033		16,320,000		16,594,005
FNMA		3.50			2-1-2043		71,861		72,175
FNMA		3.50			2-1-2045		2,236,221		2,237,798
FNMA		3.50			4-1-2045		6,300,437		6,295,485
FNMA		3.50			8-1-2045		783,059		782,683
FNMA		3.50			12-1-2045		3,065,325		3,064,486
FNMA		3.50			2-1-2046		4,672,474		4,671,433
FNMA		3.50			5-1-2046		6,828,662		6,827,144
FNMA %%		3.50			3-13-2048		9,950,000		9,932,898
FNMA (1 Year Treasury Constant Maturity +2.23%) ±		3.50			12-1-2034		889,740		929,810
FNMA (12 Month LIBOR +1.82%) ±		3.57			8-1-2036		1,003,829		1,055,471
FNMA (1 Year Treasury Constant Maturity +2.43%) ±		3.57			10-1-2027		166,435		172,167
FNMA (1 Year Treasury Constant Maturity +2.03%) ±		3.89			2-1-2027		49,484		49,672
FNMA		4.00			5-1-2021		323,078		330,922
FNMA		4.00			10-25-2025		991,080		23,879
FNMA ##		4.00			4-1-2046		17,565,399		18,012,300
FNMA		4.00			3-1-2047		1,697,123		1,756,246
FNMA %%		4.00			3-13-2048		6,475,000		6,632,954
FNMA (1 Year Treasury Constant Maturity +2.31%) ±		4.22			7-1-2026		153,557		160,121
FNMA		4.50			12-1-2018		80,411		80,934

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

Portfolio of investments—February 28, 2018 (unaudited) Wells Fargo Government Securities Fund 11

Security name	Interest rate			Maturity date		Principal		Value
Agency Securities (continued)
FNMA		4.50	%		1-1-2026	$	879,179	$	884,904
FNMA		4.50			10-1-2046		557,811		584,784
FNMA %%		4.50			3-13-2048		34,002,000		35,610,454
FNMA		4.68			2-1-2020		3,078,801		3,191,309
FNMA		4.79			5-1-2019		2,031,974		2,065,993
FNMA		5.00			12-1-2018		50,782		51,424
FNMA		5.00			6-1-2019		18,147		18,376
FNMA		5.00			4-1-2023		308,234		321,298
FNMA		5.00			6-1-2023		534,561		561,232
FNMA (6 Month LIBOR +2.86%) ±		5.00			4-1-2033		21,192		21,953
FNMA		5.00			3-1-2034		551,929		595,690
FNMA		5.00			8-1-2040		7,052,488		7,657,589
FNMA		5.00			10-1-2040		778,040		840,861
FNMA		5.00			1-1-2042		660,839		714,132
FNMA (6 Month LIBOR +3.13%) ±		5.36			7-1-2033		145,171		148,841
FNMA		5.39			1-1-2024		1,822,258		1,928,746
FNMA		5.50			6-1-2020		227,332		231,660
FNMA		5.50			11-1-2023		85,398		89,521
FNMA		5.50			1-1-2025		46,611		48,523
FNMA		5.50			1-1-2025		215,602		225,105
FNMA		5.50			9-1-2033		2,106,201		2,315,095
FNMA		5.50			9-1-2033		904,140		992,944
FNMA		5.50			8-1-2035		637,131		699,737
FNMA		5.50			1-1-2037		664,915		730,436
FNMA		5.50			4-1-2040		1,723,350		1,893,823
FNMA		5.55			9-1-2019		51,573		51,504
FNMA		5.61			2-1-2021		1,378,750		1,421,037
FNMA		5.67			11-1-2021		5,120,291		5,384,155
FNMA		5.75			5-1-2021		3,213,652		3,379,192
FNMA		5.95			6-1-2024		1,629,978		1,750,619
FNMA		6.00			3-1-2024		74,392		82,539
FNMA		6.00			1-1-2028		1,060,464		1,177,362
FNMA		6.00			2-1-2035		1,434,057		1,557,101
FNMA		6.00			11-1-2037		498,449		555,699
FNMA		6.00			7-1-2038		206,466		230,409
FNMA %%		6.00			3-13-2048		11,085,000		12,310,845
FNMA		6.08			1-1-2019		200,216		199,949
FNMA		6.50			1-1-2024		25,953		28,905
FNMA		6.50			3-1-2028		29,757		31,468
FNMA		6.50			12-1-2029		245,910		273,876
FNMA		6.50			11-1-2031		57,133		63,631
FNMA		6.50			7-1-2036		419,630		469,168
FNMA		6.50			7-1-2036		378,629		424,841
FNMA		6.50			7-25-2042		1,579,593		1,767,587
FNMA		7.00			11-1-2026		8,359		9,028
FNMA		7.00			9-1-2031		4,335		4,342
FNMA		7.00			1-1-2032		5,384		5,930
FNMA		7.00			2-1-2032		96,208		109,336
FNMA		7.00			10-1-2032		209,230		238,584
FNMA		7.00			2-1-2034		2,040		2,230

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

12 Wells Fargo Government Securities Fund Portfolio of investments—February 28, 2018 (unaudited)

Security name	Interest rate			Maturity date		Principal		Value
Agency Securities (continued)
FNMA		7.00	%		4-1-2034	$	156,209	$	178,378
FNMA		7.00			1-1-2036		6,436		6,793
FNMA		7.00			9-1-2036		45,573		46,719
FNMA		7.50			9-1-2031		99,535		114,925
FNMA		7.50			11-25-2031		429,604		489,565
FNMA		7.50			2-1-2032		34,064		39,075
FNMA		7.50			10-1-2037		1,008,266		1,168,521
FNMA		8.00			5-1-2027		35,145		35,540
FNMA		8.00			10-1-2027		3,021		3,035
FNMA		8.00			6-1-2028		5,502		6,009
FNMA		8.00			2-1-2030		57,183		62,100
FNMA		8.00			7-1-2031		1,251,929		1,434,481
FNMA		8.50			8-1-2024		22,003		23,655
FNMA		8.50			5-1-2026		114,905		124,628
FNMA		8.50			7-1-2026		24,391		25,268
FNMA		8.50			8-1-2026		12,445		12,566
FNMA		8.50			10-1-2026		62		62
FNMA		8.50			10-1-2026		5,039		5,053
FNMA		8.50			11-1-2026		28,820		29,302
FNMA		8.50			11-1-2026		8,157		8,432
FNMA		8.50			12-1-2026		149,444		167,877
FNMA		8.50			12-1-2026		16,645		18,319
FNMA		8.50			12-1-2026		272		273
FNMA		8.50			2-1-2027		235		259
FNMA		8.50			2-1-2027		6,821		6,840
FNMA		8.50			3-1-2027		809		859
FNMA		8.50			6-1-2027		69,602		72,156
FNMA		8.50			7-1-2029		834		837
FNMA		9.00			3-1-2021		7,911		7,979
FNMA		9.00			6-1-2021		86		91
FNMA		9.00			7-1-2021		7,000		7,046
FNMA		9.00			8-1-2021		108		114
FNMA		9.00			10-1-2021		1,133		1,142
FNMA		9.00			1-1-2025		17,206		18,770
FNMA		9.00			3-1-2025		1,991		2,008
FNMA		9.00			3-1-2025		1,081		1,084
FNMA		9.00			4-1-2025		1,233		1,236
FNMA		9.00			7-1-2028		5,186		5,243
FNMA		9.50			11-1-2020		67		71
FNMA		9.50			12-15-2020		12,310		12,474
FNMA		9.50			1-1-2021		9,992		10,132
FNMA		9.50			6-1-2022		674		680
FNMA		9.50			7-1-2028		6,161		6,182
FNMA		10.00			12-1-2020		8,271		8,343
FNMA		11.00			10-15-2020		519		528
FNMA Series 1988-7 Class Z		9.25			4-25-2018		71		72
FNMA Series 1989-10 Class Z		9.50			3-25-2019		16,189		16,549
FNMA Series 1989-100 Class Z		8.75			12-25-2019		10,118		10,461
FNMA Series 1989-12 Class Y		10.00			3-25-2019		16,106		16,486
FNMA Series 1989-22 Class G		10.00			5-25-2019		36,786		37,775

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

Portfolio of investments—February 28, 2018 (unaudited) Wells Fargo Government Securities Fund 13

Security name	Interest rate			Maturity date		Principal		Value
Agency Securities (continued)
FNMA Series 1989-63 Class Z		9.40	%		10-25-2019	$	1,841	$	1,900
FNMA Series 1989-98 Class E		9.20			12-25-2019		12,380		12,657
FNMA Series 1990-144 Class W		9.50			12-25-2020		28,548		30,585
FNMA Series 1990-75 Class Z		9.50			7-25-2020		52,390		55,444
FNMA Series 1990-84 Class Y		9.00			7-25-2020		5,556		5,822
FNMA Series 1990-96 Class Z		9.67			8-25-2020		80,283		85,276
FNMA Series 1991-5 Class Z		8.75			1-25-2021		13,177		13,721
FNMA Series 1991-85 Class Z		8.00			6-25-2021		22,598		23,957
FNMA Series 1992-45 Class Z		8.00			4-25-2022		61,250		65,649
FNMA Series 1999-W6 Class A ±±		9.16			9-25-2028		2,090		2,093
FNMA Series 2000-T6 Class A2		9.50			11-25-2040		786,868		894,970
FNMA Series 2001-T10 Class A3		9.50			12-25-2041		1,059,503		1,219,247
FNMA Series 2001-T12 Class A3		9.50			8-25-2041		277,049		330,592
FNMA Series 2002-T12 Class A5 ±±		4.36			10-25-2041		1,025,367		1,057,046
FNMA Series 2002-T19 Class A1		6.50			7-25-2042		4,356,767		4,931,050
FNMA Series 2002-T5 Class A1 (1 Month LIBOR +0.12%) ±		1.80			5-25-2032		243,253		242,679
FNMA Series 2002-W4 Class A4		6.25			5-25-2042		674,932		744,172
FNMA Series 2003-T2 Class A1 (1 Month LIBOR +0.14%) ±		1.90			3-25-2033		1,121,452		1,099,204
FNMA Series 2003-W09 Class A (1 Month LIBOR +0.12%) ±		1.74			6-25-2033		107,988		105,968
FNMA Series 2003-W1 Class 1A1 ±±		5.44			12-25-2042		651,500		684,807
FNMA Series 2003-W11 Class A1 ±±		4.55			6-25-2033		90,282		94,180
FNMA Series 2003-W3 Class 1A4 ±±		3.74			8-25-2042		2,705,484		2,835,603
FNMA Series 2003-W5 Class A (1 Month LIBOR +0.11%) ±		1.73			4-25-2033		354,299		340,999
FNMA Series 2003-W6 Class 6A ±±		3.85			8-25-2042		1,685,693		1,730,820
FNMA Series 2003-W6 Class PT4 ±±		8.32			10-25-2042		1,642,398		1,990,900
FNMA Series 2003-W8 Class PT1 ±±		10.49			12-25-2042		619,495		694,036
FNMA Series 2004-79 Class FA (1 Month LIBOR +0.29%) ±		1.91			8-25-2032		332,666		333,202
FNMA Series 2004-T1 Class 1A2		6.50			1-25-2044		621,484		690,723
FNMA Series 2004-W01 Class 2A2		7.00			12-25-2033		1,335,933		1,514,917
FNMA Series 2004-W15 Class 1A3		7.00			8-25-2044		837,409		951,141
FNMA Series 2005-71 Class DB		4.50			8-25-2025		772,871		792,893
FNMA Series 2007-W10 Class 2A ±±		6.34			8-25-2047		448,685		481,817
FNMA Series 2011-15 Class HI (c)		5.50			3-25-2026		665,164		34,366
FNMA Series 2011-42 Class A		3.00			2-25-2024		92,940		93,057
FNMA Series 2015-M10 Class FA (1 Month LIBOR +0.25%) ±		1.81			3-25-2019		918,354		917,879
FNMA Series 265 Class 2		9.00			3-25-2024		85,745		97,391
FNMA Series G-8 Class E		9.00			4-25-2021		42,063		43,990
FNMA Series G92-30 Class Z		7.00			6-25-2022		58,979		61,300
FNMA Series G93-39 Class ZQ		6.50			12-25-2023		1,263,581		1,343,183
GNMA (1 Year Treasury Constant Maturity +0.45%) ±		2.07			5-20-2066		6,450,539		6,472,429
GNMA (1 Month LIBOR +0.70%) ±		2.26			8-20-2065		3,795,750		3,839,501
GNMA (1 Month LIBOR +0.73%) ±		2.29			9-20-2063		4,425,572		4,461,215
GNMA (1 Month LIBOR +0.90%) ±		2.46			8-20-2065		4,018,752		4,082,286
GNMA (1 Month LIBOR +0.90%) ±		2.46			4-20-2066		5,211,589		5,299,309
GNMA (1 Year Treasury Constant Maturity +1.50%) ±		3.00			8-20-2020		57,997		58,139
GNMA		3.00			11-20-2045		15,421,767		15,097,140
GNMA (1 Year Treasury Constant Maturity +1.50%) ±		3.13			11-20-2020		35,442		35,622
GNMA %%		3.50			3-20-2048		29,105,000		29,267,578
GNMA		4.00			12-20-2047		15,579,819		16,009,054
GNMA		5.00			7-20-2040		1,445,715		1,550,994

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

14 Wells Fargo Government Securities Fund Portfolio of investments—February 28, 2018 (unaudited)

Security name	Interest rate			Maturity date		Principal		Value
Agency Securities (continued)
GNMA		5.50	%		4-20-2034	$	1,059,628	$	1,125,643
GNMA		6.00			8-20-2034		109,537		114,247
GNMA		6.50			12-15-2025		26,487		29,470
GNMA		6.50			5-15-2029		708		787
GNMA		6.50			5-15-2031		1,310		1,457
GNMA		6.50			9-20-2033		52,110		58,674
GNMA		7.00			12-15-2022		24,120		25,181
GNMA		7.00			5-15-2026		2,478		2,624
GNMA		7.00			3-15-2028		40,417		42,891
GNMA		7.00			4-15-2031		1,011		1,029
GNMA		7.00			8-15-2031		19,800		20,566
GNMA		7.00			3-15-2032		14,810		15,090
GNMA		7.34			10-20-2021		32,107		32,429
GNMA		7.34			2-20-2022		5,221		5,232
GNMA		7.34			9-20-2022		9,428		9,450
GNMA		8.00			6-15-2023		3,592		3,825
GNMA		8.00			12-15-2023		220,710		240,353
GNMA		8.00			2-15-2024		722		772
GNMA		8.00			9-15-2024		3,434		3,506
GNMA		8.00			6-15-2025		66		66
GNMA		8.35			4-15-2020		69,075		70,699
GNMA		8.40			5-15-2020		51,657		52,979
GNMA		9.50			10-20-2019		5,808		5,826
GNMA Series 2002-53 Class IO ±±(c)		0.60			4-16-2042		428,604		21
GNMA Series 2005-23 Class IO ±±(c)		0.01			6-17-2045		3,103,339		1,036
GNMA Series 2006-32 Class C ±±		5.37			11-16-2038		1,727,696		1,741,956
GNMA Series 2006-32 Class XM ±±(c)		0.02			11-16-2045		9,203,073		6,210
GNMA Series 2006-68 Class D ±±		5.31			12-16-2037		1,181,492		1,190,970
GNMA Series 2007-69 Class D ±±		5.25			6-16-2041		677,361		696,830
GNMA Series 2008-22 Class XM ±±(c)		0.90			2-16-2050		18,249,548		425,550
GNMA Series 2012-12 Class HD		2.00			5-20-2062		1,844,430		1,831,872
GNMA Series 2016-H07 Class FE (1 Month LIBOR +1.15%) ±		2.71			3-20-2066		4,535,382		4,662,758
GNMA Series 2016-H07 Class FH (1 Month LIBOR +1.00%) ±		2.56			2-20-2066		4,098,526		4,185,438
Resolution Funding Corporation STRIPS ¤		0.00			10-15-2019		20,805,000		20,050,090
Resolution Funding Corporation STRIPS ¤		0.00			7-15-2020		24,300,000		23,019,994
Resolution Funding Corporation STRIPS ¤		0.00			4-15-2030		6,100,000		4,079,867
TVA ¤		0.00			11-1-2025		10,000,000		7,799,882
TVA		2.88			2-1-2027		7,080,000		6,963,215
TVA		4.63			9-15-2060		7,550,000		8,917,464
TVA		5.38			4-1-2056		4,900,000		6,498,385
Total Agency Securities (Cost $672,953,430)									668,964,212
Asset-Backed Securities: 1.49%
Chesapeake Funding LLC Series 2017-3A Class A 144A		1.91			8-15-2029		6,900,000		6,842,936
MMAF Equipment Finance LLC Series 2017-AA Class A4 144A		2.41			8-16-2024		4,445,000		4,369,214
Total Asset-Backed Securities (Cost $11,343,758)									11,212,150

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

Portfolio of investments—February 28, 2018 (unaudited) Wells Fargo Government Securities Fund 15

Security name	Interest rate			Maturity date		Principal		Value
Corporate Bonds and Notes: 1.07%
Utilities: 1.07
Electric Utilities: 1.07%
Cleveland Thermal LLC		6.25	%		11-1-2018	$	205,000	$	209,721
Cleveland Thermal LLC		7.75			11-1-2025		2,665,000		2,831,868
Cleveland Thermal LLC		8.00			11-1-2028		1,800,000		1,915,645
Cleveland Thermal LLC		8.25			11-1-2037		2,880,000		3,069,734
Total Corporate Bonds and Notes (Cost $8,830,368)									8,026,968
Municipal Obligations: 1.91%
Iowa: 1.04%
Iowa Finance Authority Midwestern Disaster Area Project (Industrial Development Revenue, Korea Development Bank LOC) ø		1.27			4-1-2022		7,815,000		7,815,000
Texas: 0.87%
San Antonio TX Retama Development Corporation (Miscellaneous Revenue)		10.00			12-15-2020		5,405,000		6,597,181
Total Municipal Obligations (Cost $13,875,118)									14,412,181
Non-Agency Mortgage-Backed Securities: 4.22%
CD Commercial Mortgage Trust Series 2017-6 Class A5		3.46			11-13-2050		2,340,000		2,319,025
CGBAM Commercial Mortgage Trust Series 2015-SMRT Class A 144A		2.81			4-10-2028		5,000,000		4,989,591
GAHR Commercial Mortgage Trust Series 2015-NRF Class AFX 144A		3.23			12-15-2034		4,195,000		4,213,534
GS Mortgage Securities Trust Series 2013-G1 Class A2 144A ±±		3.56			4-10-2031		5,349,842		5,172,735
JPMBB Commercial Mortgage Securities Corporation Series 2015-C28 Class A4		3.23			10-15-2048		5,000,000		4,929,457
Morgan Stanley Capital I Trust Series 2011-C2 Class A4 144A		4.66			6-15-2044		4,900,000		5,106,727
UBS Commercial Mortgage Trust Series 2017-C5 Class A5		3.47			11-15-2050		2,581,000		2,556,530
Vendee Mortgage Trust Series 1995-1 Class 4 ±±		8.31			2-15-2025		177,620		197,604
Vendee Mortgage Trust Series 1995-2C Class 3A		8.79			6-15-2025		256,049		290,344
Vendee Mortgage Trust Series 2011-1 Class DA		3.75			2-15-2035		1,946,049		1,977,021
Total Non-Agency Mortgage-Backed Securities (Cost $32,563,367)									31,752,568
U.S. Treasury Securities: 9.97%
U.S. Treasury Bond ##		3.38			5-15-2044		3,295,000		3,445,463
U.S. Treasury Bond ##		3.63			8-15-2043		5,170,000		5,633,482
U.S. Treasury Bond ##		3.75			11-15-2043		24,730,000		27,493,771
U.S. Treasury Bond ##		4.25			11-15-2040		1,590,000		1,895,392
U.S. Treasury Bond ##		4.38			2-15-2038		3,500,000		4,212,441
U.S. Treasury Note ##		1.75			5-15-2023		33,810,000		32,288,550
Total U.S. Treasury Securities (Cost $76,831,604)									74,969,099
Yankee Corporate Bonds and Notes: 1.47%
Financials: 0.85%
Banks: 0.85%
Royal Bank of Canada Incorporated		2.00			10-1-2018		6,370,000		6,360,714
Industrials: 0.62%
Transportation Infrastructure: 0.62%
Boldini Limited		3.85			1-19-2036		4,875,000		4,696,964
Total Yankee Corporate Bonds and Notes (Cost $11,695,346)									11,057,678

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

16 Wells Fargo Government Securities Fund Portfolio of investments—February 28, 2018 (unaudited)

Security name	Interest rate			Maturity date		Principal		Value
Yankee Government Bonds: 5.36%
Hashemite Kingdom of Jordan		3.00	%		6-30-2025	$	9,800,000	$	9,835,051
State of Israel		5.50			12-4-2023		9,030,000		10,304,149
State of Israel		5.50			9-18-2033		7,390,000		9,526,087
Ukraine		1.47			9-29-2021		11,090,000		10,663,878
Total Yankee Government Bonds (Cost $42,015,001)									40,329,165
	Yield					Shares
Short-Term Investments: 2.31%
Investment Companies: 2.01%
Wells Fargo Government Money Market Fund Select Class (l)(u)##		1.29					15,145,655		15,145,655
						Principal
U.S. Treasury Securities: 0.30%
U.S. Treasury Bill (z)#		1.23			3-15-2018	$	2,225,000		2,223,879
Total Short-Term Investments (Cost $17,369,513)									17,369,534

Total investments in securities (Cost $887,477,505)	116.73	%		878,093,555
Other assets and liabilities, net	(16.73	)		(125,850,831	)
Total net assets	100.00	%	$	752,242,724

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.

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

±± The coupon of the security is adjusted based on the principal and interest payments received from the underlying pool of mortgages as well as the credit quality and the actual prepayment speed of the underlying mortgages.

(c) Investment in an interest-only security entitles holders to receive only the interest payments on the underlying mortgages. The principal amount shown is the notional amount of the underlying mortgages. The rate represents the coupon rate.

¤ The security is issued in zero coupon form with no periodic interest payments.

(a) The security is fair valued in accordance with procedures approved by the Board of Trustees.

%% The security is issued on a when-issued basis.

## All or a portion of this security is segregated for when-issued securities.

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.

(l) The issuer of the security is an affiliated person of the Fund as defined in the Investment Company Act of 1940.

(u) The rate represents the 7-day annualized yield at period end.

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

# All or a portion of this security is segregated as collateral for investments in derivative instruments.

Futures Contracts

Description	Number of contracts		Expiration date		Notional cost			Notional value			Unrealized gains		Unrealized losses
Long
10-Year U.S. Treasury Notes		68		6-20-2018	$	8,159,678		$	8,163,188		$	3,510	$	0
Ultra U.S. Treasury Bonds		15		6-20-2018		2,306,543			2,338,125			31,582		0
Short
U.S. Long Term Bonds		(29)		6-20-2018	$	(4,165,901	)	$	(4,159,688	)	$	6,213	$	0
2-Year U.S. Treasury Notes		(216)		6-29-2018		(45,926,630	)		(45,893,250	)		33,380		0
5-Year U.S. Treasury Notes		(36)		6-29-2018		(4,110,411	)		(4,101,469	)		8,942		0
											$	83,627	$	0

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

Portfolio of investments—February 28, 2018 (unaudited) Wells Fargo Government Securities Fund 17

Investments in Affiliates

An affiliated investment is an investment in which the Fund owns at least 5% of the outstanding voting shares of the issuer or as a result of other relationships, such as the Fund and the issuer having the same investment manager. Transactions with issuers that were either affiliated persons of the Fund at the beginning of the period or the end of the period were as follows:

	Shares, beginning of period		Shares purchased		Shares sold		Shares, end of period		Net realized gains (losses)		Net change in unrealized gains (losses)		Income from affiliated securities		Value, end of period		% of net assets
Short-Term Investments
Investment Companies
Wells Fargo Government Money Market Fund Select Class		7,067,691		160,494,723		152,416,759		15,145,655	$	0	$	0	$	83,212	$	15,145,655		2.01	%

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

18 Wells Fargo Government Securities Fund Statement of assets and liabilities—February 28, 2018 (unaudited)

Assets
Investments in unaffiliated securities, at value (cost $872,331,850)	$	862,947,900
Investments in affiliated securities, at value (cost $15,145,655)		15,145,655
Segregated cash		1,199,000
Principal paydown receivable		61,181
Receivable for Fund shares sold		590,239
Receivable for interest		3,387,511
Receivable for daily variation margin on open futures contracts		26,668
Prepaid expenses and other assets		61,311
Total assets		883,419,465
Liabilities
Payable for investments purchased		128,953,501
Payable for Fund shares redeemed		1,128,026
Due to custodian bank		490,000
Management fee payable		203,166
Distributions payable		142,743
Administration fees payable		73,145
Payable for daily variation margin on open futures contracts		28,750
Distribution fee payable		10,217
Trustees’ fees and expenses payable		2,289
Accrued expenses and other liabilities		144,904
Total liabilities		131,176,741
Total net assets	$	752,242,724
NET ASSETS CONSIST OF
Paid-in capital	$	791,075,629
Overdistributed net investment income		(12,996,304	)
Accumulated net realized losses on investments		(16,536,278	)
Net unrealized losses on investments		(9,300,323	)
Total net assets	$	752,242,724
COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE PER SHARE
Net assets – Class A	$	317,165,443
Shares outstanding – Class A1		29,756,649
Net asset value per share – Class A		$10.66
Maximum offering price per share – Class A2		$11.16
Net assets – Class C	$	17,527,607
Shares outstanding – Class C1		1,644,692
Net asset value per share – Class C		$10.66
Net assets – Administrator Class	$	220,897,719
Shares outstanding – Administrator Class1		20,731,523
Net asset value per share – Administrator Class		$10.66
Net assets – Institutional Class	$	196,651,955
Shares outstanding – Institutional Class1		18,460,828
Net asset value per share – Institutional Class		$10.65

¹  The Fund has an unlimited number of authorized shares.

²  Maximum offering price is computed as 100/95.50 of net asset value. On investments of $50,000 or more, the offering price is reduced.

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

Statement of operations—six months ended February 28, 2018 (unaudited) Wells Fargo Government Securities Fund 19

Investment income
Interest	$	11,463,874
Income from affiliated securities		83,212
Total investment income		11,547,086
Expenses
Management fee		1,942,398
Administration fees
Class A		298,270
Class C		15,116
Administrator Class		105,472
Institutional Class		113,136
Shareholder servicing fees
Class A		466,047
Class C		23,618
Administrator Class		263,681
Distribution fee
Class C		70,854
Custody and accounting fees		37,813
Professional fees		38,405
Registration fees		53,084
Shareholder report expenses		33,054
Trustees’ fees and expenses		11,608
Other fees and expenses		4,501
Total expenses		3,477,057
Less: Fee waivers and/or expense reimbursements		(387,501	)
Net expenses		3,089,556
Net investment income		8,457,530
REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS
Net realized gains (losses) on:
Unaffiliated securities		(3,919,768	)
Futures transactions		543,137
Net realized losses on investments		(3,376,631	)
Net change in unrealized gains (losses) on:
Unaffiliated securities		(24,633,797	)
Futures transactions		8,817
Net change in unrealized gains (losses) on investments		(24,624,980	)
Net realized and unrealized gains (losses) on investments		(28,001,611	)
Net decrease in net assets resulting from operations	$	(19,544,081	)

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

20 Wells Fargo Government Securities Fund Statement of changes in net assets

	Six months ended February 28, 2018 (unaudited)						Year ended August 31, 2017
Operations
Net investment income				$	8,457,530					$	17,271,849
Net realized losses on investments					(3,376,631	)					(10,219,835	)
Net change in unrealized gains (losses) on investments					(24,624,980	)					(14,516,843	)
Net decrease in net assets resulting from operations					(19,544,081	)					(7,464,829	)
Distributions to shareholders from
Net investment income
Class A					(3,309,386	)					(6,111,858	)
Class B					N/A						(161	)1
Class C					(97,049	)					(153,118	)
Administrator Class					(2,099,013	)					(3,440,050	)
Institutional Class					(3,040,180	)					(7,854,351	)
Net realized gains
Class A					0						(11,051,306	)
Class C					0						(620,183	)
Administrator Class					0						(5,318,345	)
Institutional Class					0						(11,260,803	)
Total distributions to shareholders					(8,545,628	)					(45,810,175	)
Capital share transactions		Shares						Shares
Proceeds from shares sold
Class A		1,720,178			18,677,105			5,048,546			55,448,268
Class C		34,788			379,005			136,498			1,516,128
Administrator Class		4,845,898			52,594,254			4,525,225			49,877,489
Institutional Class		4,614,446			49,964,511			7,840,553			86,219,813
					121,614,875						193,061,698
Reinvestment of distributions
Class A		273,300			2,962,373			1,449,536			15,775,799
Class B		N/A			N/A			13	1		140	1
Class C		3,750			40,622			29,801			323,374
Administrator Class		190,898			2,066,815			793,271			8,634,028
Institutional Class		227,559			2,469,632			1,609,211			17,516,581
					7,539,442						42,249,922
Payment for shares redeemed
Class A		(8,079,146	)		(86,979,192	)		(12,626,464	)		(138,762,406	)
Class B		N/A			N/A			(16,453	)1		(185,560	)1
Class C		(222,505	)		(2,415,537	)		(691,050	)		(7,592,167	)
Administrator Class		(2,341,059	)		(25,417,102	)		(7,198,458	)		(79,199,255	)
Institutional Class		(24,272,896	)		(264,141,459	)		(13,914,348	)		(152,833,222	)
					(378,953,290	)					(378,572,610	)
Net decrease in net assets resulting from capital share transactions					(249,798,973	)					(143,260,990	)
Total decrease in net assets					(277,888,682	)					(196,535,994	)
Net assets
Beginning of period					1,030,131,406						1,226,667,400
End of period				$	752,242,724					$	1,030,131,406
Overdistributed net investment income				$	(12,996,304	)				$	(12,908,206	)

¹  For the period from September 1, 2016 to December 5, 2016. Effective at the close of business on December 5, 2016, 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.

Financial highlights Wells Fargo Government Securities Fund 21

(For a share outstanding throughout each period)

	Six months ended February 28, 2018 (unaudited)			Year ended August 31
CLASS A				2017			2016			2015			2014			2013
Net asset value, beginning of period		$11.01			$11.51			$11.22			$11.11			$10.77			$11.48
Net investment income		0.10	1		0.15			0.11	1		0.07	1		0.05			0.07
Net realized and unrealized gains (losses) on investments		(0.35	)		(0.22	)		0.34			0.13			0.40			(0.42	)
Total from investment operations		(0.25	)		(0.07	)		0.45			0.20			0.45			(0.35	)
Distributions to shareholders from
Net investment income		(0.10	)		(0.16	)		(0.10	)		(0.09	)		(0.11	)		(0.09	)
Net realized gains		0.00			(0.27	)		(0.06	)		0.00			0.00			(0.27	)
Total distributions to shareholders		(0.10	)		(0.43	)		(0.16	)		(0.09	)		(0.11	)		(0.36	)
Net asset value, end of period		$10.66			$11.01			$11.51			$11.22			$11.11			$10.77
Total return2		(2.32	)%		(0.52	)%		4.03	%		1.84	%		4.19	%		(3.22	)%
Ratios to average net assets (annualized)
Gross expenses		0.89	%		0.88	%		0.87	%		0.87	%		0.88	%		0.85	%
Net expenses		0.85	%		0.85	%		0.85	%		0.85	%		0.86	%		0.85	%
Net investment income		1.77	%		1.38	%		0.94	%		0.59	%		0.56	%		0.67	%
Supplemental data
Portfolio turnover rate		104	%		299	%		397	%		349	%		349	%		341	%
Net assets, end of period (000s omitted)		$317,165			$394,645			$483,112			$232,545			$173,772			$202,955

¹  Calculated based upon average shares outstanding

²  Total return calculations do not include any sales charges. 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 Securities Fund Financial highlights

(For a share outstanding throughout each period)

	Six months ended February 28, 2018 (unaudited)			Year ended August 31
CLASS C				2017			2016			2015			2014			2013
Net asset value, beginning of period		$11.01			$11.51			$11.21			$11.11			$10.77			$11.48
Net investment income (loss)		0.05	1		0.07	1		0.02	1		(0.01	)1		(0.02	)1		(0.02	)
Net realized and unrealized gains (losses) on investments		(0.34	)		(0.23	)		0.36			0.12			0.39			(0.42	)
Total from investment operations		(0.29	)		(0.16	)		0.38			0.11			0.37			(0.44	)
Distributions to shareholders from
Net investment income		(0.06	)		(0.07	)		(0.02	)		(0.01	)		(0.03	)		(0.00	)2
Net realized gains		0.00			(0.27	)		(0.06	)		0.00			0.00			(0.27	)
Total distributions to shareholders		(0.06	)		(0.34	)		(0.08	)		(0.01	)		(0.03	)		(0.27	)
Net asset value, end of period		$10.66			$11.01			$11.51			$11.21			$11.11			$10.77
Total return3		(2.68	)%		(1.26	)%		3.25	%		1.08	%		3.42	%		(3.94	)%
Ratios to average net assets (annualized)
Gross expenses		1.64	%		1.63	%		1.62	%		1.62	%		1.63	%		1.60	%
Net expenses		1.60	%		1.60	%		1.60	%		1.60	%		1.61	%		1.60	%
Net investment income (loss)		1.02	%		0.63	%		0.16	%		(0.13	)%		(0.20	)%		(0.08	)%
Supplemental data
Portfolio turnover rate		104	%		299	%		397	%		349	%		349	%		341	%
Net assets, end of period (000s omitted)		$17,528			$20,132			$27,085			$26,981			$31,908			$44,647

¹  Calculated based upon average shares outstanding

²  Amount is less than $0.005.

³  Total return calculations do not include any sales charges. 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 Securities Fund 23

(For a share outstanding throughout each period)

	Six months ended February 28, 2018 (unaudited)			Year ended August 31
ADMINISTRATOR CLASS				2017			2016			2015			2014			2013
Net asset value, beginning of period		$11.01			$11.51			$11.21			$11.11			$10.76			$11.48
Net investment income		0.11	1		0.18	1		0.13			0.10			0.06			0.09
Net realized and unrealized gains (losses) on investments		(0.35	)		(0.23	)		0.36			0.12			0.42			(0.43	)
Total from investment operations		(0.24	)		(0.05	)		0.49			0.22			0.48			(0.34	)
Distributions to shareholders from
Net investment income		(0.11	)		(0.18	)		(0.13	)		(0.12	)		(0.13	)		(0.11	)
Net realized gains		0.00			(0.27	)		(0.06	)		0.00			0.00			(0.27	)
Total distributions to shareholders		(0.11	)		(0.45	)		(0.19	)		(0.12	)		(0.13	)		(0.38	)
Net asset value, end of period		$10.66			$11.01			$11.51			$11.21			$11.11			$10.76
Total return2		(2.22	)%		(0.31	)%		4.34	%		1.97	%		4.51	%		(3.10	)%
Ratios to average net assets (annualized)
Gross expenses		0.83	%		0.82	%		0.81	%		0.80	%		0.81	%		0.79	%
Net expenses		0.64	%		0.64	%		0.64	%		0.64	%		0.64	%		0.64	%
Net investment income		1.98	%		1.60	%		1.13	%		0.82	%		0.79	%		0.88	%
Supplemental data
Portfolio turnover rate		104	%		299	%		397	%		349	%		349	%		341	%
Net assets, end of period (000s omitted)		$220,898			$198,520			$229,169			$216,428			$211,589			$339,446

¹  Calculated based upon average shares outstanding

²  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 Securities Fund Financial highlights

(For a share outstanding throughout each period)

	Six months ended February 28, 2018 (unaudited)			Year ended August 31
INSTITUTIONAL CLASS				2017			2016			2015			2014			2013
Net asset value, beginning of period		$11.00			$11.50			$11.21			$11.10			$10.76			$11.47
Net investment income		0.11	1		0.19	1		0.15			0.11	1		0.10			0.11
Net realized and unrealized gains (losses) on investments		(0.34	)		(0.22	)		0.35			0.14			0.39			(0.42	)
Total from investment operations		(0.23	)		(0.03	)		0.50			0.25			0.49			(0.31	)
Distributions to shareholders from
Net investment income		(0.12	)		(0.20	)		(0.15	)		(0.14	)		(0.15	)		(0.13	)
Net realized gains		0.00			(0.27	)		(0.06	)		0.00			0.00			(0.27	)
Total distributions to shareholders		(0.12	)		(0.47	)		(0.21	)		(0.14	)		(0.15	)		(0.40	)
Net asset value, end of period		$10.65			$11.00			$11.50			$11.21			$11.10			$10.76
Total return2		(2.14	)%		(0.15	)%		4.42	%		2.22	%		4.59	%		(2.86	)%
Ratios to average net assets (annualized)
Gross expenses		0.56	%		0.55	%		0.54	%		0.54	%		0.55	%		0.52	%
Net expenses		0.48	%		0.48	%		0.48	%		0.48	%		0.48	%		0.48	%
Net investment income		2.10	%		1.75	%		1.28	%		0.99	%		0.94	%		1.05	%
Supplemental data
Portfolio turnover rate		104	%		299	%		397	%		349	%		349	%		341	%
Net assets, end of period (000s omitted)		$196,652			$416,834			$487,113			$468,859			$540,684			$565,573

¹  Calculated based upon average shares outstanding

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 Government Securities Fund 25

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 Securities Fund (the “Fund”) which is a diversified series of the Trust.

Effective at the close of business on December 5, 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 February 28, 2018.

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

All investments are valued each business day as of the close of regular trading on the New York Stock Exchange (generally 4 p.m. Eastern Time), although the Fund may deviate from this calculation time under unusual or unexpected circumstances.

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.

Futures that are listed on a foreign or domestic exchange or market are valued at the official closing price or, if none, the last sales price.

Investments in registered open-end investment companies are valued at net asset value.

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 Wells Fargo Asset Management Pricing Committee at Wells Fargo Funds Management, LLC (“Funds Management”). The Board of Trustees retains the authority to make or ratify any valuation decisions or approve any changes to the Valuation Procedures as it deems appropriate. On a quarterly basis, the Board of Trustees receives reports on any valuation actions taken by the Valuation Committee or the Wells Fargo Asset Management Pricing Committee which may include items for ratification.

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.

26 Wells Fargo Government Securities Fund Notes to financial statements (unaudited)

Futures contracts

The Fund is subject to interest rate risk in the normal course of pursuing its investment objectives. The Fund may buy and sell futures contracts in order to gain exposure to, or protect against, changes in interest rates. The primary risks associated with the use of futures contracts are the imperfect correlation between changes in market values of securities held by the Fund and the prices of futures contracts, and the possibility of an illiquid market.

The aggregate principal amounts of the contracts are not recorded in the financial statements. Fluctuations in the value of the contracts are recorded in the Statement of Assets and Liabilities as an asset or liability and in the Statement of Operations as unrealized gains or losses until the contracts are closed, at which point they are recorded as net realized gains or losses on futures contracts. With futures contracts, there is minimal counterparty risk to the Fund since futures are exchange traded and the exchange’s clearinghouse, as counterparty to all exchange traded futures, guarantees the futures against default.

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. 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 and paid at least annually. Such distributions are determined in accordance with income tax regulations and may differ from U.S. generally accepted accounting principles. Dividend sources are estimated at the time of declaration. The tax character of distributions is determined as of 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 at year end.

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 February 28, 2018, the aggregate cost of all investments for federal income tax purposes was $887,622,228 and the unrealized gains (losses) consisted of:

Gross unrealized gains	$	8,242,972
Gross unrealized losses		(17,688,018	)
Net unrealized losses	$	(9,445,046	)

As of August 31, 2017, the Fund had current year net deferred post-October capital losses consisting of $12,278,768 in short-term losses which was recognized on the first day of the current fiscal year.

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 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.

Notes to financial statements (unaudited) Wells Fargo Government Securities Fund 27

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 February 28, 2018:

	Quoted prices (Level 1)		Other significant observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total
Assets
Investments in:
Agency securities	$	0	$	668,964,212	$	0	$	668,964,212
Asset-backed securities		0		11,212,150		0		11,212,150
Corporate bonds and notes		0		8,026,968		0		8,026,968
Municipal obligations		0		14,412,181		0		14,412,181
Non-agency mortgage-backed securities		0		31,752,568		0		31,752,568
U.S. Treasury securities		74,969,099		0		0		74,969,099
Yankee corporate bonds and notes		0		11,057,678		0		11,057,678
Yankee government bonds		0		40,329,165		0		40,329,165
Short-term investments
Investment companies		15,145,655		0		0		15,145,655
U.S. Treasury securities		2,223,879		0		0		2,223,879
		92,338,633		785,754,922		0		878,093,555
Futures contracts		83,627		0		0		83,627
Total assets	$	92,422,260	$	785,754,922	$	0	$	878,177,182

Futures contracts are reported at the cumulative unrealized gains or losses at measurement date. The current day’s variation margin is reported on the Statement of assets and liabilities. All other assets and liabilities are reported at their market value at measurement date.

The Fund recognizes transfers between levels within the fair value hierarchy at the end of the reporting period. At February 28, 2018, 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

28 Wells Fargo Government Securities Fund Notes to financial statements (unaudited)

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 0.45% and declining to 0.32% as the average daily net assets of the Fund increase. Prior to January 1, 2018, Funds Management received an annual management fee which started at 0.45% and declined to 0.33% as the average daily net assets of the Fund increased. For the six months ended February 28, 2018, the management fee was equivalent to an annual rate of 0.44% 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 0.20% and declining to 0.10% 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 C		0.16	%
Administrator Class		0.10
Institutional Class		0.08

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 December 31, 2018 to waive fees and/or reimburse expenses to the extent necessary to cap the Fund’s expenses at 0.85% for Class A shares, 1.60% for Class C shares, 0.64% for Administrator Class shares, and 0.48% for Institutional 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.

Distribution fee

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

In addition, Funds Distributor is entitled to receive the front-end sales charge from the purchase of Class A shares and a contingent deferred sales charge on the redemption of certain Class A shares. Funds Distributor is also entitled to receive the contingent deferred sales charges from redemptions of Class C shares. For the six months ended February 28, 2018, Funds Distributor received $870 from the sale of Class A shares and $20 in contingent deferred sales charges from redemptions of Class C shares. No contingent deferred sales charges were incurred by Class A shares for the six months ended February 28, 2018.

Shareholder servicing fees

The Trust has entered into contracts with one or more shareholder servicing agents, whereby Class A, Class C, and Administrator Class of the Fund are charged a fee at an annual rate of 0.25% of the average daily net assets of each respective 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 $43,447,421 in interfund sales during the six months ended February 28, 2018.

Notes to financial statements (unaudited) Wells Fargo Government Securities Fund 29

5. INVESTMENT PORTFOLIO TRANSACTIONS

Purchases and sales of investments, excluding short-term securities, for the six months ended February 28, 2018 were as follows:

Purchases at cost		Sales proceeds
U.S. government	Non-U.S. government	U.S. government	Non-U.S. government
$1,018,114,631	$13,752,911	$1,198,057,087	$75,158,008

6. DERIVATIVE TRANSACTIONS

During the six months ended February 28, 2018, the Fund entered into futures contracts to speculate on interest rates. The Fund had an average notional amount of $13,987,891 and $48,008,195 in long futures contracts and short futures contracts, respectively, during the six months ended February 28, 2018.

On February 28, 2018, the cumulative unrealized gains on futures contracts in the amount of $83,627 are reflected in net unrealized losses on investments on the Statement of Assets and Liabilities. The receivable and payable for daily variation margin on open futures contracts reflected in the Statement of Assets and Liabilities only represents the current day’s variation margin. The realized gains and change in unrealized gains (losses) on futures contracts are reflected in the Statement of Operations.

For certain types of derivative transactions, the Fund has entered into International Swaps and Derivatives Association, Inc. master agreements (“ISDA Master Agreements”) or similar agreements with approved counterparties. The ISDA Master Agreements or similar agreements may have requirements to deliver/deposit securities or cash to/with an exchange or broker-dealer as collateral and allows the Fund to offset, with each counterparty, certain derivative financial instrument’s assets and/or liabilities with collateral held or pledged. Collateral requirements differ by type of derivative. Collateral or margin requirements are set by the broker or exchange clearing house for exchange traded derivatives while collateral terms are contract specific for over-the-counter traded derivatives. Cash collateral that has been pledged to cover obligations of the Fund under ISDA Master Agreements or similar agreements, if any, are reported separately in the Statement of Assets and Liabilities. Securities pledged as collateral, if any, are noted in the Portfolio of Investments. With respect to balance sheet offsetting, absent an event of default by the counterparty or a termination of the agreement, the reported amounts of financial assets and financial liabilities in the Statement of Assets and Liabilities are not offset across transactions between the Fund and the applicable counterparty. A reconciliation of the gross amounts on the Statement of Assets and Liabilities to the net amounts by counterparty, including any collateral exposure, is as follows:

Counterparty	Gross amounts of assets in the Statement of Assets and Liabilities			Amounts subject to netting agreements		Collateral received		Net amount of assets
JPMorgan	$	83,627	*	$	0	$	0	$	83,627

* Amount represents unrealized gains on futures contracts which are reported in Net unrealized losses on investments. Only the current day’s variation margin as of February 28, 2018 is reported separately on the Statement of Assets and Liabilities.

7. BANK BORROWINGS

The Trust (excluding the money market funds and certain other funds) and Wells Fargo Variable Trust are parties to a $280,000,000 revolving credit agreement whereby the Fund is permitted to use bank borrowings for temporary or emergency purposes, such as to fund shareholder redemption requests. Interest under the credit agreement is charged to the Fund based on a borrowing rate equal to the higher of the Federal Funds rate in effect on that day plus 1.25% or the overnight LIBOR rate in effect on that day plus 1.25%. In addition, an annual commitment fee equal to 0.25% of the unused balance is allocated to each participating fund.

For the six months ended February 28, 2018, there were no borrowings by the Fund under the agreement.

8. 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.

30 Wells Fargo Government Securities 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 monthly on the Fund’s website (wellsfargofunds.com), on a one-month delayed basis. In addition, top ten holdings information (excluding derivative positions) for the Fund is publicly available on the Fund’s website on a monthly, seven-day or more 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 Securities 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 153 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; Chair Liaison, since 2018	Retired. From 2012 to 2014 and 1999 to 2008, Chief Financial Officer of Scientific Learning Corporation. From 2008 to 2012, Ms. Freeman provided consulting services related to strategic business projects. Prior to 1999, Portfolio Manager at Rockefeller & Co. and Scudder, Stevens & Clark. Board member of the Harding Loevner Funds from 1996 to 2014, serving as both Lead Independent Director and chair of the Audit Committee. Board member of the Russell Exchange Traded Funds Trust from 2011 to 2012 and the chair of the Audit Committee. Ms. Freeman is a Board Member of Ruth Bancroft Garden (non-profit organization) and the Glimmerglass Festival. She is also an inactive Chartered Financial Analyst.	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 Securities 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; Governance Committee Chairman, since 2018	International Foundation of Employee Benefit Plans Professor, Wharton School of the University of Pennsylvania since 1993. Director of Wharton’s Pension Research Council and Boettner Center on Pensions & Retirement Research, and Research Associate at the National Bureau of Economic Research. Previously, Cornell University Professor from 1978 to 1993.	Asset Allocation Trust
Timothy J. Penny**** (Born 1951)	Trustee, since 1996; Chairman, since 2018; Vice Chairman, from 2017 to 2018	President and Chief Executive Officer of Southern Minnesota Initiative Foundation, a non-profit organization, since 2007. Member of the Board of Trustees of NorthStar Education Finance, Inc., a non-profit organization, since 2007.	Asset Allocation Trust
James G. Polisson***** (Born 1959)	Trustee, since 2018; Advisory Board Member, from 2017 to 2018	Retired. Chief Marketing Officer, Source (ETF) UK Services, Ltd, from 2015 to 2017. From 2012 to 2015, Principal of The Polisson Group, LLC, a management consulting, corporate advisory and principal investing company. Chief Executive Officer and Managing Director at Russell Investments, Global Exchange Traded Funds from 2010 to 2012. Managing Director of Barclays Global Investors from 1998 to 2010 and Global Chief Marketing Officer for iShares and Barclays Global Investors from 2000 to 2010. Trustee of the San Francisco Mechanics’ Institute, a non-profit organization, from 2013 to 2015. Board member of the Russell Exchange Traded Fund Trust from 2011 to 2012. Director of Barclays Global Investors Holdings Deutschland GmbH from 2006 to 2009. Mr. Polisson is an attorney and has a retired status with the Massachusetts and District of Columbia Bar Associations.	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. Trustee of the Evergreen Fund 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
Pamela Wheelock***** (Born 1959)	Trustee, since 2018; Advisory Board Member, from 2017 to 2018	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.	Asset Allocation Trust

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

** Jane Freeman became Chair Liaison effective January 1, 2018.

*** Olivia Mitchell became Chairman of the Governance Committee effective January 1, 2018.

**** Timothy Penny became Chairman effective January 1, 2018.

***** James Polisson and Pamela Wheelock each became a Trustee effective January 1, 2018.

Other information (unaudited) Wells Fargo Government Securities 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.
Alexander Kymn* (Born 1973)	Secretary, since 2018; Chief Legal Officer, since 2018	Senior Company Counsel of Wells Fargo Bank, N.A. since 2018 (previously Senior Counsel from 2007 to 2018). Vice President of Wells Fargo Funds Management, LLC from 2008 to 2014.
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 77 funds in the Fund Complex. Jeremy DePalma acts as Treasurer of 76 funds and Assistant Treasurer of 77 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.

* Alexander Kymn became the Secretary and Chief Legal Officer effective April 17, 2018.

** David Messman was the Secretary and Chief Legal Officer until April 16, 2018.

34 Wells Fargo Government Securities 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

INR —  Indian rupee

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 Agency

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

SIFMA —  Securities Industry and Financial Markets Association

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 Distributor nor Wells Fargo Funds Management holds fund shareholder accounts or assets. This material is for general informational and educational purposes only and is NOT intended to provide investment advice or a recommendation of any kind—including a recommendation for any specific investment, strategy, or plan.

NOT FDIC INSURED  ◾  NO BANK GUARANTEE  ◾   MAY LOSE VALUE

© 2018 Wells Fargo Funds Management, LLC. All rights reserved.

309368 04-18 SA216/SAR216 02-18

Semi-Annual Report

February 28, 2018

Wells Fargo High Yield Bond Fund

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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		26
List of abbreviations		30

The views expressed and any forward-looking statements are as of February 28, 2018, 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 High Yield Bond Fund Letter to shareholders (unaudited)

Andrew Owen

President

Wells Fargo Funds

During the period, stocks globally delivered positive returns.

Dear Shareholder:

We are pleased to offer you this semi-annual report for the Wells Fargo High Yield Bond Fund for the six-month period that ended February 28, 2018. During the period, stocks globally delivered positive returns. For the period, U.S. stocks, as measured by the S&P 500 Index¹, gained 10.84% and international stocks, as measured by the MSCI ACWI ex USA Index (Net)², gained 7.59%. In bond markets, the Bloomberg Barclays U.S. Aggregate Bond Index³ declined 2.18% and the Bloomberg Barclays Municipal Bond Index⁴ lost 1.24% while fixed-income investments outside the U.S. gained 2.52%, according to the Bloomberg Barclays Global Aggregate ex-USD Index⁵. The ICE BofAML U.S. High Yield Index⁶ earned 1.01% during the period.

U.S. stocks advanced as business-friendly policies and regulations, newly implemented tax reform, increased hiring activity, and consistent corporate profits led to higher investor and consumer confidence. Internationally, stocks gained as unemployment fell and wages increased in the U.K.; the Bank of Japan continued its accommodative monetary policies; and industrial production, retail sales, and fixed asset investment increased in China. Stock returns in the emerging markets were strong, with the MSCI Emerging Markets (EM) Index (Net)⁷ gaining 10.58% for the period.

Reactions to U.S. interest-rate increases were uneven across the yield curve and globally.

The U.S. Federal Reserve (Fed) increased the federal funds rate twice during the six-month period. Following a federal funds rate increase in June to a range of 1.00% to 1.25%, 10-year U.S. Treasury yields declined, the yield curve flattened, and long-term bond prices benefited.

Internationally, central banks maintained low interest rates and accommodative monetary policies that supported business activity and stock values in foreign markets. A weaker U.S. dollar was generally supportive of business activity in regions around the globe.

Positive economic and market news continued as 2017 closed and 2018 began.

During the fourth quarter of 2017, stock markets continued the move higher. Third-quarter economic output in the U.S. grew at a 3.2% annual rate. The unemployment rate fell to a 17-year low of 4.1%. Tax reform and wage growth encouraged increased business and consumer spending.

Fed officials announced in October 2017 plans to begin unwinding its $4.5 trillion portfolio of bonds and other assets accumulated during rounds of quantitative easing conducted since the 2008–2009 recession. Still, restrained inflation kept long-term bond rates steady and the flattening of the yield curve persisted.

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 indices 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 Bloomberg Barclays Global Aggregate ex-USD Index is an unmanaged index that provides a broad-based measure of the global investment-grade fixed-income markets excluding the U.S. dollar-denominated debt market. You cannot invest directly in an index.

⁶  The ICE BofAML U.S. High Yield Index is a market-capitalization-weighted index of domestic and Yankee high-yield bonds. The index tracks the performance of high-yield securities traded in the U.S. bond market. You cannot invest directly in an index. Copyright 2018. ICE Data Indices, LLC. All rights reserved.

⁷  The MSCI Emerging Markets (EM) Index (Net) is a free-float-adjusted market-capitalization-weighted index that is designed to measure large- and mid-cap equity market performance of emerging markets. The MSCI EM Index (Net) consists of the following 24 emerging markets country indices: Brazil, Chile, China, Colombia, Czech Republic, Egypt, Greece, Hungary, India, Indonesia, Korea, Malaysia, Mexico, Pakistan, Peru, the Philippines, Poland, Qatar, Russia, South Africa, Taiwan, Thailand, Turkey, and the United Arab Emirates. You cannot invest directly in an index.

Letter to shareholders (unaudited) Wells Fargo High Yield Bond Fund 3

October 2017 also marked one year since the regulatory reform of money market investing in the U.S. By December 2017, money market fund asset levels exceeded their December 2016 levels, reflecting continued investor demand for short-term investment opportunities offered in money market funds.

In December, the Organisation for Economic Co-operation and Development (OECD) reported that the global economy was expanding at its fastest rate since 2010; all 35 countries the OECD follows were on track to expand for 2017. International economies benefited from economic stimulus, which accelerated trade growth; improving employment; increased investment; and firming commodity prices.

The Fed raised the federal funds rate target to a range of 1.25% to 1.50% in December 2017 and began reducing its bond portfolio.

2018 opened with continued stock advances, then volatility.

Improving business and economic data globally continued to support stock advances through January 2018. Even political wrangling in the U.S. over budget resolutions could not dissuade investors from buying stocks as payrolls and factory orders increased. Long-term interest rates in the U.S. trended higher as the yield curve steepened—the 10-year Treasury rate moved from 2.46% to 2.84% and the 30-year rate moved from 2.81% to 3.08% during January 2018.

Investor sentiment shifted in February. Concerns about inflation began to emerge in the U.S. as readings from the Producer Price Index in January rose 2.5% year over year. During February 2018, the U.S. market endured a loss of more than 10% before recovering much of that loss, but volatility affected stocks globally throughout the month.

During January 2018, purchasing managers’ indexes in China, the eurozone, India, and Japan reported data for December that indicated continued growth. International stock values fell during February 2018, swept up in the selling momentum in U.S. markets.

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

Periods of investment uncertainty can present challenges, but experience has taught us that maintaining long-term investment goals can be an effective way to plan for the future. To help you create a sound strategy based on your personal goals and risk tolerance, Wells Fargo Funds offers more than 100 mutual funds spanning a wide range of asset classes and investment styles. Although diversification cannot guarantee an investment profit or prevent losses, we believe it can be an effective way to manage investment risk and potentially smooth out overall portfolio performance. We encourage investors to know their investments and to understand that appropriate levels of risk-taking may unlock opportunities.

Thank you for choosing to invest with Wells Fargo Funds. We appreciate your confidence in us and remain committed to helping you meet your financial needs.

Sincerely,

Andrew Owen

President

Wells Fargo Funds

During February 2018, the U.S. market endured a loss of more than 10% before recovering much of that loss, but volatility affected stocks globally throughout the month.

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.

4 Wells Fargo High Yield Bond Fund Performance highlights (unaudited)

Investment objective

The Fund seeks total return, consisting of a high level of current income and capital appreciation.

Manager

Wells Fargo Funds Management, LLC

Subadviser

Wells Capital Management Incorporated

Portfolio manager

Margaret D. Patel

Average annual total returns (%) as of February 28, 2018¹

		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 (EKHAX)	1-20-1998		(1.29	)		3.73		6.61		3.41		4.66		7.09		1.02		0.93
Class C (EKHCX)	1-21-1998		1.64			3.88		6.29		2.64		3.88		6.29		1.77		1.68
Administrator Class (EKHYX)	4-14-1998		–			–		–		3.55		4.87		7.32		0.96		0.80
Institutional Class (EKHIX)	10-31-2014		–			–		–		3.82		4.99		7.38		0.69		0.53
ICE BofAML U.S. High Yield Constrained Index4	–		–			–		–		4.12		5.36		8.21		–		–

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 return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Performance shown without sales charges would be lower if sales charges were reflected. Current performance may be lower or higher than the performance data quoted, which assumes the reinvestment of dividends and capital gains. Current month-end performance is available on the Fund’s website, wellsfargofunds.com.

Index returns do not include transaction costs associated with buying and selling securities, any mutual fund fees or expenses, or any taxes. It is not possible to invest directly in an index.

For Class A shares, the maximum front-end sales charge is 4.50%. 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. Administrator Class and Institutional Class shares are sold without a front-end sales charge or contingent deferred sales charge.

Bond values fluctuate in response to the financial condition of individual issuers, general market and economic conditions, and changes in interest rates. Changes in market conditions and government policies may lead to periods of heightened volatility in the bond market and reduced liquidity for certain bonds held by the Fund. In general, when interest rates rise, bond values fall and investors may lose principal value. Interest-rate changes and their impact on the Fund and its share price can be sudden and unpredictable. The use of derivatives may reduce returns and/or increase volatility. High-yield securities have a greater risk of default and tend to be more volatile than higher-rated debt securities. Loans are subject to risks similar to those associated with other below investment-grade bond investments, such as credit risk (for example, risk of issuer default), below investment-grade bond risk (for example, risk of greater volatility in value), and risk that the loan may become illiquid or difficult to price. The Fund is exposed to foreign investment risk. Consult the Fund’s prospectus for additional information on these and other risks.

Please see footnotes on page 5.

Performance highlights (unaudited) Wells Fargo High Yield Bond Fund 5

Ten largest holdings (%) as of February 28, 20185
Wesco Distribution Incorporated, 5.38%, 6-15-2024	2.87
Cheniere Corpus Christi Holdings LLC, 5.13%, 6-30-2027	2.75
Mallinckrodt plc, 5.50%, 4-15-2025	2.66
TransDigm Group Incorporated, 6.38%, 6-15-2026	2.61
SPX FLOW Incorporated, 5.88%, 8-15-2016	2.58
Iron Mountain Incorporated, 5.38%, 6-1-2026	2.53
AMN Healthcare Incorporated, 5.13%, 10-1-2024	2.50
Diebold Incorporated, 8.50%, 4-15-2024	2.27
Post Holdings Incorporated, 5.00%, 8-15-2026	1.91
Teleflex Incorporated, 4.88%, 6-1-2026	1.87

Credit quality as of February 28, 2018⁶

¹  Historical performance shown for the Institutional Class shares prior to their inception reflects the performance of the Administrator Class shares, and is not adjusted to reflect the Institutional Class expenses. If these expenses had been included, returns for the Institutional Class shares would be higher. 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 High Income 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 December 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. The expense ratio paid by an investor is the net expense ratio (the total annual fund operating expenses after fee waivers) as stated in the prospectuses.

⁴  The ICE BofAML U.S. High Yield Constrained Index is a market value-weighted index of all domestic and Yankee high-yield bonds, including deferred interest bonds and payment-in kind securities. Issues included in the index have maturities of one year or more and have a credit rating lower than BBB–/Baa3, but are not in default. The ICE BofAML U.S. High Yield Constrained Index limits any individual issuer to a maximum of 2% benchmark exposure. You cannot invest directly in an index. Copyright 2018. ICE Data Indices, LLC. All rights reserved.

⁵  The ten largest holdings, excluding cash and cash equivalents, are calculated based on the value of the investments divided by total net assets of the Fund. Holdings are subject to change and may have changed since the date specified.

⁶  The credit quality distribution of portfolio holdings reflected in the chart is based on ratings from Standard & Poor’s, Moody’s Investors Service, and/or Fitch Ratings Ltd. Credit quality ratings apply to the underlying holdings of the Fund and not to the Fund itself. The percentages of the Fund’s portfolio with the ratings depicted in the chart are calculated based on the total market value of fixed income securities held by the Fund. If a security was rated by all three rating agencies, the middle rating was utilized. If rated by two of three rating agencies, the lower rating was utilized, and if rated by one of the rating agencies, that rating was utilized. Standard & Poor’s rates the creditworthiness of bonds, ranging from AAA (highest) to D (lowest). Ratings from A to CCC may be modified by the addition of a plus (+) or minus (-) sign to show relative standing within the rating categories. Standard & Poor’s rates the creditworthiness of short-term notes from SP-1 (highest) to SP-3 (lowest). Moody’s rates the creditworthiness of bonds, ranging from Aaa (highest) to C (lowest). Ratings Aa to B may be modified by the addition of a number 1 (highest) to 3 (lowest) to show relative standing within the ratings categories. Moody’s rates the creditworthiness of short-term U.S. tax-exempt municipal securities from MIG 1/VMIG 1 (highest) to SG (lowest). Fitch rates the creditworthiness of bonds, ranging from AAA (highest) to D (lowest). Credit quality distribution is subject to change and may have changed since the date specified.

6 Wells Fargo High Yield Bond Fund Fund expenses (unaudited)

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments and contingent deferred sales charges (if any) on redemptions and (2) ongoing costs, including management fees, distribution (12b-1) and/or shareholder servicing fees, and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The example is based on an investment of $1,000 invested at the beginning of the six-month period and held for the entire period from September 1, 2017 to February 28, 2018.

Actual expenses

The “Actual” line of the table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the “Actual” line under the heading entitled “Expenses paid during period” for your applicable class of shares to estimate the expenses you paid on your account during this period.

Hypothetical example for comparison purposes

The “Hypothetical” line of the table below provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads) and contingent deferred sales charges. Therefore, the “Hypothetical” line of the table is useful in comparing ongoing costs only and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

	Beginning account value 9-1-2017		Ending account value 2-28-2018		Expenses paid during the period¹		Annualized net expense ratio
Class A
Actual	$	1,000.00	$	989.09	$	4.59		0.93	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.18	$	4.66		0.93	%
Class C
Actual	$	1,000.00	$	985.42	$	8.27		1.68	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,016.46	$	8.40		1.68	%
Administrator Class
Actual	$	1,000.00	$	993.42	$	3.95		0.80	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.83	$	4.01		0.80	%
Institutional Class
Actual	$	1,000.00	$	987.57	$	2.61		0.53	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,022.17	$	2.66		0.53	%

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—February 28, 2018 (unaudited) Wells Fargo High Yield Bond Fund 7

Security name	Shares		Value
Common Stocks: 8.92%
Consumer Staples: 0.11%
Food Products: 0.11%
Lamb Weston Holdings Incorporated		10,000	$	540,900
Energy: 2.63%
Oil, Gas & Consumable Fuels: 2.63%
Andeavor Logistics LP		85,000		3,950,800
Enterprise Products Partners		50,000		1,271,000
Kinder Morgan Incorporated		225,000		3,645,000
Plains All American Pipeline LP		200,000		4,220,000
				13,086,800
Financials: 0.16%
Banks: 0.16%
PNC Financial Services Group Incorporated		5,000		788,300
Health Care: 0.57%
Health Care Equipment & Supplies: 0.57%
Abbott Laboratories		35,000		2,111,550
Becton Dickinson & Company		2,000		444,040
West Pharmaceutical Services Incorporated		3,000		261,660
				2,817,250
Industrials: 1.26%
Aerospace & Defense: 0.70%
Huntington Ingalls Industries Incorporated		5,000		1,310,050
Raytheon Company		10,000		2,175,100
				3,485,150
Industrial Conglomerates: 0.33%
Roper Industries Incorporated		6,000		1,650,540
Machinery: 0.23%
John Bean Technologies Corporation		10,000		1,107,500
Information Technology: 3.06%
Electronic Equipment, Instruments & Components: 0.18%
Amphenol Corporation Class A		10,000		913,900
Internet Software & Services: 0.22%
Alphabet Incorporated Class A †		1,000		1,103,920
IT Services: 0.26%
Leidos Holdings Incorporated		20,000		1,266,200
Semiconductors & Semiconductor Equipment: 2.40%
Applied Materials Incorporated		10,000		575,900
Broadcom Limited		30,000		7,393,800

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

8 Wells Fargo High Yield Bond Fund Portfolio of investments—February 28, 2018 (unaudited)

Security name						Shares		Value
Semiconductors & Semiconductor Equipment (continued)
Microsemi Corporation †							15,000	$	973,500
QUALCOMM Incorporated							5,000		325,000
Texas Instruments Incorporated							5,000		541,750
Xilinx Incorporated							30,000		2,137,500
									11,947,450
Materials: 0.74%
Chemicals: 0.74%
Celanese Corporation Series A							15,000		1,512,900
LyondellBasell Industries NV Class A							20,000		2,164,400
									3,677,300
Real Estate: 0.15%
Equity REITs: 0.15%
Saul Centers Incorporated							15,000		733,950
Utilities: 0.24%
Gas Utilities: 0.24%
Atmos Energy Corporation							15,000		1,207,350
Total Common Stocks (Cost $38,890,636)									44,326,510
	Interest rate			Maturity date		Principal
Corporate Bonds and Notes: 75.59%
Consumer Discretionary: 7.70%
Auto Components: 2.21%
Allison Transmission Incorporated 144A		5.00	%		10-1-2024	$	1,000,000		1,013,748
Dana Holding Corporation		5.50			12-15-2024		1,500,000		1,530,000
Goodyear Tire & Rubber Company		5.13			11-15-2023		2,500,000		2,559,375
Tenneco Incorporated		5.00			7-15-2026		6,000,000		5,895,000
									10,998,123
Hotels, Restaurants & Leisure: 0.63%
Speedway Motorsports Incorporated		5.13			2-1-2023		3,115,000		3,115,000
Household Durables: 0.93%
KB Home		7.50			9-15-2022		3,000,000		3,341,250
Lennar Corporation		4.75			5-30-2025		1,300,000		1,293,500
									4,634,750
Media: 2.92%
CCO Holdings LLC 144A		5.75			2-15-2026		3,000,000		3,041,250
Clear Channel Worldwide Holdings Incorporated		6.50			11-15-2022		3,000,000		3,076,500
McGraw-Hill Global Education Holdings LLC 144A«		7.88			5-15-2024		5,500,000		5,321,250
Sinclair Television Group Incorporated 144A		5.63			8-1-2024		3,000,000		3,045,000
									14,484,000

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

Portfolio of investments—February 28, 2018 (unaudited) Wells Fargo High Yield Bond Fund 9

Security name	Interest rate			Maturity date		Principal		Value
Specialty Retail: 1.01%
Sally Holdings LLC «		5.63	%		12-1-2025	$	5,000,000	$	5,025,000
Consumer Staples: 3.51%
Food Products: 3.10%
Dean Foods Company 144A«		6.50			3-15-2023		5,000,000		4,887,500
Lamb Weston Holdings Incorporated 144A		4.63			11-1-2024		1,000,000		1,005,000
Post Holdings Incorporated 144A		5.00			8-15-2026		10,000,000		9,500,000
									15,392,500
Household Products: 0.41%
Spectrum Brands Incorporated		5.75			7-15-2025		2,000,000		2,060,000
Energy: 4.01%
Energy Equipment & Services: 0.20%
NGPL PipeCo LLC 144A		4.88			8-15-2027		1,000,000		1,008,750
Oil, Gas & Consumable Fuels: 3.81%
Cheniere Corpus Christi Holdings LLC		5.13			6-30-2027		13,500,000		13,651,875
Tennessee Gas Pipeline Company		7.00			3-15-2027		4,534,000		5,296,731
									18,948,606
Financials: 2.03%
Banks: 0.64%
Bank of America Corporation (3 Month LIBOR +3.90%) ±		6.10			12-29-2049		3,000,000		3,180,000
Consumer Finance: 0.70%
Navient Corporation		5.88			10-25-2024		1,000,000		990,000
SLM Corporation		5.50			1-25-2023		2,500,000		2,475,000
									3,465,000
Insurance: 0.69%
Genworth Holdings Incorporated		4.80			2-15-2024		4,000,000		3,420,000
Health Care: 15.51%
Health Care Equipment & Supplies: 2.08%
Halyard Health Incorporated		6.25			10-15-2022		1,000,000		1,028,750
Teleflex Incorporated		4.88			6-1-2026		9,415,000		9,320,850
									10,349,600
Health Care Providers & Services: 10.81%
AMN Healthcare Incorporated 144A		5.13			10-1-2024		12,298,000		12,420,980
DaVita HealthCare Partners Incorporated		5.00			5-1-2025		9,000,000		8,820,000
DaVita HealthCare Partners Incorporated		5.13			7-15-2024		2,000,000		1,986,250
Encompass Health Corporation		5.75			11-1-2024		4,000,000		4,055,000
HCA Incorporated		5.38			2-1-2025		9,000,000		9,149,130
HealthSouth Corporation		5.13			3-15-2023		5,000,000		5,087,500
Kindred Healthcare Incorporated «		8.75			1-15-2023		4,000,000		4,280,000

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

10 Wells Fargo High Yield Bond Fund Portfolio of investments—February 28, 2018 (unaudited)

Security name	Interest rate			Maturity date		Principal		Value
Health Care Providers & Services (continued)
Select Medical Corporation		6.38	%		6-1-2021	$	3,500,000	$	3,568,145
West Street Merger Sub Incorporated 144A		6.38			9-1-2025		4,400,000		4,378,000
									53,745,005
Health Care Technology: 1.03%
Quintiles IMS Holdings Incorporated 144A		4.88			5-15-2023		3,000,000		3,082,500
Quintiles IMS Holdings Incorporated 144A		5.00			10-15-2026		2,000,000		2,006,000
									5,088,500
Pharmaceuticals: 1.59%
Catalent Pharma Solutions Incorporated 144A		4.88			1-15-2026		8,000,000		7,920,000
Industrials: 15.08%
Aerospace & Defense: 4.61%
Huntington Ingalls Industries Incorporated 144A		5.00			11-15-2025		4,500,000		4,772,790
Moog Incorporated 144A		5.25			12-1-2022		5,000,000		5,150,000
TransDigm Group Incorporated		6.38			6-15-2026		12,700,000		12,985,750
									22,908,540
Commercial Services & Supplies: 1.50%
Acco Brands Corporation 144A		5.25			12-15-2024		7,417,000		7,454,085
Construction & Engineering: 0.58%
Aecom Company		5.13			3-15-2027		3,000,000		2,905,350
Machinery: 4.89%
Oshkosh Corporation		5.38			3-1-2025		4,163,000		4,341,176
SPX FLOW Incorporated 144A		5.63			8-15-2024		7,000,000		7,122,500
SPX FLOW Incorporated 144A		5.88			8-15-2026		12,500,000		12,843,750
									24,307,426
Trading Companies & Distributors: 3.50%
United Rentals North America Incorporated		5.75			11-15-2024		3,000,000		3,105,000
Wesco Distribution Incorporated		5.38			6-15-2024		14,245,000		14,280,613
									17,385,613
Information Technology: 12.27%
Communications Equipment: 2.51%
CommScope Incorporated 144A		5.50			6-15-2024		8,200,000		8,353,750
CommScope Technologies Finance LLC 144A		6.00			6-15-2025		4,000,000		4,131,200
									12,484,950
Electronic Equipment, Instruments & Components: 1.80%
TTM Technologies Incorporated 144A		5.63			10-1-2025		9,000,000		8,955,000
IT Services: 0.41%
Gartner Incorporated 144A		5.13			4-1-2025		2,000,000		2,050,000

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

Portfolio of investments—February 28, 2018 (unaudited) Wells Fargo High Yield Bond Fund 11

Security name	Interest rate			Maturity date		Principal		Value
Semiconductors & Semiconductor Equipment: 3.65%
Micron Technology Incorporated		5.50	%		2-1-2025	$	7,900,000	$	8,196,250
Micron Technology Incorporated 144A		5.63			1-15-2026		6,750,000		6,986,250
Versum Materials Incorporated 144A		5.50			9-30-2024		2,810,000		2,936,450
									18,118,950
Software: 1.63%
Nuance Communications Company		6.00			7-1-2024		6,760,000		7,074,678
Symantec Corporation 144A		5.00			4-15-2025		1,000,000		1,020,103
									8,094,781
Technology Hardware, Storage & Peripherals: 2.27%
Diebold Incorporated		8.50			4-15-2024		10,700,000		11,288,500
Materials: 8.81%
Chemicals: 6.32%
Koppers Incorporated 144A		6.00			2-15-2025		3,363,000		3,480,705
Olin Corporation		5.50			8-15-2022		8,275,000		8,606,000
Rayonier Advanced Materials Products Incorporated 144A		5.50			6-1-2024		7,775,000		7,736,125
Scotts Miracle-Gro Company		6.00			10-15-2023		1,000,000		1,045,000
Valvoline Incorporated		4.38			8-15-2025		8,000,000		7,820,000
Valvoline Incorporated		5.50			7-15-2024		2,630,000		2,712,188
									31,400,018
Containers & Packaging: 1.84%
Ball Corporation		4.00			11-15-2023		1,500,000		1,485,000
Berry Plastics Corporation		5.13			7-15-2023		2,000,000		2,042,500
Crown Americas Capital Corporation IV		4.50			1-15-2023		2,000,000		2,020,000
Owens-Brockway Glass Container Incorporated 144A		5.88			8-15-2023		2,000,000		2,085,000
Sealed Air Corporation 144A		5.25			4-1-2023		1,500,000		1,533,750
									9,166,250
Metals & Mining: 0.53%
Steel Dynamics Incorporated		5.50			10-1-2024		2,550,000		2,639,250
Paper & Forest Products: 0.12%
P.H. Glatfelter Company		5.38			10-15-2020		600,000		607,920
Real Estate: 6.24%
Equity REITs: 6.24%
Equinix Incorporated		5.38			5-15-2027		6,430,000		6,558,600
Equinix Incorporated		5.75			1-1-2025		5,193,000		5,426,685
Iron Mountain Incorporated 144A		4.88			9-15-2027		500,000		471,250
Iron Mountain Incorporated 144A		5.38			6-1-2026		12,750,000		12,558,750
Iron Mountain Incorporated		5.75			8-15-2024		2,000,000		1,990,000
Sabra Health Care REIT Incorporated		5.38			6-1-2023		4,000,000		4,020,000
									31,025,285

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

12 Wells Fargo High Yield Bond Fund Portfolio of investments—February 28, 2018 (unaudited)

Security name	Interest rate			Maturity date		Principal		Value
Telecommunication Services: 0.43%
Wireless Telecommunication Services: 0.43%
T-Mobile USA Incorporated		6.50	%		1-15-2026	$	2,000,000	$	2,145,000
Total Corporate Bonds and Notes (Cost $375,071,529)									375,771,752
Yankee Corporate Bonds and Notes: 12.29%
Consumer Discretionary: 3.49%
Auto Components: 1.80%
Adient Global Holdings Company 144A		4.88			8-15-2026		9,210,000		8,979,750
Automobiles: 0.62%
Fiat Chrysler Automobiles NV «		5.25			4-15-2023		3,000,000		3,090,000
Hotels, Restaurants & Leisure: 0.65%
International Game Technology plc 144A		6.50			2-15-2025		3,000,000		3,217,500
Media: 0.42%
Quebecor Media Incorporated		5.75			1-15-2023		2,000,000		2,075,000
Financials: 1.40%
Diversified Financial Services: 1.40%
Tronox Finance plc 144A		5.75			10-1-2025		7,000,000		6,947,500
Health Care: 2.65%
Pharmaceuticals: 2.65%
Mallinckrodt plc 144A		5.50			4-15-2025		16,500,000		13,200,000
Industrials: 1.69%
Electrical Equipment: 1.69%
Sensata Technologies BV 144A		4.88			10-15-2023		3,000,000		3,045,000
Sensata Technologies BV 144A		5.63			11-1-2024		5,000,000		5,345,250
									8,390,250
Information Technology: 2.67%
Technology Hardware, Storage & Peripherals: 2.67%
Seagate HDD		4.75			6-1-2023		4,140,000		4,182,953
Seagate HDD		4.88			6-1-2027		9,500,000		9,080,272
									13,263,225
Telecommunication Services: 0.39%
Diversified Telecommunication Services: 0.39%
Virgin Media Finance plc 144A		5.75			1-15-2025		2,000,000		1,965,000
Total Yankee Corporate Bonds and Notes (Cost $63,740,228)									61,128,225

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

Portfolio of investments—February 28, 2018 (unaudited) Wells Fargo High Yield Bond Fund 13

Security name	Yield			Shares		Value
Short-Term Investments: 4.83%
Investment Companies: 4.83%
Securities Lending Cash Investment LLC (l)(r)(u)		1.62	%		12,567,489	$	12,568,746
Wells Fargo Government Money Market Fund Select Class (l)(u)		1.29			11,457,654		11,457,654
Total Short-Term Investments (Cost $24,026,400)							24,026,400

Total investments in securities (Cost $501,728,793)	101.63	%		505,252,887
Other assets and liabilities, net	(1.63	)		(8,107,630	)
Total net assets	100.00	%	$	497,145,257

† Non-income-earning security

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.

« All or a portion of this security is on loan.

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

(l) The issuer of the security is an affiliated person of the Fund as defined in the Investment Company Act of 1940.

(r) The investment is a non-registered investment company purchased with cash collateral received from securities on loan.

(u) The rate represents the 7-day annualized yield at period end.

Investments in Affiliates

An affiliated investment is an investment in which the Fund owns at least 5% of the outstanding voting shares of the issuer or as a result of other relationships, such as the Fund and the issuer having the same investment manager. Transactions with issuers that were either affiliated persons of the Fund at the beginning of the period or the end of the period were as follows:

	Shares, beginning of period		Shares purchased		Shares sold		Shares, end of period		Net realized gains (losses)		Net change in unrealized gains (losses)			Income from affiliated securities		Value, end of period		% of net assets
Short-Term Investments
Investment Companies
Securities Lending Cash Investment LLC		13,052,787		18,742,677		19,227,975		12,567,489	$	615	$	(615	)	$	35,142	$	12,568,746
Wells Fargo Government Money Market Fund Select Class		8,238,288		105,975,775		102,756,409		11,457,654		0		0			26,915		11,457,654
									$	615	$	(615	)	$	62,057	$	24,026,400		4.83	%

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

14 Wells Fargo High Yield Bond Fund Statement of assets and liabilities—February 28, 2018 (unaudited)

Assets
Investments in unaffiliated securities (including $12,315,170 of securities on loan), at value (cost $477,702,393)	$	481,226,487
Investments in affiliated securities, at value (cost $24,026,400)		24,026,400
Receivable for Fund shares sold		204,426
Receivable for dividends and interest		5,913,308
Receivable for securities lending income		5,319
Prepaid expenses and other assets		194,655
Total assets		511,570,595
Liabilities
Payable upon receipt of securities loaned		12,567,678
Payable for Fund shares redeemed		1,289,311
Management fee payable		169,909
Dividends payable		159,608
Administration fees payable		53,097
Distribution fee payable		32,944
Trustees’ fees and expenses payable		2,142
Accrued expenses and other liabilities		150,649
Total liabilities		14,425,338
Total net assets	$	497,145,257
NET ASSETS CONSIST OF
Paid-in capital	$	537,651,865
Overdistributed net investment income		(162,655	)
Accumulated net realized losses on investments		(43,868,047	)
Net unrealized gains on investments		3,524,094
Total net assets	$	497,145,257
COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE PER SHARE
Net assets – Class A	$	291,142,321
Shares outstanding – Class A1		87,537,909
Net asset value per share – Class A		$3.33
Maximum offering price per share – Class A2		$3.49
Net assets – Class C	$	56,980,524
Shares outstanding – Class C1		17,129,076
Net asset value per share – Class C		$3.33
Net assets – Administrator Class	$	27,009,329
Shares outstanding – Administrator Class1		8,114,144
Net asset value per share – Administrator Class		$3.33
Net assets – Institutional Class	$	122,013,083
Shares outstanding – Institutional Class1		36,668,104
Net asset value per share – Institutional Class		$3.33

¹  The Fund has an unlimited number of authorized shares.

²  Maximum offering price is computed as 100/95.50 of net asset value. On investments of $50,000 or more, the offering price is reduced.

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

Statement of operations—six months ended February 28, 2018 (unaudited) Wells Fargo High Yield Bond Fund 15

Investment income
Interest	$	13,009,494
Dividends		569,770
Income from affiliated securities		62,057
Total investment income		13,641,321
Expenses
Management fee		1,440,912
Administration fees
Class A		242,249
Class C		47,238
Administrator Class		14,607
Institutional Class		53,696
Shareholder servicing fees
Class A		378,514
Class C		73,810
Administrator Class		36,517
Distribution fee
Class C		221,429
Custody and accounting fees		16,076
Professional fees		30,345
Registration fees		40,493
Shareholder report expenses		22,891
Trustees’ fees and expenses		31,804
Other fees and expenses		14,873
Total expenses		2,665,454
Less: Fee waivers and/or expense reimbursements		(288,793	)
Net expenses		2,376,661
Net investment income		11,264,660
REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS
Net realized gains on:
Unaffiliated securities		3,462,983
Affiliated securities		615
Net realized gains on investments		3,463,598
Net change in unrealized gains (losses) on:
Unaffiliated securities		(15,709,075	)
Affiliated securities		(615	)
Net change in unrealized gains (losses) on investments		(15,709,690	)
Net realized and unrealized gains (losses) on investments		(12,246,092	)
Net decrease in net assets resulting from operations	$	(981,432	)

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

16 Wells Fargo High Yield Bond Fund Statement of changes in net assets

	Six months ended February 28, 2018 (unaudited)						Year ended August 31, 2017
Operations
Net investment income				$	11,264,660					$	24,919,734
Net realized gains on investments					3,463,598						6,347,524
Net change in unrealized gains (losses) on investments					(15,709,690	)					7,886,932
Net increase (decrease) in net assets resulting from operations					(981,432	)					39,154,190
Distributions to shareholders from
Net investment income
Class A					(6,449,073	)					(14,210,998	)
Class B					N/A						(14,959	)1
Class C					(1,036,428	)					(2,374,586	)
Administrator Class					(640,552	)					(1,969,904	)
Institutional Class					(3,124,106	)					(5,524,870	)
Tax basis return of capital
Class A					0						(410,144	)
Class B					N/A						(432	)1
Class C					0						(68,533	)
Administrator Class					0						(56,853	)
Institutional Class					0						(159,453	)
Total distributions to shareholders					(11,250,159	)					(24,790,732	)
Capital share transactions		Shares						Shares
Proceeds from shares sold
Class A		2,147,199			7,282,978			8,416,164			28,003,186
Class B		N/A			N/A			12	1		39	1
Class C		519,775			1,750,698			946,458			3,143,229
Administrator Class		609,422			2,067,428			6,750,591			22,463,004
Institutional Class		15,946,357			54,291,338			26,266,703			87,446,183
					65,392,442						141,055,641
Reinvestment of distributions
Class A		1,709,652			5,786,689			3,942,159			13,168,904
Class B		N/A			N/A			4,383	1		14,450	1
Class C		297,982			1,008,491			693,090			2,315,974
Administrator Class		180,208			610,345			589,815			1,965,669
Institutional Class		896,186			3,034,838			1,653,998			5,539,894
					10,440,363						23,004,891
Payment for shares redeemed
Class A		(8,620,798	)		(29,209,398	)		(32,018,320	)		(106,244,993	)
Class B		N/A			N/A			(268,372	)1		(896,622	)1
Class C		(1,823,050	)		(6,182,937	)		(5,530,431	)		(18,463,311	)
Administrator Class		(1,949,767	)		(6,605,878	)		(21,206,310	)		(69,867,066	)
Institutional Class		(17,172,790	)		(57,930,784	)		(21,129,365	)		(70,531,940	)
					(99,928,997	)					(266,003,932	)
Net decrease in net assets resulting from capital share transactions					(24,096,192	)					(101,943,400	)
Total decrease in net assets					(36,327,783	)					(87,579,942	)
Net assets
Beginning of period					533,473,040						621,052,982
End of period				$	497,145,257					$	533,473,040
Overdistributed net investment income				$	(162,655	)				$	(177,156	)

¹  For the period from September 1, 2016 to May 5, 2017. Effective at the close of business on May 5, 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.

Financial highlights Wells Fargo High Yield Bond Fund 17

(For a share outstanding throughout each period)

	Six months ended February 28, 2018 (unaudited)			Year ended August 31
CLASS A				2017			2016			2015			2014			2013
Net asset value, beginning of period		$3.40			$3.31			$3.16			$3.35			$3.15			$3.18
Net investment income		0.07			0.14			0.13			0.13			0.14			0.15
Net realized and unrealized gains (losses) on investments		(0.07	)		0.10			0.15			(0.19	)		0.20			(0.03	)
Total from investment operations		0.00	1		0.24			0.28			(0.06	)		0.34			0.12
Distributions to shareholders from
Net investment income		(0.07	)		(0.15	)		(0.13	)		(0.13	)		(0.14	)		(0.15	)
Tax basis return of capital		0.00			(0.00	)1		0.00			0.00			0.00			0.00
Total distributions to shareholders		(0.07	)		(0.15	)		(0.13	)		(0.13	)		(0.14	)		(0.15	)
Net asset value, end of period		$3.33			$3.40			$3.31			$3.16			$3.35			$3.15
Total return2		0.03	%		7.28	%		9.25	%		(1.79	)%		11.02	%		3.78	%
Ratios to average net assets (annualized)
Gross expenses		1.02	%		1.01	%		1.04	%		1.04	%		1.03	%		1.04	%
Net expenses		0.93	%		0.93	%		1.01	%		1.03	%		1.03	%		1.03	%
Net investment income		4.26	%		4.39	%		4.24	%		4.04	%		4.35	%		4.65	%
Supplemental data
Portfolio turnover rate2		11	%		20	%		75	%		55	%		40	%		95	%
Net assets, end of period (000s omitted)		$291,142			$314,156			$370,560			$179,357			$210,005			$225,743

¹  Amount is less than $0.005.

²  Total return calculations do not include any sales charges. 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 High Yield Bond Fund Financial highlights

(For a share outstanding throughout each period)

	Six months ended February 28, 2018 (unaudited)			Year ended August 31
CLASS C				2017			2016			2015			2014			2013
Net asset value, beginning of period		$3.40			$3.31			$3.16			$3.35			$3.15			$3.18
Net investment income		0.06			0.12			0.11			0.11			0.12			0.13
Net realized and unrealized gains (losses) on investments		(0.07	)		0.09			0.15			(0.19	)		0.20			(0.03	)
Total from investment operations		(0.01	)		0.21			0.26			(0.08	)		0.32			0.10
Distributions to shareholders from
Net investment income		(0.06	)		(0.12	)		(0.11	)		(0.11	)		(0.12	)		(0.13	)
Tax basis return of capital		0.00			(0.00	)1		0.00			0.00			0.00			0.00
Total distributions to shareholders		(0.06	)		(0.12	)		(0.11	)		(0.11	)		(0.12	)		(0.13	)
Net asset value, end of period		$3.33			$3.40			$3.31			$3.16			$3.35			$3.15
Total return2		(0.34	)%		6.49	%		8.44	%		(2.52	)%		10.20	%		3.01	%
Ratios to average net assets (annualized)
Gross expenses		1.77	%		1.76	%		1.80	%		1.79	%		1.78	%		1.79	%
Net expenses		1.68	%		1.68	%		1.77	%		1.78	%		1.78	%		1.78	%
Net investment income		3.51	%		3.65	%		3.48	%		3.29	%		3.60	%		3.90	%
Supplemental data
Portfolio turnover rate		11	%		20	%		75	%		55	%		40	%		95	%
Net assets, end of period (000s omitted)		$56,981			$61,734			$72,908			$60,753			$72,728			$83,548

¹  Amount is less than $0.005.

²  Total return calculations do not include any sales charges. 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 High Yield Bond Fund 19

(For a share outstanding throughout each period)

	Six months ended February 28, 2018 (unaudited)			Year ended August 31
ADMINISTRATOR CLASS				2017			2016			2015			2014			2013
Net asset value, beginning of period		$3.41			$3.31			$3.16			$3.36			$3.15			$3.18
Net investment income		0.07			0.15			0.14	1		0.14			0.15			0.16
Net realized and unrealized gains (losses) on investments		(0.08	)		0.10			0.15			(0.20	)		0.21			(0.03	)
Total from investment operations		(0.01	)		0.25			0.29			(0.06	)		0.36			0.13
Distributions to shareholders from
Net investment income		(0.07	)		(0.15	)		(0.14	)		(0.14	)		(0.15	)		(0.16	)
Tax basis return of capital		0.00			(0.00	)2		0.00			0.00			0.00			0.00
Total distributions to shareholders		(0.07	)		(0.15	)		(0.14	)		(0.14	)		(0.15	)		(0.16	)
Net asset value, end of period		$3.33			$3.41			$3.31			$3.16			$3.36			$3.15
Total return3		(0.20	)%		7.74	%		9.48	%		(1.86	)%		11.61	%		4.02	%
Ratios to average net assets (annualized)
Gross expenses		0.96	%		0.95	%		0.98	%		0.98	%		0.96	%		0.96	%
Net expenses		0.80	%		0.80	%		0.80	%		0.80	%		0.80	%		0.80	%
Net investment income		4.39	%		4.55	%		4.43	%		4.27	%		4.57	%		4.91	%
Supplemental data
Portfolio turnover rate		11	%		20	%		75	%		55	%		40	%		95	%
Net assets, end of period (000s omitted)		$27,009			$31,592			$76,688			$13,129			$20,177			$21,376

¹  Calculated based upon average shares outstanding.

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 High Yield Bond Fund Financial highlights

(For a share outstanding throughout each period)

	Six months ended February 28, 2018 (unaudited)			Year ended August 31
INSTITUTIONAL CLASS				2017			2016			20151
Net asset value, beginning of period		$3.41			$3.31			$3.17			$3.33
Net investment income		0.08			0.16			0.14			0.12
Net realized and unrealized gains (losses) on investments		(0.08	)		0.10			0.14			(0.16	)
Total from investment operations		0.00	2		0.26			0.28			(0.04	)
Distributions to shareholders from
Net investment income		(0.08	)		(0.16	)		(0.14	)		(0.12	)
Tax basis return of capital		0.00			(0.00	)2		0.00			0.00
Total distributions to shareholders		(0.08	)		(0.16	)		(0.14	)		(0.12	)
Net asset value, end of period		$3.33			$3.41			$3.31			$3.17
Total return3		(0.06	)%		8.03	%		9.27	%		(1.31	)%
Ratios to average net assets (annualized)
Gross expenses		0.69	%		0.68	%		0.70	%		0.71	%
Net expenses		0.53	%		0.53	%		0.61	%		0.70	%
Net investment income		4.67	%		4.79	%		4.65	%		4.33	%
Supplemental data
Portfolio turnover rate		11	%		20	%		75	%		55	%
Net assets, end of period (000s omitted)		$122,013			$125,991			$100,023			$4,847

¹  For the period from October 31, 2014 (commencement of class operations) to August 31, 2015.

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 High Yield Bond 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 High Yield Bond Fund (the “Fund”) which is a diversified series of the Trust.

Effective at the close of business on May 5, 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 May 5, 2017.

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

All investments are valued each business day as of the close of regular trading on the New York Stock Exchange (generally 4 p.m. Eastern Time), although the Fund may deviate from this calculation time under unusual or unexpected circumstances.

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.

Equity securities that are listed on a foreign or domestic exchange or market are valued at the official closing price or, if none, the last sales price. If no sale occurs on the principal exchange or market that day, a fair value price will be determined in accordance with the Fund’s Valuation Procedures.

Investments in registered open-end investment companies are valued at net asset value. Interests in non-registered investment companies that are redeemable at net asset value are fair valued normally at net asset value.

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 Wells Fargo Asset Management Pricing Committee at Wells Fargo Funds Management, LLC (“Funds Management”). The Board of Trustees retains the authority to make or ratify any valuation decisions or approve any changes to the Valuation Procedures as it deems appropriate. On a quarterly basis, the Board of Trustees receives reports on any valuation actions taken by the Valuation Committee or the Wells Fargo Asset Management Pricing Committee which may include items for ratification.

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.

Securities lending

The Fund may lend its securities from time to time in order to earn additional income in the form of fees or interest on securities received as collateral or the investment of any cash received as collateral. The Fund continues to receive interest or dividends on the securities loaned. The Fund receives collateral in the form of cash or securities with a value at least equal to the value of the securities on loan. The value of the loaned securities is determined at the close of each business day and any additional required collateral is delivered to the Fund on the next business day. In a securities lending transaction, the net asset value of the Fund will be affected by an increase or decrease in the value of the

22 Wells Fargo High Yield Bond Fund Notes to financial statements (unaudited)

securities loaned and by an increase or decrease in the value of the instrument in which collateral is invested. The amount of securities lending activity undertaken by the Fund fluctuates from time to time. In the event of default or bankruptcy by the borrower, the Fund may be prevented from recovering the loaned securities or gaining access to the collateral or may experience delays or costs in doing so. In addition, the investment of any cash collateral received may lose all or part of its value. The Fund has the right under the lending agreement to recover the securities from the borrower on demand.

The Fund lends its securities through an unaffiliated securities lending agent. Cash collateral received in connection with its securities lending transactions is invested in Securities Lending Cash Investments, LLC (the “Securities Lending Fund”). The Securities Lending Fund is exempt from registration under Section 3(c)(7) of the 1940 Act and is managed by Funds Management and is subadvised by Wells Capital Management Incorporated (“WellsCap”), an affiliate of Funds Management and an indirect wholly owned subsidiary of Wells Fargo & Company (“Wells Fargo”). Funds Management receives an advisory fee starting at 0.05% and declining to 0.01% as the average daily net assets of the Securities Lending Fund increase. All of the fees received by Funds Management are paid to WellsCap for its services as subadviser. The Securities Lending Fund seeks to provide a positive return compared to the daily Fed Funds Open Rate by investing in high-quality, U.S. dollar-denominated short-term money market instruments. Securities Lending Fund investments are valued at the evaluated bid price provided by an independent pricing service. Income earned from investment in the Securities Lending Fund, if any, is included in income from affiliated securities on the Statement of Operations.

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. 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.

Dividend income is recognized on the ex-dividend date.

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 and paid at least annually. Such distributions are determined in accordance with income tax regulations and may differ from U.S. generally accepted accounting principles. Dividend sources are estimated at the time of declaration. The tax character of distributions is determined as of 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 at year end.

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 February 28, 2018, the aggregate cost of all investments for federal income tax purposes was $501,694,603 and the unrealized gains (losses) consisted of:

Gross unrealized gains	$	14,403,014
Gross unrealized losses		(10,844,730	)
Net unrealized gains	$	3,558,284

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 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.

Notes to financial statements (unaudited) Wells Fargo High Yield Bond Fund 23

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 February 28, 2018:

	Quoted prices (Level 1)		Other significant observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total
Assets
Investments in:
Common Stocks
Consumer staples	$	540,900	$	0	$	0	$	540,900
Energy		13,086,800		0		0		13,086,800
Financials		788,300		0		0		788,300
Health care		2,817,250		0		0		2,817,250
Industrials		6,243,190		0		0		6,243,190
Information technology		15,231,470		0		0		15,231,470
Materials		3,677,300		0		0		3,677,300
Real estate		733,950		0		0		733,950
Utilities		1,207,350		0		0		1,207,350
Corporate bonds and notes		0		375,771,752		0		375,771,752
Yankee corporate bonds and notes		0		61,128,225		0		61,128,225
Short-term investments
Investment companies		11,457,654		0		0		11,457,654
Investments measured at net asset value*								12,568,746
Total assets	$	55,784,164	$	436,899,977	$	0	$	505,252,887

* Investments that are measured at fair value using the net asset value per share (or its equivalent) as a practical expedient have not been categorized in the fair value hierarchy. The fair value amount presented in the table is intended to permit reconciliation of the fair value hierarchy to the amounts presented in the Statement of Assets and Liabilities. The Fund’s investment in Securities Lending Cash Investments, LLC valued at $12,568,746 does not have a redemption period notice, can be redeemed daily and does not have any unfunded commitments.

The Fund recognizes transfers between levels within the fair value hierarchy at the end of the reporting period. At February 28, 2018, 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, 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

24 Wells Fargo High Yield Bond Fund Notes to financial statements (unaudited)

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 0.55% and declining to 0.43% as the average daily net assets of the Fund increase. For the six months ended February 28, 2018, the management fee was equivalent to an annual rate of 0.55% 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. WellsCap is the subadviser to the Fund and is entitled to receive a fee from Funds Management at an annual rate starting at 0.35% and declining to 0.20% 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 C		0.16	%
Administrator Class		0.10
Institutional Class		0.08

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 December 31, 2018 to waive fees and/or reimburse expenses to the extent necessary to cap the Fund’s expenses at 0.93% for Class A shares, 1.68% for Class C shares, 0.80% for Administrator Class shares and 0.53% for Institutional 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.

Distribution fee

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

In addition, Funds Distributor is entitled to receive the front-end sales charge from the purchase of Class A shares and a contingent deferred sales charge on the redemption of certain Class A shares. Funds Distributor is also entitled to receive the contingent deferred sales charges from redemptions of Class C shares. For the six months ended February 28, 2018, Funds Distributor received $7,408 from the sale of Class A shares and $14 in contingent deferred sales charges from redemptions of Class C shares No contingent deferred sales charges were incurred by Class A shares for the six months ended February 28, 2018.

Shareholder servicing fees

The Trust has entered into contracts with one or more shareholder servicing agents, whereby Class A, Class C and Administrator Class of the Fund are charged a fee at an annual rate of 0.25% of the average daily net assets of each respective 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 under 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 $5,552,900 in interfund sales during the six months ended February 28, 2018.

Notes to financial statements (unaudited) Wells Fargo High Yield Bond Fund 25

5. INVESTMENT PORTFOLIO TRANSACTIONS

Purchases and sales of investments, excluding U.S. government obligations (if any) and short-term securities, for the six months ended February 28, 2018 were $59,119,481 and $82,893,118, respectively.

6. BANK BORROWINGS

The Trust (excluding the money market funds and certain other funds) and Wells Fargo Variable Trust are parties to a $280,000,000 revolving credit agreement whereby the Fund is permitted to use bank borrowings for temporary or emergency purposes, such as to fund shareholder redemption requests. Interest under the credit agreement is charged to the Fund based on a borrowing rate equal to the higher of the Federal Funds rate in effect on that day plus 1.25% or the overnight LIBOR rate in effect on that day plus 1.25%. In addition, an annual commitment fee equal to 0.25% of the unused balance is allocated to each participating fund.

For the six months ended February 28, 2018, there were no borrowings by the Fund under the agreement.

7. 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.

26 Wells Fargo High Yield Bond 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 monthly on the Fund’s website (wellsfargofunds.com), on a one-month delayed basis. In addition, top ten holdings information (excluding derivative positions) for the Fund is publicly available on the Fund’s website on a monthly, seven-day or more 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 High Yield Bond Fund 27

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 153 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; Chair Liaison, since 2018	Retired. From 2012 to 2014 and 1999 to 2008, Chief Financial Officer of Scientific Learning Corporation. From 2008 to 2012, Ms. Freeman provided consulting services related to strategic business projects. Prior to 1999, Portfolio Manager at Rockefeller & Co. and Scudder, Stevens & Clark. Board member of the Harding Loevner Funds from 1996 to 2014, serving as both Lead Independent Director and chair of the Audit Committee. Board member of the Russell Exchange Traded Funds Trust from 2011 to 2012 and the chair of the Audit Committee. Ms. Freeman is a Board Member of Ruth Bancroft Garden (non-profit organization) and the Glimmerglass Festival. She is also an inactive Chartered Financial Analyst.	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

28 Wells Fargo High Yield Bond 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; Governance Committee Chairman, since 2018	International Foundation of Employee Benefit Plans Professor, Wharton School of the University of Pennsylvania since 1993. Director of Wharton’s Pension Research Council and Boettner Center on Pensions & Retirement Research, and Research Associate at the National Bureau of Economic Research. Previously, Cornell University Professor from 1978 to 1993.	Asset Allocation Trust
Timothy J. Penny**** (Born 1951)	Trustee, since 1996; Chairman, since 2018; Vice Chairman, from 2017 to 2018	President and Chief Executive Officer of Southern Minnesota Initiative Foundation, a non-profit organization, since 2007. Member of the Board of Trustees of NorthStar Education Finance, Inc., a non-profit organization, since 2007.	Asset Allocation Trust
James G. Polisson***** (Born 1959)	Trustee, since 2018; Advisory Board Member, from 2017 to 2018	Retired. Chief Marketing Officer, Source (ETF) UK Services, Ltd, from 2015 to 2017. From 2012 to 2015, Principal of The Polisson Group, LLC, a management consulting, corporate advisory and principal investing company. Chief Executive Officer and Managing Director at Russell Investments, Global Exchange Traded Funds from 2010 to 2012. Managing Director of Barclays Global Investors from 1998 to 2010 and Global Chief Marketing Officer for iShares and Barclays Global Investors from 2000 to 2010. Trustee of the San Francisco Mechanics’ Institute, a non-profit organization, from 2013 to 2015. Board member of the Russell Exchange Traded Fund Trust from 2011 to 2012. Director of Barclays Global Investors Holdings Deutschland GmbH from 2006 to 2009. Mr. Polisson is an attorney and has a retired status with the Massachusetts and District of Columbia Bar Associations.	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. Trustee of the Evergreen Fund 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
Pamela Wheelock***** (Born 1959)	Trustee, since 2018; Advisory Board Member, from 2017 to 2018	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.	Asset Allocation Trust

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

** Jane Freeman became Chair Liaison effective January 1, 2018.

*** Olivia Mitchell became Chairman of the Governance Committee effective January 1, 2018.

**** Timothy Penny became Chairman effective January 1, 2018.

***** James Polisson and Pamela Wheelock each became a Trustee effective January 1, 2018.

Other information (unaudited) Wells Fargo High Yield Bond Fund 29

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.
Alexander Kymn* (Born 1973)	Secretary, since 2018; Chief Legal Officer, since 2018	Senior Company Counsel of Wells Fargo Bank, N.A. since 2018 (previously Senior Counsel from 2007 to 2018). Vice President of Wells Fargo Funds Management, LLC from 2008 to 2014.
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 77 funds in the Fund Complex. Jeremy DePalma acts as Treasurer of 76 funds and Assistant Treasurer of 77 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.

* Alexander Kymn became the Secretary and Chief Legal Officer effective April 17, 2018.

** David Messman was the Secretary and Chief Legal Officer until April 16, 2018.

30 Wells Fargo High Yield Bond 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

INR —  Indian rupee

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 Agency

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

SIFMA —  Securities Industry and Financial Markets Association

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 Distributor nor Wells Fargo Funds Management holds fund shareholder accounts or assets. This material is for general informational and educational purposes only and is NOT intended to provide investment advice or a recommendation of any kind—including a recommendation for any specific investment, strategy, or plan.

NOT FDIC INSURED  ◾  NO BANK GUARANTEE  ◾   MAY LOSE VALUE

© 2018 Wells Fargo Funds Management, LLC. All rights reserved.

309369 04-18 SA218/SAR218 02-18

Semi-Annual Report

February 28, 2018

Wells Fargo Core Plus Bond Fund

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Contents

Letter to shareholders	2
Performance highlights	4
Fund expenses	6
Portfolio of investments	7
Financial statements
Statement of assets and liabilities	22
Statement of operations	23
Statement of changes in net assets	24
Financial highlights	25
Notes to financial statements	30
Other information	40
List of abbreviations	44

The views expressed and any forward-looking statements are as of February 28, 2018, 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 Core Plus Bond Fund Letter to shareholders (unaudited)

Andrew Owen

President

Wells Fargo Funds

During the period, stocks globally delivered positive returns.

Dear Shareholder:

We are pleased to offer you this semi-annual report for the Wells Fargo Core Plus Bond Fund for the six-month period that ended February 28, 2018. During the period, stocks globally delivered positive returns. For the period, U.S. stocks, as measured by the S&P 500 Index¹, gained 10.84% and international stocks, as measured by the MSCI ACWI ex USA Index (Net)², gained 7.59%. In bond markets, the Bloomberg Barclays U.S. Aggregate Bond Index³ declined 2.18% and the Bloomberg Barclays Municipal Bond Index⁴ lost 1.24% while fixed-income investments outside the U.S. gained 2.52%, according to the Bloomberg Barclays Global Aggregate ex-USD Index⁵. The ICE BofAML U.S. High Yield Index⁶ earned 1.01% during the period.

U.S. stocks advanced as business-friendly policies and regulations, newly implemented tax reform, increased hiring activity, and consistent corporate profits led to higher investor and consumer confidence. Internationally, stocks gained as unemployment fell and wages increased in the U.K.; the Bank of Japan continued its accommodative monetary policies; and industrial production, retail sales, and fixed asset investment increased in China. Stock returns in the emerging markets were strong, with the MSCI EM Index (Net)⁷ gaining 10.58% for the period.

Reactions to U.S. interest-rate increases were uneven across the yield curve and globally.

The U.S. Federal Reserve (Fed) increased the federal funds rate twice during the six-month period. Following a federal funds rate increase in June to a range of 1.00% to 1.25%, 10-year U.S. Treasury yields declined, the yield curve flattened, and long-term bond prices benefited.

Internationally, central banks maintained low interest rates and accommodative monetary policies that supported business activity and stock values in foreign markets. A weaker U.S. dollar was generally supportive of business activity in regions around the globe.

Positive economic and market news continued as 2017 closed and 2018 began.

During the fourth quarter of 2017, stock markets continued the move higher. Third-quarter economic output in the U.S. grew at a 3.2% annual rate. The unemployment rate fell to a 17-year low of 4.1%. Tax reform and wage growth encouraged increased business and consumer spending.

Fed officials announced in October 2017 plans to begin unwinding its $4.5 trillion portfolio of bonds and other assets accumulated during rounds of quantitative easing conducted since the 2008–2009 recession. Still, restrained inflation kept long-term bond rates steady and the flattening of the yield curve persisted.

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 indices 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 Bloomberg Barclays Global Aggregate ex-USD Index is an unmanaged index that provides a broad-based measure of the global investment-grade fixed-income markets excluding the U.S. dollar-denominated debt market. You cannot invest directly in an index.

⁶  The ICE BofAML U.S. High Yield Index is a market-capitalization-weighted index of domestic and Yankee high-yield bonds. The index tracks the performance of high-yield securities traded in the U.S. bond market. You cannot invest directly in an index. Copyright 2018. ICE Data Indices, LLC. All rights reserved.

⁷  The MSCI Emerging Markets (EM) Index (Net) is a free-float-adjusted market-capitalization-weighted index that is designed to measure large- and mid-cap equity market performance of emerging markets. The MSCI EM Index (Net) consists of the following 24 emerging markets country indices: Brazil, Chile, China, Colombia, Czech Republic, Egypt, Greece, Hungary, India, Indonesia, Korea, Malaysia, Mexico, Pakistan, Peru, the Philippines, Poland, Qatar, Russia, South Africa, Taiwan, Thailand, Turkey, and the United Arab Emirates. You cannot invest directly in an index.

Letter to shareholders (unaudited) Wells Fargo Core Plus Bond Fund 3

October 2017 also marked one year since the regulatory reform of money market investing in the U.S. By December 2017, money market fund asset levels exceeded their December 2016 levels, reflecting continued investor demand for short-term investment opportunities offered in money market funds.

In December, the Organisation for Economic Co-operation and Development (OECD) reported that the global economy was expanding at its fastest rate since 2010; all 35 countries the OECD follows were on track to expand for 2017. International economies benefited from economic stimulus, which accelerated trade growth; improving employment; increased investment; and firming commodity prices.

The Fed raised the federal funds rate target to a range of 1.25% to 1.50% in December 2017 and began reducing its bond portfolio.

2018 opened with continued stock advances, then volatility.

Improving business and economic data globally continued to support stock advances through January 2018. Even political wrangling in the U.S. over budget resolutions could not dissuade investors from buying stocks as payrolls and factory orders increased. Long-term interest rates in the U.S. trended higher as the yield curve steepened—the 10-year Treasury rate moved from 2.46% to 2.84% and the 30-year rate moved from 2.81% to 3.08% during January 2018.

Investor sentiment shifted in February. Concerns about inflation began to emerge in the U.S. as readings from the Producer Price Index in January rose 2.5% year over year. During February 2018, the U.S. market endured a loss of more than 10% before recovering much of that loss, but volatility affected stocks globally throughout the month.

During January 2018, purchasing managers’ indexes in China, the eurozone, India, and Japan reported data for December that indicated continued growth. International stock values fell during February 2018, swept up in the selling momentum in U.S. markets.

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

Periods of investment uncertainty can present challenges, but experience has taught us that maintaining long-term investment goals can be an effective way to plan for the future. To help you create a sound strategy based on your personal goals and risk tolerance, Wells Fargo Funds offers more than 100 mutual funds spanning a wide range of asset classes and investment styles. Although diversification cannot guarantee an investment profit or prevent losses, we believe it can be an effective way to manage investment risk and potentially smooth out overall portfolio performance. We encourage investors to know their investments and to understand that appropriate levels of risk-taking may unlock opportunities.

Thank you for choosing to invest with Wells Fargo Funds. We appreciate your confidence in us and remain committed to helping you meet your financial needs.

Sincerely,

Andrew Owen

President

Wells Fargo Funds

During February 2018, the U.S. market endured a loss of more than 10% before recovering much of that loss, but volatility affected stocks globally throughout the month.

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.

4 Wells Fargo Core Plus Bond Fund Performance highlights (unaudited)

Investment objective

The Fund seeks total return, consisting of current income and capital appreciation.

Manager

Wells Fargo Funds Management, LLC

Subadviser

Wells Capital Management Incorporated

Portfolio managers

Christopher Y. Kauffman, CFA^®

Jay N. Mueller, CFA^®‡

Thomas M. Price, CFA^®

Janet S. Rilling, CFA^®, CPA

Michael J. Schueller, CFA^®

Noah M. Wise, CFA^®

Average annual total returns (%) as of February 28, 2018¹

		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 (STYAX)	7-13-1998		(2.63	)		1.87		4.26		1.99		2.81		4.74		0.94		0.74
Class C (WFIPX)	7-13-1998		0.24			2.06		3.96		1.24		2.06		3.96		1.69		1.49
Class R6 (STYJX)	10-31-2016		–			–		–		2.43		3.12		5.05		0.56		0.36
Administrator Class (WIPDX)	7-30-2010		–			–		–		2.10		2.94		4.86		0.88		0.63
Institutional Class (WIPIX)	7-18-2008		–			–		–		2.40		3.11		5.05		0.61		0.41
Bloomberg Barclays U.S. Aggregate Bond Index4	–		–			–		–		0.51		1.71		3.60		–		–

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 return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Performance shown without sales charges would be lower if sales charges were reflected. Current performance may be lower or higher than the performance data quoted, which assumes the reinvestment of dividends and capital gains. Current month-end performance is available on the Fund’s website, wellsfargofunds.com.

Index returns do not include transaction costs associated with buying and selling securities, any mutual fund fees or expenses, or any taxes. It is not possible to invest directly in an index.

For Class A shares, the maximum front-end sales charge is 4.50%. For Class C shares, the maximum contingent deferred sales charge is 1.00%. Performance including a contingent deferred sales charge assumes the sales charge for the corresponding time period. Class R6, Administrator Class, and Institutional Class shares are sold without a front-end sales charge or contingent deferred sales charge.

Bond values fluctuate in response to the financial condition of individual issuers, general market and economic conditions, and changes in interest rates. Changes in market conditions and government policies may lead to periods of heightened volatility in the bond market and reduced liquidity for certain bonds held by the Fund. In general, when interest rates rise, bond values fall and investors may lose principal value. Interest-rate changes and their impact on the Fund and its share price can be sudden and unpredictable. Loans are subject to risks similar to those associated with other below-investment-grade bond investments, such as risk of greater volatility in value, credit risk (for example, risk of issuer default), and risk that the loan may become illiquid or difficult to price. The use of derivatives may reduce returns and/or increase volatility. Certain investment strategies tend to increase the total risk of an investment (relative to the broader market). The Fund is exposed to foreign investment risk, high-yield securities risk, and mortgage and asset-backed securities risk. High-yield securities have a greater risk of default and tend to be more volatile than higher rated debt securities. Consult the Fund’s prospectus for additional information on these and other risks.

Please see footnotes on page 5.

Performance highlights (unaudited) Wells Fargo Core Plus Bond Fund 5

Ten largest holdings (%) as of February 28, 20185
FNMA, 0.01%, 4-2-2018	4.14
U.S. Treasury Note, 2.25%, 11-15-2027	3.35
FNMA, 3.00%, 3-13-2048	2.41
FNMA, 3.50%, 3-13-2048	2.39
iShares 1-3 Year Credit Bond ETF	1.98
GNMA, 3.50%, 3-20-2048	1.94
U.S. Treasury Note, 2.00%, 10-31-2022	1.32
U.S. Treasury Note, 2.75%, 2-15-2028	1.25
FNMA, 3.50%, 8-1-2045	1.13
U.S. Treasury Bond, 2.75%, 8-15-2047	1.01

Portfolio allocation as of February 28, 2018⁶

^‡  Mr. Mueller became a portfolio manager of the Fund on January 1, 2018.

¹  Historical performance shown for Class R6 shares prior to their inception reflects the performance of the Institutional Class shares, and includes the higher expenses applicable to the Institutional Class shares. If these expenses had not been included, returns for Class R6 shares would be higher. Historical performance shown for Administrator Class shares prior to their inception reflects the performance of Institutional Class shares and has been adjusted to include the higher expenses applicable to Administrator Class shares. Historical performance shown for Institutional 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 had not been included, returns for Institutional Class shares would have been higher.

²  Reflects the expense ratios as stated in the most recent prospectuses, which include the impact of 0.01% in acquired fund fees and expenses. The expense ratios shown are subject to change and may differ from the annualized expense ratios shown in the financial highlights of this report, which do not include acquired fund fees and expenses.

³  The manager has contractually committed through December 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 0.73% for Class A, 1.48% for Class C, 0.35% for Class R6, 0.62% for Administrator Class, and 0.40% for Institutional 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. The expense ratio paid by an investor is the net expense ratio (the total annual fund operating expenses after fee waivers) as stated in the prospectuses.

⁴  The Bloomberg Barclays U.S. Aggregate Bond Index is a broad-based benchmark that measures the investment-grade, U.S. dollar–denominated, fixed-rate taxable bond market, including Treasuries, government-related and corporate securities, mortgage-backed securities (agency fixed-rate and hybrid adjustable-rate mortgage pass-throughs), asset-backed securities, and commercial mortgage-backed securities. You cannot invest directly in an index.

⁵  The ten largest holdings, excluding cash and cash equivalents, are calculated based on the value of the investments divided by total net assets of the Fund. Holdings are subject to change and may have changed since the date specified.

⁶  Amounts are calculated based on the total long-term investments of the Fund. These amounts are subject to change and may have changed since the date specified.

6 Wells Fargo Core Plus Bond Fund Fund expenses (unaudited)

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments and contingent deferred sales charges (if any) on redemptions and (2) ongoing costs, including management fees, distribution (12b-1) and/or shareholder servicing fees, and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The example is based on an investment of $1,000 invested at the beginning of the six-month period and held for the entire period from September 1, 2017 to February 28, 2018.

Actual expenses

The “Actual” line of the table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the “Actual” line under the heading entitled “Expenses paid during period” for your applicable class of shares to estimate the expenses you paid on your account during this period.

Hypothetical example for comparison purposes

The “Hypothetical” line of the table below provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads) and contingent deferred sales charges. Therefore, the “Hypothetical” line of the table is useful in comparing ongoing costs only and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

	Beginning account value 9-1-2017		Ending account value 2-28-2018		Expenses paid during the period¹		Annualized net expense ratio
Class A
Actual	$	1,000.00	$	985.94	$	3.59		0.73	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.17	$	3.66		0.73	%
Class C
Actual	$	1,000.00	$	983.09	$	7.28		1.48	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,017.46	$	7.40		1.48	%
Class R6
Actual	$	1,000.00	$	987.71	$	1.72		0.35	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,023.06	$	1.76		0.35	%
Administrator Class
Actual	$	1,000.00	$	986.36	$	3.05		0.62	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.72	$	3.11		0.62	%
Institutional Class
Actual	$	1,000.00	$	988.24	$	1.97		0.40	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,022.81	$	2.01		0.40	%

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—February 28, 2018 (unaudited) Wells Fargo Core Plus Bond Fund 7

Security name	Interest rate			Maturity date		Principal		Value
Agency Securities: 25.37%
FHLMC (12 Month LIBOR +1.33%) ±		3.06	%		1-1-2036	$	25,653	$	26,341
FHLMC		3.50			12-1-2045		3,925,326		3,929,336
FHLMC		3.50			12-1-2045		1,425,218		1,426,670
FHLMC		4.00			6-1-2044		2,999,868		3,086,684
FHLMC		5.00			6-1-2036		308,471		333,451
FHLMC		5.00			8-1-2040		287,680		310,852
FHLMC		5.50			8-1-2038		64,592		70,672
FHLMC		5.50			12-1-2038		588,968		645,752
FHLMC		5.50			6-1-2040		930,718		1,017,889
FHLMC		7.50			5-1-2038		3,712		3,812
FHLMC		8.00			2-1-2030		268		313
FHLMC Series 2015-SC01 Class 1A		3.50			5-25-2045		993,304		974,735
FHLMC Series 2640 Class G		4.50			7-15-2018		30,882		30,957
FHLMC Series 3774 Class AB		3.50			12-15-2020		121,332		123,025
FHLMC Series K020 Class X1 ±±(c)		1.42			5-25-2022		13,548,572		663,918
FHLMC Series T-42 Class A5		7.50			2-25-2042		1,607,957		1,822,090
FHLMC Series T-57 Class 2A1 ±±		3.70			7-25-2043		49,157		51,969
FHLMC Series T-59 Class 2A1 ±±		3.48			10-25-2043		251,673		253,473
FNMA ¤		0.00			10-9-2019		5,000,000		4,812,071
FNMA ¤(a)		0.00			4-2-2018		25,092,000		25,068,889
FNMA		2.13			4-24-2026		2,855,000		2,676,440
FNMA		2.27			3-1-2019		2,459,366		2,450,767
FNMA %%		2.51			3-15-2033		1,645,000		1,604,582
FNMA (12 Month LIBOR +1.61%) ±		2.50			5-1-2046		1,455,035		1,446,664
FNMA (12 Month LIBOR +1.61%) ±		2.55			3-1-2046		1,503,057		1,496,622
FNMA		3.00			11-1-2045		2,259,611		2,193,466
FNMA		3.00			12-1-2045		5,726,870		5,555,530
FNMA		3.00			12-1-2046		2,576,212		2,499,135
FNMA %%		3.00			3-13-2048		15,040,000		14,575,288
FNMA		3.02			2-1-2026		3,223,269		3,185,894
FNMA		3.27			7-1-2022		1,225,645		1,242,697
FNMA (1 Year Treasury Constant Maturity +2.26%) ±		3.35			8-1-2036		1,082,621		1,143,152
FNMA (12 Month LIBOR +1.73%) ±		3.48			9-1-2036		25,712		26,949
FNMA		3.50			10-1-2043		1,113,645		1,117,645
FNMA		3.50			4-1-2045		314,648		314,401
FNMA		3.50			8-1-2045		6,877,790		6,874,488
FNMA %%		3.50			3-13-2048		14,500,000		14,475,077
FNMA (12 Month LIBOR +1.82%) ±		3.57			8-1-2036		38,395		40,371
FNMA (1 Year Treasury Constant Maturity +2.27%) ±		3.66			1-1-2036		98,715		103,648
FNMA		3.95			9-1-2021		410,442		423,882
FNMA		4.00			9-1-2024		141,866		145,311
FNMA		4.00			2-1-2046		692,020		709,592
FNMA		4.00			4-1-2046		3,215,361		3,297,167
FNMA %%		4.00			3-13-2048		5,040,000		5,162,948
FNMA		4.26			4-1-2021		2,698,469		2,802,604
FNMA		5.00			1-1-2024		93,061		96,275
FNMA		5.00			2-1-2036		30,874		33,324
FNMA		5.00			6-1-2040		110,942		119,914
FNMA		5.00			8-1-2040		1,851,362		2,010,208
FNMA		5.50			11-1-2023		57,670		60,454

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

8 Wells Fargo Core Plus Bond Fund Portfolio of investments—February 28, 2018 (unaudited)

Security name	Interest rate			Maturity date		Principal		Value
Agency Securities (continued)
FNMA		5.50	%		8-1-2034	$	105,846	$	116,334
FNMA		5.50			2-1-2035		32,677		35,965
FNMA		5.50			8-1-2038		107,837		117,069
FNMA		5.50			8-1-2038		414,015		449,853
FNMA		6.00			10-1-2037		516,262		574,453
FNMA		6.00			11-1-2037		38,618		43,053
FNMA		6.50			7-1-2036		27,559		30,813
FNMA		6.50			7-1-2036		13,602		15,262
FNMA		6.50			11-1-2036		6,085		6,777
FNMA		7.00			12-1-2022		180,030		187,418
FNMA		7.00			7-1-2036		11,011		11,722
FNMA		7.00			11-1-2037		8,731		9,562
FNMA		7.50			5-1-2038		1,962		1,982
FNMA Series 2002-T12 Class A3		7.50			5-25-2042		6,876		7,989
FNMA Series 2003-W08 Class 4A ±±		3.87			11-25-2042		161,523		166,895
FNMA Series 2003-W14 Class 2A ±±		3.30			6-25-2045		125,577		132,929
FNMA Series 2003-W14 Class 2A ±±		4.07			1-25-2043		303,403		318,892
FNMA Series 2004-W11 Class 1A3		7.00			5-25-2044		1,368,555		1,560,194
FNMA Series 2004-W15 Class 1A3		7.00			8-25-2044		659,134		748,654
GNMA		3.00			11-20-2045		4,986,036		4,881,080
GNMA %%		3.50			3-20-2048		11,685,000		11,750,271
GNMA		4.00			12-20-2047		5,098,759		5,239,234
GNMA		5.00			7-20-2040		736,909		790,571
GNMA		7.50			12-15-2029		696		765
GNMA Series 2008-22 Class XM ±±(c)		0.90			2-16-2050		1,333,862		31,104
STRIPS ¤		0.00			5-15-2044		9,125,000		3,964,819
Total Agency Securities (Cost $155,093,277)									153,731,054
Asset-Backed Securities: 5.94%
Ally Auto Receivables Trust Series 2015-2 Class A3		1.49			11-15-2019		1,132,205		1,130,393
CarMax Auto Owner Trust Series 2015-3 Class A3		1.63			5-15-2020		1,125,687		1,122,251
CCG Receivables Trust Series 2016-1 Class A2 144A		1.69			9-14-2022		1,240,348		1,233,786
Citibank Credit Card Issuance Trust Series 2014-A6 Class A6		2.15			7-15-2021		2,650,000		2,638,417
Citibank Credit Card Issuance Trust Series 2016-A1 Class A1		1.75			11-19-2021		370,000		365,140
CNH Equipment Trust Series 2014-C Class A3		1.05			11-15-2019		171,548		171,289
CNH Equipment Trust Series 2016-B Class A2A		1.31			10-15-2019		148,800		148,720
Discover Card Execution Note Trust Series 2014 Class A4		2.12			12-15-2021		1,015,000		1,009,826
Educational Services of America Series 2015-1 Class A (1 Month LIBOR +0.80%) 144A±		2.42			10-25-2056		1,301,875		1,305,187
Five Guys Funding LLC Series 17-1A Class A2 144A		4.60			7-25-2047		1,605,975		1,626,602
GMF Floorplan Owner Revolving Trust Series 2015-1 Class A1 144A		1.65			5-15-2020		1,600,000		1,598,734
GMF Floorplan Owner Revolving Trust Series 2015-1 Class A2 (1 Month LIBOR +0.50%) 144A±		2.09			5-15-2020		4,000,000		4,003,216
Hyundai Auto Receivables Trust Series 2015-A Class A4		1.37			7-15-2020		1,162,780		1,159,520
Hyundai Auto Receivables Trust Series 2016-A Class A4 144A		1.80			12-16-2019		3,685,000		3,677,954
Kubota Credit Owner Trust Series 2016-1A Class A2 144A		1.25			4-15-2019		441,642		441,016
MMAF Equipment Finance LLC Series 2017-AA Class A4 144A		2.41			8-16-2024		1,975,000		1,941,327
Nissan Auto Lease Trust Series 2017-B Class A3		2.05			9-15-2020		1,625,000		1,611,483
OCP Collateralized Loan Obligation Limited Trust Series 2012-2A Class A1R (3 Month LIBOR +1.40%) 144A±		3.30			11-22-2025		2,000,000		2,011,740
Octagon Investment Partners Series 2015-1A Class A1R (3 Month LIBOR +0.90%) 144A±		2.79			5-21-2027		3,000,000		3,001,281

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

Portfolio of investments—February 28, 2018 (unaudited) Wells Fargo Core Plus Bond Fund 9

Security name	Interest rate			Maturity date		Principal		Value
Asset-Backed Securities (continued)
South Carolina Student Loan Corporation Series 2014-1 Class A1 (1 Month LIBOR +0.75%) ±		2.32	%		5-1-2030	$	2,600,000	$	2,612,832
Student Loan Consolidation Center Series 2011-1 Class A (1 Month LIBOR +1.22%) 144A±		2.84			10-25-2027		2,482,202		2,516,604
SunTrust Auto Receivables Trust Series 2015-1A Class A3 144A		1.42			9-16-2019		12,867		12,864
World Omni Auto Receivables Trust Series 2015-A Series A3		1.34			5-15-2020		648,864		647,603
Total Asset-Backed Securities (Cost $36,067,659)									35,987,785
Corporate Bonds and Notes: 18.07%
Consumer Discretionary: 2.32%
Auto Components: 0.02%
Allison Transmission Incorporated 144A		4.75			10-1-2027		135,000		132,300
Hotels, Restaurants & Leisure: 0.34%
GLP Capital LP/GLP Financing II Incorporated		4.88			11-1-2020		1,010,000		1,035,250
MGM Resorts International		5.25			3-31-2020		1,010,000		1,041,563
									2,076,813
Internet & Direct Marketing Retail: 0.15%
Amazon.com Incorporated		4.95			12-5-2044		815,000		923,146
Media: 1.31%
Charter Communications Operating LLC		4.46			7-23-2022		2,155,000		2,206,271
Charter Communications Operating LLC		6.48			10-23-2045		655,000		737,864
Discovery Communications LLC		3.95			3-20-2028		1,695,000		1,627,169
Discovery Communications LLC		6.35			6-1-2040		550,000		619,296
Neptune Finco Corporation 144A		10.88			10-15-2025		800,000		944,000
SES Global Americas Holding Company 144A		5.30			3-25-2044		880,000		760,912
TEGNA Incorporated		5.13			7-15-2020		1,010,000		1,022,625
									7,918,137
Multiline Retail: 0.16%
Macy’s Retail Holdings Incorporated		3.45			1-15-2021		940,000		939,503
Specialty Retail: 0.34%
Asbury Automotive Group Incorporated		6.00			12-15-2024		1,000,000		1,037,500
Group 1 Automotive Incorporated		5.00			6-1-2022		1,010,000		1,030,200
									2,067,700
Consumer Staples: 0.39%
Tobacco: 0.39%
Philip Morris International Incorporated		1.38			2-25-2019		2,400,000		2,371,172
Energy: 0.52%
Energy Equipment & Services: 0.14%
Bristow Group Incorporated 144A%%		8.75			3-1-2023		175,000		177,953
Oceaneering International Incorporated		6.00			2-1-2028		680,000		670,251
									848,204

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

10 Wells Fargo Core Plus Bond Fund Portfolio of investments—February 28, 2018 (unaudited)

Security name	Interest rate			Maturity date		Principal		Value
Oil, Gas & Consumable Fuels: 0.38%
Energy Transfer Partners LP		6.13	%		12-15-2045	$	1,330,000	$	1,418,801
Semgroup Corporation		7.25			3-15-2026		875,000		894,688
									2,313,489
Financials: 8.55%
Banks: 2.38%
Bank of America Corporation		3.95			4-21-2025		1,170,000		1,168,216
Bank of America Corporation (3 Month LIBOR +3.90%) ±		6.10			12-29-2049		1,290,000		1,367,400
BBVA Bancomer SA 144A		7.25			4-22-2020		1,000,000		1,063,500
Citizens Financial Group (3 Month LIBOR +3.56%) ±		5.16			6-29-2023		1,340,000		1,353,171
Fifth Third Bank		2.15			8-20-2018		1,885,000		1,882,992
Huntington National Bank		2.20			11-6-2018		1,985,000		1,980,389
JPMorgan Chase & Company		2.97			1-15-2023		2,550,000		2,508,628
JPMorgan Chase & Company (3 Month LIBOR +3.25%) ±		5.15			12-29-2049		1,370,000		1,379,179
PNC Financial Services (3 Month LIBOR +3.30%) ±		5.00			12-29-2049		565,000		573,475
Santander Holdings USA 144A		3.70			3-28-2022		1,125,000		1,126,972
									14,403,922
Capital Markets: 1.83%
Blackstone Holdings Finance Company LLC 144A		5.00			6-15-2044		1,015,000		1,098,973
Goldman Sachs Group Incorporated		2.35			11-15-2021		1,980,000		1,915,092
Goldman Sachs Group Incorporated		5.15			5-22-2045		1,100,000		1,187,718
Goldman Sachs Group Incorporated (3 Month LIBOR +3.83%) ±		5.30			12-29-2049		1,100,000		1,124,750
Legg Mason Incorporated		5.63			1-15-2044		815,000		876,090
Morgan Stanley		2.63			11-17-2021		2,980,000		2,917,828
Morgan Stanley		2.75			5-19-2022		2,000,000		1,954,905
									11,075,356
Consumer Finance: 0.92%
ERAC USA Finance LLC 144A		4.50			2-15-2045		1,695,000		1,676,202
Navient Corporation		4.88			6-17-2019		1,010,000		1,021,363
PACCAR Financial Corporation		2.30			8-10-2022		3,000,000		2,901,681
									5,599,246
Diversified Financial Services: 0.79%
Brookfield Finance LLC		4.00			4-1-2024		2,005,000		2,028,294
Daimler Finance NA LLC 144A		1.75			10-30-2019		2,215,000		2,176,985
LPL Holdings Incorporated 144A		5.75			9-15-2025		600,000		607,500
									4,812,779
Insurance: 2.63%
Chubb Corporation (3 Month LIBOR +2.25%) ±		3.97			3-29-2067		1,100,000		1,100,000
Endurance Specialty Holdings Limited		7.00			7-15-2034		1,330,000		1,644,936
Guardian Life Insurance Company 144A		4.85			1-24-2077		1,045,000		1,069,382
Hartford Financial Services Group (3 Month LIBOR +4.60%) ±		8.13			6-15-2068		1,905,000		1,924,050
National Life Insurance Company 144A		10.50			9-15-2039		1,315,000		2,124,492
PartnerRe Finance II Incorporated (3 Month LIBOR +2.33%) ±		4.33			12-1-2066		1,345,000		1,197,050
Protective Life Corporation		8.45			10-15-2039		1,855,000		2,653,169
Prudential Financial Incorporated (3 Month LIBOR +5.00%) ±		8.88			6-15-2068		1,645,000		1,661,450

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

Portfolio of investments—February 28, 2018 (unaudited) Wells Fargo Core Plus Bond Fund 11

Security name	Interest rate			Maturity date		Principal		Value
Insurance (continued)
RenaissanceRe Finance Incorporated		3.70	%		4-1-2025	$	1,105,000	$	1,086,218
Transatlantic Holdings Incorporated		8.00			11-30-2039		1,100,000		1,508,619
									15,969,366
Health Care: 0.54%
Health Care Providers & Services: 0.48%
CHS Incorporated «		5.13			8-1-2021		1,000,000		922,500
Highmark Incorporated 144A		6.13			5-15-2041		710,000		771,504
Polaris Intermediate Corporation 144A		8.50			12-1-2022		130,000		132,356
Tenet Healthcare Corporation		6.00			10-1-2020		1,010,000		1,050,400
									2,876,760
Pharmaceuticals: 0.06%
Endo Finance LLC 144A		6.00			7-15-2023		500,000		375,000
Industrials: 0.78%
Transportation Infrastructure: 0.78%
Toll Road Investors Partnership II LP 144A¤		0.00			2-15-2026		5,630,000		3,454,868
Toll Road Investors Partnership II LP 144A¤		0.00			2-15-2027		1,050,000		616,091
Toll Road Investors Partnership II LP 144A¤		0.00			2-15-2028		1,150,000		632,479
									4,703,438
Information Technology: 0.90%
Semiconductors & Semiconductor Equipment: 0.17%
Broadcom Corporation		2.65			1-15-2023		1,115,000		1,055,997
Software: 0.32%
Citrix Systems Incorporated		4.50			12-1-2027		1,920,000		1,906,078
Technology Hardware, Storage & Peripherals: 0.41%
Diamond 1 Finance Corporation 144A		8.35			7-15-2046		1,175,000		1,486,599
EMC Corporation		2.65			6-1-2020		1,010,000		982,566
									2,469,165
Materials: 0.37%
Containers & Packaging: 0.37%
Silgan Holdings Incorporated		3.25			3-15-2025		1,800,000		2,239,481
Real Estate: 1.46%
Equity REITs: 1.30%
Federal Realty Investment Trust		3.63			8-1-2046		915,000		803,052
Iron Mountain Incorporated 144A		3.00			1-15-2025		2,000,000		2,428,288
Omega Healthcare Investors Incorporated		4.95			4-1-2024		2,185,000		2,230,268
Simon Property Group LP		2.20			2-1-2019		2,400,000		2,392,743
									7,854,351
Real Estate Management & Development: 0.16%
CBRE Services Incorporated		5.00			3-15-2023		940,000		964,113

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

12 Wells Fargo Core Plus Bond Fund Portfolio of investments—February 28, 2018 (unaudited)

Security name	Interest rate			Maturity date		Principal		Value
Telecommunication Services: 1.65%
Diversified Telecommunication Services: 0.90%
AT&T Incorporated		4.75	%		5-15-2046	$	1,075,000	$	1,018,518
AT&T Incorporated		5.15			2-14-2050		610,000		608,807	��
AT&T Incorporated		5.25			3-1-2037		1,070,000		1,109,026
AT&T Incorporated		5.65			2-15-2047		1,050,000		1,126,564
Verizon Communications Incorporated		5.01			4-15-2049		882,000		895,023
Verizon Communications Incorporated		5.50			3-16-2047		675,000		737,423
									5,495,361
Wireless Telecommunication Services: 0.75%
Crown Castle Towers LLC 144A		3.22			5-15-2042		2,600,000		2,588,300
SBA Tower Trust 144A		3.72			4-9-2048		1,968,000		1,944,095
									4,532,395
Utilities: 0.59%
Electric Utilities: 0.23%
Basin Electric Power Cooperative 144A		4.75			4-26-2047		1,315,000		1,373,681
Independent Power & Renewable Electricity Producers: 0.36%
Harper Lake Solar Funding Corporation 144A		7.65			12-31-2018		310,724		316,938
NRG Energy Incorporated		6.25			7-15-2022		1,010,000		1,042,825
Tri-State Generation and Transmission Association Incorporated		4.25			6-1-2046		850,000		823,230
									2,182,993
Total Corporate Bonds and Notes (Cost $108,758,484)									109,479,946
						Shares
Exchange-Traded Funds: 1.98%
iShares 1-3 Year Credit Bond ETF «							115,320		11,977,135
Total Exchange-Traded Funds (Cost $12,090,714)									11,977,135
						Principal
Foreign Corporate Bonds and Notes @: 2.81%
Consumer Discretionary: 0.89%
Hotels, Restaurants & Leisure: 0.21%
William Hill plc (GBP)		4.88			9-7-2023		875,000		1,258,819
Internet & Direct Marketing Retail: 0.33%
Selecta Group BV (EUR) 144A		5.88			2-1-2024		1,650,000		2,012,396
Media: 0.35%
Altice SA (EUR) 144A		7.25			5-15-2022		1,800,000		2,117,406
Consumer Staples: 0.53%
Food & Staples Retailing: 0.53%
Distribuidora Internacional de Alimentacion SA (EUR)		0.88			4-6-2023		2,700,000		3,229,807

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

Portfolio of investments—February 28, 2018 (unaudited) Wells Fargo Core Plus Bond Fund 13

Security name	Interest rate			Maturity date		Principal		Value
Energy: 0.66%
Oil, Gas & Consumable Fuels: 0.66%
Petroleos Mexicanos (EUR)		3.75	%		2-21-2024		1,000,000	$	1,301,887
TOTAL SA (5 Year Euro Swap Rate +3.78%) (EUR) ±		3.88			12-29-2049		2,000,000		2,697,420
									3,999,307
Financials: 0.36%
Banks: 0.36%
ATF Netherlands BV (EUR)		1.50			7-15-2024		500,000		610,664
Banque Centrale de Tunisie (EUR)		5.63			2-17-2024		1,000,000		1,244,232
BAWAG PSK (EUR)		8.13			10-30-2023		200,000		333,053
									2,187,949
Industrials: 0.37%
Road & Rail: 0.37%
Europcar Groupe SA (EUR) 144A		4.13			11-15-2024		1,800,000		2,202,588
Total Foreign Corporate Bonds and Notes (Cost $16,659,415)									17,008,272
Foreign Government Bonds @: 1.18%
Brazil (BRL)		10.00			1-1-2025		8,600,000		2,727,366
Indonesia (IDR)		7.88			4-15-2019		25,000,000,000		1,874,750
Mexico (MXN)		6.50			6-9-2022		20,000,000		1,019,944
Poland (PLN)		2.50			7-25-2027		5,500,000		1,508,326
Total Foreign Government Bonds (Cost $7,122,913)									7,130,386
Loans: 4.23%
Consumer Discretionary: 0.10%
Media: 0.10%
CSC Holdings LLC (1 Month LIBOR +2.50%) ±		4.14			1-25-2026	$	628,000		628,521
Consumer Staples: 0.38%
Food Products: 0.38%
Pinnacle Foods Incorporated (1 Month LIBOR +2.00%) ±		3.58			2-2-2024		1,237,500		1,244,529
Prestige Brands Incorporated (1 Month LIBOR +2.75%) ±		4.40			1-26-2024		1,070,427		1,076,358
									2,320,887
Energy: 0.36%
Oil, Gas & Consumable Fuels: 0.36%
Lucid Energy Group II LLC %%‡<		4.59			2-17-2025		1,250,000		1,250,788
Traverse Midstream Partners LLC (6 Month LIBOR +4.00%) ±		5.85			9-27-2024		935,000		941,236
									2,192,024
Financials: 0.17%
Insurance: 0.17%
Hub International Limited (1 Month LIBOR +3.00%) ±		4.84			10-2-2020		989,729		993,441

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

14 Wells Fargo Core Plus Bond Fund Portfolio of investments—February 28, 2018 (unaudited)

Security name	Interest rate			Maturity date		Principal		Value
Health Care: 0.43%
Health Care Providers & Services: 0.22%
Air Methods Corporation (3 Month LIBOR +3.50%) ±		5.19	%		4-21-2024	$	118,013	$	118,426
Surgery Center Holdings Incorporated (1 Month LIBOR +3.25%) ±		4.90			9-2-2024		1,246,875		1,246,563
									1,364,989
Health Care Technology: 0.21%
Emerald Bidco Incorporated (1 Month LIBOR +3.00%) ±		4.65			10-21-2023		1,237,500		1,245,234
Industrials: 0.79%
Aerospace & Defense: 0.20%
TransDigm Incorporated (1 Month LIBOR +2.75%) ±		4.40			5-14-2022		1,231,860		1,239,325
Commercial Services & Supplies: 0.38%
Aramark Services Incorporated (1 Month LIBOR +2.00%) ±		3.65			3-28-2024		415,127		417,464
KAR Auction Services Incorporated (3 Month LIBOR +2.25%) ±		4.00			3-11-2021		1,235,594		1,242,933
Wrangler Buyer Corporation (1 Month LIBOR +3.00%) ±		4.65			9-27-2024		625,000		627,994
									2,288,391
Communications Equipment: 0.21%
Virgin Media Bristol LLC (1 Month LIBOR +2.50%) ±		4.09			1-15-2026		1,250,000		1,253,988
Information Technology: 0.80%
Internet Software & Services: 0.61%
Ancestry.com Incorporated (1 Month LIBOR +3.25%) ±		4.90			10-19-2023		1,228,125		1,233,345
Match Group Incorporated (2 Month LIBOR +2.50%) ±		4.09			11-16-2022		880,000		884,400
Zayo Group LLC (1 Month LIBOR +2.25%) ±%%		3.87			1-19-2024		1,591,179		1,597,862
									3,715,607
IT Services: 0.19%
First Data Corporation (1 Month LIBOR +2.25%) ±		3.87			7-8-2022		1,145,240		1,147,061
Materials: 0.42%
Containers & Packaging: 0.42%
Berry Plastics Corporation (1 Month LIBOR +2.00%) ±		3.58			2-8-2020		980,392		984,069
Consolidated Container Company LLC (1 Month LIBOR +3.50%) ±		4.65			5-22-2024		299,250		300,746
Reynolds Group Holdings Incorporated (1 Month LIBOR +2.75%) ±		4.40			2-5-2023		1,234,406		1,239,813
									2,524,628
Real Estate: 0.38%
Equity REITs: 0.38%
MGM Growth Properties LLC (1 Month LIBOR +2.25%) ±		3.90			4-25-2023		1,231,203		1,236,202
The Geo Group Incorporated (3 Month LIBOR +2.25%) ±		3.95			3-22-2024		1,034,652		1,037,756
									2,273,958
Telecommunication Services: 0.40%
Diversified Telecommunication Services: 0.20%
Level 3 Financing Incorporated (1 Month LIBOR +2.25%) ±		3.85			2-22-2024		1,198,840		1,200,674

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

Portfolio of investments—February 28, 2018 (unaudited) Wells Fargo Core Plus Bond Fund 15

Security name	Interest rate			Maturity date		Principal		Value
Wireless Telecommunication Services: 0.20%
Sprint Communications Incorporated (1 Month LIBOR +2.50%) ±		4.19	%		2-2-2024	$	1,240,625	$	1,241,010
Total Loans (Cost $25,579,970)									25,629,738
Municipal Obligations: 5.30%
California: 0.57%
Alameda CA Corridor Transportation Authority CAB Refunding Bond Subordinated Series B (Transportation Revenue, Ambac Insured) ¤		0.00			10-1-2028		2,115,000		1,255,104
San Jose CA Series B (Airport Revenue, AGM Insured)		6.60			3-1-2041		2,000,000		2,183,880
									3,438,984
District of Columbia: 0.33%
Metropolitan Washington DC Airports Authority Build America Bonds (Transportation Revenue)		7.46			10-1-2046		1,375,000		1,993,393
Illinois: 1.73%
Chicago IL (GO Revenue)		5.43			1-1-2042		1,000,000		921,210
Chicago IL Series B (GO Revenue)		7.38			1-1-2033		1,125,000		1,242,641
Chicago IL Transit Authority Taxable Pension Funding Series A (Tax Revenue)		6.90			12-1-2040		1,075,000		1,409,411
Cook County IL Series B (GO Revenue, Build America Mutual Assurance Company Insured)		6.36			11-15-2033		1,745,000		2,181,948
Illinois Taxable Pension (GO Revenue)		5.10			6-1-2033		1,870,000		1,763,092
Metropolitan Pier & Exposition Authority Illinois CAB McCormick Place Expansion Project Series 2010-B1 (Tax Revenue, AGM Insured) ¤		0.00			6-15-2026		1,975,000		1,454,035
Metropolitan Pier & Exposition Authority Illinois CAB McCormick Place Expansion Project Series 2012-B (Tax Revenue) ¤		0.00			12-15-2051		765,000		136,201
Will County IL Community High School District (GO Revenue, AGM Insured) ¤		0.00			1-1-2025		1,820,000		1,407,351
									10,515,889
Maryland: 0.16%
Maryland Health & HEFAR Green Street Academy Series B (Education Revenue) 144A		6.75			7-1-2023		975,000		955,120
Michigan: 0.34%
Michigan Finance Authority Local Government Loan Program Project Series E (Miscellaneous Revenue)		7.19			11-1-2022		1,915,000		2,058,759
New Jersey: 0.85%
New Jersey EDA Series B (Miscellaneous Revenue, AGM Insured) ¤		0.00			2-15-2019		4,250,000		4,136,610
New Jersey EDA Series B (Miscellaneous Revenue, AGM Insured)		3.29			7-1-2019		1,000,000		996,290
									5,132,900
New York: 0.18%
Oyster Bay NY (GO Revenue)		3.55			2-1-2019		1,085,000		1,083,145
Ohio: 0.37%
American Municipal Power Incorporated Combined Hydroelectric Projects Series 2010-B (Utilities Revenue)		8.08			2-15-2050		1,365,000		2,226,998
Pennsylvania: 0.48%
Commonwealth of Pennsylvania Financing Authority Series A (Miscellaneous Revenue)		4.14			6-1-2038		1,995,000		2,031,808

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

16 Wells Fargo Core Plus Bond Fund Portfolio of investments—February 28, 2018 (unaudited)

Security name	Interest rate			Maturity date		Principal		Value
Pennsylvania (continued)
Quakertown PA General Authority USDA Loan Anticipation Notes Series 2017-B (Health Revenue)		3.80	%		7-1-2021	$	900,000	$	887,535
									2,919,343
Texas: 0.29%
North Texas Tollway Authority Build America Bonds Subordinate Lien Series B-2 (Transportation Revenue)		8.91			2-1-2030		1,595,000		1,761,534
Total Municipal Obligations (Cost $30,772,718)									32,086,065
Non-Agency Mortgage-Backed Securities: 7.23%
Arbor Realty Collateralized Series 2016-FL Class A (1 Month LIBOR +1.70%) 144A±		3.29			9-15-2026		1,000,000		1,007,627
Banc of America Commercial Mortgage Securities Incorporated Series 2007-1 Class AMFX ±±		5.48			1-15-2049		896,944		908,696
Banc of America Funding Corporation Series 2016-R1 Class A1 144A±±		2.50			3-25-2040		1,072,418		1,047,623
Barclays Commercial Mortgage Series 2018-A (1 Month LIBOR +0.70%) 144A±		2.29			2-15-2033		2,600,000		2,600,000
BSPRT Commercial Mortgage Backed Series 2017-FL1 (1 Month LIBOR +1.35%) 144A±		2.94			6-15-2027		1,610,000		1,616,490
BX Trust 2017 Series A (1 Month LIBOR +1.05%) 144A±		2.64			10-15-2032		2,860,000		2,865,334
CD Commercial Mortgage Trust Series 2017-6 Class A5		3.46			11-13-2050		1,035,000		1,025,722
CIFC Funding Limited Series 2012-2RA Class A1 (3 Month LIBOR +0.80%) 144A±		2.20			1-20-2028		2,525,000		2,525,283
Credit Suisse First Boston Commercial Mortgage Trust Series 1998-C2 Class AX ±±(c)		0.22			11-15-2030		123,366		82
Crown Point Limited Series 2013-2A Class A1LR (3 Month LIBOR +0.59%) 144A±		2.31			12-31-2023		950,230		950,341
Crown Point Limited Series 2015-3A Class A1AR (3 Month LIBOR +0.91%) 144A±		2.63			12-31-2027		2,500,000		2,500,543
CSAIL Commercial Mortgage Trust Series 2015-C4 Class A1		2.01			11-15-2048		2,476,460		2,454,319
Financial Asset Securitization Incorporated Series 1997-NAM2 Class B2 †		7.88			7-25-2027		25,274		18,800
FirstKey Mortgage Trust Series 2014-1 Class A2 144A±±		3.00			11-25-2044		1,911,277		1,858,269
GAHR Commercial Mortgage Trust Series 2015-NRF Class AFX 144A		3.23			12-15-2034		1,600,000		1,607,069
Great Wolf Trust Series 2017-A (1 Month LIBOR +0.85%) 144A±		2.59			9-15-2034		2,350,000		2,357,301
GS Mortgage Securities Trust Series 2007 Class AM ±±		5.79			8-10-2045		440,398		447,447
Hyatt Hotel Portfolio Trust Series 2017-HYTE Class A (1 Month LIBOR +0.66%) 144A±		2.25			8-9-2032		765,000		764,278
JPMorgan Chase Commercial Mortgage Securities Trust Series 2007-CB18 Class AMFL (1 Month LIBOR +0.17%) ±		1.72			6-12-2047		696,636		685,221
JPMorgan Chase Commercial Mortgage Securities Trust Series 2007-LDPX Class AM ±±		5.46			1-15-2049		413,126		414,406
Mach One Trust Commercial Mortgage Backed Series 2004-1 Class X 144A±±(c)‡		0.51			5-28-2040		187,723		131
Morgan Stanley Capital I Series 2004-RR2 Class X 144A±±(c)		0.27			10-28-2033		13,969		247
Neuberger Berman Limited Series 2015-20A Class AR (3 Month LIBOR +0.80%) 144A±		2.52			1-15-2028		1,575,000		1,575,104
Rait Trust Series 2017-FL8 Class A (1 Month LIBOR +0.85%) 144A±		2.44			12-15-2037		1,687,817		1,689,702
Stonemont Portfolio Trust Series 2017 Class A (1 Month LIBOR +0.85%) 144A±		2.44			8-20-2030		2,560,000		2,565,586
Tharaldson Hotel Portfolio Trust Series 2018 -A1 (1 Month LIBOR +0.75%) 144A±		2.33			11-11-2034		2,100,000		2,102,614
TICP Collateralized Loan Obligation Limited Trust Series 2014-2A Class A1AR (3 Month LIBOR +1.16%) 144A±		2.90			7-20-2026		2,500,000		2,505,270
UBS Commercial Mortgage Trust Series 2017-C5 Class A5		3.47			11-15-2050		1,140,000		1,129,192
West CLO Limited Series 2014-2A Class A1 (3 Month LIBOR +0.87%) 144A±		2.59			1-16-2027		3,000,000		3,000,201
Wind River Collateralized Loan Obligation Limited Trust Series 2014-3A Class AR (3 Month LIBOR +1.10%) 144A±		2.84			1-22-2027		1,600,000		1,604,138
Total Non-Agency Mortgage-Backed Securities (Cost $44,104,091)									43,827,036
U.S. Treasury Securities: 10.85%
U.S. Treasury Bond		2.75			8-15-2047		6,625,000		6,137,441
U.S. Treasury Bond		2.75			11-15-2047		1,350,000		1,250,754
U.S. Treasury Bond		3.38			5-15-2044		2,410,000		2,520,050

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

Portfolio of investments—February 28, 2018 (unaudited) Wells Fargo Core Plus Bond Fund 17

Security name	Interest rate			Maturity date		Principal		Value
U.S. Treasury Securities (continued)
U.S. Treasury Bond		3.75	%		11-15-2043	$	5,500,000	$	6,114,668
U.S. Treasury Bond		4.25			11-15-2040		1,385,000		1,651,017
U.S. Treasury Bond		4.38			2-15-2038		4,195,000		5,048,912
U.S. Treasury Bond		4.63			2-15-2040		1,655,000		2,069,203
U.S. Treasury Note		1.63			8-31-2022		2,110,000		2,021,149
U.S. Treasury Note		2.00			10-31-2022		8,210,000		7,980,056
U.S. Treasury Note «		2.25			11-15-2027		21,465,000		20,310,418
U.S. Treasury Note		2.38			1-31-2023		3,145,000		3,105,319
U.S. Treasury Note		2.75			2-15-2028		7,650,000		7,572,604
Total U.S. Treasury Securities (Cost $67,328,079)									65,781,591
Yankee Corporate Bonds and Notes: 9.33%
Consumer Discretionary: 0.08%
Auto Components: 0.08%
IHO Verwaltungs GmbH 144A		4.13			9-15-2021		505,000		503,738
Consumer Staples: 0.31%
Beverages: 0.31%
Coca-Cola Femsa SAB de CV		3.88			11-26-2023		1,810,000		1,854,654
Energy: 0.72%
Energy Equipment & Services: 0.17%
Ensco plc		5.75			10-1-2044		1,500,000		1,036,875
Oil, Gas & Consumable Fuels: 0.55%
BP Capital Markets plc		3.22			11-28-2023		2,170,000		2,153,478
Comision Federal de Electricidad 144A		4.75			2-23-2027		1,140,000		1,152,825
									3,306,303
Financials: 6.66%
Banks: 3.46%
ABN AMRO Bank NV 144A		4.75			7-28-2025		1,800,000		1,852,425
Banco de Bogota SA 144A		4.38			8-3-2027		1,110,000		1,080,863
Banco de Costa Rica 144A		5.25			8-12-2018		1,550,000		1,557,208
Banco do Brasil SA 144A		4.63			1-15-2025		1,615,000		1,576,644
Banco General SA 144A		4.13			8-7-2027		1,035,000		1,001,880
Banco Nacional de Costa Rica 144A		5.88			4-25-2021		1,600,000		1,640,800
Banco Safra SA 144A		4.13			2-8-2023		1,695,000		1,674,660
Bancolombia SA		5.13			9-11-2022		486,000		504,954
Banistmo SA 144A		3.65			9-19-2022		1,160,000		1,136,800
Banque Ouest Africaine de Developpement 144A«		5.00			7-27-2027		2,520,000		2,540,790
BNP Paribas 144A		3.80			1-10-2024		800,000		802,014
BPCE SA 144A		5.15			7-21-2024		1,725,000		1,812,916
Credit Suisse Group Funding Limited (3 Month LIBOR +1.20%) 144A±		3.00			12-14-2023		1,485,000		1,444,273
Nordea Bank AB (5 Year USD ICE Swap Rate 11:00am NY +3.56%) 144A±		5.50			12-31-2049		1,800,000		1,831,500
Sumitomo Mitsui Financial Group Incorporated		2.44			10-19-2021		500,000		487,081
									20,944,808

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

18 Wells Fargo Core Plus Bond Fund Portfolio of investments—February 28, 2018 (unaudited)

Security name	Interest rate			Maturity date		Principal		Value
Capital Markets: 0.70%
Credit Suisse Group AG 144A		3.57	%		1-9-2023	$	1,770,000	$	1,769,144
Macquarie Group Limited 144A		6.00			1-14-2020		2,365,000		2,486,557
									4,255,701
Consumer Finance: 0.19%
UBS Group Funding Switzerland 144A		3.49			5-23-2023		1,165,000		1,165,764
Diversified Financial Services: 1.24%
Banco Nacional de Comercio Exterior SNC 144A		4.38			10-14-2025		2,350,000		2,376,438
Corporacion Financiera de Desarrollo SA (3 Month LIBOR +5.61%) 144A±		5.25			7-15-2029		1,185,000		1,205,738
Teva Pharmaceutical Finance Netherlands III BV		4.10			10-1-2046		2,700,000		1,992,185
UBS Group Funding Switzerland AG (3 Month LIBOR +0.95%) 144A±		2.86			8-15-2023		2,000,000		1,943,980
									7,518,341
Insurance: 0.67%
Axis Specialty Finance plc		2.65			4-1-2019		1,970,000		1,967,192
Qatar Reinsurance Company Limited (5 Year USD Swap Rate +2.79%) ±		4.95			12-31-2099		1,120,000		1,110,010
Validus Holdings Limited		8.88			1-26-2040		660,000		1,013,596
									4,090,798
Thrifts & Mortgage Finance: 0.40%
Nationwide Building Society (5 Year USD Swap Rate +1.85%) 144A±		4.13			10-18-2032		2,500,000		2,408,735
Health Care: 0.05%
Pharmaceuticals: 0.05%
Valeant Pharmaceuticals International Incorporated 144A		5.50			11-1-2025		255,000		252,291
Valeant Pharmaceuticals International Incorporated 144A		9.00			12-15-2025		60,000		60,113
									312,404
Information Technology: 0.34%
Semiconductors & Semiconductor Equipment: 0.34%
NXP Funding LLC 144A		3.88			9-1-2022		2,050,000		2,055,125
Materials: 0.17%
Metals & Mining: 0.17%
ArcelorMittal SA		5.75			3-1-2021		1,010,000		1,060,500
Telecommunication Services: 0.33%
Diversified Telecommunication Services: 0.16%
Telefonica Emisiones SAU		5.21			3-8-2047		885,000		930,210
Wireless Telecommunication Services: 0.17%
Globo Communicacoes Participacoes SA 144A		4.88			4-11-2022		1,025,000		1,048,063
Utilities: 0.67%
Electric Utilities: 0.67%
ACWA Power Management and Investments One Limited 144A		5.95			12-15-2039		520,000		541,043
Transelec SA 144A		3.88			1-12-2029		860,000		828,815

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

Portfolio of investments—February 28, 2018 (unaudited) Wells Fargo Core Plus Bond Fund 19

Security name	Interest rate			Maturity date		Principal		Value
Electric Utilities (continued)
Western Power Distributions Holdings Limited 144A		7.38	%		12-15-2028	$	2,265,000	$	2,681,821
									4,051,679
Total Yankee Corporate Bonds and Notes (Cost $56,121,947)									56,543,698
Yankee Government Bonds: 3.86%
Banco Nacional de Desenvolvimento Econômico e Social 144A		4.75			5-9-2024		905,000		900,204
Bermuda 144A		3.72			1-25-2027		995,000		970,125
Bermuda 144A		4.14			1-3-2023		1,210,000		1,250,632
Commonwealth of Bahamas 144A		6.00			11-21-2028		1,770,000		1,840,800
Dominican Republic 144A		5.95			1-25-2027		1,455,000		1,540,118
Oman 144A		5.63			1-17-2028		1,520,000		1,512,400
Province of Santa Fe 144A		7.00			3-23-2023		2,000,000		2,068,420
Republic of Argentina		6.88			4-22-2021		1,280,000		1,354,880
Republic of Argentina		6.88			1-11-2048		1,000,000		915,500
Republic of Argentina		7.50			4-22-2026		1,350,000		1,441,800
Republic of Brazil		4.63			1-13-2028		1,795,000		1,765,383
Republic of Chile		3.86			6-21-2047		1,000,000		950,000
Republic of Colombia		5.63			2-26-2044		755,000		814,645
Republic of Ecuador 144A		7.88			1-23-2028		500,000		500,000
Republic of Kenya 144A		8.25			2-28-2048		750,000		769,440
Republic of Senegal 144A		6.25			5-23-2033		750,000		743,438
Ukraine		1.47			9-29-2021		3,000,000		2,884,728
Ukraine 144A		7.38			9-25-2032		1,200,000		1,164,266
Total Yankee Government Bonds (Cost $23,427,595)									23,386,779
Short-Term Investments: 13.11%
Commercial Paper: 0.69%
Catholic Health Initiatives (p)(z)		1.05			3-2-2018		4,200,000		4,199,755
	Yield					Shares
Investment Companies: 12.08%
Securities Lending Cash Investment LLC (l)(r)(u)		1.62					6,473,191		6,473,838
Wells Fargo Government Money Market Fund Select Class (l)(u)##		1.29					66,693,694		66,693,694
									73,167,532
						Principal
U.S. Treasury Securities: 0.34%
U.S. Treasury Bill (z)#		1.21			3-15-2018	$	1,900,000		1,899,043
U.S. Treasury Bill (z)#		1.36			3-29-2018		180,000		179,793
									2,078,836
Total Short-Term Investments (Cost $79,446,047)									79,446,123

Total investments in securities (Cost $662,572,909)	109.26	%		662,015,608
Other assets and liabilities, net	(9.26	)		(56,093,534	)
Total net assets	100.00	%	$	605,922,074

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

20 Wells Fargo Core Plus Bond Fund Portfolio of investments—February 28, 2018 (unaudited)

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

±± The coupon of the security is adjusted based on the principal and interest payments received from the underlying pool of mortgages as well as the credit quality and the actual prepayment speed of the underlying mortgages.

(c) Investment in an interest-only security entitles holders to receive only the interest payments on the underlying mortgages. The principal amount shown is the notional amount of the underlying mortgages. The rate represents the coupon rate.

¤ The security is issued in zero coupon form with no periodic interest payments.

(a) The security is fair valued in accordance with procedures approved by the Board of Trustees.

%% The security is issued on a when-issued basis.

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.

« All or a portion of this security is on loan.

@ Foreign bond principal is denominated in the local currency of the issuer.

† Non-income-earning security

‡ Security is valued using significant unobservable inputs.

< All or a portion of the position represents an unfunded loan commitment.

(p) Asset-backed commercial paper

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

(l) The issuer of the security is an affiliated person of the Fund as defined in the Investment Company Act of 1940.

(r) The investment is a non-registered investment company purchased with cash collateral received from securities on loan.

(u) The rate represents the 7-day annualized yield at period end.

## All or a portion of this security is segregated for when-issued securities and unfunded loans.

# All or a portion of this security is segregated as collateral for investments in derivative instruments.

Futures Contracts

Description	Number of contracts		Expiration date		Notional cost			Notional value			Unrealized gains		Unrealized losses
Long
U.S. Long Term Bond		105		6-20-2018	$	15,015,184		$	15,060,938		$	45,754	$	0
U.S. Ultra Bond		50		6-20-2018		7,734,909			7,793,750			58,841		0
10-Year U.S. Treasury Notes		185		6-20-2018		22,203,199			22,208,672			5,473		0
10-Year Ultra Futures		45		6-20-2018		5,736,827			5,762,813			25,986		0
5-Year U.S. Treasury Notes		60		6-29-2018		6,833,533			6,835,781			2,248		0
2-Year U.S. Treasury Notes		200		6-29-2018		42,522,175			42,493,750			0		(28,425	)
Short
Euro-BOBL Futures		(100)		3-8-2018	$	(16,180,824	)	$	(15,986,883	)	$	193,941	$	0
Euro-Bund Futures		(35)		3-8-2018		(6,977,121	)		(6,808,089	)		169,032		0
											$	501,275	$	(28,425	)

Forward Foreign Currency Contracts

Currency to be received	Currency to be delivered	Counterparty¤¤	Settlement date	Unrealized gains		Unrealized losses
20,000,000 MXN	1,012,777 USD	Citibank	3-28-2018	$	43,702	$	0
1,034,929 USD	20,000,000 MXN	Citibank	3-28-2018		0		(21,550	)
3,800,000 EUR	4,701,128 USD	Citibank	3-29-2018		0		(55,456	)
2,515,000 EUR	3,044,996 USD	Citibank	3-29-2018		29,706		0
5,100,000 PLN	1,476,164 USD	Citibank	3-29-2018		14,618		0
18,938,920 USD	15,400,000 EUR	Citibank	3-29-2018		111,721		0
5,959,325 USD	5,015,000 EUR	Citibank	3-29-2018		0		(171,740	)
3,391,948 USD	2,800,000 EUR	Citibank	3-29-2018		0		(31,179	)
1,436,134 USD	5,100,000 PLN	Citibank	3-29-2018		0		(54,648	)
1,344,900 USD	1,000,000 GBP	Citibank	3-29-2018		0		(33,553	)
				$	199,747	$	(368,126	)

¤¤ Transaction can only be closed with the originating counterparty.

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

Portfolio of investments—February 28, 2018 (unaudited) Wells Fargo Core Plus Bond Fund 21

Credit Default Swaps

Sell protection

Reference index	Fixed rate received			Payment frequency		Counterparty			Maturity date		Notional amount		Value		Premiums paid		Unrealized gains		Unrealized losses
Markit iTraxx Europe Index, 1.00%, 12-20-2022		1.00	%		Quarterly		JPMorgan	°°		12-20-2022		7,000,000 EUR	$	193,231	$	177,535	$	15,696	$	0

°° Exchange traded or centrally cleared transaction with counterparty.

Investments in Affiliates

An affiliated investment is an investment in which the Fund owns at least 5% of the outstanding voting shares of the issuer or as a result of other relationships, such as the Fund and the issuer having the same investment manager. Transactions with issuers that were either affiliated persons of the Fund at the beginning of the period or the end of the period were as follows:

	Shares, beginning of period		Shares purchased		Shares sold		Shares, end of period		Net realized gains (losses)		Net change in unrealized gains (losses)		Income from affiliated securities		Value, end of period		% of net assets
Short-Term Investments
Investment companies
Securities Lending Cash Investment LLC		2,797,697		92,497,839		88,822,345		6,473,191	$	0	$	0	$	24,069	$	6,473,838
Wells Fargo Government Money Market Fund Select Class		66,446,091		160,021,034		159,773,431		66,693,694		0		0		368,582		66,693,694
									$	0	$	0	$	392,651	$	73,167,532		12.08	%

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

22 Wells Fargo Core Plus Bond Fund Statement of assets and liabilities—February 28, 2018 (unaudited)

Assets
Investments in unaffiliated securities (including $6,341,640 of securities loaned), at value (cost $589,405,440)	$	588,848,076
Investments in affiliated securities, at value (cost $73,167,469)		73,167,532
Cash		3,322
Segregated cash for forward foreign currency contracts		842,000
Segregated cash for futures transactions		550,566
Foreign currency, at value (cost $158,636)		158,550
Receivable for investments sold		88,514
Principal paydown receivable		2,696
Receivable for Fund shares sold		1,285,771
Receivable for interest		3,715,240
Receivable for daily variation margin on open futures contracts		202,860
Receivable for securities lending income		12,765
Unrealized gains on forward foreign currency contracts		199,747
Prepaid expenses and other assets		287,403
Total assets		669,365,042
Liabilities
Payable for investments purchased		54,654,547
Payable upon receipt of securities loaned		6,472,907
Payable for Fund shares redeemed		1,563,037
Unrealized losses on forward foreign currency contracts		368,126
Management fee payable		118,753
Administration fees payable		52,773
Payable for daily variation margin on open futures contracts		26,232
Payable for variation margin on centrally cleared swaps		13,187
Distribution fee payable		12,139
Trustees’ fees and expenses payable		1,953
Accrued expenses and other liabilities		159,314
Total liabilities		63,442,968
Total net assets	$	605,922,074
NET ASSETS CONSIST OF
Paid-in capital	$	607,030,626
Undistributed net investment income		2,370,321
Accumulated net realized losses on investments		(3,232,744	)
Net unrealized losses on investments		(246,129	)
Total net assets	$	605,922,074
COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE PER SHARE
Net assets – Class A	$	252,177,292
Shares outstanding – Class A1		20,362,355
Net asset value per share – Class A		$12.38
Maximum offering price per share – Class A2		$12.96
Net assets – Class C	$	21,167,904
Shares outstanding – Class C1		1,709,829
Net asset value per share – Class C		$12.38
Net assets – Class R6	$	42,566,367
Shares outstanding – Class R61		3,431,931
Net asset value per share – Class R6		$12.40
Net assets – Administrator Class	$	40,027,958
Shares outstanding – Administrator Class1		3,237,232
Net asset value per share – Administrator Class		$12.36
Net assets – Institutional Class	$	249,982,553
Shares outstanding – Institutional Class1		20,164,328
Net asset value per share – Institutional Class		$12.40

¹  The Fund has an unlimited number of authorized shares.

²  Maximum offering price is computed as 100/95.50 of net asset value. On investments of $50,000 or more, the offering price is reduced.

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

Statement of operations—six months ended February 28, 2018 (unaudited) Wells Fargo Core Plus Bond Fund 23

Investment income
Interest (net of foreign interest withholding taxes of $7,340)	$	8,404,726
Income from affiliated securities		392,651
Dividends		64,087
Total investment income		8,861,464
Expenses
Management fee		1,230,371
Administration fees
Class A		203,041
Class C		15,921
Class R6		5,075
Administrator Class		19,968
Institutional Class		80,941
Shareholder servicing fees
Class A		317,251
Class C		24,876
Administrator Class		49,921
Distribution fee
Class C		74,629
Custody and accounting fees		20,225
Professional fees		31,409
Registration fees		45,505
Shareholder report expenses		52,662
Trustees’ fees and expenses		21,188
Other fees and expenses		4,668
Total expenses		2,197,651
Less: Fee waivers and/or expense reimbursements		(536,283	)
Net expenses		1,661,368
Net investment income		7,200,096
REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS
Net realized gains (losses) on:
Unaffiliated securities		716,420
Futures transactions		(2,350,187	)
Forward foreign currency contract transactions		(1,383,476	)
Credit default swap transactions		61,193
Net realized losses on investments		(2,956,050	)
Net change in unrealized gains (losses) on:
Unaffiliated securities		(13,944,086	)
Futures transactions		431,628
Forward foreign currency contract transactions		1,416,256
Credit default swap transactions		(2,222	)
Net change in unrealized gains (losses) on investments		(12,098,424	)
Net realized and unrealized gains (losses) on investments		(15,054,474	)
Net decrease in net assets resulting from operations	$	(7,854,378	)

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

24 Wells Fargo Core Plus Bond Fund Statement of changes in net assets

	Six months ended February 28, 2018 (unaudited)						Year ended August 31, 2017
Operations
Net investment income				$	7,200,096					$	14,822,987
Net realized gains (losses) on investments					(2,956,050	)					4,956,568
Net change in unrealized gains (losses) on investments					(12,098,424	)					(6,580,780	)
Net increase (decrease) in net assets resulting from operations					(7,854,378	)					13,198,775
Distributions to shareholders from
Net investment income
Class A					(3,107,875	)					(8,298,601	)
Class B					N/A						(563	)1
Class C					(170,709	)					(354,581	)
Class R6					(477,869	)					(337,520	)2
Administrator Class					(505,541	)					(1,459,294	)
Institutional Class					(2,838,818	)					(3,111,816	)
Net realized gains
Class A					0						(174,322	)
Class C					0						(10,016	)
Class R6					0						(12	)2
Administrator Class					0						(28,708	)
Institutional Class					0						(41,445	)
Total distributions to shareholders					(7,100,812	)					(13,816,878	)
Capital share transactions		Shares						Shares
Proceeds from shares sold
Class A		2,178,243			27,474,718			6,027,974			75,386,710
Class C		359,835			4,534,954			419,941			5,278,093
Class R6		941,279			11,817,379			2,444,368	2		30,444,742	2
Administrator Class		580,259			7,295,927			2,382,823			29,615,799
Institutional Class		9,219,197			116,272,234			10,894,809			136,214,194
					167,395,212						276,939,538
Reinvestment of distributions
Class A		228,069			2,868,272			633,102			7,894,693
Class B		N/A			N/A			44	1		550	1
Class C		12,293			154,513			22,979			286,809
Class R6		36,098			454,833			26,775	2		337,532	2
Administrator Class		40,097			503,440			119,039			1,483,140
Institutional Class		207,267			2,607,361			232,681			2,910,737
					6,588,419						12,913,461
Payment for shares redeemed
Class A		(2,159,433	)		(27,222,759	)		(14,092,819	)		(175,455,886	)
Class B		N/A			N/A			(10,056	)1		(124,139	)1
Class C		(160,493	)		(2,018,555	)		(615,840	)		(7,673,788	)
Class R6		(16,587	)		(208,682	)		(2	)2		(22	)2
Administrator Class		(677,790	)		(8,540,002	)		(4,817,096	)		(59,885,885	)
Institutional Class		(2,106,092	)		(26,463,729	)		(4,552,266	)		(56,762,736	)
					(64,453,727	)					(299,902,456	)
Net increase (decrease) in net assets resulting from capital share transactions					109,529,904						(10,049,457	)
Total increase (decrease) in net assets					94,574,714						(10,667,560	)
Net assets
Beginning of period					511,347,360						522,014,920
End of period				$	605,922,074					$	511,347,360
Undistributed net investment income				$	2,370,321					$	2,271,037

¹  For the period from September 1, 2016 to December 5, 2016. Effective at the close of business on December 5, 2016, Class B shares were converted to Class A shares and are no longer offered by the Fund.

²  For the period from October 31, 2016 (commencement of class operations) to August 31, 2017

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

Financial highlights Wells Fargo Core Plus Bond Fund 25

(For a share outstanding throughout each period)

	Six months ended February 28, 2018 (unaudited)			Year ended August 31
CLASS A				2017			2016			2015			2014			2013
Net asset value, beginning of period		$12.71			$12.70			$12.14			$12.24			$11.66			$12.57
Net investment income		0.15			0.36	1		0.33			0.21	1		0.26			0.25
Net realized and unrealized gains (losses) on investments		(0.33	)		(0.01	)		0.60			(0.08	)		0.57			(0.51	)
Total from investment operations		(0.18	)		0.35			0.93			0.13			0.83			(0.26	)
Distributions to shareholders from
Net investment income		(0.15	)		(0.33	)		(0.33	)		(0.21	)		(0.25	)		(0.25	)
Net realized gains		0.00			(0.01	)		(0.04	)		(0.02	)		0.00			(0.40	)
Total distributions to shareholders		(0.15	)		(0.34	)		(0.37	)		(0.23	)		(0.25	)		(0.65	)
Net asset value, end of period		$12.38			$12.71			$12.70			$12.14			$12.24			$11.66
Total return2		(1.41	)%		2.78	%		7.78	%		1.04	%		7.16	%		(2.25	)%
Ratios to average net assets (annualized)
Gross expenses		0.92	%		0.93	%		0.93	%		0.91	%		0.93	%		0.91	%
Net expenses		0.73	%		0.76	%		0.84	%		0.84	%		0.85	%		0.87	%
Net investment income		2.49	%		2.88	%		2.76	%		1.69	%		2.10	%		2.00	%
Supplemental data
Portfolio turnover rate		85	%		199	%		288	%		322	%		267	%		256	%
Net assets, end of period (000s omitted)		$252,177			$255,668			$349,852			$223,755			$129,646			$146,836

¹  Calculated based upon average shares outstanding

²  Total return calculations do not include any sales charges. 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 Core Plus Bond Fund Financial highlights

(For a share outstanding throughout each period)

	Six months ended February 28, 2018 (unaudited)			Year ended August 31
CLASS C				2017			2016			2015			2014			2013
Net asset value, beginning of period		$12.71			$12.70			$12.14			$12.23			$11.65			$12.56
Net investment income		0.10			0.26			0.24	1		0.12	1		0.16			0.15
Net realized and unrealized gains (losses) on investments		(0.32	)		(0.01	)		0.59			(0.08	)		0.58			(0.51	)
Total from investment operations		(0.22	)		0.25			0.83			0.04			0.74			(0.36	)
Distributions to shareholders from
Net investment income		(0.11	)		(0.23	)		(0.23	)		(0.11	)		(0.16	)		(0.15	)
Net realized gains		0.00			(0.01	)		(0.04	)		(0.02	)		0.00			(0.40	)
Total distributions to shareholders		(0.11	)		(0.24	)		(0.27	)		(0.13	)		(0.16	)		(0.55	)
Net asset value, end of period		$12.38			$12.71			$12.70			$12.14			$12.23			$11.65
Total return2		(1.69	)%		2.01	%		6.99	%		0.35	%		6.35	%		(3.00	)%
Ratios to average net assets (annualized)
Gross expenses		1.67	%		1.68	%		1.68	%		1.66	%		1.68	%		1.66	%
Net expenses		1.48	%		1.51	%		1.59	%		1.59	%		1.60	%		1.62	%
Net investment income		1.74	%		2.12	%		2.00	%		0.95	%		1.35	%		1.24	%
Supplemental data
Portfolio turnover rate		85	%		199	%		288	%		322	%		267	%		256	%
Net assets, end of period (000s omitted)		$21,168			$19,036			$21,216			$20,381			$24,212			$29,692

¹  Calculated based upon average shares outstanding

²  Total return calculations do not include any sales charges. 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 Core Plus Bond Fund 27

(For a share outstanding throughout the period)

CLASS R6	Six months ended February 28, 2018 (unaudited)			Year ended August 31, 20171
Net asset value, beginning of period		$12.73			$12.59
Net investment income		0.19			0.33	2
Net realized and unrealized gains (losses) on investments		(0.34	)		0.12
Total from investment operations		(0.15	)		0.45
Distributions to shareholders from
Net investment income		(0.18	)		(0.30	)
Net realized gains		0.00			(0.01	)
Total distributions to shareholders		(0.18	)		(0.31	)
Net asset value, end of period		$12.40			$12.73
Total return3		(1.23	)%		3.64	%
Ratios to average net assets (annualized)
Gross expenses		0.54	%		0.55	%
Net expenses		0.35	%		0.35	%
Net investment income		2.88	%		3.12	%
Supplemental data
Portfolio turnover rate		85	%		199	%
Net assets, end of period (000s omitted)		$42,566			$31,451

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

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.

28 Wells Fargo Core Plus Bond Fund Financial highlights

(For a share outstanding throughout each period)

	Six months ended February 28, 2018 (unaudited)			Year ended August 31
ADMINISTRATOR CLASS				2017			2016			2015			2014			2013
Net asset value, beginning of period		$12.69			$12.68			$12.12			$12.22			$11.64			$12.55
Net investment income		0.16			0.37			0.34			0.22			0.27	1		0.26	1
Net realized and unrealized gains (losses) on investments		(0.33	)		(0.01	)		0.60			(0.08	)		0.57			(0.51	)
Total from investment operations		(0.17	)		0.36			0.94			0.14			0.84			(0.25	)
Distributions to shareholders from
Net investment income		(0.16	)		(0.34	)		(0.34	)		(0.22	)		(0.26	)		(0.26	)
Net realized gains		0.00			(0.01	)		(0.04	)		(0.02	)		0.00			(0.40	)
Total distributions to shareholders		(0.16	)		(0.35	)		(0.38	)		(0.24	)		(0.26	)		(0.66	)
Net asset value, end of period		$12.36			$12.69			$12.68			$12.12			$12.22			$11.64
Total return2		(1.36	)%		2.90	%		7.92	%		1.15	%		7.31	%		(2.11	)%
Ratios to average net assets (annualized)
Gross expenses		0.86	%		0.87	%		0.87	%		0.85	%		0.87	%		0.85	%
Net expenses		0.62	%		0.66	%		0.72	%		0.72	%		0.72	%		0.72	%
Net investment income		2.60	%		2.97	%		2.84	%		1.82	%		2.24	%		2.14	%
Supplemental data
Portfolio turnover rate		85	%		199	%		288	%		322	%		267	%		256	%
Net assets, end of period (000s omitted)		$40,028			$41,806			$71,133			$85,431			$101,653			$105,094

¹  Calculated based upon average shares outstanding

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 Core Plus Bond Fund 29

(For a share outstanding throughout each period)

	Six months ended February 28, 2018 (unaudited)			Year ended August 31
INSTITUTIONAL CLASS				2017			2016			2015			2014			2013
Net asset value, beginning of period		$12.72			$12.71			$12.15			$12.24			$11.67			$12.57
Net investment income		0.18	1		0.38			0.36			0.24	1		0.28			0.27	1
Net realized and unrealized gains (losses) on investments		(0.33	)		0.01			0.60			(0.07	)		0.57			(0.49	)
Total from investment operations		(0.15	)		0.39			0.96			0.17			0.85			(0.22	)
Distributions to shareholders from
Net investment income		(0.17	)		(0.37	)		(0.36	)		(0.24	)		(0.28	)		(0.28	)
Net realized gains		0.00			(0.01	)		(0.04	)		(0.02	)		0.00			(0.40	)
Total distributions to shareholders		(0.17	)		(0.38	)		(0.40	)		(0.26	)		(0.28	)		(0.68	)
Net asset value, end of period		$12.40			$12.72			$12.71			$12.15			$12.24			$11.67
Total return2		(1.18	)%		3.10	%		8.05	%		1.37	%		7.36	%		(1.89	)%
Ratios to average net assets (annualized)
Gross expenses		0.59	%		0.60	%		0.60	%		0.58	%		0.60	%		0.56	%
Net expenses		0.40	%		0.44	%		0.58	%		0.58	%		0.58	%		0.56	%
Net investment income		2.83	%		3.17	%		3.04	%		1.95	%		2.38	%		2.26	%
Supplemental data
Portfolio turnover rate		85	%		199	%		288	%		322	%		267	%		256	%
Net assets, end of period (000s omitted)		$249,983			$163,387			$79,687			$54,419			$32,438			$31,221

¹  Calculated based upon average shares outstanding

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

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

30 Wells Fargo Core Plus Bond 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 Core Plus Bond Fund (the “Fund”) which is a diversified series of the Trust.

Effective at the close of business on December 5, 2016, 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 December 5, 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

All investments are valued each business day as of the close of regular trading on the New York Stock Exchange (generally 4 p.m. Eastern Time), although the Fund may deviate from this calculation time under unusual or unexpected circumstances.

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.

Equity securities and futures that are listed on a foreign or domestic exchange or market are valued at the official closing price or, if none, the last sales price. If no sale occurs on the principal exchange or market that day, a fair value price will be determined in accordance with the Fund’s Valuation Procedures.

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

The values of securities denominated in foreign currencies are translated into U.S. dollars at rates provided by an independent foreign currency pricing source at a time each business day specified by the Wells Fargo Asset Management Pricing Committee at Wells Fargo Funds Management, LLC (“Funds Management”).

Investments in registered open-end investment companies are valued at net asset value. Interests in non-registered investment companies that are redeemable at net asset value are fair valued normally at net asset value.

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 Wells Fargo Asset Management Pricing Committee. The Board of Trustees retains the authority to make or ratify any valuation decisions or approve any changes to the Valuation Procedures as it deems appropriate. On a quarterly basis, the Board of Trustees receives reports on any valuation actions taken by the Valuation Committee or the Wells Fargo Asset Management Pricing Committee which may include items for ratification.

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.

Notes to financial statements (unaudited) Wells Fargo Core Plus Bond Fund 31

Foreign currency translation

The accounting records of the Fund are maintained in U.S. dollars. The values of other assets and liabilities denominated in foreign currencies are translated into U.S. dollars at rates provided by an independent foreign currency pricing source at a time each business day specified by the Wells Fargo Asset Management Pricing Committee. Purchases and sales of securities, and income and expenses are converted at the rate of exchange on the respective dates of such transactions. Net realized foreign exchange gains or losses arise from sales of foreign currencies, currency gains or losses realized between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest and foreign withholding taxes recorded and the U.S. dollar equivalent of the amounts actually paid or received. Net unrealized foreign exchange gains and losses arise from changes in the fair value of assets and liabilities other than investments in securities resulting from changes in exchange rates. The changes in net assets arising from changes in exchange rates of securities and the changes in net assets resulting from changes in market prices of securities are not separately presented. Such changes are included in net realized and unrealized gains or losses on unaffiliated securities.

Forward foreign currency contracts

The Fund is subject to foreign currency risk in the normal course of pursuing its investment objectives. A forward foreign currency contract is an agreement between two parties to purchase or sell a specific currency for an agreed-upon price at a future date. The Fund enters into forward foreign currency contracts to facilitate transactions in foreign-denominated securities and to attempt to minimize the risk to the Fund from adverse changes in the relationship between currencies. Forward foreign currency contracts are recorded at the forward rate and marked-to-market daily. When the contracts are closed, realized gains and losses arising from such transactions are recorded as realized gains or losses on forward foreign currency contract transactions. The Fund could be exposed to risks if the counterparties to the contracts are unable to meet the terms of their contracts or if the value of the foreign currency changes unfavorably. The Fund’s maximum risk of loss from counterparty credit risk is the unrealized gains on the contracts. This risk may be mitigated if there is a master netting arrangement between the Fund and the counterparty.

Securities lending

The Fund may lend its securities from time to time in order to earn additional income in the form of fees or interest on securities received as collateral or the investment of any cash received as collateral. The Fund continues to receive interest or dividends on the securities loaned. The Fund receives collateral in the form of cash or securities with a value at least equal to the value of the securities on loan. The value of the loaned securities is determined at the close of each business day and any additional required collateral is delivered to the Fund on the next business day. In a securities lending transaction, the net asset value of the Fund will be affected by an increase or decrease in the value of the securities loaned and by an increase or decrease in the value of the instrument in which collateral is invested. The amount of securities lending activity undertaken by the Fund fluctuates from time to time. In the event of default or bankruptcy by the borrower, the Fund may be prevented from recovering the loaned securities or gaining access to the collateral or may experience delays or costs in doing so. In addition, the investment of any cash collateral received may lose all or part of its value. The Fund has the right under the lending agreement to recover the securities from the borrower on demand.

The Fund lends its securities through an unaffiliated securities lending agent. Cash collateral received in connection with its securities lending transactions is invested in Securities Lending Cash Investments, LLC (the “Securities Lending Fund”). The Securities Lending Fund is exempt from registration under Section 3(c)(7) of the 1940 Act and is managed by Funds Management and is subadvised by Wells Capital Management Incorporated (“WellsCap”), an affiliate of Funds Management and an indirect wholly owned subsidiary of Wells Fargo & Company (“Wells Fargo”). Funds Management receives an advisory fee starting at 0.05% and declining to 0.01% as the average daily net assets of the Securities Lending Fund increase. All of the fees received by Funds Management are paid to WellsCap for its services as subadviser. The Securities Lending Fund seeks to provide a positive return compared to the daily Fed Funds Open Rate by investing in high-quality, U.S. dollar-denominated short-term money market instruments. Securities Lending Fund investments are valued at the evaluated bid price provided by an independent pricing service. Income earned from investment in the Securities Lending Fund, if any, is included in income from affiliated securities on the Statement of Operations.

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.

32 Wells Fargo Core Plus Bond Fund Notes to financial statements (unaudited)

Loans

The Fund may invest in direct debt instruments which are interests in amounts owed to lenders by corporate or other borrowers. The loans pay interest at rates which are periodically reset by reference to a base lending rate plus a spread. Investments in loans may be in the form of participations in loans or assignments of all or a portion of loans from third parties. When the Fund purchases participations, it generally has no rights to enforce compliance with terms of the loan agreement with the borrower. As a result, the Fund assumes the credit risk of both the borrower and the lender that is selling the participation. When the Fund purchases assignments from lenders, it acquires direct rights against the borrower on the loan and may enforce compliance by the borrower with the terms of the loan agreement. Loans may include fully funded term loans or unfunded loan commitments, which are contractual obligations for future funding.

Futures contracts

The Fund is subject to interest rate risk and foreign currency risk in the normal course of pursuing its investment objectives. The Fund may buy and sell futures contracts in order to gain exposure to, or protect against, changes in interest rates and foreign exchange rates. The primary risks associated with the use of futures contracts are the imperfect correlation between changes in market values of securities held by the Fund and the prices of futures contracts, and the possibility of an illiquid market.

The aggregate principal amounts of the contracts are not recorded in the financial statements. Fluctuations in the value of the contracts are recorded in the Statement of Assets and Liabilities as an asset or liability and in the Statement of Operations as unrealized gains or losses until the contracts are closed, at which point they are recorded as net realized gains or losses on futures contracts. With futures contracts, there is minimal counterparty risk to the Fund since futures are exchange traded and the exchange’s clearinghouse, as counterparty to all exchange traded futures, guarantees the futures against default.

Credit default swaps

The Fund is subject to credit risk in the normal course of pursuing its investment objectives. The Fund may enter into credit default swap contracts for hedging or speculative purposes to provide or receive a measure of protection against default on a referenced entity, obligation or index or for investment gains. Credit default swaps involve an exchange of a stream of payments for protection against the loss in value of an underlying security or index. Under the terms of the swap, one party acts as a guarantor (referred to as the seller of protection) and receives a periodic stream of payments, provided that there is no credit event, from another party (referred to as the buyer of protection) that is a fixed percentage applied to a notional principal amount over the term of the swap. An index credit default swap references all the names in the index, and if a credit event is triggered, the credit event is settled based on that name’s weight in the index. A credit event includes bankruptcy, failure to pay, obligation default, obligation acceleration, repudiation/moratorium, and restructuring. The Fund may enter into credit default swaps as either the seller of protection or the buyer of protection. As the seller of protection, the Fund is subject to investment exposure on the notional amount of the swap and has assumed the risk of default of the underlying security or index. As the buyer of protection, the Fund could be exposed to risks if the seller of the protection defaults on its obligation to perform, or if there are unfavorable changes in the fluctuation of interest rates. The maximum potential amount of future payments (undiscounted) that the Fund as the seller of protection could be required to make under the credit default swap contract would be an amount equal to the notional amount of the swap contract. The Fund’s maximum risk of loss from counterparty risk, either as the protection seller or as the protection buyer, is the fair value of the contract. This risk is mitigated by having a master netting arrangement between the Fund and the counterparty and by having the counterparty post collateral to cover the Fund’s exposure to the counterparty.

If the Fund is the seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will pay to the buyer of protection the notional amount of the swap and take delivery of the referenced obligation or underlying securities comprising the referenced index. If the Fund is the buyer of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will receive from the seller of protection the notional amount of the swap and deliver the referenced obligation or underlying securities comprising the referenced index.

Any premiums paid or received on the transactions are recorded as an asset or liability on the Statement of Assets and Liabilities and amortized. The value of the swap contract is marked-to-market daily based on quotations from an independent pricing service or an independent broker-dealer and any change in value is recorded as an unrealized gain or loss. Periodic payments made or received are recorded as realized gains or losses. In addition, payments received or made as a result of a credit event or termination of the contract are recognized as realized gains or losses.

Notes to financial statements (unaudited) Wells Fargo Core Plus Bond Fund 33

Certain credit default swap contracts entered into by the Fund provide for conditions that result in events of default or termination that enable the counterparty to the agreement to cause an early termination of the transactions under those agreements.

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. 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. Income from foreign securities is recorded net of foreign taxes withheld where recovery of such taxes is not assured.

Dividend income is recognized on the ex-dividend date.

Distributions to shareholders

Distributions to shareholders are recorded on the ex-dividend date and paid from net investment income monthly and any net realized gains are paid at least annually. Such distributions are determined in accordance with income tax regulations and may differ from U.S. generally accepted accounting principles. Dividend sources are estimated at the time of declaration. The tax character of distributions is determined as of 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 at year end.

Federal and other taxes

Distributions to shareholders are recorded on the ex-dividend date and paid from net investment income monthly and any net realized gains are paid at least annually. Such distributions are determined in accordance with income tax regulations and may differ from U.S. generally accepted accounting principles. Dividend sources are estimated at the time of declaration. The tax character of distributions is determined as of 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 at year end.

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 February 28, 2018, the aggregate cost of all investments for federal income tax purposes was $661,091,073 and the unrealized gains (losses) consisted of:

Gross unrealized gains	$	9,673,620
Gross unrealized losses		(8,428,918	)
Net unrealized gains	$	1,244,702

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 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:

34 Wells Fargo Core Plus Bond Fund Notes to financial statements (unaudited)

∎ 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 February 28, 2018:

	Quoted prices (Level 1)		Other significant observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total
Assets
Investments in:
Agency securities	$	0	$	153,731,054	$	0	$	153,731,054
Asset-backed securities		0		35,987,785		0		35,987,785
Corporate bonds and notes		0		109,479,946		0		109,479,946
Exchange-traded funds		11,977,135		0		0		11,977,135
Foreign corporate bonds and notes		0		17,008,272		0		17,008,272
Foreign government bonds		0		7,130,386		0		7,130,386
Loans		0		23,494,550		2,135,188		25,629,738
Municipal obligations		0		32,086,065		0		32,086,065
Non-agency mortgage-backed securities		0		43,827,036		0		43,827,036
U.S. Treasury securities		65,781,591		0		0		65,781,591
Yankee corporate bonds and notes		0		56,543,698		0		56,543,698
Yankee government bonds				23,386,779				23,386,779
Short-term investments
Commercial paper		0		4,199,755		0		4,199,755
Investment companies		66,693,694		0		0		66,693,694
U.S. Treasury securities		2,078,836		0		0		2,078,836
Investments measured at net asset value*								6,473,838
		146,531,256		506,875,326		2,135,188		662,015,608
Credit default swap contracts		0		15,696		0		15,696
Forward foreign currency contracts		0		199,747		0		199,747
Futures contracts		501,275		0		0		501,275
Total assets	$	147,032,531	$	507,090,769	$	2,135,188	$	662,732,326
Liabilities
Forward foreign currency contracts	$	0	$	368,126	$	0	$	368,126
Futures contracts		28,425		0		0		28,425
Total liabilities	$	28,425	$	368,126	$	0	$	396,551

* Investments that are measured at fair value using the net asset value per share (or its equivalent) as a practical expedient have not been categorized in the fair value hierarchy. The fair value amount presented in the table is intended to permit reconciliation of the fair value hierarchy to the amounts presented in the Statement of Assets and Liabilities. The Fund’s investment in Securities Lending Cash Investments, LLC valued at $6,473,838 does not have a redemption period notice, can be redeemed daily and does not have any unfunded commitments.

Forward foreign currency contracts, futures contracts and swap contracts are reported at their cumulative unrealized gains (losses) at measurement date. For futures contracts and centrally cleared swaps, the current day’s variation margin are reported on the Statement of assets and liabilities. All other assets and liabilities are reported at their market value at measurement date.

Notes to financial statements (unaudited) Wells Fargo Core Plus Bond Fund 35

The Fund recognizes transfers between levels within the fair value hierarchy at the end of the reporting period. At February 28, 2018, the Fund did not have any transfers into/out of Level 1. The Fund had no material transfers between Level 2 and Level 3.

4. TRANSACTIONS WITH AFFILIATES

Management fee

Funds Management, an indirect wholly owned subsidiary of 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 0.45% and declining to 0.32% as the average daily net assets of the Fund increase. Prior to January 1, 2018, Funds Management was entitled to receive an annual management fee which started at 0.45% and declined to 0.33% as the average daily net assets of the Fund increased. For the six months ended February 28, 2018, the management fee was equivalent to an annual rate of 0.45% 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. WellsCap is the subadviser to the Fund and is entitled to receive a fee from Funds Management at an annual rate starting at 0.20% and declining to 0.10% 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 C		0.16	%
Class R6		0.03
Administrator Class		0.10
Institutional Class		0.08

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 December 31, 2018 to waive fees and/or reimburse expenses to the extent necessary to cap the Fund’s expenses at 0.73% for Class A shares, 1.48% for Class C shares, 0.35% for Class R6 shares, 0.62% for Administrator Class shares, and 0.40% for Institutional 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.

Distribution fee

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

In addition, Funds Distributor is entitled to receive the front-end sales charge from the purchase of Class A shares and a contingent deferred sales charge on the redemption of certain Class A shares. Funds Distributor is also entitled to receive the contingent deferred sales charges from redemptions of Class C shares. For the six months ended February 28, 2018, Funds Distributor received $870 from the sale of Class A shares and $11 in contingent deferred sales charges from redemptions of Class C shares. No contingent deferred sales charges were incurred by Class A shares for the six months ended February 28, 2018.

36 Wells Fargo Core Plus Bond Fund Notes to financial statements (unaudited)

Shareholder servicing fees

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

5. INVESTMENT PORTFOLIO TRANSACTIONS

Purchases and sales of investments, excluding short-term securities, for the six months ended February 28, 2018 were as follows:

Purchases at cost		Sales proceeds
U.S. government	Non-U.S. government	U.S. government	Non-U.S. government
$407,889,890	$185,337,072	$321,096,042	$119,279,979

As of February 28, 2018, the Fund had unfunded term loan commitments of $752,813.

6. DERIVATIVE TRANSACTIONS

During the six months ended February 28, 2018, the Fund entered into futures contracts to speculate on interest rates and to help manage the duration of the portfolio; forward foreign currency contracts for economic hedging purposes; and credit default swap contracts as a substitute for taking a position in the underlying security or basket of securities or to potentially enhance the Fund’s total return, respectively.

The table below discloses the volume of the Fund’s derivative activity during the six months ended February 28, 2018.

Futures contracts
Average notional balance on long futures	$	70,440,227
Average notional balance on short futures		28,001,655
Forward foreign currency contracts
Average contract amounts to buy		11,337,752
Average contract amounts to sell		25,421,245
Credit default swap contracts
Average notional balance		11,060,440

The Fund’s credit default swap may contain provisions for early termination in the event the net assets of the Fund declines below specific levels identified by the counterparty. If these levels are triggered, the counterparty may terminate the transaction and seek payment or request full collateralization of the derivative transactions in net liability positions.

Notes to financial statements (unaudited) Wells Fargo Core Plus Bond Fund 37

A summary of the location of derivative instruments on the financial statements by primary risk exposure is outlined following tables.

The fair value of derivative instruments as of February 28, 2018 was as follows for the Fund:

	Asset derivatives				Liability derivatives
	Statement of Assets and Liabilities location	Fair value			Statement of Assets and Liabilities location	Fair value
Interest rate risk	Net unrealized losses on investments	$	138,302	*	Net unrealized losses on investments	$	28,425	*
Foreign currency risk	Net unrealized losses on investments		362,973	*	Net unrealized losses on investments		0	*
Foreign currency risk	Unrealized gains on forward foreign currency contracts		199,747		Unrealized losses on forward foreign currency contracts		368,126
Credit risk	Net unrealized losses on investments		15,696	**	Net unrealized losses on investments		0	**
		$	716,718			$	396,551

* Amount includes cumulative unrealized gains (losses) on futures contracts as reported in the table following the Portfolio of Investments. Only the current day’s variation margin as of February 28, 2018 is reported separately on the Statement of Assets and Liabilities.

** Amount includes cumulative unrealized gains (losses) on centrally cleared swaps as reported in the table following the Portfolio of Investments. Only the current day’s variation margin as of February 28, 2018 is reported separately on the Statement of Assets and Liabilities.

The effect of derivative instruments on the Statement of Operations for the six months ended February 28, 2018 was as follows for the Fund:

	Amount of realized gains (losses) on derivatives
	Futures contracts			Forward foreign currency contracts			Credit default swaps			Total
Interest rate risk	$	(2,154,789	)	$	0		$	0		$	(2,154,789	)
Foreign currency risk		(195,398	)		(1,383,476	)		0			(1,578,874	)
Credit risk		0			0			61,193			61,193
	$	(2,350,187	)	$	(1,383,476	)	$	61,193		$	(3,672,470	)
	Change in unrealized gains (losses) on derivatives
	Futures contracts			Forward foreign currency contracts			Credit default swaps			Total
Interest rate risk	$	(4,961	)	$	0		$	0		$	(4,961	)
Foreign currency risk		436,589			1,416,256			0			1,852,845
Credit risk		0			0			(2,222	)		(2,222	)
	$	431,628		$	1,416,256		$	(2,222	)	$	1,845,662

For certain types of derivative transactions, the Fund has entered into International Swaps and Derivatives Association, Inc. master agreements (“ISDA Master Agreements”) or similar agreements with approved counterparties. The ISDA Master Agreements or similar agreements may have requirements to deliver/deposit securities or cash to/with an exchange or broker-dealer as collateral and allows the Fund to offset, with each counterparty, certain derivative financial instrument’s assets and/or liabilities with collateral held or pledged. Collateral requirements differ by type of derivative. Collateral or margin requirements are set by the broker or exchange clearing house for exchange traded derivatives while collateral terms are contract specific for over-the-counter traded derivatives. Cash collateral that has been pledged to cover obligations of the Fund under ISDA Master Agreements or similar agreements, if any, are reported separately in the Statement of Assets and Liabilities. Securities pledged as collateral, if any, are noted in the Portfolio of Investments. With respect to balance sheet offsetting, absent an event of default by the counterparty or a termination of the agreement, the

38 Wells Fargo Core Plus Bond Fund Notes to financial statements (unaudited)

reported amounts of financial assets and financial liabilities in the Statement of Assets and Liabilities are not offset across transactions between the Fund and the applicable counterparty. A reconciliation of the gross amounts on the Statement of Assets and Liabilities to the net amounts by counterparty, including any collateral exposure, is as follows:

Counterparty	Gross amounts of assets in the Statement of Assets and Liabilities			Amounts subject to netting agreements			Collateral received		Net amount of assets
JPMorgan	$	516,971	*	$	(28,425	)	$	0		$488,546
Citibank		199,747			(199,747	)		0		0

Counterparty	Gross amounts of liabilities in the Statement of Assets and Liabilities			Amounts subject to netting agreements			Collateral pledged1			Net amount of liabilities
JPMorgan	$	28,425	*	$	(28,425	)	$	0		$	0
Citibank		368,126			(199,747	)		(168,379	)		0

* Amount represents cumulative unrealized gains (losses) on futures contracts and centrally cleared swaps which are reported in Net unrealized losses on investments. Only the current day’s variation margin as of February 28, 2018 is reported separately on the Statement of Assets and Liabilities.

¹  Collateral pledged within this table is limited to the collateral for the net transaction with the counterparty.

7. BANK BORROWINGS

The Trust (excluding the money market funds and certain other funds) and Wells Fargo Variable Trust are parties to a $280,000,000 revolving credit agreement whereby the Fund is permitted to use bank borrowings for temporary or emergency purposes, such as to fund shareholder redemption requests. Interest under the credit agreement is charged to the Fund based on a borrowing rate equal to the higher of the Federal Funds rate in effect on that day plus 1.25% or the overnight LIBOR rate in effect on that day plus 1.25%. In addition, an annual commitment fee equal to 0.25% of the unused balance is allocated to each participating fund.

For the six months ended February 28, 2018, there were no borrowings by the Fund under the agreement.

8. 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.

9. SUBSEQUENT DISTRIBUTIONS

On March 23, 2018, the Fund declared distributions from net investment income to shareholders of record on March 22, 2018. The per share amounts payable on March 26, 2018 were as follows:

	Net investment income
Class A	$	0.03161
Class C		0.02427
Class R6		0.03535
Administrator Class		0.03272
Institutional Class		0.03487

Notes to financial statements (unaudited) Wells Fargo Core Plus Bond Fund 39

On April 24, 2018, the Fund declared distributions from net investment income to shareholders of record on April 23, 2018. The per share amounts payable on April 25, 2018 were as follows:

	Net investment income
Class A	$	0.02958
Class C		0.02163
Class R6		0.03378
Administrator Class		0.03079
Institutional Class		0.03325

These distributions are not reflected in the accompanying financial statements.

40 Wells Fargo Core Plus Bond 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 monthly on the Fund’s website (wellsfargofunds.com), on a one-month delayed basis. In addition, top ten holdings information (excluding derivative positions) for the Fund is publicly available on the Fund’s website on a monthly, seven-day or more 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 Core Plus Bond Fund 41

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 153 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; Chair Liaison, since 2018	Retired. From 2012 to 2014 and 1999 to 2008, Chief Financial Officer of Scientific Learning Corporation. From 2008 to 2012, Ms. Freeman provided consulting services related to strategic business projects. Prior to 1999, Portfolio Manager at Rockefeller & Co. and Scudder, Stevens & Clark. Board member of the Harding Loevner Funds from 1996 to 2014, serving as both Lead Independent Director and chair of the Audit Committee. Board member of the Russell Exchange Traded Funds Trust from 2011 to 2012 and the chair of the Audit Committee. Ms. Freeman is a Board Member of Ruth Bancroft Garden (non-profit organization) and the Glimmerglass Festival. She is also an inactive Chartered Financial Analyst.	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

42 Wells Fargo Core Plus Bond 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; Governance Committee Chairman, since 2018	International Foundation of Employee Benefit Plans Professor, Wharton School of the University of Pennsylvania since 1993. Director of Wharton’s Pension Research Council and Boettner Center on Pensions & Retirement Research, and Research Associate at the National Bureau of Economic Research. Previously, Cornell University Professor from 1978 to 1993.	Asset Allocation Trust
Timothy J. Penny**** (Born 1951)	Trustee, since 1996; Chairman, since 2018; Vice Chairman, from 2017 to 2018	President and Chief Executive Officer of Southern Minnesota Initiative Foundation, a non-profit organization, since 2007. Member of the Board of Trustees of NorthStar Education Finance, Inc., a non-profit organization, since 2007.	Asset Allocation Trust
James G. Polisson***** (Born 1959)	Trustee, since 2018; Advisory Board Member, from 2017 to 2018	Retired. Chief Marketing Officer, Source (ETF) UK Services, Ltd, from 2015 to 2017. From 2012 to 2015, Principal of The Polisson Group, LLC, a management consulting, corporate advisory and principal investing company. Chief Executive Officer and Managing Director at Russell Investments, Global Exchange Traded Funds from 2010 to 2012. Managing Director of Barclays Global Investors from 1998 to 2010 and Global Chief Marketing Officer for iShares and Barclays Global Investors from 2000 to 2010. Trustee of the San Francisco Mechanics’ Institute, a non-profit organization, from 2013 to 2015. Board member of the Russell Exchange Traded Fund Trust from 2011 to 2012. Director of Barclays Global Investors Holdings Deutschland GmbH from 2006 to 2009. Mr. Polisson is an attorney and has a retired status with the Massachusetts and District of Columbia Bar Associations.	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. Trustee of the Evergreen Fund 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
Pamela Wheelock***** (Born 1959)	Trustee, since 2018; Advisory Board Member, from 2017 to 2018	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.	Asset Allocation Trust

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

** Jane Freeman became Chair Liaison effective January 1, 2018.

*** Olivia Mitchell became Chairman of the Governance Committee effective January 1, 2018.

**** Timothy Penny became Chairman effective January 1, 2018.

***** James Polisson and Pamela Wheelock each became a Trustee effective January 1, 2018.

Other information (unaudited) Wells Fargo Core Plus Bond Fund 43

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.
Alexander Kymn* (Born 1973)	Secretary, since 2018; Chief Legal Officer, since 2018	Senior Company Counsel of Wells Fargo Bank, N.A. since 2018 (previously Senior Counsel from 2007 to 2018). Vice President of Wells Fargo Funds Management, LLC from 2008 to 2014.
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 77 funds in the Fund Complex. Jeremy DePalma acts as Treasurer of 76 funds and Assistant Treasurer of 77 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.

* Alexander Kymn became the Secretary and Chief Legal Officer effective April 17, 2018.

** David Messman was the Secretary and Chief Legal Officer until April 16, 2018.

44 Wells Fargo Core Plus Bond 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

INR —  Indian rupee

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 Agency

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

SIFMA —  Securities Industry and Financial Markets Association

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 Distributor nor Wells Fargo Funds Management holds fund shareholder accounts or assets. This material is for general informational and educational purposes only and is NOT intended to provide investment advice or a recommendation of any kind—including a recommendation for any specific investment, strategy, or plan.

NOT FDIC INSURED  ◾  NO BANK GUARANTEE  ◾   MAY LOSE VALUE

© 2018 Wells Fargo Funds Management, LLC. All rights reserved.

309370 04-18 SA219/SAR219 02-18

Semi-Annual Report

February 28, 2018

Wells Fargo

Short Duration Government Bond 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	20
Other information	25
List of abbreviations	29

The views expressed and any forward-looking statements are as of February 28, 2018, 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 Short Duration Government Bond Fund Letter to shareholders (unaudited)

Andrew Owen

President

Wells Fargo Funds

During the period, stocks globally delivered positive returns.

Dear Shareholder:

We are pleased to offer you this semi-annual report for the Wells Fargo Short Duration Government Bond Fund for the six-month period that ended February 28, 2018. During the period, stocks globally delivered positive returns. For the period, U.S. stocks, as measured by the S&P 500 Index¹, gained 10.84% and international stocks, as measured by the MSCI ACWI ex USA Index (Net)², gained 7.59%. In bond markets, the Bloomberg Barclays U.S. Aggregate Bond Index³ declined 2.18% and the Bloomberg Barclays Municipal Bond Index⁴ lost 1.24% while fixed-income investments outside the U.S. gained 2.52%, according to the Bloomberg Barclays Global Aggregate ex-USD Index⁵. The ICE BofAML U.S. High Yield Index⁶ earned 1.01% during the period.

U.S. stocks advanced as business-friendly policies and regulations, newly implemented tax reform, increased hiring activity, and consistent corporate profits led to higher investor and consumer confidence. Internationally, stocks gained as unemployment fell and wages increased in the U.K.; the Bank of Japan continued its accommodative monetary policies; and industrial production, retail sales, and fixed asset investment increased in China. Stock returns in the emerging markets were strong, with the MSCI EM Index (Net)⁷ gaining 10.58% for the period.

Reactions to U.S. interest-rate increases were uneven across the yield curve and globally.

The U.S. Federal Reserve (Fed) increased the federal funds rate twice during the six-month period. Following a federal funds rate increase in June to a range of 1.00% to 1.25%, 10-year U.S. Treasury yields declined, the yield curve flattened, and long-term bond prices benefited.

Internationally, central banks maintained low interest rates and accommodative monetary policies that supported business activity and stock values in foreign markets. A weaker U.S. dollar was generally supportive of business activity in regions around the globe.

Positive economic and market news continued as 2017 closed and 2018 began.

During the fourth quarter of 2017, stock markets continued the move higher. Third-quarter economic output in the U.S. grew at a 3.2% annual rate. The unemployment rate fell to a 17-year low of 4.1%. Tax reform and wage growth encouraged increased business and consumer spending.

Fed officials announced in October 2017 plans to begin unwinding its $4.5 trillion portfolio of bonds and other assets accumulated during rounds of quantitative easing conducted since the 2008–2009 recession. Still, restrained inflation kept long-term bond rates steady and the flattening of the yield curve persisted.

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 indices 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 Bloomberg Barclays Global Aggregate ex-USD Index is an unmanaged index that provides a broad-based measure of the global investment-grade fixed-income markets excluding the U.S. dollar-denominated debt market. You cannot invest directly in an index.

⁶  The ICE BofAML U.S. High Yield Index is a market-capitalization-weighted index of domestic and Yankee high-yield bonds. The index tracks the performance of high-yield securities traded in the U.S. bond market. You cannot invest directly in an index. Copyright 2018. ICE Data Indices, LLC. All rights reserved.

⁷  The MSCI Emerging Markets (EM) Index (Net) is a free-float-adjusted market-capitalization-weighted index that is designed to measure large- and mid-cap equity market performance of emerging markets. The MSCI EM Index (Net) consists of the following 24 emerging markets country indices: Brazil, Chile, China, Colombia, Czech Republic, Egypt, Greece, Hungary, India, Indonesia, Korea, Malaysia, Mexico, Pakistan, Peru, the Philippines, Poland, Qatar, Russia, South Africa, Taiwan, Thailand, Turkey, and the United Arab Emirates. You cannot invest directly in an index.

Letter to shareholders (unaudited) Wells Fargo Short Duration Government Bond Fund 3

October 2017 also marked one year since the regulatory reform of money market investing in the U.S. By December 2017, money market fund asset levels exceeded their December 2016 levels, reflecting continued investor demand for short-term investment opportunities offered in money market funds.

In December, the Organisation for Economic Co-operation and Development (OECD) reported that the global economy was expanding at its fastest rate since 2010; all 35 countries the OECD follows were on track to expand for 2017. International economies benefited from economic stimulus, which accelerated trade growth; improving employment; increased investment; and firming commodity prices.

The Fed raised the federal funds rate target to a range of 1.25% to 1.50% in December 2017 and began reducing its bond portfolio.

2018 opened with continued stock advances, then volatility.

Improving business and economic data globally continued to support stock advances through January 2018. Even political wrangling in the U.S. over budget resolutions could not dissuade investors from buying stocks as payrolls and factory orders increased. Long-term interest rates in the U.S. trended higher as the yield curve steepened—the 10-year Treasury rate moved from 2.46% to 2.84% and the 30-year rate moved from 2.81% to 3.08% during January 2018.

Investor sentiment shifted in February. Concerns about inflation began to emerge in the U.S. as readings from the Producer Price Index in January rose 2.5% year over year. During February 2018, the U.S. market endured a loss of more than 10% before recovering much of that loss, but volatility affected stocks globally throughout the month.

During January 2018, purchasing managers’ indexes in China, the eurozone, India, and Japan reported data for December that indicated continued growth. International stock values fell during February 2018, swept up in the selling momentum in U.S. markets.

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

Periods of investment uncertainty can present challenges, but experience has taught us that maintaining long-term investment goals can be an effective way to plan for the future. To help you create a sound strategy based on your personal goals and risk tolerance, Wells Fargo Funds offers more than 100 mutual funds spanning a wide range of asset classes and investment styles. Although diversification cannot guarantee an investment profit or prevent losses, we believe it can be an effective way to manage investment risk and potentially smooth out overall portfolio performance. We encourage investors to know their investments and to understand that appropriate levels of risk-taking may unlock opportunities.

Thank you for choosing to invest with Wells Fargo Funds. We appreciate your confidence in us and remain committed to helping you meet your financial needs.

Sincerely,

Andrew Owen

President

Wells Fargo Funds

During February 2018, the U.S. market endured a loss of more than 10% before recovering much of that loss, but volatility affected stocks globally throughout the month.

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.

4 Wells Fargo Short Duration Government Bond Fund Performance highlights (unaudited)

Investment objective

The Fund seeks to provide current income consistent with capital preservation.

Manager

Wells Fargo Funds Management, LLC

Subadviser

Wells Capital Management Incorporated

Portfolio managers

Maulik Bhansali, CFA^®‡

Thomas O’Connor, CFA^®

Jarad Vasquez, CFA^®‡

Average annual total returns (%) as of February 28, 2018¹

		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 (MSDAX)	3-11-1996		(2.34	)		(0.16	)		1.51		(0.34	)		0.24			1.71		0.79		0.78
Class C (MSDCX)	5-31-2002		(1.98	)		(0.50	)		0.96		(0.98	)		(0.50	)		0.96		1.54		1.53
Class R6 (MSDRX)	11-30-2012		–			–			–		0.18			0.66			2.17		0.41		0.37
Administrator Class (MNSGX)	12-18-1992		–			–			–		(0.06	)		0.43			1.94		0.73		0.60
Institutional Class (WSGIX)	4-8-2005		–			–			–		0.12			0.61			2.12		0.46		0.42
Bloomberg Barclays U.S. 1-3 Year Government Bond Index4	–		–			–			–		(0.14	)		0.49			1.23		–		–

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 return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Performance shown without sales charges would be lower if sales charges were reflected. Current performance may be lower or higher than the performance data quoted, which assumes the reinvestment of dividends and capital gains. Current month-end performance is available on the Fund’s website, wellsfargofunds.com.

Index returns do not include transaction costs associated with buying and selling securities, any mutual fund fees or expenses, or any taxes. It is not possible to invest directly in an index.

For Class A shares, the maximum front-end sales charge is 2.00%. For Class C shares, the maximum contingent deferred sales charge is 1.00%. Performance including a contingent deferred sales charge assumes the sales charge for the corresponding time period. Class R6, Administrator Class, and Institutional Class shares are sold without a front-end sales charge or contingent deferred sales charge.

Bond values fluctuate in response to the financial condition of individual issuers, general market and economic conditions, and changes in interest rates. Changes in market conditions and government policies may lead to periods of heightened volatility in the bond market and reduced liquidity for certain bonds held by the Fund. In general, when interest rates rise, bond values fall and investors may lose principal value. Interest-rate changes and their impact on the Fund and its share price can be sudden and unpredictable. Securities issued by U.S. government agencies or government sponsored entities may not be guaranteed by the U.S. Treasury. Certain investment strategies tend to increase the total risk of an investment (relative to the broader market). The Fund is exposed to mortgage- and asset-backed securities risk. The U.S. government guarantee applies to certain underlying securities and not to shares of the Fund. Consult the Fund’s prospectus for additional information on these and other risks.

Please see footnotes on page 5.

Performance highlights (unaudited) Wells Fargo Short Duration Government Bond Fund 5

Ten largest holdings (%) as of February 28, 20185
FNMA, 3.00%, 7-1-2026	8.61
U.S. Treasury Note, 2.25%, 2-15-2021	5.79
U.S. Treasury Note, 1.63%, 10-15-2020	5.49
U.S. Treasury Note, 2.25%, 2-29-2020	3.38
U.S. Treasury Note, 0.75%, 9-30-2018	3.38
U.S. Treasury Note, 1.13%, 6-15-2018	3.25
FNMA, 3.50%, 7-1-2027	2.21
U.S. Treasury Note, 1.13%, 1-31-2019	2.08
U.S. Treasury Note, 1.38%, 2-15-2020	2.06
FNMA, 4.00%, 11-1-2046	2.01

Portfolio allocation as of February 28, 2018⁶

^‡  Mr. Bhansali and Mr. Vasquez became portfolio managers of the Fund on October 16, 2017.

¹  Historical performance shown for Class R6 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 class R6 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 December 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. The expense ratio paid by an investor is the net expense ratio (the total annual fund operating expenses after fee waivers) as stated in the prospectuses.

⁴  The Bloomberg Barclays U.S. 1–3 Year Government Bond Index is composed of all publicly issued, nonconvertible domestic debt of the U.S. government and its agencies. The index also includes corporate debt guaranteed by the U.S. government. Only notes and bonds with a minimum maturity of one year up to a maximum maturity of 2.9 years are included. You cannot invest directly in an index.

⁵  The ten largest holdings, excluding cash and cash equivalents, are calculated based on the value of the investments divided by total net assets of the Fund. Holdings are subject to change and may have changed since the date specified.

⁶  Amounts are calculated based on the total long-term investments of the Fund. These amounts are subject to change and may have changed since the date specified.

6 Wells Fargo Short Duration Government Bond Fund Fund expenses (unaudited)

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments and contingent deferred sales charges (if any) on redemptions and (2) ongoing costs, including management fees, distribution (12b-1) and/or shareholder servicing fees, and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The example is based on an investment of $1,000 invested at the beginning of the six-month period and held for the entire period from September 1, 2017 to February 28, 2018.

Actual expenses

The “Actual” line of the table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the “Actual” line under the heading entitled “Expenses paid during period” for your applicable class of shares to estimate the expenses you paid on your account during this period.

Hypothetical example for comparison purposes

The “Hypothetical” line of the table below provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads) and contingent deferred sales charges. Therefore, the “Hypothetical” line of the table is useful in comparing ongoing costs only and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

	Beginning account value 9-1-2017		Ending account value 2-28-2018		Expenses paid during the period¹		Annualized net expense ratio
Class A
Actual	$	1,000.00	$	991.94	$	3.85		0.78	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.93	$	3.91		0.78	%
Class C
Actual	$	1,000.00	$	988.29	$	7.54		1.53	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,017.21	$	7.65		1.53	%
Clas R6
Actual	$	1,000.00	$	994.03	$	1.83		0.37	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,022.96	$	1.86		0.37	%
Administrator Class
Actual	$	1,000.00	$	992.86	$	2.96		0.60	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.82	$	3.01		0.60	%
Institutional Class
Actual	$	1,000.00	$	993.75	$	2.08		0.42	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,022.71	$	2.11		0.42	%

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—February 28, 2018 (unaudited) Wells Fargo Short Duration Government Bond Fund 7

Security name	Interest rate			Maturity date			Principal		Value
Agency Securities: 48.64%
FHLMC (12 Month LIBOR +1.84%) ±		3.44	%		5-1-2042		$	2,809,565	$	2,860,762
FHLMC		3.50			8-1-2030			1,380,872		1,408,250
FHLMC		3.50			6-1-2032			1,594,664		1,626,398
FHLMC		3.50			5-1-2033			1,873,677		1,910,952
FHLMC		4.00			6-1-2025			1,399,428		1,455,903
FHLMC		4.00			5-1-2026			2,425,294		2,518,443
FHLMC		4.00			9-1-2030			284,455		299,306
FHLMC		4.00			3-1-2031			953,657		1,003,330
FHLMC		4.00			6-1-2031			1,843,819		1,910,242
FHLMC		4.00			3-1-2032			3,009,749		3,169,575
FHLMC		4.00			3-1-2032			1,271,449		1,338,928
FHLMC		4.00			3-1-2032			1,841,655		1,934,919
FHLMC		4.00			4-1-2032			1,225,682		1,290,217
FHLMC		4.00			4-1-2032			792,700		818,368
FHLMC		4.00			5-1-2032			908,111		952,339
FHLMC		4.00			6-1-2032			1,848,894		1,946,198
FHLMC		4.00			9-1-2032			1,243,776		1,285,640
FHLMC		4.00			10-1-2033			793,878		831,552
FHLMC		4.00			1-1-2034			4,198,171		4,352,795
FHLMC		4.00			1-1-2034			811,674		850,192
FHLMC		4.00			8-1-2035			525,891		545,044
FHLMC		4.50			10-1-2018			212,689		214,633
FHLMC		4.50			8-1-2020			207,970		209,870
FHLMC		4.50			4-1-2031			1,837,342		1,932,461
FHLMC Multifamily Structured Pass-Through Certificates Series K017 Class A1		1.89			12-25-2020			1,467,532		1,460,675
FHLMC Series 3632 Class PK		5.00			2-15-2040			5,324,373		5,689,013
FHLMC Series 3653 Class AU		4.00			4-15-2040			1,750,275		1,797,017
FNMA ¤		0.00			10-9-2019			12,410,000		11,943,561
FNMA (12 Month LIBOR +1.61%) ±		2.74			11-1-2047			2,619,963		2,604,014
FNMA (12 Month LIBOR +1.61%) ±		2.94			11-1-2047			3,765,042		3,768,846
FNMA (12 Month LIBOR +1.61%) ±		2.95			10-1-2047			798,502		800,943
FNMA (12 Month LIBOR +1.62%) ±		2.98			9-1-2047			8,298,303		8,339,847
FNMA		3.00			7-1-2026			60,000,000		60,241,758
FNMA		3.50			7-1-2027			15,013,471		15,479,970
FNMA		3.50			5-1-2028			2,864,672		2,916,704
FNMA		3.50			2-1-2031			1,124,988		1,147,257
FNMA		3.50			7-1-2031			288,700		294,298
FNMA		3.50			10-1-2032	��		808,748		810,815
FNMA		3.50			3-1-2033			1,526,458		1,554,417
FNMA		4.00			12-1-2025			2,993,164		3,078,983
FNMA		4.00			1-1-2026			1,969,057		2,025,316
FNMA		4.00			3-1-2026			2,635,577		2,741,191
FNMA		4.00			3-1-2026			1,568,957		1,630,307
FNMA		4.00			5-1-2026			539,198		560,885
FNMA		4.00			3-1-2029			3,245,224		3,372,287
FNMA		4.00			5-1-2029			3,469,012		3,568,081
FNMA		4.00			6-1-2029			1,884,237		1,966,732
FNMA		4.00			12-1-2029			1,251,158		1,299,399
FNMA		4.00			9-1-2030			355,641		373,448
FNMA		4.00			10-1-2030			733,289		757,084

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

8 Wells Fargo Short Duration Government Bond Fund Portfolio of investments—February 28, 2018 (unaudited)

Security name	Interest rate			Maturity date		Principal		Value
Agency Securities (continued)
FNMA		4.00	%		4-1-2031	$	743,040	$	767,124
FNMA		4.00			12-1-2031		9,219,865		9,570,712
FNMA		4.00			1-1-2032		3,784,033		3,928,205
FNMA		4.00			2-1-2032		4,112,766		4,269,393
FNMA		4.00			3-1-2032		1,152,591		1,206,780
FNMA		4.00			3-1-2032		1,925,512		2,022,006
FNMA		4.00			4-1-2032		1,917,158		2,005,677
FNMA		4.00			4-1-2032		2,599,987		2,717,114
FNMA		4.00			4-1-2032		871,235		908,159
FNMA		4.00			5-1-2032		1,156,785		1,212,611
FNMA		4.00			5-1-2032		2,267,300		2,374,335
FNMA		4.00			5-1-2032		680,220		710,718
FNMA		4.00			5-1-2032		2,961,072		3,097,419
FNMA		4.00			5-1-2032		3,354,719		3,506,188
FNMA		4.00			6-1-2032		2,824,861		2,961,287
FNMA		4.00			6-1-2032		4,360,709		4,568,555
FNMA		4.00			6-1-2032		3,115,592		3,216,524
FNMA		4.00			9-1-2032		556,337		581,319
FNMA		4.00			10-1-2032		1,017,240		1,068,095
FNMA		4.00			2-1-2033		128,000		134,429
FNMA		4.00			3-1-2033		13,264,432		13,769,565
FNMA		4.00			10-1-2033		1,203,629		1,248,764
FNMA		4.00			12-1-2033		3,744,460		3,903,444
FNMA		4.00			2-1-2034		7,084,771		7,356,838
FNMA		4.00			7-1-2034		1,617,288		1,676,881
FNMA		4.00			11-1-2046		13,551,556		14,082,777
FNMA		4.50			1-1-2020		2,177,754		2,191,936
FNMA		4.50			5-1-2020		1,782,302		1,798,335
FNMA		4.50			10-1-2020		447,588		450,503
FNMA		4.50			4-1-2024		2,830,740		2,949,347
FNMA		4.50			6-1-2025		1,093,311		1,138,815
FNMA		4.50			10-1-2026		3,278,534		3,415,790
FNMA		4.50			10-1-2026		3,533,512		3,686,182
FNMA		4.50			3-1-2027		5,209,950		5,426,928
FNMA		4.50			4-1-2031		508,329		539,077
FNMA		4.50			4-1-2031		595,071		630,928
FNMA		4.50			4-1-2031		363,160		385,347
FNMA		4.50			4-1-2031		284,440		301,593
FNMA		4.50			1-1-2034		347,435		368,495
FNMA		4.50			1-1-2034		312,941		331,858
FNMA		4.50			9-1-2037		713,966		762,301
FNMA		5.00			2-1-2023		1,016,977		1,031,157
FNMA		5.00			5-1-2023		315,153		327,855
FNMA		5.00			8-1-2030		550,672		587,888
FNMA		5.00			10-1-2040		1,992,602		2,154,271
FNMA		5.00			5-1-2046		754,223		815,617
FNMA Series 2009-20 Class DT		4.50			4-25-2039		3,443,698		3,637,326
FNMA Series 2013-103 Class H		4.50			3-25-2038		3,419,014		3,562,452
FNMA Series 2013-90 Class A		4.00			11-25-2038		5,034,730		5,151,234
FNMA Series 2015-18 Class HE		4.00			9-25-2041		11,000,891	��	11,406,546

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

Portfolio of investments—February 28, 2018 (unaudited) Wells Fargo Short Duration Government Bond Fund 9

Security name	Interest rate			Maturity date		Principal		Value
Agency Securities (continued)
FNMA Series 2015-M10 Class FA (1 Month LIBOR +0.25%) ±		1.81	%		3-25-2019	$	2,861,065	$	2,859,587
FNMA Series 2015-M4 Class FA (1 Month LIBOR +0.21%) ±		1.77			9-25-2018		2,437,994		2,435,681
FNMA Series 2015-M8 Class FA (1 Month LIBOR +0.17%) ±		1.73			11-25-2018		3,660,697		3,657,921
GNMA		5.00			10-15-2039		1,468,013		1,586,106
GNMA Series 2011-137 Class WA ±±		5.55			7-20-2040		3,334,976		3,646,758
GNMA Series 2016-112 Class AW ±±		7.16			12-20-2040		2,822,732		3,230,949
Total Agency Securities (Cost $346,190,399)									340,222,867
Asset-Backed Securities: 11.32%
Capital Auto Receivables Asset Trust Series 2017-1 Class A4 144A		2.22			3-21-2022		3,674,000		3,615,201
Hertz Vehicle Financing LLC Series 2015-1A Class A 144A		2.73			3-25-2021		7,968,000		7,904,619
Hertz Vehicle Financing LLC Series 2015-3A Class A 144A		2.67			9-25-2021		10,196,000		10,066,324
Navient Student Loan Trust Series 2014-CTA Class A (1 Month LIBOR +0.70%) 144A±		2.29			9-16-2024		4,453,205		4,464,293
Navient Student Loan Trust Series 2017-4A Class A2 (1 Month LIBOR +0.50%) 144A±		2.12			9-27-2066		7,650,000		7,701,400
Navient Student Loan Trust Series 2018-1A Class A2 (1 Month LIBOR +0.35%) 144A±		1.91			3-25-2067		3,883,000		3,879,321
Nelnet Student Loan Trust Series 2004-4 Class A5 (3 Month LIBOR +0.16%) ±		1.91			1-25-2037		2,735,579		2,729,890
Nelnet Student Loan Trust Series 2006-1 Class A5 (3 Month LIBOR +0.11%) ±		1.56			8-23-2027		1,403,229		1,400,623
Nelnet Student Loan Trust Series 2016-1A Class A (1 Month LIBOR +0.80%) 144A±		2.42			9-25-2065		7,087,918		7,160,798
SLC Student Loan Trust Series 2010-1 Class A (3 Month LIBOR +0.88%) ±		2.34			11-25-2042		1,632,728		1,653,104
SLM Student Loan Trust Series 2005-6 Class A5B (3 Month LIBOR +1.20%) ±		2.95			7-27-2026		309,347		309,961
SLM Student Loan Trust Series 2005-6 Class A6 (3 Month LIBOR +0.14%) ±		1.89			10-27-2031		3,656,800		3,628,405
SLM Student Loan Trust Series 2010-A Class 1A (Prime rate -0.05%) 144A±		4.45			5-16-2044		1,072,889		1,093,449
SLM Student Loan Trust Series 2012-3 Class A (1 Month LIBOR +0.65%) ±		2.27			12-27-2038		7,044,216		7,120,946
SLM Student Loan Trust Series 2014-A Class A2A 144A		2.59			1-15-2026		1,859,466		1,859,594
SLM Student Loan Trust Series 2014-A Class A2B (1 Month LIBOR +1.15%) 144A±		2.74			1-15-2026		2,712,003		2,728,456
SMB Private Education Loan Trust Series 2015-A Class A2A 144A		2.49			6-15-2027		4,323,734		4,272,050
SMB Private Education Loan Trust Series 2015-C Class A2A 144A		2.75			7-15-2027		4,586,414		4,560,350
SMB Private Education Loan Trust Series 2016-B Class A2B (1 Month LIBOR +1.45%) 144A±		3.04			2-17-2032		2,970,000		3,053,045
Total Asset-Backed Securities (Cost $79,311,817)									79,201,829
Non-Agency Mortgage-Backed Securities: 4.96%
Colt Funding LLC Series 2017-2 Class A1A 144A±±		2.42			10-25-2047		5,432,679		5,441,994
DBUBS Mortgage Trust Series 2011-LC2A Class A1 144A		3.53			7-10-2044		403,063		407,856
GS Mortgage Securities Trust Series 2010-C1 Class A1 144A		3.68			8-10-2043		1,009,322		1,018,131
GS Mortgage Securities Trust Series 2010-C2 Class A1 144A		3.85			12-10-2043		676,096		686,854
GS Mortgage Securities Trust Series 2012-GCJ7 Class AAB		2.94			5-10-2045		2,275,316		2,284,580
JPMorgan Chase Commercial Mortgage Securities Trust Series 2010-C1 Class A2 144A		4.61			6-15-2043		1,417,538		1,454,694
JPMorgan Chase Commercial Mortgage Securities Trust Series 2011-C4 Class A3 144A		4.11			7-15-2046		691,829		693,371
JPMorgan Chase Commercial Mortgage Securities Trust Series 2012-CBX Class A3		3.14			6-15-2045		1,059,627		1,062,288
JPMorgan Mortgage Trust Series 2017-5 Class A1 144A±±		3.19			10-26-2048		3,653,328		3,636,158
Morgan Stanley Capital I Trust Series 2011-C2 Class A3 144A		4.21			6-15-2044		498,347		506,212
SoFi Professional Loan Program LLC Series 2016-C Class A1 (1 Month LIBOR +1.10%) 144A±		2.72			10-27-2036		2,404,212		2,440,136
SoFi Professional Loan Program LLC Series 2016-D Class A1 (1 Month LIBOR +0.95%) 144A±		2.57			1-25-2039		5,658,671		5,713,312
SoFi Professional Loan Program LLC Series 2016-E Class A1 (1 Month LIBOR +0.85%) 144A±		2.47			7-25-2039		2,712,865		2,737,402
SoFi Professional Loan Program LLC Series 2017-A Class A1 (1 Month LIBOR +0.70%) 144A±		2.32			3-26-2040		3,439,841		3,468,270

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

10 Wells Fargo Short Duration Government Bond Fund Portfolio of investments—February 28, 2018 (unaudited)

Security name	Interest rate			Maturity date		Principal		Value
Non-Agency Mortgage-Backed Securities (continued)
SoFi Professional Loan Program LLC Series 2017-C Class A1 (1 Month LIBOR +0.60%) 144A±		2.16	%		7-25-2040	$	3,099,648	$	3,119,486
Total Non-Agency Mortgage-Backed Securities (Cost $34,935,362)									34,670,744
U.S. Treasury Securities: 41.11%
U.S. Treasury Note		0.75			8-31-2018		8,947,000		8,895,275
U.S. Treasury Note		0.75			9-30-2018		23,793,000		23,628,494
U.S. Treasury Note		0.88			6-15-2019		6,579,000		6,472,348
U.S. Treasury Note		0.88			9-15-2019		8,977,000		8,796,057
U.S. Treasury Note		1.00			11-30-2018		292,000		289,833
U.S. Treasury Note		1.13			6-15-2018		22,800,000		22,759,103
U.S. Treasury Note		1.13			1-31-2019		14,689,000		14,562,193
U.S. Treasury Note		1.25			12-31-2018		9,514,000		9,450,821
U.S. Treasury Note		1.25			3-31-2019		4,532,000		4,490,044
U.S. Treasury Note		1.25			6-30-2019		9,555,000		9,441,161
U.S. Treasury Note		1.38			7-31-2019		1,383,000		1,367,549
U.S. Treasury Note		1.38			9-30-2019		7,304,000		7,208,420
U.S. Treasury Note		1.38			2-15-2020		14,686,000		14,433,011
U.S. Treasury Note		1.38			9-30-2020		6,039,000		5,889,912
U.S. Treasury Note		1.50			10-31-2019		1,724,000		1,703,662
U.S. Treasury Note		1.50			4-15-2020		2,742,000		2,696,586
U.S. Treasury Note		1.50			5-15-2020		400,000		393,016
U.S. Treasury Note		1.50			8-15-2020		495,000		485,100
U.S. Treasury Note		1.63			3-31-2019		4,011,000		3,989,535
U.S. Treasury Note		1.63			10-15-2020		39,105,000		38,365,671
U.S. Treasury Note		1.75			11-30-2019		6,390,000		6,336,584
U.S. Treasury Note		1.75			11-15-2020		8,740,000		8,594,902
U.S. Treasury Note		1.88			12-15-2020		13,577,000		13,387,665
U.S. Treasury Note		2.00			1-15-2021		9,881,000		9,769,453
U.S. Treasury Note		2.25			2-29-2020		23,648,000		23,643,381
U.S. Treasury Note		2.25			2-15-2021		40,676,000		40,486,920
Total U.S. Treasury Securities (Cost $289,140,286)									287,536,696
	Yield					Shares
Short-Term Investments: 5.57%
Investment Companies: 5.57%
Wells Fargo Government Money Market Fund Select Class (l)(u)		1.29					38,925,457		38,925,457
Total Short-Term Investments (Cost $38,925,457)									38,925,457

Total investments in securities (Cost $788,503,321)	111.60	%		780,557,593
Other assets and liabilities, net	(11.60	)		(81,130,089	)
Total net assets	100.00	%	$	699,427,504

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

¤ The security is issued in zero coupon form with no periodic interest payments.

±± The coupon of the security is adjusted based on the principal and interest payments received from the underlying pool of mortgages as well as the credit quality and the actual prepayment speed of the underlying mortgages.

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.

(l) The issuer of the security is an affiliated person of the Fund as defined in the Investment Company Act of 1940.

(u) The rate represents the 7-day annualized yield at period end.

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

Portfolio of investments—February 28, 2018 (unaudited) Wells Fargo Short Duration Government Bond Fund 11

Futures Contracts

Description	Number of contracts		Expiration date		Notional cost			Notional value			Unrealized gains		Unrealized losses
Long
2-Year U.S. Treasury Notes		624		6-29-2018	$	132,581,686		$	132,580,500		$	0	$	(1,186	)
Short
5-Year U.S. Treasury Notes		(473)		6-29-2018	$	(53,851,081	)	$	(53,888,742	)	$	0	$	(37,661	)
10-Year Ultra Futures		(132)		6-20-2018		(16,858,335	)		(16,904,250	)		0		(45,915	)
											$	0	$	(84,762	)

Investments in Affiliates

An affiliated investment is an investment in which the Fund owns at least 5% of the outstanding voting shares of the issuer or as a result of other relationships, such as the Fund and the issuer having the same investment manager. Transactions with issuers that were either affiliated persons of the Fund at the beginning of the period or the end of the period were as follows:

	Shares, beginning of period		Shares purchased		Shares sold		Shares, end of period		Net realized gains (losses)		Net change in unrealized gains (losses)		Income from affiliated securities		Value, end of period		% of net assets
Short-Term Investments
Investment Companies
Wells Fargo Government Money Market Fund Select Class		12,155,202		495,799,841		469,029,586		38,925,457	$	0	$	0	$	95,527	$	38,925,457		5.57	%

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

12 Wells Fargo Short Duration Government Bond Fund Statement of assets and liabilities—February 28, 2018 (unaudited)

Assets
Investments in unaffiliated securities, at value (cost $749,577,864)	$	741,632,136
Investments in affiliated securities, at value (cost $38,925,457)		38,925,457
Segregated cash for future contracts		525,000
Principal paydown receivable		26,618
Receivable for Fund shares sold		174,905
Receivable for interest		1,873,343
Prepaid expenses and other assets		110,241
Total assets		783,267,700
Liabilities
Payable for investments purchased		82,125,273
Payable for Fund shares redeemed		1,254,516
Management fee payable		155,739
Payable for daily variation margin on open futures contracts		104,156
Dividends payable		50,547
Administration fees payable		45,823
Distribution fee payable		9,996
Trustees’ fees and expenses payable		1,629
Accrued expenses and other liabilities		92,517
Total liabilities		83,840,196
Total net assets	$	699,427,504
NET ASSETS CONSIST OF
Paid-in capital	$	774,697,298
Overdistributed net investment income		(1,919,236	)
Accumulated net realized losses on investments		(65,320,068	)
Net unrealized losses on investments		(8,030,490	)
Total net assets	$	699,427,504
COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE PER SHARE
Net assets – Class A	$	35,995,672
Shares outstanding – Class A1		3,719,007
Net asset value per share – Class A		$9.68
Maximum offering price per share – Class A2		$9.88
Net assets – Class C	$	17,209,416
Shares outstanding – Class C1		1,775,031
Net asset value per share – Class C		$9.70
Net assets – Class R6	$	29,413,633
Shares outstanding – Class R61		3,027,946
Net asset value per share – Class R6		$9.71
Net assets – Administrator Class	$	77,328,146
Shares outstanding – Administrator Class1		7,974,751
Net asset value per share – Administrator Class		$9.70
Net assets – Institutional Class	$	539,480,637
Shares outstanding – Institutional Class1		55,649,777
Net asset value per share – Institutional Class		$9.69

¹  The Fund has an unlimited number of authorized shares.

²  Maximum offering price is computed as 100/98 of net asset value. On investments of $50,000 or more, the offering price is reduced.

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

Statement of operations—six months ended February 28, 2018 (unaudited) Wells Fargo Short Duration Government Bond Fund 13

Investment income
Interest	$	7,638,134
Income from affiliated securities		95,527
Total investment income		7,733,661
Expenses
Management fee		1,361,408
Administration fees
Class A		33,843
Class C		14,903
Class R6		13,303
Administrator Class		41,970
Institutional Class		217,754
Shareholder servicing fees
Class A		52,879
Class C		23,285
Administrator Class		104,926
Distribution fee
Class C		69,855
Custody and accounting fees		33,704
Professional fees		24,973
Registration fees		33,340
Shareholder report expenses		22,357
Trustees’ fees and expenses		11,390
Other fees and expenses		7,220
Total expenses		2,067,110
Less: Fee waivers and/or expense reimbursements		(200,514	)
Net expenses		1,866,596
Net investment income		5,867,065
REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS
Net realized gains (losses) on:
Unaffiliated securities		(4,840,668	)
Futures transactions		727,364
Net realized losses on investments		(4,113,304	)
Net change in unrealized gains (losses) on:
Unaffiliated securities		(7,111,542	)
Futures transactions		(17,583	)
Net change in unrealized gains (losses) on investments		(7,129,125	)
Net realized and unrealized gains (losses) on investments		(11,242,429	)
Net decrease in net assets resulting from operations	$	(5,375,364	)

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

14 Wells Fargo Short Duration Government Bond Fund Statement of changes in net assets

	Six months ended February 28, 2018 (unaudited)						Year ended August 31, 2017
Operations
Net investment income				$	5,867,065					$	11,107,728
Net realized losses on investments					(4,113,304	)					(5,488,498	)
Net change in unrealized gains (losses) on investments					(7,129,125	)					1,993,374
Net increase (decrease) in net assets resulting from operations					(5,375,364	)					7,612,604
Distributions to shareholders from
Net investment income
Class A					(393,469	)					(887,555	)
Class B					N/A						(73	)1
Class C					(104,424	)					(194,088	)
Class R6					(969,343	)					(4,107,221	)
Administrator Class					(859,926	)					(1,874,754	)
Institutional Class					(6,082,212	)					(11,823,677	)
Total distributions to shareholders					(8,409,374	)					(18,887,368	)
Capital share transactions		Shares						Shares
Proceeds from shares sold
Class A		54,500			533,116			2,522,578			25,119,924
Class C		16,317			160,410			152,650			1,513,522
Class R6		1,062,810			10,468,994			2,382,978			23,634,167
Administrator Class		205,678			2,016,935			884,562			8,769,727
Institutional Class		9,787,754			95,884,569			21,525,925			213,452,302
					109,064,024						272,489,642
Reinvestment of distributions
Class A		37,442			365,468			82,087			811,706
Class B		N/A			N/A			7	1		68	1
Class C		9,747			95,284			17,877			177,097
Class R6		86,196			847,250			414,035			4,107,221
Administrator Class		87,262			853,239			185,942			1,841,783
Institutional Class		593,960			5,806,117			1,135,203			11,238,682
					7,967,358						18,176,557
Payment for shares redeemed
Class A		(1,638,295	)		(16,048,684	)		(3,159,388	)		(31,338,166	)
Class B		N/A			N/A			(4,044	)1		(40,138	)1
Class C		(279,768	)		(2,737,791	)		(893,469	)		(8,848,973	)
Class R6		(15,526,999	)		(152,631,053	)		(8,804,898	)		(87,286,298	)
Administrator Class		(1,408,430	)		(13,777,121	)		(4,164,783	)		(41,236,752	)
Institutional Class		(13,466,776	)		(132,078,518	)		(30,492,116	)		(302,273,975	)
					(317,273,167	)					(471,024,302	)
Net decrease in net assets resulting from capital share transactions					(200,241,785	)					(180,358,103	)
Total decrease in net assets					(214,026,523	)					(191,632,867	)
Net assets
Beginning of period					913,454,027						1,105,086,894
End of period				$	699,427,504					$	913,454,027
Undistributed (overdistributed) net investment income				$	(1,919,236	)				$	623,073

¹  For the period from September 1, 2016 to December 5, 2016. Effective at the close of business on December 5, 2016, 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.

Financial highlights Wells Fargo Short Duration Government Bond Fund 15

(For a share outstanding throughout each period)

	Six months ended February 28, 2018 (unaudited)			Year ended August 31
CLASS A				2017			2016			2015			2014			2013
Net asset value, beginning of period		$9.85			$9.96			$10.02			$10.08			$10.09			$10.35
Net investment income		0.06			0.07			0.07			0.04			0.03			0.08	1
Net realized and unrealized gains (losses) on investments		(0.14	)		(0.03	)		0.02			0.02			0.07			(0.14	)
Total from investment operations		(0.08	)		0.04			0.09			0.06			0.10			(0.06	)
Distributions to shareholders from
Net investment income		(0.09	)		(0.15	)		(0.15	)		(0.12	)		(0.11	)		(0.20	)
Net asset value, end of period		$9.68			$9.85			$9.96			$10.02			$10.08			$10.09
Total return2		(0.81	)%		0.45	%		0.90	%		0.55	%		1.03	%		(0.63	)%
Ratios to average net assets (annualized)
Gross expenses		0.79	%		0.79	%		0.78	%		0.78	%		0.80	%		0.82	%
Net expenses		0.78	%		0.78	%		0.78	%		0.78	%		0.78	%		0.79	%
Net investment income		1.21	%		0.79	%		0.70	%		0.55	%		0.38	%		0.80	%
Supplemental data
Portfolio turnover rate		157	%		348	%		284	%		500	%		408	%		324	%
Net assets, end of period (000s omitted)		$35,996			$51,890			$57,976			$62,504			$107,005			$126,316

¹  Calculated based upon average shares outstanding

²  Total return calculations do not include any sales charges. 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 Short Duration Government Bond Fund Financial highlights

(For a share outstanding throughout each period)

	Six months ended February 28, 2018 (unaudited)			Year ended August 31
CLASS C				2017			2016			2015			2014			2013
Net asset value, beginning of period		$9.87			$9.98			$10.03			$10.10			$10.11			$10.37
Net investment income (loss)		0.02			0.00	1,2		(0.01	)		(0.03	)		(0.05	)		0.01	1
Net realized and unrealized gains (losses) on investments		(0.14	)		(0.03	)		0.03			0.00	2		0.08			(0.15	)
Total from investment operations		(0.12	)		(0.03	)		0.02			(0.03	)		0.03			(0.14	)
Distributions to shareholders from
Net investment income		(0.05	)		(0.08	)		(0.07	)		(0.04	)		(0.04	)		(0.12	)
Net asset value, end of period		$9.70			$9.87			$9.98			$10.03			$10.10			$10.11
Total return3		(1.17	)%		(0.30	)%		0.25	%		(0.30	)%		0.28	%		(1.37	)%
Ratios to average net assets (annualized)
Gross expenses		1.54	%		1.54	%		1.53	%		1.53	%		1.55	%		1.57	%
Net expenses		1.53	%		1.53	%		1.53	%		1.53	%		1.53	%		1.54	%
Net investment income (loss)		0.47	%		0.04	%		(0.05	)%		(0.20	)%		(0.37	)%		0.05	%
Supplemental data
Portfolio turnover rate		157	%		348	%		284	%		500	%		408	%		324	%
Net assets, end of period (000s omitted)		$17,209			$20,026			$27,454			$31,910			$44,423			$63,126

¹  Calculated based upon average shares outstanding

²  Amount is less than $0.005.

³  Total return calculations do not include any sales charges. 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 Short Duration Government Bond Fund 17

(For a share outstanding throughout each period)

	Six months ended February 28, 2018 (unaudited)			Year ended August 31
CLASS R6				2017			2016			2015			2014			20131
Net asset value, beginning of period		$9.89			$9.99			$10.05			$10.11			$10.13			$10.33
Net investment income		0.07	2		0.12	2		0.12			0.09	2		0.08	2		0.13	2
Net realized and unrealized gains (losses) on investments		(0.14	)		(0.02	)		0.01			0.01			0.05			(0.15	)
Total from investment operations		(0.07	)		0.10			0.13			0.10			0.13			(0.02	)
Distributions to shareholders from
Net investment income		(0.11	)		(0.20	)		(0.19	)		(0.16	)		(0.15	)		(0.18	)
Net asset value, end of period		$9.71			$9.89			$9.99			$10.05			$10.11			$10.13
Total return3		(0.60	)%		0.96	%		1.32	%		0.96	%		1.35	%		(0.17	)%
Ratios to average net assets (annualized)
Gross expenses		0.41	%		0.41	%		0.40	%		0.40	%		0.41	%		0.43	%
Net expenses		0.37	%		0.37	%		0.37	%		0.37	%		0.37	%		0.37	%
Net investment income		1.49	%		1.19	%		1.11	%		0.88	%		0.76	%		0.81	%
Supplemental data
Portfolio turnover rate		157	%		348	%		284	%		500	%		408	%		324	%
Net assets, end of period (000s omitted)		$29,414			$172,106			$233,993			$231,878			$48,446			$2,983

¹  For the period from November 30, 2012 (commencement of class operations) to August 31, 2013

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.

18 Wells Fargo Short Duration Government Bond Fund Financial highlights

(For a share outstanding throughout each period)

	Six months ended February 28, 2018 (unaudited)			Year ended August 31
ADMINISTRATOR CLASS				2017			2016			2015			2014			2013
Net asset value, beginning of period		$9.87			$9.98			$10.03			$10.10			$10.11			$10.36
Net investment income		0.06			0.08			0.08			0.06			0.06	1		0.10	1
Net realized and unrealized gains (losses) on investments		(0.13	)		(0.02	)		0.04			0.00	2		0.06			(0.13	)
Total from investment operations		(0.07	)		0.06			0.12			0.06			0.12			(0.03	)
Distributions to shareholders from
Net investment income		(0.10	)		(0.17	)		(0.17	)		(0.13	)		(0.13	)		(0.22	)
Net asset value, end of period		$9.70			$9.87			$9.98			$10.03			$10.10			$10.11
Total return3		(0.71	)%		0.63	%		1.18	%		0.63	%		1.21	%		(0.34	)%
Ratios to average net assets (annualized)
Gross expenses		0.73	%		0.73	%		0.72	%		0.72	%		0.74	%		0.76	%
Net expenses		0.60	%		0.60	%		0.60	%		0.60	%		0.60	%		0.60	%
Net investment income		1.40	%		0.96	%		0.87	%		0.73	%		0.56	%		0.99	%
Supplemental data
Portfolio turnover rate		157	%		348	%		284	%		500	%		408	%		324	%
Net assets, end of period (000s omitted)		$77,328			$89,743			$121,576			$156,669			$191,469			$234,808

¹  Calculated based upon average shares outstanding

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 Short Duration Government Bond Fund 19

(For a share outstanding throughout each period)

	Six months ended February 28, 2018 (unaudited)			Year ended August 31
INSTITUTIONAL CLASS				2017			2016			2015			2014			2013
Net asset value, beginning of period		$9.87			$9.98			$10.03			$10.10			$10.10			$10.36
Net investment income		0.08			0.11			0.11			0.09	1		0.07			0.12
Net realized and unrealized gains (losses) on investments		(0.15	)		(0.03	)		0.03			(0.01	)		0.08			(0.15	)
Total from investment operations		(0.07	)		0.08			0.14			0.09			0.15			(0.03	)
Distributions to shareholders from
Net investment income		(0.11	)		(0.19	)		(0.19	)		(0.15	)		(0.15	)		(0.23	)
Net asset value, end of period		$9.69			$9.87			$9.98			$10.03			$10.10			$10.10
Total return2		(0.63	)%		0.81	%		1.37	%		0.81	%		1.50	%		(0.26	)%
Ratios to average net assets (annualized)
Gross expenses		0.46	%		0.46	%		0.45	%		0.45	%		0.47	%		0.49	%
Net expenses		0.42	%		0.42	%		0.42	%		0.42	%		0.42	%		0.42	%
Net investment income		1.59	%		1.15	%		1.06	%		0.92	%		0.74	%		1.16	%
Supplemental data
Portfolio turnover rate		157	%		348	%		284	%		500	%		408	%		324	%
Net assets, end of period (000s omitted)		$539,481			$579,690			$664,047			$587,835			$903,096			$1,051,693

¹  Calculated based upon average shares outstanding

²  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 Short Duration Government Bond 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 Short Duration Government Bond Fund (the “Fund”) which is a diversified series of the Trust.

Effective at the close of business on December 5, 2016, 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 December 5, 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

All investments are valued each business day as of the close of regular trading on the New York Stock Exchange (generally 4 p.m. Eastern Time), although the Fund may deviate from this calculation time under unusual or unexpected circumstances.

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.

Futures that are listed on a foreign or domestic exchange or market are valued at the official closing price or, if none, the last sales price.

Investments in registered open-end investment companies are valued at net asset value.

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 Wells Fargo Asset Management Pricing Committee at Wells Fargo Funds Management, LLC (“Funds Management”). The Board of Trustees retains the authority to make or ratify any valuation decisions or approve any changes to the Valuation Procedures as it deems appropriate. On a quarterly basis, the Board of Trustees receives reports on any valuation actions taken by the Valuation Committee or the Wells Fargo Asset Management Pricing Committee which may include items for ratification.

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.

Futures contracts

The Fund is subject to interest rate risk in the normal course of pursuing its investment objectives. The Fund may buy and sell futures contracts in order to gain exposure to, or protect against, changes in interest rates. The primary risks associated with the use of futures contracts are the imperfect correlation between changes in market values of securities held by the Fund and the prices of futures contracts, and the possibility of an illiquid market.

The aggregate principal amounts of the contracts are not recorded in the financial statements. Fluctuations in the value of the contracts are recorded in the Statement of Assets and Liabilities as an asset or liability and in the Statement of Operations as unrealized gains or losses until the contracts are closed, at which point they are recorded as net realized gains or losses on futures contracts. With futures contracts, there is minimal counterparty risk to the Fund since futures are exchange traded and the exchange’s clearinghouse, as counterparty to all exchange traded futures, guarantees the futures against default.

Notes to financial statements (unaudited) Wells Fargo Short Duration Government Bond 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. 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 and paid at least annually. Such distributions are determined in accordance with income tax regulations and may differ from U.S. generally accepted accounting principles. Dividend sources are estimated at the time of declaration. The tax character of distributions is determined as of 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 at year end.

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 February 28, 2018, the aggregate cost of all investments for federal income tax purposes was $788,901,130 and the unrealized gains (losses) consisted of:

Gross unrealized gains	$	3,072,513
Gross unrealized losses		(11,500,812	)
Net unrealized losses	$	(8,428,299	)

As of August 31, 2017, the Fund had capital loss carryforwards which consist of $30,467,116 in short-term capital losses and $18,431,801 in long-term capital losses.

As of August 31, 2017, the Fund had current year deferred post-October capital losses consisting of $7,197,100 in short term losses and $4,920,342 in long-term losses which were recognized on the first day of the current fiscal year.

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 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)

22 Wells Fargo Short Duration Government Bond Fund Notes to financial statements (unaudited)

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 February 28, 2018:

	Quoted prices (Level 1)		Other significant observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total
Assets
Investments in:
Agency securities	$	0	$	340,222,867	$	0	$	340,222,867
Asset-backed securities		0		79,201,829		0		79,201,829
Non-agency mortgage-backed securities		0		34,670,744		0		34,670,744
U.S. Treasury securities		287,536,696		0		0		287,536,696
Short-term investments
Investment companies		38,925,457		0		0		38,925,457
Total assets	$	326,462,153	$	454,095,440	$	0	$	780,557,593
Liabilities
Futures contracts	$	84,762	$	0	$	0	$	84,762
Total liabilities	$	84,762	$	0	$	0	$	84,762

Futures contracts are reported at the cumulative unrealized gains or losses at measurement date. The current day’s variation margin is reported on the Statement of assets and liabilities. All other assets and liabilities are reported at their market value at measurement date.

The Fund recognizes transfers between levels within the fair value hierarchy at the end of the reporting period. At February 28, 2018, 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 0.35% and declining to 0.255% as the average daily net assets of the Fund increase. For the six months ended February 28, 2018, 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 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 0.15% and declining to 0.05% 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 C		0.16	%
Class R6		0.03
Administrator Class		0.10
Institutional Class		0.08

Notes to financial statements (unaudited) Wells Fargo Short Duration Government Bond 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 December 31, 2018 to waive fees and/or reimburse expenses to the extent necessary to cap the Fund’s expenses at 0.78% for Class A shares, 1.53% for Class C shares, 0.37% for Class R6 shares, 0.60% for Administrator Class shares, and 0.42% for Institutional 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.

Distribution fee

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

In addition, Funds Distributor is entitled to receive the front-end sales charge from the purchase of Class A shares and a contingent deferred sales charge on the redemption of certain Class A shares. Funds Distributor is also entitled to receive the contingent deferred sales charges from redemptions of Class C shares. For the six months ended February 28, 2018, Funds Distributor received $136 from the sale of Class A shares. No contingent deferred sales charges were incurred by Class A and Class C shares for the six months ended February 28, 2018.

Shareholder servicing fees

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

Purchases and sales of investments, excluding short-term securities, for the six months ended February 28, 2018 were as follows:

Purchases at cost		Sales proceeds
U.S. government	Non-U.S. government	U.S. government	Non-U.S. government
$1,199,899,651	$41,661,761	$1,240,171,270	$84,786,234

6. DERIVATIVE TRANSACTIONS

During the six months ended February 28, 2018, the Fund entered into futures contracts to speculate on interest rates and to help manage the duration of the portfolio. The Fund had an average notional amount of $183,405,384 in long futures contracts and $82,400,457 in short futures contracts during the six months ended February 28, 2018.

On February 28, 2018, the cumulative unrealized losses on futures contracts in the amount of $84,762 are reflected in net unrealized losses on investments on the Statement of Assets and Liabilities. The payable for daily variation margin on open futures contracts reflected in the Statement of Assets and Liabilities only represents the current day’s variation margin. The realized gains and change in unrealized gains (losses) on futures contracts are reflected in the Statement of Operations.

For certain types of derivative transactions, the Fund has entered into International Swaps and Derivatives Association, Inc. master agreements (“ISDA Master Agreements”) or similar agreements with approved counterparties. The ISDA Master Agreements or similar agreements may have requirements to deliver/deposit securities or cash to/with an

24 Wells Fargo Short Duration Government Bond Fund Notes to financial statements (unaudited)

exchange or broker-dealer as collateral and allows the Fund to offset, with each counterparty, certain derivative financial instrument’s assets and/or liabilities with collateral held or pledged. Collateral requirements differ by type of derivative. Collateral or margin requirements are set by the broker or exchange clearinghouse for exchange traded derivatives while collateral terms are contract specific for over-the-counter traded derivatives. Cash collateral that has been pledged to cover obligations of the Fund under ISDA Master Agreements or similar agreements, if any, are reported separately in the Statement of Assets and Liabilities. Securities pledged as collateral, if any, are noted in the Portfolio of Investments. With respect to balance sheet offsetting, absent an event of default by the counterparty or a termination of the agreement, the reported amounts of financial assets and financial liabilities in the Statement of Assets and Liabilities are not offset across transactions between the Fund and the applicable counterparty. A reconciliation of the gross amounts on the Statement of Assets and Liabilities to the net amounts by counterparty, including any collateral exposure, is as follows:

Counterparty	Gross amounts of liabilities in the Statement of Assets and Liabilities			Amounts subject to netting agreements		Collateral pledged1			Net amount of liabilities
JPMorgan	$	84,762	*	$	0	$	(84,762	)	$	0

¹  Collateral pledged within this table is limited to the collateral for the net transaction with the counterparty.

* Amount represents unrealized losses on futures contracts which are reported in Net unrealized losses on investments. Only the current day’s variation margin as of February 28, 2018 is reported separately on the Statement of Assets and Liabilities.

7. BANK BORROWINGS

The Trust (excluding the money market funds and certain other funds) and Wells Fargo Variable Trust are parties to a $280,000,000 revolving credit agreement whereby the Fund is permitted to use bank borrowings for temporary or emergency purposes, such as to fund shareholder redemption requests. Interest under the credit agreement is charged to the Fund based on a borrowing rate equal to the higher of the Federal Funds rate in effect on that day plus 1.25% or the overnight LIBOR rate in effect on that day plus 1.25%. In addition, an annual commitment fee equal to 0.25% of the unused balance is allocated to each participating fund.

For the six months ended February 28, 2018, there were no borrowings by the Fund under the agreement.

8. 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.

Other information (unaudited) Wells Fargo Short Duration Government Bond 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 monthly on the Fund’s website (wellsfargofunds.com), on a one-month delayed basis. In addition, top ten holdings information (excluding derivative positions) for the Fund is publicly available on the Fund’s website on a monthly, seven-day or more 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 Short Duration Government Bond 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 153 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; Chair Liaison, since 2018	Retired. From 2012 to 2014 and 1999 to 2008, Chief Financial Officer of Scientific Learning Corporation. From 2008 to 2012, Ms. Freeman provided consulting services related to strategic business projects. Prior to 1999, Portfolio Manager at Rockefeller & Co. and Scudder, Stevens & Clark. Board member of the Harding Loevner Funds from 1996 to 2014, serving as both Lead Independent Director and chair of the Audit Committee. Board member of the Russell Exchange Traded Funds Trust from 2011 to 2012 and the chair of the Audit Committee. Ms. Freeman is a Board Member of Ruth Bancroft Garden (non-profit organization) and the Glimmerglass Festival. She is also an inactive Chartered Financial Analyst.	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 Short Duration Government Bond 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; Governance Committee Chairman, since 2018	International Foundation of Employee Benefit Plans Professor, Wharton School of the University of Pennsylvania since 1993. Director of Wharton’s Pension Research Council and Boettner Center on Pensions & Retirement Research, and Research Associate at the National Bureau of Economic Research. Previously, Cornell University Professor from 1978 to 1993.	Asset Allocation Trust
Timothy J. Penny**** (Born 1951)	Trustee, since 1996; Chairman, since 2018; Vice Chairman, from 2017 to 2018	President and Chief Executive Officer of Southern Minnesota Initiative Foundation, a non-profit organization, since 2007. Member of the Board of Trustees of NorthStar Education Finance, Inc., a non-profit organization, since 2007.	Asset Allocation Trust
James G. Polisson***** (Born 1959)	Trustee, since 2018; Advisory Board Member, from 2017 to 2018	Retired. Chief Marketing Officer, Source (ETF) UK Services, Ltd, from 2015 to 2017. From 2012 to 2015, Principal of The Polisson Group, LLC, a management consulting, corporate advisory and principal investing company. Chief Executive Officer and Managing Director at Russell Investments, Global Exchange Traded Funds from 2010 to 2012. Managing Director of Barclays Global Investors from 1998 to 2010 and Global Chief Marketing Officer for iShares and Barclays Global Investors from 2000 to 2010. Trustee of the San Francisco Mechanics’ Institute, a non-profit organization, from 2013 to 2015. Board member of the Russell Exchange Traded Fund Trust from 2011 to 2012. Director of Barclays Global Investors Holdings Deutschland GmbH from 2006 to 2009. Mr. Polisson is an attorney and has a retired status with the Massachusetts and District of Columbia Bar Associations.	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. Trustee of the Evergreen Fund 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
Pamela Wheelock***** (Born 1959)	Trustee, since 2018; Advisory Board Member, from 2017 to 2018	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.	Asset Allocation Trust

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

** Jane Freeman became Chair Liaison effective January 1, 2018.

*** Olivia Mitchell became Chairman of the Governance Committee effective January 1, 2018.

**** Timothy Penny became Chairman effective January 1, 2018.

***** James Polisson and Pamela Wheelock each became a Trustee effective January 1, 2018.

28 Wells Fargo Short Duration Government Bond 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.
Alexander Kymn* (Born 1973)	Secretary, since 2018; Chief Legal Officer, since 2018	Senior Company Counsel of Wells Fargo Bank, N.A. since 2018 (previously Senior Counsel from 2007 to 2018). Vice President of Wells Fargo Funds Management, LLC from 2008 to 2014.
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 77 funds in the Fund Complex. Jeremy DePalma acts as Treasurer of 76 funds and Assistant Treasurer of 77 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.

* Alexander Kymn became the Secretary and Chief Legal Officer effective April 17, 2018.

** David Messman was the Secretary and Chief Legal Officer until April 16, 2018.

List of abbreviations Wells Fargo Short Duration Government Bond Fund 29

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

INR —  Indian rupee

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 Agency

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

SIFMA —  Securities Industry and Financial Markets Association

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 Distributor nor Wells Fargo Funds Management holds fund shareholder accounts or assets. This material is for general informational and educational purposes only and is NOT intended to provide investment advice or a recommendation of any kind—including a recommendation for any specific investment, strategy, or plan.

NOT FDIC INSURED  ◾  NO BANK GUARANTEE  ◾   MAY LOSE VALUE

© 2018 Wells Fargo Funds Management, LLC. All rights reserved.

309371 04-18 SA220/SAR220 02-18

Semi-Annual Report

February 28, 2018

Wells Fargo Short-Term Bond 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	18
Statement of operations	19
Statement of changes in net assets	20
Financial highlights	21
Notes to financial statements	24
Other information	30
List of abbreviations	34

The views expressed and any forward-looking statements are as of February 28, 2018, 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 Short-Term Bond Fund Letter to shareholders (unaudited)

Andrew Owen

President

Wells Fargo Funds

During the period, stocks globally delivered positive returns.

Dear Shareholder:

We are pleased to offer you this semi-annual report for the Wells Fargo Short-Term Bond Fund for the six-month period that ended February 28, 2018. During the period, stocks globally delivered positive returns. For the period, U.S. stocks, as measured by the S&P 500 Index¹, gained 10.84% and international stocks, as measured by the MSCI ACWI ex USA Index (Net)², gained 7.59%. In bond markets, the Bloomberg Barclays U.S. Aggregate Bond Index³ declined 2.18% and the Bloomberg Barclays Municipal Bond Index⁴ lost 1.24% while fixed-income investments outside the U.S. gained 2.52%, according to the Bloomberg Barclays Global Aggregate ex-USD Index⁵. The ICE BofAML U.S. High Yield Index⁶ earned 1.01% during the period.

U.S. stocks advanced as business-friendly policies and regulations, newly implemented tax reform, increased hiring activity, and consistent corporate profits led to higher investor and consumer confidence. Internationally, stocks gained as unemployment fell and wages increased in the U.K.; the Bank of Japan continued its accommodative monetary policies; and industrial production, retail sales, and fixed asset investment increased in China. Stock returns in the emerging markets were strong, with the MSCI EM Index (Net)⁷ gaining 10.58% for the period.

Reactions to U.S. interest-rate increases were uneven across the yield curve and globally.

The U.S. Federal Reserve (Fed) increased the federal funds rate twice during the six-month period. Following a federal funds rate increase in June to a range of 1.00% to 1.25%, 10-year U.S. Treasury yields declined, the yield curve flattened, and long-term bond prices benefited.

Internationally, central banks maintained low interest rates and accommodative monetary policies that supported business activity and stock values in foreign markets. A weaker U.S. dollar was generally supportive of business activity in regions around the globe.

Positive economic and market news continued as 2017 closed and 2018 began.

During the fourth quarter of 2017, stock markets continued the move higher. Third-quarter economic output in the U.S. grew at a 3.2% annual rate. The unemployment rate fell to a 17-year low of 4.1%. Tax reform and wage growth encouraged increased business and consumer spending.

Fed officials announced in October 2017 plans to begin unwinding its $4.5 trillion portfolio of bonds and other assets accumulated during rounds of quantitative easing conducted since the 2008–2009 recession. Still, restrained inflation kept long-term bond rates steady and the flattening of the yield curve persisted.

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 indices 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 Bloomberg Barclays Global Aggregate ex-USD Index is an unmanaged index that provides a broad-based measure of the global investment-grade fixed-income markets excluding the U.S. dollar-denominated debt market. You cannot invest directly in an index.

⁶  The ICE BofAML U.S. High Yield Index is a market-capitalization-weighted index of domestic and Yankee high-yield bonds. The index tracks the performance of high-yield securities traded in the U.S. bond market. You cannot invest directly in an index. Copyright 2018. ICE Data Indices, LLC. All rights reserved.

⁷  The MSCI Emerging Markets (EM) Index (Net) is a free-float-adjusted market-capitalization-weighted index that is designed to measure large- and mid-cap equity market performance of emerging markets. The MSCI EM Index (Net) consists of the following 24 emerging markets country indices: Brazil, Chile, China, Colombia, Czech Republic, Egypt, Greece, Hungary, India, Indonesia, Korea, Malaysia, Mexico, Pakistan, Peru, the Philippines, Poland, Qatar, Russia, South Africa, Taiwan, Thailand, Turkey, and the United Arab Emirates. You cannot invest directly in an index.

Letter to shareholders (unaudited) Wells Fargo Short-Term Bond Fund 3

October 2017 also marked one year since the regulatory reform of money market investing in the U.S. By December 2017, money market fund asset levels exceeded their December 2016 levels, reflecting continued investor demand for short-term investment opportunities offered in money market funds.

In December, the Organisation for Economic Co-operation and Development (OECD) reported that the global economy was expanding at its fastest rate since 2010; all 35 countries the OECD follows were on track to expand for 2017. International economies benefited from economic stimulus, which accelerated trade growth; improving employment; increased investment; and firming commodity prices.

The Fed raised the federal funds rate target to a range of 1.25% to 1.50% in December 2017 and began reducing its bond portfolio.

2018 opened with continued stock advances, then volatility.

Improving business and economic data globally continued to support stock advances through January 2018. Even political wrangling in the U.S. over budget resolutions could not dissuade investors from buying stocks as payrolls and factory orders increased. Long-term interest rates in the U.S. trended higher as the yield curve steepened—the 10-year Treasury rate moved from 2.46% to 2.84% and the 30-year rate moved from 2.81% to 3.08% during January 2018.

Investor sentiment shifted in February. Concerns about inflation began to emerge in the U.S. as readings from the Producer Price Index in January rose 2.5% year over year. During February 2018, the U.S. market endured a loss of more than 10% before recovering much of that loss, but volatility affected stocks globally throughout the month.

During January 2018, purchasing managers’ indexes in China, the eurozone, India, and Japan reported data for December that indicated continued growth. International stock values fell during February 2018, swept up in the selling momentum in U.S. markets.

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

Periods of investment uncertainty can present challenges, but experience has taught us that maintaining long-term investment goals can be an effective way to plan for the future. To help you create a sound strategy based on your personal goals and risk tolerance, Wells Fargo Funds offers more than 100 mutual funds spanning a wide range of asset classes and investment styles. Although diversification cannot guarantee an investment profit or prevent losses, we believe it can be an effective way to manage investment risk and potentially smooth out overall portfolio performance. We encourage investors to know their investments and to understand that appropriate levels of risk-taking may unlock opportunities.

Thank you for choosing to invest with Wells Fargo Funds. We appreciate your confidence in us and remain committed to helping you meet your financial needs.

Sincerely,

Andrew Owen

President

Wells Fargo Funds

During February 2018, the U.S. market endured a loss of more than 10% before recovering much of that loss, but volatility affected stocks globally throughout the month.

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.

4 Wells Fargo Short-Term Bond Fund Performance highlights (unaudited)

Investment objective

The Fund seeks current income consistent with capital preservation.

Manager

Wells Fargo Funds Management, LLC

Subadviser

Wells Capital Management Incorporated

Portfolio managers

Christopher Y. Kauffman, CFA^®

Jay N. Mueller, CFA^®

Noah M. Wise, CFA^®

Average annual total returns (%) as of February 28, 2018¹

		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 (SSTVX)	8-31-1999		(1.61	)		0.56		1.86		0.39			0.96		2.07		0.82		0.73
Class C (WFSHX)	3-31-2008		(1.36	)		0.21		1.29		(0.36	)		0.21		1.29		1.57		1.48
Institutional Class (SSHIX)	8-31-1999		–			–		–		0.64			1.26		2.37		0.49		0.46
Bloomberg Barclays U.S. 1-3 Year Government/Credit Bond Index4	–		–			–		–		0.13			0.74		1.55		–		–

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 return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Performance shown without sales charges would be lower if sales charges were reflected. Current performance may be lower or higher than the performance data quoted, which assumes the reinvestment of dividends and capital gains. Current month-end performance is available on the Fund’s website, wellsfargofunds.com.

Index returns do not include transaction costs associated with buying and selling securities, any mutual fund fees or expenses, or any taxes. It is not possible to invest directly in an index.

For Class A shares, the maximum front-end sales charge is 2.00%. 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. Institutional Class shares are sold without a front-end sales charge or contingent deferred sales charge.

Bond values fluctuate in response to the financial condition of individual issuers, general market and economic conditions, and changes in interest rates. Changes in market conditions and government policies may lead to periods of heightened volatility in the bond market and reduced liquidity for certain bonds held by the Fund. In general, when interest rates rise, bond values fall and investors may lose principal value. Interest-rate changes and their impact on the Fund and its share price can be sudden and unpredictable. Loans are subject to risks similar to those associated with other below-investment-grade bond investments, such as credit risk (for example, risk of issuer default), below investment- grade bond risk (for example, risk of greater volatility in value), and risk that the loan may become illiquid or difficult to price. The use of derivatives may reduce returns and/or increase volatility. Certain investment strategies tend to increase the total risk of an investment (relative to the broader market). Foreign investments are especially volatile and can rise or fall dramatically due to differences in the political and economic conditions of the host country. These risks are generally intensified in emerging markets. The Fund is exposed to high-yield securities risk and mortgage- and asset backed securities risk. Consult the Fund’s prospectus for additional information on these and other risks.

Please see footnotes on page 5.

Performance highlights (unaudited) Wells Fargo Short-Term Bond Fund 5

Ten largest holdings (%) as of February 28, 20185
Baptist Memorial Health Care Facilities & Services, 2.15%, 3-22-2018	1.11
Jackson National Life Insurance Company, 2.50%, 6-27-2020	1.07
CCG Receivables Trust Series 2015-1 Class A3, 1.92%, 1-17-2023	1.00
EMC Corporation, 2.65%, 6-1-2020	0.93
Catholic Health Initiatives, 1.05%, 3-2-2018	0.93
GM Financial Securitized Term Auto Receivables Trust Series 2018-1 Class A2A, 2.08%, 1-19-2021	0.92
Hyundai Auto Receivables Trust Series 2016-A Class A4, 1.80%, 12-1-2019	0.88
Citibank Credit Card Issuance Trust Series 2017-A2 Class A2, 1.74%, 1-19-2021	0.88
Enterprise Fleet Financing Trust Series 2017-1 Class A2, 2.13%, 7-2-2022	0.88
Ford Credit Auto Lease Trust Series 2017-C Class A2A, 1.80%, 9-15-2020	0.78

Portfolio allocation as of February 28, 2018⁶

¹  Effective June 20, 2008, Advisor Class was renamed Class A and modified to assume the features and attributes of Class A. Historical performance shown for Class A shares through June 19, 2008, includes Advisor Class expenses. Historical performance shown prior to the inception of Class C reflects the performance of the former Investor Class, adjusted to reflect the higher expenses applicable to Class C.

²  Reflects the expense ratios as stated in the most recent prospectuses, which include the impact of 0.01% in acquired fund fees and expenses. The expense ratios shown are subject to change and may differ from the annualized expense ratios shown in the financial highlights of this report, which do not include acquired fund fees and expenses.

³  The manager has contractually committed through December 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 0.72% for Class A, 1.47% for Class C, and 0.45% for Institutional 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. The expense ratio paid by an investor is the net expense ratio (the total annual fund operating expenses after fee waivers) as stated in the prospectuses.

⁴  The Bloomberg Barclays U.S. 1-3 Year Government/Credit Bond Index is the one- to three-year component of the Bloomberg Barclays U.S. Government/Credit Bond Index that includes securities in the Government and Credit Indexes. The Government Index includes Treasuries (that is, public obligations of the U.S. Treasury that have remaining maturities of more than one year) and agencies (that is, publicly issued debt of U.S. government agencies, quasi-federal corporations, and corporate or foreign debt guaranteed by the U.S. government). The Credit Index includes publicly issued U.S. corporate and foreign debentures and secured notes that meet specified maturity, liquidity, and quality requirements. You cannot invest directly in an index.

⁵  The ten largest holdings, excluding cash and cash equivalents, are calculated based on the value of the investments divided by total net assets of the Fund. Holdings are subject to change and may have changed since the date specified.

⁶  Amounts are calculated based on the total long-term investments of the Fund. These amounts are subject to change and may have changed since the date specified.

6 Wells Fargo Short-Term Bond Fund Fund expenses (unaudited)

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments and contingent deferred sales charges (if any) on redemptions and (2) ongoing costs, including management fees, distribution (12b-1) and/or shareholder servicing fees, and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The example is based on an investment of $1,000 invested at the beginning of the six-month period and held for the entire period from September 1, 2017 to February 28, 2018.

Actual expenses

The “Actual” line of the table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the “Actual” line under the heading entitled “Expenses paid during period” for your applicable class of shares to estimate the expenses you paid on your account during this period.

Hypothetical example for comparison purposes

The “Hypothetical” line of the table below provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads) and contingent deferred sales charges. Therefore, the “Hypothetical” line of the table is useful in comparing ongoing costs only and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

	Beginning account value 9-1-2017		Ending account value 2-28-2018		Expenses paid during the period¹		Annualized net expense ratio
Class A
Actual	$	1,000.00	$	994.94	$	3.56		0.72	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.22	$	3.61		0.72	%
Class C
Actual	$	1,000.00	$	991.23	$	7.26		1.47	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,017.50	$	7.35		1.47	%
Institutional Class
Actual	$	1,000.00	$	996.19	$	2.33		0.47	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,022.46	$	2.36		0.47	%

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—February 28, 2018 (unaudited) Wells Fargo Short-Term Bond Fund 7

Security name	Interest rate			Maturity date			Principal		Value
Agency Securities: 7.12%
FDIC Series 2010-R1 Class A 144A		2.18	%		5-25-2050		$	846,971	$	848,400
FDIC Series 2013-R1 Class A 144A		1.15			3-25-2033			628,476		618,898
FHLMC		3.00			2-15-2024			97,951		98,071
FHLMC (1 Year Treasury Constant Maturity +2.25%) ±		3.01			4-1-2032			41,987		43,912
FHLMC (1 Year Treasury Constant Maturity +2.40%) ±		3.35			7-1-2029			2,416		2,496
FHLMC (3 Year Treasury Constant Maturity +2.25%) ±		3.49			5-1-2026			38,693		38,488
FHLMC		3.50			10-15-2025			614,379		631,106
FHLMC		3.50			6-15-2038			385,772		388,283
FHLMC (1 Year Treasury Constant Maturity +2.25%) ±		3.53			4-1-2038			311,597		327,363
FHLMC (12 Month LIBOR +1.91%) ±		3.66			9-1-2031			2,624		2,647
FHLMC		4.00			5-1-2025			1,193,911		1,230,860
FHLMC		4.50			5-15-2018			4,784		4,793
FHLMC		6.00			10-1-2021			178,934		185,941
FHLMC		9.00			8-1-2018			1		1
FHLMC		9.00			6-1-2019			6,102		6,134
FHLMC		9.00			10-1-2019			30,528		31,414
FHLMC		9.50			12-1-2022			10,895		11,030
FHLMC		10.50			8-1-2018			3,856		3,860
FHLMC		10.50			2-1-2019			179		180
FHLMC		10.50			4-1-2019			128		129
FHLMC		10.50			5-1-2019			102		105
FHLMC		10.50			6-1-2019			613		618
FHLMC		10.50			7-1-2019			240		242
FHLMC Series 2597 Series AE		5.50			4-15-2033			90,879		96,333
FHLMC Series 2631 Class LC		4.50			6-15-2018			13,106		13,133
FHLMC Series 2642 Class AR		4.50			7-15-2023			294,914		305,195
FHLMC Series 2958 Class QD		4.50			4-15-2020			68,624		68,737
FHLMC Series 3266 Class D		5.00			1-15-2022			130,497		131,064
FHLMC Series 3609 Class LA		4.00			12-15-2024			74,462		74,904
FHLMC Series 3855 Class HL		3.50			2-15-2026			122,302		123,345
FHLMC Series 3920 Class AB		3.00			9-15-2025	��		435,577		438,540
FHLMC Series KI01 Class A (1 Month LIBOR +0.16%) ±		1.74			9-25-2022			300,000		300,000
FHLMC Series KP04 Class AG1 (1 Month LIBOR +0.22%) ±		1.80			7-25-2020			1,485,000		1,486,404
FHLMC Series QO04 Class AFL (12 Month Treasury Average +0.74%) ±		1.94			10-25-2021			1,466,992		1,468,632
FHLMC Series T-42 Class A6		9.50			2-25-2042			347,779		418,239
FHLMC Series T-57 Class 2A1 ±±		3.70			7-25-2043			35,639		37,678
FHLMC Series T-59 Class 2A1 ±±		3.48			10-25-2043			989,681		996,762
FNMA (1 Year Treasury Constant Maturity +1.27%) ±		2.50			8-1-2034			301,612		305,494
FNMA		3.02			11-1-2020			256,181		257,313
FNMA (1 Year Treasury Constant Maturity +2.26%) ±		3.35			8-1-2036			1,623,931		1,714,728
FNMA (1 Year Treasury Constant Maturity +2.19%) ±		3.43			11-1-2031			44,322		46,378
FNMA (12 Month Treasury Average +2.36%) ±		3.53			10-1-2036			1,319,106		1,399,275
FNMA (12 Month Treasury Average +2.41%) ±		3.53			7-1-2036			1,199,038		1,274,023
FNMA (12 Month LIBOR +1.82%) ±		3.59			9-1-2040			1,051,512		1,101,624
FNMA		4.00			6-25-2026			631,594		661,205
FNMA		4.00			9-1-2026			1,776,621		1,827,054
FNMA		4.00			8-25-2037			473,094		482,850
FNMA		5.50			3-1-2023			594,919		621,901
FNMA		5.50			8-25-2034			348,037		349,469
FNMA		6.00			4-1-2021			86,999		89,393

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

8 Wells Fargo Short-Term Bond Fund Portfolio of investments—February 28, 2018 (unaudited)

Security name	Interest rate			Maturity date		Principal		Value
Agency Securities (continued)
FNMA		6.00	%		3-1-2033	$	542,922	$	608,088
FNMA		6.28			11-1-2018		75,700		75,598
FNMA		6.50			8-1-2031		260,359		293,751
FNMA		7.60			8-1-2018		178,912		178,946
FNMA		8.00			9-1-2023		1,245		1,255
FNMA		8.33			7-15-2020		5,116		5,272
FNMA		9.00			2-15-2020		259		270
FNMA		9.00			11-1-2024		53,091		57,186
FNMA		11.00			10-15-2020		3,343		3,398
FNMA Grantor Trust Series 2002-T12 Class A4		9.50			5-25-2042		572,408		673,534
FNMA Series 1989-29 Class Z		10.00			6-25-2019		19,669		20,370
FNMA Series 1989-63 Class Z		9.40			10-25-2019		3,945		4,071
FNMA Series 2002-T1 Class A4		9.50			11-25-2031		39,892		46,121
FNMA Series 2003-15 Class CB		5.00			3-25-2018		141		140
FNMA Series 2003-41 Class PE		5.50			5-25-2023		390,265		405,061
FNMA Series 2003-W11 Class A1 ±±		4.55			6-25-2033		12,401		12,936
FNMA Series 2003-W6 Class 6A ±±		3.85			8-25-2042		789,044		810,168
FNMA Series 2003-W6 Class PT4 ±±		8.32			10-25-2042		74,741		90,601
FNMA Series 2004-32 Class AY		4.00			5-25-2019		36,245		36,432
FNMA Series 2004-90 Class XY		4.00			9-25-2034		135,134		135,701
FNMA Series 2008-53 Class CA		5.00			7-25-2023		143,023		145,071
FNMA Series 2009-M01 Class A2		4.29			7-25-2019		1,038,628		1,050,550
FNMA Series 2010-37 Class A1		5.41			5-25-2035		2,173,926		2,254,206
FNMA Series 2011-133 Class A		3.50			6-25-2029		407,168		411,801
FNMA Series 2011-17 Class ED		3.50			7-25-2025		52,287		52,350
FNMA Series 2011-39 Class CA		3.00			5-25-2024		89,929		89,960
FNMA Series 2011-66 Class BE		3.00			3-25-2025		43,811		43,800
FNMA Series 2011-71 Class DJ		3.00			3-25-2025		24,822		24,798
GNMA		4.00			8-16-2023		26,959		27,007
GNMA		4.50			4-20-2035		142,536		146,738
GNMA		8.00			12-15-2023		16,954		18,462
GNMA		9.00			11-15-2024		7,033		7,407
GNMA Series 2012-19 Class A		1.83			3-16-2039		925,907		919,608
GNMA Series 2017-H13 Class FJ (1 Month LIBOR +0.20%) ±		1.76			5-20-2067		1,377,230		1,377,601
GNMA Series 2017-H16 Class FD (1 Month LIBOR +0.20%) ±		1.76			8-20-2067		1,602,594		1,600,337
Total Agency Securities (Cost $32,046,439)									32,193,239
Asset-Backed Securities: 14.62%
Ascentium Equipment Receivables LLC Series 2017-2A Class A2 144A		2.00			5-11-2020		2,000,000		1,987,466
Avis Budget Rental Car Funding LLC Series 2013-1A Class A 144A		1.92			9-20-2019		1,420,000		1,417,713
BMW Vehicle Owner Trust Series 2017-1 Class A2		1.64			7-22-2019		1,443,576		1,440,449
CCG Receivables Trust Series 2015-1 Class A3 144A		1.92			1-17-2023		4,534,124		4,526,045
Chesapeake Funding LLC Series 2017-3A Class A 144A		1.91			8-15-2029		3,080,000		3,054,528
Citibank Credit Card Issuance Trust Series 2017-A2 Class A2		1.74			1-19-2021		4,000,000		3,979,230
CNH Equipment Trust Series 2015-A Class A3		1.30			4-15-2020		259,932		259,338
Dell Equipment Finance Trust Series 2016-1 Class A2 144A		1.43			9-24-2018		54,974		54,955
Education Loan Asset-Backed Trust Series 2013-1 Class A1 (1 Month LIBOR +0.80%) 144A±		2.36			6-25-2026		1,488,344		1,495,596
Enterprise Fleet Financing Trust Series 2017-1 Class A2 144A		2.13			7-20-2022		3,991,469		3,977,339
Ford Credit Auto Lease Trust Series 2017-B Class A2A		1.80			6-15-2020		1,490,000		1,483,648

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

Portfolio of investments—February 28, 2018 (unaudited) Wells Fargo Short-Term Bond Fund 9

Security name	Interest rate			Maturity date		Principal		Value
Asset-Backed Securities (continued)
Ford Credit Auto Lease Trust Series 2017-C Class A2A		1.80	%		9-15-2020	$	3,530,000	$	3,518,323
GM Financial Automobile Leasing Trust Series 2016-1 Class A3		1.64			7-20-2019		2,566,738		2,561,931
GM Financial Securitized Term Auto Receivables Trust Series 2018-1 Class A2A		2.08			1-19-2021		4,155,000		4,143,982
GMF Floorplan Owner Revolving Trust Series 2015-1 Class A1 144A		1.65			5-15-2020		2,050,000		2,048,377
Home Equity Asset Trust Series 2003-6 Class M1 (1 Month LIBOR +1.05%) ±		3.06			2-25-2034		1,025,831		1,004,260
Hyundai Auto Receivables Trust Series 2016-A Class A3 144A		1.60			7-15-2019		586,877		586,379
Hyundai Auto Receivables Trust Series 2016-A Class A4 144A		1.80			12-16-2019		4,000,000		3,992,352
Jimmy John’s Funding LLC Series 2017-1A Class A2I 144A		3.61			7-30-2047		1,243,750		1,238,613
John Deere Owner Trust Series 2016-A Class A3		1.36			4-15-2020		1,494,513		1,486,692
Kubota Credit Owner Trust Series 2016-1A Class A2 144A		1.25			4-15-2019		480,951		480,269
MMAF Equipment Finance LLC Series 2015-AA Class A3 144A		1.39			10-16-2019		301,995		301,885
MMAF Equipment Finance LLC Series 2016-AA Class A2 144A		1.39			12-17-2018		875,293		874,802
MMAF Equipment Finance LLC Series 2017-B Class A2 144A		1.93			10-15-2020		2,500,000		2,485,916
Navistar Financial Dealer Note Master Trust Series 2017-1 Class A (1 Month LIBOR +0.78%) 144A±		2.34			6-27-2022		2,000,000		2,004,268
Nissan Auto Lease Trust Series 2017-B Class A3		2.05			9-15-2020		1,775,000		1,760,235
Santander Retail Auto Lease Trust Series 2017-A Class A2A 144A		2.02			3-20-2020		3,500,000		3,485,894
SLC Student Loan Trust Series 2006-2 Class A5 (3 Month LIBOR +0.10%) ±		1.69			9-15-2026		2,114,296		2,109,793
SLM Student Loan Trust Series 2011-1 Class A1 (1 Month LIBOR +0.52%) ±		2.14			3-25-2026		576,930		578,963
SLM Student Loan Trust Series 2011-2 Class A1 (1 Month LIBOR +0.60%) ±		2.22			11-25-2027		444,883		447,759
Student Loan Consolidation Center Series 2011-1 Class A (1 Month LIBOR +1.22%) 144A±		2.78			10-25-2027		2,486,661		2,521,125
Verizon Owner Trust Series 2017-1A Class A 144A		2.06			9-20-2021		1,800,000		1,783,408
Volvo Financial Equipment LLC Series 2016-1A Class A3 144A		1.67			2-18-2020		1,364,347		1,360,397
World Omni Auto Receivables Trust Series 2016-B Class A2		1.10			1-15-2020		691,831		690,839
World Omni Auto Receivables Trust Series 2017-A Class A2		1.68			12-16-2019		938,116		934,171
Total Asset-Backed Securities (Cost $66,301,418)									66,076,940
Corporate Bonds and Notes: 38.29%
Consumer Discretionary: 3.91%
Hotels, Restaurants & Leisure: 0.61%
GLP Capital LP		4.88			11-1-2020		1,340,000		1,373,500
MGM Resorts International		5.25			3-31-2020		1,340,000		1,381,875
									2,755,375
Household Durables: 0.10%
Lennar Corporation		4.50			11-15-2019		445,000		452,231
Internet & Direct Marketing Retail: 0.17%
Amazon.com Incorporated 144A		1.90			8-21-2020		765,000		749,238
Media: 2.47%
Charter Communications Operating LLC		3.58			7-23-2020		3,000,000		3,022,034
DIRECTV Holdings LLC		5.88			10-1-2019		1,680,000		1,756,894
Discovery Communications LLC		2.20			9-20-2019		1,275,000		1,261,383
NBCUniversal Enterprise Incorporated 144A		5.25			12-31-2049		1,655,000		1,704,650
TEGNA Incorporated		5.13			7-15-2020		1,340,000		1,356,750
Time Warner Cable Incorporated		4.88			3-15-2020		2,010,000		2,083,888
									11,185,599

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

10 Wells Fargo Short-Term Bond Fund Portfolio of investments—February 28, 2018 (unaudited)

Security name	Interest rate			Maturity date		Principal		Value
Multiline Retail: 0.27%
Macy’s Retail Holdings Incorporated		3.45	%		1-15-2021	$	1,205,000	$	1,204,362
Specialty Retail: 0.29%
Group 1 Automotive Incorporated		5.00			6-1-2022		1,300,000		1,326,000
Consumer Staples: 2.18%
Beverages: 0.66%
Anheuser-Busch InBev Finance Company		2.65			2-1-2021		3,000,000		2,972,154
Food Products: 0.66%
Kraft Heinz Foods Company		2.00			7-2-2018		3,000,000		2,997,618
Tobacco: 0.86%
B.A.T. Capital Corporation 144A		2.30			8-14-2020		1,785,000		1,752,620
Philip Morris International Incorporated		1.38			2-25-2019		2,165,000		2,138,995
									3,891,615
Energy: 1.92%
Oil, Gas & Consumable Fuels: 1.92%
BP AMI Leasing Incorporated 144A		5.52			5-8-2019		825,000		853,266
Enable Midstream Partner LP		2.40			5-15-2019		3,000,000		2,971,901
Energy Transfer Partners LP		2.50			6-15-2018		2,000,000		1,999,244
Rockies Express Pipeline 144A		6.85			7-15-2018		1,500,000		1,518,750
Sabine Pass Liquefaction LLC		6.25			3-15-2022		1,210,000		1,320,040
									8,663,201
Financials: 15.10%
Banks: 4.25%
Bank of America Corporation		2.15			11-9-2020		2,000,000		1,958,070
Citigroup Incorporated		2.50			7-29-2019		2,235,000		2,226,713
Citizens Bank		2.20			5-26-2020		2,000,000		1,968,887
Fifth Third Bank		2.30			3-15-2019		1,845,000		1,840,700
JPMorgan Chase		1.65			9-23-2019		2,000,000		1,971,402
JPMorgan Chase		2.75			6-23-2020		1,000,000		997,075
KeyBank Corporation		4.63			6-15-2018		3,180,000		3,197,953
Regions Bank		2.25			9-14-2018		2,000,000		1,998,185
Santander Bank		2.70			5-24-2019		541,000		540,131
US Bank		2.05			10-23-2020		2,540,000		2,491,603
									19,190,719
Capital Markets: 1.64%
Goldman Sachs Group Incorporated		2.30			12-13-2019		1,000,000		991,679
Goldman Sachs Group Incorporated		2.60			12-27-2020		3,085,000		3,047,945
Morgan Stanley		2.20			12-7-2018		2,000,000		1,994,397
Morgan Stanley		2.45			2-1-2019		840,000		838,032
S&P Global Incorporated		2.50			8-15-2018		550,000		550,515
									7,422,568

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

Portfolio of investments—February 28, 2018 (unaudited) Wells Fargo Short-Term Bond Fund 11

Security name	Interest rate			Maturity date		Principal		Value
Consumer Finance: 5.07%
Ally Financial Incorporated		3.25	%		11-5-2018	$	2,930,000	$	2,932,197
Capital One Financial Corporation		2.50			5-12-2020		3,000,000		2,964,536
Daimler Finance North America LLC 144A		1.65			3-2-2018		3,000,000		3,000,000
Daimler Finance North America LLC 144A		2.20			5-5-2020		520,000		511,491
Daimler Finance North America LLC 144A		3.00			2-22-2021		2,850,000		2,847,787
Ford Motor Credit Company LLC		2.94			1-8-2019		1,335,000		1,338,082
Ford Motor Credit Company LLC		5.00			5-15-2018		3,000,000		3,015,687
General Motors Financial Company		3.15			1-15-2020		3,000,000		3,004,617
Nissan Motor Acceptance Corporation 144A		2.00			3-8-2019		2,000,000		1,988,513
Synchrony Financial		2.60			1-15-2019		1,335,000		1,332,799
									22,935,709
Insurance: 4.14%
Axis Specialty Finance LLC		5.88			6-1-2020		1,794,000		1,902,256
Jackson National Life Insurance Company 144A		2.50			6-27-2022		5,000,000		4,857,735
Lincoln National Corporation		8.75			7-1-2019		744,000		802,799
Metropolitan Life Global Funding Incorporated 144A		1.55			9-13-2019		1,820,000		1,792,341
Metropolitan Life Global Funding Incorporated 144A		1.75			12-19-2018		2,000,000		1,990,002
Protective Life Global Funding 144A		2.26			4-8-2020		1,450,000		1,434,254
Provident Companies Incorporated		7.00			7-15-2018		2,525,000		2,568,291
Reliance Standard Life Insurance 144A		2.15			10-15-2018		1,390,000		1,388,562
Reliance Standard Life Insurance 144A		2.38			5-4-2020		2,000,000		1,972,623
									18,708,863
Health Care: 2.27%
Health Care Providers & Services: 0.88%
Anthem Incorporated		2.50			11-21-2020		1,235,000		1,221,349
HCA Incorporated		6.50			2-15-2020		1,315,000		1,384,038
Tenet Healthcare Corporation		6.00			10-1-2020		1,340,000		1,393,600
									3,998,987
Pharmaceuticals: 1.39%
Eli Lilly and Company		2.35			5-15-2022		3,000,000		2,921,378
EMD Finance LLC 144A		2.40			3-19-2020		1,925,000		1,903,598
Teva Pharmaceutical Finance LLC		2.25			3-18-2020		1,500,000		1,448,259
									6,273,235
Industrials: 2.13%
Aerospace & Defense: 1.02%
L-3 Communications Corporation		5.20			10-15-2019		3,000,000		3,106,994
Rockwell Collins Incorporated		1.95			7-15-2019		1,530,000		1,514,669
									4,621,663
Airlines: 0.38%
Delta Air Lines Incorporated		4.75			11-7-2021		1,652,378		1,696,661
Commercial Services & Supplies: 0.49%
Boardwalk Pipelines LLC		5.20			6-1-2018		2,179,000		2,190,631

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

12 Wells Fargo Short-Term Bond Fund Portfolio of investments—February 28, 2018 (unaudited)

Security name	Interest rate			Maturity date		Principal		Value
Transportation Infrastructure: 0.24%
TTX Company 144A		2.25	%		2-1-2019	$	1,095,000	$	1,092,249
Information Technology: 5.09%
IT Services: 0.97%
Fidelity National Information Services Incorporated		2.00			4-15-2018		2,000,000		1,999,705
IBM Corporation		1.80			5-17-2019		2,405,000		2,384,280
									4,383,985
Semiconductors & Semiconductor Equipment: 1.76%
Broadcom Corporation		2.65			1-15-2023		3,000,000		2,841,249
KLA-Tencor Corporation		3.38			11-1-2019		2,000,000		2,018,633
Maxim Integrated Product Incorporated		2.50			11-15-2018		570,000		569,413
Qualcomm Incorporated		1.85			5-20-2019		1,280,000		1,268,495
Qualcomm Incorporated		2.10			5-20-2020		1,280,000		1,254,886
									7,952,676
Software: 0.33%
Microsoft Corporation		2.40			2-6-2022		1,500,000		1,473,557
Technology Hardware, Storage & Peripherals: 2.03%
Apple Incorporated		2.00			11-13-2020		3,000,000		2,951,047
EMC Corporation		2.65			6-1-2020		4,340,000		4,222,114
Hewlett Packard Enterprise Company		3.60			10-15-2020		2,000,000		2,021,618
									9,194,779
Materials: 0.55%
Paper & Forest Products: 0.55%
Georgia Pacific LLC 144A		2.54			11-15-2019		2,495,000		2,484,572
Real Estate: 1.02%
Equity REITs: 1.02%
DDR Corporation		4.63			7-15-2022		2,355,000		2,450,998
Simon Property Group LP		2.20			2-1-2019		2,165,000		2,158,453
									4,609,451
Telecommunication Services: 1.82%
Diversified Telecommunication Services: 1.82%
AT&T Incorporated		2.80			2-17-2021		1,910,000		1,895,571
AT&T Incorporated		5.00			3-1-2021		1,085,000		1,141,618
AT&T Incorporated		5.80			2-15-2019		783,000		805,787
Broadcom International Limited		2.38			1-15-2020		1,280,000		1,264,374
Verizon Communications Incorporated		4.60			4-1-2021		3,000,000		3,137,382
									8,244,732
Utilities: 2.30%
Electric Utilities: 1.70%
Edison International		2.13			4-15-2020		1,200,000		1,180,390

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

Portfolio of investments—February 28, 2018 (unaudited) Wells Fargo Short-Term Bond Fund 13

Security name	Interest rate			Maturity date		Principal		Value
Electric Utilities (continued)
Exelon Corporation		3.50	%		6-1-2022	$	1,895,000	$	1,892,625
Interstate Power & Light Company		5.88			9-15-2018		580,000		590,342
NV Energy Incorporated		6.25			11-15-2020		2,000,000		2,170,280
Oklahoma Gas & Electric Company		6.35			9-1-2018		1,792,000		1,825,233
									7,658,870
Multi-Utilities: 0.60%
Black Hills Corporation		2.50			1-11-2019		1,355,000		1,354,833
Dominion Resources Incorporated		2.96			7-1-2019		1,365,000		1,366,766
									2,721,599
Total Corporate Bonds and Notes (Cost $174,423,338)									173,052,899
Municipal Obligations: 4.88%
California: 0.68%
Los Angeles CA Municipal Improvement Refunding Bond Convention Center Series A (Miscellaneous Revenue)		2.34			11-1-2018		1,380,000		1,382,029
Roman Catholic Diocese of Oakland CA (Miscellaneous Revenue)		6.04			11-1-2019		1,635,000		1,664,717
									3,046,746
Connecticut: 0.66%
Connecticut Series A (GO Revenue)		2.30			1-15-2019		3,000,000		2,998,320
Illinois: 0.96%
Chicago IL (Tax Revenue)		6.30			12-1-2021		1,125,000		1,193,434
State of Illinois (Miscellaneous Revenue)		5.00			5-1-2019		3,070,000		3,153,473
									4,346,907
Michigan: 0.43%
Michigan Finance Authority Series D5 (Water & Sewer Revenue)		2.85			7-1-2019		2,000,000		1,961,900
New Jersey: 0.75%
New Jersey EDA Series B (Miscellaneous Revenue, AGM Insured) ¤		0.00			2-15-2019		3,500,000		3,406,620
Oregon: 0.41%
Portland OR Taxable Pension (GO Revenue) (m)(n)		1.80			6-1-2019		1,875,000		1,859,981
Pennsylvania: 0.19%
Philadelphia PA IDA Pension Funding Series B (Miscellaneous Revenue, Ambac Insured) ¤		0.00			4-15-2021		970,000		859,449
Rhode Island: 0.28%
Rhode Island EDA (Industrial Development Revenue, AGM Insured)		7.75			11-1-2020		1,200,000		1,266,780
Wisconsin: 0.52%
Wisconsin Healthcare PFA (Housing Revenue, Citizens Bank LOC)		2.63			11-1-2019		2,365,000		2,329,123
Total Municipal Obligations (Cost $22,149,951)									22,075,826

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

14 Wells Fargo Short-Term Bond Fund Portfolio of investments—February 28, 2018 (unaudited)

Security name	Interest rate			Maturity date		Principal		Value
Non-Agency Mortgage-Backed Securities: 18.21%
ALM Loan Funding Series 2015-12A Class A1R (3 Month LIBOR +1.05%) 144A±		2.77	%		4-16-2027	$	1,275,000	$	1,275,993
Barclays Commercial Mortgage Series 2018-A (1 Month LIBOR +0.70%) 144A±		2.29			2-15-2033		2,400,000		2,400,000
BlueMountain CLO Limited Series 2014-2A Class AR (3 Month LIBOR +0.93%) 144A±		2.67			7-20-2026		2,030,000		2,031,011
BX Trust 2017 Series A (1 Month LIBOR +1.05%) 144A±		2.64			10-15-2032		2,640,000		2,644,924
CD Commercial Mortgage Trust Series 2017-CD3 Class A1		1.97			2-10-2050		1,434,457		1,413,537
CGBAM Commercial Mortgage Trust Series 2015-SMRT Class A 144A		2.81			4-10-2028		1,365,000		1,362,158
CGDBB Commercial Mortgage Trust Series 2017-BIOC Class A (1 Month LIBOR +0.79%) 144A±		2.38			7-15-2032		2,850,000		2,855,871
Chicago Skyscraper Trust Series 2017-SKY Class A (1 Month LIBOR +0.80%) 144A±		2.39			2-15-2030		1,600,000		1,602,376
CIFC Funding Limited Series 2012-2RA Class A1 (3 Month LIBOR +0.80%) 144A±		2.20			1-20-2028		2,440,000		2,440,273
Citigroup Commercial Mortgage Trust Series 2016-P5 Class A2		2.40			10-10-2049		128,000		125,385
Citigroup Commercial Mortgage Trust Series 2017-1500 Class A (1 Month LIBOR +0.85%) 144A±		2.44			7-15-2032		2,100,000		2,099,998
Citigroup Commercial Mortgage Trust Series 2017-MDRB Class A (1 Month LIBOR +1.10%) 144A±		2.69			7-15-2030		2,040,000		2,034,167
Commercial Mortgage Trust Series 2012-CR1 Class ASB		3.05			5-15-2045		2,544,289		2,553,555
Commercial Mortgage Trust Series 2014-LC17 Class A2		3.16			10-10-2047		2,300,000		2,317,387
Commercial Mortgage Trust Series 2014-UBS3 Class A2		2.84			6-10-2047		800,000		802,337
Commercial Mortgage Trust Series 2015-CR27 Class A1		1.58			10-10-2048		1,972,061		1,947,117
ContiMortgage Home Equity Trust Series 1996-2 Class IO ¤		0.00			7-15-2027		650,930		11,664
Countrywide Home Loans Mortgage Pass-Through Trust Series 2001-HYB1 Class 2A1 ±±		3.21			6-19-2031		111,460		109,821
Crown Point Limited Series 2015-3A Class A1BR (3 Month LIBOR +0.91%) 144A±		2.63			12-31-2027		2,000,000		2,000,814
Crown Point Limited Series 2013-2A Class A1LR (3 Month LIBOR +0.59%) 144A±		2.31			12-31-2023		515,500		515,560
Deutsche Bank UBS Securities Mortgage Trust Series 2011-LC2A Class A4 144A		4.54			7-10-2044		704,946		730,827
EquiFirst Mortgage Loan Trust Series 2003-2 Class 3A3 (1 Month LIBOR +1.13%) ±		2.71			9-25-2033		297,107		293,164
Golden National Mortgage Asset-Backed Certificates Series 1998-GN1 Class M2		1.00			2-25-2027		34,322		34,230
Great Wolf Trust Series 2017-A (1 Month LIBOR +0.85%) 144A±		2.59			9-15-2034		2,150,000		2,156,680
GS Mortgage Securities Trust Series 2010-C1 Class A2 144A		4.59			8-10-2043		2,710,000		2,799,359
GS Mortgage Securities Trust Series 2013-GC16 Class A2		3.03			11-10-2046		2,024,582		2,030,000
GS Mortgage Securities Trust Series 2016-GS3 Class A1		1.43			10-10-2049		2,155,111		2,108,167
GSMPS Mortgage Loan Trust Series 1998-1 Class A 144A		8.00			9-19-2027		195,789		195,524
Hospitality Mortgage Trust Series 2017-HIT Class A (1 Month LIBOR +0.85%) 144A±		2.41			5-8-2030		650,000		651,622
Hyatt Hotel Portfolio Trust Series 2017-HYTE Class A (1 Month LIBOR +0.66%) 144A±		2.25			8-9-2032		2,986,000		2,983,182
JPMorgan Chase Commercial Mortgage Securities Trust Series 2007-CB18 Class AMFL (1 Month LIBOR +0.17%) ±		1.72			6-12-2047		999,588		983,209
JPMorgan Chase Commercial Mortgage Securities Trust Series 2007-LDPX Class AM ±±		5.46			1-15-2049		688,544		690,677
JPMorgan Chase Commercial Mortgage Securities Trust Series 2014-PHH Class A (1 Month LIBOR +1.45%) 144A±		3.04			8-15-2027		3,465,000		3,465,003
JPMorgan Chase Commercial Mortgage Securities Trust Series 2016-JP3 Class A1		1.46			8-15-2049		1,939,333		1,892,824
LStar Commercial Mortgage Trust Series 2017-5 Class A1 144A		2.42			3-10-2050		1,230,886		1,215,451
Master Mortgages Trust Series 2002-3 Class 4A1 ±±		3.30			10-25-2032		3,942		3,932
Morgan Stanley Bank of America Merrill Lynch Trust Series 2014-C15 Class A2		2.98			4-15-2047		2,840,000		2,847,668
Morgan Stanley Capital I Trust Series 2016-C30 Class A1		1.39			9-15-2049		1,637,435		1,596,913
Neuberger Berman Limited Series 2015-20A Class AR (3 Month LIBOR +0.80%) 144A±		2.52			1-15-2028		1,340,000		1,340,088
Oaktree CLO Limited Series 15-1A Class A1R (3 Month LIBOR +0.87%) 144A±		2.61			10-20-2027		1,500,000		1,500,254
Octagon Investment Partners Series 2015-1A Class A1R (3 Month LIBOR +0.90%) 144A±		2.79			5-21-2027		2,000,000		2,000,854
Palmer Square Loan Funding Series 2017-1A Class A1 (3 Month LIBOR +0.74%) 144A±		2.46			10-15-2025		2,062,331		2,062,774

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

Portfolio of investments—February 28, 2018 (unaudited) Wells Fargo Short-Term Bond Fund 15

Security name	Interest rate			Maturity date		Principal		Value
Non-Agency Mortgage-Backed Securities (continued)
RAIT Financial Trust Series 2017-FL7 Class A (1 Month LIBOR +0.95%) 144A±		2.54	%		6-15-2037	$	1,014,812	$	1,015,743
RAIT Financial Trust Series 2017-FL8 Class A (1 Month LIBOR +0.85%) 144A±		2.44			12-15-2037		1,642,077		1,643,911
ReadyCap Commercial Mortgage Trust Series 2017-FL1 Class A (1 Month LIBOR +0.85%) 144A±		2.47			5-25-2034		1,795,555		1,795,555
Regatta IV Funding Limited Series 2014-1A Class A2R (3 Month LIBOR +1.02%) 144A±		2.77			7-25-2026		1,755,000		1,757,424
SBA Tower Trust Series 2014-1A Class C 144A		2.90			10-15-2044		3,000,000		3,008,760
Stonemont Portfolio Trust Series 2017 Class A (1 Month LIBOR +0.85%) 144A±		2.44			8-20-2030		1,775,000		1,778,873
TICP Collateralized Loan Obligation Limited Trust Series 2014-2A Class A1AR (3 Month LIBOR +1.16%) 144A±		2.90			7-20-2026		2,000,000		2,004,216
Vendee Mortgage Trust Series 2011-1 Class DA		3.75			2-15-2035		902,480		916,844
Wilshire Funding Corporation Series 1996-3 Class M2 ±±		7.13			8-25-2032		81,560		79,271
Wilshire Funding Corporation Series 1996-3 Class M3 ±±		7.13			8-25-2032		86,727		82,770
Wilshire Funding Corporation Series 1998-2 Class M1 ±±		2.00			12-28-2037		15,568		15,530
Wind River Collateralized Loan Obligation Limited Trust Series 2014-3A Class AR (3 Month LIBOR +1.10%) 144A±		2.84			1-22-2027		2,100,000		2,105,431
Total Non-Agency Mortgage-Backed Securities (Cost $82,775,582)									82,330,678
Yankee Corporate Bonds and Notes: 12.12%
Consumer Discretionary: 0.24%
Auto Components: 0.14%
IHO Verwaltungs GmbH 144A		4.13			9-15-2021		650,000		648,375
Automobiles: 0.10%
Jaguar Land Rover Limited 144A		4.25			11-15-2019		445,000		447,225
Consumer Staples: 0.64%
Beverages: 0.64%
Suntory Holdings Limited 144A		2.55			6-28-2022		2,975,000		2,883,200
Financials: 8.96%
Banks: 8.40%
Banco de Credito del Peru 144A		2.25			10-25-2019		1,500,000		1,480,500
Banque Federative du Credit Mutuel SA 144A		2.20			7-20-2020		2,530,000		2,481,448
BPCE SA		2.50			7-15-2019		755,000		751,417
Commonwealth Bank of Australia 144A		1.75			11-7-2019		1,750,000		1,721,371
Cooperatieve Rabobank U.A.		2.75			1-10-2022		3,000,000		2,952,989
Corporacion Andina de Fomento		2.13			9-27-2021		3,000,000		2,905,980
Credit Suisse Group Funding Limited		3.13			12-10-2020		2,110,000		2,103,722
Danske Bank 144A		1.65			9-6-2019		3,000,000		2,956,968
ING Bank NV 144A		1.80			3-16-2018		3,000,000		2,999,541
Lloyds Bank plc		2.00			8-17-2018		1,000,000		998,943
Macquarie Bank Limited 144A		2.85			7-29-2020		3,000,000		2,986,271
Mitsubishi UFJ Trust and Banking Corporation 144A		2.45			10-16-2019		3,000,000		2,983,059
Santander UK plc		2.50			3-14-2019		2,750,000		2,746,837
Sumitomo Mitsui Banking Corporation		2.09			10-18-2019		2,000,000		1,975,520
Svenska Handelsbanken AB		1.50			9-6-2019		2,605,000		2,562,192
Toronto Dominion Bank		1.45			9-6-2018		3,385,000		3,370,395
									37,977,153

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

16 Wells Fargo Short-Term Bond Fund Portfolio of investments—February 28, 2018 (unaudited)

Security name	Interest rate			Maturity date		Principal		Value
Diversified Financial Services: 0.56%
UBS AG 144A		2.20	%		6-8-2020	$	1,275,000	$	1,255,070
UBS AG		2.38			8-14-2019		1,270,000		1,262,306
									2,517,376
Health Care: 0.88%
Pharmaceuticals: 0.88%
Actavis Funding SCS		2.35			3-12-2018		3,000,000		3,000,620
Shire plc ADR		1.90			9-23-2019		1,010,000		994,376
									3,994,996
Industrials: 0.42%
Transportation Infrastructure: 0.42%
Asciano Finance Limited 144A		4.63			9-23-2020		1,821,000		1,870,818
Information Technology: 0.67%
Semiconductors & Semiconductor Equipment: 0.67%
TSMC Global Limited 144A		1.63			4-3-2018		3,035,000		3,032,123
Materials: 0.31%
Metals & Mining: 0.31%
ArcelorMittal SA		5.75			3-1-2021		1,340,000		1,407,000
Total Yankee Corporate Bonds and Notes (Cost $55,359,327)									54,778,266
Short-Term Investments: 5.71%
Commercial Paper: 2.03%
Baptist Memorial Health Care Facilities & Services		2.15			3-22-2018		5,000,000		5,000,000
Catholic Health Initiatives (p)(z)		1.05			3-2-2018		4,200,000		4,199,755
									9,199,755
	Yield					Shares
Investment Companies: 3.54%
Wells Fargo Government Money Market Fund Select Class (l)(u)		1.29					15,980,904		15,980,904
						Principal
U.S. Treasury Securities: 0.14%
U.S. Treasury Bill (z)#		1.23			3-15-2018	$	625,000		624,685
Total Short-Term Investments (Cost $25,805,338)									25,805,344

Total investments in securities (Cost $458,861,393)	100.95	%		456,313,192
Other assets and liabilities, net	(0.95	)		(4,306,718	)
Total net assets	100.00	%	$	452,006,474

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

Portfolio of investments—February 28, 2018 (unaudited) Wells Fargo Short-Term Bond Fund 17

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.

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

±± The coupon of the security is adjusted based on the principal and interest payments received from the underlying pool of mortgages as well as the credit quality and the actual prepayment speed of the underlying mortgages.

¤ The security is issued in zero coupon form with no periodic interest payments.

(m) The security is an auction-rate security which has an interest rate that resets at predetermined short-term intervals through a Dutch auction. The rate shown is the rate in effect at period end.

(n) The auction to set the interest rate on the security failed at period end due to insufficient investor interest. A failed auction does not itself cause a default.

(p) Asset-backed commercial paper

(l) The issuer of the security is an affiliated person of the Fund as defined in the Investment Company Act of 1940.

(u) The rate represents the 7-day annualized yield at period end.

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

# All or a portion of this security is segregated as collateral for investments in derivative instruments

Futures Contracts

Description	Number of contracts		Expiration date		Notional cost			Notional value			Unrealized gains		Unrealized losses
Long
2-Year U.S. Treasury Notes		892		6-29-2018	$	189,635,939		$	189,522,125		$	0	$	(113,814	)
Short
5-Year U.S. Treasury Notes		(225)		6-29-2018	$	(25,690,070	)	$	(25,634,180	)	$	55,890	$	0
											$	55,890	$	(113,814	)

Investments in Affiliates

An affiliated investment is an investment in which the Fund owns at least 5% of the outstanding voting shares of the issuer or as a result of other relationships, such as the Fund and the issuer having the same investment manager. Transactions with issuers that were either affiliated persons of the Fund at the beginning of the period or the end of the period were as follows:

	Shares, beginning of period		Shares purchased		Shares sold		Shares, end of period		Net realized gains (losses)		Net change in unrealized gains (losses)		Income from affiliated securities		Value, end of period		% of net assets
Short-Term Investments
Investment Companies
Security Lending Cash Investment LLC *		1,127,387		118,238		1,245,625		0	$	0	$	0	$	0
Wells Fargo Government Money Market Fund Select Class		30,383,096		103,581,276		117,983,468		15,980,904		0		0		123,594	$	15,980,904
									$	0	$	0	$	123,594	$	15,980,904		3.54	%

* No longer held at the end of the period.

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

18 Wells Fargo Short-Term Bond Fund Statement of assets and liabilities—February 28, 2018 (unaudited)

Assets
Investments in unaffiliated securities, at value (cost $442,880,489)	$	440,332,288
Investments in affiliated securities, at value (cost $15,980,904)		15,980,904
Principal paydown receivable		9,323
Receivable for Fund shares sold		772,289
Receivable for interest		2,422,358
Receivable for daily variation margin on open futures contracts		1,164
Prepaid expenses and other assets		21,551
Total assets		459,539,877
Liabilities
Payable for investments purchased		6,704,572
Payable for Fund shares redeemed		444,148
Dividends payable		138,008
Management fee payable		98,121
Administration fees payable		41,146
Payable for daily variation margin on open futures contracts		21,094
Distribution fee payable		5,517
Trustees’ fees and expenses payable		1,678
Accrued expenses and other liabilities		79,119
Total liabilities		7,533,403
Total net assets	$	452,006,474
NET ASSETS CONSIST OF
Paid-in capital	$	457,058,737
Undistributed net investment income		37,881
Accumulated net realized losses on investments		(2,484,019	)
Net unrealized losses on investments		(2,606,125	)
Total net assets	$	452,006,474
COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE PER SHARE
Net assets – Class A	$	208,482,307
Shares outstanding – Class A1		24,068,160
Net asset value per share – Class A		$8.66
Maximum offering price per share – Class A2		$8.84
Net assets – Class C	$	9,299,337
Shares outstanding – Class C1		1,074,823
Net asset value per share – Class C		$8.65
Net assets – Institutional Class	$	234,224,830
Shares outstanding – Institutional Class1		27,028,443
Net asset value per share – Institutional Class		$8.67

¹  The Fund has an unlimited number of authorized shares.

²  Maximum offering price is computed as 100/98 of net asset value. On investments of $50,000 or more, the offering price is reduced.

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

Statement of operations—six months ended February 28, 2018 (unaudited) Wells Fargo Short-Term Bond Fund 19

Investment income
Interest	$	4,971,759
Income from affiliated securities		123,594
Total investment income		5,095,353
Expenses
Management fee		796,033
Administration fees
Class A		173,453
Class C		8,299
Institutional Class		91,074
Shareholder servicing fees
Class A		271,020
Class C		12,968
Distribution fee
Class C		38,904
Custody and accounting fees		20,779
Professional fees		25,027
Registration fees		39,192
Shareholder report expenses		23,150
Trustees’ fees and expenses		8,125
Other fees and expenses		10,936
Total expenses		1,518,960
Less: Fee waivers and/or expense reimbursements		(126,665	)
Net expenses		1,392,295
Net investment income		3,703,058
REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS
Net realized losses on:
Unaffiliated securities		(3,000	)
Futures transactions		(1,394,348	)
Net realized losses on investments		(1,397,348	)
Net change in unrealized gains (losses) on:
Unaffiliated securities		(4,184,501	)
Futures transactions		(159,224	)
Net change in unrealized gains (losses) on investments		(4,343,725	)
Net realized and unrealized gains (losses) on investments		(5,741,073	)
Net decrease in net assets resulting from operations	$	(2,038,015	)

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

20 Wells Fargo Short-Term Bond Fund Statement of changes in net assets

	Six months ended February 28, 2018 (unaudited)						Year ended August 31, 2017
Operations
Net investment income				$	3,703,058					$	7,341,144
Net realized losses on investments					(1,397,348	)					(292,973	)
Net change in unrealized gains (losses) on investments					(4,343,725	)					(686,076	)
Net increase (decrease) in net assets resulting from operations					(2,038,015	)					6,362,095
Distributions to shareholders from
Net investment income
Class A					(1,647,166	)					(3,318,768	)
Class C					(39,768	)					(75,709	)
Institutional Class					(2,017,864	)					(3,946,663	)
Total distributions to shareholders					(3,704,798	)					(7,341,140	)
Capital share transactions		Shares						Shares
Proceeds from shares sold
Class A		2,046,352			17,865,471			3,840,470			33,642,098
Class C		83,133			724,692			300,680			2,631,368
Institutional Class		5,622,552			49,018,295			11,826,160			103,614,345
					67,608,458						139,887,811
Reinvestment of distributions
Class A		177,907			1,550,041			357,529			3,130,762
Class C		3,861			33,596			7,137			62,415
Institutional Class		157,983			1,376,880			314,369			2,754,565
					2,960,517						5,947,742
Payment for shares redeemed
Class A		(3,897,788	)		(34,001,784	)		(10,195,238	)		(89,264,300	)
Class C		(308,869	)		(2,690,353	)		(630,122	)		(5,509,876	)
Institutional Class		(5,024,451	)		(43,835,070	)		(14,653,735	)		(128,341,544	)
					(80,527,207	)					(223,115,720	)
Net decrease in net assets resulting from capital share transactions					(9,958,232	)					(77,280,167	)
Total decrease in net assets					(15,701,045	)					(78,259,212	)
Net assets
Beginning of period					467,707,519						545,966,731
End of period				$	452,006,474					$	467,707,519
Undistributed net investment income				$	37,881					$	39,621

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

Financial highlights Wells Fargo Short-Term Bond Fund 21

(For a share outstanding throughout each period)

	Six months ended February 28, 2018 (unaudited)			Year ended August 31
CLASS A				2017			2016			2015			2014			2013
Net asset value, beginning of period		$8.77			$8.78			$8.77			$8.82			$8.77			$8.81
Net investment income		0.07			0.12			0.11			0.09			0.10			0.10
Net realized and unrealized gains (losses) on investments		(0.11	)		(0.01	)		0.04			(0.03	)		0.05			(0.04	)
Total from investment operations		(0.04	)		0.11			0.15			0.06			0.15			0.06
Distributions to shareholders from
Net investment income		(0.07	)		(0.12	)		(0.11	)		(0.09	)		(0.10	)		(0.10	)
Net realized gains		0.00			0.00			(0.03	)		(0.02	)		0.00			0.00
Total distributions to shareholders		(0.07	)		(0.12	)		(0.14	)		(0.11	)		(0.10	)		(0.10	)
Net asset value, end of period		$8.66			$8.77			$8.78			$8.77			$8.82			$8.77
Total return1		(0.51	)%		1.25	%		1.77	%		0.66	%		1.72	%		0.72	%
Ratios to average net assets (annualized)
Gross expenses		0.82	%		0.81	%		0.81	%		0.80	%		0.82	%		0.87	%
Net expenses		0.72	%		0.72	%		0.72	%		0.74	%		0.78	%		0.80	%
Net investment income		1.52	%		1.36	%		1.29	%		1.00	%		1.12	%		1.17	%
Supplemental data
Portfolio turnover rate		20	%		50	%		59	%		57	%		70	%		75	%
Net assets, end of period (000s omitted)		$208,482			$225,797			$278,802			$65,454			$59,962			$65,812

¹  Total return calculations do not include any sales charges. 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 Short-Term Bond Fund Financial highlights

(For a share outstanding throughout each period)

	Six months ended February 28, 2018 (unaudited)			Year ended August 31
CLASS C				2017			2016			2015			2014			2013
Net asset value, beginning of period		$8.76			$8.77			$8.76			$8.81			$8.76			$8.80
Net investment income		0.03			0.05			0.05			0.02			0.03			0.04
Net realized and unrealized gains (losses) on investments		(0.11	)		(0.01	)		0.04			(0.03	)		0.05			(0.04	)
Total from investment operations		(0.08	)		0.04			0.09			(0.01	)		0.08			0.00
Distributions to shareholders from
Net investment income		(0.03	)		(0.05	)		(0.05	)		(0.02	)		(0.03	)		(0.04	)
Net realized gains		0.00			0.00			(0.03	)		(0.02	)		0.00			0.00
Total distributions to shareholders		(0.03	)		(0.05	)		(0.08	)		(0.04	)		(0.03	)		(0.04	)
Net asset value, end of period		$8.65			$8.76			$8.77			$8.76			$8.81			$8.76
Total return1		(0.88	)%		0.49	%		1.01	%		(0.09	)%		0.97	%		(0.03	)%
Ratios to average net assets (annualized)
Gross expenses		1.57	%		1.56	%		1.56	%		1.55	%		1.57	%		1.62	%
Net expenses		1.47	%		1.47	%		1.47	%		1.49	%		1.53	%		1.55	%
Net investment income		0.77	%		0.61	%		0.53	%		0.25	%		0.37	%		0.42	%
Supplemental data
Portfolio turnover rate		20	%		50	%		59	%		57	%		70	%		75	%
Net assets, end of period (000s omitted)		$9,299			$11,361			$14,204			$11,508	��		$14,852			$16,686

¹  Total return calculations do not include any sales charges. 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 Short-Term Bond Fund 23

(For a share outstanding throughout each period)

	Six months ended February 28, 2018 (unaudited)			Year ended August 31
INSTITUTIONAL CLASS				2017			2016			2015			2014			2013
Net asset value, beginning of period		$8.78			$8.79			$8.77			$8.83			$8.77			$8.81
Net investment income		0.08			0.14			0.13			0.11			0.12			0.13
Net realized and unrealized gains (losses) on investments		(0.11	)		(0.01	)		0.05			(0.04	)		0.07			(0.04	)
Total from investment operations		(0.03	)		0.13			0.18			0.07			0.19			0.09
Distributions to shareholders from
Net investment income		(0.08	)		(0.14	)		(0.13	)		(0.11	)		(0.13	)		(0.13	)
Net realized gains		0.00			0.00			(0.03	)		(0.02	)		0.00			0.00
Total distributions to shareholders		(0.08	)		(0.14	)		(0.16	)		(0.13	)		(0.13	)		(0.13	)
Net asset value, end of period		$8.67			$8.78			$8.79			$8.77			$8.83			$8.77
Total return1		(0.38	)%		1.49	%		2.14	%		0.82	%		2.15	%		1.04	%
Ratios to average net assets (annualized)
Gross expenses		0.49	%		0.48	%		0.48	%		0.47	%		0.49	%		0.53	%
Net expenses		0.47	%		0.48	%		0.48	%		0.47	%		0.47	%		0.48	%
Net investment income		1.77	%		1.60	%		1.51	%		1.26	%		1.42	%		1.47	%
Supplemental data
Portfolio turnover rate		20	%		50	%		59	%		57	%		70	%		75	%
Net assets, end of period (000s omitted)		$234,225			$230,549			$252,961			$306,832			$330,613			$269,123

¹  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 Short-Term Bond 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 Short-Term Bond 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

All investments are valued each business day as of the close of regular trading on the New York Stock Exchange (generally 4 p.m. Eastern Time), although the Fund may deviate from this calculation time under unusual or unexpected circumstances.

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.

Equity securities and futures that are listed on a foreign or domestic exchange or market are valued at the official closing price or, if none, the last sales price. If no sale occurs on the principal exchange or market that day, a fair value price will be determined in accordance with the Fund’s Valuation Procedures.

Investments in registered open-end investment companies are valued at net asset value. Interests in non-registered investment companies that are redeemable at net asset value are fair valued normally at net asset value.

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 Wells Fargo Asset Management Pricing Committee at Wells Fargo Funds Management, LLC (“Funds Management”). The Board of Trustees retains the authority to make or ratify any valuation decisions or approve any changes to the Valuation Procedures as it deems appropriate. On a quarterly basis, the Board of Trustees receives reports on any valuation actions taken by the Valuation Committee or the Wells Fargo Asset Management Pricing Committee which may include items for ratification.

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.

Securities lending

The Fund may lend its securities from time to time in order to earn additional income in the form of fees or interest on securities received as collateral or the investment of any cash received as collateral. The Fund continues to receive interest or dividends on the securities loaned. The Fund receives collateral in the form of cash or securities with a value at least equal to the value of the securities on loan. The value of the loaned securities is determined at the close of each business day and any additional required collateral is delivered to the Fund on the next business day. In a securities lending transaction, the net asset value of the Fund will be affected by an increase or decrease in the value of the securities loaned and by an increase or decrease in the value of the instrument in which collateral is invested. The amount of securities lending activity undertaken by the Fund fluctuates from time to time. In the event of default or bankruptcy by the borrower, the Fund may be prevented from recovering the loaned securities or gaining access to the collateral or may experience delays or costs in doing so. In addition, the investment of any cash collateral received may lose all or part of its value. The Fund has the right under the lending agreement to recover the securities from the borrower on demand.

Notes to financial statements (unaudited) Wells Fargo Short-Term Bond Fund 25

The Fund lends its securities through an unaffiliated securities lending agent. Cash collateral received in connection with its securities lending transactions is invested in Securities Lending Cash Investments, LLC (the “Securities Lending Fund”). The Securities Lending Fund is exempt from registration under Section 3(c)(7) of the 1940 Act and is managed by Funds Management and is subadvised by Wells Capital Management Incorporated (“WellsCap”), an affiliate of Funds Management and an indirect wholly owned subsidiary of Wells Fargo & Company (“Wells Fargo”). Funds Management receives an advisory fee starting at 0.05% and declining to 0.01% as the average daily net assets of the Securities Lending Fund increase. All of the fees received by Funds Management are paid to WellsCap for its services as subadviser. The Securities Lending Fund seeks to provide a positive return compared to the daily Fed Funds Open Rate by investing in high-quality, U.S. dollar-denominated short-term money market instruments. Securities Lending Fund investments are valued at the evaluated bid price provided by an independent pricing service. Income earned from investment in the Securities Lending Fund, if any, is included in income from affiliated securities on the Statement of Operations.

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.

Futures contracts

The Fund is subject to interest rate risk in the normal course of pursuing its investment objectives. The Fund may buy and sell futures contracts in order to gain exposure to, or protect against, changes in interest rates. The primary risks associated with the use of futures contracts are the imperfect correlation between changes in market values of securities held by the Fund and the prices of futures contracts, and the possibility of an illiquid market.

The aggregate principal amounts of the contracts are not recorded in the financial statements. Fluctuations in the value of the contracts are recorded in the Statement of Assets and Liabilities as an asset or liability and in the Statement of Operations as unrealized gains or losses until the contracts are closed, at which point they are recorded as net realized gains or losses on futures contracts. With futures contracts, there is minimal counterparty risk to the Fund since futures are exchange traded and the exchange’s clearinghouse, as counterparty to all exchange traded futures, guarantees the futures against default.

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. 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 and paid at least annually. Such distributions are determined in accordance with income tax regulations and may differ from U.S. generally accepted accounting principles. Dividend sources are estimated at the time of declaration. The tax character of distributions is determined as of 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 at year end.

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.

26 Wells Fargo Short-Term Bond Fund Notes to financial statements (unaudited)

As of February 28, 2018, the aggregate cost of all investments for federal income tax purposes was $458,771,387 and the unrealized gains (losses) consisted of:

Gross unrealized gains	$	703,991
Gross unrealized losses		(3,220,110	)
Net unrealized losses	$	(2,516,119	)

As of August 31, 2017, the Fund had capital loss carryforwards which consist of $985,371 in long-term capital losses.

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 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.

The following is a summary of the inputs used in valuing the Fund’s assets and liabilities as of February 28, 2018:

	Quoted prices (Level 1)		Other significant observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total
Assets
Investments in:
Agency securities	$	0	$	32,193,239	$	0	$	32,193,239
Asset-backed securities		0		66,076,940		0		66,076,940
Corporate bonds and notes		0		173,052,899		0		173,052,899
Municipal obligations		0		22,075,826		0		22,075,826
Non-agency mortgage-backed securities		0		82,330,678		0		82,330,678
Yankee corporate bonds and notes		0		54,778,266		0		54,778,266
Short-term investments
Commercial paper		0		9,199,755		0		9,199,755
Investment companies		15,980,904		0		0		15,980,904
U.S. Treasury securities		624,685		0		0		624,685
		16,605,589		439,707,603		0		456,313,192
Futures contracts		55,890		0		0		55,890
Total assets	$	16,661,479	$	439,707,603	$	0	$	456,369,082
Liabilities
Futures contracts	$	113,814	$	0	$	0	$	113,814
Total liabilities	$	113,814	$	0	$	0	$	113,814

Notes to financial statements (unaudited) Wells Fargo Short-Term Bond Fund 27

Futures contracts are reported at the cumulative unrealized gains or losses at measurement date. The current day’s variation margin is reported on the Statement of assets and liabilities. All other assets and liabilities are reported at their market value at measurement date.

The Fund recognizes transfers between levels within the fair value hierarchy at the end of the reporting period. At February 28, 2018, 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, 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 0.35% and declining to 0.255% as the average daily net assets of the Fund increase. For the six months ended February 28, 2018, 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 a subadviser to provide daily portfolio management to the Fund. The fee for subadvisory services is borne by Funds Management. WellsCap is the subadviser to the Fund and is entitled to receive a fee from Funds Management at an annual rate starting at 0.15% and declining to 0.05% 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 C,		0.16	%
Institutional Class		0.08

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 December 31, 2018 to waive fees and/or reimburse expenses to the extent necessary to cap the Fund’s expenses at 0.72% for Class A shares, 1.47% for Class C shares, and 0.45% for Institutional Class shares. Prior to February 28, 2018, the Fund’s expense was capped at 0.48% for Institutional 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.

Distribution fee

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

In addition, Funds Distributor is entitled to receive the front-end sales charge from the purchase of Class A shares and a contingent deferred sales charge on the redemption of certain Class A shares. Funds Distributor is also entitled to receive the contingent deferred sales charges from redemptions of Class C shares. For the six months ended February 28, 2018, Funds Distributor received $266 from the sale of Class A shares. No contingent deferred sales charges were incurred by Class A and Class C shares for the six months ended February 28, 2018.

Shareholder servicing fees

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

28 Wells Fargo Short-Term Bond Fund Notes to financial statements (unaudited)

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 under 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. INVESTMENT PORTFOLIO TRANSACTIONS

Purchases and sales of investments, excluding short-term securities, for the six months ended February 28, 2018 were as follows:

Purchases at cost		Sales proceeds
U.S. government	Non-U.S. government	U.S. government	Non-U.S. government
$8,826,061	$116,497,727	$9	$85,878,663

6. DERIVATIVE TRANSACTIONS

During the six months ended February 28, 2018, the Fund entered into futures contracts to speculate on interest rates and to help manage the duration of the portfolio. The Fund had an average notional amount of $189,702,790 in long futures contracts and $30,766,885 in short future contracts during the six months ended February 28, 2018.

On February 28, 2018, the cumulative unrealized losses on futures contracts in the amount of $57,924 are reflected in net unrealized losses on investments on the Statement of Assets and Liabilities. The payable for daily variation margin on open futures contracts reflected in the Statement of Assets and Liabilities only represents the current day’s variation margin. The realized losses and change in unrealized gains (losses) on futures contracts are reflected in the Statement of Operations.

For certain types of derivative transactions, the Fund has entered into International Swaps and Derivatives Association, Inc. master agreements (“ISDA Master Agreements”) or similar agreements with approved counterparties. The ISDA Master Agreements or similar agreements may have requirements to deliver/deposit securities or cash to/with an exchange or broker-dealer as collateral and allows the Fund to offset, with each counterparty, certain derivative financial instrument’s assets and/or liabilities with collateral held or pledged. Collateral requirements differ by type of derivative. Collateral or margin requirements are set by the broker or exchange clearinghouse for exchange traded derivatives while collateral terms are contract specific for over-the-counter traded derivatives. Cash collateral that has been pledged to cover obligations of the Fund under ISDA Master Agreements or similar agreements, if any, are reported separately in the Statement of Assets and Liabilities. Securities pledged as collateral, if any, are noted in the Portfolio of Investments. With respect to balance sheet offsetting, absent an event of default by the counterparty or a termination of the agreement, the reported amounts of financial assets and financial liabilities in the Statement of Assets and Liabilities are not offset across transactions between the Fund and the applicable counterparty. A reconciliation of the gross amounts on the Statement of Assets and Liabilities to the net amounts by counterparty, including any collateral exposure, is as follows:

Counterparty	Gross amounts of assets in the Statement of Assets and Liabilities			Amounts subject to netting agreements			Collateral received		Net amount of assets
JP Morgan	$	55,890	*	$	(55,890	)	$	0	$	0

Counterparty	Gross amounts of liabilities in the Statement of Assets and Liabilities	Amounts subject to netting agreements	Collateral pledged1			Net amount of liabilities
JP Morgan	$113,814*	$(55,890)	$	(57,924	)	$	0

* Amount represents cumulative unrealized gains (losses) on futures contracts which are reported in Net unrealized losses on investments. Only the current day’s variation margin as of February 28, 2018 is reported separately on the Statement of Assets and Liabilities.

¹ Collateral pledged within this table is limited to the collateral for the net transaction with the counterparty.

Notes to financial statements (unaudited) Wells Fargo Short-Term Bond Fund 29

7. BANK BORROWINGS

The Trust (excluding the money market funds and certain other funds) and Wells Fargo Variable Trust are parties to a $280,000,000 revolving credit agreement whereby the Fund is permitted to use bank borrowings for temporary or emergency purposes, such as to fund shareholder redemption requests. Interest under the credit agreement is charged to the Fund based on a borrowing rate equal to the higher of the Federal Funds rate in effect on that day plus 1.25% or the overnight LIBOR rate in effect on that day plus 1.25%. In addition, an annual commitment fee equal to 0.25% of the unused balance is allocated to each participating fund.

For the six months ended February 28, 2018, there were no borrowings by the Fund under the agreement.

9. 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.

30 Wells Fargo Short-Term Bond 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 monthly on the Fund’s website (wellsfargofunds.com), on a one-month delayed basis. In addition, top ten holdings information (excluding derivative positions) for the Fund is publicly available on the Fund’s website on a monthly, seven-day or more 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 Short-Term Bond 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 153 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; Chair Liaison, since 2018	Retired. From 2012 to 2014 and 1999 to 2008, Chief Financial Officer of Scientific Learning Corporation. From 2008 to 2012, Ms. Freeman provided consulting services related to strategic business projects. Prior to 1999, Portfolio Manager at Rockefeller & Co. and Scudder, Stevens & Clark. Board member of the Harding Loevner Funds from 1996 to 2014, serving as both Lead Independent Director and chair of the Audit Committee. Board member of the Russell Exchange Traded Funds Trust from 2011 to 2012 and the chair of the Audit Committee. Ms. Freeman is a Board Member of Ruth Bancroft Garden (non-profit organization) and the Glimmerglass Festival. She is also an inactive Chartered Financial Analyst.	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 Short-Term Bond 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; Governance Committee Chairman, since 2018	International Foundation of Employee Benefit Plans Professor, Wharton School of the University of Pennsylvania since 1993. Director of Wharton’s Pension Research Council and Boettner Center on Pensions & Retirement Research, and Research Associate at the National Bureau of Economic Research. Previously, Cornell University Professor from 1978 to 1993.	Asset Allocation Trust
Timothy J. Penny**** (Born 1951)	Trustee, since 1996; Chairman, since 2018; Vice Chairman, from 2017 to 2018	President and Chief Executive Officer of Southern Minnesota Initiative Foundation, a non-profit organization, since 2007. Member of the Board of Trustees of NorthStar Education Finance, Inc., a non-profit organization, since 2007.	Asset Allocation Trust
James G. Polisson***** (Born 1959)	Trustee, since 2018; Advisory Board Member, from 2017 to 2018	Retired. Chief Marketing Officer, Source (ETF) UK Services, Ltd, from 2015 to 2017. From 2012 to 2015, Principal of The Polisson Group, LLC, a management consulting, corporate advisory and principal investing company. Chief Executive Officer and Managing Director at Russell Investments, Global Exchange Traded Funds from 2010 to 2012. Managing Director of Barclays Global Investors from 1998 to 2010 and Global Chief Marketing Officer for iShares and Barclays Global Investors from 2000 to 2010. Trustee of the San Francisco Mechanics’ Institute, a non-profit organization, from 2013 to 2015. Board member of the Russell Exchange Traded Fund Trust from 2011 to 2012. Director of Barclays Global Investors Holdings Deutschland GmbH from 2006 to 2009. Mr. Polisson is an attorney and has a retired status with the Massachusetts and District of Columbia Bar Associations.	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. Trustee of the Evergreen Fund 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
Pamela Wheelock***** (Born 1959)	Trustee, since 2018; Advisory Board Member, from 2017 to 2018	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.	Asset Allocation Trust

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

** Jane Freeman became Chair Liaison effective January 1, 2018.

*** Olivia Mitchell became Chairman of the Governance Committee effective January 1, 2018.

**** Timothy Penny became Chairman effective January 1, 2018.

***** James Polisson and Pamela Wheelock each became a Trustee effective January 1, 2018.

Other information (unaudited) Wells Fargo Short-Term Bond 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.
Alexander Kymn* (Born 1973)	Secretary, since 2018; Chief Legal Officer, since 2018	Senior Company Counsel of Wells Fargo Bank, N.A. since 2018 (previously Senior Counsel from 2007 to 2018). Vice President of Wells Fargo Funds Management, LLC from 2008 to 2014.
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 77 funds in the Fund Complex. Jeremy DePalma acts as Treasurer of 76 funds and Assistant Treasurer of 77 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.

* Alexander Kymn became the Secretary and Chief Legal Officer effective April 17, 2018.

** David Messman was the Secretary and Chief Legal Officer until April 16, 2018.

34 Wells Fargo Short-Term Bond 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

INR —  Indian rupee

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 Agency

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

SIFMA —  Securities Industry and Financial Markets Association

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 Distributor nor Wells Fargo Funds Management holds fund shareholder accounts or assets. This material is for general informational and educational purposes only and is NOT intended to provide investment advice or a recommendation of any kind—including a recommendation for any specific investment, strategy, or plan.

NOT FDIC INSURED  ◾  NO BANK GUARANTEE  ◾   MAY LOSE VALUE

© 2018 Wells Fargo Funds Management, LLC. All rights reserved.

309372 04-18 SA221/SAR221 02-18

Semi-Annual Report

February 28, 2018

Wells Fargo
Short-Term High Yield Bond Fund

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Contents

Letter to shareholders	2
Performance highlights	4
Fund expenses	6
Portfolio of investments	7
Financial statements
Statement of assets and liabilities	15
Statement of operations	16
Statement of changes in net assets	17
Financial highlights	18
Notes to financial statements	22
Other information	27
List of abbreviations	31

The views expressed and any forward-looking statements are as of February 28, 2018, 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 Short-Term High Yield Bond Fund Letter to shareholders (unaudited)

Andrew Owen

President

Wells Fargo Funds

During the period, stocks globally delivered positive returns.

Dear Shareholder:

We are pleased to offer you this semi-annual report for the Wells Fargo Short-Term High Yield Bond Fund for the six-month period that ended February 28, 2018. During the period, stocks globally delivered positive returns. For the period, U.S. stocks, as measured by the S&P 500 Index¹, gained 10.84% and international stocks, as measured by the MSCI ACWI ex USA Index (Net)², gained 7.59%. In bond markets, the Bloomberg Barclays U.S. Aggregate Bond Index³ declined 2.18% and the Bloomberg Barclays Municipal Bond Index⁴ lost 1.24% while fixed-income investments outside the U.S. gained 2.52%, according to the Bloomberg Barclays Global Aggregate ex-USD Index⁵. The ICE BofAML U.S. High Yield Index⁶ earned 1.01% during the period.

U.S. stocks advanced as business-friendly policies and regulations, newly implemented tax reform, increased hiring activity, and consistent corporate profits led to higher investor and consumer confidence. Internationally, stocks gained as unemployment fell and wages increased in the U.K.; the Bank of Japan continued its accommodative monetary policies; and industrial production, retail sales, and fixed asset investment increased in China. Stock returns in the emerging markets were strong, with the MSCI EM Index (Net)⁷ gaining 10.58% for the period.

Reactions to U.S. interest-rate increases were uneven across the yield curve and globally.

The U.S. Federal Reserve (Fed) increased the federal funds rate twice during the six-month period. Following a federal funds rate increase in June to a range of 1.00% to 1.25%, 10-year U.S. Treasury yields declined, the yield curve flattened, and long-term bond prices benefited.

Internationally, central banks maintained low interest rates and accommodative monetary policies that supported business activity and stock values in foreign markets. A weaker U.S. dollar was generally supportive of business activity in regions around the globe.

Positive economic and market news continued as 2017 closed and 2018 began.

During the fourth quarter of 2017, stock markets continued the move higher. Third-quarter economic output in the U.S. grew at a 3.2% annual rate. The unemployment rate fell to a 17-year low of 4.1%. Tax reform and wage growth encouraged increased business and consumer spending.

Fed officials announced in October 2017 plans to begin unwinding its $4.5 trillion portfolio of bonds and other assets accumulated during rounds of quantitative easing conducted since the 2008–2009 recession. Still, restrained inflation kept long-term bond rates steady and the flattening of the yield curve persisted.

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 indices 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 Bloomberg Barclays Global Aggregate ex-USD Index is an unmanaged index that provides a broad-based measure of the global investment-grade fixed-income markets excluding the U.S. dollar-denominated debt market. You cannot invest directly in an index.

⁶  The ICE BofAML U.S. High Yield Index is a market-capitalization-weighted index of domestic and Yankee high-yield bonds. The index tracks the performance of high-yield securities traded in the U.S. bond market. You cannot invest directly in an index. Copyright 2018. ICE Data Indices, LLC. All rights reserved.

⁷  The MSCI Emerging Markets (EM) Index (Net) is a free-float-adjusted market-capitalization-weighted index that is designed to measure large- and mid-cap equity market performance of emerging markets. The MSCI EM Index (Net) consists of the following 24 emerging markets country indices: Brazil, Chile, China, Colombia, Czech Republic, Egypt, Greece, Hungary, India, Indonesia, Korea, Malaysia, Mexico, Pakistan, Peru, the Philippines, Poland, Qatar, Russia, South Africa, Taiwan, Thailand, Turkey, and the United Arab Emirates. You cannot invest directly in an index.

Letter to shareholders (unaudited) Wells Fargo Short-Term High Yield Bond Fund 3

October 2017 also marked one year since the regulatory reform of money market investing in the U.S. By December 2017, money market fund asset levels exceeded their December 2016 levels, reflecting continued investor demand for short-term investment opportunities offered in money market funds.

In December, the Organisation for Economic Co-operation and Development (OECD) reported that the global economy was expanding at its fastest rate since 2010; all 35 countries the OECD follows were on track to expand for 2017. International economies benefited from economic stimulus, which accelerated trade growth; improving employment; increased investment; and firming commodity prices.

The Fed raised the federal funds rate target to a range of 1.25% to 1.50% in December 2017 and began reducing its bond portfolio.

2018 opened with continued stock advances, then volatility.

Improving business and economic data globally continued to support stock advances through January 2018. Even political wrangling in the U.S. over budget resolutions could not dissuade investors from buying stocks as payrolls and factory orders increased. Long-term interest rates in the U.S. trended higher as the yield curve steepened—the 10-year Treasury rate moved from 2.46% to 2.84% and the 30-year rate moved from 2.81% to 3.08% during January 2018.

Investor sentiment shifted in February. Concerns about inflation began to emerge in the U.S. as readings from the Producer Price Index in January rose 2.5% year over year. During February 2018, the U.S. market endured a loss of more than 10% before recovering much of that loss, but volatility affected stocks globally throughout the month.

During January 2018, purchasing managers’ indexes in China, the eurozone, India, and Japan reported data for December that indicated continued growth. International stock values fell during February 2018, swept up in the selling momentum in U.S. markets.

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

Periods of investment uncertainty can present challenges, but experience has taught us that maintaining long-term investment goals can be an effective way to plan for the future. To help you create a sound strategy based on your personal goals and risk tolerance, Wells Fargo Funds offers more than 100 mutual funds spanning a wide range of asset classes and investment styles. Although diversification cannot guarantee an investment profit or prevent losses, we believe it can be an effective way to manage investment risk and potentially smooth out overall portfolio performance. We encourage investors to know their investments and to understand that appropriate levels of risk-taking may unlock opportunities.

Thank you for choosing to invest with Wells Fargo Funds. We appreciate your confidence in us and remain committed to helping you meet your financial needs.

Sincerely,

Andrew Owen

President

Wells Fargo Funds

During February 2018, the U.S. market endured a loss of more than 10% before recovering much of that loss, but volatility affected stocks globally throughout the month.

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.

4 Wells Fargo Short-Term High Yield Bond Fund Performance highlights (unaudited)

Investment objective

The Fund seeks total return, consisting of a high level of current income and capital appreciation.

Manager

Wells Fargo Funds Management, LLC

Subadviser

Wells Capital Management Incorporated

Portfolio managers

Kevin J. Maas, CFA^®

Thomas M. Price, CFA^®

Michael J. Schueller, CFA^®

Average annual total returns (%) as of February 28, 2018¹

		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 (SSTHX)	2-29-2000		(1.22	)		1.84		3.55		1.83		2.46		3.86		0.93		0.82
Class C (WFHYX)	3-31-2008		0.08			1.69		3.08		1.08		1.69		3.08		1.68		1.57
Administrator Class (WDHYX)	7-30-2010		–			–		–		2.00		2.62		3.98		0.87		0.66
Institutional Class (STYIX)	11-30-2012		–			–		–		2.15		2.78		4.05		0.60		0.51
ICE BofAML High Yield U.S. Corporates, Cash Pay, BB Rated, 1-5 Year Index4	–		–			–		–		2.67		4.47		6.81		–		–

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 return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Performance shown without sales charges would be lower if sales charges were reflected. Current performance may be lower or higher than the performance data quoted, which assumes the reinvestment of dividends and capital gains. Current month-end performance is available on the Fund’s website, wellsfargofunds.com.

Index returns do not include transaction costs associated with buying and selling securities, any mutual fund fees or expenses, or any taxes. It is not possible to invest directly in an index.

For Class A shares, the maximum front-end sales charge is 3.00%. 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. Administrator Class and Institutional Class shares are sold without a front-end sales charge or contingent deferred sales charge.

Bond values fluctuate in response to the financial condition of individual issuers, general market and economic conditions, and changes in interest rates. Changes in market conditions and government policies may lead to periods of heightened volatility in the bond market and reduced liquidity for certain bonds held by the Fund. In general, when interest rates rise, bond values fall and investors may lose principal value. Interest-rate changes and their impact on the Fund and its share price can be sudden and unpredictable. High-yield securities have a greater risk of default and tend to be more volatile than higher-rated debt securities. Loans are subject to risks similar to those associated with other below-investment- grade bond investments, such as credit risk (for example, risk of issuer default), below-investment-grade bond risk (for example, risk of greater volatility in value), and risk that the loan may become illiquid or difficult to price. The use of derivatives may reduce returns and/or increase volatility. Certain investment strategies tend to increase the total risk of an investment (relative to the broader market). The Fund is exposed to foreign investment risk. Consult the Fund’s prospectus for additional information on these and other risks.

Please see footnotes on page 5.

Performance highlights (unaudited) Wells Fargo Short-Term High Yield Bond Fund 5

Ten largest holdings (%) as of February 28, 20185
Sabine Pass Liquefaction LLC, 5.63%, 2-1-2021	1.64
Sprint Communications Incorporated, 9.00%, 11-15-2018	1.59
Charter Communications Operating LLC, 3.65%, 4-30-2025	1.55
Michaels Stores Incorporated, 4.38%, 1-30-2023	1.49
Ally Financial Incorporated, 3.75%, 11-18-2019	1.40
Nielsen Holding and Finance BV, 5.50%, 10-1-2021	1.38
Virgin Media Bristol LLC, 4.09%, 1-15-2026	1.34
Ineos US Finance LLC, 3.65%, 3-31-2024	1.32
MGM Growth Properties LLC, 3.90%, 4-25-2023	1.28
Level 3 Financing Incorporated, 3.85%, 2-22-2024	1.24

Credit quality as of February 28, 2018⁶

¹ Effective June 20, 2008, Advisor Class was renamed Class A and modified to assume the features and attributes of Class A. Historical performance shown for Class A shares through June 19, 2008, includes Advisor Class expenses. Historical performance shown for Class C shares prior to their inception reflects the performance of the former Investor Class shares, adjusted to include the higher expenses applicable to Class C shares. Historical performance shown for Administrator 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 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.

² Reflects the expense ratios as stated in the most recent prospectuses, which include the impact of 0.01% in acquired fund fees and expenses. The expense ratios shown are subject to change and may differ from the annualized expense ratios shown in the financial highlights of this report, which do not include acquired fund fees and expenses.

³ The manager has contractually committed through December 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 0.81% for Class A, 1.56% for Class C, 0.65% for Administrator Class, and 0.50% for Institutional 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. The expense ratio paid by an investor is the net expense ratio (the total annual fund operating expenses after fee waivers) as stated in the prospectuses.

⁴  The ICE BofAML High Yield U.S. Corporates, Cash Pay, BB Rated, 1-5 Year Index is an unmanaged index that generally tracks the performance of BB rated U.S. dollar-denominated corporate bonds publicly issued in the U.S. domestic market with maturities of one to five years. You cannot invest directly in an index.

⁵  The ten largest holdings, excluding cash and cash equivalents, are calculated based on the value of the investments divided by total net assets of the Fund. Holdings are subject to change and may have changed since the date specified.

⁶  The credit quality distribution of portfolio holdings reflected in the chart is based on ratings from Standard & Poor’s, Moody��s Investors Service, and/or Fitch Ratings Ltd. Credit quality ratings apply to the underlying holdings of the Fund and not to the Fund itself. The percentages of the Fund’s portfolio with the ratings depicted in the chart are calculated based on the total market value of fixed income securities held by the Fund. If a security was rated by all three rating agencies, the middle rating was utilized. If rated by two of three rating agencies, the lower rating was utilized, and if rated by one of the rating agencies, that rating was utilized. Standard & Poor’s rates the creditworthiness of bonds, ranging from AAA (highest) to D (lowest). Ratings from A to CCC may be modified by the addition of a plus (+) or minus (-) sign to show relative standing within the rating categories. Standard & Poor’s rates the creditworthiness of short-term notes from SP-1 (highest) to SP-3 (lowest). Moody’s rates the creditworthiness of bonds, ranging from Aaa (highest) to C (lowest). Ratings Aa to B may be modified by the addition of a number 1 (highest) to 3 (lowest) to show relative standing within the ratings categories. Moody’s rates the creditworthiness of short-term U.S. tax-exempt municipal securities from MIG 1/VMIG 1 (highest) to SG (lowest). Fitch rates the creditworthiness of bonds, ranging from AAA (highest) to D (lowest). Credit quality distribution is subject to change and may have changed since the date specified.

6 Wells Fargo Short-Term High Yield Bond Fund Fund expenses (unaudited)

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments and contingent deferred sales charges (if any) on redemptions and (2) ongoing costs, including management fees, distribution (12b-1) and/or shareholder servicing fees, and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The example is based on an investment of $1,000 invested at the beginning of the six-month period and held for the entire period from September 1, 2017 to February 28, 2018.

Actual expenses

The “Actual” line of the table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the “Actual” line under the heading entitled “Expenses paid during period” for your applicable class of shares to estimate the expenses you paid on your account during this period.

Hypothetical example for comparison purposes

The “Hypothetical” line of the table below provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads) and contingent deferred sales charges. Therefore, the “Hypothetical” line of the table is useful in comparing ongoing costs only and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

	Beginning account value 9-1-2017		Ending account value 2-28-2018		Expenses paid during the period¹		Annualized net expense ratio
Class A
Actual	$	1,000.00	$	1,006.89	$	4.03		0.81	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.78	$	4.06		0.81	%
Class C
Actual	$	1,000.00	$	1,003.16	$	7.75		1.56	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,017.06	$	7.80		1.56	%
Administrator Class
Actual	$	1,000.00	$	1,007.69	$	3.24		0.65	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.57	$	3.26		0.65	%
Institutional Class
Actual	$	1,000.00	$	1,008.43	$	2.49		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—February 28, 2018 (unaudited) Wells Fargo Short-Term High Yield Bond Fund 7

Security name	Interest rate			Maturity date		Principal		Value
Corporate Bonds and Notes: 56.47%
Consumer Discretionary: 23.68%
Auto Components: 1.65%
American Axle & Manufacturing Incorporated		6.25	%		3-15-2021	$	13,000,000	$	13,196,430
American Axle & Manufacturing Incorporated		7.75			11-15-2019		4,080,000		4,335,000
Cooper Tire & Rubber Company		8.00			12-15-2019		2,568,000		2,793,984
									20,325,414
Diversified Consumer Services: 1.81%
Service Corporation International		5.38			1-15-2022		13,800,000		14,101,875
TRI Pointe Group Incorporated		4.38			6-15-2019		8,142,000		8,162,355
									22,264,230
Hotels, Restaurants & Leisure: 3.08%
GLP Capital LP/GLP Financing II Incorporated		4.38			11-1-2018		3,370,000		3,370,000
GLP Capital LP/GLP Financing II Incorporated		4.88			11-1-2020		11,929,000		12,227,225
MGM Resorts International		5.25			3-31-2020		9,365,000		9,657,656
NCL Corporation Limited 144A		4.75			12-15-2021		9,906,000		10,116,503
Scientific Games International Incorporated 144A		7.00			1-1-2022		2,507,000		2,638,618
									38,010,002
Household Durables: 3.32%
KB Home		4.75			5-15-2019		7,835,000		7,932,938
Lennar Corporation		4.13			12-1-2018		3,764,000		3,779,056
Lennar Corporation		4.50			6-15-2019		3,400,000		3,442,500
Lennar Corporation		4.50			11-15-2019		11,056,000		11,235,660
Lennar Corporation 144A		6.63			5-1-2020		2,485,000		2,627,888
Lennar Corporation 144A		8.38			5-15-2018		500,000		505,000
Pulte Group Incorporated		4.25			3-1-2021		11,145,000		11,340,038
									40,863,080
Internet & Direct Marketing Retail: 1.13%
Netflix Incorporated		5.38			2-1-2021		13,445,000		13,965,994
Media: 7.93%
Cable One Incorporated 144A		5.75			6-15-2022		10,268,000		10,537,535
CSC Holdings LLC		7.63			7-15-2018		8,945,000		9,056,813
DISH DBS Corporation		7.88			9-1-2019		11,065,000		11,673,575
LIN Television Corporation		5.88	��		11-15-2022		2,870,000		2,963,275
National CineMedia LLC		6.00			4-15-2022		13,525,000		13,643,344
Nexstar Broadcasting Group Incorporated 144A		6.13			2-15-2022		11,535,000		11,881,050
Outfront Media Capital Corporation		5.25			2-15-2022		10,515,000		10,738,444
Sinclair Television Group Incorporated		6.13			10-1-2022		13,200,000		13,612,500
Sirius XM Radio Incorporated 144A		3.88			8-1-2022		2,890,000		2,832,200
TEGNA Incorporated		5.13			10-15-2019		6,174,000		6,258,893
TEGNA Incorporated		5.13			7-15-2020		4,505,000		4,561,313
									97,758,942

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

8 Wells Fargo Short-Term High Yield Bond Fund Portfolio of investments—February 28, 2018 (unaudited)

Security name	Interest rate			Maturity date		Principal		Value
Multiline Retail: 0.60%
Dollar Tree Incorporated		5.25	%		3-1-2020	$	7,305,000	$	7,396,313
Specialty Retail: 2.93%
Gap Incorporated		5.95			4-12-2021		8,965,000		9,506,975
Group 1 Automotive Incorporated		5.00			6-1-2022		7,855,000		8,012,100
L Brands Incorporated		6.63			4-1-2021		5,075,000		5,415,989
Penske Auto Group Incorporated		3.75			8-15-2020		1,905,000		1,890,713
Penske Auto Group Incorporated		5.75			10-1-2022		10,920,000		11,220,300
									36,046,077
Textiles, Apparel & Luxury Goods: 1.23%
The William Carter Company		5.25			8-15-2021		14,890,000		15,206,413
Consumer Staples: 1.97%
Food Products: 1.15%
B&G Foods Incorporated		4.63			6-1-2021		14,070,000		14,122,763
Personal Products: 0.82%
Edgewell Personal Care Company		4.70			5-19-2021		10,124,000		10,174,620
Energy: 5.50%
Oil, Gas & Consumable Fuels: 5.50%
DCP Midstream Operating LLC		2.70			4-1-2019		9,700,000		9,590,875
DCP Midstream Operating LP 144A		5.35			3-15-2020		5,668,000		5,809,700
Rockies Express Pipeline LLC 144A		5.63			4-15-2020		3,190,000		3,313,613
Rockies Express Pipeline LLC 144A		6.00			1-15-2019		12,620,000		12,903,950
Sabine Pass Liquefaction LLC		5.63			2-1-2021		19,170,000		20,247,124
Southern Star Central Corporation 144A		5.13			7-15-2022		8,995,000		9,197,388
Targa Resources Partners LP		4.13			11-15-2019		6,720,000		6,770,400
									67,833,050
Financials: 5.57%
Banks: 0.85%
CIT Group Incorporated		3.88			2-19-2019		10,406,000		10,458,030
Consumer Finance: 3.75%
Ally Financial Incorporated		3.75			11-18-2019		17,160,000		17,254,380
Navient Corporation		5.50			1-15-2019		160,000		162,352
Navient Corporation		8.45			6-15-2018		12,440,000		12,595,500
OneMain Financial Group LLC 144A		7.25			12-15-2021		13,075,000		13,583,291
Toll Brothers Finance Corporation		4.00			12-31-2018		2,650,000		2,666,563
									46,262,086
Mortgage REITs: 0.18%
Starwood Property Trust Incorporated 144A		3.63			2-1-2021		2,210,000		2,193,425
Real Estate Management & Development: 0.79%
Realogy Group LLC 144A		5.25			12-1-2021		9,645,000		9,765,563

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

Portfolio of investments—February 28, 2018 (unaudited) Wells Fargo Short-Term High Yield Bond Fund 9

Security name	Interest rate			Maturity date		Principal		Value
Health Care: 3.98%
Health Care Providers & Services: 3.98%
Acadia Healthcare Company Incorporated		5.13	%		7-1-2022	$	7,232,000	$	7,319,507
Acadia Healthcare Company Incorporated		6.13			3-15-2021		1,618,000		1,646,315
DaVita HealthCare Partners Incorporated		5.75			8-15-2022		7,755,000		7,982,803
Fresenius Medical Care Holdings Incorporated 144A		5.63			7-31-2019		395,000		409,007
HCA Incorporated		3.75			3-15-2019		4,030,000		4,055,308
HCA Incorporated		6.50			2-15-2020		4,120,000		4,336,300
Lifepoint Health Incorporated		5.50			12-1-2021		10,617,000		10,696,628
Select Medical Corporation		6.38			6-1-2021		5,345,000		5,449,067
Tenet Healthcare Corporation		6.00			10-1-2020		6,905,000		7,181,200
									49,076,135
Industrials: 4.49%
Aerospace & Defense: 1.83%
Alcoa Incorporated		6.15			8-15-2020		8,830,000		9,347,261
Moog Incorporated 144A		5.25			12-1-2022		12,865,000		13,250,950
									22,598,211
Airlines: 0.90%
United Continental Holdings Incorporated		6.38			6-1-2018		10,965,000		11,033,531
Commercial Services & Supplies: 0.91%
Clean Harbors Incorporated		5.13			6-1-2021		11,195,000		11,264,969
Machinery: 0.64%
CNH Industrial Capital LLC		3.63			4-15-2018		6,400,000		6,400,000
CNH Industrial Capital LLC		4.38			11-6-2020		1,425,000		1,453,500
									7,853,500
Trading Companies & Distributors: 0.21%
International Lease Finance Corporation		6.25			5-15-2019		2,500,000		2,593,277
Information Technology: 3.29%
Electronic Equipment, Instruments & Components: 0.99%
Sanmina Corporation 144A		4.38			6-1-2019		12,100,000		12,221,000
Software: 0.38%
Symantec Corporation		4.20			9-15-2020		4,635,000		4,723,228
Technology Hardware, Storage & Peripherals: 1.92%
EMC Corporation		2.65			6-1-2020		11,850,000		11,528,121
NCR Corporation		4.63			2-15-2021		7,925,000		7,865,563
Western Digital Corporation 144A		7.38			4-1-2023		3,880,000		4,217,560
									23,611,244

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

10 Wells Fargo Short-Term High Yield Bond Fund Portfolio of investments—February 28, 2018 (unaudited)

Security name	Interest rate			Maturity date		Principal		Value
Materials: 2.68%
Chemicals: 0.26%
Huntsman International LLC		4.88	%		11-15-2020	$	3,175,000	$	3,247,327
Containers & Packaging: 1.34%
Ball Corporation		4.38			12-15-2020		10,425,000		10,659,563
Reynolds Group Holdings		5.75			10-15-2020		5,737,118		5,816,003
									16,475,566
Metals & Mining: 1.08%
Freeport-McMoRan Incorporated		3.10			3-15-2020		1,840,000		1,821,600
United States Steel Corporation 144A		8.38			7-1-2021		10,710,000		11,486,475
									13,308,075
Real Estate: 2.31%
Equity REITs: 1.63%
CoreCivic Incorporated		4.13			4-1-2020		2,545,000		2,545,000
Equinix Incorporated		5.38			1-1-2022		14,195,000		14,709,569
Sabra Health Care REIT Incorporated		5.50			2-1-2021		210,000		214,725
VEREIT Operating Partnership LP		3.00			2-6-2019		2,550,000		2,556,515
									20,025,809
Real Estate Management & Development: 0.68%
Taylor Morrison Communities Incorporated 144A		5.25			4-15-2021		8,285,000		8,367,850
Telecommunication Services: 2.17%
Diversified Telecommunication Services: 0.09%
Hughes Satellite Systems Corporation		6.50			6-15-2019		1,100,000		1,137,125
Wireless Telecommunication Services: 2.08%
Sprint Communications Incorporated 144A		9.00			11-15-2018		18,940,000		19,650,250
Sprint Spectrum LP 144A		3.36			3-20-2023		1,659,375		1,663,523
T-Mobile USA Incorporated		6.63			4-1-2023		4,095,000		4,239,963
									25,553,736
Utilities: 0.83%
Independent Power & Renewable Electricity Producers: 0.83%
NRG Energy Incorporated		6.25			7-15-2022		9,942,000		10,265,115
Total Corporate Bonds and Notes (Cost $703,175,786)									696,001,700
Loans: 31.48%
Consumer Discretionary: 5.37%
Auto Components: 0.87%
Allison Transmission Incorporated (1 Month LIBOR +2.00%) ±		3.65			9-23-2022		7,698,219		7,762,961
Belron Finance US LLC (1 Month LIBOR +2.50%) ±‡		4.29			11-7-2024		3,000,000		3,015,000
									10,777,961

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

Portfolio of investments—February 28, 2018 (unaudited) Wells Fargo Short-Term High Yield Bond Fund 11

Security name	Interest rate			Maturity date		Principal		Value
Household Products: 2.49%
Michaels Stores Incorporated (1 Month LIBOR +2.75%) ±		4.38	%		1-30-2023	$	18,271,903	$	18,350,655
The ServiceMaster Company LLC (1 Month LIBOR +2.50%) ±		4.15			11-8-2023		12,261,150		12,316,325
									30,666,980
Media: 1.82%
Altice US Finance I Corporation (1 Month LIBOR +2.25%) ±		3.90			7-28-2025		10,447,500		10,430,053
CSC Holdings LLC (1 Month LIBOR +2.50%) ±		4.14			1-25-2026		11,932,000		11,941,904
									22,371,957
Specialty Retail: 0.19%
Sally Beauty Holdings Incorporated (1 Month LIBOR +2.50%) ±		4.19			7-5-2024		2,359,088		2,369,892
Consumer Staples: 1.97%
Food Products: 1.97%
Pinnacle Foods Incorporated (1 Month LIBOR +2.00%) ±		3.58			2-2-2024		13,122,450		13,196,986
Post Holdings Incorporated (1 Month LIBOR +2.25%) ±		3.90			5-24-2024		11,119,125		11,130,689
									24,327,675
Financials: 1.87%
Diversified Financial Services: 1.87%
Delos Finance SARL (3 Month LIBOR +2.00%) ±		3.69			10-6-2023		9,865,000		9,886,111
LPL Holdings Incorporated (3 Month LIBOR +2.25%) ±		3.81			9-23-2024		13,130,154		13,150,637
									23,036,748
Health Care: 2.40%
Health Care Providers & Services: 1.47%
HCA Incorporated (1 Month LIBOR +2.00%) ±		3.65			3-17-2023		12,108,500		12,170,738
Select Medical Corporation (3 Month LIBOR +3.50%) ±		5.21			3-1-2021		5,900,413		5,922,539
									18,093,277
Health Care Technology: 0.48%
Change Healthcare Holdings Incorporated (1 Month LIBOR +2.75%) ±		4.40			3-1-2024		5,860,713		5,870,969
Pharmaceuticals: 0.45%
Endo Finance LLC (1 Month LIBOR +4.25%) ±		5.94			4-29-2024		5,577,375		5,562,037
Industrials: 9.05%
Airlines: 1.53%
Delta Air Lines Incorporated (1 Month LIBOR +2.50%) ±		4.15			8-24-2022		10,879,575		10,953,447
United Airlines Incorporated (3 Month LIBOR +2.00%) ±		3.77			4-1-2024		7,870,525		7,901,692
									18,855,139
Commercial Services & Supplies: 3.49%
Advanced Disposal Services Incorporated (1 Month LIBOR +2.25%) ±		3.72			11-10-2023		12,633,275		12,673,449
Aramark Services Incorporated (1 Month LIBOR +2.00%) ±		3.65			3-28-2024		6,327,661		6,363,285
Aramark Services Incorporated (1 Month LIBOR +2.00%) ±		3.65			3-11-2025		6,360,000		6,397,778

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

12 Wells Fargo Short-Term High Yield Bond Fund Portfolio of investments—February 28, 2018 (unaudited)

Security name	Interest rate			Maturity date		Principal		Value
Commercial Services & Supplies (continued)
KAR Auction Services Incorporated (3 Month LIBOR +2.25%) ±		4.00	%		3-11-2021	$	13,324,083	$	13,403,228
Sensata Technologies BV (1 Month LIBOR +1.75%) ±		3.33			10-14-2021		4,187,303		4,209,537
									43,047,277
Communications Equipment: 2.89%
Charter Communications Operating LLC (1 Month LIBOR +2.00%) ±		3.65			4-30-2025		19,115,000		19,150,936
Virgin Media Bristol LLC (1 Month LIBOR +2.50%) ±		4.09			1-15-2026		16,465,000		16,517,523
									35,668,459
Machinery: 1.14%
Columbus Mckinnon Corporation (3 Month LIBOR +3.00%) ±‡		4.62			1-31-2024		6,514,143		6,534,532
RBS Global Incorporated (1 Month LIBOR +2.25%) ±		3.85			8-21-2024		7,400,000		7,443,512
									13,978,044
Information Technology: 3.49%
Communications Equipment: 0.50%
CommScope Incorporated (1 Month LIBOR +2.00%) ±		3.65			12-29-2022		6,123,917		6,154,536
Electronic Equipment, Instruments & Components: 0.90%
Dell Incorporated (1 Month LIBOR +2.00%) ±		3.65			9-7-2023		2,667,574		2,667,014
Zebra Technologies Corporation (3 Month LIBOR +2.00%) ±		3.75			10-27-2021		8,318,816		8,356,500
									11,023,514
Internet Software & Services: 0.80%
Zayo Group LLC (1 Month LIBOR +2.25%) ±		3.87			1-19-2024		9,837,884		9,879,203
IT Services: 1.04%
First Data Corporation (1 Month LIBOR +2.25%) ±		3.87			7-8-2022		12,826,685		12,847,079
Semiconductors & Semiconductor Equipment: 0.25%
Micron Technology Incorporated (1 Month LIBOR +2.00%) ±		3.65			4-26-2022		3,095,714		3,112,307
Materials: 3.63%
Chemicals: 1.78%
Ashland LLC (3 Month LIBOR +2.00%) ±		3.60			5-24-2024		5,716,275		5,747,257
Ineos US Finance LLC (1 Month LIBOR +2.00%) ±		3.65			3-31-2024		16,219,074		16,257,838
									22,005,095
Containers & Packaging: 1.85%
Berry Plastics Corporation (1 Month LIBOR +2.00%) ±		3.58			2-8-2020		12,407,843		12,454,373
Reynolds Group Holdings Incorporated (1 Month LIBOR +2.75%) ±		4.40			2-5-2023		10,283,311		10,328,351
									22,782,724
Real Estate: 1.28%
Equity REITs: 1.28%
MGM Growth Properties LLC (1 Month LIBOR +2.25%) ±		3.90			4-25-2023		15,734,282		15,798,163

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

Portfolio of investments—February 28, 2018 (unaudited) Wells Fargo Short-Term High Yield Bond Fund 13

Security name	Interest rate			Maturity date		Principal		Value
Telecommunication Services: 2.42%
Diversified Telecommunication Services: 1.24%
Level 3 Financing Incorporated (1 Month LIBOR +2.25%) ±		3.85	%		2-22-2024	$	15,258,850	$	15,282,196
Wireless Telecommunication Services: 1.18%
SBA Communications Corporation (1 Month LIBOR +2.25%) ±		3.90			3-24-2021		14,475,000		14,529,281
Total Loans (Cost $387,926,622)									388,040,513
Non-Agency Mortgage-Backed Securities: 0.00%
Salomon Brothers Mortgage Securities VII Series 1994-5 Class B2 ±±		3.85			4-25-2024		29,190		25,878
Total Non-Agency Mortgage-Backed Securities (Cost $28,908)									25,878
Yankee Corporate Bonds and Notes: 8.70%
Consumer Discretionary: 2.58%
Auto Components: 0.40%
IHO Verwaltungs GmbH 144A		4.13			9-15-2021		4,960,000		4,947,600
Automobiles: 1.08%
Jaguar Land Rover Automotive plc 144A		4.13			12-15-2018		13,235,000		13,284,631
Hotels, Restaurants & Leisure: 1.10%
International Game Technology plc 144A		5.63			2-15-2020		13,120,000		13,513,600
Financials: 1.98%
Banks: 1.97%
Nielsen Holding and Finance BV 144A		5.50			10-1-2021		16,670,000		17,045,075
Royal Bank of Scotland Group plc		4.70			7-3-2018		7,240,000		7,284,295
									24,329,370
Diversified Financial Services: 0.01%
Virgin Media Finance plc		5.25			1-15-2021		75,000		77,625
Health Care: 2.88%
Pharmaceuticals: 2.88%
Mallinckrodt International Finance SA		3.50			4-15-2018		14,745,000		14,634,413
Teva Pharmaceuticals Industries Incorporated		1.70			7-19-2019		13,458,000		13,131,655
Valeant Pharmaceuticals International Incorporated 144A		6.50			3-15-2022		7,415,000		7,711,600
									35,477,668
Information Technology: 0.41%
Communications Equipment: 0.25%
Nokia Corporation		5.38			5-15-2019		3,094,000		3,164,512
Semiconductors & Semiconductor Equipment: 0.16%
NXP BV/NXP Funding LLC 144A		4.13			6-15-2020		1,900,000		1,933,250

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

14 Wells Fargo Short-Term High Yield Bond Fund Portfolio of investments—February 28, 2018 (unaudited)

Security name	Interest rate			Maturity date		Principal		Value
Materials: 0.85%
Metals & Mining: 0.85%
ArcelorMittal SA		6.00	%		3-1-2021	$	9,970,000	$	10,468,500
Total Yankee Corporate Bonds and Notes (Cost $108,406,170)									107,196,756
	Yield					Shares
Short-Term Investments: 3.97%
Investment Companies: 3.97%
Wells Fargo Government Money Market Fund Select Class (l)(u)		1.29					48,942,578		48,942,578
Total Short-Term Investments (Cost $48,942,578)									48,942,578

Total investments in securities (Cost $1,248,480,064)	100.62	%		1,240,207,425
Other assets and liabilities, net	(0.62	)		(7,599,614	)
Total net assets	100.00	%	$	1,232,607,811

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.

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

‡ Security is valued using significant unobservable inputs.

±± The coupon of the security is adjusted based on the principal and interest payments received from the underlying pool of mortgages as well as the credit quality and the actual prepayment speed of the underlying mortgages.

(l) The issuer of the security is an affiliated person of the Fundo as defined in the Investment Company Act of 1940.

(u) The rate represents the 7-day annualized yield at period end.

Investments In Affiliates

An affiliated investment is an investment in which the Fund owns at least 5% of the outstanding voting shares of the issuer or as a result of the Fund and the issuer having the same investment manager. Transactions with issuers that were either affiliates of the Fund at the beginning of the period or the end of the period were as follows:

	Shares, beginning of period		Shares purchased		Shares sold		Shares, end of period		Net realized gains (losses)		Net change in unrealized gains (losses)			Income from affiliated securities		Value, end of period		% of net assets
Short-Term Investment
Investment Companies
Securities Lending Cash Investment LLC *		25,070,746		10,225,900		35,296,646		0	$	513	$	(513	)	$	38,115
Wells Fargo Government Money Market Fund Select Class		69,795,859		417,055,674		437,908,955		48,942,578		0		0			353,875	$	48,942,578
									$	513	$	(513	)	$	391,990	$	48,942,578		3.97	%

* No longer held at the end of the period.

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

Statement of assets and liabilities—February 28, 2018 (unaudited) Wells Fargo Short-Term High Yield Bond Fund 15

Assets
Investments in unaffiliated securities, at value (cost $1,199,537,486)	$	1,191,264,847
Investment in affiliated securities, at value (cost $48,942,578)		48,942,578
Cash		452
Receivable for investments sold		23,619,281
Receivable for Fund shares sold		1,182,528
Receivable for interest		11,873,030
Receivable for securities lending income		336
Prepaid expenses and other assets		58,446
Total assets		1,276,941,498
Liabilities
Payable for Fund shares redeemed		43,049,502
Dividends payable		522,765
Management fee payable		376,290
Administration fees payable		97,394
Distribution fee payable		53,100
Trustees’ fees and expenses payable		2,297
Accrued expenses and other liabilities		232,339
Total liabilities		44,333,687
Total net assets	$	1,232,607,811
NET ASSETS CONSIST OF
Paid-in capital	$	1,274,308,256
Undistributed net investment income		16
Accumulated net realized losses on investments		(33,427,822	)
Net unrealized losses on investments		(8,272,639	)
Total net assets	$	1,232,607,811
COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE PER SHARE
Net assets – Class A	$	147,454,463
Shares outstanding – Class A1		18,410,996
Net asset value per share – Class A		$8.01
Maximum offering price per share – Class A2		$8.26
Net assets – Class C	$	91,009,621
Shares outstanding – Class C1		11,359,569
Net asset value per share – Class C		$8.01
Net assets – Administrator Class	$	109,092,596
Shares outstanding – Administrator Class1		13,621,764
Net asset value per share – Administrator Class		$8.01
Net assets – Institutional Class	$	885,051,131
Shares outstanding – Institutional Class1		110,655,430
Net asset value per share – Institutional Class		$8.00

¹  The Fund has an unlimited number of authorized shares.

²  Maximum offering price is computed as 100/97 of net asset value. On investments of $50,000 or more, the offering price is reduced.

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

16 Wells Fargo Short-Term High Yield Bond Fund Statement of operations—six months ended February 28, 2018 (unaudited)

Investment income
Interest	$	25,189,203
Income from affiliated securities		391,990
Total investment income		25,581,193
Expenses
Management fee		3,299,035
Administration fees
Class A		128,296
Class C		80,266
Administrator Class		57,546
Institutional Class		403,118
Shareholder servicing fees
Class A		200,463
Class C		125,416
Administrator Class		141,401
Distribution fee
Class C		376,249
Custody and accounting fees		49,384
Professional fees		25,583
Registration fees		68,016
Shareholder report expenses		56,458
Trustees’ fees and expenses		11,314
Other fees and expenses		12,411
Total expenses		5,034,956
Less: Fee waivers and/or expense reimbursements		(709,323	)
Net expenses		4,325,633
Net investment income		21,255,560
REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS
Net realized gains (losses) on:
Unaffiliated securities		(1,922,231	)
Affiliated securities		513
Net realized losses on investments		(1,921,718	)
Net change in unrealized gains (losses) on:
Unaffiliated securities		(8,453,152	)
Affiliated securities		(513	)
Net change in unrealized gains (losses) on investments		(8,453,665	)
Net realized and unrealized gains (losses) on investments		(10,375,383	)
Net increase in net assets resulting from operations	$	10,880,177

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

Statement of changes in net assets Wells Fargo Short-Term High Yield Bond Fund 17

	Six months ended February 28, 2018 (unaudited)						Year ended August 31, 2017
Operations
Net investment income				$	21,255,560					$	43,836,738
Net realized gains (losses) on investments					(1,921,718	)					802,646
Net change in unrealized gains (losses) on investments					(8,453,665	)					(6,629,131	)
Net increase in net assets resulting from operations					10,880,177						38,010,253
Distributions to shareholders from
Net investment income
Class A					(2,314,358	)					(6,731,705	)
Class C					(1,071,921	)					(2,509,379	)
Administrator Class					(1,751,526	)					(6,042,398	)
Institutional Class					(16,117,758	)					(28,553,188	)
Total distributions to shareholders					(21,255,563	)					(43,836,670	)
Capital share transactions		Shares						Shares
Proceeds from shares sold
Class A		1,838,211			14,796,625			8,218,727			66,450,237
Class C		503,799			4,057,682			2,295,200			18,559,388
Administrator Class		1,706,665			13,721,832			10,857,614			87,797,670
Institutional Class		24,592,916			197,691,925			70,215,763			566,574,238
					230,268,064						739,381,533
Reinvestment of distributions
Class A		276,665			2,226,352			809,709			6,545,416
Class C		130,030			1,046,593			300,002			2,425,528
Administrator Class		207,075			1,666,380			692,079			5,593,836
Institutional Class		1,637,895			13,162,998			2,812,373			22,702,333
					18,102,323						37,267,113
Payment for shares redeemed
Class A		(5,039,837	)		(40,539,564	)		(24,321,739	)		(196,820,631	)
Class C		(3,059,920	)		(24,640,230	)		(4,080,018	)		(32,986,378	)
Administrator Class		(4,909,142	)		(39,551,043	)		(28,866,091	)		(232,943,723	)
Institutional Class		(41,008,909	)		(328,903,666	)		(38,479,828	)		(310,549,066	)
					(433,634,503	)					(773,299,798	)
Net increase (decrease) in net assets resulting from capital share transactions					(185,264,116	)					3,348,848
Total decrease in net assets					(195,639,502	)					(2,477,569	)
Net assets
Beginning of period					1,428,247,313						1,430,724,882
End of period				$	1,232,607,811					$	1,428,247,313
Undistributed net investment income				$	16					$	19

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

18 Wells Fargo Short-Term High Yield Bond Fund Financial highlights

(For a share outstanding throughout each period)

	Six months ended February 28, 2018 (unaudited)			Year ended August 31
CLASS A				2017			2016			2015			2014			2013
Net asset value, beginning of period		$8.07			$8.10			$8.07			$8.20			$8.21			$8.26
Net investment income		0.12	1		0.23			0.24			0.25			0.27			0.31
Net realized and unrealized gains (losses) on investments		(0.06	)		(0.03	)		0.03			(0.13	)		0.01			(0.05	)
Total from investment operations		0.06			0.20			0.27			0.12			0.28			0.26
Distributions to shareholders from
Net investment income		(0.12	)		(0.23	)		(0.24	)		(0.25	)		(0.27	)		(0.31	)
Net realized gains		0.00		��	0.00			0.00			0.00			(0.02	)		(0.00	)2
Total distributions to shareholders		(0.12	)		(0.23	)		(0.24	)		(0.25	)		(0.29	)		(0.31	)
Net asset value, end of period		$8.01			$8.07			$8.10			$8.07			$8.20			$8.21
Total return3		0.69	%		2.51	%		3.37	%		1.46	%		3.40	%		3.17	%
Ratios to average net assets (annualized)
Gross expenses		0.92	%		0.92	%		0.92	%		0.92	%		0.91	%		0.94	%
Net expenses		0.81	%		0.81	%		0.81	%		0.81	%		0.81	%		0.81	%
Net investment income		2.89	%		2.88	%		2.95	%		3.11	%		3.27	%		3.73	%
Supplemental data
Portfolio turnover rate		25	%		35	%		32	%		40	%		28	%		33	%
Net assets, end of period (000s omitted)		$147,454			$172,151			$296,817			$203,856			$276,436			$285,726

¹  Calculated based upon shares outstanding

²  Amount is less than $0.005.

³  Total return calculations do not include any sales charges. 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 Short-Term High Yield Bond Fund 19

(For a share outstanding throughout each period)

	Six months ended February 28, 2018 (unaudited)			Year ended August 31
CLASS C				2017			2016			2015			2014			2013
Net asset value, beginning of period		$8.07			$8.10			$8.07			$8.20			$8.21			$8.26
Net investment income		0.09			0.17			0.18			0.19			0.21			0.25
Net realized and unrealized gains (losses) on investments		(0.06	)		(0.03	)		0.03			(0.13	)		0.01			(0.06	)
Total from investment operations		0.03			0.14			0.21			0.06			0.22			0.19
Distributions to shareholders from
Net investment income		(0.09	)		(0.17	)		(0.18	)		(0.19	)		(0.21	)		(0.24	)
Net realized gains		0.00			0.00			0.00			0.00			(0.02	)		(0.00	)1
Total distributions to shareholders		(0.09	)		(0.17	)		(0.18	)		(0.19	)		(0.23	)		(0.24	)
Net asset value, end of period		$8.01			$8.07			$8.10			$8.07			$8.20			$8.21
Total return2		0.32	%		1.75	%		2.60	%		0.70	%		2.62	%		2.40	%
Ratios to average net assets (annualized)
Gross expenses		1.67	%		1.67	%		1.67	%		1.67	%		1.66	%		1.69	%
Net expenses		1.56	%		1.56	%		1.56	%		1.56	%		1.56	%		1.56	%
Net investment income		2.14	%		2.11	%		2.20	%		2.36	%		2.52	%		2.98	%
Supplemental data
Portfolio turnover rate		25	%		35	%		32	%		40	%		28	%		33	%
Net assets, end of period (000s omitted)		$91,010			$111,268			$123,745			$123,521			$143,444			$133,379

¹  Amount is less than $0.005.

²  Total return calculations do not include any sales charges. 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 Short-Term High Yield Bond Fund Financial highlights

(For a share outstanding throughout each period)

	Six months ended February 28, 2018 (unaudited)			Year ended August 31
ADMINISTRATOR CLASS				2017			2016			2015			2014			2013
Net asset value, beginning of period		$8.07			$8.10			$8.07			$8.20			$8.20			$8.26
Net investment income		0.12			0.24			0.25			0.26			0.28			0.32
Net realized and unrealized gains (losses) on investments		(0.06	)		(0.03	)		0.03			(0.13	)		0.02			(0.06	)
Total from investment operations		0.06			0.21			0.28			0.13			0.30			0.26
Distributions to shareholders from
Net investment income		(0.12	)		(0.24	)		(0.25	)		(0.26	)		(0.28	)		(0.32	)
Net realized gains		0.00			0.00			0.00			0.00			(0.02	)		(0.00	)1
Total distributions to shareholders		(0.12	)		(0.24	)		(0.25	)		(0.26	)		(0.30	)		(0.32	)
Net asset value, end of period		$8.01			$8.07			$8.10			$8.07			$8.20			$8.20
Total return2		0.77	%		2.68	%		3.54	%		1.62	%		3.69	%		3.21	%
Ratios to average net assets (annualized)
Gross expenses		0.85	%		0.86	%		0.86	%		0.85	%		0.84	%		0.87	%
Net expenses		0.65	%		0.65	%		0.65	%		0.65	%		0.65	%		0.65	%
Net investment income		3.04	%		3.03	%		3.11	%		3.28	%		3.44	%		3.89	%
Supplemental data
Portfolio turnover rate		25	%		35	%		32	%		40	%		28	%		33	%
Net assets, end of period (000s omitted)		$109,093			$134,070			$274,878			$328,934			$509,059			$550,981

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 Short-Term High Yield Bond Fund 21

(For a share outstanding throughout each period)

	Six months ended February 28, 2018 (unaudited)			Year ended August 31
INSTITUTIONAL CLASS				2017			2016			2015			2014			20131
Net asset value, beginning of period		$8.06			$8.09			$8.06			$8.18			$8.19			$8.28
Net investment income		0.13			0.25			0.26			0.28			0.29			0.25
Net realized and unrealized gains (losses) on investments		(0.06	)		(0.02	)		0.03			(0.13	)		0.01			(0.09	)
Total from investment operations		0.07			0.23			0.29			0.15			0.30			0.16
Distributions to shareholders from
Net investment income		(0.13	)		(0.26	)		(0.26	)		(0.27	)		(0.29	)		(0.25	)
Net realized gains		0.00			0.00			0.00			0.00			(0.02	)		(0.00	)2
Total distributions to shareholders		(0.13	)		(0.26	)		(0.26	)		(0.27	)		(0.31	)		(0.25	)
Net asset value, end of period		$8.00			$8.06			$8.09			$8.06			$8.18			$8.19
Total return3		0.84	%		2.83	%		3.69	%		1.90	%		3.72	%		1.92	%
Ratios to average net assets (annualized)
Gross expenses		0.59	%		0.59	%		0.59	%		0.59	%		0.58	%		0.60	%
Net expenses		0.50	%		0.50	%		0.50	%		0.50	%		0.50	%		0.50	%
Net investment income		3.20	%		3.16	%		3.26	%		3.40	%		3.58	%		4.05	%
Supplemental data
Portfolio turnover rate		25	%		35	%		32	%		40	%		28	%		33	%
Net assets, end of period (000s omitted)		$885,051			$1,010,757			$735,285			$608,704			$540,824			$211,642

¹  For the period from November 30, 2012 (commencement of class operations) to August 31, 2013

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.

22 Wells Fargo Short-Term High Yield Bond 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 Short-Term High Yield Bond 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

All investments are valued each business day as of the close of regular trading on the New York Stock Exchange (generally 4 p.m. Eastern Time), although the Fund may deviate from this calculation time under unusual or unexpected circumstances.

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 in registered open-end investment companies are valued at net asset value. Interests in non-registered investment companies that are redeemable at net asset value are fair valued normally at net asset value.

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 Wells Fargo Asset Management Pricing Committee at Wells Fargo Funds Management, LLC (“Funds Management”). The Board of Trustees retains the authority to make or ratify any valuation decisions or approve any changes to the Valuation Procedures as it deems appropriate. On a quarterly basis, the Board of Trustees receives reports on any valuation actions taken by the Valuation Committee or the Wells Fargo Asset Management Pricing Committee which may include items for ratification.

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.

Securities lending

The Fund may lend its securities from time to time in order to earn additional income in the form of fees or interest on securities received as collateral or the investment of any cash received as collateral. The Fund continues to receive interest or dividends on the securities loaned. The Fund receives collateral in the form of cash or securities with a value at least equal to the value of the securities on loan. The value of the loaned securities is determined at the close of each business day and any additional required collateral is delivered to the Fund on the next business day. In a securities lending transaction, the net asset value of the Fund will be affected by an increase or decrease in the value of the securities loaned and by an increase or decrease in the value of the instrument in which collateral is invested. The amount of securities lending activity undertaken by the Fund fluctuates from time to time. In the event of default or bankruptcy by the borrower, the Fund may be prevented from recovering the loaned securities or gaining access to the collateral or may experience delays or costs in doing so. In addition, the investment of any cash collateral received may lose all or part of its value. The Fund has the right under the lending agreement to recover the securities from the borrower on demand.

Notes to financial statements (unaudited) Wells Fargo Short-Term High Yield Bond Fund 23

The Fund lends its securities through an unaffiliated securities lending agent. Cash collateral received in connection with its securities lending transactions is invested in Securities Lending Cash Investments, LLC (the “Securities Lending Fund”). The Securities Lending Fund is exempt from registration under Section 3(c)(7) of the 1940 Act and is managed by Funds Management and is subadvised by Wells Capital Management Incorporated (“WellsCap”), an affiliate of Funds Management and an indirect wholly owned subsidiary of Wells Fargo & Company (“Wells Fargo”). Funds Management receives an advisory fee starting at 0.05% and declining to 0.01% as the average daily net assets of the Securities Lending Fund increase. All of the fees received by Funds Management are paid to WellsCap for its services as subadviser. The Securities Lending Fund seeks to provide a positive return compared to the daily Fed Funds Open Rate by investing in high-quality, U.S. dollar-denominated short-term money market instruments. Securities Lending Fund investments are valued at the evaluated bid price provided by an independent pricing service. Income earned from investment in the Securities Lending Fund, if any, is included in income from affiliated securities on the Statement of Operations.

Loans

The Fund may invest in direct debt instruments which are interests in amounts owed to lenders by corporate or other borrowers. The loans pay interest at rates which are periodically reset by reference to a base lending rate plus a spread. Investments in loans may be in the form of participations in loans or assignments of all or a portion of loans from third parties. When the Fund purchases participations, it generally has no rights to enforce compliance with terms of the loan agreement with the borrower. As a result, the Fund assumes the credit risk of both the borrower and the lender that is selling the participation. When the Fund purchases assignments from lenders, it acquires direct rights against the borrower on the loan and may enforce compliance by the borrower with the terms of the loan agreement. Loans may include fully funded term loans or unfunded loan commitments, which are contractual obligations for future funding.

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. 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 declared daily and paid monthly. Distributions from net realized gains, if any, are recorded on the ex-dividend date and paid at least annually. Such distributions are determined in accordance with income tax regulations and may differ from U.S. generally accepted accounting principles. Dividend sources are estimated at the time of declaration. The tax character of distributions is determined as of 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 at year end.

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 February 28, 2018, the aggregate cost of all investments for federal income tax purposes was $1,248,481,644 and the unrealized gains (losses) consisted of:

Gross unrealized gains	$	929,949
Gross unrealized losses		(9,203,168	)
Net unrealized losses	$	(8,274,219	)

24 Wells Fargo Short-Term High Yield Bond Fund Notes to financial statements (unaudited)

As of August 31, 2017, the Fund had capital loss carryforwards available to offset future net realized capital gains which consist of $8,436,157 in short-term capital losses and $22,303,148 in long-term capital losses.

As of August 31, 2017, the Fund had current year deferred post-October capital losses consisting of $752,729 in short-term losses which were recognized on the first day of the current fiscal year.

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 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.

The following is a summary of the inputs used in valuing the Fund’s assets and liabilities as of February 28, 2018:

	Quoted prices (Level 1)		Other significant observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total
Assets
Investments in:
Corporate bonds and notes	$	0	$	696,001,700	$	0	$	696,001,700
Loans		0		378,490,981		9,549,532		388,040,513
Non-agency mortgage-backed securities		0		25,878		0		25,878
Yankee corporate bonds and notes		0		107,196,756		0		107,196,756
Short-term investments
Investment companies		48,942,578		0		0		48,942,578
Total assets	$	48,942,578	$	1,181,715,315	$	9,549,532	$	1,240,207,425

The Fund recognizes transfers between levels within the fair value hierarchy at the end of the reporting period. At February 28, 2018, 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, 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

Notes to financial statements (unaudited) Wells Fargo Short-Term High Yield Bond Fund 25

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 0.50% and declining to 0.38% as the average daily net assets of the Fund increase. For the six months ended February 28, 2018, the management fee was equivalent to an annual rate of 0.48% 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. WellsCap is the subadviser to the Fund and is entitled to receive a fee from Funds Management at an annual rate starting at 0.35% and declining to 0.20% 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 C		0.16	%
Administrator Class		0.10
Institutional Class		0.08

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 December 31, 2018 to waive fees and/or reimburse expenses to the extent necessary to cap the Fund’s expenses at 0.81% for Class A shares, 1.56% for Class C shares, 0.65% for Administrator Class shares, and 0.50% for Institutional 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.

Distribution fee

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

In addition, Funds Distributor is entitled to receive the front-end sales charge from the purchase of Class A shares and a contingent deferred sales charge on the redemption of certain Class A shares. Funds Distributor is also entitled to receive the contingent deferred sales charges from redemptions of Class C shares. For the six months ended February 28, 2018, Funds Distributor received $894 from the sale of Class A shares and $150 in contingent deferred sales charges from redemptions of Class C shares. No contingent deferred sales charges were incurred by Class A shares for the six months ended February 28, 2018.

Shareholder servicing fees

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

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

Interfund transactions

The Fund may purchase or sell portfolio investment securities to certain other Wells Fargo affiliates pursuant to Rule 17a-7 under 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 $436,469 in interfund purchases during the six months ended February 28, 2018.

26 Wells Fargo Short-Term High Yield Bond Fund Notes to financial statements (unaudited)

5. INVESTMENT PORTFOLIO TRANSACTIONS

Purchases and sales of investments, excluding U.S. government obligations (if any) and short-term securities, for the six months ended February 28, 2018 were $326,688,216 and $368,604,789, respectively.

6. BANK BORROWINGS

The Trust (excluding the money market funds and certain other funds) and Wells Fargo Variable Trust are parties to a $280,000,000 revolving credit agreement whereby the Fund is permitted to use bank borrowings for temporary or emergency purposes, such as to fund shareholder redemption requests. Interest under the credit agreement is charged to the Fund based on a borrowing rate equal to the higher of the Federal Funds rate in effect on that day plus 1.25% or the overnight LIBOR rate in effect on that day plus 1.25%. In addition, an annual commitment fee equal to 0.25% of the unused balance is allocated to each participating fund.

For the six months ended February 28, 2018, there were no borrowings by the Fund under the agreement.

7. 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.

Other information (unaudited) Wells Fargo Short-Term High Yield Bond Fund 27

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 monthly on the Fund’s website (wellsfargofunds.com), on a one-month delayed basis. In addition, top ten holdings information (excluding derivative positions) for the Fund is publicly available on the Fund’s website on a monthly, seven-day or more 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.

28 Wells Fargo Short-Term High Yield Bond 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 153 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; Chair Liaison, since 2018	Retired. From 2012 to 2014 and 1999 to 2008, Chief Financial Officer of Scientific Learning Corporation. From 2008 to 2012, Ms. Freeman provided consulting services related to strategic business projects. Prior to 1999, Portfolio Manager at Rockefeller & Co. and Scudder, Stevens & Clark. Board member of the Harding Loevner Funds from 1996 to 2014, serving as both Lead Independent Director and chair of the Audit Committee. Board member of the Russell Exchange Traded Funds Trust from 2011 to 2012 and the chair of the Audit Committee. Ms. Freeman is a Board Member of Ruth Bancroft Garden (non-profit organization) and the Glimmerglass Festival. She is also an inactive Chartered Financial Analyst.	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 Short-Term High Yield Bond Fund 29

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; Governance Committee Chairman, since 2018	International Foundation of Employee Benefit Plans Professor, Wharton School of the University of Pennsylvania since 1993. Director of Wharton’s Pension Research Council and Boettner Center on Pensions & Retirement Research, and Research Associate at the National Bureau of Economic Research. Previously, Cornell University Professor from 1978 to 1993.	Asset Allocation Trust
Timothy J. Penny**** (Born 1951)	Trustee, since 1996; Chairman, since 2018; Vice Chairman, from 2017 to 2018	President and Chief Executive Officer of Southern Minnesota Initiative Foundation, a non-profit organization, since 2007. Member of the Board of Trustees of NorthStar Education Finance, Inc., a non-profit organization, since 2007.	Asset Allocation Trust
James G. Polisson***** (Born 1959)	Trustee, since 2018; Advisory Board Member, from 2017 to 2018	Retired. Chief Marketing Officer, Source (ETF) UK Services, Ltd, from 2015 to 2017. From 2012 to 2015, Principal of The Polisson Group, LLC, a management consulting, corporate advisory and principal investing company. Chief Executive Officer and Managing Director at Russell Investments, Global Exchange Traded Funds from 2010 to 2012. Managing Director of Barclays Global Investors from 1998 to 2010 and Global Chief Marketing Officer for iShares and Barclays Global Investors from 2000 to 2010. Trustee of the San Francisco Mechanics’ Institute, a non-profit organization, from 2013 to 2015. Board member of the Russell Exchange Traded Fund Trust from 2011 to 2012. Director of Barclays Global Investors Holdings Deutschland GmbH from 2006 to 2009. Mr. Polisson is an attorney and has a retired status with the Massachusetts and District of Columbia Bar Associations.	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. Trustee of the Evergreen Fund 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
Pamela Wheelock***** (Born 1959)	Trustee, since 2018; Advisory Board Member, from 2017 to 2018	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.	Asset Allocation Trust

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

** Jane Freeman became Chair Liaison effective January 1, 2018.

*** Olivia Mitchell became Chairman of the Governance Committee effective January 1, 2018.

**** Timothy Penny became Chairman effective January 1, 2018.

***** James Polisson and Pamela Wheelock each became a Trustee effective January 1, 2018.

30 Wells Fargo Short-Term High Yield Bond 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.
Alexander Kymn* (Born 1973)	Secretary, since 2018; Chief Legal Officer, since 2018	Senior Company Counsel of Wells Fargo Bank, N.A. since 2018 (previously Senior Counsel from 2007 to 2018). Vice President of Wells Fargo Funds Management, LLC from 2008 to 2014.
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 77 funds in the Fund Complex. Jeremy DePalma acts as Treasurer of 76 funds and Assistant Treasurer of 77 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.

* Alexander Kymn became the Secretary and Chief Legal Officer effective April 17, 2018.

** David Messman was the Secretary and Chief Legal Officer until April 16, 2018.

List of abbreviations Wells Fargo Short-Term High Yield Bond 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

INR —  Indian rupee

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 Agency

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

SIFMA —  Securities Industry and Financial Markets Association

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 Distributor nor Wells Fargo Funds Management holds fund shareholder accounts or assets. This material is for general informational and educational purposes only and is NOT intended to provide investment advice or a recommendation of any kind—including a recommendation for any specific investment, strategy, or plan.

NOT FDIC INSURED  ◾  NO BANK GUARANTEE  ◾   MAY LOSE VALUE

© 2018 Wells Fargo Funds Management, LLC. All rights reserved.

309373 04-18 SA222/SAR222 02-18

Semi-Annual Report

February 28, 2018

Wells Fargo Ultra Short-Term Income 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	20
Statement of operations	21
Statement of changes in net assets	22
Financial highlights	23
Notes to financial statements	27
Other information	33
List of abbreviations	37

The views expressed and any forward-looking statements are as of February 28, 2018, 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 Ultra Short-Term Income Fund Letter to shareholders (unaudited)

Andrew Owen

President

Wells Fargo Funds

During the period, stocks globally delivered positive returns.

Dear Shareholder:

We are pleased to offer you this semi-annual report for the Wells Fargo Ultra Short-Term Income Fund for the six-month period that ended February 28, 2018. During the period, stocks globally delivered positive returns. For the period, U.S. stocks, as measured by the S&P 500 Index¹, gained 10.84% and international stocks, as measured by the MSCI ACWI ex USA Index (Net)², gained 7.59%. In bond markets, the Bloomberg Barclays U.S. Aggregate Bond Index³ declined 2.18% and the Bloomberg Barclays Municipal Bond Index⁴ lost 1.24% while fixed-income investments outside the U.S. gained 2.52%, according to the Bloomberg Barclays Global Aggregate ex-USD Index⁵. The ICE BofAML U.S. High Yield Index⁶ earned 1.01% during the period.

U.S. stocks advanced as business-friendly policies and regulations, newly implemented tax reform, increased hiring activity, and consistent corporate profits led to higher investor and consumer confidence. Internationally, stocks gained as unemployment fell and wages increased in the U.K.; the Bank of Japan continued its accommodative monetary policies; and industrial production, retail sales, and fixed asset investment increased in China. Stock returns in the emerging markets were strong, with the MSCI EM Index (Net)⁷ gaining 10.58% for the period.

Reactions to U.S. interest-rate increases were uneven across the yield curve and globally.

The U.S. Federal Reserve (Fed) increased the federal funds rate twice during the six-month period. Following a federal funds rate increase in June to a range of 1.00% to 1.25%, 10-year U.S. Treasury yields declined, the yield curve flattened, and long-term bond prices benefited.

Internationally, central banks maintained low interest rates and accommodative monetary policies that supported business activity and stock values in foreign markets. A weaker U.S. dollar was generally supportive of business activity in regions around the globe.

Positive economic and market news continued as 2017 closed and 2018 began.

During the fourth quarter of 2017, stock markets continued the move higher. Third-quarter economic output in the U.S. grew at a 3.2% annual rate. The unemployment rate fell to a 17-year low of 4.1%. Tax reform and wage growth encouraged increased business and consumer spending.

Fed officials announced in October 2017 plans to begin unwinding its $4.5 trillion portfolio of bonds and other assets accumulated during rounds of quantitative easing conducted since the 2008–2009 recession. Still, restrained inflation kept long-term bond rates steady and the flattening of the yield curve persisted.

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 indices 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 Bloomberg Barclays Global Aggregate ex-USD Index is an unmanaged index that provides a broad-based measure of the global investment-grade fixed-income markets excluding the U.S. dollar-denominated debt market. You cannot invest directly in an index.

⁶  The ICE BofAML U.S. High Yield Index is a market-capitalization-weighted index of domestic and Yankee high-yield bonds. The index tracks the performance of high-yield securities traded in the U.S. bond market. You cannot invest directly in an index. Copyright 2018. ICE Data Indices, LLC. All rights reserved.

⁷  The MSCI Emerging Markets (EM) Index (Net) is a free-float-adjusted market-capitalization-weighted index that is designed to measure large- and mid-cap equity market performance of emerging markets. The MSCI EM Index (Net) consists of the following 24 emerging markets country indices: Brazil, Chile, China, Colombia, Czech Republic, Egypt, Greece, Hungary, India, Indonesia, Korea, Malaysia, Mexico, Pakistan, Peru, the Philippines, Poland, Qatar, Russia, South Africa, Taiwan, Thailand, Turkey, and the United Arab Emirates. You cannot invest directly in an index.

Letter to shareholders (unaudited) Wells Fargo Ultra Short-Term Income Fund 3

October 2017 also marked one year since the regulatory reform of money market investing in the U.S. By December 2017, money market fund asset levels exceeded their December 2016 levels, reflecting continued investor demand for short-term investment opportunities offered in money market funds.

In December, the Organisation for Economic Co-operation and Development (OECD) reported that the global economy was expanding at its fastest rate since 2010; all 35 countries the OECD follows were on track to expand for 2017. International economies benefited from economic stimulus, which accelerated trade growth; improving employment; increased investment; and firming commodity prices.

The Fed raised the federal funds rate target to a range of 1.25% to 1.50% in December 2017 and began reducing its bond portfolio.

2018 opened with continued stock advances, then volatility.

Improving business and economic data globally continued to support stock advances through January 2018. Even political wrangling in the U.S. over budget resolutions could not dissuade investors from buying stocks as payrolls and factory orders increased. Long-term interest rates in the U.S. trended higher as the yield curve steepened—the 10-year Treasury rate moved from 2.46% to 2.84% and the 30-year rate moved from 2.81% to 3.08% during January 2018.

Investor sentiment shifted in February. Concerns about inflation began to emerge in the U.S. as readings from the Producer Price Index in January rose 2.5% year over year. During February 2018, the U.S. market endured a loss of more than 10% before recovering much of that loss, but volatility affected stocks globally throughout the month.

During January 2018, purchasing managers’ indexes in China, the eurozone, India, and Japan reported data for December that indicated continued growth. International stock values fell during February 2018, swept up in the selling momentum in U.S. markets.

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

Periods of investment uncertainty can present challenges, but experience has taught us that maintaining long-term investment goals can be an effective way to plan for the future. To help you create a sound strategy based on your personal goals and risk tolerance, Wells Fargo Funds offers more than 100 mutual funds spanning a wide range of asset classes and investment styles. Although diversification cannot guarantee an investment profit or prevent losses, we believe it can be an effective way to manage investment risk and potentially smooth out overall portfolio performance. We encourage investors to know their investments and to understand that appropriate levels of risk-taking may unlock opportunities.

Thank you for choosing to invest with Wells Fargo Funds. We appreciate your confidence in us and remain committed to helping you meet your financial needs.

Sincerely,

Andrew Owen

President

Wells Fargo Funds

During February 2018, the U.S. market endured a loss of more than 10% before recovering much of that loss, but volatility affected stocks globally throughout the month.

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.

4 Wells Fargo Ultra Short-Term Income Fund Performance highlights (unaudited)

Investment objective

The Fund seeks current income consistent with capital preservation.

Manager

Wells Fargo Funds Management, LLC

Subadviser

Wells Capital Management Incorporated

Portfolio managers

Christopher Y. Kauffman, CFA^®

Jay N. Mueller, CFA^®

Noah M. Wise, CFA^®

Average annual total returns (%) as of February 28, 2018¹

		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 (SADAX)	8-31-1999		(1.16	)		0.24			0.81		0.85		0.64			1.02		0.80		0.71
Class C (WUSTX)	7-18-2008		(0.90	)		(0.09	)		0.25		0.10		(0.09	)		0.25		1.55		1.46
Administrator Class (WUSDX)	4-8-2005		–			–			–		1.00		0.82			1.16		0.74		0.56
Institutional Class (SADIX)	8-31-1999		–			–			–		1.21		1.02			1.37		0.47		0.36
Bloomberg Barclays Short-Term U.S. Government/Credit Bond Index4	–		–			–			–		0.96		0.52			0.80		–		–

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 return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Performance shown without sales charges would be lower if sales charges were reflected. Current performance may be lower or higher than the performance data quoted, which assumes the reinvestment of dividends and capital gains. Current month-end performance is available on the Fund’s website, wellsfargofunds.com.

Index returns do not include transaction costs associated with buying and selling securities, any mutual fund fees or expenses, or any taxes. It is not possible to invest directly in an index.

For Class A shares, the maximum front-end sales charge is 2.00%. 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. Administrator Class and Institutional Class shares are sold without a front-end sales charge or contingent deferred sales charge.

Bond values fluctuate in response to the financial condition of individual issuers, general market and economic conditions, and changes in interest rates. Changes in market conditions and government policies may lead to periods of heightened volatility in the bond market and reduced liquidity for certain bonds held by the Fund. In general, when interest rates rise, bond values fall and investors may lose principal value. Interest-rate changes and their impact on the Fund and its share price can be sudden and unpredictable. Loans are subject to risks similar to those associated with other below-investment-grade bond investments, such as credit risk (for example, risk of issuer default), below-investment-grade bond risk (for example, risk of greater volatility in value), and risk that the loan may become illiquid or difficult to price. The use of derivatives may reduce returns and/or increase volatility. Foreign investments are especially volatile and can rise or fall dramatically due to differences in the political and economic conditions of the host country. These risks are generally intensified in emerging markets. Certain investment strategies tend to increase the total risk of an investment (relative to the broader market). The Fund is exposed to high-yield securities risk and mortgage- and asset-backed securities risk. Consult the Fund’s prospectus for additional information on these and other risks.

Please see footnotes on page 5.

Performance highlights (unaudited) Wells Fargo Ultra Short-Term Income Fund 5

Ten largest holdings (%) as of February 28, 20185
Avis Budget Rental Car Funding LLC Series 2013-1A Class A, 1.92%, 9/20/2019	0.92
AT&T Incorporated, 5.00%, 3/1/2021	0.88
General Motors Financial Company, 2.40%, 4/10/2018	0.84
JPMorgan Chase Commercial Mortgage Securities Trust Series 2014-PHH Class A, 3.04%, 8/15/2027	0.84
Deutsche Telekom International Finance BV, 2.23%, 1/17/2020	0.83
Santander Retail Auto Lease Trust Series 2017-A Class A2A, 2.02%, 3/20/2020	0.82
Dell Equipment Finance Trust Series 2017-1 Class A2, 1.86%, 6/24/2019	0.82
CCG Receivables Trust Series 2015-1 Class A3, 1.92%, 1/17/2023	0.76
Chesapeake Funding LLC Series 2017-3A Class A, 1.91%, 8/15/2029	0.75
Ally Master Owner Trust Series 2017-1 Class A, 1.99%, 2/15/2021	0.70

Portfolio allocation as of February 28, 2018⁶

¹  Effective June 20, 2008, Advisor Class was renamed Class A and modified to assume the features and attributes of Class A. Historical performance shown for Class A shares through June 19, 2008, includes Advisor Class expenses. Historical performance shown for Class C shares prior to their inception reflects the performance of the former Investor Class shares, adjusted to include the higher expenses applicable to Class C shares.

²  Reflects the expense ratios as stated in the most recent prospectuses, which include the impact of 0.01% in acquired fund fees and expenses. The expense ratios shown are subject to change and may differ from the annualized expense ratios shown in the financial highlights of this report, which do not include acquired fund fees and expenses.

³  The manager has contractually committed through December 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 0.70% for Class A, 1.45% for Class C, 0.55% for Administrator Class, and 0.35% for Institutional 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. The expense ratio paid by an investor is the net expense ratio (the total annual fund operating expenses after fee waivers) as stated in the prospectuses.

⁴  The Bloomberg Barclays Short-Term U.S. Government/Credit Bond Index contains securities that have fallen out of the Bloomberg Barclays U.S. Government/Credit Bond Index because of the standard minimum one-year-to-maturity constraint. Securities in the Bloomberg Barclays Short-Term U.S. Government/Credit Bond Index must have a maturity from 1 up to (but not including) 12 months. You cannot invest directly in an index.

⁵  The ten largest holdings, excluding cash and cash equivalents, are calculated based on the value of the investments divided by total net assets of the Fund. Holdings are subject to change and may have changed since the date specified.

⁶  Amounts are calculated based on the total long-term investments of the Fund. These amounts are subject to change and may have changed since the date specified.

6 Wells Fargo Ultra Short-Term Income Fund Fund expenses (unaudited)

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments and contingent deferred sales charges (if any) on redemptions and (2) ongoing costs, including management fees, distribution (12b-1) and/or shareholder servicing fees, and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The example is based on an investment of $1,000 invested at the beginning of the six-month period and held for the entire period from September 1, 2017 to February 28, 2018.

Actual expenses

The “Actual” line of the table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the “Actual” line under the heading entitled “Expenses paid during period” for your applicable class of shares to estimate the expenses you paid on your account during this period.

Hypothetical example for comparison purposes

The “Hypothetical” line of the table below provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads) and contingent deferred sales charges. Therefore, the “Hypothetical” line of the table is useful in comparing ongoing costs only and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

	Beginning account value 9-1-2017		Ending account value 2-28-2018		Expenses paid during the period¹		Annualized net expense ratio
Class A
Actual	$	1,000.00	$	1,002.99	$	3.48		0.70	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.32	$	3.51		0.70	%
Class C
Actual	$	1,000.00	$	999.26	$	7.19		1.45	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,017.60	$	7.25		1.45	%
Administrator Class
Actual	$	1,000.00	$	1,003.71	$	2.73		0.55	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,022.07	$	2.76		0.55	%
Institutional Class
Actual	$	1,000.00	$	1,004.72	$	1.74		0.35	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,023.06	$	1.76		0.35	%

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—February 28, 2018 (unaudited) Wells Fargo Ultra Short-Term Income Fund 7

Security name	Interest rate			Maturity date		Principal		Value
Agency Securities: 12.59%
FDIC Series 2013-R1 Class A 144A		1.15	%		3-25-2033	$	1,382,647	$	1,361,576
FHLMC (1 Year Treasury Constant Maturity +2.25%) ±		3.01			4-1-2032		99,719		104,290
FHLMC (1 Year Treasury Constant Maturity +2.33%) ±		3.08			1-1-2029		40,115		40,264
FHLMC (1 Year Treasury Constant Maturity +2.19%) ±		3.10			5-1-2035		457,896		483,101
FHLMC (1 Year Treasury Constant Maturity +2.25%) ±		3.25			6-1-2032		3,083		3,203
FHLMC (1 Year Treasury Constant Maturity +2.23%) ±		3.30			3-1-2035		909,055		959,513
FHLMC (1 Year Treasury Constant Maturity +2.23%) ±		3.33			10-1-2038		1,160,472		1,224,355
FHLMC (1 Year Treasury Constant Maturity +2.40%) ±		3.35			7-1-2029		2,416		2,496
FHLMC (1 Year Treasury Constant Maturity +2.25%) ±		3.35			11-1-2035		3,250,587		3,423,659
FHLMC (1 Year Treasury Constant Maturity +2.25%) ±		3.43			9-1-2038		1,566,706		1,635,548
FHLMC (1 Year Treasury Constant Maturity +2.25%) ±		3.53			4-1-2038		939,174		986,693
FHLMC		4.50			2-1-2020		430,508		436,850
FHLMC		4.50			8-1-2020		234,168		236,557
FHLMC		4.50			1-1-2022		203,190		206,352
FHLMC		4.50			6-1-2024		1,467,169		1,530,662
FHLMC		4.50			9-1-2026		2,380,234		2,482,208
FHLMC		5.00			12-1-2019		548,418		559,682
FHLMC		5.50			8-1-2018		24,133		24,192
FHLMC		5.50			12-1-2022		662,021		691,488
FHLMC		5.50			12-1-2023		701,848		735,125
FHLMC		6.00			10-1-2021		892,031		926,654
FHLMC		6.00			10-1-2021		1,000,088		1,039,251
FHLMC		6.00			1-1-2024		695,247		727,454
FHLMC		7.00			6-1-2031		310,222		344,546
FHLMC		9.00			8-1-2018		2		2
FHLMC		9.00			10-1-2019		8,945		9,205
FHLMC		9.50			9-1-2020		27,621		27,877
FHLMC		9.50			12-1-2022		18,631		18,861
FHLMC		10.00			11-17-2021		7,436		7,477
FHLMC		10.50			5-1-2020		28,762		29,734
FHLMC Series 2611 Class HD		5.00			5-15-2023		772,607		806,831
FHLMC Series 2617 Class GR		4.50			5-15-2018		10,106		10,117
FHLMC Series 2649 Class WL		4.00			7-15-2023		1,640,095		1,680,155
FHLMC Series 2704 Class BH		4.50			11-15-2023		527,103		542,818
FHLMC Series 2707 Class QE		4.50			11-15-2018		77,551		77,814
FHLMC Series 2843 Class BC		5.00			8-15-2019		112,374		113,135
FHLMC Series 2849 Class B		5.00			8-15-2019		210,852		212,875
FHLMC Series 2855 Class WN		4.00			9-15-2019		39,199		39,393
FHLMC Series 2864 Class NB		5.50			7-15-2033		147,354		147,933
FHLMC Series 2881 Class AE		5.00			8-15-2034		282,736		291,822
FHLMC Series 2896 Class CB		4.50			11-15-2019		183,558		184,448
FHLMC Series 2953 Class LD		5.00			12-15-2034		227,682		230,684
FHLMC Series 3166 Class AC		5.00			6-15-2021		2,755,641		2,808,421
FHLMC Series 3266 Class D		5.00			1-15-2022		302,008		303,320
FHLMC Series 3346 Class FA (1 Month LIBOR +0.23%) ±		1.82			2-15-2019		22,246		22,247
FHLMC Series 3609 Class LA		4.00			12-15-2024		115,772		116,459
FHLMC Series 3619 Class EB		3.50			5-15-2024		16,197		16,200
FHLMC Series 3772 Class HC		3.00			10-15-2018		65,086		65,119
FHLMC Series 3780 Class GX		3.50			9-15-2028		297,054		297,453
FHLMC Series 3784 Class DA		4.00			7-15-2025		14,165		14,170

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

8 Wells Fargo Ultra Short-Term Income Fund Portfolio of investments—February 28, 2018 (unaudited)

Security name	Interest rate			Maturity date		Principal		Value
Agency Securities (continued)
FHLMC Series 3821 Class LA		3.50	%		4-15-2025	$	268,042	$	270,488
FHLMC Series 3834 Class EA		3.50			6-15-2029		332,148		337,907
FHLMC Series 3842 Class CJ		2.00			9-15-2018		24,094		24,052
FHLMC Series 3871 Class YV		3.50			7-15-2024		228,067		228,263
FHLMC Series 3888 Class NA		2.25			1-15-2040		2,135,472		2,094,269
FHLMC Series 3898 Class NE		4.00			7-15-2040		278,162		278,624
FHLMC Series 4172 Class PB		1.50			7-15-2040		419,041		405,307
FHLMC Series 4318 Class LC		2.00			6-15-2038		646,656		637,440
FHLMC Series 4348 Class MH		3.00			6-15-2039		2,759,448		2,746,703
FHLMC Series K005 Class A2		4.32			11-25-2019		500,000		512,610
FHLMC Series KJ13 Class A1		2.06			9-25-2021		2,515,717		2,486,084
FHLMC Series KP04 Class AG1 (1 Month LIBOR +0.22%) ±		1.80			7-25-2020		4,515,000		4,519,268
FHLMC Series QO04 Class AFL (12 Month Treasury Average +0.74%) ±		1.94			10-25-2021		4,598,102		4,603,245
FHLMC Series T-42 Class A6		9.50			2-25-2042		668,805		804,306
FNMA		1.77			9-1-2019		1,090,074		1,078,152
FNMA		2.00			4-1-2023		4,649,610		4,576,275
FNMA		2.48			7-1-2020		3,412,948		3,408,486
FNMA (1 Year Treasury Constant Maturity +1.86%) ±		2.86			1-1-2023		8,879		8,861
FNMA (6 Month LIBOR +1.39%) ±		2.87			10-1-2031		125,879		128,700
FNMA (6 Month LIBOR +1.49%) ±		3.02			9-1-2037		458,790		474,584
FNMA (1 Year Treasury Constant Maturity +2.22%) ±		3.16			6-1-2032		101,358		105,907
FNMA (1 Year Treasury Constant Maturity +2.22%) ±		3.22			6-1-2034		1,072,015		1,135,875
FNMA (1 Year Treasury Constant Maturity +2.02%) ±		3.22			12-1-2034		556,587		582,349
FNMA (1 Year Treasury Constant Maturity +2.13%) ±		3.24			5-1-2032		5,366		5,542
FNMA (1 Year Treasury Constant Maturity +2.19%) ±		3.28			2-1-2035		1,235,125		1,303,410
FNMA (1 Year Treasury Constant Maturity +2.23%) ±		3.29			12-1-2040		141,399		148,506
FNMA (1 Year Treasury Constant Maturity +2.19%) ±		3.31			4-1-2038		2,392,689		2,525,124
FNMA (1 Year Treasury Constant Maturity +2.27%) ±		3.32			2-1-2033		378,473		394,316
FNMA (1 Year Treasury Constant Maturity +2.26%) ±		3.35			8-1-2036		2,760,682		2,915,038
FNMA (1 Year Treasury Constant Maturity +2.21%) ±		3.35			7-1-2038		1,750,362		1,845,281
FNMA (12 Month Treasury Average +2.25%) ±		3.37			8-1-2045		799,906		846,105
FNMA (1 Year Treasury Constant Maturity +2.25%) ±		3.42			11-1-2033		2,310,477		2,434,135
FNMA (1 Year Treasury Constant Maturity +2.29%) ±		3.43			5-1-2036		964,136		1,019,353
FNMA (1 Year Treasury Constant Maturity +2.19%) ±		3.43			11-1-2031		63,704		66,659
FNMA (12 Month Treasury Average +2.32%) ±		3.46			5-1-2036		1,004,270		1,063,358
FNMA (1 Year Treasury Constant Maturity +2.26%) ±		3.49			11-1-2035		251,968		264,769
FNMA (1 Year Treasury Constant Maturity +2.28%) ±		3.53			11-1-2032		803,789		846,980
FNMA (1 Year Treasury Constant Maturity +2.36%) ±		3.55			11-1-2034		1,214,090		1,287,211
FNMA (12 Month LIBOR +1.82%) ±		3.59			9-1-2040		3,154,536		3,304,871
FNMA (1 Year Treasury Constant Maturity +2.27%) ±		3.74			2-1-2036		2,434,016		2,540,459
FNMA		4.00			3-1-2025		1,335,368		1,373,269
FNMA		4.00			11-1-2025		5,867,842		6,035,065
FNMA		4.00			9-1-2026		5,230,912		5,379,401
FNMA		4.50			6-1-2019		39,042		39,297
FNMA		4.50			1-1-2027		2,654,188		2,764,684
FNMA		5.00			5-1-2022		692,690		713,218
FNMA		5.00			6-1-2024		2,838,672		2,978,835
FNMA (6 Month LIBOR +2.86%) ±		5.00			4-1-2033		1,413		1,464
FNMA		5.23			7-1-2018		708,022		707,059
FNMA		5.29			6-1-2018		12,349		12,357

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

Portfolio of investments—February 28, 2018 (unaudited) Wells Fargo Ultra Short-Term Income Fund 9

Security name	Interest rate			Maturity date		Principal		Value
Agency Securities (continued)
FNMA		6.00	%		4-1-2021	$	161,569	$	166,015
FNMA		6.00			1-1-2023		1,672,746		1,755,159
FNMA		6.50			8-1-2031		418,887		472,610
FNMA		8.33			7-15-2020		7,123		7,340
FNMA		9.00			2-15-2020		29,316		30,558
FNMA		9.00			10-15-2021		14,557		15,258
FNMA		9.00			6-1-2024		23,217		23,460
FNMA		9.50			12-1-2020		22,898		23,891
FNMA		9.50			3-1-2021		348		350
FNMA		10.25			9-1-2021		6,843		6,907
FNMA		10.50			8-1-2020		527		532
FNMA		10.50			4-1-2022		345		348
FNMA Series 1989-30 Class Z		9.50			6-25-2019		11,156		11,452
FNMA Series 1989-49 Class E		9.30			8-25-2019		556		562
FNMA Series 1990-111 Class Z		8.75			9-25-2020		4,626		4,871
FNMA Series 1990-119 Class J		9.00			10-25-2020		21,013		22,276
FNMA Series 1990-124 Class Z		9.00			10-25-2020		8,633		9,113
FNMA Series 1990-21 Class Z		9.00			3-25-2020		37,522		39,292
FNMA Series 1990-27 Class Z		9.00			3-25-2020		19,198		20,061
FNMA Series 1990-30 Class D		9.75			3-25-2020		5,333		5,616
FNMA Series 1990-77 Class D		9.00			6-25-2020		15,237		15,643
FNMA Series 1991-132 Class Z		8.00			10-25-2021		41,662		44,526
FNMA Series 1992-71 Class X		8.25			5-25-2022		26,097		28,355
FNMA Series 2000-T6 Class A2		9.50			11-25-2040		377,915		429,834
FNMA Series 2001-T10 Class A3		9.50			12-25-2041		695,891		800,812
FNMA Series 2001-T12 Class A3		9.50			8-25-2041		608,920		726,601
FNMA Series 2002-T1 Class A4		9.50			11-25-2031		744,203		860,405
FNMA Series 2002-W04 Class A6 ±±		3.99			5-25-2042		750,250		772,691
FNMA Series 2003-125 Class AY		4.00			12-25-2018		134,589		134,839
FNMA Series 2003-129 Class AP		4.00			1-25-2019		110		111
FNMA Series 2003-15 Class CN		5.00			3-25-2018		61		61
FNMA Series 2003-35 Class BC		5.00			5-25-2018		6,538		6,542
FNMA Series 2003-35 Class ME		5.00			5-25-2018		3,814		3,814
FNMA Series 2003-92 Class PE		4.50			9-25-2018		46,986		47,027
FNMA Series 2003-W11 Class A1 ±±		4.55			6-25-2033		31,972		33,352
FNMA Series 2003-W3 Class 1A4 ±±		3.74			8-25-2042		37,852		39,673
FNMA Series 2004-10 Class FA (1 Month LIBOR +0.35%) ±		1.97			2-25-2034		419,471		420,242
FNMA Series 2004-17 Class HJ		4.75			4-25-2019		191,512		192,126
FNMA Series 2004-32 Class AY		4.00			5-25-2019		15,404		15,483
FNMA Series 2004-92 Class QY		4.50			8-25-2034		193,145		194,160
FNMA Series 2007-W2 Class 1A1 (1 Month LIBOR +0.32%) ±		1.94			3-25-2037		411,934		411,959
FNMA Series 2008-76 Class GF (1 Month LIBOR +0.65%) ±		2.27			9-25-2023		44,816		44,849
FNMA Series 2008-81 Class LK		5.00			9-25-2023		20,252		20,318
FNMA Series 2009-31 Class B		4.00			5-25-2024		2,998,941		3,017,385
FNMA Series 2009-76 Class HA		4.00			1-25-2019		588		588
FNMA Series 2010-115 Class NC		2.75			1-25-2039		1,114,469		1,109,352
FNMA Series 2010-153 Class AB		2.00			11-25-2018		84,091		83,849
FNMA Series 2010-153 Class BG		2.50			11-25-2018		82,278		82,100
FNMA Series 2010-25 Class ND		3.50			3-25-2025		74,157		74,588
FNMA Series 2010-37 Class A1		5.41			5-25-2035		6,548,890		6,790,731

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

10 Wells Fargo Ultra Short-Term Income Fund Portfolio of investments—February 28, 2018 (unaudited)

Security name	Interest rate			Maturity date		Principal		Value
Agency Securities (continued)
FNMA Series 2010-57 Class DQ		3.00	%		6-25-2025	$	333,226	$	332,281
FNMA Series 2010-89 Class DP		3.00			6-25-2038		2,867,981		2,883,410
FNMA Series 2011-122 Class A		3.00			12-25-2025		594,091		595,707
FNMA Series 2011-129 Class LG		3.00			3-25-2037		6,594		6,587
FNMA Series 2011-33 Class GA		3.50			10-25-2028		258,004		258,433
FNMA Series 2011-40 Class CA		3.50			12-25-2028		960,477		967,484
FNMA Series 2011-42 Class A		3.00			2-25-2024		477,962		478,563
FNMA Series 2011-56 Class AC		2.00			7-25-2018		362		362
FNMA Series 2012-72 Class QE		3.00			1-25-2038		580,844		580,885
FNMA Series 2012-94 Class E		3.00			6-25-2022		36,957		37,074
FNMA Series 2013-26 Class AK		2.50			11-25-2038		4,637,618		4,553,562
FNMA Series 2014-19 Class HA		2.00			6-25-2040		1,073,232		1,032,310
GNMA		7.00			6-15-2033		431,077		500,787
GNMA Series 2012-57 Class LG		1.50			3-16-2035		336,551		333,526
GNMA Series 2016-H19 Class FE (1 Month LIBOR +0.37%) ±		1.93			6-20-2061		3,048,926		3,050,981
GNMA Series 2017-H13 Class FJ (1 Month LIBOR +0.20%) ±		1.76			5-20-2067		4,131,690		4,132,804
GNMA Series 2017-H16 Class FD (1 Month LIBOR +0.20%) ±		1.76			8-20-2067		4,982,004		4,974,986
Vendee Mortgage Trust Series 2011-1 Class DA		3.75			2-15-2035		2,707,441		2,750,532
Total Agency Securities (Cost $149,602,147)									148,991,771
Asset-Backed Securities: 12.31%
Ally Master Owner Trust Series 2017-1 Class A (1 Month LIBOR +0.40%) ±		1.99			2-15-2021		8,300,000		8,320,571
Avis Budget Rental Car Funding LLC Series 2013-1A Class A 144A		1.92			9-20-2019		10,950,000		10,932,363
Avis Budget Rental Car Funding LLC Series 2014-1A Class A 144A		2.46			7-20-2020		1,000,000		996,854
CCG Receivables Trust Series 2015-1 Class A3 144A		1.92			1-17-2023		9,068,247		9,052,090
CCG Receivables Trust Series 2016-1 Class A2 144A		1.69			9-14-2022		2,749,687		2,735,140
Chesapeake Funding LLC Series 2017-3A Class A 144A		1.91			8-15-2029		8,985,000		8,910,692
Chrysler Capital Auto Receivables Trust Series 2015-BA Class A3 144A		1.91			3-16-2020		2,305,537		2,304,956
CNH Equipment Trust Series 2016-B Class A2A		1.31			10-15-2019		487,800		487,538
Dell Equipment Finance Trust Series 2016-1 Class A2 144A		1.43			9-24-2018		95,066		95,032
Dell Equipment Finance Trust Series 2017-1 Class A2 144A		1.86			6-24-2019		9,722,726		9,704,614
DLL Securitization Trust Series 2017-A Class A2 144A		1.89			7-15-2020		4,500,000		4,479,458
Education Loan Asset-Backed Trust Series 2013-1 Class A1 (1 Month LIBOR +0.80%) 144A±		2.36			6-25-2026		4,498,323		4,520,243
Educational Services of America Incorporated Series 2015-2 Class A (1 Month LIBOR +1.00%) 144A±		2.62			12-25-2056		1,393,911		1,407,810
Enterprise Fleet Financing Trust Series 2017-1 Class A2 144A		2.13			7-20-2022		5,180,801		5,162,460
Enterprise Fleet Financing Trust Series 2017-2 Class A2 144A		1.97			1-20-2023		1,210,000		1,202,380
Finance of America Structured Series 2017-HB1 Class A 144A±±		2.32			11-25-2027		4,222,164		4,214,247
GM Financial Automobile Leasing Trust Series 2016-1 Class A3		1.64			7-20-2019		731,520		730,150
GMF Floorplan Owner Revolving Trust Series 2015-1 Class A1 144A		1.65			5-15-2020		2,670,000		2,667,887
Harley-Davidson Motorcycle Trust Series 2015-1 Class A3		1.41			6-15-2020		986,264		983,765
John Deere Owner Trust Series 2016-A Class A3		1.36			4-15-2020		1,494,513		1,486,692
Kubota Credit Owner Trust Series 2016-1A Class A2 144A		1.25			4-15-2019		1,320,303		1,318,431
Mercedes-Benz Auto Lease Trust Series 2016-1 Class A2A		1.11			3-15-2019		235,952		235,902
Mercedes-Benz Auto Lease Trust Series 2016-B Class A2		1.15			1-15-2019		1,179,898		1,179,042
MMAF Equipment Finance LLC Series 2016-AA Class A2 144A		1.39			12-17-2018		2,378,608		2,377,273
MMAF Equipment Finance LLC Series 2017-B Class A2 144A		1.93			10-15-2020		7,250,000		7,209,156
Navistar Financial Dealer Note Master Trust Series 2017-1 Class A (1 Month LIBOR +0.78%) 144A±		2.34			6-27-2022		6,000,000		6,012,803

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

Portfolio of investments—February 28, 2018 (unaudited) Wells Fargo Ultra Short-Term Income Fund 11

Security name	Interest rate			Maturity date		Principal		Value
Asset-Backed Securities (continued)
Nissan Auto Lease Trust Series 2016-B Class A2A		1.26	%		12-17-2018	$	1,061,191	$	1,060,226
Santander Retail Auto Lease Trust Series 2017-A Class A2A 144A		2.02			3-20-2020		9,790,000		9,750,544
SLC Student Loan Trust Series 2006-2 Class A5 (3 Month LIBOR +0.10%) ±		1.69			9-15-2026		2,331,747		2,326,781
SLM Student Loan Trust Series 2004-1 Class A3 (3 Month LIBOR +0.21%) ±		1.96			4-25-2023		440,020		440,142
SLM Student Loan Trust Series 2004-5A Class A5 (3 Month LIBOR +0.60%) 144A±		2.35			10-25-2023		277,349		277,576
SLM Student Loan Trust Series 2004-8A Class A5 (3 Month LIBOR +0.50%) 144A±		2.25			4-25-2024		881,821		883,964
SLM Student Loan Trust Series 2006-10 Class A5A (3 Month LIBOR +0.10%) ±		1.85			4-25-2027		2,110,476		2,106,531
SLM Student Loan Trust Series 2006-2 Class A5 (3 Month LIBOR +0.11%) ±		1.86			7-25-2025		736,240		736,120
SLM Student Loan Trust Series 2011-2 Class A1 (1 Month LIBOR +0.60%) ±		2.22			11-25-2027		2,451,308		2,467,153
SLM Student Loan Trust Series 2013-1 Class A3 (1 Month LIBOR +0.55%) ±		2.17			5-26-2055		4,769,685		4,789,049
South Texas Higher Education 2012-1 Class A2 (3 Month LIBOR +0.85%) ±		2.54			10-1-2024		6,462,209		6,486,249
Student Loan Consolidation Center Series 2011-1 Class A (1 Month LIBOR +1.22%) 144A±		2.78			10-25-2027		7,572,946		7,677,904
Verizon Owner Trust Series 2017-1A Class A 144A		2.06			9-20-2021		5,175,000		5,127,297
Volvo Financial Equipment LLC Series 2016-1A Class A3 144A		1.67			2-18-2020		280,641		279,828
World Omni Auto Receivables Trust Series 2016-A Class A2A		1.20			2-15-2019		648,191		646,809
World Omni Auto Receivables Trust Series 2016-B Class A2		1.10			1-15-2020		2,008,426		2,005,562
Total Asset-Backed Securities (Cost $146,078,068)									145,789,284
Corporate Bonds and Notes: 34.38%
Consumer Discretionary: 4.49%
Hotels, Restaurants & Leisure: 1.22%
GLP Capital LP/GLP Financing II Incorporated		4.88			11-1-2020		3,660,000		3,751,500
MGM Resorts International		5.25			3-31-2020		3,660,000		3,774,375
Royal Caribbean Cruises Limited		2.65			11-28-2020		2,000,000		1,972,961
Starbucks Corporation		2.20			11-22-2020		5,000,000		4,951,045
									14,449,881
Household Durables: 0.36%
D.R. Horton Incorporated		3.75			3-1-2019		2,990,000		3,013,427
Lennar Corporation		4.50			11-15-2019		1,220,000		1,239,825
									4,253,252
Internet & Direct Marketing Retail: 0.18%
Amazon.com Incorporated 144A		1.90			8-21-2020		2,235,000		2,188,949
Media: 2.73%
DIRECTV Holdings LLC		5.88			10-1-2019		4,902,000		5,126,365
Discovery Communications LLC		2.20			9-20-2019		3,725,000		3,685,217
NBCUniversal Enterprise Incorporated 144A		5.25			12-31-2049		6,000,000		6,180,000
TEGNA Incorporated		5.13			7-15-2020		3,660,000		3,705,750
Time Warner Cable Incorporated		4.88			3-15-2020		6,010,000		6,230,928
Time Warner Cable Incorporated		6.75			7-1-2018		7,245,000		7,341,787
									32,270,047
Consumer Staples: 1.43%
Beverages: 0.51%
Anheuser-Busch InBev Worldwide Incorporated		5.00			4-15-2020		5,767,000		6,024,181

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

12 Wells Fargo Ultra Short-Term Income Fund Portfolio of investments—February 28, 2018 (unaudited)

Security name	Interest rate			Maturity date		Principal		Value
Tobacco: 0.92%
Altria Group Incorporated		9.70	%		11-10-2018	$	3,625,000	$	3,805,697
British American Tobacco Capital Corporation 144A		2.30			8-14-2020		5,215,000		5,120,400
Reynolds American Incorporated		8.13			6-23-2019		1,793,000		1,914,073
									10,840,170
Energy: 1.81%
Oil, Gas & Consumable Fuels: 1.81%
Enable Midstream Partner LP		2.40			5-15-2019		7,465,000		7,395,080
Energy Transfer Partners LP		2.50			6-15-2018		5,000,000		4,998,110
Kinder Morgan Incorporated		7.25			6-1-2018		2,000,000		2,023,902
Rockies Express Pipeline 144A		6.85			7-15-2018		3,302,000		3,343,275
Sabine Pass Liquefaction LLC		5.63			2-1-2021		3,500,000		3,696,658
									21,457,025
Financials: 17.59%
Banks: 7.52%
Bank of America Corporation (3 Month LIBOR +0.63%) ±		2.33			10-1-2021		5,000,000		4,915,504
BB&T Corporation		2.15			2-1-2021		7,000,000		6,855,124
Citigroup Incorporated		2.45			1-10-2020		4,000,000		3,967,624
Citigroup Incorporated		2.50			7-29-2019		6,087,000		6,064,431
Discover Bank		2.60			11-13-2018		5,000,000		5,003,490
Fifth Third Bank		2.30			3-15-2019		4,470,000		4,459,582
Huntington National Bank		2.20			11-6-2018		5,000,000		4,988,384
Huntington National Bank		2.38			3-10-2020		8,000,000		7,939,381
JPMorgan Chase & Company		2.75			6-23-2020		7,000,000		6,979,528
JPMorgan Chase Bank		1.45			9-21-2018		2,000,000		1,990,807
KeyBank Corporation		4.63			6-15-2018		7,730,000		7,773,639
PNC Bank		2.45			11-5-2020		7,000,000		6,907,457
Rabobank Nederland NY		1.38			8-9-2019		7,000,000		6,861,500
Regions Bank		2.25			9-14-2018		7,000,000		6,993,646
US Bank		2.05			10-23-2020		7,460,000		7,317,858
									89,017,955
Capital Markets: 1.40%
Goldman Sachs Group Incorporated		2.00			4-25-2019		4,000,000		3,972,860
Goldman Sachs Group Incorporated		2.60			12-27-2020		5,295,000		5,231,399
Morgan Stanley		2.20			12-7-2018		4,000,000		3,988,794
Morgan Stanley		2.45			2-1-2019		1,960,000		1,955,407
S&P Global Incorporated		2.50			8-15-2018		1,450,000		1,451,358
									16,599,818
Consumer Finance: 5.31%
Ally Financial Incorporated		3.25			11-5-2018		7,665,000		7,670,749
American Express Credit Corporation		1.80			7-31-2018		8,000,000		7,983,066
BMW US Capital LLC 144A		2.15			4-6-2020		1,000,000		987,625
Capital One Financial Corporation		2.50			5-12-2020		7,000,000		6,917,252
Daimler Finance North America LLC 144A		1.50			7-5-2019		3,000,000		2,950,464
Daimler Finance North America LLC 144A		2.20			5-5-2020		1,480,000		1,455,782

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

Portfolio of investments—February 28, 2018 (unaudited) Wells Fargo Ultra Short-Term Income Fund 13

Security name	Interest rate			Maturity date		Principal		Value
Consumer Finance (continued)
Daimler Finance North America LLC 144A		2.30	%		2-12-2021	$	4,000,000	$	3,916,157
Ford Motor Credit Company LLC		2.24			6-15-2018		3,000,000		2,998,495
Ford Motor Credit Company LLC		2.94			1-8-2019		3,665,000		3,673,460
General Motors Financial Company		2.40			4-10-2018		10,000,000		10,001,124
Hyundai Capital America Incorporated 144A«		2.75			9-18-2020		4,000,000		3,949,199
John Deere Capital Corporation		1.95			6-22-2020		3,000,000		2,949,207
Nissan Motor Acceptance Corporation 144A		2.00			3-8-2019		3,500,000		3,479,897
Nissan Motor Acceptance Corporation 144A		2.25			1-13-2020		4,000,000		3,968,250
Synchrony Financial		2.60			1-15-2019		3,815,000		3,808,709
									66,709,436
Diversified Financial Services: 0.58%
WEA Finance LLC 144A		2.70			9-17-2019		2,975,000		2,969,379
Insurance: 2.78%
Axis Specialty Finance LLC		5.88			6-1-2020		1,685,000		1,786,679
Jackson National Life Global Funding 144A		2.30			4-16-2019		3,251,000		3,246,055
Metropolitan Life Global Funding Incorporated 144A		1.55			9-13-2019		5,180,000		5,101,278
Metropolitan Life Global Funding Incorporated 144A		1.75			9-19-2019		3,000,000		2,960,527
PartnerRe Finance B LLC		5.50			6-1-2020		1,000,000		1,044,739
Protective Life Global Funding 144A		2.26			4-8-2020		4,415,000		4,367,057
Provident Companies Incorporated		7.00			7-15-2018		6,736,000		6,851,488
Reliance Standard Life Insurance 144A		2.15			10-15-2018		7,610,000		7,602,125
									32,959,948
Health Care: 1.46%
Health Care Providers & Services: 0.96%
Anthem Incorporated		2.50			11-21-2020		3,765,000		3,723,384
HCA Incorporated		6.50			2-15-2020		3,685,000		3,878,463
Tenet Healthcare Corporation		6.00			10-1-2020		3,660,000		3,806,400
									11,408,247
Pharmaceuticals: 0.50%
EMD Finance LLC 144A		2.40			3-19-2020		5,965,000		5,898,683
Industrials: 1.77%
Aerospace & Defense: 0.50%
L-3 Communications Corporation		5.20			10-15-2019		5,742,000		5,946,787
Airlines: 0.25%
Delta Air Lines Incorporated		2.60			12-4-2020		3,000,000		2,961,322
Construction & Engineering: 0.18%
SBA Tower Trust 144A		3.60			4-9-2043		2,080,000		2,082,647
Machinery: 0.29%
CNH Industrial Capital LLC		4.38			11-6-2020		3,375,000		3,442,500
Road & Rail: 0.30%
ERAC USA Finance LLC 144A		2.35			10-15-2019		3,605,000		3,574,939

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

14 Wells Fargo Ultra Short-Term Income Fund Portfolio of investments—February 28, 2018 (unaudited)

Security name	Interest rate			Maturity date		Principal		Value
Transportation Infrastructure: 0.25%
TTX Company 144A		2.25	%		2-1-2019	$	2,905,000	$	2,897,702
Information Technology: 2.24%
Semiconductors & Semiconductor Equipment: 0.76%
Maxim Integrated Product Incorporated		2.50			11-15-2018		1,630,000		1,628,321
Qualcomm Incorporated		1.85			5-20-2019		3,720,000		3,686,563
Qualcomm Incorporated		2.10			5-20-2020		3,720,000		3,647,014
									8,961,898
Technology Hardware, Storage & Peripherals: 1.48%
Apple Incorporated		1.80			11-13-2019		7,000,000		6,921,528
EMC Corporation		2.65			6-1-2020		3,660,000		3,560,584
Hewlett Packard Enterprise Company		3.60			10-15-2020		7,000,000		7,075,663
									17,557,775
Materials: 0.65%
Paper & Forest Products: 0.65%
Georgia Pacific LLC 144A		2.54			11-15-2019		7,740,000		7,707,649
Telecommunication Services: 1.76%
Diversified Telecommunication Services: 1.76%
AT&T Incorporated		5.00			3-1-2021		9,915,000		10,432,389
Broadcom International Limited		2.20			1-15-2021		7,000,000		6,778,416
Broadcom International Limited		2.38			1-15-2020		3,720,000		3,674,587
									20,885,392
Utilities: 1.18%
Electric Utilities: 0.56%
Duke Energy Florida LLC		2.10			12-15-2019		2,000,000		1,990,186
Interstate Power & Light Company		5.88			9-15-2018		1,675,000		1,704,866
Pinnacle West Capital Corporation		2.25			11-30-2020		3,000,000		2,948,071
									6,643,123
Multi-Utilities: 0.62%
Black Hills Corporation		2.50			1-11-2019		3,645,000		3,644,551
Dominion Resources Incorporated		2.96			7-1-2019		3,635,000		3,639,704
									7,284,255
Total Corporate Bonds and Notes (Cost $410,604,332)									406,992,960
Municipal Obligations: 2.65%
California: 0.31%
Los Angeles CA Municipal Improvement Refunding Bond Convention Center Series A (Miscellaneous Revenue)		2.34			11-1-2018		3,620,000		3,625,321
Connecticut: 0.54%
Connecticut Series A (GO Revenue)		2.30			1-15-2019		5,000,000		4,997,200
Connecticut Series A (GO Revenue)		5.46			3-1-2019		1,420,000		1,439,809
									6,437,009

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

Portfolio of investments—February 28, 2018 (unaudited) Wells Fargo Ultra Short-Term Income Fund 15

Security name	Interest rate			Maturity date		Principal		Value
Illinois: 0.62%
Illinois Finance Authority (GO Revenue)		5.67	%		3-1-2018	$	1,735,000	$	1,735,000
State of Illinois (GO Revenue)		4.35			6-1-2018		598,000		600,248
State of Illinois (Miscellaneous Revenue)		5.00			5-1-2019		4,930,000		5,064,047
									7,399,295
Michigan: 0.21%
Michigan Finance Authority Subordinated Bond Series C-2 (Miscellaneous Revenue, Municipal Government Guaranty Insured)		1.61			11-1-2018		1,000,000		996,180
Michigan Finance Authority Subordinated Bond Series C-4 (Miscellaneous Revenue, Municipal Government Guaranty Insured)		2.06			4-1-2018		1,000,000		999,170
Michigan Finance Authority Subordinated Bond Series C-4 (Miscellaneous Revenue, Municipal Government Guaranty Insured)		2.27			4-1-2019		500,000		493,050
									2,488,400
New Jersey: 0.34%
New Jersey TTFA Series B (Miscellaneous Revenue)		1.76			12-15-2018		4,000,000		3,969,080
Wisconsin: 0.63%
Wisconsin Healthcare PFA (Housing Revenue, Citizens Bank LOC)		2.63			11-1-2019		7,610,000		7,494,556
Total Municipal Obligations (Cost $31,524,340)									31,413,661
Non-Agency Mortgage-Backed Securities: 18.18%
Acis CLO Limited Series 2013-1A Class A1 (3 Month LIBOR +0.87%) 144A±		2.60			4-18-2024		291,403		291,555
ALM Loan Funding Series 2015-12A Class A1R (3 Month LIBOR +1.05%) 144A±		2.77			4-16-2027		3,725,000		3,727,902
Banc of America Funding Corporation Series 2016-R1 Class A1 144A±±		2.50			3-25-2040		2,278,888		2,226,199
BlueMountain CLO Limited Series 2014-2A Class AR (3 Month LIBOR +0.93%) 144A±		2.67			7-20-2026		5,970,000		5,972,973
BX Trust 2017 Series A (1 Month LIBOR +1.05%) 144A±		2.64			10-15-2032		1,615,000		1,618,012
CD Commercial Mortgage Trust Series 2017-CD3 Class A1		1.97			2-10-2050		4,454,810		4,389,842
CGDB Commercial Mortgage Trust Series 2017-BIOC Class A (1 Month LIBOR +0.75%) 144A±		2.34			5-15-2030		5,500,000		5,508,687
CGDBB Commercial Mortgage Trust Series 2017-BIOC Class A (1 Month LIBOR +0.79%) 144A±		2.38			7-15-2032		5,500,000		5,511,331
Chicago Skyscraper Trust Series 2017-SKY Class A (1 Month LIBOR +0.80%) 144A±		2.39			2-15-2030		4,650,000		4,656,904
CIFC Funding Limited Series 2012-2RA Class A1 (3 Month LIBOR +0.80%) 144A±		2.20			1-20-2028		7,550,000		7,550,846
CIFC Funding Limited Series 2015-2A Class AR (3 Month LIBOR +0.78%) 144A±		2.50			4-15-2027		7,000,000		6,999,937
Citigroup Commercial Mortgage Trust Series 2008-C7 Class AMA ±±		6.15			12-10-2049		1,000,000		1,013,740
Citigroup Commercial Mortgage Trust Series 2014-GC21 Class A2		2.90			5-10-2047		750,000		752,200
Citigroup Commercial Mortgage Trust Series 2014-GC25 Class A2		3.26			10-10-2047		3,563,000		3,593,768
Citigroup Commercial Mortgage Trust Series 2017-1500 Class A (1 Month LIBOR +0.85%) 144A±		2.44			7-15-2032		6,150,000		6,149,994
Citigroup Commercial Mortgage Trust Series 2017-MDRB Class A (1 Month LIBOR +1.10%) 144A±		2.69			7-15-2030		5,993,000		5,975,864
Collateralized Mortgage Obligation Trust Series 66 Class Z		8.00			9-20-2021		15,410		16,041
Commercial Mortgage Trust Series 2010-C1 Class A3 144A		4.21			7-10-2046		219,576		224,142
Commercial Mortgage Trust Series 2014-LC15 Class A2		2.84			4-10-2047		3,033,000		3,042,481
Commercial Mortgage Trust Series 2014-LC17 Class A2		3.16			10-10-2047		7,925,000		7,984,909
Commercial Mortgage Trust Series 2014-UBS3 Class A2		2.84			6-10-2047		2,900,000		2,908,470
Commercial Mortgage Trust Series 2014-UBS5 Class A2		3.03			9-10-2047		4,650,000		4,670,035
Commercial Mortgage Trust Series 2015-LC23 Class A1		1.81			10-10-2048		6,131,280		6,065,782
Countrywide Home Loans Mortgage Pass-Through Trust Series 2001-HYB1 Class 1A1 ±±		2.75			6-19-2031		155,059		154,704
Countrywide Home Loans Mortgage Pass-Through Trust Series 2001-HYB1 Class 2A1 ±±		3.21			6-19-2031		95,160		93,760

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

16 Wells Fargo Ultra Short-Term Income Fund Portfolio of investments—February 28, 2018 (unaudited)

Security name	Interest rate			Maturity date			Principal		Value
Non-Agency Mortgage-Backed Securities (continued)
Crown Point Limited Series 2013-2A Class A1LR (3 Month LIBOR +0.59%) 144A±		2.31	%		12-31-2023		$	1,479,983	$	1,480,156
Crown Point Limited Series 2015-3A Class A1AR (3 Month LIBOR +0.91%) 144A±		2.63			12-31-2027			7,030,000		7,031,526
CSAIL Commercial Mortgage Trust Series 2015-C4 Class A1		2.01			11-15-2048			1,775,192		1,759,320
DLJ Mortgage Acceptance Corporation Series 1990-2 Class A ±±		3.39			1-25-2022			21,687		21,642
EquiFirst Mortgage Loan Trust Series 2003-2 Class 3A3 (1 Month LIBOR +1.13%) ±		2.71			9-25-2033			393,397		388,176
FirstKey Mortgage Trust Series 2014-1 Class A2 144A±±		3.00			11-25-2044			4,242,272		4,124,614
GS Mortgage Securities Trust Series 2010-C1 Class A1 144A		3.68			8-10-2043			2,396,068		2,416,981
GS Mortgage Securities Trust Series 2011-GC3 Class A4 144A		4.75			3-10-2044			5,397,812		5,617,925
GS Mortgage Securities Trust Series 2013-GC12 Class A2		2.01			6-10-2046			784,932		784,455
GS Mortgage Securities Trust Series 2015-GS1 Class A1		1.94			11-10-2048			676,322		669,872
GS Mortgage Securities Trust Series 2016-GS3 Class A1		1.43			10-10-2049			1,763,273		1,724,864
GSMPS Mortgage Loan Trust Series 1998-1 Class A 144A±±		8.00			9-19-2027			45,031		44,971
Halcyon Loan Advisors Funding Series 2014-3A Class AR (3 Month LIBOR +1.10%) 144A±		2.84			10-22-2025			7,000,000		7,013,965
Housing Securities Incorporated Series 1992-8 Class E ±±		4.95			6-25-2024			41,996		42,648
JPMorgan Chase Commercial Mortgage Securities Trust Series 2007-CB18 Class AMFL (1 Month LIBOR +0.17%) ±		1.72			6-12-2047			2,405,163		2,365,753
JPMorgan Chase Commercial Mortgage Securities Trust Series 2012-LC9 Class A3		2.48			12-15-2047			1,692,524		1,691,164
JPMorgan Chase Commercial Mortgage Securities Trust Series 2014-PHH Class A (1 Month LIBOR +1.45%) 144A±		3.04			8-15-2027			10,000,000		10,000,010
JPMorgan Chase Commercial Mortgage Securities Trust Series 2015-C28 Class A2		2.77			10-15-2048			115,000		114,883
JPMorgan Chase Commercial Mortgage Securities Trust Series 2015-C33 Class A1		1.90			12-15-2048			6,194,414		6,133,990
JPMorgan Chase Commercial Mortgage Securities Trust Series 2016-ASH Class A (1 Month LIBOR +1.50%) 144A±		3.09			10-15-2034			4,700,000		4,702,909
JPMorgan Chase Commercial Mortgage Securities Trust Series 2016-JP3 Class A1		1.46			8-15-2049			3,864,122		3,771,452
JPMorgan Chase Commercial Mortgage Securities Trust Series 2017-JP5 Class A1		2.09			3-15-2050			4,036,278		3,975,094
Master Mortgages Trust Series 2002-3 Class 4A1 ±±		3.30			10-25-2032			7,885		7,864
Morgan Stanley Bank of America Merrill Lynch Trust Series 2013-C10 Class A2		2.96			7-15-2046			1,193,658		1,193,689
Morgan Stanley Bank of America Merrill Lynch Trust Series 2013-C11 Class A2		3.09			8-15-2046			2,625,974		2,631,662
Morgan Stanley Bank of America Merrill Lynch Trust Series 2014-C15 Class A2		2.98			4-15-2047			2,940,000		2,947,938
Morgan Stanley Bank of America Merrill Lynch Trust Series 2016-C28 Class A1		1.53			1-15-2049	��		1,840,204		1,806,043
Morgan Stanley Capital I Trust Series 2007-IQ16 Class AMA ±±		6.12			12-12-2049			27,680		27,666
Morgan Stanley Capital I Trust Series 2016-C30 Class A1		1.39			9-15-2049			6,140,381		5,988,425
Neuberger Berman Limited Series 2015-20A Class AR (3 Month LIBOR +0.80%) 144A±		2.52			1-15-2028			4,085,000		4,085,270
Octagon Investment Partners Series 2015-1A Class A1R (3 Month LIBOR +0.90%) 144A±		2.79			5-21-2027			6,300,000		6,302,690
Rait Trust Series 2017-FL7 Class A (1 Month LIBOR +0.95%) 144A±		2.54			6-15-2037			2,984,448		2,987,184
Regatta IV Funding Limited Series 2014-1A Class A2R (3 Month LIBOR +1.02%) 144A±		2.77			7-25-2026			5,245,000		5,252,243
Salomon Brothers Mortgage Securities VII Series 1990-2 Class A ±±		3.09			11-25-2020			162,059		163,029
Stonemont Portfolio Trust Series 2017 Class A (1 Month LIBOR +0.85%) 144A±		2.44			8-20-2030			5,200,000		5,211,347
Structured Asset Mortgage Investments Incorporated Series 2001-4 Class A2 ±±		8.43			10-25-2024			10,820		10,925
Structured Asset Securities Corporation Series 1998-2 Class A (1 Month LIBOR +0.52%) ±		2.14			2-25-2028			208,896		206,956
TICP Collateralized Loan Obligation Limited Trust Series 2014-2A Class A1AR (3 Month LIBOR +1.16%) 144A±		2.90			7-20-2026			5,500,000		5,511,594
Venture CDO Limited Series 2015-20A Class AR (3 Month LIBOR +0.82%) 144A±		2.54			4-15-2027			7,000,000		6,999,923
Wilshire Funding Corporation Series 1996-3 Class M2 ±±		7.13			8-25-2032			134,807		131,024
Wilshire Funding Corporation Series 1996-3 Class M3 ±±		7.13			8-25-2032			126,374		120,608
Wilshire Funding Corporation Series 1998-2 Class M1 ±±		2.00			12-28-2037			297,343		296,620
Wind River Collateralized Loan Obligation Limited Trust Series 2014-3A Class AR (3 Month LIBOR +1.10%) 144A±		2.84			1-22-2027			6,300,000		6,316,292
Total Non-Agency Mortgage-Backed Securities (Cost $216,487,469)										215,175,440

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

Portfolio of investments—February 28, 2018 (unaudited) Wells Fargo Ultra Short-Term Income Fund 17

Security name	Interest rate			Maturity date		Principal		Value
Yankee Corporate Bonds and Notes: 17.88%
Consumer Discretionary: 0.72%
Automobiles: 0.10%
Jaguar Land Rover Limited 144A		4.25	%		11-15-2019	$	1,220,000	$	1,226,100
Media: 0.62%
British Sky Broadcasting Group plc 144A		9.50			11-15-2018		7,000,000		7,337,316
Consumer Staples: 1.30%
Beverages: 0.07%
Suntory Holdings Limited 144A		2.55			9-29-2019		850,000		846,164
Tobacco: 1.23%
British American Tobacco International Finance plc 144A		1.85			6-15-2018		7,025,000		7,007,407
Imperial Tobacco Finance plc 144A		2.05			7-20-2018		7,500,000		7,486,006
									14,493,413
Financials: 12.61%
Banks: 9.25%
ABN AMRO Bank NV 144A		1.80			9-20-2019		7,000,000		6,894,937
ABN AMRO Bank NV 144A		2.10			1-18-2019		4,000,000		3,982,860
ANZ New Zealand International Limited 144A		2.60			9-23-2019		8,175,000		8,152,413
Banco de Credito del Peru 144A		2.25			10-25-2019		4,500,000		4,441,500
Banco Santander Chile 144A		2.50			12-15-2020		8,255,000		8,131,175
Bank of Tokyo-Mitsubishi UFJ Limited 144A		2.15			9-14-2018		3,000,000		2,994,728
Banque Federative du Credit Mutuel SA 144A		2.20			7-20-2020		7,470,000		7,326,646
BPCE SA		2.50			7-15-2019		2,245,000		2,234,345
Commonwealth Bank of Australia 144A		1.75			11-7-2019		5,250,000		5,164,113
DNB Bank ASA 144A		2.13			10-2-2020		7,000,000		6,855,182
Federation des Caisses Desjardins du Quebec 144A		2.25			10-30-2020		5,000,000		4,916,487
ING Bank NV 144A		1.65			8-15-2019		7,000,000		6,893,700
Lloyds Bank plc		2.00			8-17-2018		8,000,000		7,991,547
Santander UK plc		2.50			3-14-2019		7,250,000		7,241,660
Sumitomo Mitsui Banking Corporation		2.05			1-18-2019		3,250,000		3,233,971
Sumitomo Mitsui Banking Corporation		2.09			10-18-2019		5,000,000		4,938,800
Sumitomo Mitsui Trust Bank Limited 144A		1.95			9-19-2019		7,000,000		6,910,932
Suncorp-Metway Limited 144A		2.38			11-9-2020		4,000,000		3,923,776
Svenska Handelsbanken AB		1.50			9-6-2019		7,395,000		7,273,479
									109,502,251
Capital Markets: 1.17%
BP Capital Markets plc		1.68			5-3-2019		7,000,000		6,935,294
Macquarie Group Limited 144A		3.00			12-3-2018		4,000,000		4,011,926
Macquarie Group Limited 144A		6.00			1-14-2020		2,750,000		2,891,345
									13,838,565
Diversified Financial Services: 1.63%
Corporacion Andina de Fomento		2.00			5-10-2019		8,000,000		7,943,742
Shell International Finance BV		1.38			5-10-2019		4,000,000		3,944,931

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

18 Wells Fargo Ultra Short-Term Income Fund Portfolio of investments—February 28, 2018 (unaudited)

Security name	Interest rate			Maturity date		Principal		Value
Diversified Financial Services (continued)
UBS AG 144A		2.20	%		6-8-2020	$	3,725,000	$	3,666,775
UBS AG		2.38			8-14-2019		3,730,000		3,707,401
									19,262,849
Insurance: 0.56%
Axis Specialty Finance plc		2.65			4-1-2019		6,641,000		6,631,536
Health Care: 1.60%
Pharmaceuticals: 1.60%
Actavis Funding SCS		2.35			3-12-2018		8,265,000		8,266,709
Shire plc ADR		1.90			9-23-2019		2,880,000		2,835,448
Teva Pharmaceuticals Industries Incorporated		1.70			7-19-2019		8,000,000		7,806,011
									18,908,168
Industrials: 0.50%
Transportation Infrastructure: 0.50%
Asciano Finance Limited 144A		5.00			4-7-2018		5,903,000		5,915,860
Materials: 0.32%
Metals & Mining: 0.32%
ArcelorMittal SA		5.75			3-1-2021		3,660,000		3,843,000
Telecommunication Services: 0.83%
Diversified Telecommunication Services: 0.83%
Deutsche Telekom International Finance BV 144A		2.23			1-17-2020		10,000,000		9,884,885
Total Yankee Corporate Bonds and Notes (Cost $213,829,147)									211,690,107
	Yield					Shares
Short-Term Investments: 1.60%
Commercial Paper: 1.06%
Catholic Health Initiative (z)		1.05			3-2-2018		12,600,000		12,599,265
Investment Companies: 0.37%
Securities Lending Cash Investment LLC (l)(r)(u)		1.62					1,019,898		1,020,000
Wells Fargo Government Money Market Fund Select Class (l)(u)		1.29					3,322,313		3,322,313
									4,342,313
						Principal
U.S. Treasury Securities: 0.17%
U.S. Treasury Bill (z)#		1.23			3-15-2018	$	1,950,000		1,949,018
Total Short-Term Investments (Cost $18,890,577)									18,890,596

Total investments in securities (Cost $1,187,016,080)	99.59	%		1,178,943,819
Other assets and liabilities, net	0.41			4,884,967
Total net assets	100.00	%	$	1,183,828,786

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

Portfolio of investments—February 28, 2018 (unaudited) Wells Fargo Ultra Short-Term Income Fund 19

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.

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

±± The coupon of the security is adjusted based on the principal and interest payments received from the underlying pool of mortgages as well as the credit quality and the actual prepayment speed of the underlying mortgages.

« All or a portion of this security is on loan.

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

(l) The issuer of the security is an affiliated person of the Fund as defined in the Investment Company Act of 1940.

(r) The investment is a non-registered investment company purchased with cash collateral received from securities on loan.

(u) The rate represents the 7-day annualized yield at period end.

# All or a portion of this security is segregated as collateral for investments in derivative instruments.

Futures Contracts

Description	Number of contracts		Expiration date		Notional cost			Notional value			Unrealized gains		Unrealized losses
Short
2-Year U.S. Treasury Notes		(1,586)		6-29-2018	$	(337,220,532	)	$	(336,975,438	)	$	245,094	$	0
5-Year U.S. Treasury Notes		(207)		6-29-2018		(23,634,864	)		(23,583,445	)		51,419		0
											$	296,513	$	0

Investments in Affiliates

An affiliated investment is an investment in which the Fund owns at least 5% of the outstanding voting shares of the issuer or as a result of other relationships, such as the Fund and the issuer having the same investment manager. Transactions with issuers that were either affiliated persons of the Fund at the beginning of the period or the end of the period were as follows:

	Shares, beginning of period		Shares purchased		Shares sold		Shares, end of period		Net realized gains (losses)		Net change in unrealized gains (losses)		Income from affiliated securities		Value, end of period		% of net assets
Short-Term Investments
Investment Companies
Securities Lending Cash Investment LLC		0		5,189,981		4,170,083		1,019,898	$	0	$	0	$	6,153	$	1,020,000
Wells Fargo Government Money Market Fund Select Class		119,018,607		442,715,593		558,411,887		3,322,313		0		0		381,650		3,322,313
									$	0	$	0	$	387,803	$	4,342,313		0.37	%

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

20 Wells Fargo Ultra Short-Term Income Fund Statement of assets and liabilities—February 28, 2018 (unaudited)

Assets
Investments in unaffiliated securities (including $999,162 of securities loaned), at value (cost $1,182,673,767)	$	1,174,601,506
Investments in affiliated securities, at value (cost $4,342,313)		4,342,313
Cash		104
Receivable for investments sold		1,420,000
Principal paydown receivable		80,795
Receivable for Fund shares sold		3,325,644
Receivable for interest		6,629,951
Receivable for securities lending income		316
Total assets		1,190,400,629
Liabilities
Payable for Fund shares redeemed		3,998,233
Payable upon receipt of securities loaned		1,020,000
Dividends payable		931,311
Management fee payable		208,470
Administration fees payable		91,991
Payable for daily variation margin on open futures contracts		19,406
Distribution fee payable		2,940
Trustees’ fees and expenses payable		2,170
Accrued expenses and other liabilities		297,322
Total liabilities		6,571,843
Total net assets	$	1,183,828,786
NET ASSETS CONSIST OF
Paid-in capital	$	1,232,304,144
Overdistributed net investment income		(725,195	)
Accumulated net realized losses on investments		(39,974,415	)
Net unrealized losses on investments		(7,775,748	)
Total net assets	$	1,183,828,786
COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE PER SHARE
Net assets – Class A	$	261,747,086
Shares outstanding – Class A1		30,961,131
Net asset value per share – Class A		$8.45
Maximum offering price per share – Class A2		$8.62
Net assets – Class C	$	5,197,820
Shares outstanding – Class C1		615,536
Net asset value per share – Class C		$8.44
Net assets – Administrator Class	$	18,141,356
Shares outstanding – Administrator Class1		2,155,220
Net asset value per share – Administrator Class		$8.42
Net assets – Institutional Class	$	898,742,524
Shares outstanding – Institutional Class1		106,361,437
Net asset value per share – Institutional Class		$8.45

¹  The Fund has an unlimited number of authorized shares.

²  Maximum offering price is computed as 100/98 of net asset value. On investments of $50,000 or more, the offering price is reduced.

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

Statement of operations—six months ended February 28, 2018 (unaudited) Wells Fargo Ultra Short-Term Income Fund 21

Investment income
Interest	$	12,903,806
Income from affiliated securities		387,803
Total investment income		13,291,609
Expenses
Management fee		2,280,386
Administration fees
Class A		218,031
Class C		4,392
Administrator Class		17,333
Institutional Class		405,732
Shareholder servicing fees
Class A		340,673
Class C		6,863
Administrator Class		43,332
Distribution fee
Class C		20,588
Custody and accounting fees		45,107
Professional fees		32,399
Registration fees		159,933
Shareholder report expenses		41,936
Trustees’ fees and expenses		12,449
Other fees and expenses		20,261
Total expenses		3,649,415
Less: Fee waivers and/or expense reimbursements		(785,320	)
Net expenses		2,864,095
Net investment income		10,427,514
REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS
Net realized gains (losses) on:
Unaffiliated securities		(227,196	)
Futures transactions		5,412,648
Net realized gains on investments		5,185,452
Net change in unrealized gains (losses) on:
Unaffiliated securities		(9,862,857	)
Futures transactions		199,809
Net change in unrealized gains (losses) on investments		(9,663,048	)
Net realized and unrealized gains (losses) on investments		(4,477,596	)
Net increase in net assets resulting from operations	$	5,949,918

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

22 Wells Fargo Ultra Short-Term Income Fund Statement of changes in net assets

	Six months ended February 28, 2018 (unaudited)						Year ended August 31, 2017
Operations
Net investment income				$	10,427,514					$	20,208,850
Net realized gains on investments					5,185,452						782,603
Net change in unrealized gains (losses) on investments					(9,663,048	)					(2,659,824	)
Net increase in net assets resulting from operations					5,949,918						18,331,629
Distributions to shareholders from
Net investment income
Class A					(1,787,120	)					(3,275,149	)
Class C					(15,337	)					(21,988	)
Administrator Class					(245,814	)					(314,568	)
Institutional Class					(8,408,465	)					(16,612,992	)
Total distributions to shareholders					(10,456,736	)					(20,224,697	)
Capital share transactions		Shares						Shares
Proceeds from shares sold
Class A		6,021,535			51,037,682			8,702,208			73,793,334
Class C		76,658			648,585			156,489			1,325,887
Administrator Class		5,042,710			42,600,338			1,447,554			12,229,691
Institutional Class		57,933,957			490,813,226			131,295,470			1,113,341,644
					585,099,831						1,200,690,556
Reinvestment of distributions
Class A		204,712			1,733,776			372,917			3,162,637
Class C		1,795			15,178			2,557			21,662
Administrator Class		28,666			241,948			36,668			309,753
Institutional Class		377,959			3,200,704			844,776			7,162,350
					5,191,606						10,656,402
Payment for shares redeemed
Class A		(7,571,625	)		(64,153,216	)		(14,399,228	)		(122,123,201	)
Class C		(142,603	)		(1,207,161	)		(359,267	)		(3,043,190	)
Administrator Class		(6,140,632	)		(51,838,396	)		(1,414,056	)		(11,944,464	)
Institutional Class		(77,181,618	)		(653,749,111	)		(147,978,477	)		(1,254,571,635	)
					(770,947,884	)					(1,391,682,490	)
Net decrease in net assets resulting from capital share transactions					(180,656,447	)					(180,335,532	)
Total decrease in net assets					(185,163,265	)					(182,228,600	)
Net assets
Beginning of period					1,368,992,051						1,551,220,651
End of period				$	1,183,828,786					$	1,368,992,051
Overdistributed net investment income				$	(725,195	)				$	(695,973	)

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

Financial highlights Wells Fargo Ultra Short-Term Income Fund 23

(For a share outstanding throughout each period)

	Six months ended February 28, 2018 (unaudited)			Year ended August 31
CLASS A				2017			2016			2015			2014			2013
Net asset value, beginning of period		$8.48			$8.49			$8.46			$8.53			$8.53			$8.55
Net investment income		0.06			0.09			0.08			0.05			0.06			0.06
Net realized and unrealized gains (losses) on investments		(0.03	)		(0.01	)		0.03			(0.06	)		0.00			(0.02	)
Total from investment operations		0.03			0.08			0.11			(0.01	)		0.06			0.04
Distributions to shareholders from
Net investment income		(0.06	)		(0.09	)		(0.08	)		(0.05	)		(0.06	)		(0.06	)
Tax basis return of capital		0.00			0.00			0.00			(0.01	)		0.00			0.00
Total distributions to shareholders		(0.06	)		(0.09	)		(0.08	)		(0.06	)		(0.06	)		(0.06	)
Net asset value, end of period		$8.45			$8.48			$8.49			$8.46			$8.53			$8.53
Total return1		0.30	%		0.97	%		1.28	%		(0.07	)%		0.74	%		0.52	%
Ratios to average net assets (annualized)
Gross expenses		0.80	%		0.79	%		0.79	%		0.77	%		0.78	%		0.83	%
Net expenses		0.70	%		0.70	%		0.70	%		0.70	%		0.70	%		0.70	%
Net investment income		1.31	%		1.09	%		0.93	%		0.64	%		0.70	%		0.72	%
Supplemental data
Portfolio turnover rate		30	%		56	%		51	%		70	%		47	%		56	%
Net assets, end of period (000s omitted)		$261,747			$274,079			$319,565			$151,561			$196,459			$158,363

¹  Total return calculations do not include any sales charges. 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 Ultra Short-Term Income Fund Financial highlights

(For a share outstanding throughout each period)

	Six months ended February 28, 2018 (unaudited)			Year ended August 31
CLASS C				2017			2016			2015			2014			2013
Net asset value, beginning of period		$8.47			$8.48			$8.45			$8.52			$8.52			$8.55
Net investment income (loss)		0.02			0.02			0.01			(0.01	)		(0.01	)		(0.00	)1
Net realized and unrealized gains (losses) on investments		(0.03	)		0.00			0.03			(0.06	)		0.01			(0.03	)
Total from investment operations		(0.01	)		0.02			0.04			(0.07	)		0.00			(0.03	)
Distributions to shareholders from
Net investment income		(0.02	)		(0.03	)		(0.01	)		(0.00	)1		(0.00	)1		(0.00	)1
Tax basis return of capital		0.00			0.00			0.00			(0.00	)1		0.00			0.00
Total distributions to shareholders		(0.02	)		(0.03	)		(0.01	)		(0.00	)1		(0.00	)1		(0.00	)1
Net asset value, end of period		$8.44			$8.47			$8.48			$8.45			$8.52			$8.52
Total return2		(0.07	)%		0.22	%		0.52	%		(0.81	)%		0.05	%		(0.31	)%
Ratios to average net assets (annualized)
Gross expenses		1.55	%		1.54	%		1.54	%		1.52	%		1.53	%		1.59	%
Net expenses		1.45	%		1.45	%		1.45	%		1.45	%		1.45	%		1.45	%
Net investment income (loss)		0.55	%		0.34	%		0.17	%		(0.10	)%		(0.05	)%		(0.02	)%
Supplemental data
Portfolio turnover rate		30	%		56	%		51	%		70	%		47	%		56	%
Net assets, end of period (000s omitted)		$5,198			$5,760			$7,464			$7,642			$9,078			$11,859

¹  Amount is less than $0.005.

²  Total return calculations do not include any sales charges. 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 Ultra Short-Term Income Fund 25

(For a share outstanding throughout each period)

	Six months ended February 28, 2018 (unaudited)			Year ended August 31
ADMINISTRATOR CLASS				2017			2016			2015			2014			2013
Net asset value, beginning of period		$8.45			$8.46			$8.42			$8.50			$8.50			$8.52
Net investment income		0.06			0.10			0.09			0.07	1		0.07			0.07
Net realized and unrealized gains (losses) on investments		(0.03	)		(0.01	)		0.04			(0.07	)		0.01			(0.01	)
Total from investment operations		0.03			0.09			0.13			0.00			0.08			0.06
Distributions to shareholders from
Net investment income		(0.06	)		(0.10	)		(0.09	)		(0.07	)		(0.08	)		(0.08	)
Tax basis return of capital		0.00			0.00			0.00			(0.01	)		0.00			0.00
Total distributions to shareholders		(0.06	)		(0.10	)		(0.09	)		(0.08	)		(0.08	)		(0.08	)
Net asset value, end of period		$8.42			$8.45			$8.46			$8.42			$8.50			$8.50
Total return2		0.37	%		1.12	%		1.55	%		(0.04	)%		0.89	%		0.67	%
Ratios to average net assets (annualized)
Gross expenses		0.74	%		0.73	%		0.73	%		0.71	%		0.72	%		0.77	%
Net expenses		0.55	%		0.55	%		0.55	%		0.55	%		0.55	%		0.55	%
Net investment income		1.43	%		1.24	%		1.05	%		0.81	%		0.84	%		0.87	%
Supplemental data
Portfolio turnover rate		30	%		56	%		51	%		70	%		47	%		56	%
Net assets, end of period (000s omitted)		$18,141			$27,245			$26,679			$44,682			$119,884			$145,498

¹ Calculated based upon average shares outstanding

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 Ultra Short-Term Income Fund Financial highlights

(For a share outstanding throughout each period)

	Six months ended February 28, 2018 (unaudited)			Year ended August 31
INSTITUTIONAL CLASS				2017			2016			2015			2014			2013
Net asset value, beginning of period		$8.48			$8.49			$8.45			$8.53			$8.52			$8.55
Net investment income		0.07			0.12			0.11			0.08			0.09			0.09
Net realized and unrealized gains (losses) on investments		(0.03	)		(0.01	)		0.04			(0.07	)		0.01			(0.03	)
Total from investment operations		0.04			0.11			0.15			0.01			0.10			0.06
Distributions to shareholders from
Net investment income		(0.07	)		(0.12	)		(0.11	)		(0.08	)		(0.09	)		(0.09	)
Tax basis return of capital		0.00			0.00			0.00			(0.01	)		0.00			0.00
Total distributions to shareholders		(0.07	)		(0.12	)		(0.11	)		(0.09	)		(0.09	)		(0.09	)
Net asset value, end of period		$8.45			$8.48			$8.49			$8.45			$8.53			$8.52
Total return1		0.47	%		1.33	%		1.75	%		0.16	%		1.21	%		0.75	%
Ratios to average net assets (annualized)
Gross expenses		0.47	%		0.46	%		0.46	%		0.44	%		0.45	%		0.50	%
Net expenses		0.35	%		0.35	%		0.35	%		0.35	%		0.35	%		0.35	%
Net investment income		1.65	%		1.43	%		1.27	%		0.99	%		1.05	%		1.07	%
Supplemental data
Portfolio turnover rate		30	%		56	%		51	%		70	%		47	%		56	%
Net assets, end of period (000s omitted)		$898,743			$1,061,908			$1,197,514			$1,137,808			$1,418,101			$996,437

¹  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 Ultra Short-Term Income Fund 27

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 Ultra Short-Term Income 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

All investments are valued each business day as of the close of regular trading on the New York Stock Exchange (generally 4 p.m. Eastern Time), although the Fund may deviate from this calculation time under unusual or unexpected circumstances.

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.

Futures that are listed on a foreign or domestic exchange or market are valued at the official closing price or, if none, the last sales price.

Investments in registered open-end investment companies are valued at net asset value. Interests in non-registered investment companies that are redeemable at net asset value are fair valued normally at net asset value.

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 Wells Fargo Asset Management Pricing Committee at Wells Fargo Funds Management, LLC (“Funds Management”). The Board of Trustees retains the authority to make or ratify any valuation decisions or approve any changes to the Valuation Procedures as it deems appropriate. On a quarterly basis, the Board of Trustees receives reports on any valuation actions taken by the Valuation Committee or the Wells Fargo Asset Management Pricing Committee which may include items for ratification.

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.

Securities lending

The Fund may lend its securities from time to time in order to earn additional income in the form of fees or interest on securities received as collateral or the investment of any cash received as collateral. The Fund continues to receive interest or dividends on the securities loaned. The Fund receives collateral in the form of cash or securities with a value at least equal to the value of the securities on loan. The value of the loaned securities is determined at the close of each business day and any additional required collateral is delivered to the Fund on the next business day. In a securities lending transaction, the net asset value of the Fund will be affected by an increase or decrease in the value of the securities loaned and by an increase or decrease in the value of the instrument in which collateral is invested. The amount of securities lending activity undertaken by the Fund fluctuates from time to time. In the event of default or bankruptcy by the borrower, the Fund may be prevented from recovering the loaned securities or gaining access to the collateral or may experience delays or costs in doing so. In addition, the investment of any cash collateral received may lose all or part of its value. The Fund has the right under the lending agreement to recover the securities from the borrower on demand.

28 Wells Fargo Ultra Short-Term Income Fund Notes to financial statements (unaudited)

Fund is exempt from registration under Section 3(c)(7) of the 1940 Act and is managed by Funds Management and is subadvised by Wells Capital Management Incorporated (“WellsCap”), an affiliate of Funds Management and an indirect wholly owned subsidiary of Wells Fargo & Company (“Wells Fargo”). Funds Management receives an advisory fee starting at 0.05% and declining to 0.01% as the average daily net assets of the Securities Lending Fund increase. All of the fees received by Funds Management are paid to WellsCap for its services as subadviser. The Securities Lending Fund seeks to provide a positive return compared to the daily Fed Funds Open Rate by investing in high-quality, U.S. dollar-denominated short-term money market instruments. Securities Lending Fund investments are valued at the evaluated bid price provided by an independent pricing service. Income earned from investment in the Securities Lending Fund, if any, is included in income from affiliated securities on the Statement of Operations.

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.

Futures contracts

The Fund is subject to interest rate risk in the normal course of pursuing its investment objectives. The Fund may buy and sell futures contracts in order to gain exposure to, or protect against, changes in interest rates. The primary risks associated with the use of futures contracts are the imperfect correlation between changes in market values of securities held by the Fund and the prices of futures contracts, and the possibility of an illiquid market.

The aggregate principal amounts of the contracts are not recorded in the financial statements. Fluctuations in the value of the contracts are recorded in the Statement of Assets and Liabilities as an asset or liability and in the Statement of Operations as unrealized gains or losses until the contracts are closed, at which point they are recorded as net realized gains or losses on futures contracts. With futures contracts, there is minimal counterparty risk to the Fund since futures are exchange traded and the exchange’s clearinghouse, as counterparty to all exchange traded futures, guarantees the futures against default.

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. 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 at year end.

Distributions to shareholders

Distributions to shareholders from net investment income are declared daily and paid monthly. Distributions from net realized gains, if any, are recorded on the ex-dividend date and paid at least annually. Such distributions are determined in accordance with income tax regulations and may differ from U.S. generally accepted accounting principles. Dividend sources are estimated at the time of declaration. The tax character of distributions is determined as of 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 at year end.

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.

Notes to financial statements (unaudited) Wells Fargo Ultra Short-Term Income Fund 29

As of February 28, 2018, the aggregate cost of all investments for federal income tax purposes was $1,187,016,080 and the unrealized gains (losses) consisted of:

Gross unrealized gains	$	1,513,393
Gross unrealized losses		(9,289,141	)
Net unrealized losses	$	(7,775,748	)

Capital loss carryforwards that do not expire are required to be utilized prior to capital loss carryforwards that expire. As of August 31, 2017, capital loss carryforwards available to offset future net realized capital gains were as follows through the indicated expiration dates:

		No expiration
2018	2019	Short-term	Long-term
$7,738,751	$7,448,920	$3,146,673	$26,445,663

As of August 31, 2017, the Fund had current year deferred post-October capital losses consisting of $135,479 in short-term losses and $147,677 in long-term losses which were recognized on the first day of the current fiscal year.

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 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.

30 Wells Fargo Ultra Short-Term Income 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 February 28, 2018:

	Quoted prices (Level 1)		Other significant observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total
Assets
Investments in:
Agency securities	$	0	$	148,991,771	$	0	$	148,991,771
Asset-backed securities		0		145,789,284		0		145,789,284
Corporate bonds and notes		0		406,992,960		0		406,992,960
Municipal obligations		0		31,413,661		0		31,413,661
Non-agency mortgage-backed securities		0		215,175,440		0		215,175,440
Yankee corporate bonds and notes		0		211,690,107		0		211,690,107
Short-term investments
Commercial paper		0		12,599,265		0		12,599,265
Investment companies		3,322,313		0		0		3,322,313
U.S. Treasury securities		1,949,018		0		0		1,949,018
Investments measured at net asset value*								1,020,000
		5,271,331		1,172,652,488		0		1,178,943,819
Futures contracts		296,513		0		0		296,513
Total assets	$	5,567,844	$	1,172,652,488	$	0	$	1,179,240,332

* Investments that are measured at fair value using the net asset value per share (or its equivalent) as a practical expedient have not been categorized in the fair value hierarchy. The fair value amount presented in the table is intended to permit reconciliation of the fair value hierarchy to the amounts presented in the Statement of Assets and Liabilities. The Fund’s investment in Securities Lending Cash Investments, LLC valued at $1,020,000 does not have a redemption period notice, can be redeemed daily and does not have any unfunded commitments.

Futures contracts are reported at the cumulative unrealized gains or losses at measurement date. The current day’s variation margin is reported on the Statement of assets and liabilities. All other assets and liabilities are reported at their market value at measurement date.

The Fund recognizes transfers between levels within the fair value hierarchy at the end of the reporting period. At February 28, 2018, 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, 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 0.35% and declining to 0.255% as the average daily net assets of the Fund increase. For the six months ended February 28, 2018, the management fee was equivalent to an annual rate of 0.34% 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. WellsCap is the subadviser to the Fund and is entitled to receive a fee from Funds Management at an annual rate starting at 0.15% and declining to 0.05% 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

Notes to financial statements (unaudited) Wells Fargo Ultra Short-Term Income Fund 31

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 C		0.16	%
Administrator Class		0.10
Institutional Class		0.08

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 December 31, 2018 to waive fees and/or reimburse expenses to the extent necessary to cap the Fund’s expenses at 0.70% for Class A shares, 1.45% for Class C shares, 0.55% for Administrator Class shares, and 0.35% for Institutional 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.

Distribution fee

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

In addition, Funds Distributor is entitled to receive the front-end sales charge from the purchase of Class A shares and a contingent deferred sales charge on the redemption of certain Class A shares. Funds Distributor is also entitled to receive the contingent deferred sales charges from redemptions of Class C shares. For the six months ended February 28, 2018, Funds Distributor received $989 from the sale of Class A shares. No contingent deferred sales charges were incurred by Class A and Class C shares for the six months ended February 28, 2018.

Shareholder servicing fees

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

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

Interfund transactions

The Fund may purchase or sell portfolio investment securities to certain other Wells Fargo affiliates pursuant to Rule 17a-7 under 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. INVESTMENT PORTFOLIO TRANSACTIONS

Purchases and sales of investments, excluding short-term securities, for the six months ended February 28, 2018 were as follows:

Purchases at cost		Sales proceeds
U.S. government	Non-U.S. government	U.S. government	Non-U.S. government
$33,033,659	$406,328,331	$4,162,887	$359,152,173

6. DERIVATIVE TRANSACTIONS

During the six months ended February 28, 2018, the Fund entered into futures contracts to speculate on interest rates and to help manage the duration of the portfolio. The Fund had an average notional amount of $365,688,216 in short futures contracts during the six months ended February 28, 2018.

On February 28, 2018, the cumulative unrealized gains on futures contracts in the amount of $296,513 are reflected in net unrealized losses on investments on the Statement of Assets and Liabilities. The payable for daily variation margin on open futures contracts reflected in the Statement of Assets and Liabilities only represents the current day’s variation margin. The realized gains and change in unrealized gains (losses) on futures contracts are reflected in the Statement of Operations.

32 Wells Fargo Ultra Short-Term Income Fund Notes to financial statements (unaudited)

For certain types of derivative transactions, the Fund has entered into International Swaps and Derivatives Association, Inc. master agreements (“ISDA Master Agreements”) or similar agreements with approved counterparties. The ISDA Master Agreements or similar agreements may have requirements to deliver/deposit securities or cash to/with an exchange or broker-dealer as collateral and allows the Fund to offset, with each counterparty, certain derivative financial instrument’s assets and/or liabilities with collateral held or pledged. Collateral requirements differ by type of derivative. Collateral or margin requirements are set by the broker or exchange clearinghouse for exchange traded derivatives while collateral terms are contract specific for over-the-counter traded derivatives. Cash collateral that has been pledged to cover obligations of the Fund under ISDA Master Agreements or similar agreements, if any, are reported separately in the Statement of Assets and Liabilities. Securities pledged as collateral, if any, are noted in the Portfolio of Investments. With respect to balance sheet offsetting, absent an event of default by the counterparty or a termination of the agreement, the reported amounts of financial assets and financial liabilities in the Statement of Assets and Liabilities are not offset across transactions between the Fund and the applicable counterparty. A reconciliation of the gross amounts on the Statement of Assets and Liabilities to the net amounts by counterparty, including any collateral exposure, is as follows:

Counterparty	Gross amounts of assets in the Statement of Assets and Liabilities	Amounts subject to netting agreements	Collateral received		Net amount of liabilities
JP Morgan	$296,513*	$0	$	0	$	296,513

* Amount represents unrealized gains on futures contracts which are reported in Net unrealized losses on investments. Only the current day’s variation margin as of February 28, 2018 is reported separately on the Statement of Assets and Liabilities.

7. BANK BORROWINGS

The Trust (excluding the money market funds and certain other funds) and Wells Fargo Variable Trust are parties to a $280,000,000 revolving credit agreement whereby the Fund is permitted to use bank borrowings for temporary or emergency purposes, such as to fund shareholder redemption requests. Interest under the credit agreement is charged to the Fund based on a borrowing rate equal to the higher of the Federal Funds rate in effect on that day plus 1.25% or the overnight LIBOR rate in effect on that day plus 1.25%. In addition, an annual commitment fee equal to 0.25% of the unused balance is allocated to each participating fund.

For the six months ended February 28, 2018, there were no borrowings by the Fund under the agreement.

8. 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.

Other information (unaudited) Wells Fargo Ultra Short-Term Income Fund 33

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 monthly on the Fund’s website (wellsfargofunds.com), on a one-month delayed basis. In addition, top ten holdings information (excluding derivative positions) for the Fund is publicly available on the Fund’s website on a monthly, seven-day or more 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.

34 Wells Fargo Ultra Short-Term Income 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 153 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; Chair Liaison, since 2018	Retired. From 2012 to 2014 and 1999 to 2008, Chief Financial Officer of Scientific Learning Corporation. From 2008 to 2012, Ms. Freeman provided consulting services related to strategic business projects. Prior to 1999, Portfolio Manager at Rockefeller & Co. and Scudder, Stevens & Clark. Board member of the Harding Loevner Funds from 1996 to 2014, serving as both Lead Independent Director and chair of the Audit Committee. Board member of the Russell Exchange Traded Funds Trust from 2011 to 2012 and the chair of the Audit Committee. Ms. Freeman is a Board Member of Ruth Bancroft Garden (non-profit organization) and the Glimmerglass Festival. She is also an inactive Chartered Financial Analyst.	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 Ultra Short-Term Income Fund 35

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; Governance Committee Chairman, since 2018	International Foundation of Employee Benefit Plans Professor, Wharton School of the University of Pennsylvania since 1993. Director of Wharton’s Pension Research Council and Boettner Center on Pensions & Retirement Research, and Research Associate at the National Bureau of Economic Research. Previously, Cornell University Professor from 1978 to 1993.	Asset Allocation Trust
Timothy J. Penny**** (Born 1951)	Trustee, since 1996; Chairman, since 2018; Vice Chairman, from 2017 to 2018	President and Chief Executive Officer of Southern Minnesota Initiative Foundation, a non-profit organization, since 2007. Member of the Board of Trustees of NorthStar Education Finance, Inc., a non-profit organization, since 2007.	Asset Allocation Trust
James G. Polisson***** (Born 1959)	Trustee, since 2018; Advisory Board Member, from 2017 to 2018	Retired. Chief Marketing Officer, Source (ETF) UK Services, Ltd, from 2015 to 2017. From 2012 to 2015, Principal of The Polisson Group, LLC, a management consulting, corporate advisory and principal investing company. Chief Executive Officer and Managing Director at Russell Investments, Global Exchange Traded Funds from 2010 to 2012. Managing Director of Barclays Global Investors from 1998 to 2010 and Global Chief Marketing Officer for iShares and Barclays Global Investors from 2000 to 2010. Trustee of the San Francisco Mechanics’ Institute, a non-profit organization, from 2013 to 2015. Board member of the Russell Exchange Traded Fund Trust from 2011 to 2012. Director of Barclays Global Investors Holdings Deutschland GmbH from 2006 to 2009. Mr. Polisson is an attorney and has a retired status with the Massachusetts and District of Columbia Bar Associations.	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. Trustee of the Evergreen Fund 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
Pamela Wheelock***** (Born 1959)	Trustee, since 2018; Advisory Board Member, from 2017 to 2018	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.	Asset Allocation Trust

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

** Jane Freeman became Chair Liaison effective January 1, 2018.

*** Olivia Mitchell became Chairman of the Governance Committee effective January 1, 2018.

**** Timothy Penny became Chairman effective January 1, 2018.

***** James Polisson and Pamela Wheelock each became a Trustee effective January 1, 2018.

36 Wells Fargo Ultra Short-Term Income 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.
Alexander Kymn* (Born 1973)	Secretary, since 2018; Chief Legal Officer, since 2018	Senior Company Counsel of Wells Fargo Bank, N.A. since 2018 (previously Senior Counsel from 2007 to 2018). Vice President of Wells Fargo Funds Management, LLC from 2008 to 2014.
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 77 funds in the Fund Complex. Jeremy DePalma acts as Treasurer of 76 funds and Assistant Treasurer of 77 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.

* Alexander Kymn became the Secretary and Chief Legal Officer effective April 17, 2018.

** David Messman was the Secretary and Chief Legal Officer until April 16, 2018.

List of abbreviations Wells Fargo Ultra Short-Term Income 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

INR —  Indian rupee

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 Agency

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

SIFMA —  Securities Industry and Financial Markets Association

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 Distributor nor Wells Fargo Funds Management holds fund shareholder accounts or assets. This material is for general informational and educational purposes only and is NOT intended to provide investment advice or a recommendation of any kind—including a recommendation for any specific investment, strategy, or plan.

NOT FDIC INSURED  ◾  NO BANK GUARANTEE  ◾   MAY LOSE VALUE

© 2018 Wells Fargo Funds Management, LLC. All rights reserved.

309374 04-18 SA223/SAR223 02-18

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 MANAGEMEENT 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:	April 28, 2018

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

Wells Fargo Funds Trust
By:	/s/ Andrew Owen
	Andrew Owen
	President
Date:	April 28, 2018
By:	/s/ Nancy Wiser
	Nancy Wiser
	Treasurer
Date:	April 28, 2018