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

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSRS

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number: 811-09253

Wells Fargo Funds Trust

(Exact name of registrant as specified in charter)

525 Market St., San Francisco, CA 94105

(Address of principal executive offices) (Zip code)

C. David Messman

Wells Fargo Funds Management, LLC

525 Market St., San Francisco, CA 94105

(Name and address of agent for service)

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

Date of fiscal year end: January 31

Registrant is making a filing for 8 of its series:

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

Date of reporting period: July 31, 2018

ITEM 1. REPORT TO STOCKHOLDERS

Semi-Annual Report

July 31, 2018

Retail Money Market Funds

∎ Wells Fargo Money Market 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	6
Fund expenses	8
Portfolio of investments	9
Financial statements
Statement of assets and liabilities	14
Statement of operations	15
Statement of changes in net assets	16
Financial highlights	17
Notes to financial statements	21
Other information	25

The views expressed and any forward-looking statements are as of July 31, 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 Money Market Fund Letter to shareholders (unaudited)

Andrew Owen

President

Wells Fargo Funds

Yields on money market funds benefited during the period.

During February 2018, the U.S. stock market endured a loss of more than 10% before recovering in March and April.

Dear Shareholder:

We are pleased to offer you this semi-annual report for the Wells Fargo Money Market Fund for the six-month period that ended July 31, 2018. Yields on money market funds benefited during the period. As the U.S. Federal Reserve (the Fed) moved toward a more normalized monetary policy after an extended term of low interest rates following the global financial crisis during 2007 and 2008, its steady pace of interest rate increases helped raise yields on short-term money market instruments.

Globally, stock markets followed a less consistent path during the period. After advancing during the summer and fall of 2017 in a roughly synchronized way, economic growth and stock markets globally diverged during the first seven months of 2018. For fixed-income investors, higher U.S. interest rates, rising inflation, and intensifying global geopolitical tensions tended to restrain taxable bond prices while high-yield and municipal bond investors generally enjoyed positive returns.

For the period, U.S. stocks, as measured by the S&P 500 Index,¹ gained 0.70%, and international stocks, as measured by the MSCI ACWI ex USA Index (Net),² fell 6.66%. Emerging market stocks, as measured by the MSCI EM Index (Net),³ dropped 11.94%. In bond markets, the Bloomberg Barclays U.S. Aggregate Bond Index⁴ declined 0.45% while fixed-income investments outside the U.S. fell 4.57%, according to the Bloomberg Barclays Global Aggregate ex-USD Index.⁵ The Bloomberg Barclays Municipal Bond Index⁶ added 1.18%, and the ICE BofAML U.S. High Yield Index⁷ was up 0.55%.

Volatility reemerged during the first quarter of 2018 as economic signals were mixed.

The first quarter of 2018 began with stock market gains in January following U.S. tax reform that lowered rates for individuals and corporations and deregulation advanced in some economic sectors. Then, investor optimism was supplanted by several concerns. Trade tensions intensified, particularly between the U.S. and China. The U.S. threatened to impose tariffs on a broad range of imported products. Increasing interest rates and inflation also caused concern. During February 2018, the U.S. stock market endured a loss of more than 10% before recovering in March and April. The S&P 500 Index closed the first quarter with a negative return, the first negative quarterly return for the index since 2014.

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 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 market 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.

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 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 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.

⁷  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.

⁸  The Consumer Price Index For All Urban Consumers (CPI-U) measures the changes in the price of a basket of goods and services purchased by urban consumers. The urban consumer population is deemed by many as a better representative measure of the general public because most of the country’s population lives in highly populated areas, which represent close to 90% of the total population. You cannot invest directly in an index.

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

The Fed increased the federal funds rate by 25 basis points (bps; 100 bps equal 1.00%) in March 2018 and the rate of inflation reached the Fed’s 2% target for the first time in a year. The unemployment rate fell to 4.1%. The third revision of first-quarter gross domestic product (GDP) growth by the U.S. Bureau of Economic Analysis released during June 2018 was lowered to 2.0%.

Overseas, investment market returns reversed the strong returns of 2017. After having gained 27.19% for the 12-month period that ended on December 31, 2017, the MSCI ACWI ex USA Index (Net) fell 1.46% for the seven-month period that ended July 31, 2018. The U.S. dollar strengthened relative to local currencies, which served to restrain returns.

Global trade tensions escalated during the second quarter and into the third quarter of 2018.

Global trade tensions escalated as the second quarter of 2018 opened and equity markets fell in response before resuming upward momentum later in April. The U.S. government imposed tariffs on products and commodities imported from other markets in North America, Europe, and Asia. In retaliation, governments imposed tariffs on U.S. products and commodities. In addition, the U.S. pushed its North American neighbors to renegotiate the North American Free Trade Agreement, furthering trade tensions and investor uncertainty.

The CPI-U⁸ added 0.2% in May after a similar increase in April. On a year-over-year basis, the all-items index rose 2.8% for the 12 months that ended May 31, continuing its upward trend since the beginning of the year. The index for all items less food and energy rose 2.2% for the same 12-month period. Interest rates generally increased and the bond markets tended to decline.

During June 2018, the Fed increased the federal funds rate by 25 bps. Investment markets began to anticipate two more rate increases in 2018. Long-term interest rates in the U.S. trended higher—rates on the 10-year and 30-year Treasury bonds moved from 2.46% and 2.81%, respectively, on January 1, 2018, to 2.96% and 3.08%, respectively, on July 31, 2018. While higher at the end of the period, rates were off their peak levels on May 17, 2018, of 3.11% and 3.25%, respectively. Investors became more aware of and concerned about the potential for an inverted yield curve—sometimes a recession signal—as short-term rates increased more quickly than long-term rates.

The unemployment rate fell to 3.9% in July after ticking up slightly in June from May’s 3.8% level, according to the U.S. Department of Labor. The annualized rate of GDP growth for the second quarter of 2018 was reported in July to be 4.1%, the highest level since the third quarter of 2014, according to the U.S. Bureau of Economic Analysis.

Internationally, the prospects for a smooth U.K. Brexit agreement was cast into doubt as members of Prime Minister Theresa May’s negotiating team resigned. Despite the uncertainty, the period closed with expectations that the Bank of England’s Monetary Policy Committee in July would announce an increase in its key interest rate to 0.75%, which it did in early August.

Meanwhile, central banks in Europe and Japan maintained low interest rates and accommodative monetary policies. Amid rising trade uncertainty, People’s Bank of China monetary policies shifted with cuts to reserve requirement ratios and implementation of supportive measures such as accelerated infrastructure spending and tax cuts for small and medium enterprises and for individuals. Nevertheless, a strengthening U.S. dollar and the tensions associated with trade policies remained headwinds for investors overseas.

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

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

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

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

Sincerely,

Andrew Owen

President

Wells Fargo Funds

For further information about your Fund, contact your investment professional, visit our website at wellsfargofunds.com, or call us directly at 1-800-222-8222.

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6 Wells Fargo Money Market Fund Performance highlights (unaudited)

Investment objective

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

Manager

Wells Fargo Funds Management, LLC

Subadvisers

Wells Capital Management Incorporated

Wells Capital Management Singapore

Portfolio managers

Michael C. Bird, CFA^®

Jeffrey L. Weaver, CFA^®

Laurie White

Average annual total returns (%) as of July 31, 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 (STGXX)	7-1-1992		–			–		–		1.08		0.28		0.23		0.70		0.60
Class C*	6-30-2010		(0.67	)		0.07		0.09		0.33		0.07		0.09		1.45		1.35
Premier Class (WMPXX)	3-31-2016		–			–		–		1.52		0.47		0.33		0.31		0.20
Service Class (WMOXX)	6-30-2010		–			–		–		1.22		0.33		0.27		0.60		0.50

Yield summary (%) as of July 31, 2018³

	Class A	Class C*		Premier Class		Service Class
7-day current yield	1.58		0.83		1.98		1.68
7-day compound yield	1.60		0.83		2.00		1.69
30-day simple yield	1.60		0.84		1.99		1.69
30-day compound yield	1.61		0.85		2.01		1.71

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

Figures quoted represent past performance, which is no guarantee of future results, and do not reflect taxes that a shareholder may pay on fund distributions or the redemption of fund shares. Investment returns will fluctuate. The Fund’s yield figures more closely reflect the current earnings of the Fund than the total return figures. Current performance may be lower or higher than the performance data quoted, which assumes the reinvestment of dividends and capital gains. Current month-end performance is available on the Fund’s website, wellsfargofunds.com.

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

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

Please see footnotes on page 7.

Performance highlights (unaudited) Wells Fargo Money Market Fund 7

Portfolio composition as of July 31, 2018⁴

Effective maturity distribution as of July 31, 2018⁴

Weighted average maturity as of July 31, 2018⁵

14 days

Weighted average life as of July 31, 2018⁶

42 days

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

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

³  The manager has contractually committed through May 31, 2019, 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 (if any), and extraordinary expenses are excluded from the expense cap. Without this cap, the Fund’s returns would have been lower. Without waived fees and/or reimbursed expenses, the Fund’s 7-day current yield would have been 1.46%, 0.70%, 1.85%, 1.56%, and for Class A, Class C, Premier Class, and Service Class, respectively. 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  Amounts are calculated based on the total investments of the Fund. These amounts are subject to change and may have changed since the date specified.

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

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

8 Wells Fargo Money Market Fund Fund expenses (unaudited)

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

The example is based on an investment of $1,000 invested at the beginning of the six-month period and held for the entire period from February 1, 2018 to July 31, 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 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 2-1-2018		Ending account value 7-31-2018		Expenses paid during the period¹		Annualized net expense ratio
Class A
Actual	$	1,000.00	$	1,006.77	$	3.19		0.63	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,022.03	$	3.21		0.63	%
Class C
Actual	$	1,000.00	$	1,002.99	$	6.97		1.38	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,018.25	$	7.02		1.38	%
Premier Class
Actual	$	1,000.00	$	1,008.89	$	1.01		0.20	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,024.20	$	1.02		0.20	%
Service Class
Actual	$	1,000.00	$	1,007.39	$	2.53		0.50	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,022.68	$	2.55		0.50	%

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

Portfolio of investments—July 31, 2018 (unaudited) Wells Fargo Money Market Fund 9

Security name	Interest rate			Maturity date		Principal		Value
Certificates of Deposit: 21.21%
ABN AMRO Funding LLC		1.95	%		8-1-2018	$	15,000,000	$	15,000,000
Australia & New Zealand Banking Group		1.89			8-1-2018		14,000,000		14,000,000
BNP Paribas (3 Month LIBOR +0.15%) ±		2.49			9-28-2018		3,000,000		3,000,000
China Construction Bank Corporation NY (1 Month LIBOR +0.25%) ±		2.34			7-19-2019		7,000,000		7,000,000
Commonwealth Bank of Australia (3 Month LIBOR +0.25%) ±		2.59			4-3-2019		2,000,000		2,000,000
Credit Industriel et Commercial (z)		2.28			8-20-2018		2,000,000		1,997,603
Credit Suisse AG (3 Month LIBOR +0.10%) ±		2.43			9-21-2018		2,000,000		2,000,000
DNB Nor Bank ASA		2.26			8-1-2018		2,000,000		2,000,000
HSBC Bank plc		1.95			8-1-2018		10,000,000		10,000,000
HSBC Bank plc (3 Month LIBOR +0.18%) ±		2.54			5-10-2019		2,500,000		2,500,000
KBC Bank		2.20			9-12-2018		5,000,000		5,000,000
Mitsubishi Trust & Bank (1 Month LIBOR +0.23%) ±		2.30			1-17-2019		5,000,000		5,000,000
Mitsubishi Trust & Bank (1 Month LIBOR +0.30%) ±		2.37			1-14-2019		2,000,000		2,000,000
Mizuho Bank Limited (1 Month LIBOR +0.25%) ±		2.32			11-26-2018		5,000,000		5,000,000
National Bank of Kuwait		1.91			8-1-2018		15,675,000		15,675,000
Natixis (1 Month LIBOR +0.25%) ±		2.35			12-10-2018		3,000,000		3,000,000
Natixis (1 Month LIBOR +0.44%) ±		2.51			9-17-2018		3,000,000		3,000,000
Norinchukin Bank (1 Month LIBOR +0.30%) ±		2.39			9-10-2018		3,000,000		3,000,000
Oversea-Chinese Banking Corporation (1 Month LIBOR +0.30%) ±		2.39			9-6-2018		2,000,000		2,000,000
Sumitomo Mitsui Banking Corporation (1 Month LIBOR +0.25%) ±		2.35			9-7-2018		4,000,000		4,000,000
Sumitomo Mitsui Trust NY (3 Month LIBOR +0.05%) ±		2.37			12-4-2018		5,000,000		5,000,000
Sumitomo Mitsui Trust NY (1 Month LIBOR +0.43%) ±		2.51			10-11-2018		4,000,000		4,000,000
Svenska Handelsbanken (1 Month LIBOR +0.16%) ±		2.25			9-6-2018		2,000,000		2,000,000
Toronto Dominion Bank (1 Month LIBOR +0.20%) ±		2.29			8-10-2018		2,000,000		2,000,000
Toronto Dominion Bank (1 Month LIBOR +0.23%) ±		2.32			12-6-2018		2,000,000		2,000,000
Total Certificates of Deposit (Cost $122,172,603)									122,172,603
Commercial Paper: 49.27%
Asset-Backed Commercial Paper: 20.78%
Albion Capital Corporation (z)		2.13			8-20-2018		1,000,000		998,876
Alpine Securitization Limited (1 Month LIBOR +0.33%) 144A±		2.42			9-6-2018		8,000,000		8,000,000
Anglesea Funding LLC (1 Month LIBOR +0.23%) 144A±		2.32			12-28-2018		7,000,000		7,000,000
Anglesea Funding LLC (1 Month LIBOR +0.27%) 144A±		2.34			10-23-2018		3,000,000		3,000,000
Antalis SA 144A(z)		2.10			8-13-2018		2,000,000		1,998,600
Antalis SA 144A(z)		2.21			8-20-2018		2,000,000		1,997,678
Antalis SA 144A(z)		2.36			8-9-2018		3,000,000		2,998,433
Atlantic Asset Securitization Corporation (1 Month LIBOR +0.32%) 144A±		2.41			11-1-2018		4,000,000		4,000,000
Bennington Stark Capital Company 144A(z)		2.33			8-22-2018		2,000,000		1,997,293
Cedar Spring Capital Company 144A(z)		2.15			8-3-2018		3,000,000		2,999,642
Cedar Spring Capital Company 144A(z)		2.16			9-12-2018		4,000,000		3,989,967
Cedar Spring Capital Company 144A(z)		2.39			9-7-2018		2,000,000		1,995,108
Chesham Finance Limited 144A(z)		2.00			8-1-2018		12,000,000		12,000,000
Collateralized Commercial Paper II Company LLC (3 Month LIBOR +0.22%) 144A±		2.56			1-2-2019		3,000,000		2,999,991
Concord Minutemen Capital Company LLC 144A(z)		2.38			10-29-2018		2,000,000		1,988,282
Crown Point Capital Company LLC (1 Month LIBOR +0.37%) 144A±		2.45			9-19-2018		7,000,000		7,000,000
Gotham Funding Corporation 144A(z)		2.12			8-10-2018		1,000,000		999,470
Great Bridge Capital Company LLC 144A(z)		2.41			9-18-2018		1,000,000		996,800
Institutional Secured Funding LLC 144A(z)		2.04			8-1-2018		8,000,000		8,000,000

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

10 Wells Fargo Money Market Fund Portfolio of investments—July 31, 2018 (unaudited)

Security name	Interest rate			Maturity date		Principal		Value
Asset-Backed Commercial Paper (continued)
Institutional Secured Funding LLC 144A(z)		2.10	%		8-2-2018	$	5,000,000	$	4,999,708
Kells Funding LLC 144A(z)		2.25			10-9-2018		1,000,000		995,707
Legacy Capital Company 144A(z)		2.18			9-17-2018		3,828,000		3,817,155
Lexington Parker Capital 144A(z)		2.16			9-7-2018		3,000,000		2,993,371
Manhattan Asset Funding Company LLC 144A(z)		2.12			8-7-2018		3,000,000		2,998,940
Matchpoint Finance plc 144A(z)		1.95			8-1-2018		7,000,000		7,000,000
Mountcliff Funding LLC 144A(z)		2.00			8-1-2018		7,000,000		7,000,000
Mountcliff Funding LLC (1 Month LIBOR +0.25%) 144A±		2.33			2-28-2019		3,000,000		3,000,000
Nieuw Amsterdam Receivables 144A(z)		2.18			9-24-2018		2,000,000		1,993,490
Old Line Funding LLC (1 Month LIBOR +0.45%) 144A±		2.52			9-24-2018		4,000,000		4,000,000
White Plains Capital 144A(z)		2.36			9-5-2018		5,000,000		4,988,576
White Plains Capital 144A(z)		2.54			10-10-2018		1,000,000		995,100
									119,742,187
Financial Company Commercial Paper: 21.03%
Australia & New Zealand Banking Group (1 Month LIBOR +0.17%) 144A±		2.24			8-14-2018		2,000,000		2,000,000
Banco Santander Chile 144A(z)		2.41			9-20-2018		3,000,000		2,990,000
Bank Nederlandse Gemeenten 144A(z)		2.06			8-10-2018		5,000,000		4,997,425
Bank of Nova Scotia (3 Month LIBOR +0.21%) 144A±		2.54			12-21-2018		3,000,000		3,000,000
Commonwealth Bank of Australia (3 Month LIBOR +0.10%) 144A±		2.46			5-3-2019		4,000,000		4,000,000
DBS Bank Limited 144A(z)		2.27			10-19-2018		3,000,000		2,985,122
Federation Des Caisses 144A(z)		2.08			8-1-2018		4,200,000		4,200,000
Federation Des Caisses (1 Month LIBOR +0.26%) 144A±		2.34			2-11-2019		3,000,000		3,000,000
Federation Des Caisses (1 Month LIBOR +0.30%) 144A±		2.36			6-25-2019		2,000,000		2,000,000
Federation Des Caisses (3 Month LIBOR +0.13%) 144A±		2.46			5-22-2019		1,000,000		1,000,000
HSBC Bank plc (1 Month LIBOR +0.42%) 144A±		2.52			5-7-2019		2,000,000		2,000,000
ING Funding LLC (3 Month LIBOR +0.16%) ±		2.50			1-7-2019		4,000,000		4,000,000
ING Funding LLC (1 Month LIBOR +0.25%) ±		2.33			2-11-2019		2,000,000		2,000,019
Intercontinental Exchange 144A(z)		1.95			8-1-2018		12,000,000		12,000,000
Intercontinental Exchange 144A(z)		1.95			8-3-2018		3,000,000		2,999,675
Massachusetts Mutual Life Insurance Company 144A(z)		2.00			8-9-2018		10,000,000		9,995,556
National Australia Bank Limited (1 Month LIBOR +0.16%) 144A±		2.25			8-1-2018		1,000,000		1,000,000
National Australia Bank Limited (1 Month LIBOR +0.18%) 144A±		2.25			9-13-2018		4,000,000		4,000,000
National Securities Clearing Corporation 144A(z)		1.90			8-1-2018		4,000,000		4,000,000
Nederlandse Waterschapsbank NV 144A(z)		2.06			8-13-2018		5,000,000		4,996,567
Nederlandse Waterschapsbank NV 144A(z)		2.06			8-14-2018		4,000,000		3,997,024
NRW Bank 144A(z)		2.00			8-7-2018		5,000,000		4,998,333
Oversea-Chinese Banking Corporation 144A(z)		2.13			9-17-2018		2,000,000		1,994,464
Oversea-Chinese Banking Corporation (1 Month LIBOR +0.25%) 144A±		2.33			1-11-2019		2,000,000		2,000,000
Oversea-Chinese Banking Corporation (1 Month LIBOR +0.25%) 144A±		2.34			1-10-2019		2,000,000		1,999,929
Oversea-Chinese Banking Corporation (3 Month LIBOR +0.14%) 144A±		2.50			5-10-2019		2,000,000		2,000,000
Quebec Province 144A(z)		1.98			8-13-2018		5,000,000		4,996,700
Sumitomo Mitsui Trust 144A(z)		2.30			10-15-2018		2,000,000		1,990,458
Toronto Dominion Bank (1 Month LIBOR +0.30%) 144A±		2.39			12-3-2018		4,000,000		4,000,000
Toronto Dominion Bank (3 Month LIBOR +0.14%) 144A±		2.50			5-2-2019		3,000,000		3,000,000
UBS AG London (1 Month LIBOR +0.24%) 144A±		2.34			8-7-2018		4,000,000		4,000,000
UBS AG London (3 Month LIBOR +0.19%) 144A±		2.52			12-10-2018		3,000,000		3,000,000
Westpac Banking Corporation (1 Month LIBOR +0.18%) 144A±		2.25			8-16-2018		1,000,000		1,000,000
Westpac Banking Corporation (3 Month LIBOR +0.10%) 144A±		2.41			5-31-2019		5,000,000		5,000,000
									121,141,272

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

Portfolio of investments—July 31, 2018 (unaudited) Wells Fargo Money Market Fund 11

Security name	Interest rate			Maturity date		Principal		Value
Other Commercial Paper: 7.46%
China International Marine Containers Company Limited (z)		2.35	%		8-13-2018	$	1,000,000	$	999,217
CNPC Finance Limited 144A(z)		2.38			8-2-2018		3,000,000		2,999,802
Glaxosmithkline LLC 144A(z)		2.04			8-13-2018		10,000,000		9,993,200
Komatsu Finance America Incorporated 144A(z)		2.00			8-3-2018		12,000,000		11,998,665
Omers Finance Trust 144A(z)		2.06			8-24-2018		5,000,000		4,993,419
Salt River Project Agricultura (z)		2.21			9-17-2018		2,000,000		1,994,256
Salt River Project Agricultura (z)		2.21			9-18-2018		2,000,000		1,994,133
Toyota Credit Canada Incorporated (1 Month LIBOR +0.42%) ±		2.50			10-15-2018		3,000,000		3,000,000
Toyota Finance Australia Limited (3 Month LIBOR +0.08%) ±		2.41			2-15-2019		3,000,000		3,000,000
Toyota Finance Australia Limited (3 Month LIBOR +0.09%) ±		2.43			3-22-2019		2,000,000		2,000,000
									42,972,692
Total Commercial Paper (Cost $283,856,151)									283,856,151
Municipal Obligations: 14.12%
California: 0.17%
Other Municipal Debt: 0.17%
Orange County CA Water District (Water Utilities)		2.12			8-6-2018		1,000,000		1,000,000
Colorado: 1.55%
Variable Rate Demand Notes ø: 1.55%
Colorado HFA MFHR Class II Series B (Housing Revenue, FHLB SPA)		2.02			5-1-2052		3,925,000		3,925,000
Colorado Tender Option Bond Trust Receipts/Certificates Series 2017-TPG007 (Health Revenue, Bank of America NA LIQ) 144A		2.57			10-29-2027		5,000,000		5,000,000
									8,925,000
Florida: 0.35%
Other Municipal Debt: 0.35%
Hillsborough County FL (Miscellaneous Revenue)		2.32			8-23-2018		2,000,000		2,000,000
Georgia: 2.21%
Other Municipal Debt: 0.52%
Municipal Electric Authority of Georgia (Utilities Revenue)		2.10			8-2-2018		3,000,000		3,000,000
Variable Rate Demand Notes ø: 1.69%
Columbus GA Housing Development Authority Puttable Floating Option Taxable Notes Series TN-024 (Housing Revenue, ACA Insured, Bank of America NA LIQ) 144A		2.06			10-1-2039		4,715,000		4,715,000
Macon-Bibb County GA Industrial Authority Development Kumho Tire Georgia Incorporated Series A (Industrial Development Revenue, Korea Development Bank LOC)		2.22			12-1-2022		5,000,000		5,000,000
									9,715,000
Illinois: 0.17%
Variable Rate Demand Note ø: 0.17%
Tender Option Bond Trust Receipts (Miscellaneous Revenue, Bank of America NA LIQ) 144A		2.57			4-1-2048		1,000,000		1,000,000

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

12 Wells Fargo Money Market Fund Portfolio of investments—July 31, 2018 (unaudited)

Security name	Interest rate			Maturity date		Principal		Value
Massachusetts: 0.69%
Other Municipal Debt: 0.69%
Massachusetts Educational Financing Authority (Education Revenue)		2.17	%		8-30-2018	$	4,000,000	$	4,000,000
New York: 2.95%
Other Municipal Debt: 0.52%
Long Island Power Authority (Utilities Revenue)		2.23			9-19-2018		3,000,000		3,000,000
Variable Rate Demand Notes ø: 2.43%
New York HFA Manhattan West Residential Housing Project Series B-2 (Housing Revenue, Bank of China LOC)		2.23			11-1-2049		10,000,000		10,000,000
RBC Municipal Products Incorporated Trust Series E-51 Invesco Van Kampen New York Value Income Trust (Miscellaneous Revenue, Royal Bank of Canada LOC) 144A		2.43			12-1-2019		4,000,000		4,000,000
									14,000,000
Oregon: 1.65%
Other Municipal Debt: 0.78%
Port of Portland OR (Transportation Revenue)		2.20			8-9-2018		4,500,000		4,500,000
Variable Rate Demand Note ø: 0.87%
Tender Option Bond Trust Receipts/Certificates Series ZF2515 (Miscellaneous Revenue, Bank of America NA LIQ) 144A		2.03			5-1-2035		5,000,000		5,000,000
Other: 2.64%
Variable Rate Demand Notes ø: 2.64%
Jets Stadium Development Bonds Series A-4B (Miscellaneous Revenue, Sumitomo Mitsui Banking Corporation LOC) 144A		2.08			4-1-2047		6,970,000		6,970,000
SSAB AB Series A (Miscellaneous Revenue, DNB Banking ASA LOC)		2.03			6-1-2035		1,000,000		1,000,000
Steadfast Crestvilla LLC Series A (Health Revenue, American AgCredit LOC)		2.08			2-1-2056		4,240,000		4,240,000
Steadfast Crestvilla LLC Series B (Health Revenue, U.S. Bank NA LOC)		2.08			2-1-2056		3,000,000		3,000,000
									15,210,000
Pennsylvania: 0.35%
Variable Rate Demand Note ø: 0.35%
RBC Municipal Products Incorporated Trust Series E-52 Invesco Van Kampen Trust (Miscellaneous Revenue, Royal Bank of Canada LOC) 144A		2.43			12-1-2019		2,000,000		2,000,000
Tennessee: 0.87%
Variable Rate Demand Note ø: 0.87%
Montgomery County TN Industrial Development Board Hankook Tire Manufacturing Project Series A (Industrial Development Revenue, Kookmin Bank LOC)		2.22			12-1-2024		5,000,000		5,000,000
Texas: 0.52%
Other Municipal Debt: 0.52%
Texas Public Finance Authority (Miscellaneous Revenue)		2.11			8-8-2018		3,000,000		3,000,000
Total Municipal Obligations (Cost $81,350,000)									81,350,000

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

Portfolio of investments—July 31, 2018 (unaudited) Wells Fargo Money Market Fund 13

Security name	Interest rate			Maturity date		Principal		Value
Other Notes: 2.60%
Corporate Bonds and Notes: 2.60%
Cellmark Incorporated Secured øø§		2.03	%		6-1-2038	$	4,000,000	$	4,000,000
Invesco Dynamic Credit Opportunities Fund Series W-7 øø§		2.09			6-1-2028		5,000,000		5,000,000
US Bancorp (3 Month LIBOR +0.49%) ±		2.83			11-15-2018		6,000,000		6,006,540
Total Other Notes (Cost $15,006,540)									15,006,540
Repurchase Agreements ^^: 13.36%
Bank of America Corporation, dated 7-31-2018, maturity value $48,002,573 (1)		1.93			8-1-2018		48,000,000		48,000,000
GX Clarke & Company, dated 7-31-2018, maturity value $29,001,563 (2)		1.94			8-1-2018		29,000,000		29,000,000
Total Repurchase Agreements (Cost $77,000,000)									77,000,000

Total investments in securities (Cost $579,385,294)	100.56	%		579,385,294
Other assets and liabilities, net	(0.56	)		(3,236,057	)
Total net assets	100.00	%	$	576,149,237

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

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

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

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

øø The interest rate is determined and reset by the issuer periodically depending upon the terms of the security. The rate shown is the rate in effect at period end.

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

^^ Collateralized by:

(1) U.S. government securities, 3.00% to 4.00%, 4-20-2043 to 9-20-2045, fair value including accrued interest is $49,440,000.

(2) U.S. government securities, 2.00% to 10.00%, 8-15-2018 to 2-1-2057, fair value including accrued interest is $29,870,000.

Abbreviations:

ACA ACA Financial Guaranty Corporation

FHLB Federal Home Loan Bank

HFA Housing Finance Authority

LIBOR London Interbank Offered Rate

LIQ Liquidity agreement

LOC Letter of credit

MFHR Multifamily housing revenue

National National Public Finance Guarantee Corporation

SPA Standby purchase agreement

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

14 Wells Fargo Money Market Fund Statement of assets and liabilities—July 31, 2018 (unaudited)

Assets
Investments in unaffiliated securities, at amortized cost	$	502,385,294
Investments in repurchase agreements, at amortized cost		77,000,000
Cash		33,176
Receivable for Fund shares sold		2,734,939
Receivable for interest		601,392
Prepaid expenses and other assets		225,312
Total assets		582,980,113
Liabilities
Payable for investments purchased		6,043,363
Payable for Fund shares redeemed		435,628
Administration fees payable		92,434
Management fee payable		31,570
Dividends payable		10,808
Distribution fee payable		3,960
Accrued expenses and other liabilities		213,113
Total liabilities		6,830,876
Total net assets	$	576,149,237
NET ASSETS CONSIST OF
Paid-in capital	$	576,878,513
Overdistributed net investment income		(355,511	)
Accumulated net realized losses on investments		(373,765	)
Total net assets	$	576,149,237
COMPUTATION OF NET ASSET VALUE PER SHARE
Net assets – Class A	$	468,357,700
Shares outstanding – Class A1		468,088,537
Net asset value per share – Class A		$1.00
Net assets – Class C	$	5,924,746
Shares outstanding – Class C1		5,921,267
Net asset value per share – Class C		$1.00
Net assets – Premier Class	$	90,006,630
Shares outstanding – Premier Class1		89,955,291
Net asset value per share – Premier Class		$1.00
Net assets – Service Class	$	11,860,161
Shares outstanding – Service Class1		11,853,332
Net asset value per share – Service Class		$1.00

¹  The Fund has an unlimited number of authorized shares.

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

Statement of operations—six months ended July 31, 2018 (unaudited) Wells Fargo Money Market Fund 15

Investment income
Interest	$	4,931,065
Expenses
Management fee		734,407
Administration fees
Class A		509,172
Class C		7,712
Premier Class		4,775
Service Class		7,112
Shareholder servicing fees
Class A		578,605
Class C		8,763
Service Class		14,817
Distribution fee
Class C		26,289
Custody and accounting fees		12,992
Professional fees		25,230
Registration fees		46,230
Shareholder report expenses		272
Trustees’ fees and expenses		9,184
Other fees and expenses		12,824
Total expenses		1,998,384
Less: Fee waivers and/or expense reimbursements		(442,830	)
Net expenses		1,555,554
Net investment income		3,375,511
Net realized gains on investments		1,873
Net increase in net assets resulting from operations	$	3,377,384

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

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

	Six months ended July 31, 2018 (unaudited)						Year ended January 31, 2018
Operations
Net investment income				$	3,375,511					$	3,274,201
Net realized gains on investments					1,873						33,646
Net increase in net assets resulting from operations					3,377,384						3,307,847
Distributions to shareholders from
Net investment income
Class A					(3,149,695	)					(3,150,526	)
Class B					N/A						(4	)1
Class C					(20,667	)					(3,401	)
Premier Class					(117,140	)					(1,098	)
Service Class					(88,009	)					(119,172	)
Total distributions to shareholders					(3,375,511	)					(3,274,201	)
Capital share transactions		Shares						Shares
Proceeds from shares sold
Class A		87,761,587			87,761,587			106,393,075			106,393,075
Class C		1,608,012			1,608,012			3,338,043			3,338,043
Premier Class		107,183,963			107,183,963			6,501			6,501
Service Class		1,473,724			1,473,724			4,295,757			4,295,757
					198,027,286						114,033,376
Reinvestment of distributions
Class A		3,112,281			3,112,281			3,062,652			3,062,652
Class B		N/A			N/A			4	1		4	1
Class C		20,426			20,426			3,322			3,322
Premier Class		116,212			116,212			564			564
Service Class		84,869			84,869			110,385			110,385
					3,333,788						3,176,927
Payment for shares redeemed
Class A		(84,885,965	)		(84,885,965	)		(187,066,557	)		(187,066,557	)
Class B		N/A			N/A			(195,599	)1		(195,599	)1
Class C		(3,464,462	)		(3,464,462	)		(8,870,153	)		(8,870,153	)
Premier Class		(17,445,801	)		(17,445,801	)		(6,507	)		(6,507	)
Service Class		(1,607,258	)		(1,607,258	)		(14,094,565	)		(14,094,565	)
					(107,403,486	)					(210,233,381	)
Net increase (decrease) in net assets resulting from capital share transactions					93,957,588						(93,023,078	)
Total increase (decrease) in net assets					93,959,461						(92,989,432	)
Net assets
Beginning of period					482,189,776						575,179,208
End of period				$	576,149,237					$	482,189,776
Overdistributed net investment income				$	(355,511	)				$	(355,511	)

¹  For the period from February 1, 2017 to July 5, 2017. Effective at the close of business on July 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 Money Market Fund 17

(For a share outstanding throughout each period)

	Six months ended July 31, 2018 (unaudited)			Year ended January 31
CLASS A				2018			2017			2016			2015			2014
Net asset value, beginning of period		$1.00			$1.00			$1.00			$1.00			$1.00			$1.00
Net investment income		0.01			0.01			0.00	1		0.00	1		0.00	1		0.00	1
Net realized gains on investments		0.00	1		0.00	1		0.00	1		0.00	1		0.00	1		0.00	1
Total from investment operations		0.01			0.01			0.00	1		0.00	1		0.00	1		0.00	1
Distributions to shareholders from
Net investment income		(0.01	)		(0.01	)		(0.00	)1		(0.00	)1		(0.00	)1		(0.00	)1
Net asset value, end of period		$1.00			$1.00			$1.00			$1.00			$1.00			$1.00
Total return2		0.68	%		0.64	%		0.05	%		0.01	%		0.01	%		0.01	%
Ratios to average net assets (annualized)
Gross expenses		0.81	%		0.85	%		0.83	%		0.82	%		0.83	%		0.82	%
Net expenses		0.63	%		0.65	%		0.55	%		0.29	%		0.19	%		0.22	%
Net investment income		1.36	%		0.63	%		0.03	%		0.01	%		0.01	%		0.01	%
Supplemental data
Net assets, end of period (000s omitted)		$468,358			$462,416			$539,989			$1,205,785			$876,562			$1,468,645

¹  Amount is less than $0.005.

²  Returns for periods of less than one year are not annualized. Total return calculations do not include any sales charges.

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

18 Wells Fargo Money Market Fund Financial highlights

(For a share outstanding throughout each period)

	Six months ended July 31, 2018 (unaudited)			Year ended January 31
CLASS C				2018			2017			2016			2015			2014
Net asset value, beginning of period		$1.00			$1.00			$1.00			$1.00			$1.00			$1.00
Net investment income		0.00	1		0.00	1		0.00	1		0.00	1		0.00	1		0.00	1
Net realized gains on investments		0.00	1		0.00	1		0.00	1		0.00	1		0.00	1		0.00	1
Total from investment operations		0.00	1		0.00	1		0.00	1		0.00	1		0.00	1		0.00	1
Distributions to shareholders from
Net investment income		(0.00	)1		(0.00	)1		(0.00	)1		(0.00	)1		(0.00	)1		(0.00	)1
Net asset value, end of period		$1.00			$1.00			$1.00			$1.00			$1.00			$1.00
Total return2		0.30	%		0.04	%		0.01	%		0.01	%		0.01	%		0.01	%
Ratios to average net assets (annualized)
Gross expenses		1.57	%		1.60	%		1.58	%		1.57	%		1.58	%		1.57	%
Net expenses		1.38	%		1.23	%		0.60	%		0.29	%		0.19	%		0.22	%
Net investment income		0.59	%		0.03	%		0.01	%		0.01	%		0.01	%		0.01	%
Supplemental data
Net assets, end of period (000s omitted)		$5,925			$7,763			$13,293			$16,617			$13,628			$16,270

¹  Amount is less than $0.005.

²  Returns for periods of less than one year are not annualized. Total return calculations do not include any sales charges.

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

Financial highlights Wells Fargo Money Market Fund 19

(For a share outstanding throughout each period)

	Six months ended July 31, 2018 (unaudited)			Year ended January 31
PREMIER CLASS				2018			20171
Net asset value, beginning of period		$1.00			$1.00			$1.00
Net investment income		0.01			0.01			0.00	2
Net realized gains on investments		0.00	2		0.00	2		0.00	2
Total from investment operations		0.01			0.01			0.00	2
Distributions to shareholders from
Net investment income		(0.01	)		(0.01	)		(0.00	)2
Net asset value, end of period		$1.00			$1.00			$1.00
Total return3		0.89	%		1.09	%		0.36	%
Ratios to average net assets (annualized)
Gross expenses		0.35	%		0.45	%		0.45	%
Net expenses		0.20	%		0.20	%		0.20	%
Net investment income		1.96	%		1.08	%		0.43	%
Supplemental data
Net assets, end of period (000s omitted)		$90,007			$101			$100

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

²  Amount is less than $0.005.

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

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

20 Wells Fargo Money Market Fund Financial highlights

(For a share outstanding throughout each period)

	Six months ended July 31, 2018 (unaudited)			Year ended January 31
SERVICE CLASS				2018			2017			2016			2015			2014
Net asset value, beginning of period		$1.00			$1.00			$1.00			$1.00			$1.00			$1.00
Net investment income		0.01			0.01			0.00	1		0.00	1		0.00	1		0.00	1
Net realized gains on investments		0.00	1		0.00	1		0.00	1		0.00	1		0.00	1		0.00	1
Total from investment operations		0.01			0.01			0.00	1		0.00	1		0.00	1		0.00	1
Distributions to shareholders from
Net investment income		(0.01	)		(0.01	)		(0.00	)1		(0.00	)1		(0.00	)1		(0.00	)1
Net asset value, end of period		$1.00			$1.00			$1.00			$1.00			$1.00			$1.00
Total return2		0.74	%		0.79	%		0.11	%		0.01	%		0.01	%		0.01	%
Ratios to average net assets (annualized)
Gross expenses		0.71	%		0.74	%		0.72	%		0.72	%		0.73	%		0.72	%
Net expenses		0.50	%		0.50	%		0.50	%		0.28	%		0.19	%		0.22	%
Net investment income		1.48	%		0.74	%		0.05	%		0.01	%		0.01	%		0.01	%
Supplemental data
Net assets, end of period (000s omitted)		$11,860			$11,910			$21,602			$274,245			$281,157			$334,659

¹  Amount is less than $0.005.

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

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

Notes to financial statements (unaudited) Wells Fargo Money Market Fund 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 Money Market Fund (the “Fund”) which is a diversified series of the Trust.

Effective at the close of business on July 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 July 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

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

Investments which are not valued using the method discussed above are valued at their fair value, as determined in good faith by the Board of Trustees of the Fund. The Board of Trustees has established a Valuation Committee comprised of the Trustees and has delegated to it the authority to take any actions regarding the valuation of portfolio securities that the Valuation Committee deems necessary or appropriate, including determining the fair value of portfolio securities, unless the determination has been delegated to the 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 subadvisers. Unobservable inputs used in determining fair valuations are identified based on the type of security, taking into consideration factors utilized by market participants in valuing the investment, knowledge about the issuer and the current market environment.

Repurchase agreements

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

When-issued transactions

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

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

Security transactions and income recognition

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

Interest income is accrued daily and bond discounts are accreted and premiums are amortized daily. 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 July 31, 2018, the cost of investments for federal income tax purposes is substantially the same as for financial reporting purposes.

As of January 31, 2018, the Fund had capital loss carryforwards available to offset future net realized capital gains in the amount of $375,638 expiring in 2019.

Class allocations

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

3. FAIR VALUATION MEASUREMENTS

Fair value measurements of investments are determined within a framework that has established a fair value hierarchy based upon the various data inputs utilized in determining the value of the Fund’s investments. The three-level hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). The Fund’s investments are classified within the fair value hierarchy based on the lowest level of input that is significant to the fair value measurement. The inputs are summarized into three broad levels as follows:

∎ Level 1 – quoted prices in active markets for identical securities

∎ Level 2 – other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)

∎ Level 3 – significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments)

The inputs or methodologies used for valuing investments in securities are not necessarily an indication of the risk associated with investing in those securities.

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

The following is a summary of the inputs used in valuing the Fund’s assets and liabilities as of July 31, 2018:

	Quoted prices (Level 1)		Other significant observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total
Assets
Investments in:
Certificates of deposit	$	0	$	122,172,603	$	0	$	122,172,603
Commercial Paper		0		283,856,151		0		283,856,151
Municipal obligations		0		81,350,000		0		81,350,000
Other notes		0		15,006,540		0		15,006,540
Rupurchase agreements		0		77,000,000		0		77,000,000
Total assets	$	0	$	579,385,294	$	0	$	579,385,294

The Fund recognizes transfers between levels within the fair value hierarchy at the end of the reporting period. At July 31, 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 subadvisers and providing fund-level administrative services in connection with the Fund’s operations. As compensation for its services under the investment management agreement, Funds Management is entitled to receive an annual management fee starting at 0.20% and declining to 0.18% as the average daily net assets of the Fund increase. Prior to June 1, 2018, Fund Management received a fee at an annual rate which started at 0.35% and declined to 0.23% as the average daily net assets of the Fund increased. For the six months ended July 31, 2018, the management fee was equivalent to an annual rate of 0.30% of the Fund’s average daily net assets.

Funds Management has retained the services of a certain subadvisers to provide daily portfolio management to the Fund. The fee for subadvisory services is borne by Funds Management. Wells Capital Management Incorporated (“WellsCap”), an affiliate of Funds Management and an indirect wholly owned subsidiary of Wells Fargo, is the subadviser to the Fund and is entitled to receive a fee from Funds Management at an annual rate starting at 0.05% and declining to 0.01% as the average daily net assets of the Fund increase. Wells Capital Management Singapore, a separately identifiable department of Wells Fargo Bank, N.A, an affiliate of Funds Management and wholly owned subsidiary of Wells Fargo, is also a subadviser to the Fund and is entitled to receive a fee from Funds Management at an annual rate starting at 0.0025% and declining to 0.0005% as the average daily net assets of the subadviser’s portion 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		0.22	%
Premier Class		0.08
Service Class		0.12

Funds Management has contractually waived and/or reimbursed management and administration fees to the extent necessary to maintain certain net operating expense ratios for the Fund. When each class of the Fund has exceeded its expense cap, Funds Management has waived fees and/or reimbursed expenses from fund level expenses on a proportionate basis and then from class specific expenses; otherwise, waivers and/or reimbursements are applied against class specific

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

expenses before fund level expenses. Funds Management has committed through May 31, 2019 to waive fees and/or reimburse expenses to the extent necessary to cap the Fund’s expenses at 0.60% for Class A shares, 1.35% for Class C shares, 0.20% for Premier Class shares, and 0.50% for Service Class shares. After this time, the cap may be increased or the commitment to maintain the cap may be terminated only with the approval of the Board of Trustees. Prior to June 1, 2018, the Fund’s expenses were capped at 0.65% for Class A shares and 1.40% for Class C shares.

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 also entitled to receive the contingent deferred sales charges from redemptions of Class C shares. No contingent deferred sales charges were incurred by Class C shares for the six months ended July 31, 2018.

Shareholder servicing fees

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

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 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. 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 Money Market Fund 25

PROXY VOTING INFORMATION

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

PORTFOLIO HOLDINGS INFORMATION

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

26 Wells Fargo Money Market Fund Other information (unaudited)

BOARD OF TRUSTEES AND OFFICERS

Each of the Trustees and Officers¹ listed in the table below acts in identical capacities for each fund in the Wells Fargo family of funds, which consists of 154 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 2009	Retired. Prior thereto, Chief Executive Officer and Chief Investment Officer of Minneapolis Employees Retirement Fund from 1996 to 2008. Ms. Johnson is an attorney, certified public accountant and a certified managerial accountant.	Asset Allocation Trust
David F. Larcker (Born 1950)	Trustee, since 2009	James Irvin Miller Professor of Accounting at the Graduate School of Business, Stanford University, Director of the Corporate Governance Research Initiative and Senior Faculty of The Rock Center for Corporate Governance since 2006. From 2005 to 2008, Professor of Accounting at the Graduate School of Business, Stanford University. Prior thereto, Ernst & Young Professor of Accounting at The Wharton School, University of Pennsylvania from 1985 to 2005.	Asset Allocation Trust

Other information (unaudited) Wells Fargo Money Market Fund 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, on the Board of Directors, Goverance Committee and Finance Committee for the Minnesota Philanthropy Partners (Saint Paul Foundation) from 2012 to 2018, Interim President and Chief Executive Officer of Blue Cross Blue shield of Minnesota of Minnesota from 2010 to 2011, Chairman of the Board from 2009 to 2011 and Board Director 003 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 the 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.

28 Wells Fargo Money Market Fund Other information (unaudited)

Officers

Name and year of birth	Position held and length of service	Principal occupations during past five years or longer
Andrew Owen (Born 1960)	President, since 2017	Executive Vice President of Wells Fargo & Company and Head of Affiliated Managers, Wells Fargo Asset Management, since 2014. In addition, Mr. Owen is currently President, Chief Executive Officer and Director of Wells Fargo Funds Management, LLC since 2017. Prior thereto, Executive Vice President responsible for marketing, investments and product development for Wells Fargo Funds Management, LLC, from 2009 to 2014.
Nancy Wiser1 (Born 1967)	Treasurer, since 2012	Executive Vice President of Wells Fargo Funds Management, LLC since 2011. Chief Operating Officer and Chief Compliance Officer at LightBox Capital Management LLC, from 2008 to 2011.
Alexander Kymn3 (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.
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 77 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.

³  Alexander Kymn became the Secretary and Chief Legal Officer effective April 17, 2018.

Other information (unaudited) Wells Fargo Money Market Fund 29

BOARD CONSIDERATION OF INVESTMENT MANAGEMENT AND SUB-ADVISORY AGREEMENTS:

Wells Fargo Money Market Fund

Under the Investment Company Act of 1940 (the “1940 Act”), the Board of Trustees (the “Board”) of Wells Fargo Funds Trust (the “Trust”) must determine annually whether to approve the continuation of the Trust’s investment management and sub-advisory agreements. In this regard, at an in-person meeting held on May 22-23, 2018 (the “Meeting”), the Board, all the members of which have no direct or indirect interest in the investment management and sub-advisory agreements and are not “interested persons” of the Trust, as defined in the 1940 Act (the “Independent Trustees”), reviewed and approved for Wells Fargo Money Market Fund (the “Fund”): (i) an investment management agreement (the “Management Agreement”) with Wells Fargo Funds Management, LLC (“Funds Management”); (ii) an investment sub-advisory agreement with Wells Capital Management Incorporated (“WellsCap”), an affiliate of Funds Management; and (iii) an investment sub-advisory agreement with Wells Fargo Bank, N.A. d/b/a Wells Capital Management Singapore (“WellsCap Singapore”), an affiliate of Funds Management. The sub-advisory agreements with WellsCap and WellsCap Singapore (the “Sub-Advisers”) are collectively referred to as the Sub-Advisory Agreements, and the Management Agreement and the Sub-Advisory Agreements are collectively referred to as the “Advisory Agreements.”

At the Meeting, the Board considered the factors and reached the conclusions described below relating to the selection of Funds Management and the Sub-Advisers and the approval of the Advisory Agreements. Prior to the Meeting, including at an in-person meeting in April 2018, the Trustees conferred extensively among themselves and with representatives of Funds Management about these matters. Also, the Board has adopted a team-based approach, with each team consisting of a sub-set of Trustees, to assist the full Board in the discharge of its duties in reviewing investment performance and other matters throughout the year. The Independent Trustees were assisted in their evaluation of the Advisory Agreements by independent legal counsel, from whom they received separate legal advice and with whom they met separately.

In providing information to the Board, Funds Management and the Sub-Advisers were guided by a detailed set of requests for information submitted to them by independent legal counsel on behalf of the Independent Trustees at the start of the Board’s annual contract renewal process earlier in 2018. In considering and approving the Advisory Agreements, the Trustees considered the information they believed relevant, including but not limited to the information discussed below. The Board considered not only the specific information presented in connection with the Meeting, but also the knowledge gained over time through interaction with Funds Management and the Sub-Advisers about various topics. In this regard, the Board reviewed reports of Funds Management at each of its quarterly meetings, which included, among other things, portfolio reviews and investment performance reports. In addition, the Board and the teams mentioned above confer with portfolio managers at various times throughout the year. The Board did not identify any particular information or consideration that was all-important or controlling, and each individual Trustee may have attributed different weights to various factors.

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

Nature, extent and quality of services

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

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

30 Wells Fargo Money Market Fund Other information (unaudited)

Fund investment performance and expenses

The Board considered the investment performance results for the Fund over various time periods ended December 31, 2017. The Board considered these results in comparison to the investment performance of funds in a universe that was determined by Broadridge Inc. (“Broadridge”) to be similar to the Fund (the “Universe”) and to other comparative data. Broadridge is an independent provider of investment company data. The Board received a description of the methodology used by Broadridge to select the mutual funds in the performance Universe. The Board noted that the investment performance of the Fund (Class A) was higher than or in range of the average investment performance of the Universe for all periods under review.

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

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

Investment management and sub-advisory fee rates

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

Among other information reviewed by the Board was a comparison of the Fund’s Management Rates with the average contractual investment management fee rates of funds in the expense Groups at a common asset level as well as transfer agency costs of the funds in the expense Groups. The Board noted that the Management Rates of the Fund were lower than or in range of the sum of these average rates for the Fund’s expense Groups for all share classes except Class A and Class C. The Board noted that the net operating expense ratio caps for the Fund’s Class A and Class C would be reduced. The Board also discussed and accepted Funds Management’s proposal to revise the Management Agreement to reduce the management fees paid by the Fund to Funds Management.

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

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

Profitability

The Board received and considered information concerning the profitability of Funds Management, as well as the profitability of both WFAM and Wells Fargo & Co. (“Wells Fargo”) as a whole, from providing services to the Fund and the fund family as a whole. The Board noted that the Sub-Advisers’ profitability information with respect to providing services to the Fund was subsumed in the WFAM and Wells Fargo profitability analysis.

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

Other information (unaudited) Wells Fargo Money Market Fund 31

Economies of scale

The Board considered the extent to which Funds Management may experience economies of scale in the provision of management services, and the extent to which scale benefits, if any, would be shared with shareholders. In particular, the Board noted the existence of breakpoints in the Fund’s management fee structure, which operate generally to reduce the Fund’s expense ratios as the Fund grows in size. It considered that, for a small fund or a fund that shrinks in size, breakpoints conversely can result in higher fee levels. The Board also considered that in addition to management fee breakpoints, competitive management fee rates set at the outset without regard to breakpoints and fee waiver and expense reimbursement arrangements, as well as investments in the business intended to enhance services available to Fund shareholders, are means of sharing potential economies of scale with shareholders of the Fund. The also Board discussed and accepted Funds Management’s proposal to revise the Management Agreement to reduce the management fees paid by the Fund to Funds Management.

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

Other benefits to Funds Management and the Sub-Advisers

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

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

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

Conclusion

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

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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 219967

Kansas City, MO 64121-9967

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 the trade name for certain investment advisory/management firms owned by Wells Fargo & Company. These firms include but are not limited to Wells Capital Management Incorporated and Wells Fargo Funds Management, LLC. Certain products managed by WFAM entities are distributed by Wells Fargo Funds Distributor, LLC (a broker/dealer and Member FINRA).

This material is for general informational and educational purposes only and is NOT intended to provide investment advice or a recommendation of any kind—including a recommendation for any specific investment, strategy, or plan.

NOT FDIC INSURED  ◾  NO BANK GUARANTEE  ◾   MAY LOSE VALUE

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

314805 09-18 SA306/SAR306 07-18

Semi-Annual Report

July 31, 2018

Retail Money Market Funds

∎ �� Wells Fargo National Tax-Free Money Market Fund

Reduce clutter. Save trees.

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

Contents

Letter to shareholders	2
Performance highlights	6
Fund expenses	8
Portfolio of investments	9
Financial statements
Statement of assets and liabilities	19
Statement of operations	20
Statement of changes in net assets	21
Financial highlights	22
Notes to financial statements	26
Other information	30

The views expressed and any forward-looking statements are as of July 31, 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 National Tax-Free Money Market Fund Letter to shareholders (unaudited)

Andrew Owen

President

Wells Fargo Funds

Yields on money market funds benefited during the period.

During February 2018, the U.S. stock market endured a loss of more than 10% before recovering in March and April.

Dear Shareholder:

We are pleased to offer you this semi-annual report for the Wells Fargo National Tax-Free Money Market Fund for the six-month period that ended July 31, 2018. Yields on money market funds benefited during the period. As the U.S. Federal Reserve (the Fed) moved toward a more normalized monetary policy after an extended term of low interest rates following the global financial crisis during 2007 and 2008, its steady pace of interest rate increases helped raise yields on short-term money market instruments.

Globally, stock markets followed a less consistent path during the period. After advancing during the summer and fall of 2017 in a roughly synchronized way, economic growth and stock markets globally diverged during the first seven months of 2018. For fixed-income investors, higher U.S. interest rates, rising inflation, and intensifying global geopolitical tensions tended to restrain taxable bond prices while high-yield and municipal bond investors generally enjoyed positive returns.

For the period, U.S. stocks, as measured by the S&P 500 Index,¹ gained 0.70%, and international stocks, as measured by the MSCI ACWI ex USA Index (Net),² fell 6.66%. Emerging market stocks, as measured by the MSCI EM Index (Net),³ dropped 11.94%. In bond markets, the Bloomberg Barclays U.S. Aggregate Bond Index⁴ declined 0.45% while fixed-income investments outside the U.S. fell 4.57%, according to the Bloomberg Barclays Global Aggregate ex-USD Index.⁵ The Bloomberg Barclays Municipal Bond Index⁶ added 1.18%, and the ICE BofAML U.S. High Yield Index⁷ was up 0.55%.

Volatility reemerged during the first quarter of 2018 as economic signals were mixed.

The first quarter of 2018 began with stock market gains in January following U.S. tax reform that lowered rates for individuals and corporations and deregulation advanced in some economic sectors. Then, investor optimism was supplanted by several concerns. Trade tensions intensified, particularly between the U.S. and China. The U.S. threatened to impose tariffs on a broad range of imported products. Increasing interest rates and inflation also caused concern. During February 2018, the U.S. stock market endured a loss of more than 10% before recovering in March and April. The S&P 500 Index closed the first quarter with a negative return, the first negative quarterly return for the index since 2014.

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 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 market 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.

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 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 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.

⁷  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.

⁸  The Consumer Price Index For All Urban Consumers (CPI-U) measures the changes in the price of a basket of goods and services purchased by urban consumers. The urban consumer population is deemed by many as a better representative measure of the general public because most of the country’s population lives in highly populated areas, which represent close to 90% of the total population. You cannot invest directly in an index.

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

The Fed increased the federal funds rate by 25 basis points (bps; 100 bps equal 1.00%) in March 2018 and the rate of inflation reached the Fed’s 2% target for the first time in a year. The unemployment rate fell to 4.1%. The third revision of first-quarter gross domestic product (GDP) growth by the U.S. Bureau of Economic Analysis released during June 2018 was lowered to 2.0%.

Overseas, investment market returns reversed the strong returns of 2017. After having gained 27.19% for the 12-month period that ended on December 31, 2017, the MSCI ACWI ex USA Index (Net) fell 1.46% for the seven-month period that ended July 31, 2018. The U.S. dollar strengthened relative to local currencies, which served to restrain returns.

Global trade tensions escalated during the second quarter and into the third quarter of 2018.

Global trade tensions escalated as the second quarter of 2018 opened and equity markets fell in response before resuming upward momentum later in April. The U.S. government imposed tariffs on products and commodities imported from other markets in North America, Europe, and Asia. In retaliation, governments imposed tariffs on U.S. products and commodities. In addition, the U.S. pushed its North American neighbors to renegotiate the North American Free Trade Agreement, furthering trade tensions and investor uncertainty.

The CPI-U⁸ added 0.2% in May after a similar increase in April. On a year-over-year basis, the all-items index rose 2.8% for the 12 months that ended May 31, continuing its upward trend since the beginning of the year. The index for all items less food and energy rose 2.2% for the same 12-month period. Interest rates generally increased and the bond markets tended to decline.

During June 2018, the Fed increased the federal funds rate by 25 bps. Investment markets began to anticipate two more rate increases in 2018. Long-term interest rates in the U.S. trended higher—rates on the 10-year and 30-year Treasury bonds moved from 2.46% and 2.81%, respectively, on January 1, 2018, to 2.96% and 3.08%, respectively, on July 31, 2018. While higher at the end of the period, rates were off their peak levels on May 17, 2018, of 3.11% and 3.25%, respectively. Investors became more aware of and concerned about the potential for an inverted yield curve—sometimes a recession signal—as short-term rates increased more quickly than long-term rates.

The unemployment rate fell to 3.9% in July after ticking up slightly in June from May’s 3.8% level, according to the U.S. Department of Labor. The annualized rate of GDP growth for the second quarter of 2018 was reported in July to be 4.1%, the highest level since the third quarter of 2014, according to the U.S. Bureau of Economic Analysis.

Internationally, the prospects for a smooth U.K. Brexit agreement was cast into doubt as members of Prime Minister Theresa May’s negotiating team resigned. Despite the uncertainty, the period closed with expectations that the Bank of England’s Monetary Policy Committee in July would announce an increase in its key interest rate to 0.75%, which it did in early August.

Meanwhile, central banks in Europe and Japan maintained low interest rates and accommodative monetary policies. Amid rising trade uncertainty, People’s Bank of China monetary policies shifted with cuts to reserve requirement ratios and implementation of supportive measures such as accelerated infrastructure spending and tax cuts for small and medium enterprises and for individuals. Nevertheless, a strengthening U.S. dollar and the tensions associated with trade policies remained headwinds for investors overseas.

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

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

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

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

Sincerely,

Andrew Owen

President

Wells Fargo Funds

For further information about your Fund, contact your investment professional, visit our website at wellsfargofunds.com, or call us directly at 1-800-222-8222.

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

Investment objective

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

Manager

Wells Fargo Funds Management, LLC

Subadviser

Wells Capital Management Incorporated

Portfolio managers

James Randazzo

Jeffrey L. Weaver, CFA^®

Average annual total returns (%) as of July 31, 2018

								Expense ratios1 (%)
	Inception date	1 year		5 year		10 year		Gross		Net2
Class A (NWMXX)	7-28-2003		0.63		0.18		0.17		0.68		0.60
Administrator Class (WNTXX)	4-8-2005		0.96		0.32		0.28		0.41		0.30
Premier Class (WFNXX)	11-8-1999		1.06		0.37		0.33		0.29		0.20
Service Class (MMIXX)	8-3-1993		0.81		0.25		0.22		0.58		0.45

Yield summary (%) as of July 31, 2018²

	Class A	Administrator Class		Premier Class		Service Class
7-day current yield	0.45		0.75		0.85		0.60
7-day compound yield	0.46		0.76		0.86		0.61
30-day simple yield	0.60		0.90		1.00		0.75
30-day compound yield	0.60		0.90		1.00		0.75

Figures quoted represent past performance, which is no guarantee of future results, and do not reflect taxes that a shareholder may pay on fund distributions or the redemption of fund shares. Investment returns will fluctuate. The Fund’s yield figures more closely reflect the current earnings of the Fund than the total return figures. Current performance may be lower or higher than the performance data quoted, which assumes the reinvestment of dividends and capital gains. Current month-end performance is available on the Fund’s website, wellsfargofunds.com.

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

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

Please see footnotes on page 7.

Performance highlights (unaudited) Wells Fargo National Tax-Free Money Market Fund 7

Revenue source distribution as of July 31, 2018³

Effective maturity distribution as of July 31, 2018³

Weighted average maturity as of July 31, 2018⁴

6 days

Weighted average life as of July 31, 2018⁵

6 days

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

²  The manager has contractually committed through May 31, 2019, 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 (if any), and extraordinary expenses are excluded from the expense cap. Without this cap, the Fund’s returns would have been lower. Without waived fees and/or reimbursed expenses, the Fund’s 7-day current yield would have been 0.39%, 0.66%, 0.78%, and 0.49% for Class A, Administrator Class, Premier Class, and Service Class, respectively. The expense ratio paid by an investor is the net expense ratio (the total annual fund operating expenses after fee waivers) as stated in the prospectuses.

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

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

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

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

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

The example is based on an investment of $1,000 invested at the beginning of the six-month period and held for the entire period from February 1, 2018 to July 31, 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. Therefore, the “Hypothetical” line of the table is useful in comparing ongoing costs only and will not help you determine the relative total costs of owning different funds.

	Beginning account value 2-1-2018		Ending account value 7-31-2018		Expenses paid during the period¹		Annualized net expense ratio
Class A
Actual	$	1,000.00	$	1,003.71	$	3.18		0.63	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,022.03	$	3.21		0.63	%
Administrator Class
Actual	$	1,000.00	$	1,005.34	$	1.52		0.30	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,023.69	$	1.53		0.30	%
Premier Class
Actual	$	1,000.00	$	1,005.84	$	1.01		0.20	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,024.20	$	1.02		0.20	%
Service Class
Actual	$	1,000.00	$	1,004.59	$	2.27		0.45	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,022.94	$	2.29		0.45	%

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

Portfolio of investments—July 31, 2018 (unaudited) Wells Fargo National Tax-Free Money Market Fund 9

Security name	Interest rate			Maturity date		Principal		Value
Municipal Obligations: 101.96%
Alabama: 0.59%
Variable Rate Demand Note ø: 0.59%
Alabama Federal Aid Highway Finance Authority Series 2016-A Tender Option Bond Trust Receipts/Certificates Series 2016-XF2373 (Tax Revenue, Citibank NA LIQ) 144A		0.97	%		9-1-2024	$	5,000,000	$	5,000,000
Alaska: 0.48%
Variable Rate Demand Notes ø: 0.48%
Alaska Housing Finance Corporation Home Mortgage Series A MFHR (Housing Revenue, Bank of Tokyo-Mitsubishi SPA)		0.90			12-1-2040		1,500,000		1,500,000
Alaska Housing Finance Corporation Series B (Housing Revenue, FHLB SPA)		0.94			12-1-2041		2,505,000		2,505,000
									4,005,000
Arizona: 2.76%
Variable Rate Demand Notes ø: 2.76%
Arizona Health Facilities Authority Catholic West Series B (Health Revenue, Barclays Bank LOC)		0.98			7-1-2035		10,000,000		10,000,000
Arizona Tender Option Bond Trust Receipts/Floater Certificates Series 2018-XF2537 (Utilities Revenue, Barclays Bank plc LOC, Barclays Bank plc LIQ) 144A		0.98			12-1-2037		3,215,000		3,215,000
Mesa AZ Utility System Clipper Tax-Exempt Certificate Trust Series 2009-33 (Miscellaneous Revenue, State Street Bank & Trust Company LIQ)		0.97			7-1-2024		10,055,000		10,055,000
									23,270,000
California: 10.36%
Variable Rate Demand Notes ø: 10.36%
California Infrastructure & Economic Development Bank Saddleback Valley Christian Schools Project Series A (Miscellaneous Revenue, East West Bank LOC) 144A		0.90			12-1-2040		14,250,000		14,250,000
California Municipal Finance Authority High Desert Foundation Project Series 2012A (Education Revenue, Union Bank NA LOC)		0.99			4-1-2042		1,180,000		1,180,000
California State University Series A Tender Option Bond Trust Receipts/Certificates Series 2017-XF2441 (Education Revenue, Citibank NA LIQ) 144A		0.90			5-1-2024		2,000,000		2,000,000
California Statewide Community Development Authority Uptown Newport Apartments Series 2017 AA & BB (Housing Revenue, East West Bank LOC)		0.90			3-1-2057		14,575,000		14,575,000
California Tender Option Bond Trust Receipts/Certificates Series 2017-XF0579 (GO Revenue, TD Bank NA LIQ) 144A		0.94			11-1-2035		6,600,000		6,600,000
California Tender Option Bond Trust Receipts/Certificates Series 2017-XF0580 (GO Revenue, TD Bank NA LIQ) 144A		0.94			11-1-2033		3,375,000		3,375,000
California Tender Option Bond Trust Receipts/Certificates Series 2018-XF0669 (GO Revenue, Royal Bank of Canada LIQ) 144A		0.95			2-1-2026		2,500,000		2,500,000
California Tender Option Bond Trust Receipts/Certificates Series 2018-XF2630 (Health Revenue, Barclays Bank plc LIQ) 144A		0.96			8-1-2045		2,900,000		2,900,000
California Tender Option Bond Trust Receipts/Certificates Series 2016-XM0147 (Education Revenue, Morgan Stanley Bank LIQ) 144A		0.98			1-1-2039		10,000,000		10,000,000
California Tender Option Bond Trust Receipts/Certificates Series 2018-XG0188 (GO Revenue, Royal Bank of Canada LIQ) 144A		0.95			2-1-2026		1,600,000		1,600,000
California Tender Option Bond Trust Receipts/Floater Certificates Series 2017-BAML01 (Transportation Revenue, Bank of America NA LIQ) 144A		0.95			4-1-2047		21,445,000		21,445,000
Los Angeles CA Department Series C Tender Option Bond Trust Receipts/Certificates Series 2017-XM0533 (Utilities Revenue, Citibank NA LIQ) 144A		0.90			7-1-2025		2,225,000		2,225,000

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

10 Wells Fargo National Tax-Free Money Market Fund Portfolio of investments—July 31, 2018 (unaudited)

Security name	Interest rate			Maturity date		Principal		Value
Variable Rate Demand Notes ø (continued)
San Francisco City & County CA Public Utilities Commission Series 3153X (Water & Sewer Revenue, Morgan Stanley Bank LIQ) 144A		0.97	%		11-1-2039	$	2,190,000	$	2,190,000
San Joaquin CA Delta Community College Tender Option Bond Trust Receipts/Certificates Series ZF0180 (GO Revenue, JPMorgan Chase & Company LIQ) 144A		1.04			8-1-2022		2,415,000		2,415,000
									87,255,000
Colorado: 1.88%
Variable Rate Demand Notes ø: 1.88%
Colorado HFA Catholic Health Initiatives Series 2008-D2 (Health Revenue, Morgan Stanley Bank LIQ) 144A		1.16			10-1-2037		9,000,000		9,000,000
Colorado HFA Single Family Mortgage Bonds Class ll Series 2018B-2 (Housing Revenue, GNMA Insured, FHLB SPA)		0.98			11-1-2041		5,000,000		5,000,000
Colorado Tender Option Bond Trust Receipts/Certificates Series 2018-XF0668 Tengen (Health Revenue, Royal Bank of Canada LIQ) 144A		0.97			5-15-2026		1,875,000		1,875,000
									15,875,000
Connecticut: 1.45%
Variable Rate Demand Notes ø: 1.45%
Connecticut FHA Series 2018C-3 (Housing Revenue, TD Bank NA SPA)		0.93			11-15-2048		4,650,000		4,650,000
Connecticut Residual Interest Bond Floater Trust Series 2017-016 (Miscellaneous Revenue, Barclays Bank plc LOC, Barclays Bank plc LIQ) 144A		0.98			6-1-2037		3,000,000		3,000,000
Connecticut Tender Option Bond Trust Receipts/Floater Certificates Series 2017-YX1077 (Tax Revenue, Barclays Bank plc LIQ) 144A		1.00			1-1-2036		4,550,000		4,550,000
									12,200,000
District of Columbia: 0.88%
Variable Rate Demand Notes ø: 0.88%
District of Columbia Community Connection Real Estate Foundation Issue Series 2007-A (Miscellaneous Revenue, Manufacturers & Traders LOC)		0.99			7-1-2032		3,395,000		3,395,000
Tender Option Bond Trust Receipts/Certificates Series 2018-XF0621 (Water & Sewer Revenue, Royal Bank of Canada LIQ) 144A		0.97			4-1-2026		4,000,000		4,000,000
									7,395,000
Florida: 4.50%
Variable Rate Demand Notes ø: 4.50%
Florida Tender Option Bond Trust Receipts/Certificates Series 2017-ZM0571 (Health Revenue, Morgan Stanley Bank LIQ) 144A		1.04			8-15-2047		4,730,000		4,730,000
Florida Tender Option Bond Trust Receipts/Certificates Series 2018-XF2523 (Health Revenue, Barclays Bank plc LIQ) 144A		1.04			8-15-2047		10,000,000		10,000,000
Florida Tender Option Bond Trust Receipts/Certificates Series 2018-XF2530 (Health Revenue, Citibank NA LIQ) 144A		1.09			8-15-2025		3,000,000		3,000,000
Florida Tender Option Bond Trust Receipts/Certificates Series 2018-XG0173 (Health Revenue, Citibank NA LIQ) 144A		1.09			10-1-2025		7,000,000		7,000,000
Highlands County FL Health Facilities Authority Adventist Health System Sunbelt Obligated Group Series 2012 I-2 (Health Revenue, Adventist Health System)		0.92			11-15-2032		600,000		600,000
Orange County FL School Board Certificate of Participation Series 2009A (Miscellaneous Revenue, AGC Insured, Morgan Stanley Bank LIQ) 144A		1.07			8-1-2034		3,300,000		3,300,000

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

Portfolio of investments—July 31, 2018 (unaudited) Wells Fargo National Tax-Free Money Market Fund 11

Security name	Interest rate			Maturity date		Principal		Value
Variable Rate Demand Notes ø (continued)
Orlando & Orange County FL Expressway Authority Series 2007 (Transportation Revenue, BHAC/AGM Insured, Citibank NA LIQ)		0.98	%		7-1-2042	$	6,000,000	$	6,000,000
Pinellas County FL IDA Neighborly Care Network Project Series 2008 (Miscellaneous Revenue, Branch Banking & Trust LOC)		0.95			8-1-2028		3,245,000		3,245,000
									37,875,000
Georgia: 0.44%
Variable Rate Demand Note ø: 0.44%
Georgia Tender Option Bond Trust Receipts/Certificates Series 2017-ZF0589 (Education Revenue, Bank of America NA LIQ) 144A		0.98			6-1-2049		3,750,000		3,750,000
Illinois: 5.46%
Variable Rate Demand Notes ø: 5.46%
Aurora IL Economic Development Aurora University Series 2004 (Education Revenue, BMO Harris Bank NA LOC)		0.94			3-1-2035		7,000,000		7,000,000
Chicago IL Education Marine Project Series 1984 (Industrial Development Revenue, FHLB LOC)		1.09			7-1-2023		4,200,000		4,200,000
Illinois Educational Facilities Authority Aurora University (Education Revenue, Harris NA LOC)		0.94			3-1-2032		3,800,000		3,800,000
Illinois Finance Authority Advocate Healthcare Network Series 2008C-1 (Health Revenue, JPMorgan Chase & Company SPA)		0.95			11-1-2038		2,800,000		2,800,000
Illinois Finance Authority Little Company of Mary Hospital and Health Care Centers Series 2008A (Health Revenue, Barclays Bank plc LOC)		0.98			8-15-2035		400,000		400,000
Illinois Finance Authority Northwestern Memorial Hospital Series 2007A-3 (Health Revenue, JPMorgan Chase & Company SPA)		1.50			8-15-2042		3,000,000		3,000,000
Illinois State Finance Authority Edward Hospital Obligated Group Series B-2 (Health Revenue, JPMorgan Chase & Company LOC)		0.97			2-1-2040		655,000		655,000
Illinois State Toll Highway Authority Senior Priority Bonds Series 2007A-2A (Transportation Revenue, Bank of Tokyo-Mitsubishi LOC)		0.92			7-1-2030		5,000,000		5,000,000
Illinois Tender Option Bond Trust Receipts/Certificates Series XF2202 (Transportation Revenue, Citibank NA LIQ) 144A		0.97			7-1-2023		1,140,000		1,140,000
Illinois Tender Option Bond Trust Receipts/Certificates Series ZM0120 (Transportation Revenue, Royal Bank of Canada LIQ) 144A		0.99			7-1-2023		3,100,000		3,100,000
Illinois Tender Option Bond Trust Receipts/Floater Certificates Series 2016-XG0008 (Health Revenue, AGC Insured, Bank of America NA LIQ) 144A		1.04			8-15-2047		10,000,000		10,000,000
Quad Cities Regional EDA Augustana College Series 2005 (Education Revenue, Harris NA LOC)		0.95			10-1-2035		4,900,000		4,900,000
									45,995,000
Indiana: 1.62%
Variable Rate Demand Notes ø: 1.62%
Indiana Certificate of Participation Clipper Tax-Exempt Certificate Trust Series 2009-34 (Miscellaneous Revenue, State Street Bank & Trust Company LIQ)		0.98			7-1-2023		9,915,000		9,915,000
Indiana Finance Authority Duke Energy Indiana Incorporated Series 2009A-4 (Industrial Development Revenue, Sumitomo Mitsui Banking LOC)		1.45			12-1-2039		3,700,000		3,700,000
									13,615,000

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

12 Wells Fargo National Tax-Free Money Market Fund Portfolio of investments—July 31, 2018 (unaudited)

Security name	Interest rate			Maturity date		Principal		Value
Iowa: 3.42%
Variable Rate Demand Notes ø: 3.42%
Iowa Finance Authority Midwestern Disaster Area Project (Industrial Development Revenue, Korea Development Bank LOC)		1.20	%		4-1-2022	$	23,340,000	$	23,340,000
Iowa Finance Authority Mortgage Securities Program Series D (Housing Revenue, GNMA/FNMA/FHLMC Insured, FHLB SPA)		0.95			1-1-2047		5,500,000		5,500,000
									28,840,000
Louisiana: 1.71%
Variable Rate Demand Note ø: 1.71%
Louisiana HFA Canterbury House Apartments (Housing Revenue, FNMA LOC)		0.93			9-15-2040		14,420,000		14,420,000
Maryland: 1.86%
Variable Rate Demand Notes ø: 1.86%
Maryland Industrial Development Financing Authority Occidental Petroleum Corporation Series 2010 (Industrial Development Revenue)		1.16			3-1-2030		12,340,000		12,340,000
Maryland Tender Option Bond Trust Receipts/Certificates Series 2018-XF0605 (Education Revenue, Bank of America NA LIQ) 144A		1.00			5-1-2047		3,300,000		3,300,000
									15,640,000
Michigan: 1.75%
Variable Rate Demand Notes ø: 1.75%
Michigan Housing Development Authority Series C (Housing Revenue, Barclays Bank plc SPA)		0.99			12-1-2035		3,075,000		3,075,000
Michigan Housing Development Authority Series D (Housing Revenue, Industrial and Commercial Bank of China Limited SPA)		1.05			6-1-2030		1,690,000		1,690,000
St. Joseph MI Hospital Finance Authority Lakeland Hospital Niles & St. Joseph Obligated Group Series 2002 (Health Revenue, AGM Insured, JPMorgan Chase & Company SPA)		1.04			1-1-2032		9,990,000		9,990,000
									14,755,000
Minnesota: 2.39%
Variable Rate Demand Notes ø: 2.39%
Burnsville MN Bridgeway Apartments Project Series 2003 (Housing Revenue, FNMA LOC, FNMA LIQ)		1.02			10-15-2033		2,375,000		2,375,000
Forest Lake MN Kilkenny Court Apartments Project Series 2008 (Housing Revenue, FNMA LOC, FNMA LIQ)		1.03			8-15-2038		4,500,000		4,500,000
Hennepin County MN Series 2013C (GO Revenue, U.S. Bank NA SPA)		0.96			12-1-2033		925,000		925,000
Maple Grove MN MFHR Basswood Trails Apartment Project Series 2002 (Housing Revenue, FHLMC LIQ)		1.02			3-1-2029		2,340,000		2,340,000
Minneapolis & St. Paul MN Housing & RDA Children’s Hospital Clinics Series A (Miscellaneous Revenue, AGM Insured, U.S. Bank NA SPA)		1.48			8-15-2037		975,000		975,000
Minneapolis & St. Paul MN Metropolitan Airports Commission Morgan Stanley Series 3200 (Airport Revenue, Morgan Stanley Bank LIQ) 144A		0.97			1-1-2035		6,000,000		6,000,000
Minnesota HEFAR Concordia University Series P-1 (Education Revenue, U.S. Bank NA LOC)		1.44			4-1-2027		125,000		125,000
Plymouth MN Lancaster Village Apartments Project Series 2001 (Housing Revenue, FNMA LOC, FNMA LIQ)		1.02			9-15-2031		2,865,000		2,865,000
									20,105,000

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

Portfolio of investments—July 31, 2018 (unaudited) Wells Fargo National Tax-Free Money Market Fund 13

Security name	Interest rate			Maturity date		Principal		Value
Mississippi: 0.82%
Variable Rate Demand Notes ø: 0.82%
Mississippi Business Finance Commission Gulf Opportunity Zone Chevron USA Incorporated Project Series E (Industrial Development Revenue)		1.52	%		12-1-2030	$	4,000,000	$	4,000,000
Mississippi Series A Clipper Tax Exempt Trust Receipts/Certificates Series 2009-60 (Miscellaneous Revenue, State Street Bank & Trust Company LIQ)		0.99			11-1-2018		2,900,000		2,900,000
									6,900,000
Missouri: 3.82%
Variable Rate Demand Notes ø: 3.82%
Missouri HEFA Series 2018E (Health Revenue)		0.91			6-1-2036		15,000,000		15,000,000
Missouri Tender Option Bond Trust Receipts/Certificates Series 2018-XG0176 (Health Revenue, Royal Bank of Canada LIQ) 144A		1.04			5-15-2041		7,000,000		7,000,000
Missouri Tender Option Bond Trust Receipts/Certificates Series 2015-XF2198 (Water & Sewer Revenue, Citibank NA LIQ) 144A		0.97			5-1-2023		2,670,000		2,670,000
St. Louis County MO Sewer District Wastewater System Series 2013-B (Water & Sewer Revenue, Morgan Stanley Bank LIQ) 144A		0.97			5-1-2043		7,500,000		7,500,000
									32,170,000
Nebraska: 1.25%
Variable Rate Demand Note ø: 1.25%
Nebraska Investment Finance Authority MFHR Apple Creek Associates Project Series 1985-A (Housing Revenue, Northern Trust Company LOC)		1.57			9-1-2031		10,500,000		10,500,000
Nevada: 2.56%
Variable Rate Demand Notes ø: 2.56%
Clark County NV Department of Aviation Subordinate Lien Series D-3 (Airport Revenue, Bank of America NA LOC)		0.91			7-1-2029		2,975,000		2,975,000
Clark County NV Las Vegas McCarran International Airport Series 2010-F-2 (Airport Revenue, Union Bank NA LOC)		0.92			7-1-2022		13,425,000		13,425,000
Nevada Tender Option Bond Trust Receipts/Certificates Series 2018-ZM0639 (GO Revenue, JPMorgan Chase & Company LIQ) 144A		0.97			12-1-2025		3,240,000		3,240,000
Reno NV Renown Regional Medical Center Series B (Health Revenue, Union Bank of California LOC)		0.96			6-1-2041		1,900,000		1,900,000
									21,540,000
New Jersey: 3.45%
Variable Rate Demand Notes ø: 3.45%
New Jersey Tender Option Bond Trust Receipts/Certificates Series 2016-XM0226 (Miscellaneous Revenue, BHAC/National Insured, Bank of America NA LIQ) 144A		0.98			7-1-2026		3,790,000		3,790,000
New Jersey Tender Option Bond Trust Receipts/Certificates Series 2017-ZF2476 (Education Revenue, Citibank NA LIQ) 144A		0.95			11-1-2021		1,000,000		1,000,000
New Jersey Tender Option Bond Trust Receipts/Certificates Series 2017-ZF2477 (Education Revenue, Citibank NA LIQ) 144A		0.95			11-1-2021		2,000,000		2,000,000
New Jersey Tender Option Bond Trust Receipts/Certificates Series 2018-XX1093 (Miscellaneous Revenue, Barclays Bank plc LOC, Barclays Bank plc LIQ) 144A		0.96			6-15-2031		9,500,000		9,500,000
RBC Municipal Products Incorporated Trust Series E-102 New Jersey EDA (Miscellaneous Revenue, Royal Bank of Canada LOC, Royal Bank of Canada LIQ) 144A		0.97			8-15-2018		10,000,000		10,000,000

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

14 Wells Fargo National Tax-Free Money Market Fund Portfolio of investments—July 31, 2018 (unaudited)

Security name	Interest rate			Maturity date		Principal		Value
Variable Rate Demand Notes ø (continued)
Tender Option Bond Trust Receipts/Certificates New Jersey EDA Series 2018-XF2538 (Education Revenue, Barclays Bank plc LOC, Barclays Bank plc LIQ) 144A		0.96	%		6-15-2040	$	2,810,000	$	2,810,000
									29,100,000
New York: 7.62%
Variable Rate Demand Notes ø: 7.62%
New York Battery Park City Authority Refunding Bond Series 2013-C JPMorgan Chase PUTTER/DRIVER Trust Series 5012 (Miscellaneous Revenue, JPMorgan Chase & Company LOC, JPMorgan Chase & Company LIQ) 144A		1.54			11-1-2019		3,935,000		3,935,000
New York Dormitory Authority Series 12 Clipper Tax-Exempt Certificate Trust Series 2009-35 (Miscellaneous Revenue, State Street Bank & Trust Company LIQ) 144A		0.97			3-15-2022		3,770,000		3,770,000
New York HFA Manhattan Residential Housing Series A (Housing Revenue, Bank of China LOC)		1.10			11-1-2049		5,470,000		5,470,000
New York HFA Manhattan West Residential Housing Series 2015-A (Housing Revenue, Bank of China LOC)		1.10			11-1-2049		9,250,000		9,250,000
New York Metropolitan Transportation Authority Subordinate Bond Series E-4 (Transportation Revenue, Bank of the West LOC)		0.98			11-15-2045		6,765,000		6,765,000
New York NY Fiscal 2006 Series I Subordinate Bond Series I-6 (GO Revenue, Bank of New York Mellon LOC)		1.50			4-1-2036		5,780,000		5,780,000
New York NY Fiscal 2017A-6 Subordinate Bond Series A-6 (GO Revenue, Landesbank Hessen-Thüringen SPA)		1.50			8-1-2044		8,455,000		8,455,000
New York NY Transitional Finance Authority Future Tax Secured Tax-Exempt Bond Fiscal 2015 Subordinate Bonds Series A-3 (Tax Revenue, Mizuho Bank Limited SPA)		1.51			8-1-2043		2,790,000		2,790,000
RBC Municipal Products Incorporated Trust Series E-99 New York City (Tax Revenue, Royal Bank of Canada LOC, Royal Bank of Canada LIQ) 144A		0.97			8-1-2021		10,000,000		10,000,000
Triborough Bridge and Tunnel Authority Series 2005B-3 (Transportation Revenue, State Street Bank & Trust Company LOC)		1.40			1-1-2032		8,000,000		8,000,000
									64,215,000
North Carolina: 2.36%
Variable Rate Demand Notes ø: 2.36%
Charlotte NC Water & Sewer Revenue Tender Option Bond Trust Receipts/Certificates Series 2018-XG0170 (Water & Sewer Revenue, Royal Bank of Canada LIQ) 144A		0.97			1-1-2026		2,430,000		2,430,000
Greensboro NC (GO Revenue, Bank of America NA SPA)		0.94			4-1-2019		50,000		50,000
Greensboro NC (GO Revenue, Bank of America NA SPA)		0.94			2-1-2022		25,000		25,000
North Carolina Tender Option Bond Trust Receipts/Certificates Series 2015-ZM0105 (Education Revenue, Morgan Stanley Bank LIQ) 144A		0.97			10-1-2055		2,250,500		2,250,500
North Carolina Tender Option Bond Trust Receipts/Certificates Series 2017-ZF2490 (Airport Revenue, Barclays Bank plc LIQ) 144A		0.97			7-1-2042		3,750,000		3,750,000
Raleigh Durham NC Airport Series 2008C (Airport Revenue, TD Bank NA LOC)		0.90			5-1-2036		9,700,000		9,700,000
University of North Carolina Chapel Hill Series 2009- A (Education Revenue, TD Bank NA SPA)		0.93			2-1-2024		1,700,000		1,700,000
									19,905,500
Ohio: 6.82%
Variable Rate Demand Notes ø: 6.82%
Montgomery County OH Catholic Health Initiatives Series A (Health Revenue, Morgan Stanley Bank LIQ) 144A		1.16			5-1-2034		11,465,000		11,465,000
Ohio Capital Facilities Lease Adult Correctional Building Fund Series C (Miscellaneous Revenue)		1.00			10-1-2036		9,000,000		9,000,000

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

Portfolio of investments—July 31, 2018 (unaudited) Wells Fargo National Tax-Free Money Market Fund 15

Security name	Interest rate			Maturity date		Principal		Value
Variable Rate Demand Notes ø (continued)
Ohio Tender Option Bond Trust Receipts/Certificates Series 2017-XF2438 (Education Revenue, Citibank NA LIQ) 144A		0.97	%		12-1-2024	$	2,000,000	$	2,000,000
Ohio Tender Option Bond Trust Receipts/Certificates Series 2018-XL0074 (Health Revenue, JPMorgan Chase & Company LIQ) 144A		1.09			8-1-2024		5,580,000		5,580,000
RBC Municipal Products Incorporated Trust Series E-104 Ohio Water Development Authority (Water & Sewer Revenue, Royal Bank of Canada LOC, Royal Bank of Canada LIQ) 144A		0.97			11-1-2019		10,000,000		10,000,000
RBC Municipal Products Incorporated Trust Series E-110 (Water & Sewer Revenue, Royal Bank of Canada LOC, Royal Bank of Canada LIQ) 144A		0.97			10-1-2020		10,000,000		10,000,000
Tender Option Bond Trust Receipts/Certificates Northeast Regional Ohio Sewer District Wastewater Series 2015-XF0225 (Water & Sewer Revenue, State Street Bank & Trust Company LIQ) 144A		0.97			3-1-2021		9,375,000		9,375,000
									57,420,000
Other: 1.49%
Variable Rate Demand Notes ø: 1.49%
Clipper Tax-Exempt Certificate Trust Series 2009-54 (Miscellaneous Revenue, State Street Bank & Trust Company LIQ)		0.99			2-15-2028		10,990,000		10,990,000
FHLMC MFHR Series M-031 Class A (Housing Revenue, FHLMC LIQ)		0.97			12-15-2045		980,000		980,000
FHLMC MFHR Series M-033 Class A (Housing Revenue, FHLMC LIQ)		0.97			3-15-2049		565,000		565,000
									12,535,000
Pennsylvania: 2.18%
Variable Rate Demand Notes ø: 2.18%
Allegheny County PA Hospital Development Authority Series E (Health Revenue, Royal Bank of Canada LOC, Royal Bank of Canada LIQ) 144A		1.50			4-1-2022		5,320,000		5,320,000
Pennsylvania Tender Option Bond Trust Receipts/Certificates Series 2016-ZF0504 (Water & Sewer Revenue, TD Bank NA LIQ) 144A		1.09			8-15-2042		4,875,000		4,875,000
Pennsylvania Tender Option Bond Trust Receipts/Certificates Series 2018-YX1089 (GO Revenue, Barclays Bank plc LIQ) 144A		0.96			3-1-2035		2,540,000		2,540,000
Southcentral Pennsylvania General Authority WellSpan Health Obliged Group Series 2014A Tender Option Bond Trust Receipts/Certificates Series 2015-ZM0081 (Health Revenue, Morgan Stanley Bank LIQ) 144A		0.97			6-1-2044		3,000,000		3,000,000
Westmoreland County PA Municipal Authority Service Series 2016 Tender Option Bond Trust Receipts/Certificates Series 2017-ZF0539 (Water & Sewer Revenue, Build America Mutual Assurance Company Insured, TD Bank NA LIQ) 144A		1.09			8-15-2038		2,615,000		2,615,000
									18,350,000
Rhode Island: 1.19%
Variable Rate Demand Note ø: 1.19%
Narragansett Bay RI Commission Wastewater System Series 2013-A Tender Option Trust Receipts/Certificates Series 2016-XM0140 (Water & Sewer Revenue, Royal Bank of Canada LIQ) 144A		0.99			9-1-2020		10,000,000		10,000,000
South Carolina: 1.61%
Variable Rate Demand Notes ø: 1.61%
Columbia SC Waterworks Series 2009 (Water & Sewer Revenue, Sumitomo Mitsui Banking LOC)		0.96			2-1-2038		1,760,000		1,760,000
Greenville SC Health System Hospital Series 2014-B Tender Option Bond Trust Receipts/Certificates Series 2015-XF0145 (Health Revenue, TD Bank NA LIQ) 144A		0.98			5-30-2022		8,020,000		8,020,000

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

16 Wells Fargo National Tax-Free Money Market Fund Portfolio of investments—July 31, 2018 (unaudited)

Security name	Interest rate			Maturity date		Principal		Value
Variable Rate Demand Notes ø (continued)
South Carolina Educational Facilities Authority for Private Non-Profit Institutions Higher Learning Educational Facilities Spartanburg Methodist Series 2005 (Education Revenue, Branch Banking & Trust LOC)		0.97	%		8-1-2025	$	2,440,000	$	2,440,000
South Carolina Jobs EDA Institutional Business & Home Safety Project Series 2009 (Industrial Development Revenue, Branch Banking & Trust LOC)		0.99			11-1-2034		1,320,000		1,320,000
									13,540,000
Tennessee: 2.54%
Variable Rate Demand Notes ø: 2.54%
Franklin County TN HEFA Board University of the South Project Series 1998-B (Education Revenue, The University of South Tennessee)		1.01			9-1-2023		1,200,000		1,200,000
Sevier County TN Public Building Authority Local Government Public Improvement Series 6-A1 (Miscellaneous Revenue, Branch Banking & Trust SPA)		0.97			6-1-2029		3,560,000		3,560,000
Shelby County TN Health Educational & Housing Facilities Board Methodist Le Bonheur Series B (Health Revenue, AGM Insured, U.S. Bank NA SPA)		1.44			6-1-2042		9,400,000		9,400,000
Shelby County TN HEFA Multifamily Housing Hedgerow Apartments Series A-1 (Housing Revenue, FNMA LOC, FNMA LIQ)		0.93			12-15-2037		7,210,000		7,210,000
									21,370,000
Texas: 10.53%
Variable Rate Demand Notes ø: 10.53%
Bexar County TX Housing Finance Corporation Palisades Park Apartments Project Series 2009 (Housing Revenue, FHLMC LIQ)		1.02			9-1-2039		3,800,000		3,800,000
Brazos Harbor TX Industrial Development Corporation BASF Corporation Project Series 2001 (Industrial Development Revenue, BASF SE)		1.01			7-1-2022		4,900,000		4,900,000
Dickinson TX Independent School District Unlimited Tax School House Refunding Bond Series 2000 (GO Revenue, Societe Generale LIQ)		1.54			2-15-2028		5,680,000		5,680,000
Harris County TX Cultural Educational Facilities Finance Corporation Children’s Hospital Project Series 2009 Citigroup ROC Series 11821 (Health Revenue, Citibank NA LIQ) 144A		1.00			5-1-2019		2,000,000		2,000,000
Harris County TX ECFA Series 2016-ZF2384 (Transportation Revenue, Bank of America NA LIQ) 144A		0.98			8-15-2038		9,190,000		9,190,000
Port Arthur TX Navigation District Industrial Development Corporation Total Petrochemicals USA Incorporated Project (Industrial Development Revenue, Total SA)		1.00			6-1-2041		5,000,000		5,000,000
Port Corpus Christi TX Solid Waste Disposal Flint Hills Resources Project Series 2002-B (Resource Recovery Revenue, Flint Hills Resources LLC)		1.01			7-1-2029		4,200,000		4,200,000
Tarrant County TX Cultural Education Facilities Finance Corporation Series 2973 (Health Revenue, Morgan Stanley Bank LIQ) 144A		1.17			11-15-2029		23,770,000		23,770,000
Tarrant County TX Cultural Educational Facilities Finance Corporation Christus Health Series 2008-C2 (Health Revenue, Bank of New York Mellon LOC)		0.95			7-1-2047		6,405,000		6,405,000
Texas Tender Option Bond Trust Receipts/Certificates Series 2018-XG0163 (GO Revenue, Bank of America NA LIQ) 144A		0.98			2-15-2047		5,010,000		5,010,000
Texas Tender Option Bond Trust Receipts/Certificates Series 2018-XG0164 (GO Revenue, Bank of America NA LIQ) 144A		0.98			2-1-2048		2,795,000		2,795,000
Texas Veterans Bonds Series 2014D (Miscellaneous Revenue, FHLB SPA)		0.95			6-1-2045		950,000		950,000
Texas Veterans Bonds Series 2018 (GO Revenue, FHLB LIQ)		1.04			12-1-2049		15,000,000		15,000,000
									88,700,000

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

Portfolio of investments—July 31, 2018 (unaudited) Wells Fargo National Tax-Free Money Market Fund 17

Security name	Interest rate			Maturity date		Principal		Value
Utah: 1.57%
Variable Rate Demand Notes ø: 1.57%
Utah County UT IHC Health Services Series D (Health Revenue, U.S. Bank NA SPA)		1.02	%		5-15-2049	$	3,200,000	$	3,200,000
Utah County UT IHC Health Services Series D (Health Revenue, U.S. Bank NA SPA)		1.02			5-15-2051		7,000,000		7,000,000
Utah Tender Option Bond Trust Receipts/Certificates Series 2018-XG0171 (Health Revenue, Royal Bank of Canada LIQ) 144A		1.00			11-15-2022		3,000,000		3,000,000
									13,200,000
Vermont: 0.31%
Variable Rate Demand Note ø: 0.31%
Vermont Educational & Health Buildings Financing Agency Landmark College Project Series 2008-A (Education Revenue, TD Bank NA LOC)		1.47			7-1-2033		2,630,000		2,630,000
Virginia: 2.78%
Variable Rate Demand Notes ø: 2.78%
Albemarle County VA Sentara Martha Jefferson Hospital Series 2018A (Health Revenue, TD Bank NA SPA)		0.92			10-1-2048		16,000,000		16,000,000
Fairfax County VA EDA Smithsonian Institution Series A (Miscellaneous Revenue, Northern Trust Company SPA)		0.75			12-1-2033		2,500,000		2,500,000
Virginia Tender Option Bond Trust Receipts/Certificates Series 2017-XG0143 (Transportation Revenue, Citibank NA LIQ) 144A		0.96			5-1-2025		4,950,000		4,950,000
									23,450,000
West Virginia: 1.62%
Variable Rate Demand Note ø: 1.62%
West Virginia Hospital Finance Authority (Health Revenue, PNC Bank NA LOC)		0.00			6-1-2041		13,680,000		13,680,000
Wisconsin: 4.31%
Variable Rate Demand Notes ø: 4.31%
Appleton WI Recovery Zone Facilities Foremost Farms Project Series 2010 (Industrial Development Revenue, CoBank ACB LOC)		1.00			5-1-2037		20,200,000		20,200,000
Milwaukee WI RDA Wisconsin Montessori Society (Education Revenue, U.S. Bank NA LOC)		1.58			7-1-2021		275,000		275,000
Wisconsin HEFA Aurora Health Care Incorporated Series 2012-C (Health Revenue, Bank of Montreal LOC)		1.48			7-15-2028		3,835,000		3,835,000
Wisconsin HEFA Aurora Health Care Series D (Health Revenue, Bank of Montreal LOC)		0.90			7-15-2028		1,510,000		1,510,000
Wisconsin HEFA Aspirus Wausau Hospital Incorporated Obligated Group series 2004B (Housing Revenue, JPMorgan Chase & Company LOC)		0.98			8-15-2034		1,100,000		1,100,000
Wisconsin PFA Midwestern Disaster Area Program Series 2011 (Industrial Development Revenue, Farm Credit Services America LOC)		1.00			9-1-2036		3,555,000		3,555,000
Wisconsin Tender Option Bond Trust Receipts/Certificates Series 2018-XF2634 (Health Revenue, Credit Suisse LIQ) 144A		0.99			8-15-2025		2,000,000		2,000,000
Wisconsin Tender Option Bond Trust Receipts/Certificates Series 2015-XF0127 (Health Revenue, JPMorgan Chase & Company LIQ) 144A		1.12			10-1-2020		3,815,000		3,815,000
									36,290,000

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

18 Wells Fargo National Tax-Free Money Market Fund Portfolio of investments—July 31, 2018 (unaudited)

Security name	Interest rate			Maturity date		Principal		Value
Wyoming: 1.58%
Variable Rate Demand Note ø: 1.58%
Wyoming Tender Option Bond Trust Receipts/Certificates Series 2018-XL0070 (Utilities Revenue, Build America Mutual Assurance Company Insured, JPMorgan Chase & Company LIQ) 144A		0.97	%		1-1-2025	$	13,330,000	$	13,330,000
Total Municipal Obligations (Cost $858,820,500)									858,820,500
Repurchase Agreements: 0.59%
Barclay’s Capital Incorporated, dated 7-31-2018, maturity value $5,000,265 ^^		1.91			8-1-2018		5,000,000		5,000,000
Total Repurchase Agreements (Cost $5,000,000)									5,000,000

Total investments in securities (Cost $863,820,500)	102.55	%		863,820,500
Other assets and liabilities, net	(2.55	)		(21,463,114	)
Total net assets	100.00	%	$	842,357,386

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

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

^^ Collateralized by U.S. government securities, 0.00% to 6.00, 11-8-2018 to 8-15-2047, fair value including accrued interest is $5,100,000.

Abbreviations:

AGC Assured Guaranty Corporation

AGM Assured Guaranty Municipal

BHAC Berkshire Hathaway Assurance Corporation

DRIVER Derivative inverse tax-exempt receipts

ECFA Educational & Cultural Facilities Authority

EDA Economic Development Authority

FHA Federal Housing Administration

FHLB Federal Home Loan Bank

FHLMC Federal Home Loan Mortgage Corporation

FNMA Federal National Mortgage Association

GO General obligation

GNMA Government National Mortgage Association

HEFA Health & Educational Facilities Authority

HEFAR Higher Education Facilities Authority Revenue

HFA Housing Finance Authority

IDA Industrial Development Authority

IDAG Industrial Development Agency

LIQ Liquidity agreement

LOC Letter of credit

MFHR Multifamily housing revenue

National National Public Finance Guarantee Corporation

PFA Public Finance Authority

PUTTER Puttable tax-exempt receipts

RDA Redevelopment Authority

ROC Reset option certificates

SPA Standby purchase agreement

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

Statement of assets and liabilities—July 31, 2018 (unaudited) Wells Fargo National Tax-Free Money Market Fund 19

Assets
Investments in unaffiliated securities, at amortized cost	$	863,820,500
Cash		130,418
Receivable for investments sold		535,000
Receivable for Fund shares sold		366,052
Receivable for interest		1,637,714
Prepaid expenses and other assets		179,927
Total assets		866,669,611
Liabilities
Payable for investments purchased		22,219,615
Payable for Fund shares redeemed		1,659,244
Dividends payable		120,550
Administration fees payable		76,044
Management fee payable		51,646
Accrued expenses and other liabilities		185,126
Total liabilities		24,312,225
Total net assets	$	842,357,386
NET ASSETS CONSIST OF
Paid-in capital	$	842,433,824
Overdistributed net investment income		(80,188	)
Accumulated net realized gains on investments		3,750
Total net assets	$	842,357,386
COMPUTATION OF NET ASSET VALUE PER SHARE
Net assets – Class A	$	111,871,592
Shares outstanding – Class A1		111,859,863
Net asset value per share – Class A		$1.00
Net assets – Administrator Class	$	135,992,127
Shares outstanding – Administrator Class1		135,978,931
Net asset value per share – Administrator Class		$1.00
Net assets – Premier Class	$	530,552,235
Shares outstanding – Premier Class1		530,513,647
Net asset value per share – Premier Class		$1.00
Net assets – Service Class	$	63,941,432
Shares outstanding – Service Class1		63,934,947
Net asset value per share – Service Class		$1.00

¹  The Fund has an unlimited number of authorized shares.

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

20 Wells Fargo National Tax-Free Money Market Fund Statement of operations—six months ended July 31, 2018 (unaudited)

Investment income
Interest	$	5,475,510
Expenses
Management fee		596,246
Administration fees
Class A		127,657
Administrator Class		67,437
Premier Class		191,886
Service Class		38,613
Shareholder servicing fees
Class A		145,065
Administrator Class		67,437
Service Class		80,443
Custody and accounting fees		29,443
Professional fees		21,378
Registration fees		67,794
Shareholder report expenses		18,444
Trustees’ fees and expenses		10,965
Other fees and expenses		16,298
Total expenses		1,479,106
Less: Fee waivers and/or expense reimbursements		(288,521	)
Net expenses		1,190,585
Net investment income		4,284,925
Net realized gains on investments		3,512
Net increase in net assets resulting from operations	$	4,288,437

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

Statement of changes in net assets Wells Fargo National Tax-Free Money Market Fund 21

	Six months ended July 31, 2018 (unaudited)						Year ended January 31, 2018
Operations
Net investment income				$	4,284,925					$	3,119,381
Net realized gains on investments					3,512						242,126
Net increase in net assets resulting from operations					4,288,437						3,361,507
Distributions to shareholders from
Net investment income
Class A					(433,529	)					(382,804	)
Administrator Class					(725,799	)					(905,450	)
Premier Class					(2,828,718	)					(1,498,368	)
Service Class					(296,880	)					(332,806	)
Net realized gains
Class A					0						(54,456	)
Administrator Class					0						(62,316	)
Premier Class					0						(95,599	)
Service Class					0						(29,513	)
Total distributions to shareholders					(4,284,926	)					(3,361,312	)
Capital share transactions		Shares						Shares
Proceeds from shares sold
Class A		16,194,086			16,194,086			31,603,673			31,603,673
Administrator Class		26,300,919			26,300,919			34,823,759			34,823,759
Premier Class		608,442,531			608,442,531			535,069,869			535,069,869
Service Class		4,009,618			4,009,618			5,485,972			5,485,972
					654,947,154						606,983,273
Reinvestment of distributions
Class A		423,235			423,235			427,597			427,597
Administrator Class		711,113			711,113			947,752			947,752
Premier Class		2,000,033			2,000,033			1,256,482			1,256,482
Service Class		101,538			101,538			126,990			126,990
					3,235,919						2,758,821
Payment for shares redeemed
Class A		(24,265,936	)		(24,265,936	)		(48,207,213	)		(48,207,213	)
Administrator Class		(23,979,385	)		(23,979,385	)		(58,251,726	)		(58,251,726	)
Premier Class		(419,234,945	)		(419,234,945	)		(302,887,004	)		(302,887,004	)
Service Class		(6,628,405	)		(6,628,405	)		(12,622,551	)		(12,622,551	)
					(474,108,671	)					(421,968,494	)
Net increase in net assets resulting from capital share transactions					184,074,402						187,773,600
Total increase in net assets					184,077,913						187,773,795
Net assets
Beginning of period					658,279,473						470,505,678
End of period				$	842,357,386					$	658,279,473
Overdistributed net investment income				$	(80,188	)				$	(80,187	)

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

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

(For a share outstanding throughout each period)

	Six months ended July 31, 2018 (unaudited)			Year ended January 31
CLASS A				2018			2017			2016			2015			2014
Net asset value, beginning of period		$1.00			$1.00			$1.00			$1.00			$1.00			$1.00
Net investment income		0.00	1		0.00	1		0.00	1		0.00	1		0.00	1		0.00	1
Net realized gains on investments		0.00	1		0.00	1		0.00	1		0.00	1		0.00	1		0.00	1
Total from investment operations		0.00	1		0.00	1		0.00	1		0.00	1		0.00	1		0.00	1
Distributions to shareholders from
Net investment income		(0.00	)1		(0.00	)1		(0.00	)1		(0.00	)1		(0.00	)1		(0.00	)1
Net realized gains		0.00			(0.00	)1		(0.00	)1		(0.00	)1		(0.00	)1		(0.00	)1
Total distributions to shareholders		(0.00	)1		(0.00	)1		(0.00	)1		(0.00	)1		(0.00	)1		(0.00	)1
Net asset value, end of period		$1.00			$1.00			$1.00			$1.00			$1.00			$1.00
Total return2		0.37	%		0.35	%		0.13	%		0.02	%		0.02	%		0.02	%
Ratios to average net assets (annualized)
Gross expenses		0.66	%		0.68	%		0.65	%		0.63	%		0.63	%		0.63	%
Net expenses		0.63	%		0.64	%		0.39	%		0.08	%		0.08	%		0.12	%
Net investment income		0.75	%		0.30	%		0.02	%		0.01	%		0.01	%		0.01	%
Supplemental data
Net assets, end of period (000s omitted)		$111,872			$119,524			$135,704			$172,725			$123,525			$203,609

¹  Amount is less than $0.005.

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

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

Financial highlights Wells Fargo National Tax-Free Money Market Fund 23

(For a share outstanding throughout each period)

	Six months ended July 31, 2018 (unaudited)			Year ended January 31
ADMINISTRATOR CLASS				2018			2017			2016			2015			2014
Net asset value, beginning of period		$1.00			$1.00			$1.00			$1.00			$1.00			$1.00
Net investment income		0.01			0.01			0.00	1		0.00	1		0.00	1		0.00	1
Net realized gains on investments		0.00	1		0.00	1		0.00	1		0.00	1		0.00	1		0.00	1
Total from investment operations		0.01			0.01			0.00	1		0.00	1		0.00	1		0.00	1
Distributions to shareholders from
Net investment income		(0.01	)		(0.01	)		(0.00	)1		(0.00	)1		(0.00	)1		(0.00	)1
Net realized gains		0.00			(0.00	)1		(0.00	)1		(0.00	)1		(0.00	)1		(0.00	)1
Total distributions to shareholders		(0.01	)		(0.01	)		(0.00	)1		(0.00	)1		(0.00	)1		(0.00	)1
Net asset value, end of period		$1.00			$1.00			$1.00			$1.00			$1.00			$1.00
Total return2		0.53	%		0.69	%		0.33	%		0.02	%		0.02	%		0.02	%
Ratios to average net assets (annualized)
Gross expenses		0.39	%		0.41	%		0.40	%		0.36	%		0.36	%		0.36	%
Net expenses		0.30	%		0.30	%		0.27	%		0.08	%		0.08	%		0.11	%
Net investment income		1.08	%		0.64	%		0.22	%		0.01	%		0.01	%		0.01	%
Supplemental data
Net assets, end of period (000s omitted)		$135,992			$132,964			$155,448			$179,171			$191,766			$214,788

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.

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

(For a share outstanding throughout each period)

	Six months ended July 31, 2018 (unaudited)			Year ended January 31
PREMIER CLASS1				2018			2017			2016			2015			2014
Net asset value, beginning of period		$1.00			$1.00			$1.00			$1.00			$1.00			$1.00
Net investment income		0.01			0.01			0.00	2		0.00	2		0.00	2		0.00	2
Net realized gains on investments		0.00	2		0.00	2		0.00	2		0.00	2		0.00	2		0.00	2
Total from investment operations		0.01			0.01			0.00	2		0.00	2		0.00	2		0.00	2
Distributions to shareholders from
Net investment income		(0.01	)		(0.01	)		(0.00	)2		(0.00	)2		(0.00	)2		(0.00	)2
Net realized gains		0.00			(0.00	)2		(0.00	)2		(0.00	)2		(0.00	)2		(0.00	)2
Total distributions to shareholders		(0.01	)		(0.01	)		(0.00	)2		(0.00	)2		(0.00	)2		(0.00	)2
Net asset value, end of period		$1.00			$1.00			$1.00			$1.00			$1.00			$1.00
Total return3		0.58	%		0.79	%		0.41	%		0.02	%		0.02	%		0.02	%
Ratios to average net assets (annualized)
Gross expenses		0.27	%		0.28	%		0.25	%		0.24	%		0.24	%		0.24	%
Net expenses		0.20	%		0.20	%		0.18	%		0.08	%		0.08	%		0.11	%
Net investment income		1.18	%		0.79	%		0.18	%		0.01	%		0.01	%		0.01	%
Supplemental data
Net assets, end of period (000s omitted)		$530,552			$339,331			$105,881			$1,677,748			$2,269,187			$2,292,160

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

²  Amount is less than $0.005.

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

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

Financial highlights Wells Fargo National Tax-Free Money Market Fund 25

(For a share outstanding throughout each period)

	Six months ended July 31, 2018 (unaudited)			Year ended January 31
SERVICE CLASS				2018			2017			2016			2015			2014
Net asset value, beginning of period		$1.00			$1.00			$1.00			$1.00			$1.00			$1.00
Net investment income		0.00	1		0.01			0.00	1		0.00	1		0.00	1		0.00	1
Net realized gains on investments		0.00	1		0.00	1		0.00	1		0.00	1		0.00	1		0.00	1
Total from investment operations		0.00	1		0.01			0.00	1		0.00	1		0.00	1		0.00	1
Distributions to shareholders from
Net investment income		(0.00	)1		(0.01	)		(0.00	)1		(0.00	)1		(0.00	)1		(0.00	)1
Net realized gains		0.00			(0.00	)1		(0.00	)1		(0.00	)1		(0.00	)1		(0.00	)1
Total distributions to shareholders		(0.00	)1		(0.01	)		(0.00	)1		(0.00	)1		(0.00	)1		(0.00	)1
Net asset value, end of period		$1.00			$1.00			$1.00			$1.00			$1.00			$1.00
Total return2		0.46	%		0.54	%		0.20	%		0.02	%		0.02	%		0.02	%
Ratios to average net assets (annualized)
Gross expenses		0.56	%		0.58	%		0.54	%		0.53	%		0.52	%		0.53	%
Net expenses		0.45	%		0.45	%		0.32	%		0.08	%		0.08	%		0.12	%
Net investment income		0.92	%		0.49	%		0.03	%		0.01	%		0.01	%		0.01	%
Supplemental data
Net assets, end of period (000s omitted)		$63,941			$66,460			$73,472			$162,593			$139,915			$166,178

¹  Amount is less than $0.005.

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

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

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

1. ORGANIZATION

Wells Fargo Funds Trust (the “Trust”), a Delaware statutory trust organized on March 10, 1999, is an open-end management investment company registered under the Investment Company Act of 1940, as amended (the “1940 Act”). As an investment company, the Trust follows the accounting and reporting guidance in Financial Accounting Standards Board Accounting Standards Codification Topic 946, Financial Services – Investment Companies. These financial statements report on the Wells Fargo National Tax-Free Money Market Fund (the “Fund”) which is a diversified series of the Trust.

2. SIGNIFICANT ACCOUNTING POLICIES

The following significant accounting policies, which are consistently followed in the preparation of the financial statements of the Fund, are in conformity with U.S. generally accepted accounting principles which require management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.

Securities valuation

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

Investments which are not valued using the method discussed above are valued at their fair value, as determined in good faith by the Board of Trustees of the Funds. The Board of Trustees has established a Valuation Committee comprised of the Trustees and has delegated to it the authority to take any actions regarding the valuation of portfolio securities that the Valuation Committee deems necessary or appropriate, including determining the fair value of portfolio securities, unless the determination has been delegated to the 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.

Repurchase agreements

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

Security transactions and income recognition

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

Interest income is accrued daily and bond discounts are accreted and premiums are amortized daily. 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

Notes to financial statements (unaudited) Wells Fargo National Tax-Free Money Market Fund 27

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 and tax-exempt income and any net realized capital gains (after reduction for capital loss carryforwards) sufficient to relieve it from all, or substantially all, federal income taxes. Accordingly, no provision for federal income taxes was required.

The Fund’s income and federal excise tax returns and all financial records supporting those returns for the prior three fiscal years are subject to examination by the federal and Delaware revenue authorities. Management has analyzed the Fund’s tax positions taken on federal, state, and foreign tax returns for all open tax years and does not believe that there are any uncertain tax positions that require recognition of a tax liability.

As of July 31, 2018, the cost of investments for federal income tax purposes is substantially the same as for financial reporting purposes.

Class allocations

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

3. FAIR VALUATION MEASUREMENTS

Fair value measurements of investments are determined within a framework that has established a fair value hierarchy based upon the various data inputs utilized in determining the value of the Fund’s investments. The three-level hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). The Fund’s investments are classified within the fair value hierarchy based on the lowest level of input that is significant to the fair value measurement. The inputs are summarized into three broad levels as follows:

∎ Level 1 – quoted prices in active markets for identical securities

∎ Level 2 – other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)

∎ Level 3 – significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments)

The inputs or methodologies used for valuing investments in securities are not necessarily an indication of the risk associated with investing in those securities.

The following is a summary of the inputs used in valuing the Fund’s assets and liabilities as of July 31, 2018:

	Quoted prices (Level 1)		Other significant observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total
Assets
Investments in:
Municipal obligations	$	0	$	858,820,500	$	0	$	858,820,500
Repurchase agreements		0		5,000,000		0		5,000,000
Total assets	$	0	$	863,820,500	$	0	$	863,820,500

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

The Fund recognizes transfers between levels within the fair value hierarchy at the end of the reporting period. At July 31, 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 and providing fund-level administrative services in connection with the Fund’s operations. As compensation for its services under the investment management agreement, Funds Management is entitled to receive an annual management fee starting at 0.15% and declining to 0.13% as the average daily net assets of the Fund increase. For the six months ended July 31, 2018, the management fee was equivalent to an annual rate of 0.15% of the Fund’s average daily net assets.

Funds Management has retained the services of a subadviser to provide daily portfolio management to the Fund. The fee for subadvisory services is borne by Funds Management. Wells Capital Management Incorporated, an affiliate of Funds Management and an indirect wholly owned subsidiary of Wells Fargo, is the subadviser to the Fund and is entitled to receive a fee from Funds Management at an annual rate starting at 0.05% and declining to 0.01% as the average daily net assets of the Fund increase.

Administration fees

Under a class-level administration agreement, Funds Management provides class-level administrative services to the Fund, which includes paying fees and expenses for services provided by the transfer agent, sub-transfer agents, omnibus account servicers and record-keepers.

As compensation for its services under the class-level administration agreement, Funds Management receives an annual fee which is calculated based on the average daily net assets of each class as follows:

	Class-level administration fee
Class A		0.22	%
Administrator Class		0.10
Premier Class		0.08
Service Class		0.12

Funds Management has contractually waived and/or reimbursed management and administration fees to the extent necessary to maintain certain net operating expense ratios for the Fund. When each class of the Fund has exceeded its expense cap, Funds Management has waived fees and/or reimbursed expenses from fund level expenses on a proportionate basis and then from class specific expenses; otherwise, waivers and/or reimbursements are applied against class specific expenses before fund level expenses. Funds Management has committed through May 31, 2019 to waive fees and/or reimburse expenses to the extent necessary to cap the Fund’s expenses at 0.60% for Class A shares, 0.30% for Administrator Class shares, 0.20% for Premier Class shares, and 0.45% for Service Class shares. After this time, the cap may be increased or the commitment to maintain the cap may be terminated only with the approval of the Board of Trustees. Prior to June 1, 2018, the Fund’s expenses were capped at 0.64% for Class A shares.

Shareholder servicing fees

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

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

Interfund transactions

The Fund may purchase or sell 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 $755,003,000 and $530,802,000 in interfund purchases and sales, respectively, during the year ended July 31, 2018.

Notes to financial statements (unaudited) Wells Fargo National Tax-Free Money Market Fund 29

5. INDEMNIFICATION

Under the Trust’s organizational documents, the officers and Trustees have been granted certain indemnification rights against certain liabilities that may arise out of performance of their duties to the Trust. Additionally, in the normal course of business, the Trust may enter into contracts with service providers that contain a variety of indemnification clauses. The Trust’s maximum exposure under these arrangements is dependent on future claims that may be made against the Fund and, therefore, cannot be estimated.

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

PROXY VOTING INFORMATION

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

PORTFOLIO HOLDINGS INFORMATION

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

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

BOARD OF TRUSTEES AND OFFICERS

Each of the Trustees and Officers¹ listed in the table below acts in identical capacities for each fund in the Wells Fargo family of funds, which consists of 154 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 2009	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 National Tax-Free Money Market Fund Other information (unaudited)

Name and year of birth	Position held and length of service*	Principal occupations during past five years or longer	Current other public company or investment company directorships
Olivia S. Mitchell (Born 1953)	Trustee, since 2006; 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, on the Board of Directors, Goverance Committee and Finance Committee for the Minnesota Philanthropy Partners (Saint Paul Foundation) from 2012 to 2018, Interim President and Chief Executive Officer of Blue Cross Blue shield of Minnesota of Minnesota from 2010 to 2011, Chairman of the Board from 2009 to 2011 and Board Director 003 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 the 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.

Other information (unaudited) Wells Fargo National Tax-Free Money Market Fund 33

Officers

Name and year of birth	Position held and length of service	Principal occupations during past five years or longer
Andrew Owen (Born 1960)	President, since 2017	Executive Vice President of Wells Fargo & Company and Head of Affiliated Managers, Wells Fargo Asset Management, since 2014. In addition, Mr. Owen is currently President, Chief Executive Officer and Director of Wells Fargo Funds Management, LLC since 2017. Prior thereto, Executive Vice President responsible for marketing, investments and product development for Wells Fargo Funds Management, LLC, from 2009 to 2014.
Nancy Wiser1 (Born 1967)	Treasurer, since 2012	Executive Vice President of Wells Fargo Funds Management, LLC since 2011. Chief Operating Officer and Chief Compliance Officer at LightBox Capital Management LLC, from 2008 to 2011.
Alexander Kymn3 (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.
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 77 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.

³  Alexander Kymn became the Secretary and Chief Legal Officer effective April 17, 2018.

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

BOARD CONSIDERATION OF INVESTMENT MANAGEMENT AND SUB-ADVISORY AGREEMENTS:

Wells Fargo National Tax-Free Money Market Fund

Under the Investment Company Act of 1940 (the “1940 Act”), the Board of Trustees (the “Board”) of Wells Fargo Funds Trust (the “Trust”) must determine annually whether to approve the continuation of the Trust’s investment management and sub-advisory agreements. In this regard, at an in-person meeting held on May 22-23, 2018 (the “Meeting”), the Board, all the members of which have no direct or indirect interest in the investment management and sub-advisory agreements and are not “interested persons” of the Trust, as defined in the 1940 Act (the “Independent Trustees”), reviewed and approved for Wells Fargo National Tax-Free Money Market Fund (the “Fund”): (i) an investment management agreement (the “Management Agreement”) with Wells Fargo Funds Management, LLC (“Funds Management”); and (ii) an investment sub-advisory agreement (the “Sub-Advisory Agreement”) with Wells Capital Management Incorporated (the “Sub-Adviser”), an affiliate of Funds Management. The Management Agreement and the Sub-Advisory Agreement are collectively referred to as the “Advisory Agreements.”

At the Meeting, the Board considered the factors and reached the conclusions described below relating to the selection of Funds Management and the Sub-Adviser and the approval of the Advisory Agreements. Prior to the Meeting, including at an in-person meeting in April 2018, the Trustees conferred extensively among themselves and with representatives of Funds Management about these matters. Also, the Board has adopted a team-based approach, with each team consisting of a sub-set of Trustees, to assist the full Board in the discharge of its duties in reviewing investment performance and other matters throughout the year. The Independent Trustees were assisted in their evaluation of the Advisory Agreements by independent legal counsel, from whom they received separate legal advice and with whom they met separately.

In providing information to the Board, Funds Management and the Sub-Adviser were guided by a detailed set of requests for information submitted to them by independent legal counsel on behalf of the Independent Trustees at the start of the Board’s annual contract renewal process earlier in 2018. In considering and approving the Advisory Agreements, the Trustees considered the information they believed relevant, including but not limited to the information discussed below. The Board considered not only the specific information presented in connection with the Meeting, but also the knowledge gained over time through interaction with Funds Management and the Sub-Adviser about various topics. In this regard, the Board reviewed reports of Funds Management at each of its quarterly meetings, which included, among other things, portfolio reviews and investment performance reports. In addition, the Board and the teams mentioned above confer with portfolio managers at various times throughout the year. The Board did not identify any particular information or consideration that was all-important or controlling, and each individual Trustee may have attributed different weights to various factors.

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

Nature, extent and quality of services

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

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

Other information (unaudited) Wells Fargo National Tax-Free Money Market Fund 35

Fund investment performance and expenses

The Board considered the investment performance results for the Fund over various time periods ended December 31, 2017. The Board considered these results in comparison to the investment performance of funds in a universe that was determined by Broadridge Inc. (“Broadridge”) to be similar to the Fund (the “Universe”) and to other comparative data. Broadridge is an independent provider of investment company data. The Board received a description of the methodology used by Broadridge to select the mutual funds in the performance Universe. The Board noted that the investment performance of the Fund (Administrator Class) was higher than the average investment performance of the Universe for all periods under review.

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

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

Investment management and sub-advisory fee rates

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

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

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

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

Profitability

The Board received and considered information concerning the profitability of Funds Management, as well as the profitability of both WFAM and Wells Fargo & Co. (“Wells Fargo”) as a whole, from providing services to the Fund and the fund family as a whole. The Board noted that the Sub-Adviser’s profitability information with respect to providing services to the Fund was subsumed in the WFAM and Wells Fargo profitability analysis.

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

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

Economies of scale

The Board considered the extent to which Funds Management may experience economies of scale in the provision of management services, and the extent to which scale benefits, if any, would be shared with shareholders. In particular, the Board noted the existence of breakpoints in the Fund’s management fee structure, which operate generally to reduce the Fund’s expense ratios as the Fund grows in size. It considered that, for a small fund or a fund that shrinks in size, breakpoints conversely can result in higher fee levels. The Board also considered that in addition to management fee breakpoints, competitive management fee rates set at the outset without regard to breakpoints and fee waiver and expense reimbursement arrangements, as well as investments in the business intended to enhance services available to Fund shareholders, are means of sharing potential economies of scale with shareholders of the Fund.

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

Other benefits to Funds Management and the Sub-Adviser

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

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

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

Conclusion

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

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 219967

Kansas City, MO 64121-9967

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 the trade name for certain investment advisory/management firms owned by Wells Fargo & Company. These firms include but are not limited to Wells Capital Management Incorporated and Wells Fargo Funds Management, LLC. Certain products managed by WFAM entities are distributed by Wells Fargo Funds Distributor, LLC (a broker/dealer and Member FINRA).

This material is for general informational and educational purposes only and is NOT intended to provide investment advice or a recommendation of any kind—including a recommendation for any specific investment, strategy, or plan.

NOT FDIC INSURED  ◾  NO BANK GUARANTEE  ◾   MAY LOSE VALUE

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

314806 09-18 SA309/SAR309 07-18

Semi-Annual Report

July 31, 2018

Institutional Money Market Funds

∎ Wells Fargo Cash Investment Money Market Fund

Reduce clutter. Save trees.

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

Contents

Letter to shareholders	2
Performance highlights	6
Fund expenses	8
Portfolio of investments	9
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	26

The views expressed and any forward-looking statements are as of July 31, 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 Cash Investment Money Market Fund Letter to shareholders (unaudited)

Andrew Owen

President

Wells Fargo Funds

Yields on money market funds benefited during the period.

During February 2018, the U.S. stock market endured a loss of more than 10% before recovering in March and April.

Dear Shareholder:

We are pleased to offer you this semi-annual report for the Wells Fargo Cash Investment Money Market Fund for the six-month period that ended July 31, 2018. Yields on money market funds benefited during the period. As the U.S. Federal Reserve (the Fed) moved toward a more normalized monetary policy after an extended term of low interest rates following the global financial crisis during 2007 and 2008, its steady pace of interest rate increases helped raise yields on short-term money market instruments.

Globally, stock markets followed a less consistent path during the period. After advancing during the summer and fall of 2017 in a roughly synchronized way, economic growth and stock markets globally diverged during the first seven months of 2018. For fixed-income investors, higher U.S. interest rates, rising inflation, and intensifying global geopolitical tensions tended to restrain taxable bond prices while high-yield and municipal bond investors generally enjoyed positive returns.

For the period, U.S. stocks, as measured by the S&P 500 Index,¹ gained 0.70%, and international stocks, as measured by the MSCI ACWI ex USA Index (Net),² fell 6.66%. Emerging market stocks, as measured by the MSCI EM Index (Net),³ dropped 11.94%. In bond markets, the Bloomberg Barclays U.S. Aggregate Bond Index⁴ declined 0.45% while fixed-income investments outside the U.S. fell 4.57%, according to the Bloomberg Barclays Global Aggregate ex-USD Index.⁵ The Bloomberg Barclays Municipal Bond Index⁶ added 1.18%, and the ICE BofAML U.S. High Yield Index⁷ was up 0.55%.

Volatility reemerged during the first quarter of 2018 as economic signals were mixed.

The first quarter of 2018 began with stock market gains in January following U.S. tax reform that lowered rates for individuals and corporations and deregulation advanced in some economic sectors. Then, investor optimism was supplanted by several concerns. Trade tensions intensified, particularly between the U.S. and China. The U.S. threatened to impose tariffs on a broad range of imported products. Increasing interest rates and inflation also caused concern. During February 2018, the U.S. stock market endured a loss of more than 10% before recovering in March and April. The S&P 500 Index closed the first quarter with a negative return, the first negative quarterly return for the index since 2014.

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 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 market 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.

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 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 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.

⁷  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.

⁸  The Consumer Price Index For All Urban Consumers (CPI-U) measures the changes in the price of a basket of goods and services purchased by urban consumers. The urban consumer population is deemed by many as a better representative measure of the general public because most of the country’s population lives in highly populated areas, which represent close to 90% of the total population. You cannot invest directly in an index.

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

The Fed increased the federal funds rate by 25 basis points (bps; 100 bps equal 1.00%) in March 2018 and the rate of inflation reached the Fed’s 2% target for the first time in a year. The unemployment rate fell to 4.1%. The third revision of first- quarter gross domestic product (GDP) growth by the U.S. Bureau of Economic Analysis released during June 2018 was lowered to 2.0%.

Overseas, investment market returns reversed the strong returns of 2017. After having gained 27.19% for the 12-month period that ended on December 31, 2017, the MSCI ACWI ex USA Index (Net) fell 1.46% for the seven-month period that ended July 31, 2018. The U.S. dollar strengthened relative to local currencies, which served to restrain returns.

Global trade tensions escalated during the second quarter and into the third quarter of 2018.

Global trade tensions escalated as the second quarter of 2018 opened and equity markets fell in response before resuming upward momentum later in April. The U.S. government imposed tariffs on products and commodities imported from other markets in North America, Europe, and Asia. In retaliation, governments imposed tariffs on U.S. products and commodities. In addition, the U.S. pushed its North American neighbors to renegotiate the North American Free Trade Agreement, furthering trade tensions and investor uncertainty.

The CPI-U⁸ added 0.2% in May after a similar increase in April. On a year-over-year basis, the all-items index rose 2.8% for the 12 months that ended May 31, continuing its upward trend since the beginning of the year. The index for all items less food and energy rose 2.2% for the same 12-month period. Interest rates generally increased and the bond markets tended to decline.

During June 2018, the Fed increased the federal funds rate by 25 bps. Investment markets began to anticipate two more rate increases in 2018. Long-term interest rates in the U.S. trended higher—rates on the 10-year and 30-year Treasury bonds moved from 2.46% and 2.81%, respectively, on January 1, 2018, to 2.96% and 3.08%, respectively, on July 31, 2018. While higher at the end of the period, rates were off their peak levels on May 17, 2018, of 3.11% and 3.25%, respectively. Investors became more aware of and concerned about the potential for an inverted yield curve—sometimes a recession signal—as short-term rates increased more quickly than long-term rates.

The unemployment rate fell to 3.9% in July after ticking up slightly in June from May’s 3.8% level, according to the U.S. Department of Labor. The annualized rate of GDP growth for the second quarter of 2018 was reported in July to be 4.1%, the highest level since the third quarter of 2014, according to the U.S. Bureau of Economic Analysis.

Internationally, the prospects for a smooth U.K. Brexit agreement was cast into doubt as members of Prime Minister Theresa May’s negotiating team resigned. Despite the uncertainty, the period closed with expectations that the Bank of England’s Monetary Policy Committee in July would announce an increase in its key interest rate to 0.75%, which it did in early August.

Meanwhile, central banks in Europe and Japan maintained low interest rates and accommodative monetary policies. Amid rising trade uncertainty, People’s Bank of China monetary policies shifted with cuts to reserve requirement ratios and implementation of supportive measures such as accelerated infrastructure spending and tax cuts for small and medium enterprises and for individuals. Nevertheless, a strengthening U.S. dollar and the tensions associated with trade policies remained headwinds for investors overseas.

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

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

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

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

Sincerely,

Andrew Owen

President

Wells Fargo Funds

For further information about your Fund, contact your investment professional, visit our website at wellsfargofunds.com, or call us directly at 1-800-222-8222.

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

Investment objective

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

Manager

Wells Fargo Funds Management, LLC

Subadvisers

Wells Capital Management Incorporated

Wells Capital Management Singapore

Portfolio managers

Michael C. Bird, CFA^®

Jeffrey L. Weaver, CFA^®

Laurie White

Average annual total returns (%) as of July 31, 2018

								Expense ratios1 (%)
	Inception date	1 year		5 year		10 year		Gross		Net2
Administrator Class (WFAXX)	7-31-2003		1.40		0.44		0.36		0.38		0.35
Institutional Class (WFIXX)	10-14-1987		1.53		0.51		0.44		0.26		0.20
Select Class (WFQXX)	6-29-2007		1.60		0.58		0.51		0.22		0.13
Service Class (NWIXX)	10-14-1987		1.23		0.35		0.29		0.55		0.50

Yield summary (%) as of July 31, 2018²

	Administrator Class	Institutional Class		Select Class		Service Class
7-day current yield	1.90		2.03		2.10		1.73
7-day compound yield	1.91		2.05		2.12		1.74
30-day simple yield	1.90		2.03		2.10		1.73
30-day compound yield	1.91		2.05		2.12		1.74

Figures quoted represent past performance, which is no guarantee of future results, and do not reflect taxes that a shareholder may pay on fund distributions or the redemption of fund shares. Investment returns will fluctuate. The Fund’s yield figures more closely reflect the current earnings of the Fund than the total return figures. Current performance may be lower or higher than the performance data quoted, which assumes the reinvestment of dividends and capital gains. Current month-end performance is available on the Fund’s website, wellsfargofunds.com.

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

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

Please see footnotes on page 7.

Performance highlights (unaudited) Wells Fargo Cash Investment Money Market Fund 7

Portfolio composition as of July 31, 2018³

Effective maturity distribution as of July 31, 2018³

Weighted average maturity as of July 31, 2018⁴

14 Days

Weighted average life as of July 31, 2018⁵

50 Days

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

²  The manager has contractually committed through May 31, 2019, 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 (if any), and extraordinary expenses are excluded from the expense cap. Without this cap, the Fund’s returns would have been lower. Without waived fees and/or reimbursed expenses, the Fund’s 7-day current yield would have been 1.86%, 1.98%, 2.02%, and 1.69% for Administrator Class, Institutional Class, Select Class, and Service Class, respectively. The expense ratio paid by an investor is the net expense ratio (the total annual fund operating expenses after fee waivers) as stated in the prospectuses.

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

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

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

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

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

The example is based on an investment of $1,000 invested at the beginning of the six-month period and held for the entire period from February 1, 2018 to July 31, 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. Therefore, the “Hypothetical” line of the table is useful in comparing ongoing costs only and will not help you determine the relative total costs of owning different funds.

	Beginning account value 2-1-2018		Ending account value 7-31-2018		Expenses paid during the period¹		Annualized net expense ratio
Administrator Class
Actual	$	1,000.00	$	1,008.32	$	1.67		0.33	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,023.54	$	1.68		0.33	%
Institutional Class
Actual	$	1,000.00	$	1,008.97	$	1.01		0.20	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,024.20	$	1.02		0.20	%
Select Class
Actual	$	1,000.00	$	1,009.32	$	0.66		0.13	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,024.55	$	0.66		0.13	%
Service Class
Actual	$	1,000.00	$	1,007.47	$	2.53		0.50	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,022.68	$	2.55		0.50	%

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

Portfolio of investments—July 31, 2018 (unaudited) Wells Fargo Cash Investment Money Market Fund 9

Security name	Interest rate			Maturity date		Principal		Value
Certificates of Deposit: 22.54%
ABN AMRO Funding LLC		1.95	%		8-1-2018	$	34,000,000	$	34,000,000
Australia & New Zealand Banking Group		1.89			8-1-2018		30,000,000		30,000,000
BNP Paribas (3 Month LIBOR +0.15%) ±		2.49			9-28-2018		9,000,000		9,001,337
China Construction Bank Corporation NY (1 Month LIBOR +0.25%) ±		2.34			7-19-2019		15,000,000		14,999,333
Commonwealth Bank of Australia (3 Month LIBOR +0.25%) ±		2.59			4-3-2019		8,000,000		8,008,470
Credit Industriel et Commercial (z)		2.28			8-20-2018		7,000,000		6,992,328
Credit Suisse AG (3 Month LIBOR +0.10%) ±		2.43			9-21-2018		8,000,000		8,000,478
DNB Nor Bank ASA		2.26			8-1-2018		4,000,000		4,000,000
HSBC Bank plc		1.95			8-1-2018		22,000,000		22,000,000
HSBC Bank plc (1 Month LIBOR +0.20%) ±		2.30			8-9-2018		5,000,000		5,000,366
HSBC Bank plc (3 Month LIBOR +0.18%) ±		2.54			5-10-2019		7,500,000		7,499,419
KBC Bank		2.20			9-12-2018		12,000,000		12,001,152
Mitsubishi Trust & Bank (1 Month LIBOR +0.23%) ±		2.30			1-17-2019		10,000,000		10,001,325
Mitsubishi Trust & Bank (1 Month LIBOR +0.30%) ±		2.37			1-14-2019		10,000,000		10,004,504
Mizuho Bank Limited (1 Month LIBOR +0.25%) ±		2.32			11-26-2018		10,000,000		10,001,999
Mizuho Bank Limited (1 Month LIBOR +0.44%) ±		2.53			10-10-2018		7,000,000		7,004,323
National Bank of Kuwait		1.91			8-1-2018		11,875,000		11,875,000
Natixis (1 Month LIBOR +0.25%) ±		2.35			12-10-2018		10,000,000		10,001,746
Natixis (1 Month LIBOR +0.44%) ±		2.51			9-17-2018		7,000,000		7,004,130
Norinchukin Bank (1 Month LIBOR +0.30%) ±		2.39			9-10-2018		8,000,000		8,002,970
Oversea-Chinese Banking Corporation (1 Month LIBOR +0.30%) ±		2.39			9-6-2018		8,000,000		8,001,562
Sumitomo Mitsui Banking Corporation (1 Month LIBOR +0.25%) ±		2.35			9-7-2018		8,000,000		8,001,464
Sumitomo Mitsui Trust NY (3 Month LIBOR +0.05%) ±		2.37			12-4-2018		14,000,000		14,002,314
Sumitomo Mitsui Trust NY (1 Month LIBOR +0.43%) ±		2.51			10-11-2018		15,000,000		15,007,679
Svenska Handelsbanken (1 Month LIBOR +0.17%) ±		2.24			8-24-2018		10,000,000		10,001,493
Svenska Handelsbanken (1 Month LIBOR +0.16%) ±		2.25			9-6-2018		8,000,000		8,001,652
Toronto Dominion Bank (1 Month LIBOR +0.20%) ±		2.29			8-10-2018		10,000,000		10,000,788
Toronto Dominion Bank (1 Month LIBOR +0.23%) ±		2.32			12-6-2018		8,000,000		8,001,754
Total Certificates of Deposit (Cost $316,366,610)									316,417,586
Commercial Paper: 43.29%
Asset-Backed Commercial Paper: 22.07%
Albion Capital Corporation (z)		2.07			8-16-2018		4,000,000		3,996,728
Albion Capital Corporation (z)		2.13			8-20-2018		5,000,000		4,994,793
Alpine Securitization Limited (1 Month LIBOR +0.33%) ±144A		2.42			9-6-2018		20,000,000		20,000,157
Anglesea Funding LLC (1 Month LIBOR +0.23%) ±144A		2.32			1-2-2019		5,000,000		4,999,902
Anglesea Funding LLC (1 Month LIBOR +0.23%) ±144A		2.32			12-28-2018		15,000,000		14,999,779
Anglesea Funding LLC (1 Month LIBOR +0.27%) ±144A		2.34			10-23-2018		8,000,000		7,999,822
Antalis SA 144A(z)		2.21			8-20-2018		6,000,000		5,993,562
Antalis SA 144A(z)		2.36			8-9-2018		8,000,000		7,996,450
Atlantic Asset Securitization Corporation (1 Month LIBOR +0.32%) ±144A		2.41			11-1-2018		11,000,000		11,006,174
Bedford Row Funding Corporation (1 Month LIBOR +0.34%) ±144A		2.43			6-10-2019		5,000,000		5,003,328
Bennington Stark Capital Company 144A(z)		2.33			8-22-2018		7,000,000		6,991,552
Cedar Spring Capital Company 144A(z)		2.15			8-3-2018		10,000,000		9,998,861
Chesham Finance Limited 144A(z)		2.00			8-1-2018		36,000,000		36,000,000
Collateralized Commercial Paper II Company LLC (3 Month LIBOR +0.22%) ±144A		2.56			1-2-2019		11,000,000		11,007,365
Concord Minutemen Capital Company LLC 144A(z)		2.38			10-29-2018		4,000,000		3,977,157
Crown Point Capital Company LLC (1 Month LIBOR +0.37%) ±144A		2.45			9-19-2018		22,000,000		21,999,483
Gotham Funding Corporation 144A(z)		2.12			8-10-2018		2,000,000		1,999,006

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

10 Wells Fargo Cash Investment Money Market Fund Portfolio of investments—July 31, 2018 (unaudited)

Security name	Interest rate			Maturity date		Principal		Value
Asset-Backed Commercial Paper (continued)
Great Bridge Capital Company LLC 144A(z)		2.41	%		9-18-2018	$	7,000,000	$	6,979,784
Institutional Secured Funding LLC 144A(z)		2.04			8-1-2018		22,000,000		22,000,000
Institutional Secured Funding LLC 144A(z)		2.10			8-2-2018		10,000,000		9,999,453
Kells Funding LLC 144A(z)		2.25			10-9-2018		5,000,000		4,979,329
Lexington Parker Capital 144A(z)		2.16			9-7-2018		8,000,000		7,982,791
Manhattan Asset Funding Company LLC 144A(z)		2.12			8-7-2018		7,000,000		6,997,713
Matchpoint Finance plc 144A(z)		1.95			8-1-2018		18,000,000		18,000,000
Mountcliff Funding LLC 144A(z)		2.00			8-1-2018		11,000,000		11,000,000
Mountcliff Funding LLC (1 Month LIBOR +0.25%) ±144A		2.33			2-28-2019		5,000,000		5,000,000
Old Line Funding LLC (1 Month LIBOR +0.21%) ±144A		2.29			8-23-2018		7,000,000		7,001,234
Old Line Funding LLC (1 Month LIBOR +0.21%) ±144A		2.30			8-6-2018		8,000,000		8,000,374
Old Line Funding LLC (1 Month LIBOR +0.45%) ±144A		2.52			9-24-2018		8,000,000		8,001,738
White Plains Capital 144A(z)		2.36			9-5-2018		8,000,000		7,981,909
White Plains Capital 144A(z)		2.54			10-10-2018		7,000,000		6,966,653
									309,855,097
Financial Company Commercial Paper: 16.81%
ASB Finance Limited (3 Month LIBOR +0.20%) ±144A		2.53			4-11-2019		6,000,000		6,002,034
Australia & New Zealand Banking Group (1 Month LIBOR +0.17%) ±144A		2.24			8-14-2018		10,000,000		10,000,943
Banco Santander Chile 144A(z)		2.41			9-20-2018		7,000,000		6,977,931
Bank of Nova Scotia (3 Month LIBOR +0.21%) ±144A		2.54			12-21-2018		8,000,000		8,004,280
Commonwealth Bank of Australia (3 Month LIBOR +0.10%) ±144A		2.46			5-3-2019		8,000,000		7,999,998
DBS Bank Limited 144A(z)		2.27			10-19-2018		7,000,000		6,965,852
Federation des Caisses 144A(z)		2.08			8-1-2018		4,000,000		4,000,000
Federation des Caisses (1 Month LIBOR +0.26%) ±144A		2.34			2-11-2019		8,000,000		8,002,584
Federation des Caisses (1 Month LIBOR +0.30%) ±144A		2.36			6-25-2019		8,000,000		8,001,512
Federation des Caisses (3 Month LIBOR +0.13%) ±144A		2.46			5-22-2019		4,000,000		3,999,668
HSBC Bank plc (1 Month LIBOR +0.42%) ±144A		2.52			5-7-2019		8,000,000		8,010,781
ING Funding LLC (3 Month LIBOR +0.16%) ±		2.50			1-7-2019		10,000,000		10,004,747
ING Funding LLC (1 Month LIBOR +0.25%) ±		2.33			2-11-2019		8,000,000		8,000,900
Intercontinental Exchange 144A(z)		1.95			8-1-2018		12,000,000		12,000,000
Intercontinental Exchange 144A(z)		1.95			8-3-2018		7,000,000		6,999,242
National Australia Bank Limited (1 Month LIBOR +0.16%) ±144A		2.25			8-1-2018		5,000,000		5,000,000
National Australia Bank Limited (1 Month LIBOR +0.18%) ±144A		2.25			9-13-2018		14,000,000		14,003,416
National Securities Clearing Corporation 144A(z)		1.90			8-1-2018		7,000,000		7,000,000
Nederlandse Waterschapsbank NV 144A(z)		2.06			8-13-2018		10,000,000		9,993,210
Nederlandse Waterschapsbank NV 144A(z)		2.06			8-14-2018		6,000,000		5,995,582
Oversea-Chinese Banking Corporation (1 Month LIBOR +0.25%) ±144A		2.33			1-11-2019		8,000,000		8,001,438
Oversea-Chinese Banking Corporation (1 Month LIBOR +0.25%) ±144A		2.34			1-10-2019		6,000,000		6,001,140
Oversea-Chinese Banking Corporation (3 Month LIBOR +0.14%) ±144A		2.50			5-10-2019		6,000,000		5,999,990
Sumitomo Mitsui Trust 144A(z)		2.30			10-15-2018		5,000,000		4,977,375
Toronto Dominion Bank (1 Month LIBOR +0.30%) ±144A		2.39			12-3-2018		9,000,000		9,004,086
Toronto Dominion Bank (3 Month LIBOR +0.14%) ±144A		2.50			5-2-2019		7,000,000		7,002,087
UBS AG London (1 Month LIBOR +0.24%) ±144A		2.34			8-7-2018		15,000,000		15,000,935
UBS AG London (3 Month LIBOR +0.19%) ±144A		2.52			12-10-2018		7,000,000		7,001,957
Westpac Banking Corporation (1 Month LIBOR +0.18%) ±144A		2.25			8-16-2018		4,000,000		4,000,417
Westpac Banking Corporation (3 Month LIBOR +0.10%) ±144A		2.41			5-31-2019		12,000,000		11,998,974
									235,951,079

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

Portfolio of investments—July 31, 2018 (unaudited) Wells Fargo Cash Investment Money Market Fund 11

Security name	Interest rate			Maturity date		Principal		Value
Other Commercial Paper: 4.41%
China International Marine Containers Company Limited (z)		2.35	%		8-13-2018	$	5,000,000	$	4,996,737
CNPC Finance Limited 144A(z)		2.38			8-2-2018		8,000,000		7,999,535
Komatsu Finance America Incorporated 144A(z)		2.00			8-3-2018		12,000,000		11,998,717
Salt River Project Agricultura (z)		2.21			9-17-2018		6,000,000		5,982,132
Salt River Project Agricultura (z)		2.21			9-18-2018		6,000,000		5,981,753
Toyota Credit Canada Incorporated (1 Month LIBOR +0.42%) ±		2.50			10-15-2018		8,000,000		8,006,016
Toyota Finance Australia Limited (3 Month LIBOR +0.08%) ±		2.41			2-15-2019		9,000,000		9,000,460
Toyota Finance Australia Limited (3 Month LIBOR +0.09%) ±		2.43			3-22-2019		8,000,000		8,000,473
									61,965,823
Total Commercial Paper (Cost $607,692,665)									607,771,999
Municipal Obligations: 17.36%
California: 0.29%
Other Municipal Debt: 0.29%
Orange County Water District (Water Utilities)		2.12			8-6-2018		4,000,000		4,000,321
Colorado: 3.59%
Variable Rate Demand Notes ø: 3.59%
Colorado HFA MFHR Class II Series B (Housing Revenue, FHLB SPA)		2.02			5-1-2052		29,745,000		29,745,000
Colorado Southern Ute Indian Tribe Reservation Series 2007 (Miscellaneous Revenue)		2.15			1-1-2027		5,540,000		5,540,000
Colorado Tender Option Bond Trust Receipts/Certificates Series 2017-TPG007 (Health Revenue, Bank of America NA LIQ) 144A		2.57			10-29-2027		15,100,000		15,100,000
									50,385,000
Florida: 0.25%
Other Municipal Debt: 0.25%
Hillsborough County FL (Miscellaneous Revenue)		2.32			8-23-2018		3,507,000		3,507,160
Georgia: 0.64%
Other Municipal Debt: 0.64%
Municipal Electric Authority of Georgia (Utilities Revenue)		2.10			8-2-2018		9,007,000		9,007,043
Illinois: 1.22%
Variable Rate Demand Notes ø: 1.22%
Illinois Housing Development Authority Series A-2 (Housing Revenue, HUD Insured, FHLB SPA)		2.05			7-1-2048		7,000,000		7,000,000
Tender Option Bond Trust Receipts/Certificates Series 2018-XFT911 (Miscellaneous Revenue, Bank of America NA LIQ) 144A		2.57			4-1-2048		10,162,000		10,162,000
									17,162,000
Massachusetts: 0.78%
Other Municipal Debt: 0.78%
Massachusetts Educational Financing Authority (Education Revenue)		2.17			8-30-2018		11,000,000		11,001,033
New York: 2.14%
Other Municipal Debt: 0.57%
Long Island Power Authority (Utilities Revenue)		2.23			9-19-2018		8,000,000		7,999,985

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

12 Wells Fargo Cash Investment Money Market Fund Portfolio of investments—July 31, 2018 (unaudited)

Security name	Interest rate			Maturity date		Principal		Value
Variable Rate Demand Notes ø: 1.57%
New York HFA 222-East 44th Street Series A (Housing Revenue, Bank of China LOC)		2.10	%		5-1-2050	$	10,000,000	$	10,000,000
New York HFA Manhattan West Residential Housing Project Series B-2 (Housing Revenue, Bank of China LOC)		2.12			11-1-2049		10,000,000		10,000,000
RBC Municipal Products Incorporated Trust Series E-51 Invesco Van Kampen New York Value Income Trust (Miscellaneous Revenue, Royal Bank of Canada LOC) 144A		2.43			12-1-2019		2,000,000		2,000,000
									22,000,000
Oregon: 0.73%
Other Municipal Debt: 0.66%
Port of Portland OR (Transportation Revenue)		2.20			8-9-2018		9,200,000		9,201,125
Variable Rate Demand Note ø: 0.07%
Oregon Tender Option Bond Trust Receipts/Certificates Series ZF2515 (Miscellaneous Revenue, Bank of America NA LIQ) 144A		2.03			5-1-2035		1,000,000		1,000,000
Other: 3.31%
Variable Rate Demand Notes ø: 3.31%
Jets Stadium Development Bonds Series A-4B (Miscellaneous Revenue, Sumitomo Mitsui Banking Corporation LOC) 144A		2.08			4-1-2047		18,020,000		18,020,000
Providence Health & Services Series 12-E (Health Revenue, U.S. Bank NA LOC)		2.07			10-1-2042		10,000,000		10,000,000
SSAB AB Series A (Miscellaneous Revenue, DNB Banking ASA LOC)		2.03			6-1-2035		6,000,000		6,000,000
Steadfast Crestvilla LLC Series A (Health Revenue, American AgCredit LOC)		2.08			2-1-2056		3,000,000		3,000,000
Steadfast Crestvilla LLC Series B (Health Revenue, U.S. Bank NA LOC)		2.08			2-1-2056		2,000,000		2,000,000
Sunroad Centrum Apartments 5 LP Series B (Housing Revenue, FHLB LOC)		2.08			8-1-2056		4,400,000		4,400,000
Tender Option Bond Trust Receipts/Certificates (Miscellaneous Revenue, Citibank NA LIQ) 144A		2.09			12-1-2027		3,000,000		3,000,000
									46,420,000
Pennsylvania: 1.14%
Variable Rate Demand Note ø: 1.14%
RBC Municipal Products Incorporated Trust Series E-52 Invesco Van Kampen Trust (Miscellaneous Revenue, Royal Bank of Canada LOC) 144A		2.43			12-1-2019		16,000,000		16,000,000
Rhode Island: 0.71%
Variable Rate Demand Note ø: 0.71%
Providence RI St. Joseph Health Obligation Series 16G (Health Revenue, Bank of Tokyo-Mitsubishi LOC)		2.03			10-1-2047		10,000,000		10,000,000
Tennessee: 1.71%
Variable Rate Demand Notes ø: 1.71%
Montgomery County TN Industrial Development Board Hankook Tire Manufacturing Project Series A (Industrial Development Revenue, Kookmin Bank LOC) 144A		2.22			12-1-2024		14,000,000		14,000,000
Montgomery County TN Industrial Development Board Hankook Tire Manufacturing Project Series A (Industrial Development Revenue, Kookmin Bank LOC)		2.22			12-1-2024		10,000,000		10,000,000
									24,000,000

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

Portfolio of investments—July 31, 2018 (unaudited) Wells Fargo Cash Investment Money Market Fund 13

Security name	Interest rate			Maturity date		Principal		Value
Texas: 0.85%
Other Municipal Debt: 0.85%
Texas Public Finance Authority (Miscellaneous Revenue)		2.10	%		8-9-2018	$	6,000,000	$	6,000,071
Texas Public Finance Authority (Miscellaneous Revenue)		2.11			8-8-2018		6,000,000		6,000,077
									12,000,148
Total Municipal Obligations (Cost $243,681,000)									243,683,815
Other: 2.14%
JPMorgan Chase PUTTER/DRIVER Trust Series T0005 related to Blackrock Municipal Income Trust (Miscellaneous Revenue, JPMorgan Chase & Company LIQ) 144A øø§		2.05			1-2-2019		30,000,000		30,000,000
Total Other (Cost $30,000,000)									30,000,000
Other Instruments: 1.21%
Invesco Dynamic Credit Opportunities Fund Series W-7 §		2.09			6-1-2028		15,000,000		15,000,000
ROC III California Crossings Chino Hills Series A øø§		2.08			1-1-2057		2,000,000		2,000,000
Total Other Instruments (Cost $17,000,000)									17,000,000
Other Notes: 1.71%
Corporate Bonds and Notes: 1.71%
Cellmark Incorporated Secured §		2.03			6-1-2038		11,000,000		11,000,000
US Bancorp (3 Month LIBOR +0.49%) ±		2.83			11-15-2018		13,000,000		13,013,391
Total Other Notes (Cost $22,014,168)									24,013,391
Repurchase Agreements ^^: 12.53%
Bank of America Corporation, dated 7-31-2018, maturity value $105,005,629 (1)		1.93			8-1-2018		105,000,000		105,000,000
GX Clarke & Company, dated 7-31-2018, maturity value $71,003,826 (2)		1.94			8-1-2018		71,000,000		71,000,000
Total Short-Term Investments (Cost $176,000,000)									176,000,000

Total investments in securities (Cost $1,414,754,443)	100.78	%		1,414,886,791
Other assets and liabilities, net	(0.78	)		(10,915,388	)
Total net assets	100.00	%	$	1,403,971,403

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

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

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

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

øø The interest rate is determined and reset by the issuer periodically depending upon the terms of the security. The rate shown is the rate in effect at period end.

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

^^ Collateralized by:

(1) U.S. government securities, 3.00% to 4.00%, 4-20-2043 to 9-20-2045, fair value including accrued interest is $108,150,000.

(2) U.S. government securities, 2.00% to 10.00%, 8-15-2018 to 2-1-2057, fair value including accrued interest is $73,130,000.

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

14 Wells Fargo Cash Investment Money Market Fund Portfolio of investments—July 31, 2018 (unaudited)

Abbreviations:

DRIVER Derivative inverse tax-exempt receipts

FHLB Federal Home Loan Bank

HFA Housing Finance Authority

HUD Department of Housing and Urban Development

LIBOR London Interbank Offered Rate

LIQ Liquidity agreement

LOC Letter of credit

MFHR Multifamily housing revenue

PUTTER Puttable tax-exempt receipts

ROC Reset option certificates

SPA Standby purchase agreement

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

Statement of assets and liabilities—July 31, 2018 (unaudited) Wells Fargo Cash Investment Money Market Fund 15

Assets
Investments in unaffiliated securities, at value (cost $1,238,754,443)	$	1,238,886,791
Investments in repurchase agreements, at value (cost $176,000,000)		176,000,000
Cash		26,539
Receivable for Fund shares sold		917,050
Receivable for interest		1,792,939
Prepaid expenses and other assets		64,578
Total assets		1,417,687,897
Liabilities
Payable for investments purchased		13,093,952
Management fee payable		108,978
Administration fees payable		79,495
Payable for Fund shares redeemed		41,525
Dividends payable		3,056
Accrued expenses and other liabilities		389,488
Total liabilities		13,716,494
Total net assets	$	1,403,971,403
NET ASSETS CONSIST OF
Paid-in capital	$	1,403,826,384
Undistributed net investment income		5,938
Accumulated net realized gains on investments		6,733
Net unrealized gains on investments		132,348
Total net assets	$	1,403,971,403
COMPUTATION OF NET ASSET VALUE PER SHARE
Net assets – Administrator Class	$	126,395,311
Shares outstanding – Administrator Class1		126,335,615
Net asset value per share – Administrator Class		$1.0005
Net assets – Institutional Class	$	443,321,273
Shares outstanding – Institutional Class1		443,107,159
Net asset value per share – Institutional Class		$1.0005
Net assets – Select Class	$	672,119,443
Shares outstanding – Select Class1		671,780,693
Net asset value per share – Select Class		$1.0005
Net assets – Service Class	$	162,135,376
Shares outstanding – Service Class1		162,044,201
Net asset value per share – Service Class		$1.0006

¹  The Fund has an unlimited number of authorized shares.

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

16 Wells Fargo Cash Investment Money Market Fund Statement of operations—six months ended July 31, 2018 (unaudited)

Investment income
Interest	$	14,641,201
Expenses
Management fee		1,102,936
Administration fees
Administrator Class		61,853
Institutional Class		194,634
Select Class		141,385
Service Class		92,019
Shareholder servicing fees
Administrator Class		61,853
Service Class		191,707
Custody and accounting fees		86,577
Professional fees		20,828
Registration fees		18,140
Shareholder report expenses		17,255
Trustees’ fees and expenses		5,814
Other fees and expenses		41,466
Total expenses		2,036,467
Less: Fee waivers and/or expense reimbursements		(502,851	)
Net expenses		1,533,616
Net investment income		13,107,585
REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS
Net realized gains on investments		6,733
Net change in unrealized gains (losses) on investments		(25,022	)
Net realized and unrealized gains (losses) on investments		(18,289	)
Net increase in net assets resulting from operations	$	13,089,296

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

Statement of changes in net assets Wells Fargo Cash Investment Money Market Fund 17

	Six months ended July 31, 2018 (unaudited)						Year ended January 31, 2018
Operations
Net investment income				$	13,107,585					$	19,365,262
Net realized gains on investments					6,733						158,568
Net change in unrealized gains (losses) on investments					(25,022	)					(28,138	)
Net increase in net assets resulting from operations					13,089,296						19,495,692
Distributions to shareholders from
Net investment income
Administrator Class					(1,037,543	)					(1,125,792	)
Institutional Class					(4,318,446	)					(6,993,029	)
Select Class					(6,601,251	)					(9,764,841	)
Service Class					(1,150,346	)					(1,481,600	)
Total distributions to shareholders					(13,107,586	)					(19,365,262	)
Capital share transactions		Shares						Shares
Proceeds from shares sold
Administrator Class		102,107,109			102,152,722			195,185,039			195,282,601
Institutional Class		641,368,183			641,667,366			1,908,490,605			1,909,455,936
Select Class		1,666,894,653			1,667,682,046			3,039,441,713			3,040,958,595
Service Class		574,130,945			574,429,547			1,296,529,040			1,297,284,224
					2,985,931,681						6,442,981,356
Reinvestment of distributions
Administrator Class		1,023,191			1,023,654			1,103,656			1,104,204
Institutional Class		4,249,399			4,251,318			6,770,934			6,774,391
Select Class		6,515,015			6,518,051			9,369,322			9,374,001
Service Class		1,125,322			1,125,910			1,443,685			1,444,535
					12,918,933						18,697,131
Payment for shares redeemed
Administrator Class		(86,293,132	)		(86,332,223	)		(205,288,879	)		(205,391,015	)
Institutional Class		(842,017,818	)		(842,410,098	)		(2,031,635,674	)		(2,032,680,970	)
Select Class		(1,718,782,931	)		(1,719,579,905	)		(3,204,452,986	)		(3,206,048,194	)
Service Class		(600,743,190	)		(601,055,631	)		(1,299,975,132	)		(1,300,735,721	)
					(3,249,377,857	)					(6,744,855,900	)
Net decrease in net assets resulting from capital share transactions					(250,527,243	)					(283,177,413	)
Total decrease in net assets					(250,545,533	)					(283,046,983	)
Net assets
Beginning of period					1,654,516,936						1,937,563,919
End of period				$	1,403,971,403					$	1,654,516,936
Undistributed net investment income				$	5,938					$	5,939

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

18 Wells Fargo Cash Investment Money Market Fund Financial highlights

(For a share outstanding throughout each period)

	Six months ended July 31, 2018 (unaudited)			Year ended January 31
ADMINISTRATOR CLASS				2018			2017			20161			20151			20141
Net asset value, beginning of period		$1.0005			$1.0004			$1.0000			$1.00			$1.00			$1.00
Net investment income		0.0083			0.0096			0.0029			0.00	2		0.00	2		0.00	2
Net realized and unrealized gains (losses) on investments		(0.0000	)3		0.0001			0.0004			0.00	2		0.00	2		0.00	2
Total from investment operations		0.0083			0.0097			0.0033			0.00	2		0.00	2		0.00	2
Distributions to shareholders from
Net investment income		(0.0083	)		(0.0096	)		(0.0029	)		(0.00	)2		(0.00	)2		0.00	2
Net asset value, end of period		$1.0005			$1.0005			$1.0004			$1.00			$1.00			$1.00
Total return4		0.83	%		0.97	%		0.33	%		0.03	%		0.01	%		0.01	%
Ratios to average net assets (annualized)
Gross expenses		0.38	%		0.38	%		0.36	%		0.35	%		0.35	%		0.35	%
Net expenses		0.33	%		0.33	%		0.33	%		0.26	%		0.19	%		0.22	%
Net investment income		1.68	%		0.96	%		0.26	%		0.03	%		0.01	%		0.01	%
Supplemental data
Net assets, end of period (000s omitted)		$126,395			$109,551			$118,548			$297,396			$396,339			$493,087

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

²  Amount is less than $0.005.

³  Amount is more than $(0.00005).

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

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

Financial highlights Wells Fargo Cash Investment Money Market Fund 19

(For a share outstanding throughout each period)

	Six months ended July 31, 2018 (unaudited)			Year ended January 31
INSTITUTIONAL CLASS				2018			2017			20161			20151			20141
Net asset value, beginning of period		$1.0005			$1.0004			$1.0000			$1.00			$1.00			$1.00
Net investment income		0.0090			0.0109			0.0043			0.00	2		0.00	2		0.00	2
Net realized and unrealized gains (losses) on investments		(0.0001	)		0.0001			0.0003			0.00	2		0.00	2		0.00	2
Total from investment operations		0.0089			0.0110			0.0046			0.00	2		0.00	2		0.00	2
Distributions to shareholders from
Net investment income		(0.0089	)		(0.0109	)		(0.0042	)		(0.00	)2		(0.00	)2		0.00	2
Net asset value, end of period		$1.0005			$1.0005			$1.0004			$1.00			$1.00			$1.00
Total return3		0.90	%		1.10	%		0.46	%		0.09	%		0.01	%		0.03	%
Ratios to average net assets (annualized)
Gross expenses		0.26	%		0.26	%		0.23	%		0.23	%		0.23	%		0.23	%
Net expenses		0.20	%		0.20	%		0.20	%		0.20	%		0.19	%		0.20	%
Net investment income		1.78	%		1.08	%		0.37	%		0.10	%		0.01	%		0.03	%
Supplemental data
Net assets, end of period (000s omitted)		$443,321			$639,823			$756,218			$5,027,125			$4,320,392			$5,127,034

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

²  Amount is less than $0.005.

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

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

20 Wells Fargo Cash Investment Money Market Fund Financial highlights

(For a share outstanding throughout each period)

	Six months ended July 31, 2018 (unaudited)			Year ended January 31
SELECT CLASS				2018			2017			20161			20151			20141
Net asset value, beginning of period		$1.0005			$1.0004			$1.0000			$1.00			$1.0000			$1.0000
Net investment income		0.0093			0.0116			0.0049			0.00	2		0.00	2		0.00	2
Net realized and unrealized gains (losses) on investments		(0.0000	)3		0.0001			0.0004			0.00	2		0.00	2		0.00	2
Total from investment operations		0.0093			0.0117			0.0053			0.00	2		0.00	2		0.00	2
Distributions to shareholders from
Net investment income		(0.0093	)		(0.0116	)		(0.0049	)		(0.00	)2		(0.00	)2		0.00	2
Net asset value, end of period		$1.0005			$1.0005			$1.0004			$1.00			$1.00			$1.00
Total return4		0.93	%		1.17	%		0.53	%		0.16	%		0.07	%		0.10	%
Ratios to average net assets (annualized)
Gross expenses		0.22	%		0.22	%		0.19	%		0.19	%		0.19	%		0.19	%
Net expenses		0.13	%		0.13	%		0.13	%		0.13	%		0.13	%		0.13	%
Net investment income		1.87	%		1.14	%		0.44	%		0.16	%		0.07	%		0.10	%
Supplemental data
Net assets, end of period (000s omitted)		$672,119			$717,508			$873,167			$5,595,704			$5,889,779			$7,650,810

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

²  Amount is less than $0.005.

³  Amount is more than $(0.00005).

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

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

Financial highlights Wells Fargo Cash Investment Money Market Fund 21

(For a share outstanding throughout each period)

	Six months ended July 31, 2018 (unaudited)			Year ended January 31
SERVICE CLASS				2018			2017			20161			20151			20141
Net asset value, beginning of period		$1.0006			$1.0005			$1.0000			$1.00			$1.00			$1.00
Net investment income		0.0074			0.0079			0.0011			0.00	2		0.00	2		0.00	2
Net realized and unrealized gains (losses) on investments		0.0001			0.0001			0.0006			0.00	2		0.00	2		0.00	2
Total from investment operations		0.0075			0.0080			0.0017			0.00	2		0.00	2		0.00	2
Distributions to shareholders from
Net investment income		(0.0075	)		(0.0079	)		(0.0012	)		(0.00	)2		(0.00	)2		0.00	2
Net asset value, end of period		$1.0006			$1.0006			$1.0005			$1.00			$1.00			$1.00
Total return3		0.75	%		0.80	%		0.17	%		0.01	%		0.01	%		0.01	%
Ratios to average net assets (annualized)
Gross expenses		0.55	%		0.55	%		0.52	%		0.52	%		0.52	%		0.52	%
Net expenses		0.50	%		0.50	%		0.50	%		0.28	%		0.19	%		0.22	%
Net investment income		1.50	%		0.78	%		0.08	%		0.01	%		0.01	%		0.01	%
Supplemental data
Net assets, end of period (000s omitted)		$162,135			$187,635			$189,632			$1,237,014			$1,438,336			$1,448,713

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

²  Amount is less than $0.005.

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

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

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

1. ORGANIZATION

Wells Fargo Funds Trust (the “Trust”), a Delaware statutory trust organized on March 10, 1999, is an open-end management investment company registered under the Investment Company Act of 1940, as amended (the “1940 Act”). As an investment company, the Trust follows the accounting and reporting guidance in Financial Accounting Standards Board Accounting Standards Codification Topic 946, Financial Services – Investment Companies. These financial statements report on the Wells Fargo Cash Investment Money Market Fund (the “Fund”) which is a diversified series of the Trust.

2. SIGNIFICANT ACCOUNTING POLICIES

The following significant accounting policies, which are consistently followed in the preparation of the financial statements of the Fund, are in conformity with U.S. generally accepted accounting principles which require management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.

Securities valuation

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

Investments which are not valued using 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.

Repurchase agreements

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

Security transactions and income recognition

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

Interest income is accrued daily and bond discounts are accreted and premiums are amortized daily. To the extent debt obligations are placed on non-accrual status, any related interest income may be reduced by writing off interest receivables when the collection of all or a portion of interest has been determined to be doubtful based on consistently applied procedures and the fair value has decreased. If the issuer subsequently resumes interest payments or when the collectability of interest is reasonably assured, the debt obligation is removed from non-accrual status.

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

Distributions to shareholders

Distributions to shareholders from net investment income are accrued daily and paid monthly. Distributions from net realized gains, if any, are recorded on the ex-dividend date. Such distributions are determined in accordance with income tax regulations and may differ from U.S. generally accepted accounting principles. Dividend sources are estimated at the time of declaration. The tax character of distributions is determined as of the Fund’s fiscal year end. Therefore, a portion of the Fund’s distributions made prior to the Fund’s fiscal year end may be categorized as a tax return of capital.

Federal and other taxes

The Fund intends to continue to qualify as a regulated investment company by distributing substantially all of its investment company taxable income and any net realized capital gains (after reduction for capital loss carryforwards) sufficient to relieve it from all, or substantially all, federal income taxes. Accordingly, no provision for federal income taxes was required.

The Fund’s income and federal excise tax returns and all financial records supporting those returns for the prior three fiscal years are subject to examination by the federal and Delaware revenue authorities. Management has analyzed the Fund’s tax positions taken on federal, state, and foreign tax returns for all open tax years and does not believe that there are any uncertain tax positions that require recognition of a tax liability.

As of July 31, 2018, the aggregate cost of all investments for federal income tax purposes was $1,414,754,443 and the unrealized gains (losses) consisted of:

Gross unrealized gains	$	138,056
Gross unrealized losses		(5,708	)
Net unrealized gains	$	132,348

Class allocations

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

3. FAIR VALUATION MEASUREMENTS

Fair value measurements of investments are determined within a framework that has established a fair value hierarchy based upon the various data inputs utilized in determining the value of the Fund’s investments. The three-level hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). The Fund’s investments are classified within the fair value hierarchy based on the lowest level of input that is significant to the fair value measurement. The inputs are summarized into three broad levels as follows:

∎ Level 1 – quoted prices in active markets for identical securities

∎ Level 2 – other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)

∎ Level 3 – significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments)

The inputs or methodologies used for valuing investments in securities are not necessarily an indication of the risk associated with investing in those securities.

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

The following is a summary of the inputs used in valuing the Fund’s assets and liabilities as of July 31, 2018:

	Quoted prices (Level 1)		Other significant observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total
Assets
Investments in:
Certificates of deposit	$	0	$	316,417,586	$	0	$	316,417,586
Commercial paper		0		607,771,999		0		607,771,999
Municipal obligations		0		243,683,815		0		243,683,815
Other		0		30,000,000		0		30,000,000
Other instruments		0		17,000,000		0		17,000,000
Other notes		0		24,013,391		0		24,013,391
Repurchase agreements		0		176,000,000		0		176,000,000
Total assets	$	0	$	1,414,886,791	$	0	$	1,414,886,791

The Fund recognizes transfers between levels within the fair value hierarchy at the end of the reporting period. At July 31, 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 subadvisers and providing fund-level administrative services in connection with the Fund’s operations. As compensation for its services under the investment management agreement, Funds Management is entitled to receive an annual management fee starting at 0.15% and declining to 0.13% as the average daily net assets of the Fund increase. For the six months ended July 31, 2018, the management fee was equivalent to an annual rate of 0.15% of the Fund’s average daily net assets.

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

Administration fees

Under a class-level administration agreement, Funds Management provides class-level administrative services to the Fund, which includes paying fees and expenses for services provided by the transfer agent, sub-transfer agents, omnibus account servicers and record-keepers. As compensation for its services under the class-level administration agreement, Funds Management receives an annual fee which is calculated based on the average daily net assets of each class as follows:

	Class-level administration fee
Administrator Class		0.10	%
Institutional Class		0.08
Select Class		0.04
Service Class		0.12

Notes to financial statements (unaudited) Wells Fargo Cash Investment Money Market Fund 25

Funds Management has contractually waived and/or reimbursed management and administration fees to the extent necessary to maintain certain net operating expense ratios for the Fund. Waiver of fees and/or reimbursement of expenses by Funds Management were made first from fund level expenses on a proportionate basis and then from class specific expenses. Funds Management has committed through May 31, 2019 to waive fees and/or reimburse expenses to the extent necessary to cap the Fund’s expenses at 0.35% for Administrator Class shares, 0.20% for Institutional Class shares, 0.13% for Select Class shares, and 0.50% for Service Class shares. After this time, the cap may be increased or the commitment to maintain the cap may be terminated only with the approval of the Board of Trustees. During the six months ended July 31, 2018, Funds Management voluntarily waived additional expenses beyond the contractual expense caps.

Shareholder servicing fees

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

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

Interfund transactions

The Fund may purchase or sell 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. 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 Cash Investment Money Market Fund Other information (unaudited)

PROXY VOTING INFORMATION

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

PORTFOLIO HOLDINGS INFORMATION

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

Other information (unaudited) Wells Fargo Cash Investment Money Market 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 154 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 2009	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 Cash Investment Money Market Fund Other information (unaudited)

Name and year of birth	Position held and length of service*	Principal occupations during past five years or longer	Current other public company or investment company directorships
Olivia S. Mitchell (Born 1953)	Trustee, since 2006; 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, on the Board of Directors, Goverance Committee and Finance Committee for the Minnesota Philanthropy Partners (Saint Paul Foundation) from 2012 to 2018, Interim President and Chief Executive Officer of Blue Cross Blue shield of Minnesota of Minnesota from 2010 to 2011, Chairman of the Board from 2009 to 2011 and Board Director 003 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 the 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.

Other information (unaudited) Wells Fargo Cash Investment Money Market 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 Kymn3 (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.
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 77 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.

³  Alexander Kymn became the Secretary and Chief Legal Officer effective April 17, 2018.

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

BOARD CONSIDERATION OF INVESTMENT MANAGEMENT AND SUB-ADVISORY AGREEMENTS:

Wells Fargo Cash Investment Money Market Fund

Under the Investment Company Act of 1940 (the “1940 Act”), the Board of Trustees (the “Board”) of Wells Fargo Funds Trust (the “Trust”) must determine annually whether to approve the continuation of the Trust’s investment management and sub-advisory agreements. In this regard, at an in-person meeting held on May 22-23, 2018 (the “Meeting”), the Board, all the members of which have no direct or indirect interest in the investment management and sub-advisory agreements and are not “interested persons” of the Trust, as defined in the 1940 Act (the “Independent Trustees”), reviewed and approved for Wells Fargo Cash Investment Money Market Fund (the “Fund”): (i) an investment management agreement (the “Management Agreement”) with Wells Fargo Funds Management, LLC (“Funds Management”); (ii) an investment sub-advisory agreement with Wells Capital Management Incorporated (“WellsCap”), an affiliate of Funds Management; and (iii) an investment sub-advisory agreement with Wells Fargo Bank, N.A. d/b/a Wells Capital Management Singapore (“WellsCap Singapore”), an affiliate of Funds Management. The sub-advisory agreements with WellsCap and WellsCap Singapore (the “Sub-Advisers”) are collectively referred to as the Sub-Advisory Agreements, and the Management Agreement and the Sub-Advisory Agreements are collectively referred to as the “Advisory Agreements.”

At the Meeting, the Board considered the factors and reached the conclusions described below relating to the selection of Funds Management and the Sub-Advisers and the approval of the Advisory Agreements. Prior to the Meeting, including at an in-person meeting in April 2018, the Trustees conferred extensively among themselves and with representatives of Funds Management about these matters. Also, the Board has adopted a team-based approach, with each team consisting of a sub-set of Trustees, to assist the full Board in the discharge of its duties in reviewing investment performance and other matters throughout the year. The Independent Trustees were assisted in their evaluation of the Advisory Agreements by independent legal counsel, from whom they received separate legal advice and with whom they met separately.

In providing information to the Board, Funds Management and the Sub-Advisers were guided by a detailed set of requests for information submitted to them by independent legal counsel on behalf of the Independent Trustees at the start of the Board’s annual contract renewal process earlier in 2018. In considering and approving the Advisory Agreements, the Trustees considered the information they believed relevant, including but not limited to the information discussed below. The Board considered not only the specific information presented in connection with the Meeting, but also the knowledge gained over time through interaction with Funds Management and the Sub-Advisers about various topics. In this regard, the Board reviewed reports of Funds Management at each of its quarterly meetings, which included, among other things, portfolio reviews and investment performance reports. In addition, the Board and the teams mentioned above confer with portfolio managers at various times throughout the year. The Board did not identify any particular information or consideration that was all-important or controlling, and each individual Trustee may have attributed different weights to various factors.

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

Nature, extent and quality of services

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

Other information (unaudited) Wells Fargo Cash Investment Money Market Fund 31

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

Fund investment performance and expenses

The Board considered the investment performance results for the Fund over various time periods ended December 31, 2017. The Board considered these results in comparison to the investment performance of funds in a universe that was determined by Broadridge Inc. (“Broadridge”) to be similar to the Fund (the “Universe”), and to other comparative data. Broadridge is an independent provider of investment company data. The Board received a description of the methodology used by Broadridge to select the mutual funds in the investment performance Universe. The Board noted that the investment performance of the Fund (Administrator Class) was higher than or in range of the average investment performance of the Universe for all periods under review.

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

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

Investment management and sub-advisory fee rates

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

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

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

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

Profitability

The Board received and considered information concerning the profitability of Funds Management, as well as the profitability of both WFAM and Wells Fargo & Co. (“Wells Fargo”) as a whole, from providing services to the Fund and the fund family as a whole. The Board noted that the Sub-Advisers’ profitability information with respect to providing services to the Fund was subsumed in the WFAM and Wells Fargo profitability analysis.

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

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

depending on factors such as the size and type of fund. Based on its review, the Board did not deem the profits reported by Funds Management, WFAM or Wells Fargo from services provided to the Fund to be at a level that would prevent it from approving the continuation of the Advisory Agreements.

Economies of scale

The Board considered the extent to which Funds Management may experience economies of scale in the provision of management services, and the extent to which scale benefits, if any, would be shared with shareholders. In particular, the Board noted the existence of breakpoints in the Fund’s management fee structure, which operate generally to reduce the Fund’s expense ratios as the Fund grows in size. It considered that, for a small fund or a fund that shrinks in size, breakpoints conversely can result in higher fee levels. The Board also considered that in addition to management fee breakpoints, competitive management fee rates set at the outset without regard to breakpoints and fee waiver and expense reimbursement arrangements, as well as investments in the business intended to enhance services available to Fund shareholders, are means of sharing potential economies of scale with shareholders of the Fund.

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

Other benefits to Funds Management and the Sub-Advisers

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

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

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

Conclusion

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

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 219967

Kansas City, MO 64121-9967

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 the trade name for certain investment advisory/management firms owned by Wells Fargo & Company. These firms include but are not limited to Wells Capital Management Incorporated and Wells Fargo Funds Management, LLC. Certain products managed by WFAM entities are distributed by Wells Fargo Funds Distributor, LLC (a broker/dealer and Member FINRA).

This material is for general informational and educational purposes only and is NOT intended to provide investment advice or a recommendation of any kind—including a recommendation for any specific investment, strategy, or plan.

NOT FDIC INSURED  ◾  NO BANK GUARANTEE  ◾   MAY LOSE VALUE

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

314807 09-18 SA302/SAR302 07-18

Semi-Annual Report

July 31, 2018

Institutional Money Market Funds

∎ Wells Fargo Heritage Money Market Fund

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Contents

Letter to shareholders	2
Performance highlights	6
Fund expenses	8
Portfolio of investments	9
Financial statements
Statement of assets and liabilities	16
Statement of operations	17
Statement of changes in net assets	18
Financial highlights	19
Notes to financial statements	23
Other information	27

The views expressed and any forward-looking statements are as of July 31, 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 Heritage Money Market Fund Letter to shareholders (unaudited)

Andrew Owen

President

Wells Fargo Funds

Yields on money market funds benefited during the period.

During February 2018, the U.S. stock market endured a loss of more than 10% before recovering in March and April.

Dear Shareholder:

We are pleased to offer you this semi-annual report for the Wells Fargo Heritage Money Market Fund for the six-month period that ended July 31, 2018. Yields on money market funds benefited during the period. As the U.S. Federal Reserve (the Fed) moved toward a more normalized monetary policy after an extended term of low interest rates following the global financial crisis during 2007 and 2008, its steady pace of interest rate increases helped raise yields on short-term money market instruments.

Globally, stock markets followed a less consistent path during the period. After advancing during the summer and fall of 2017 in a roughly synchronized way, economic growth and stock markets globally diverged during the first seven months of 2018. For fixed-income investors, higher U.S. interest rates, rising inflation, and intensifying global geopolitical tensions tended to restrain taxable bond prices while high-yield and municipal bond investors generally enjoyed positive returns.

For the period, U.S. stocks, as measured by the S&P 500 Index,¹ gained 0.70%, and international stocks, as measured by the MSCI ACWI ex USA Index (Net),² fell 6.66%. Emerging market stocks, as measured by the MSCI EM Index (Net),³ dropped 11.94%. In bond markets, the Bloomberg Barclays U.S. Aggregate Bond Index⁴ declined 0.45% while fixed-income investments outside the U.S. fell 4.57%, according to the Bloomberg Barclays Global Aggregate ex-USD Index.⁵ The Bloomberg Barclays Municipal Bond Index⁶ added 1.18%, and the ICE BofAML U.S. High Yield Index⁷ was up 0.55%.

Volatility reemerged during the first quarter of 2018 as economic signals were mixed.

The first quarter of 2018 began with stock market gains in January following U.S. tax reform that lowered rates for individuals and corporations and deregulation advanced in some economic sectors. Then, investor optimism was supplanted by several concerns. Trade tensions intensified, particularly between the U.S. and China. The U.S. threatened to impose tariffs on a broad range of imported products. Increasing interest rates and inflation also caused concern. During February 2018, the U.S. stock market endured a loss of more than 10% before recovering in March and April. The S&P 500 Index closed the first quarter with a negative return, the first negative quarterly return for the index since 2014.

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 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 market 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.

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 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 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.

⁷  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.

⁸  The Consumer Price Index For All Urban Consumers (CPI-U) measures the changes in the price of a basket of goods and services purchased by urban consumers. The urban consumer population is deemed by many as a better representative measure of the general public because most of the country’s population lives in highly populated areas, which represent close to 90% of the total population. You cannot invest directly in an index.

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

The Fed increased the federal funds rate by 25 basis points (bps; 100 bps equal 1.00%) in March 2018 and the rate of inflation reached the Fed’s 2% target for the first time in a year. The unemployment rate fell to 4.1%. The third revision of first-quarter gross domestic product (GDP) growth by the U.S. Bureau of Economic Analysis released during June 2018 was lowered to 2.0%.

Overseas, investment market returns reversed the strong returns of 2017. After having gained 27.19% for the 12-month period that ended on December 31, 2017, the MSCI ACWI ex USA Index (Net) fell 1.46% for the seven-month period that ended July 31, 2018. The U.S. dollar strengthened relative to local currencies, which served to restrain returns.

Global trade tensions escalated during the second quarter and into the third quarter of 2018.

Global trade tensions escalated as the second quarter of 2018 opened and equity markets fell in response before resuming upward momentum later in April. The U.S. government imposed tariffs on products and commodities imported from other markets in North America, Europe, and Asia. In retaliation, governments imposed tariffs on U.S. products and commodities. In addition, the U.S. pushed its North American neighbors to renegotiate the North American Free Trade Agreement, furthering trade tensions and investor uncertainty.

The CPI-U⁸ added 0.2% in May after a similar increase in April. On a year-over-year basis, the all-items index rose 2.8% for the 12 months that ended May 31, continuing its upward trend since the beginning of the year. The index for all items less food and energy rose 2.2% for the same 12-month period. Interest rates generally increased and the bond markets tended to decline.

During June 2018, the Fed increased the federal funds rate by 25 bps. Investment markets began to anticipate two more rate increases in 2018. Long-term interest rates in the U.S. trended higher—rates on the 10-year and 30-year Treasury bonds moved from 2.46% and 2.81%, respectively, on January 1, 2018, to 2.96% and 3.08%, respectively, on July 31, 2018. While higher at the end of the period, rates were off their peak levels on May 17, 2018, of 3.11% and 3.25%, respectively. Investors became more aware of and concerned about the potential for an inverted yield curve—sometimes a recession signal—as short-term rates increased more quickly than long-term rates.

The unemployment rate fell to 3.9% in July after ticking up slightly in June from May’s 3.8% level, according to the U.S. Department of Labor. The annualized rate of GDP growth for the second quarter of 2018 was reported in July to be 4.1%, the highest level since the third quarter of 2014, according to the U.S. Bureau of Economic Analysis.

Internationally, the prospects for a smooth U.K. Brexit agreement was cast into doubt as members of Prime Minister Theresa May’s negotiating team resigned. Despite the uncertainty, the period closed with expectations that the Bank of England’s Monetary Policy Committee in July would announce an increase in its key interest rate to 0.75%, which it did in early August.

Meanwhile, central banks in Europe and Japan maintained low interest rates and accommodative monetary policies. Amid rising trade uncertainty, People’s Bank of China monetary policies shifted with cuts to reserve requirement ratios and implementation of supportive measures such as accelerated infrastructure spending and tax cuts for small and medium enterprises and for individuals. Nevertheless, a strengthening U.S. dollar and the tensions associated with trade policies remained headwinds for investors overseas.

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

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

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

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

Sincerely,

Andrew Owen

President

Wells Fargo Funds

For further information about your Fund, contact your investment professional, visit our website at wellsfargofunds.com, or call us directly at 1-800-222-8222.

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

Investment objective

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

Manager

Wells Fargo Funds Management, LLC

Subadvisers

Wells Capital Management Incorporated

Wells Capital Management Singapore

Portfolio managers

Michael C. Bird, CFA^®

Jeffrey L. Weaver, CFA^®

Laurie White

Average annual total returns (%) as of July 31, 2018¹

								Expense ratios2 (%)
	Inception date	1 year		5 year		10 year		Gross		Net3
Administrator Class (SHMXX)	6-29-1995		1.41		0.43		0.35		0.40		0.35
Institutional Class (SHIXX)	3-31-2000		1.53		0.50		0.43		0.28		0.20
Select Class (WFJXX)	6-29-2007		1.60		0.57		0.50		0.24		0.13
Service Class (WHTXX)	6-30-2010		1.29		0.37		0.32		0.57		0.43

Yield summary (%) as of July 31, 2018³

	Administrator Class	Institutional Class		Select Class		Service Class
7-day current yield	1.90		2.03		2.10		1.80
7-day compound yield	1.91		2.05		2.12		1.81
30-day simple yield	1.89		2.02		2.09		1.79
30-day compound yield	1.90		2.03		2.11		1.80

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 returns will fluctuate. The Fund’s yield figures more closely reflect the current earnings of the Fund than the total return figures. Current performance may be lower or higher than the performance data quoted, which assumes the reinvestment of dividends and capital gains. Current month-end performance is available on the Fund’s website, wellsfargofunds.com.

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

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

Please see footnotes on page 7.

Performance highlights (unaudited) Wells Fargo Heritage Money Market Fund 7

Portfolio composition as of July 31, 2018⁴

Effective maturity distribution as of July 31, 2018⁴

Weighted average maturity as of July 31, 2018⁵

15 days

Weighted average life as of July 31, 2018⁶

49 days

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

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

³  The manager has contractually committed through May 31, 2019, 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 (if any), and extraordinary expenses are excluded from the expense cap. Without this cap, the Fund’s returns would have been lower. Without waived fees and/or reimbursed expenses, the Fund’s 7-day current yield would have been 1.88.%, 2.00%, 2.04%, and 1.75% for Administrator Class, Institutional Class, Select Class, and Service Class, respectively. 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  Amounts are calculated based on the total investments of the Fund. These amounts are subject to change and may have changed since the date specified.

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

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

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

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

The example is based on an investment of $1,000 invested at the beginning of the six-month period and held for the entire period from February 1, 2018 to July 31, 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. Therefore, the “Hypothetical” line of the table is useful in comparing ongoing costs only and will not help you determine the relative total costs of owning different funds.

	Beginning account value 2-1-2018		Ending account value 7-31-2018		Expenses paid during the period¹		Annualized net expense ratio
Administrator Class
Actual	$	1,000.00	$	1,008.40	$	1.67		0.33	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,023.54	$	1.68		0.33	%
Institutional Class
Actual	$	1,000.00	$	1,008.95	$	1.01		0.20	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,024.20	$	1.02		0.20	%
Select Class
Actual	$	1,000.00	$	1,009.30	$	0.66		0.13	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,024.55	$	0.66		0.13	%
Service Class
Actual	$	1,000.00	$	1,007.80	$	2.18		0.43	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,023.04	$	2.19		0.43	%

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

Portfolio of investments—July 31, 2018 (unaudited) Wells Fargo Heritage Money Market Fund 9

Security name	Interest rate			Maturity date		Principal		Value
Certificates of Deposit: 26.19%
ABN AMRO Funding LLC		1.95	%		8-1-2018	$	176,000,000	$	176,000,000
Australia & New Zealand Banking Group		1.89			8-1-2018		156,000,000		156,000,000
BNP Paribas (3 Month LIBOR +0.15%) ±		2.49			9-28-2018		38,000,000		38,005,645
China Construction Bank Corporation NY (1 Month LIBOR +0.25%) ±		2.34			7-19-2019		103,000,000		102,995,676
Credit Industriel ET Commercial		2.28			8-20-2018		21,000,000		20,976,984
Credit Suisse AG (3 Month LIBOR +0.10%) ±		2.43			9-21-2018		40,000,000		40,002,389
DNB Nor Bank ASA		2.26			8-1-2018		20,450,000		20,450,000
First Abu Dhabi Bank		1.91			8-1-2018		205,000,000		205,000,000
HSBC Bank plc		1.95			8-1-2018		118,000,000		118,000,000
HSBC Bank plc (1 Month LIBOR +0.20%) ±		2.30			8-9-2018		15,000,000		15,001,097
HSBC Bank plc (3 Month LIBOR +0.18%) ±		2.54			5-10-2019		40,000,000		39,996,900
HSBC Bank USA NA (1 Month LIBOR +0.20%) ±		2.29			11-2-2018		25,000,000		25,006,335
HSBC Bank USA NA (1 Month LIBOR +0.20%) ±		2.30			11-7-2018		25,000,000		25,005,839
KBC Bank		2.20			9-12-2018		83,000,000		83,007,965
Mitsubishi Trust & Bank (1 Month LIBOR +0.23%) ±		2.30			1-17-2019		35,000,000		35,004,637
Mitsubishi Trust & Bank (1 Month LIBOR +0.30%) ±		2.37			1-14-2019		38,000,000		38,017,114
Mizuho Bank Limited (1 Month LIBOR +0.25%) ±		2.32			11-26-2018		35,000,000		35,006,995
Mizuho Bank Limited (1 Month LIBOR +0.44%) ±		2.53			10-10-2018		93,000,000		93,057,436
National Australia Bank		2.19			8-9-2018		2,490,000		2,490,105
National Bank of Kuwait		1.91			8-1-2018		220,150,000		220,150,000
Natixis (1 Month LIBOR +0.25%) ±		2.35			12-10-2018		37,000,000		37,006,461
Natixis (1 Month LIBOR +0.44%) ±		2.51			9-17-2018		65,000,000		65,038,351
Norinchukin Bank (1 Month LIBOR +0.30%) ±		2.39			9-10-2018		39,000,000		39,014,481
Oversea-Chinese Banking Corporation (1 Month LIBOR +0.30%) ±		2.39			9-6-2018		30,000,000		30,005,859
Sumitomo Mitsui Banking Corporation (1 Month LIBOR +0.25%) ±		2.35			9-7-2018		38,000,000		38,006,953
Sumitomo Mitsui Trust NY (3 Month LIBOR +0.05%) ±		2.37			12-4-2018		56,000,000		56,009,256
Sumitomo Mitsui Trust NY (1 Month LIBOR +0.43%) ±		2.51			10-11-2018		81,000,000		81,041,466
Svenska Handelsbanken (1 Month LIBOR +0.17%) ±		2.24			8-24-2018		40,000,000		40,005,972
Svenska Handelsbanken (1 Month LIBOR +0.16%) ±		2.25			9-6-2018		65,000,000		65,013,422
Toronto Dominion Bank (1 Month LIBOR +0.20%) ±		2.29			8-10-2018		33,000,000		33,002,602
Toronto Dominion Bank (1 Month LIBOR +0.23%) ±		2.32			12-6-2018		65,000,000		65,014,253
Total Certificates of Deposit (Cost $2,038,064,874)									2,038,334,193
Commercial Paper: 50.76%
Asset-Backed Commercial Paper: 24.18%
Albion Capital Corporation (z)		2.07			8-16-2018		16,000,000		15,986,913
Albion Capital Corporation (z)		2.13			8-20-2018		44,000,000		43,954,182
Alpine Securitization Limited (1 Month LIBOR +0.33%) 144A±		2.42			9-6-2018		92,000,000		92,000,720
Anglesea Funding LLC (1 Month LIBOR +0.23%) 144A±		2.32			1-2-2019		20,000,000		19,999,608
Anglesea Funding LLC (1 Month LIBOR +0.23%) 144A±		2.32			12-28-2018		38,000,000		37,999,441
Anglesea Funding LLC (1 Month LIBOR +0.25%) 144A±		2.33			10-16-2018		40,000,000		39,999,570
Anglesea Funding LLC (1 Month LIBOR +0.27%) 144A±		2.34			10-23-2018		39,000,000		38,999,131
Antalis SA 144A(z)		2.10			8-13-2018		38,000,000		37,974,515
Antalis SA 144A(z)		2.21			8-20-2018		27,220,000		27,190,794
Antalis SA 144A(z)		2.36			8-9-2018		39,000,000		38,982,693
Atlantic Asset Securitization Corporation (1 Month LIBOR +0.32%) 144A±		2.41			11-1-2018		55,000,000		55,030,872
Bedford Row Funding Corporation (1 Month LIBOR +0.34%) 144A±		2.43			6-10-2019		35,000,000		35,023,299
Bennington Stark Capital Company 144A(z)		2.33			8-22-2018		31,000,000		30,962,585
Cedar Spring Capital Company 144A(z)		2.15			8-3-2018		62,000,000		61,992,939

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

10 Wells Fargo Heritage Money Market Fund Portfolio of investments—July 31, 2018 (unaudited)

Security name	Interest rate			Maturity date		Principal		Value
Asset-Backed Commercial Paper (continued)
Cedar Spring Capital Company 144A(z)		2.16	%		9-12-2018	$	84,000,000	$	83,790,084
Cedar Spring Capital Company 144A(z)		2.39			9-7-2018		30,000,000		29,934,232
Chesham Finance Limited 144A(z)		2.00			8-1-2018		177,000,000		177,000,000
Collateralized Commercial Paper II Company LLC (3 Month LIBOR +0.22%) 144A±		2.56			1-2-2019		61,000,000		61,040,844
Concord Minuteman Capital Company LLC 144A(z)		2.00			8-1-2018		12,356,000		12,356,000
Concord Minutemen Capital Company LLC 144A(z)		2.38			10-29-2018		24,000,000		23,862,940
Crown Point Capital Company LLC (1 Month LIBOR +0.37%) 144A±		2.45			9-19-2018		101,000,000		100,997,628
Gotham Funding Corporation 144A(z)		2.12			8-10-2018		8,530,000		8,525,758
Great Bridge Capital Company LLC 144A(z)		2.41			9-18-2018		42,000,000		41,878,704
Institutional Secured Funding LLC 144A(z)		2.04			8-1-2018		70,000,000		70,000,000
Institutional Secured Funding LLC 144A(z)		2.10			8-2-2018		117,000,000		116,993,594
Kells Funding LLC 144A(z)		2.25			10-9-2018		29,000,000		28,880,107
Komatsu Finance America Incorporated 144A(z)		2.00			8-6-2018		6,000,000		5,998,392
Legacy Capital Company 144A(z)		2.18			9-17-2018		26,000,000		25,928,242
Manhattan Asset Funding Company LLC 144A(z)		2.12			8-6-2018		15,000,000		14,995,931
Manhattan Asset Funding Company LLC 144A(z)		2.12			8-7-2018		23,000,000		22,992,487
Matchpoint Finance plc 144A(z)		1.95			8-1-2018		57,000,000		57,000,000
Mountcliff Funding LLC 144A(z)		2.00			8-1-2018		132,000,000		132,000,000
Mountcliff Funding LLC (1 Month LIBOR +0.25%) 144A±		2.33			2-28-2019		42,000,000		41,999,999
Nieuw Amsterdam Receivables 144A(z)		2.18			9-24-2018		48,000,000		47,851,824
Old Line Funding LLC (1 Month LIBOR +0.21%) 144A±		2.29			8-23-2018		23,000,000		23,004,055
Old Line Funding LLC (1 Month LIBOR +0.20%) 144A±		2.30			11-9-2018		30,000,000		30,006,755
Old Line Funding LLC (1 Month LIBOR +0.21%) 144A±		2.30			8-6-2018		22,000,000		22,001,029
Old Line Funding LLC (1 Month LIBOR +0.45%) 144A±		2.52			9-24-2018		38,000,000		38,008,254
White Plains Capital 144A(z)		2.36			9-5-2018		57,000,000		56,871,101
White Plains Capital 144A(z)		2.54			10-10-2018		32,000,000		31,847,556
									1,881,862,778
Financial Company Commercial Paper: 20.08%
ASB Finance Limited (3 Month LIBOR +0.20%) 144A±		2.53			4-11-2019		34,000,000		34,011,528
Australia & New Zealand Banking Group (1 Month LIBOR +0.17%) 144A±		2.24			8-14-2018		33,000,000		33,003,113
Banco Santander Chile 144A(z)		2.41			9-20-2018		40,000,000		39,873,889
Bank Nederlandse Gemeenten 144A(z)		2.06			8-10-2018		73,610,000		73,573,397
Bank of Nova Scotia (3 Month LIBOR +0.21%) 144A±		2.54			12-21-2018		39,000,000		39,020,866
Commonwealth Bank of Australia (1 Month LIBOR +0.21%) 144A±		2.28			11-26-2018		50,000,000		50,007,314
Commonwealth Bank of Australia (3 Month LIBOR +0.10%) 144A±		2.46			5-3-2019		38,000,000		37,999,991
Commonwealth Bank of Australia (3 Month LIBOR +0.25%) ±		2.59			4-3-2019		40,000,000		40,042,350
DBS Bank Limited 144A(z)		2.27			10-19-2018		40,000,000		39,804,870
Erste Bank der Oesterreichischen Sparkassen AG (1 Month LIBOR +0.19%) 144A±		2.26			10-12-2018		30,000,000		30,008,421
Federation Des Caisses 144A(z)		2.08			8-1-2018		16,000,000		16,000,000
Federation Des Caisses (1 Month LIBOR +0.26%) 144A±		2.34			2-11-2019		39,000,000		39,012,597
Federation Des Caisses (1 Month LIBOR +0.30%) 144A±		2.36			6-25-2019		40,000,000		40,007,560
Federation Des Caisses (3 Month LIBOR +0.13%) 144A±		2.46			5-22-2019		20,000,000		19,998,341
ING Funding LLC (3 Month LIBOR +0.16%) ±		2.50			1-7-2019		36,000,000		36,017,090
ING Funding LLC (1 Month LIBOR +0.25%) ±		2.33			2-11-2019		40,000,000		40,004,498
Intercontinental Exchange 144A(z)		1.95			8-1-2018		80,200,000		80,200,000
Intercontinental Exchange 144A(z)		1.95			8-2-2018		25,000,000		24,998,646
Intercontinental Exchange 144A(z)		1.95			8-3-2018		36,850,000		36,846,008
Lexington Parker Capital 144A(z)		2.16			9-7-2018		52,000,000		51,888,141
National Australia Bank Limited (1 Month LIBOR +0.16%) 144A±		2.25			8-1-2018		44,000,000		44,000,000

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

Portfolio of investments—July 31, 2018 (unaudited) Wells Fargo Heritage Money Market Fund 11

Security name	Interest rate			Maturity date		Principal		Value
Financial Company Commercial Paper (continued)
National Australia Bank Limited (1 Month LIBOR +0.18%) 144A±		2.25	%		9-13-2018	$	52,000,000	$	52,012,690
National Australia Bank Limited (1 Month LIBOR +0.20%) 144A±		2.27			10-29-2018		25,000,000		25,006,477
National Securities Clearing Corporation 144A(z)		1.90			8-1-2018		39,000,000		39,000,000
Nederlandse Waterschapsbank NV 144A(z)		2.06			8-13-2018		70,000,000		69,952,470
Nederlandse Waterschapsbank NV 144A(z)		2.06			8-14-2018		50,000,000		49,963,185
NRW Bank 144A(z)		2.00			8-7-2018		10,000,000		9,996,783
Oversea-Chinese Banking Corporation (1 Month LIBOR +0.25%) 144A±		2.33			1-11-2019		40,000,000		40,007,191
Oversea-Chinese Banking Corporation (1 Month LIBOR +0.25%) 144A±		2.34			1-10-2019		24,000,000		24,004,559
Oversea-Chinese Banking Corporation (3 Month LIBOR +0.14%) 144A±		2.50			5-10-2019		42,000,000		41,999,933
Oversea-Chinese Banking Corporation Limited 144A(z)		2.13			9-17-2018		39,000,000		38,894,297
Quebec Province 144A(z)		1.98			8-13-2018		7,000,000		6,995,501
Sumitomo Mitsui Trust 144A(z)		2.30			10-15-2018		43,000,000		42,805,425
Toronto Dominion Bank (1 Month LIBOR +0.30%) 144A±		2.39			12-3-2018		37,000,000		37,016,799
Toronto Dominion Bank (3 Month LIBOR +0.14%) 144A±		2.50			5-2-2019		40,000,000		40,011,924
UBS AG London (1 Month LIBOR +0.24%) 144A±		2.34			8-7-2018		56,000,000		56,003,489
UBS AG London (3 Month LIBOR +0.19%) 144A±		2.52			12-10-2018		65,000,000		65,018,173
Westpac Banking Corporation (1 Month LIBOR +0.18%) 144A±		2.25			8-16-2018		20,000,000		20,002,087
Westpac Banking Corporation (3 Month LIBOR +0.10%) 144A±		2.41			5-31-2019		58,000,000		57,995,039
									1,563,004,642
Other Commercial Paper: 6.50%
Archer Daniels Midland Company 144A(z)		1.93			8-1-2018		15,000,000		15,000,000
China International Marine Containers Company Limited (z)		2.35			8-13-2018		26,000,000		25,983,031
CNPC Finance Limited 144A(z)		2.38			8-2-2018		64,000,000		63,996,277
Glaxosmithkline LLC 144A(z)		2.04			8-13-2018		30,500,000		30,480,094
Glaxosmithkline LLC 144A(z)		2.11			9-4-2018		80,000,000		79,847,605
Komatsu Finance America Incorporated 144A(z)		2.00			8-3-2018		70,000,000		69,992,514
Omers Finance Trust 144A(z)		2.06			8-24-2018		25,000,000		24,968,631
Salt River Project Agricultura (z)		2.11			8-15-2018		10,000,000		9,990,772
Salt River Project Agricultura (z)		2.21			9-17-2018		32,000,000		31,904,704
Salt River Project Agricultura (z)		2.21			9-18-2018		37,000,000		36,887,479
Toyota Credit Canada Incorporated (1 Month LIBOR +0.42%) ±		2.50			10-15-2018		39,000,000		39,029,330
Toyota Finance Australia Limited (3 Month LIBOR +0.08%) ±		2.41			2-15-2019		38,000,000		38,001,941
Toyota Finance Australia Limited (3 Month LIBOR +0.09%) ±		2.43			3-22-2019		40,000,000		40,002,366
									506,084,744
Total Commercial Paper (Cost $3,950,498,528)									3,950,952,164
Municipal Obligations: 12.42%
California: 0.27%
Other Municipal Debt: 0.27%
Orange County CA Water District (Water Utilities)		2.12			8-6-2018		21,000,000		21,001,686
Colorado: 1.69%
Variable Rate Demand Notes ø: 1.69%
Colorado HFA MFHR Class II Series B (Housing Revenue, FHLB SPA)		2.02			5-1-2052		91,655,000		91,655,000
Colorado Southern Ute Indian Tribe Reservation Series 2007 (Miscellaneous Revenue)		2.15			1-1-2027		40,000,000		40,000,000
									131,655,000

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

12 Wells Fargo Heritage Money Market Fund Portfolio of investments—July 31, 2018 (unaudited)

Security name	Interest rate			Maturity date		Principal		Value
Georgia: 0.06%
Variable Rate Demand Note ø: 0.06%
Macon-Bibb County GA Industrial Authority Development Kumho Tire Georgia Incorporated Series A (Industrial Development Revenue, Korea Development Bank LOC)		2.22	%		12-1-2022	$	5,000,000	$	5,000,000
Illinois: 0.23%
Variable Rate Demand Note ø: 0.23%
Illinois Housing Development Authority Series A-2 (Housing Revenue, HUD Insured, FHLB SPA)		2.05			7-1-2048		17,700,000		17,700,000
Louisiana: 0.21%
Variable Rate Demand Note ø: 0.21%
East Baton Rouge Parish LA Sewerage Commission Revenue Series 2016-XFT904 (Water & Sewer Revenue, Morgan Stanley Bank LIQ) 144A		2.04			2-1-2045		16,280,000		16,280,000
Massachusetts: 0.57%
Other Municipal Debt: 0.57%
Massachusetts Educational Financing Authority (Education Revenue)		2.17			8-30-2018		44,500,000		44,504,179
Missouri: 0.07%
Variable Rate Demand Note ø: 0.07%
Bridgeton MO IDA Stolze Printing (Industrial Development Revenue, Carrollton Bank LOC)		2.08			12-1-2047		5,800,000		5,800,000
New York: 3.21%
Variable Rate Demand Notes ø: 3.21%
Long Island Power Authority (Miscellaneous Revenue)		2.23			9-19-2018		39,000,000		38,999,926
New York Dormitory Authority Personal Income Taxable Series XFT910 (Tax Revenue, Citibank NA LIQ) 144A		2.05			3-15-2040		12,000,000		12,000,000
New York Dormitory Authority Secondary Issues Series B-4 (Tax Revenue, Morgan Stanley Bank LIQ) 144A		2.04			3-15-2040		16,000,000		16,000,000
New York HFA 222 East 44th Street Series A (Housing Revenue, Bank of China LOC)		2.10			5-1-2050		31,355,000		31,355,000
New York HFA Manhattan West Residential Housing Project Series B-1 (Housing Revenue, Bank of China LOC)		2.12			11-1-2049		23,000,000		23,000,000
New York HFA Manhattan West Residential Housing Project Series B-2 (Housing Revenue, Bank of China LOC)		2.12			11-1-2049		37,250,000		37,250,000
New York HFA Manhattan West Residential Housing Project Series B-2 (Housing Revenue, Bank of China LOC)		2.23			11-1-2049		12,475,000		12,475,000
New York HFA Series A (Housing Revenue, Bank of China LOC)		2.12			11-1-2049		18,650,000		18,650,000
New York Municipal Water Finance Authority Series T-30001-I (Water & Sewer Revenue, Citibank NA LIQ) 144A		2.05			6-15-2044		16,000,000		16,000,000
RBC Municipal Products Incorporated Trust Series E-51 Invesco Van Kampen New York Value Income Trust (Miscellaneous Revenue, Royal Bank of Canada LOC) 144A		2.43			12-1-2019		44,000,000		44,000,000
									249,729,926

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

Portfolio of investments—July 31, 2018 (unaudited) Wells Fargo Heritage Money Market Fund 13

Security name	Interest rate			Maturity date		Principal		Value
Ohio: 0.21%
Variable Rate Demand Note ø: 0.21%
Akron Student Housing Association LLC Tender Option Bond Trust Receipts/Certificates (Education Revenue, Societe Generale LOC, AGM Insured) 144A		2.05	%		3-15-2034	$	16,680,000	$	16,680,000
Other: 4.32%
Variable Rate Demand Notes ø: 4.32%
FHLMC MFHR Series M004 Class A (Housing Revenue, FHLMC LIQ)		2.12			1-15-2042		40,436,775		40,436,775
FHLMC MFHR Series M011 Class A (Housing Revenue, FHLMC LIQ)		2.12			8-15-2021		345,000		345,000
Fortenbery Children 2017 Irrevocable Trust (Miscellaneous Revenue, FHLB LOC)		2.03			5-1-2037		12,275,000		12,275,000
Hallmark 75 Ontario LLC (Housing Revenue, FHLB LOC)		2.08			12-1-2056		10,100,000		10,100,000
Jets Stadium Development Bonds Series A-4B (Miscellaneous Revenue, Sumitomo Mitsui Banking Corporation LOC) 144A		2.08			4-1-2047		42,810,000		42,810,000
Providence St. Joseph Health & Services Series 12-E (Health Revenue, U.S. Bank NA LOC)		2.07			10-1-2042		69,015,000		69,015,000
Providence St. Joseph Health & Services Series 16G (Health Revenue, GNMA/FNMA/FHLMC Insured, JPMorgan Chase & Company SPA)		2.03			10-1-2047		45,000,000		45,000,000
SSAB AB Series A (Miscellaneous Revenue, DNB Banking ASA LOC)		2.03			6-1-2035		13,000,000		13,000,000
Steadfast Crestvilla LLC Series A (Health Revenue, American AgCredit LOC)		2.08			2-1-2056		33,320,000		33,320,000
Steadfast Crestvilla LLC Series B (Health Revenue, U.S. Bank NA LOC)		2.08			2-1-2056		22,040,000		22,040,000
Sunroad Centrum Apartments 5 LP Series A (Housing Revenue, FHLB LOC)		2.08			8-1-2056		12,000,000		12,000,000
Sunroad Centrum Apartments 5 LP Series B (Housing Revenue, FHLB LOC)		2.08			8-1-2056		3,600,000		3,600,000
Tender Option Bond Trust Receipts/Certificates (Miscellaneous Revenue, Citibank NA LIQ) 144A		2.09			12-1-2027		32,000,000		32,000,000
									335,941,775
Pennsylvania: 0.09%
Other Municipal Debt: 0.06%
University Pittsburgh (Education Revenue)		2.17			8-2-2018		5,000,000		4,999,978
Variable Rate Demand Note ø: 0.03%
RBC Municipal Products Incorporated Trust Series E-52 Invesco Van Kampen Trust (Miscellaneous Revenue, Royal Bank of Canada LOC) 144A		2.43			12-1-2019		2,000,000		2,000,000
Tennessee: 0.83%
Variable Rate Demand Notes ø: 0.83%
Montgomery County TN Industrial Development Board Hankook Tire Manufacturing Project Series A (Industrial Development Revenue, Kookmin Bank LOC)		2.22			12-1-2024		35,000,000		35,000,000
Montgomery County TN Industrial Development Board Hankook Tire Manufacturing Project Series A (Industrial Development Revenue, Kookmin Bank LOC) 144A		2.22			12-1-2024		29,350,000		29,350,000
									64,350,000

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

14 Wells Fargo Heritage Money Market Fund Portfolio of investments—July 31, 2018 (unaudited)

Security name	Interest rate			Maturity date		Principal		Value
Texas: 0.66%
Other Municipal Debt: 0.66%
Texas Public Finance Authority (Miscellaneous Revenue)		2.10	%		8-9-2018	$	22,000,000	$	22,000,262
Texas Public Finance Authority (Miscellaneous Revenue)		2.11			8-8-2018		29,200,000		29,200,374
									51,200,636
Total Municipal Obligations (Cost $966,836,775)									966,843,180
Other Instruments: 4.54%
ASC Mercer Island LLC §øø		2.08			6-1-2057		20,000,000		20,000,000
Cellmark Incorporated Secured §øø		2.03			6-1-2038		60,000,000		60,000,000
Invesco Dynamic Credit Opportunities Fund Series W-7 §		2.09			6-1-2028		55,000,000		55,000,000
Jefferson Stadium Park L Series A Secured §øø		2.08			2-1-2057		35,329,000		35,329,000
Jefferson Stadium Park L Series B Secured §øø		2.08			2-1-2057		15,100,000		15,100,000
La Mesa Senior Living LP Secured §øø		2.08			8-1-2057		22,810,000		22,810,000
Opus Group AB §øø		2.03			10-1-2032		25,000,000		25,000,000
ROC III CA Crossings Chino Hills Series B §øø		2.08			1-1-2057		19,600,000		19,600,000
ROC III California Crossings Chino Hills Series A §øø		2.08			1-1-2057		27,400,000		27,400,000
US Bancorp (3 Month LIBOR +0.49%) ±		2.83			11-15-2018		72,780,000		72,854,963
Total Other Instruments (Cost $353,098,330)									353,093,963
Short-Term Investments: 7.03%
Repurchase Agreements: 7.03%
Bank of America Corporation, dated 7-31-2018, maturity value $547,029,325 ^^		1.93			8-1-2018		547,000,000		547,000,000
Total Short-Term Investments (Cost $547,000,000)									547,000,000

Total investments in securities (Cost $7,855,498,507)	100.94	%		7,856,223,500
Other assets and liabilities, net	(0.94	)		(73,338,472	)
Total net assets	100.00	%	$	7,782,885,028

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

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

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

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

±± 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 subject to a demand feature which reduces the effective maturity.

øø The interest rate is determined and reset by the issuer periodically depending upon the terms of the security. The rate shown is the rate in effect at period end.

^^ Collateralized by U.S. government securities, 3.00% to 4.00%, 4-20-2043 to 9-20-2045, fair value including accrued interest is $563,410,000.

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

Portfolio of investments—July 31, 2018 (unaudited) Wells Fargo Heritage Money Market Fund 15

Abbreviations:

AGM Assured Guaranty Municipal

FHLB Federal Home Loan Bank

FHLMC Federal Home Loan Mortgage Corporation

FNMA Federal National Mortgage Association

GNMA Government National Mortgage Association

HFA Housing Finance Authority

HUD Department of Housing and Urban Development

IDA Industrial Development Authority

LIBOR London Interbank Offered Rate

LIQ Liquidity agreement

LOC Letter of credit

MFHR Multifamily housing revenue

ROC Reset option certificates

SPA Standby purchase agreement

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

16 Wells Fargo Heritage Money Market Fund Statement of assets and liabilities—July 31, 2018 (unaudited)

Assets
Investments in unaffiliated securities, at value (cost $7,855,498,507)	$	7,856,223,500
Cash		13,120
Receivable for Fund shares sold		4,000,150
Receivable for interest		8,817,143
Total assets		7,869,053,913
Liabilities
Payable for investments purchased		78,735,987
Dividends payable		2,013,516
Payable for Fund shares redeemed		1,000,298
Management fee payable		593,695
Administration fees payable		309,058
Accrued expenses and other liabilities		3,516,331
Total liabilities		86,168,885
Total net assets	$	7,782,885,028
NET ASSETS CONSIST OF
Paid-in capital	$	7,782,483,634
Overdistributed net investment income		(352,553	)
Accumulated net realized gains on investments		28,954
Net unrealized gains on investments		724,993
Total net assets	$	7,782,885,028
COMPUTATION OF NET ASSET VALUE PER SHARE
Net assets – Administrator Class	$	88,698,329
Shares outstanding – Administrator Class1		88,666,160
Net asset value per share – Administrator Class		$1.0004
Net assets – Institutional Class	$	1,644,093,919
Shares outstanding – Institutional Class1		1,643,522,415
Net asset value per share – Institutional Class		$1.0003
Net assets – Select Class	$	5,991,794,365
Shares outstanding – Select Class1		5,989,205,635
Net asset value per share – Select Class		$1.0004
Net assets – Service Class	$	58,298,415
Shares outstanding – Service Class1		58,278,599
Net asset value per share – Service Class		$1.0003

¹  The Fund has an unlimited number of authorized shares.

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

Statement of operations—six months ended July 31, 2018 (unaudited) Wells Fargo Heritage Money Market Fund 17

Investment income
Interest	$	70,087,822
Expenses
Management fee		5,162,794
Administration fees
Administrator Class		50,824
Institutional Class		512,908
Select Class		1,115,358
Service Class		36,302
Shareholder servicing fees
Administrator Class		50,824
Service Class		69,981
Custody and accounting fees		320,084
Professional fees		31,351
Registration fees		154,809
Shareholder report expenses		25,853
Trustees’ fees and expenses		8,319
Other fees and expenses		161,470
Total expenses		7,700,877
Less: Fee waivers and/or expense reimbursements		(2,495,891	)
Net expenses		5,204,986
Net investment income		64,882,836
REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS
Net realized gains on investments		28,954
Net change in unrealized gains (losses) on investments		219,466
Net realized and unrealized gains (losses) on investments		248,420
Net increase in net assets resulting from operations	$	65,131,256

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

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

	Six months ended July 31, 2018 (unaudited)						Year ended January 31, 2018
Operations
Net investment income				$	64,882,836					$	64,014,600
Net realized gains on investments					28,954						63,872
Net change in unrealized gains (losses) on investments					219,466						116,211
Net increase in net assets resulting from operations					65,131,256						64,194,683
Distributions to shareholders from
Net investment income
Administrator Class					(844,593	)					(808,895	)
Institutional Class					(11,566,558	)					(11,149,920	)
Select Class					(51,997,859	)					(51,559,917	)
Service Class					(473,826	)					(495,868	)
Net realized gains
Administrator Class					0						(709	)
Institutional Class					0						(10,041	)
Select Class					0						(48,412	)
Service Class					0						(465	)
Total distributions to shareholders					(64,882,836	)					(64,074,227	)
Capital share transactions		Shares						Shares
Proceeds from shares sold
Administrator Class		106,885,194			106,916,821			248,099,059			248,174,749
Institutional Class		4,210,725,446			4,211,911,906			5,717,291,116			5,719,078,095
Select Class		17,575,976,628			17,582,460,965			23,211,492,748			23,220,593,461
Service Class		107,579,828			107,609,266			187,716,630			187,774,196
					22,008,898,958						29,375,620,501
Reinvestment of distributions
Administrator Class		765,019			765,264			754,773			755,005
Institutional Class		9,094,170			9,096,673			8,776,998			8,779,616
Select Class		42,568,723			42,584,388			42,194,536			42,211,113
Service Class		360,576			360,673			394,767			394,887
					52,806,998						52,140,621
Payment for shares redeemed
Administrator Class		(111,496,253	)		(111,527,999	)		(238,910,906	)		(238,984,011	)
Institutional Class		(3,680,767,700	)		(3,681,765,869	)		(5,370,441,259	)		(5,372,100,379	)
Select Class		(17,344,694,398	)		(17,351,116,719	)		(20,923,225,004	)		(20,931,345,992	)
Service Class		(111,057,497	)		(111,088,622	)		(194,136,471	)		(194,197,088	)
					(21,255,499,209	)					(26,736,627,470	)
Net increase in net assets resulting from capital share transactions					806,206,747						2,691,133,652
Total increase in net assets					806,455,167						2,691,254,108
Net assets
Beginning of period					6,976,429,861						4,285,175,753
End of period				$	7,782,885,028					$	6,976,429,861
Overdistributed net investment income				$	(352,553	)				$	(352,553	)

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

Financial highlights Wells Fargo Heritage Money Market Fund 19

(For a share outstanding throughout each period)

	Six months ended July 31, 2018 (unaudited)			Year ended January 31
ADMINISTRATOR CLASS				2018			2017			20161			20151			20141
Net asset value, beginning of period		$1.0003			$1.0003			$1.0000			$1.00			$1.00			$1.00
Net investment income		0.0083			0.0096			0.0028			0.00	2		0.00	2		0.00	2
Net realized and unrealized gains (losses) on investments		0.0001			0.0000	3		0.0003			0.00	2		0.00	2		0.00	2
Total from investment operations		0.0084			0.0096			0.0031			0.00	2		0.00	2		0.00	2
Distributions to shareholders from
Net investment income		(0.0083	)		(0.0096	)		(0.0028	)		(0.00	)2		(0.00	)2		(0.00	)2
Net realized gains		0.0000			(0.0000	)3		0.0000			0.00			0.00			0.00
Total distributions to shareholders		(0.0083	)		(0.0096	)		(0.0028	)		(0.00	)2		(0.00	)2		(0.00	)2
Net asset value, end of period		$1.0004			$1.0003			$1.0003			$1.00			$1.00			$1.00
Total return4		0.84	%		0.96	%		0.31	%		0.03	%		0.01	%		0.01	%
Ratios to average net assets (annualized)
Gross expenses		0.37	%		0.40	%		0.35	%		0.34	%		0.34	%		0.34	%
Net expenses		0.33	%		0.32	%		0.33	%		0.25	%		0.19	%		0.20	%
Net investment income		1.66	%		0.96	%		0.24	%		0.03	%		0.01	%		0.01	%
Supplemental data
Net assets, end of period (000s omitted)		$88,698			$92,542			$82,591			$258,152			$312,748			$286,618

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

²  Amount is less than $0.005.

³  Amount is less than $0.00005.

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

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

20 Wells Fargo Heritage Money Market Fund Financial highlights

(For a share outstanding throughout each period)

	Six months ended July 31, 2018 (unaudited)			Year ended January 31
INSTITUTIONAL CLASS				2018			2017			20161			20151			20141
Net asset value, beginning of period		$1.0003			$1.0003			$1.0000			$1.00			$1.00			$1.00
Net investment income		0.0090			0.0108			0.0039			0.00	2		0.00	2		0.00	2
Net realized and unrealized gains (losses) on investments		(0.0001	)		0.0000	3		0.0005			0.00	2		0.00	2		0.00	2
Total from investment operations		0.0089			0.0108			0.0044			0.00	2		0.00	2		0.00	2
Distributions to shareholders from
Net investment income		(0.0089	)		(0.0108	)		(0.0041	)		(0.00	)2		(0.00	)2		(0.00	)2
Net realized gains		0.0000			(0.0000	)3		0.0000			0.00			0.00			0.00
Total distributions to shareholders		(0.0089	)		(0.0108	)		(0.0041	)		(0.00	)2		(0.00	)2		(0.00	)2
Net asset value, end of period		$1.0003			$1.0003			$1.0003			$1.00			$1.00			$1.00
Total return4		0.90	%		1.09	%		0.44	%		0.08	%		0.01	%		0.02	%
Ratios to average net assets (annualized)
Gross expenses		0.25	%		0.28	%		0.23	%		0.22	%		0.22	%		0.22	%
Net expenses		0.20	%		0.20	%		0.20	%		0.20	%		0.19	%		0.19	%
Net investment income		1.80	%		1.11	%		0.36	%		0.08	%		0.01	%		0.02	%
Supplemental data
Net assets, end of period (000s omitted)		$1,644,094			$1,104,814			$749,052			$8,252,614			$9,397,113			$10,473,476

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

²  Amount is less than $0.005.

³  Amount is less than $0.00005.

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

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

Financial highlights Wells Fargo Heritage Money Market Fund 21

(For a share outstanding throughout each period)

	Six months ended July 31, 2018 (unaudited)			Year ended January 31
SELECT CLASS				2018			2017			20161			20151			20141
Net asset value, beginning of period		$1.0004			$1.0004			$1.0000			$1.00			$1.00			$1.00
Net investment income		0.0093			0.0116			0.0048			0.00	2		0.00	2		0.00	2
Net realized and unrealized gains (losses) on investments		0.0000	3		0.0000	3		0.0004			0.00	2		0.00	2		0.00	2
Total from investment operations		0.0093			0.0116			0.0052			0.00	2		0.00	2		0.00	2
Distributions to shareholders from
Net investment income		(0.0093	)		(0.0116	)		(0.0048	)		(0.00	)2		(0.00	)2		(0.00	)2
Net realized gains		0.0000			(0.0000	)3		0.0000			0.00			0.00			0.00
Total distributions to shareholders		(0.0093	)		(0.0116	)		(0.0048	)		(0.00	)2		(0.00	)2		(0.00	)2
Net asset value, end of period		$1.0004			$1.0004			$1.0004			$1.00			$1.00			$1.00
Total return4		0.93	%		1.16	%		0.52	%		0.15	%		0.07	%		0.09	%
Ratios to average net assets (annualized)
Gross expenses		0.21	%		0.24	%		0.19	%		0.18	%		0.18	%		0.18	%
Net expenses		0.13	%		0.12	%		0.13	%		0.13	%		0.13	%		0.13	%
Net investment income		1.86	%		1.19	%		0.43	%		0.16	%		0.07	%		0.08	%
Supplemental data
Net assets, end of period (000s omitted)		$5,991,794			$5,717,659			$3,386,093			$37,219,390			$35,247,440			$30,569,838

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

²  Amount is less than $0.005.

³  Amount is less than $0.00005.

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

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

22 Wells Fargo Heritage Money Market Fund Financial highlights

(For a share outstanding throughout each period)

	Six months ended July 31, 2018 (unaudited)			Year ended January 31
SERVICE CLASS				2018			2017			20161			20151			20141
Net asset value, beginning of period		$1.0003			$1.0003			$1.0000			$1.00			$1.00			$1.00
Net investment income		0.0078			0.0085			0.0016			0.00	2		0.00	2		0.00	2
Net realized and unrealized gains (losses) on investments		0.0000	3		0.0000	3		0.0005			0.00	2		0.00	2		0.00	2
Total from investment operations		0.0078			0.0085			0.0021			0.00	2		0.00	2		0.00	2
Distributions to shareholders from
Net investment income		(0.0078	)		(0.0085	)		(0.0018	)		(0.00	)2		(0.00	)2		(0.00	)2
Net realized gains		0.0000			(0.0000	)3		0.0000			0.00			0.00			0.00
Total distributions to shareholders		(0.0078	)		(0.0085	)		(0.0018	)		(0.00	)2		(0.00	)2		(0.00	)2
Net asset value, end of period		$1.0003			$1.0003			$1.0003			$1.00			$1.00			$1.00
Total return4		0.78	%		0.85	%		0.21	%		0.02	%		0.01	%		0.01	%
Ratios to average net assets (annualized)
Gross expenses		0.52	%		0.55	%		0.52	%		0.51	%		0.50	%		0.50	%
Net expenses		0.43	%		0.43	%		0.43	%		0.27	%		0.19	%		0.20	%
Net investment income		1.57	%		0.84	%		0.13	%		0.02	%		0.01	%		0.01	%
Supplemental data
Net assets, end of period (000s omitted)		$58,298			$61,415			$67,439			$898,288			$1,124,475			$1,064,804

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

²  Amount is less than $0.005.

³  Amount is less than $0.00005.

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

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

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

1. ORGANIZATION

Wells Fargo Funds Trust (the “Trust”), a Delaware statutory trust organized on March 10, 1999, is an open-end management investment company registered under the Investment Company Act of 1940, as amended (the “1940 Act”). As an investment company, the Trust follows the accounting and reporting guidance in Financial Accounting Standards Board Accounting Standards Codification Topic 946, Financial Services – Investment Companies. These financial statements report on the Wells Fargo Heritage Money Market Fund (the “Fund”) which is a diversified series of the Trust.

2. SIGNIFICANT ACCOUNTING POLICIES

The following significant accounting policies, which are consistently followed in the preparation of the financial statements of the Fund, are in conformity with U.S. generally accepted accounting principles which require management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.

Securities valuation

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

Investments which are not valued using any of the 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 subadvisers. Unobservable inputs used in determining fair valuations are identified based on the type of security, taking into consideration factors utilized by market participants in valuing the investment, knowledge about the issuer and the current market environment.

Repurchase agreements

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

When-issued transactions

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

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

Security transactions and income recognition

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

Interest income is accrued daily and bond discounts are accreted and premiums are amortized daily. 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 July 31, 2018, the aggregate cost of all investments for federal income tax purposes was $7,855,498,507 and the unrealized gains (losses) consisted of:

Gross unrealized gains	$	756,594
Gross unrealized losses		(31,601	)
Net unrealized gains	$	724,993

Class allocations

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

3. FAIR VALUATION MEASUREMENTS

Fair value measurements of investments are determined within a framework that has established a fair value hierarchy based upon the various data inputs utilized in determining the value of the Fund’s investments. The three-level hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). The Fund’s investments are classified within the fair value hierarchy based on the lowest level of input that is significant to the fair value measurement. The inputs are summarized into three broad levels as follows:

∎ Level 1 – quoted prices in active markets for identical securities

∎ Level 2 – other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)

∎ Level 3 – significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments)

The inputs or methodologies used for valuing investments in securities are not necessarily an indication of the risk associated with investing in those securities.

Notes to financial statements (unaudited) Wells Fargo Heritage Money Market Fund 25

The following is a summary of the inputs used in valuing the Fund’s assets and liabilities as of July 31, 2018:

	Quoted prices (Level 1)		Other significant observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total
Assets
Investments in:
Certificates of deposit	$	0	$	2,038,334,193	$	0	$	2,038,334,193
Asset-backed commercial paper		0		1,881,862,778		0		1,881,862,778
Financial company commercial paper		0		1,563,004,642		0		1,563,004,642
Other commercial paper		0		506,084,744		0		506,084,744
Other municipal debt		0		121,706,479		0		121,706,479
Variable rate demand notes		0		845,136,701		0		845,136,701
Other instruments		0		353,093,963		0		353,093,963
Repurchase agreements		0		547,000,000		0		547,000,000
Total assets	$	0	$	7,856,223,500	$	0	$	7,856,223,500

The Fund recognizes transfers between levels within the fair value hierarchy at the end of the reporting period. At July 31, 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 subadvisers and providing fund-level administrative services in connection with the Fund’s operations. As compensation for its services under the investment management agreement, Funds Management is entitled to receive an annual management fee starting at 0.15% and declining to 0.13% as the average daily net assets of the Fund increase. For the six months ended July 31, 2018, the management fee was equivalent to an annual rate of 0.15% of the Fund’s average daily net assets.

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

Administration fees

Under a class-level administration agreement, Funds Management provides class-level administrative services to the Fund, which includes paying fees and expenses for services provided by the transfer agent, sub-transfer agents, omnibus account servicers and record-keepers. As compensation for its services under the class-level administration agreement, Funds Management receives an annual fee which is calculated based on the average daily net assets of each class as follows:

	Class-level administration fee
Administrator Class		0.10	%
Institutional Class		0.08
Select Class		0.04
Service Class		0.12

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

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. When each class of the Fund has exceeded its expense cap, Funds Management has waived fees and/or reimbursed expenses from fund level expenses on a proportionate basis and then from class specific expenses; otherwise, waivers and/or reimbursements are applied against class specific expenses before fund level expenses. Funds Management has committed through May 31, 2019 to waive fees and/or reimburse expenses to the extent necessary to cap the Fund’s expenses at 0.35% for Administrator Class shares, 0.20% for Institutional Class shares, 0.13% for Select Class shares, and 0.43% for Service Class shares. After this time, the cap may be increased or the commitment to maintain the cap may be terminated only with the approval of the Board of Trustees. During the six months ended July 31, 2018, Funds Management voluntarily waived additional expenses beyond the contractual expense caps.

Shareholder servicing fees

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

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

Interfund transactions

The Fund may purchase or sell investment securities to other Wells Fargo affiliates pursuant to Rule 17a-7 of the 1940 Act and under procedures adopted by the Board of Trustees. The procedures have been designed to ensure that these interfund transactions, which do not incur broker commissions, are effected at current market prices.

5. INDEMNIFICATION

Under the Trust’s organizational documents, the officers and Trustees have been granted certain indemnification rights against certain liabilities that may arise out of performance of their duties to the Trust. Additionally, in the normal course of business, the Trust may enter into contracts with service providers that contain a variety of indemnification clauses. The Trust’s maximum exposure under these arrangements is dependent on future claims that may be made against the Fund and, therefore, cannot be estimated.

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

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

BOARD OF TRUSTEES AND OFFICERS

Each of the Trustees and Officers¹ listed in the table below acts in identical capacities for each fund in the Wells Fargo family of funds, which consists of 154 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 2009	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 Heritage Money Market 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, on the Board of Directors, Goverance Committee and Finance Committee for the Minnesota Philanthropy Partners (Saint Paul Foundation) from 2012 to 2018, Interim President and Chief Executive Officer of Blue Cross Blue shield of Minnesota of Minnesota from 2010 to 2011, Chairman of the Board from 2009 to 2011 and Board Director 003 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 the 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.

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

Officers

Name and year of birth	Position held and length of service	Principal occupations during past five years or longer
Andrew Owen (Born 1960)	President, since 2017	Executive Vice President of Wells Fargo & Company and Head of Affiliated Managers, Wells Fargo Asset Management, since 2014. In addition, Mr. Owen is currently President, Chief Executive Officer and Director of Wells Fargo Funds Management, LLC since 2017. Prior thereto, Executive Vice President responsible for marketing, investments and product development for Wells Fargo Funds Management, LLC, from 2009 to 2014.
Nancy Wiser1 (Born 1967)	Treasurer, since 2012	Executive Vice President of Wells Fargo Funds Management, LLC since 2011. Chief Operating Officer and Chief Compliance Officer at LightBox Capital Management LLC, from 2008 to 2011.
Alexander Kymn3 (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.
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 77 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.

³  Alexander Kymn became the Secretary and Chief Legal Officer effective April 17, 2018.

Other information (unaudited) Wells Fargo Heritage Money Market Fund 31

BOARD CONSIDERATION OF INVESTMENT MANAGEMENT AND SUB-ADVISORY AGREEMENTS:

Wells Fargo Heritage Money Market Fund

Under the Investment Company Act of 1940 (the “1940 Act”), the Board of Trustees (the “Board”) of Wells Fargo Funds Trust (the “Trust”) must determine annually whether to approve the continuation of the Trust’s investment management and sub-advisory agreements. In this regard, at an in-person meeting held on May 22-23, 2018 (the “Meeting”), the Board, all the members of which have no direct or indirect interest in the investment management and sub-advisory agreements and are not “interested persons” of the Trust, as defined in the 1940 Act (the “Independent Trustees”), reviewed and approved for Wells Fargo Heritage Money Market Fund (the “Fund”): (i) an investment management agreement (the “Management Agreement”) with Wells Fargo Funds Management, LLC (“Funds Management”); (ii) an investment sub-advisory agreement with Wells Capital Management Incorporated (“WellsCap”), an affiliate of Funds Management; and (iii) an investment sub-advisory agreement with Wells Fargo Bank, N.A. d/b/a Wells Capital Management Singapore (“WellsCap Singapore”), an affiliate of Funds Management. The sub-advisory agreements with WellsCap and WellsCap Singapore (the “Sub-Advisers”) are collectively referred to as the Sub-Advisory Agreements, and the Management Agreement and the Sub-Advisory Agreements are collectively referred to as the “Advisory Agreements.”

At the Meeting, the Board considered the factors and reached the conclusions described below relating to the selection of Funds Management and the Sub-Advisers and the approval of the Advisory Agreements. Prior to the Meeting, including at an in-person meeting in April 2018, the Trustees conferred extensively among themselves and with representatives of Funds Management about these matters. Also, the Board has adopted a team-based approach, with each team consisting of a sub-set of Trustees, to assist the full Board in the discharge of its duties in reviewing investment performance and other matters throughout the year. The Independent Trustees were assisted in their evaluation of the Advisory Agreements by independent legal counsel, from whom they received separate legal advice and with whom they met separately.

In providing information to the Board, Funds Management and the Sub-Advisers were guided by a detailed set of requests for information submitted to them by independent legal counsel on behalf of the Independent Trustees at the start of the Board’s annual contract renewal process earlier in 2018. In considering and approving the Advisory Agreements, the Trustees considered the information they believed relevant, including but not limited to the information discussed below. The Board considered not only the specific information presented in connection with the Meeting, but also the knowledge gained over time through interaction with Funds Management and the Sub-Advisers about various topics. In this regard, the Board reviewed reports of Funds Management at each of its quarterly meetings, which included, among other things, portfolio reviews and investment performance reports. In addition, the Board and the teams mentioned above confer with portfolio managers at various times throughout the year. The Board did not identify any particular information or consideration that was all-important or controlling, and each individual Trustee may have attributed different weights to various factors.

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

Nature, extent and quality of services

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

The Board evaluated the ability of Funds Management and the Sub-Advisers to attract and retain qualified investment professionals, including research, advisory and supervisory personnel. The Board further considered the compliance

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

programs and compliance records of Funds Management and the Sub-Advisers. In addition, the Board took into account the full range of services provided to the Fund by Funds Management and its affiliates.

Fund investment performance and expenses

The Board considered the investment performance results for the Fund over various time periods ended December 31, 2017. The Board considered these results in comparison to the investment performance of funds in a universe that was determined by Broadridge Inc. (“Broadridge”) to be similar to the Fund (the “Universe”), and to other comparative data. Broadridge is an independent provider of investment company data. The Board received a description of the methodology used by Broadridge to select the mutual funds in the investment performance Universe. The Board noted that the investment performance of the Fund (Administrator Class) was higher than, equal to, or in range of the average investment performance of the Universe for all periods under review.

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

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

Investment management and sub-advisory fee rates

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

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

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

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

Profitability

The Board received and considered information concerning the profitability of Funds Management, as well as the profitability of both WFAM and Wells Fargo & Co. (“Wells Fargo”) as a whole, from providing services to the Fund and the fund family as a whole. The Board noted that the Sub-Advisers’ profitability information with respect to providing services to the Fund was subsumed in the WFAM and Wells Fargo profitability analysis.

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

Other information (unaudited) Wells Fargo Heritage Money Market Fund 33

Economies of scale

The Board considered the extent to which Funds Management may experience economies of scale in the provision of management services, and the extent to which scale benefits, if any, would be shared with shareholders. In particular, the Board noted the existence of breakpoints in the Fund’s management fee structure, which operate generally to reduce the Fund’s expense ratios as the Fund grows in size. It considered that, for a small fund or a fund that shrinks in size, breakpoints conversely can result in higher fee levels. The Board also considered that in addition to management fee breakpoints, competitive management fee rates set at the outset without regard to breakpoints and fee waiver and expense reimbursement arrangements, as well as investments in the business intended to enhance services available to Fund shareholders, are means of sharing potential economies of scale with shareholders of the Fund.

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

Other benefits to Funds Management and the Sub-Advisers

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

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

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

Conclusion

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

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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 219967

Kansas City, MO 64121-9967

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 the trade name for certain investment advisory/management firms owned by Wells Fargo & Company. These firms include but are not limited to Wells Capital Management Incorporated and Wells Fargo Funds Management, LLC. Certain products managed by WFAM entities are distributed by Wells Fargo Funds Distributor, LLC (a broker/dealer and Member FINRA).

This material is for general informational and educational purposes only and is NOT intended to provide investment advice or a recommendation of any kind—including a recommendation for any specific investment, strategy, or plan.

NOT FDIC INSURED  ◾  NO BANK GUARANTEE  ◾   MAY LOSE VALUE

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

314808 09-18 SA304/SAR304 07-18

Semi-Annual Report

July 31, 2018

Institutional Money Market Funds

∎ Wells Fargo Municipal Cash Management Money Market Fund

Reduce clutter. Save trees.

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

Contents

Letter to shareholders	2
Performance highlights	6
Fund expenses	8
Portfolio of investments	9
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	21
Other information	24

The views expressed and any forward-looking statements are as of July 31, 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 Municipal Cash Management Money Market Fund Letter to shareholders (unaudited)

Andrew Owen

President

Wells Fargo Funds

Yields on money market funds benefited during the period.

During February 2018, the U.S. stock market endured a loss of more than 10% before recovering in March and April.

Dear Shareholder:

We are pleased to offer you this semi-annual report for the Wells Fargo Municipal Cash Management Money Market Fund for the six-month period that ended July 31, 2018. Yields on money market funds benefited during the period. As the U.S. Federal Reserve (the Fed) moved toward a more normalized monetary policy after an extended term of low interest rates following the global financial crisis during 2007 and 2008, its steady pace of interest rate increases helped raise yields on short-term money market instruments.

Globally, stock markets followed a less consistent path during the period. After advancing during the summer and fall of 2017 in a roughly synchronized way, economic growth and stock markets globally diverged during the first seven months of 2018. For fixed-income investors, higher U.S. interest rates, rising inflation, and intensifying global geopolitical tensions tended to restrain taxable bond prices while high-yield and municipal bond investors generally enjoyed positive returns.

For the period, U.S. stocks, as measured by the S&P 500 Index,¹ gained 0.70%, and international stocks, as measured by the MSCI ACWI ex USA Index (Net),² fell 6.66%. Emerging market stocks, as measured by the MSCI EM Index (Net),³ dropped 11.94%. In bond markets, the Bloomberg Barclays U.S. Aggregate Bond Index⁴ declined 0.45% while fixed-income investments outside the U.S. fell 4.57%, according to the Bloomberg Barclays Global Aggregate ex-USD Index.⁵ The Bloomberg Barclays Municipal Bond added 1.18%, and the ICE BofAML U.S. High Yield Index⁷ was up 0.55%.

Volatility reemerged during the first quarter of 2018 as economic signals were mixed.

The first quarter of 2018 began with stock market gains in January following U.S. tax reform that lowered rates for individuals and corporations and deregulation advanced in some economic sectors. Then, investor optimism was supplanted by several concerns. Trade tensions intensified, particularly between the U.S. and China. The U.S. threatened to impose tariffs on a broad range of imported products. Increasing interest rates and inflation also caused concern. During February 2018, the U.S. stock market endured a loss of more than 10% before recovering in March and April. The S&P 500 Index closed the first quarter with a negative return, the first negative quarterly return for the index since 2014.

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 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 market 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.

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 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 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.

⁷  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.

⁸  The Consumer Price Index For All Urban Consumers (CPI-U) measures the changes in the price of a basket of goods and services purchased by urban consumers. The urban consumer population is deemed by many as a better representative measure of the general public because most of the country’s population lives in highly populated areas, which represent close to 90% of the total population. You cannot invest directly in an index.

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

The Fed increased the federal funds rate by 25 basis points (bps; 100 bps equal 1.00%) in March 2018 and the rate of inflation reached the Fed’s 2% target for the first time in a year. The unemployment rate fell to 4.1%. The third revision of first-quarter gross domestic product (GDP) growth by the U.S. Bureau of Economic Analysis released during June 2018 was lowered to 2.0%.

Overseas, investment market returns reversed the strong returns of 2017. After having gained 27.19% for the 12-month period that ended on December 31, 2017, the MSCI ACWI ex USA Index (Net) fell 1.46% for the seven-month period that ended July 31, 2018. The U.S. dollar strengthened relative to local currencies, which served to restrain returns.

Global trade tensions escalated during the second quarter and into the third quarter of 2018.

Global trade tensions escalated as the second quarter of 2018 opened and equity markets fell in response before resuming upward momentum later in April. The U.S. government imposed tariffs on products and commodities imported from other markets in North America, Europe, and Asia. In retaliation, governments imposed tariffs on U.S. products and commodities. In addition, the U.S. pushed its North American neighbors to renegotiate the North American Free Trade Agreement, furthering trade tensions and investor uncertainty.

The CPI-U⁸ added 0.2% in May after a similar increase in April. On a year-over-year basis, the all-items index rose 2.8% for the 12 months that ended May 31, continuing its upward trend since the beginning of the year. The index for all items less food and energy rose 2.2% for the same 12-month period. Interest rates generally increased and the bond markets tended to decline.

During June 2018, the Fed increased the federal funds rate by 25 bps. Investment markets began to anticipate two more rate increases in 2018. Long-term interest rates in the U.S. trended higher—rates on the 10-year and 30-year Treasury bonds moved from 2.46% and 2.81%, respectively, on January 1, 2018, to 2.96% and 3.08%, respectively, on July 31, 2018. While higher at the end of the period, rates were off their peak levels on May 17, 2018, of 3.11% and 3.25%, respectively. Investors became more aware of and concerned about the potential for an inverted yield curve—sometimes a recession signal—as short-term rates increased more quickly than long-term rates.

The unemployment rate fell to 3.9% in July after ticking up slightly in June from May’s 3.8% level, according to the U.S. Department of Labor. The annualized rate of GDP growth for the second quarter of 2018 was reported in July to be 4.1%, the highest level since the third quarter of 2014, according to the U.S. Bureau of Economic Analysis.

Internationally, the prospects for a smooth U.K. Brexit agreement was cast into doubt as members of Prime Minister Theresa May’s negotiating team resigned. Despite the uncertainty, the period closed with expectations that the Bank of England’s Monetary Policy Committee in July would announce an increase in its key interest rate to 0.75%, which it did in early August.

Meanwhile, central banks in Europe and Japan maintained low interest rates and accommodative monetary policies. Amid rising trade uncertainty, People’s Bank of China monetary policies shifted with cuts to reserve requirement ratios and implementation of supportive measures such as accelerated infrastructure spending and tax cuts for small and medium enterprises and for individuals. Nevertheless, a strengthening U.S. dollar and the tensions associated with trade policies remained headwinds for investors overseas.

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

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

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

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

Sincerely,

Andrew Owen

President

Wells Fargo Funds

For further information about your Fund, contact your investment professional, visit our website at wellsfargofunds.com, or call us directly at 1-800-222-8222.

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

Investment objective

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

Manager

Wells Fargo Funds Management, LLC

Subadviser

Wells Capital Management Incorporated

Portfolio managers

James Randazzo

Jeffrey L. Weaver, CFA^®

Average annual total returns (%) as of July 31, 2018¹

								Expense ratios2 (%)
	Inception date	1 year		5 year		10 year		Gross		Net3
Administrator Class (WUCXX)	7-9-2010		0.96		0.34		0.35		0.41		0.30
Institutional Class (EMMXX)	11-20-1996		1.06		0.39		0.39		0.29		0.20
Service Class (EISXX)	11-25-1996		0.81		0.27		0.27		0.58		0.45

Yield summary (%) as of July 31, 2018³

	Administrator Class	Institutional Class		Service Class
7-day current yield	0.85		0.95		0.70
7-day compound yield	0.86		0.96		0.70
30-day simple yield	0.90		1.00		0.75
30-day compound yield	0.90		1.00		0.75

Figures quoted represent past performance, which is no guarantee of future results, and do not reflect taxes that a shareholder may pay on fund distributions or the redemption of fund shares. Investment returns will fluctuate. The Fund’s yield figures more closely reflect the current earnings of the Fund than the total return figures. Current performance may be lower or higher than the performance data quoted, which assumes the reinvestment of dividends and capital gains. Current month-end performance is available on the Fund’s website, wellsfargofunds.com.

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

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

Please see footnotes on page 7.

Performance highlights (unaudited) Wells Fargo Municipal Cash Management Money Market Fund 7

Revenue source distribution as of July 31, 2018⁴

Effective maturity distribution as of July 31, 2018⁴

Weighted average maturity as of July 31, 2018⁵

6 Days

Weighted average life as of July 31, 2018⁶

6 Days

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

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

³  The manager has contractually committed through May 31, 2019, 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 (if any), and extraordinary expenses are excluded from the expense cap. Without this cap, the Fund’s returns would have been lower. Without waived fees and/or reimbursed expenses, the Fund’s 7-day current yield would have been 0.70%, 0.82%, and 0.53% for Administrator Class, Institutional Class, and Service Class, respectively. 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  Amounts are calculated based on the total investments of the Fund. These amounts are subject to change and may have changed since the date specified.

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

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

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

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

The example is based on an investment of $1,000 invested at the beginning of the six-month period and held for the entire period from February 1, 2018 to July 31, 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. Therefore, the “Hypothetical” line of the table is useful in comparing ongoing costs only and will not help you determine the relative total costs of owning different funds.

	Beginning account value 2-1-2018		Ending account value 7-31-2018		Expenses paid during the period¹		Annualized net expense ratio
Administrator Class
Actual	$	1,000.00	$	1,005.56	$	1.52		0.30	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,023.69	$	1.53		0.30	%
Institutional Class
Actual	$	1,000.00	$	1,006.05	$	1.01		0.20	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,024.20	$	1.02		0.20	%
Service Class
Actual	$	1,000.00	$	1,004.81	$	2.27		0.45	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,022.94	$	2.29		0.45	%

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

Portfolio of investments—July 31, 2018 (unaudited) Wells Fargo Municipal Cash Management Money Market Fund 9

Security name	Interest rate			Maturity date		Principal		Value
Municipal Obligations: 88.93%
Arizona: 6.37%
Variable Rate Demand Notes ø: 6.37%
Arizona Tender Option Bond Trust Receipts/Certificates Series 2017-XM0563 (Miscellaneous Revenue, Royal Bank of Canada LIQ) 144A		1.01	%		7-1-2025	$	5,400,000	$	5,400,000
Maricopa County AZ IDA Solid Waste Disposal Series 2006 (Resource Recovery Revenue, Farm Credit Services America LOC)		1.05			8-1-2026		2,500,000		2,500,000
Pinal County AZ IDA Shamrock Farms Project (Resource Recovery Revenue, Farm Credit Services America LOC)		1.07			8-1-2022		3,700,000		3,700,000
Pinal County AZ IDA Solid Waste Disposal Feenstra Investments LLC Project Series 2002 (Resource Recovery Revenue, Farm Credit Services America LOC)		1.07			8-1-2027		1,250,000		1,250,000
									12,850,000
California: 3.74%
Variable Rate Demand Notes ø: 3.74%
California PCFA Solid Waste Milk Time Dairy Farms Project (Resource Recovery Revenue, Rabobank LOC)		1.07			11-1-2027		1,400,000		1,400,000
California Tender Option Bond Trust Receipts/Certificates Series 2018-ZM0642 (Airport Revenue, JPMorgan Chase & Company LIQ) 144A		1.14			5-1-2024		4,360,000		4,360,000
Modesto CA MFHR Live Oak Apartments Project (Housing Revenue, FNMA Insured, FNMA LIQ)		0.78			9-15-2024		1,775,000		1,775,000
									7,535,000
Colorado: 0.69%
Variable Rate Demand Notes ø: 0.69%
Arapahoe County CO Cottrell Printing Project (Industrial Development Revenue, U.S. Bank NA LOC)		1.09			10-1-2019		645,000		645,000
Town of Hudson CO Series A (Industrial Development Revenue, U.S. Bank NA LOC)		1.14			11-1-2020		735,000		735,000
									1,380,000
Florida: 3.55%
Variable Rate Demand Notes ø: 3.55%
Florida Tender Option Bond Trust Receipts/Certificates Series 2016-ZF0286 (Airport Revenue, AGC Insured, TD Bank NA LIQ) 144A		1.29			10-1-2038		6,655,000		6,655,000
Florida Tender Option Bond Trust Receipts/Certificates Series 2017-ZM0571 (Health Revenue, Morgan Stanley Bank LIQ) 144A		1.04			8-15-2047		500,000		500,000
									7,155,000
Illinois: 11.15%
Variable Rate Demand Notes ø: 11.15%
Chicago IL Enterprise Zone Gardner Gibson Project (Industrial Development Revenue, BMO Harris Bank NA LOC)		1.05			7-1-2033		1,780,000		1,780,000
Illinois Finance Authority Northwestern Memorial Hospital Series 2007A-3 (Health Revenue, JPMorgan Chase & Company SPA)		1.50			8-15-2042		4,000,000		4,000,000
Lake County IL Multi-Family Housing (Housing Revenue, FHLMC LIQ)		1.06			11-1-2034		5,035,000		5,035,000
Peoria County IL Caterpillar Incorporated Project (Industrial Development Revenue, Caterpillar Incorporated LOC)		1.16			2-1-2030		4,300,000		4,300,000
Southwestern IL Development Authority Solid Waste Disposal Center Ethanol Series B (Resource Recovery Revenue, Reliance Bank LOC)		1.07			1-1-2033		7,370,000		7,370,000
									22,485,000

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

10 Wells Fargo Municipal Cash Management Money Market Fund Portfolio of investments—July 31, 2018 (unaudited)

Security name	Interest rate			Maturity date		Principal		Value
Indiana: 3.98%
Variable Rate Demand Notes ø: 3.98%
Indiana Certificate of Participation Clipper Tax-Exempt Certificate Trust Series 2009-34 (Miscellaneous Revenue, State Street Bank & Trust Company LIQ)		0.98	%		7-1-2023	$	1,380,000	$	1,380,000
Indiana Finance Authority Duke Energy Indiana Incorporated Series 2009A-4 (Industrial Development Revenue, Sumitomo Mitsui Banking LOC)		1.45			12-1-2039		1,000,000		1,000,000
Jeffersonville IN Economic Development Eagle Steel Products Incorporated Project (Industrial Development Revenue, Bank of America NA LOC)		1.31			12-1-2027		3,015,000		3,015,000
Noblesville IN Greystone Apartments Project Series B (Housing Revenue, FHLB LOC)		1.00			3-1-2041		1,395,000		1,395,000
St. Joseph County IN Midcorr Land Development LLC Project (Industrial Development Revenue, PNC Bank NA LOC)		1.05			10-1-2023		1,230,000		1,230,000
									8,020,000
Iowa: 1.03%
Variable Rate Demand Note ø: 1.03%
Iowa Finance Authority John Maassen & Sons Project (Industrial Development Revenue, Farm Credit Services America LOC)		1.05			11-1-2035		2,075,000		2,075,000
Kansas: 0.44%
Variable Rate Demand Note ø: 0.44%
Nemaha County KS Midwest AG Services LLC Project (Industrial Development Revenue, CoBank ACB LOC)		1.07			11-1-2020		890,000		890,000
Kentucky: 0.62%
Variable Rate Demand Note ø: 0.62%
Jefferson County KY Industrial Building Dant Growth LLC Project Series 2002 (Industrial Development Revenue, Stock Yards Bank & Trust LOC)		1.05			9-1-2022		1,250,000		1,250,000
Louisiana: 1.98%
Variable Rate Demand Note ø: 1.98%
Louisiana Local Government Environmental Facilities CDA Honeywell International Incorporated Project (Industrial Development Revenue, Honeywell International Incorporated LOC)		1.11			12-1-2036		4,000,000		4,000,000
Michigan: 4.28%
Variable Rate Demand Notes ø: 4.28%
Michigan Strategic Fund Limited Obligation Series 1982 (Resource Recovery Revenue, Farm Credit Services America LOC)		1.05			6-1-2024		2,800,000		2,800,000
Michigan Tender Option Bond Trust Receipts/Certificates Series 2018-ZM0614 (Education Revenue, Morgan Stanley Bank LIQ) 144A		1.12			11-1-2028		5,835,000		5,835,000
									8,635,000
Minnesota: 0.37%
Variable Rate Demand Note ø: 0.37%
Forest Lake MN Kilkenny Court Apartments Project Series 2008 (Housing Revenue, FNMA LOC, FNMA LIQ)		1.03			8-15-2038		750,000		750,000

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

Portfolio of investments—July 31, 2018 (unaudited) Wells Fargo Municipal Cash Management Money Market Fund 11

Security name	Interest rate			Maturity date		Principal		Value
Mississippi: 2.63%
Variable Rate Demand Notes ø: 2.63%
Mississippi Business Finance Commission Gulf Opportunity Zone Chevron USA Incorporated Project Series E (Industrial Development Revenue)		1.52	%		12-1-2030	$	4,310,000	$	4,310,000
Mississippi Series A Clipper Tax Exempt Trust Receipts/Certificates Series 2009-60 (Miscellaneous Revenue, State Street Bank & Trust Company LIQ)		0.99			11-1-2018		1,000,000		1,000,000
									5,310,000
Missouri: 0.64%
Variable Rate Demand Note ø: 0.64%
St. Charles County MO IDA Kuenz Heating & Sheet Metal Series 2001 (Industrial Development Revenue, U.S. Bank NA LOC)		1.16			4-1-2026		1,290,000		1,290,000
Nebraska: 2.91%
Variable Rate Demand Note ø: 2.91%
Nebraska Tender Option Bond Trust Receipts/Certificates Series XM0184 (Airport Revenue, AGC Insured, Bank of America NA LIQ) 144A		1.09			10-1-2033		5,865,000		5,865,000
Nevada: 1.65%
Variable Rate Demand Note ø: 1.65%
Nevada Tender Option Bond Trust Receipts/Certificates Series 2018-ZM0634 (GO Revenue, Royal Bank of Canada LIQ) 144A		0.97			12-1-2025		3,330,000		3,330,000
New York: 10.71%
Variable Rate Demand Notes ø: 10.71%
New York Battery Park City Authority Refunding Bond Series 2013-C JPMorgan Chase PUTTER/DRIVER Trust Series 5012 (Miscellaneous Revenue, JPMorgan Chase & Company LOC, JPMorgan Chase & Company LIQ) 144A		1.54			11-1-2019		7,000,000		7,000,000
New York Homeowner Mortgage Agency Series 210 (Housing Revenue, Barclays Bank plc SPA)		1.00			10-1-2039		3,500,000		3,500,000
New York NY Transitional Finance Authority Future Tax Secured Tax-Exempt Bond Fiscal 2015 Subordinate Bonds Series A-3 (Tax Revenue, Mizuho Bank Limited SPA)		1.51			8-1-2043		6,100,000		6,100,000
Triborough Bridge and Tunnel Authority Series 2005B-3 (Transportation Revenue, State Street Bank & Trust Company LOC)		1.40			1-1-2032		5,000,000		5,000,000
									21,600,000
North Carolina: 0.77%
Variable Rate Demand Note ø: 0.77%
Rockingham County NC Industrial Facilities & PCFA Innofa USA Project Series 2007 (Industrial Development Revenue, Branch Banking & Trust LOC)		1.00			1-1-2027		1,550,000		1,550,000
North Dakota: 0.46%
Variable Rate Demand Note ø: 0.46%
Mandan ND IDA Cloverdale Foods Company Project (Industrial Development Revenue, BNC National Bank LOC)		1.14			12-1-2022		935,000		935,000
Ohio: 1.04%
Variable Rate Demand Note ø: 1.04%
Montgomery County OH Catholic Health Initiatives Series A (Health Revenue, Morgan Stanley Bank LIQ) 144A		1.16			5-1-2034		2,100,000		2,100,000

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

12 Wells Fargo Municipal Cash Management Money Market Fund Portfolio of investments—July 31, 2018 (unaudited)

Security name	Interest rate			Maturity date		Principal		Value
Oregon: 0.38%
Variable Rate Demand Note ø: 0.38%
Portland OR Portland International Airport Series 18-A (Airport Revenue, Bank of China LOC)		1.00	%		7-1-2026	$	755,000	$	755,000
Other: 3.95%
Variable Rate Demand Notes ø: 3.95%
Clipper Tax-Exempt Certificate Trust Series 2009-54 (Miscellaneous Revenue, State Street Bank & Trust Company LIQ)		0.99			2-15-2028		4,000,000		4,000,000
FHLMC MFHR Series M-031 Class A (Housing Revenue, FHLMC LIQ)		0.97			12-15-2045		2,135,000		2,135,000
FHLMC MFHR Series M-033 Class A (Housing Revenue, FHLMC LIQ)		0.97			3-15-2049		1,835,000		1,835,000
									7,970,000
Pennsylvania: 3.19%
Variable Rate Demand Notes ø: 3.19%
Allegheny County PA Hospital Development Authority Series E (Health Revenue, Royal Bank of Canada LOC, Royal Bank of Canada LIQ) 144A		1.50			4-1-2022		2,500,000		2,500,000
Pennsylvania EDFA Series D-7 (Industrial Development Revenue, PNC Bank NA LOC)		1.05			8-1-2022		500,000		500,000
Pennsylvania EDFA Series G-10 (Miscellaneous Revenue, PNC Bank NA LOC)		1.05			12-1-2025		2,000,000		2,000,000
Pennsylvania Tender Option Bond Trust Receipts/Certificates Series 2016-ZF0281 (Housing Revenue, TD Bank NA LIQ) 144A		1.00			10-1-2033		1,435,000		1,435,000
									6,435,000
Tennessee: 2.33%
Variable Rate Demand Note ø: 2.33%
Shelby County TN Health Educational & Housing Facilities Board Methodist Le Bonheur Series B (Health Revenue, AGM Insured, U.S. Bank NA SPA)		1.44			6-1-2042		4,700,000		4,700,000
Texas: 11.74%
Variable Rate Demand Notes ø: 11.74%
Brazos Harbor TX Industrial Development Corporation (Industrial Development Revenue, BASF SE LOC)		1.05			10-1-2036		5,000,000		5,000,000
Dallam County TX Industrial Development Corporation Dalhart Jersey Ranch Incorporated Series 2008 (Resource Recovery Revenue, CoBank ACB LOC)		1.05			8-1-2039		1,675,000		1,675,000
Dickinson TX Independent School District Unlimited Tax School House Refunding Bond Series 2000 (GO Revenue, Societe Generale LIQ)		1.54			2-15-2028		7,000,000		7,000,000
Port Arthur TX Navigation District Jefferson County Total Petrochemicals USA Incorporated Project Series 2003-C (Industrial Development Revenue, Total SA LOC)		1.00			4-1-2027		3,000,000		3,000,000
Port Corpus Christi TX Flint Hills Resources Project Series A (Resource Recovery Revenue, Flint Hills Resources LLC)		1.08			4-1-2028		7,000,000		7,000,000
									23,675,000
Virginia: 0.65%
Variable Rate Demand Note ø: 0.65%
Chesterfield County VA IDA Super Radiator Coils Project Series A (Industrial Development Revenue, Marshall & Ilsley Bank LOC)		1.00			4-1-2026		1,300,000		1,300,000

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

Portfolio of investments—July 31, 2018 (unaudited) Wells Fargo Municipal Cash Management Money Market Fund 13

Security name	Interest rate			Maturity date		Principal		Value
Washington: 3.03%
Variable Rate Demand Notes ø: 3.03%
Washington Finance Authority Smith Brothers Farms Incorporated Series 2001 (Industrial Development Revenue, Northwest Farm Credit LOC)		1.05	%		9-1-2021	$	3,300,000	$	3,300,000
Washington Housing Finance Commission Whisperwood Apartments Project Series A (Housing Revenue, FNMA LOC, FNMA LIQ)		1.00			5-15-2035		1,590,000		1,590,000
Yakima County WA Solid Waste Disposal George Deruyter & Son Project Series 2006 (Resource Recovery Revenue, Northwest Farm Credit LOC)		1.05			8-1-2026		1,215,000		1,215,000
									6,105,000
West Virginia: 1.34%
Variable Rate Demand Note ø: 1.34%
West Virginia EDA Collins Hardwood Company LLC (Industrial Development Revenue, American AgCredit LOC)		1.07			10-1-2031		2,700,000		2,700,000
Wisconsin: 3.31%
Variable Rate Demand Notes ø: 3.31%
Manitowoc WI CDA Regency House Project (Housing Revenue, Bank First National LOC)		1.16			11-1-2020		985,000		985,000
Sheboygan WI Vortex Liquid Color Project (Industrial Development Revenue, Bank First National LOC)		1.16			11-1-2020		680,000		680,000
Wisconsin Housing & EDA Home Ownership Series C (Housing Revenue, Royal Bank of Canada SPA)		0.95			3-1-2039		5,000,000		5,000,000
									6,665,000
Total Municipal Obligations (Cost $179,310,000)									179,310,000
Other: 8.28%
Nuveen California Dividend Advantage Municipal Fund Variable Rate Demand Preferred Shares Series 3 (Deutsche Bank LIQ) 144Aø		1.04			3-1-2040		3,000,000		3,000,000
Nuveen Quality Municipal Income Fund Variable Rate Demand Preferred Shares Series 1-2118 (Barclays Bank LIQ) 144Aø		1.09			5-1-2041		5,000,000		5,000,000
Western Asset Intermediate Municipal Fund Incorporated Variable Rate Demand Preferred Shares Series 1 (Citibank NA LIQ) 144Aø		1.09			2-25-2045		5,000,000		5,000,000
Western Asset Municipal Partners Incorporated Variable Rate Demand Preferred Shares Series 1 (Citibank NA LIQ) 144Aø		1.09			3-11-2045		3,700,000		3,700,000
Total Other (Cost $16,700,000)									16,700,000
Repurchase Agreements: 2.48%
Barclay’s Capital Incorporated, dated 7-31-2018, maturity value $5,000,265 ^^		1.91			8-1-2018		5,000,000		5,000,000
Total Repurchase Agreements (Cost $5,000,000)									5,000,000

Total investments in securities (Cost $201,010,000)	99.69	%		201,010,000
Other assets and liabilities, net	0.31			618,167
Total net assets	100.00	%	$	201,628,167

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

14 Wells Fargo Municipal Cash Management Money Market Fund Portfolio of investments—July 31, 2018 (unaudited)

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

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

^^ Collateralized by U.S. government securities, 0.00% to 6.00%, 11-8-2018 to 8-15-2047, fair value including accrued interest is $5,100,000.

Abbreviations:

AGC Assured Guaranty Corporation

AGM Assured Guaranty Municipal

CDA Community Development Authority

DRIVER Derivative inverse tax-exempt receipts

EDA Economic Development Authority

EDFA Economic Development Finance Authority

FHLB Federal Home Loan Bank

FHLMC Federal Home Loan Mortgage Corporation

FNMA Federal National Mortgage Association

GO General obligation

IDA Industrial Development Authority

LIQ Liquidity agreement

LOC Letter of credit

MFHR Multifamily housing revenue

PCFA Pollution Control Financing Authority

PUTTER Puttable tax-exempt receipts

SPA Standby purchase agreement

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

Statement of assets and liabilities—July 31, 2018 (unaudited) Wells Fargo Municipal Cash Management Money Market Fund 15

Assets
Investments in unaffiliated securities, at value (cost $201,010,000)	$	201,010,000
Cash		141,949
Receivable for investments sold		180,000
Receivable for interest		422,076
Prepaid expenses and other assets		55,773
Total assets		201,809,798
Liabilities
Shareholder report expenses payable		81,109
Custodian and accounting fees payable		25,726
Administration fees payable		17,684
Professional fees payable		15,757
Management fee payable		6,215
Payable for Fund shares redeemed		4,488
Dividends payable		4,058
Accrued expenses and other liabilities		26,594
Total liabilities		181,631
Total net assets	$	201,628,167
NET ASSETS CONSIST OF
Paid-in capital	$	201,501,125
Overdistributed net investment income		(75,241	)
Accumulated net realized gains on investments		202,283
Total net assets	$	201,628,167
COMPUTATION OF NET ASSET VALUE PER SHARE
Net assets – Administrator Class	$	6,270,611
Shares outstanding – Administrator Class1		6,264,276
Net asset value per share – Administrator Class		$1.0010
Net assets – Institutional Class	$	174,517,837
Shares outstanding – Institutional Class1		174,332,904
Net asset value per share – Institutional Class		$1.0011
Net assets – Service Class	$	20,839,719
Shares outstanding – Service Class1		20,818,308
Net asset value per share – Service Class		$1.0010

¹  The Fund has an unlimited number of authorized shares.

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

16 Wells Fargo Municipal Cash Management Money Market Fund Statement of operations—six months ended July 31, 2018 (unaudited)

Investment income
Interest	$	1,910,726
Expenses
Management fee		203,607
Administration fees
Administrator Class		2,239
Institutional Class		98,871
Service Class		11,892
Shareholder servicing fees
Administrator Class		2,239
Service Class		24,776
Custody and accounting fees		16,060
Professional fees		19,398
Registration fees		39,326
Shareholder report expenses		6,996
Trustees’ fees and expenses		9,468
Other fees and expenses		11,372
Total expenses		446,244
Less: Fee waivers and/or expense reimbursements		(147,753	)
Net expenses		298,491
Net investment income		1,612,235
Net realized gains on investments		1,463
Net increase in net assets resulting from operations	$	1,613,698

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

Statement of changes in net assets Wells Fargo Municipal Cash Management Money Market Fund 17

	Six months ended July 31, 2018 (unaudited)						Year ended January 31, 2018
Operations
Net investment income				$	1,612,235					$	2,669,470
Net realized gains on investments					1,463						200,819
Net change in unrealized gains (losses) on investments					0						(175	)
Net increase in net assets resulting from operations					1,613,698						2,870,114
Distributions to shareholders from
Net investment income
Administrator Class					(24,497	)					(22,145	)
Institutional Class					(1,492,026	)					(2,533,504	)
Service Class					(95,712	)					(113,982	)
Net realized gains
Administrator Class					0						(9	)
Institutional Class					0						(1,014	)
Service Class					0						(53	)
Total distributions to shareholders					(1,612,235	)					(2,670,707	)
Capital share transactions		Shares						Shares
Proceeds from shares sold
Administrator Class		2,997,003			3,000,000			0			0
Institutional Class		2,353,629,065			2,356,218,058			6,592,288,860			6,598,075,845
Service Class		5,512,007			5,517,518			5,397,387			5,401,673
					2,364,735,576						6,603,477,518
Reinvestment of distributions
Administrator Class		23,914			23,938			21,782			21,800
Institutional Class		1,481,388			1,483,018			2,498,994			2,501,356
Service Class		70,831			70,901			79,884			79,954
					1,577,857						2,603,110
Payment for shares redeemed
Institutional Class		(2,516,631,262	)		(2,519,399,556	)		(6,521,302,596	)		(6,527,059,643	)
Service Class		(4,099,790	)		(4,103,891	)		(10,091,953	)		(10,099,803	)
					(2,523,503,447	)					(6,537,159,446	)
Net increase (decrease) in net assets resulting from capital share transactions					(157,190,014	)					68,921,182
Total increase (decrease) in net assets					(157,188,551	)					69,120,589
Net assets
Beginning of period					358,816,718						289,696,129
End of period				$	201,628,167					$	358,816,718
Overdistributed net investment income				$	(75,241	)				$	(75,241	)

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

18 Wells Fargo Municipal Cash Management Money Market Fund Financial highlights

(For a share outstanding throughout each period)

	Six months ended July 31, 2018 (unaudited)			Year ended January 31
ADMINISTRATOR CLASS				2018			2017			20161			20151			20141
Net asset value, beginning of period		$1.0010			$1.0005			$1.0000			$1.00			$1.00			$1.00
Net investment income		0.0055			0.0069			0.0031			0.00	2		0.00	2		0.00	2
Net realized and unrealized gains (losses) on investments		0.0000	3		0.0005			0.0008			0.00	2		0.00	2		0.00	2
Total from investment operations		0.0055			0.0074			0.0039			0.00	2		0.00	2		0.00	2
Distributions to shareholders from
Net investment income		(0.0055	)		(0.0069	)		(0.0030	)		(0.00	)2		(0.00	)2		(0.00	)2
Net realized gains		0.0000			(0.0000	)3		(0.0004	)		(0.00	)2		(0.00	)2		(0.00	)2
Total distributions to shareholders		(0.0055	)		(0.0069	)		(0.0034	)		(0.00	)2		(0.00	)2		(0.00	)2
Net asset value, end of period		$1.0010			$1.0010			$1.0005			$1.00			$1.00			$1.00
Total return4		0.56	%		0.74	%		0.35	%		0.02	%		0.02	%		0.04	%
Ratios to average net assets (annualized)
Gross expenses		0.43	%		0.41	%		0.39	%		0.37	%		0.37	%		0.36	%
Net expenses		0.30	%		0.30	%		0.27	%		0.10	%		0.11	%		0.15	%
Net investment income		1.09	%		0.68	%		0.29	%		0.01	%		0.01	%		0.01	%
Supplemental data
Net assets, end of period (000s omitted)		$6,271			$3,247			$3,223			$3,537			$3,536			$3,536

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

²  Amount is less than $0.005.

³  Amount is less than $0.00005.

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

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

Financial highlights Wells Fargo Municipal Cash Management Money Market Fund 19

(For a share outstanding throughout each period)

	Six months ended July 31, 2018 (unaudited)			Year ended January 31
INSTITUTIONAL CLASS				2018			2017			20161			20151			20141
Net asset value, beginning of period		$1.0011			$1.0005			$1.0000			$1.00			$1.00			$1.00
Net investment income		0.0057			0.0080			0.0035			0.00	2		0.00	2		0.00	2
Net realized and unrealized gains (losses) on investments		0.0003			0.0005			0.0012			0.00	2		0.00	2		0.00	2
Total from investment operations		0.0060			0.0085			0.0047			0.00	2		0.00	2		0.00	2
Distributions to shareholders from
Net investment income		(0.0060	)		(0.0079	)		(0.0038	)		(0.00	)2		(0.00	)2		(0.00	)2
Net realized gains		0.0000			(0.0000	)3		(0.0004	)		(0.00	)2		(0.00	)2		(0.00	)2
Total distributions to shareholders		(0.0060	)		(0.0079	)		(0.0042	)		(0.00	)2		(0.00	)2		(0.00	)2
Net asset value, end of period		$1.0011			$1.0011			$1.0005			$1.00			$1.00			$1.00
Total return4		0.61	%		0.85	%		0.44	%		0.02	%		0.02	%		0.04	%
Ratios to average net assets (annualized)
Gross expenses		0.31	%		0.29	%		0.26	%		0.25	%		0.25	%		0.24	%
Net expenses		0.20	%		0.20	%		0.18	%		0.10	%		0.11	%		0.15	%
Net investment income		1.21	%		0.79	%		0.27	%		0.01	%		0.01	%		0.01	%
Supplemental data
Net assets, end of period (000s omitted)		$174,518			$336,215			$262,511			$953,036			$1,008,667			$1,104,686

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

²  Amount is less than $0.005.

³  Amount is less than $0.00005.

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

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

20 Wells Fargo Municipal Cash Management Money Market Fund Financial highlights

(For a share outstanding throughout each period)

	Six months ended July 31, 2018 (unaudited)			Year ended January 31
SERVICE CLASS				2018			2017			20161			20151			20141
Net asset value, beginning of period		$1.0010			$1.0005			$1.0000			$1.00			$1.00			$1.00
Net investment income		0.0046			0.0059			0.0037			0.00	2		0.00	2		0.00	2
Net realized and unrealized gains (losses) on investments		0.0002			0.0000	3		(0.0010	)		0.00	2		0.00	2		0.00	2
Total from investment operations		0.0048			0.0059			0.0027			0.00	2		0.00	2		0.00	2
Distributions to shareholders from
Net investment income		(0.0048	)		(0.0054	)		(0.0018	)		(0.00	)2		(0.00	)2		(0.00	)2
Net realized gains		0.0000			(0.0000	)3		(0.0004	)		(0.00	)2		(0.00	)2		(0.00	)2
Total distributions to shareholders		(0.0048	)		(0.0054	)		(0.0022	)		(0.00	)2		(0.00	)2		(0.00	)2
Net asset value, end of period		$1.0010			$1.0010			$1.0005			$1.00			$1.00			$1.00
Total return4		0.48	%		0.59	%		0.23	%		0.02	%		0.02	%		0.04	%
Ratios to average net assets (annualized)
Gross expenses		0.60	%		0.58	%		0.49	%		0.48	%		0.47	%		0.48	%
Net expenses		0.45	%		0.45	%		0.35	%		0.10	%		0.11	%		0.15	%
Net investment income		0.97	%		0.53	%		0.09	%		0.01	%		0.01	%		0.01	%
Supplemental data
Net assets, end of period (000s omitted)		$20,840			$19,355			$23,962			$108,484			$140,465			$175,358

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

²  Amount is less than $0.005.

³  Amount is less than $0.00005.

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

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

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

1. ORGANIZATION

Wells Fargo Funds Trust (the “Trust”), a Delaware statutory trust organized on March 10, 1999, is an open-end management investment company registered under the Investment Company Act of 1940, as amended (the “1940 Act”). As an investment company, the Trust follows the accounting and reporting guidance in Financial Accounting Standards Board Accounting Standards Codification Topic 946, Financial Services – Investment Companies. These financial statements report on the Wells Fargo Municipal Cash Management Money Market Fund (the “Fund”) which is a diversified series of the Trust.

2. SIGNIFICANT ACCOUNTING POLICIES

The following significant accounting policies, which are consistently followed in the preparation of the financial statements of the Fund, are in conformity with U.S. generally accepted accounting principles which require management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.

Securities valuation

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

Investments which are not valued using any of the methods discussed above are valued at their fair value, as determined in good faith by the Board of Trustees of the Fund. The Board of Trustees has established a Valuation Committee comprised of the Trustees and has delegated to it the authority to take any actions regarding the valuation of portfolio securities that the Valuation Committee deems necessary or appropriate, including determining the fair value of portfolio securities, unless the determination has been delegated to the 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.

Repurchase agreements

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

Security transactions and income recognition

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

Interest income is accrued daily and bond discounts are accreted and premiums are amortized daily. 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.

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

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 and tax-exempt income and any net realized capital gains (after reduction for capital loss carryforwards) sufficient to relieve it from all, or substantially all, federal income taxes. Accordingly, no provision for federal income taxes was required.

The Fund’s income and federal excise tax returns and all financial records supporting those returns for the prior three fiscal years are subject to examination by the federal and Delaware revenue authorities. Management has analyzed the Fund’s tax positions taken on federal, state, and foreign tax returns for all open tax years and does not believe that there are any uncertain tax positions that require recognition of a tax liability.

As of July 31, 2018, the cost of investments for federal income tax purposes is substantially the same as for financial reporting purposes.

Class allocations

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

3. FAIR VALUATION MEASUREMENTS

Fair value measurements of investments are determined within a framework that has established a fair value hierarchy based upon the various data inputs utilized in determining the value of the Fund’s investments. The three-level hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). The Fund’s investments are classified within the fair value hierarchy based on the lowest level of input that is significant to the fair value measurement. The inputs are summarized into three broad levels as follows:

∎ Level 1 – quoted prices in active markets for identical securities

∎ Level 2 – other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)

∎ Level 3 – significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments)

The inputs or methodologies used for valuing investments in securities are not necessarily an indication of the risk associated with investing in those securities.

The following is a summary of the inputs used in valuing the Fund’s assets and liabilities as of July 31, 2018:

	Quoted prices (Level 1)		Other significant observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total
Assets
Investments in:
Municipal obligations	$	0	$	179,310,000	$	0	$	179,310,000
Other		0		16,700,000		0		16,700,000
Repurchase agreements		0		5,000,000		0		5,000,000
Total assets	$	0	$	201,010,000	$	0	$	201,010,000

The Fund recognizes transfers between levels within the fair value hierarchy at the end of the reporting period. At July 31, 2018, the Fund did not have any transfers into/out of Level 1, Level 2, or Level 3.

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

4. TRANSACTIONS WITH AFFILIATES

Management fee

Funds Management, an indirect wholly owned subsidiary of Wells Fargo & Company (“Wells Fargo”), is the manager of the Fund and provides advisory and fund-level administrative services under an investment management agreement. Under the investment management agreement, Funds Management is responsible for, among other services, implementing the investment objectives and strategies of the Fund, supervising the subadviser and providing fund-level administrative services in connection with the Fund’s operations. As compensation for its services under the investment management agreement, Funds Management is entitled to receive an annual management fee starting at 0.15% and declining to 0.13% as the average daily net assets of the Fund increase. For the six months ended July 31, 2018, the management fee was equivalent to an annual rate of 0.15% of the Fund’s average daily net assets.

Funds Management has retained the services of a subadviser to provide daily portfolio management to the Fund. The fee for subadvisory services is borne by Funds Management. Wells Capital Management Incorporated, an affiliate of Funds Management and an indirect wholly owned subsidiary of Wells Fargo, is the subadviser to the Fund and is entitled to receive a fee from Funds Management at an annual rate starting at 0.05% and declining to 0.01% as the average daily net assets of the Fund increase.

Administration fees

Under a class-level administration agreement, Funds Management provides class-level administrative services to the Fund, which includes paying fees and expenses for services provided by the transfer agent, sub-transfer agents, omnibus account servicers and record-keepers. As compensation for its services under the class-level administration agreement, Funds Management receives an annual fee which is calculated based on the average daily net assets of each class as follows:

	Class-level administration fee
Administrator Class		0.10	%
Institutional Class		0.08
Service Class		0.12

Funds Management has contractually waived and/or reimbursed management and administration fees to the extent necessary to maintain certain net operating expense ratios for the Fund. When each class of the Fund has exceeded its expense cap, Funds Management has waived fees and/or reimbursed expenses from fund level expenses on a proportionate basis and then from class specific expenses; otherwise, waivers and/or reimbursements are applied against class specific expenses before fund level expenses. Funds Management has committed through May 31, 2019 to waive fees and/or reimburse expenses to the extent necessary to cap the Fund’s expenses at 0.30% for Administrator Class shares, 0.20% for Institutional Class shares and 0.45% for Service Class shares. After this time, the cap may be increased or the commitment to maintain the cap may be terminated only with the approval of the Board of Trustees.

Shareholder servicing fees

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

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

Interfund transactions

The Fund may purchase or sell 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 $500,170,000 and $661,635,000 in interfund purchases and sales, respectively, during the six months ended July 31, 2018.

5. INDEMNIFICATION

Under the Trust’s organizational documents, the officers and Trustees have been granted certain indemnification rights against certain liabilities that may arise out of performance of their duties to the Trust. Additionally, in the normal course of business, the Trust may enter into contracts with service providers that contain a variety of indemnification clauses. The Trust’s maximum exposure under these arrangements is dependent on future claims that may be made against the Fund and, therefore, cannot be estimated.

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

PROXY VOTING INFORMATION

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

PORTFOLIO HOLDINGS INFORMATION

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

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

BOARD OF TRUSTEES AND OFFICERS

Each of the Trustees and Officers¹ listed in the table below acts in identical capacities for each fund in the Wells Fargo family of funds, which consists of 154 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 2009	Retired. Prior thereto, Chief Executive Officer and Chief Investment Officer of Minneapolis Employees Retirement Fund from 1996 to 2008. Ms. Johnson is an attorney, certified public accountant and a certified managerial accountant.	Asset Allocation Trust
David F. Larcker (Born 1950)	Trustee, since 2009	James Irvin Miller Professor of Accounting at the Graduate School of Business, Stanford University, Director of the Corporate Governance Research Initiative and Senior Faculty of The Rock Center for Corporate Governance since 2006. From 2005 to 2008, Professor of Accounting at the Graduate School of Business, Stanford University. Prior thereto, Ernst & Young Professor of Accounting at The Wharton School, University of Pennsylvania from 1985 to 2005.	Asset Allocation Trust

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

Name and year of birth	Position held and length of service*	Principal occupations during past five years or longer	Current other public company or investment company directorships
Olivia S. Mitchell (Born 1953)	Trustee, since 2006; 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, on the Board of Directors, Goverance Committee and Finance Committee for the Minnesota Philanthropy Partners (Saint Paul Foundation) from 2012 to 2018, Interim President and Chief Executive Officer of Blue Cross Blue shield of Minnesota of Minnesota from 2010 to 2011, Chairman of the Board from 2009 to 2011 and Board Director 003 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 the 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.

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

Officers

Name and year of birth	Position held and length of service	Principal occupations during past five years or longer
Andrew Owen (Born 1960)	President, since 2017	Executive Vice President of Wells Fargo & Company and Head of Affiliated Managers, Wells Fargo Asset Management, since 2014. In addition, Mr. Owen is currently President, Chief Executive Officer and Director of Wells Fargo Funds Management, LLC since 2017. Prior thereto, Executive Vice President responsible for marketing, investments and product development for Wells Fargo Funds Management, LLC, from 2009 to 2014.
Nancy Wiser1 (Born 1967)	Treasurer, since 2012	Executive Vice President of Wells Fargo Funds Management, LLC since 2011. Chief Operating Officer and Chief Compliance Officer at LightBox Capital Management LLC, from 2008 to 2011.
Alexander Kymn3 (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.
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 77 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.

³  Alexander Kymn became the Secretary and Chief Legal Officer effective April 17, 2018.

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

BOARD CONSIDERATION OF INVESTMENT MANAGEMENT AND SUB-ADVISORY AGREEMENTS:

Wells Fargo Municipal Cash Management Money Market Fund

Under the Investment Company Act of 1940 (the “1940 Act”), the Board of Trustees (the “Board”) of Wells Fargo Funds Trust (the “Trust”) must determine annually whether to approve the continuation of the Trust’s investment management and sub-advisory agreements. In this regard, at an in-person meeting held on May 22-23, 2018 (the “Meeting”), the Board, all the members of which have no direct or indirect interest in the investment management and sub-advisory agreements and are not “interested persons” of the Trust, as defined in the 1940 Act (the “Independent Trustees”), reviewed and approved for Wells Fargo Municipal Cash Management Money Market Fund (the “Fund”): (i) an investment management agreement (the “Management Agreement”) with Wells Fargo Funds Management, LLC (“Funds Management”); and (ii) an investment sub-advisory agreement (the “Sub-Advisory Agreement”) with Wells Capital Management Incorporated (the “Sub-Adviser”), an affiliate of Funds Management. The Management Agreement and the Sub-Advisory Agreement are collectively referred to as the “Advisory Agreements.”

At the Meeting, the Board considered the factors and reached the conclusions described below relating to the selection of Funds Management and the Sub-Adviser and the approval of the Advisory Agreements. Prior to the Meeting, including at an in-person meeting in April 2018, the Trustees conferred extensively among themselves and with representatives of Funds Management about these matters. Also, the Board has adopted a team-based approach, with each team consisting of a sub-set of Trustees, to assist the full Board in the discharge of its duties in reviewing investment performance and other matters throughout the year. The Independent Trustees were assisted in their evaluation of the Advisory Agreements by independent legal counsel, from whom they received separate legal advice and with whom they met separately.

In providing information to the Board, Funds Management and the Sub-Adviser were guided by a detailed set of requests for information submitted to them by independent legal counsel on behalf of the Independent Trustees at the start of the Board’s annual contract renewal process earlier in 2018. In considering and approving the Advisory Agreements, the Trustees considered the information they believed relevant, including but not limited to the information discussed below. The Board considered not only the specific information presented in connection with the Meeting, but also the knowledge gained over time through interaction with Funds Management and the Sub-Adviser about various topics. In this regard, the Board reviewed reports of Funds Management at each of its quarterly meetings, which included, among other things, portfolio reviews and investment performance reports. In addition, the Board and the teams mentioned above confer with portfolio managers at various times throughout the year. The Board did not identify any particular information or consideration that was all-important or controlling, and each individual Trustee may have attributed different weights to various factors.

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

Nature, extent and quality of services

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

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

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

Fund investment performance and expenses

The Board considered the investment performance results for the Fund over various time periods ended December 31, 2017. The Board considered these results in comparison to the investment performance of funds in a universe that was determined by Broadridge Inc. (“Broadridge”) to be similar to the Fund (the “Universe”) and to other comparative data. Broadridge is an independent provider of investment company data. The Board received a description of the methodology used by Broadridge to select the mutual funds in the performance Universe. The Board noted that the investment performance of the Fund (Institutional Class) was higher than the average investment performance of the Universe for all periods under review.

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

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

Investment management and sub-advisory fee rates

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

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

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

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

Profitability

The Board received and considered information concerning the profitability of Funds Management, as well as the profitability of both WFAM and Wells Fargo & Co. (“Wells Fargo”) as a whole, from providing services to the Fund and the fund family as a whole. The Board noted that the Sub-Adviser’s profitability information with respect to providing services to the Fund was subsumed in the WFAM and Wells Fargo profitability analysis.

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

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

Economies of scale

The Board considered the extent to which Funds Management may experience economies of scale in the provision of management services, and the extent to which scale benefits, if any, would be shared with shareholders. In particular, the Board noted the existence of breakpoints in the Fund’s management fee structure, which operate generally to reduce the Fund’s expense ratios as the Fund grows in size. It considered that, for a small fund or a fund that shrinks in size, breakpoints conversely can result in higher fee levels. The Board also considered that in addition to management fee breakpoints, competitive management fee rates set at the outset without regard to breakpoints and fee waiver and expense reimbursement arrangements, as well as investments in the business intended to enhance services available to Fund shareholders, are means of sharing potential economies of scale with shareholders of the Fund.

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

Other benefits to Funds Management and the Sub-Adviser

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

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

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

Conclusion

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

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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 219967

Kansas City, MO 64121-9967

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 the trade name for certain investment advisory/management firms owned by Wells Fargo & Company. These firms include but are not limited to Wells Capital Management Incorporated and Wells Fargo Funds Management, LLC. Certain products managed by WFAM entities are distributed by Wells Fargo Funds Distributor, LLC (a broker/dealer and Member FINRA).

This material is for general informational and educational purposes only and is NOT intended to provide investment advice or a recommendation of any kind—including a recommendation for any specific investment, strategy, or plan.

NOT FDIC INSURED  ◾  NO BANK GUARANTEE  ◾   MAY LOSE VALUE

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

314809 09-18 SA307/SAR307 07-18

Semi-Annual Report

July 31, 2018

Government Money Market Funds

∎ Wells Fargo Government Money Market Fund

Reduce clutter. Save trees.

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

Contents

Letter to shareholders	2
Performance highlights	6
Fund expenses	8
Portfolio of investments	9
Financial statements
Statement of assets and liabilities	19
Statement of operations	20
Statement of changes in net assets	21
Financial highlights	22
Notes to financial statements	28
Other information	32

The views expressed and any forward-looking statements are as of July 31, 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 Money Market Fund Letter to shareholders (unaudited)

Andrew Owen

President

Wells Fargo Funds

Yields on money market funds benefited during the period.

During February 2018, the U.S. stock market endured a loss of more than 10% before recovering in March and April.

Dear Shareholder:

We are pleased to offer you this semi-annual report for the Wells Fargo Government Money Market Fund for the six-month period that ended July 31, 2018. Yields on money market funds benefited during the period. As the U.S. Federal Reserve (the Fed) moved toward a more normalized monetary policy after an extended term of low interest rates following the global financial crisis during 2007 and 2008, its steady pace of interest rate increases helped raise yields on short-term money market instruments.

Globally, stock markets followed a less consistent path during the period. After advancing during the summer and fall of 2017 in a roughly synchronized way, economic growth and stock markets globally diverged during the first seven months of 2018. For fixed-income investors, higher U.S. interest rates, rising inflation, and intensifying global geopolitical tensions tended to restrain taxable bond prices while high-yield and municipal bond investors generally enjoyed positive returns.

For the period, U.S. stocks, as measured by the S&P 500 Index,¹ gained 0.70%, and international stocks, as measured by the MSCI ACWI ex USA Index (Net),² fell 6.66%. Emerging market stocks, as measured by the MSCI EM Index (Net),³ dropped 11.94%. In bond markets, the Bloomberg Barclays U.S. Aggregate Bond Index⁴ declined 0.45% while fixed-income investments outside the U.S. fell 4.57%, according to the Bloomberg Barclays Global Aggregate ex-USD Index.⁵ The Bloomberg Barclays Municipal Bond Index⁶ added 1.18%, and the ICE BofAML U.S. High Yield Index⁷ was up 0.55%.

Volatility reemerged during the first quarter of 2018 as economic signals were mixed.

The first quarter of 2018 began with stock market gains in January following U.S. tax reform that lowered rates for individuals and corporations and deregulation advanced in some economic sectors. Then, investor optimism was supplanted by several concerns. Trade tensions intensified, particularly between the U.S. and China. The U.S. threatened to impose tariffs on a broad range of imported products. Increasing interest rates and inflation also caused concern. During February 2018, the U.S. stock market endured a loss of more than 10% before recovering in March and April. The S&P 500 Index closed the first quarter with a negative return, the first negative quarterly return for the index since 2014.

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 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 market 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.

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 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 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.

⁷  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.

⁸  The Consumer Price Index For All Urban Consumers (CPI-U) measures the changes in the price of a basket of goods and services purchased by urban consumers. The urban consumer population is deemed by many as a better representative measure of the general public because most of the country’s population lives in highly populated areas, which represent close to 90% of the total population. You cannot invest directly in an index.

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

The Fed increased the federal funds rate by 25 basis points (bps; 100 bps equal 1.00%) in March 2018 and the rate of inflation reached the Fed’s 2% target for the first time in a year. The unemployment rate fell to 4.1%. The third revision of first-quarter gross domestic product (GDP) growth by the U.S. Bureau of Economic Analysis released during June 2018 was lowered to 2.0%.

Overseas, investment market returns reversed the strong returns of 2017. After having gained 27.19% for the 12-month period that ended on December 31, 2017, the MSCI ACWI ex USA Index (Net) fell 1.46% for the seven-month period that ended July 31, 2018. The U.S. dollar strengthened relative to local currencies, which served to restrain returns.

Global trade tensions escalated during the second quarter and into the third quarter of 2018.

Global trade tensions escalated as the second quarter of 2018 opened and equity markets fell in response before resuming upward momentum later in April. The U.S. government imposed tariffs on products and commodities imported from other markets in North America, Europe, and Asia. In retaliation, governments imposed tariffs on U.S. products and commodities. In addition, the U.S. pushed its North American neighbors to renegotiate the North American Free Trade Agreement, furthering trade tensions and investor uncertainty.

The CPI-U⁸ added 0.2% in May after a similar increase in April. On a year-over-year basis, the all-items index rose 2.8% for the 12 months that ended May 31, continuing its upward trend since the beginning of the year. The index for all items less food and energy rose 2.2% for the same 12-month period. Interest rates generally increased and the bond markets tended to decline.

During June 2018, the Fed increased the federal funds rate by 25 bps. Investment markets began to anticipate two more rate increases in 2018. Long-term interest rates in the U.S. trended higher—rates on the 10-year and 30-year Treasury bonds moved from 2.46% and 2.81%, respectively, on January 1, 2018, to 2.96% and 3.08%, respectively, on July 31, 2018. While higher at the end of the period, rates were off their peak levels on May 17, 2018, of 3.11% and 3.25%, respectively. Investors became more aware of and concerned about the potential for an inverted yield curve—sometimes a recession signal—as short-term rates increased more quickly than long-term rates.

The unemployment rate fell to 3.9% in July after ticking up slightly in June from May’s 3.8% level, according to the U.S. Department of Labor. The annualized rate of GDP growth for the second quarter of 2018 was reported in July to be 4.1%, the highest level since the third quarter of 2014, according to the U.S. Bureau of Economic Analysis.

Internationally, the prospects for a smooth U.K. Brexit agreement was cast into doubt as members of Prime Minister Theresa May’s negotiating team resigned. Despite the uncertainty, the period closed with expectations that the Bank of England’s Monetary Policy Committee in July would announce an increase in its key interest rate to 0.75%, which it did in early August.

Meanwhile, central banks in Europe and Japan maintained low interest rates and accommodative monetary policies. Amid rising trade uncertainty, People’s Bank of China monetary policies shifted with cuts to reserve requirement ratios and implementation of supportive measures such as accelerated infrastructure spending and tax cuts for small and medium enterprises and for individuals. Nevertheless, a strengthening U.S. dollar and the tensions associated with trade policies remained headwinds for investors overseas.

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

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

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

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

Sincerely,

Andrew Owen

President

Wells Fargo Funds

For further information about your Fund, contact your investment professional, visit our website at wellsfargofunds.com, or call us directly at 1-800-222-8222.

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

Investment objective

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

Manager

Wells Fargo Funds Management, LLC

Subadviser

Wells Capital Management Incorporated

Portfolio managers

Michael C. Bird, CFA^®

Jeffrey L. Weaver, CFA^®

Laurie White

Average annual total returns (%) as of July 31, 2018¹

								Expense ratios2 (%)
	Inception date	1 year		5 year		10 year		Gross		Net3
Class A (WFGXX)	11-8-1999		0.83		0.19		0.15		0.61		0.60
Administrator Class (WGAXX)	7-31-2003		1.10		0.29		0.21		0.34		0.34
Institutional Class (GVIXX)	7-28-2003		1.24		0.36		0.27		0.22		0.20
Select Class (WFFXX)	6-30-2015		1.30		0.40		0.28		0.18		0.14
Service Class (NWGXX)	11-16-1987		0.94		0.23		0.17		0.51		0.50
Sweep Class	6-30-2010		0.67		0.15		0.13		0.77		0.77

Yield summary (%) as of July 31, 2018³

	Class A	Administrator Class		Institutional Class		Select Class		Service Class		Sweep Class
7-day current yield	1.37		1.63		1.77		1.83		1.47		1.20
7-day compound yield	1.38		1.64		1.78		1.84		1.48		1.21
30-day simple yield	1.37		1.63		1.77		1.83		1.47		1.20
30-day compound yield	1.38		1.65		1.78		1.85		1.48		1.21

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 returns will fluctuate. The Fund’s yield figures more closely reflect the current earnings of the Fund than the total return figures. Current performance may be lower or higher than the performance data quoted, which assumes the reinvestment of dividends and capital gains. Current month-end performance is available on the Fund’s website, wellsfargofunds.com.

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

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

Please see footnotes on page 7.

Performance highlights (unaudited) Wells Fargo Government Money Market Fund 7

Portfolio composition as of July 31, 2018⁴

Effective maturity distribution as of July 31, 2018⁴

Weighted average maturity as of July 31, 2018⁵

22 days

Weighted average life as of July 31, 2018⁶

93 days

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

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

³  The manager has contractually committed through May 31, 2019, 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 0.60% for Class A, 0.35% for Administrator Class, 0.20% for Institutional Class, 0.14% for Select Class, 0.50% for Service Class, and 0.77% for Sweep Class. After this time, the cap may be increased or the commitment to maintain the cap may be terminated only with the approval of the Board of Trustees. Brokerage commissions, stamp duty fees, interest, taxes, acquired fund fees and expenses (if any), and extraordinary expenses are excluded from the expense cap. Without this cap, the Fund’s returns would have been lower. Without waived fees and/or reimbursed expenses, the Fund’s 7-day current yield would have been 1.36%, 1.63%, 1.75%, 1.79%, 1.46%, and 1.20% for Class A, Administrator Class, Institutional Class, Select Class, Service Class, and Sweep Class, respectively. The expense ratio paid by an investor is the net expense ratio (the total annual fund operating expenses after fee waivers) as stated in the prospectuses.

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

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

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

8 Wells Fargo Government Money Market Fund Fund expenses (unaudited)

As a shareholder of the Fund, you incur ongoing costs, including management fees, distribution (12b-1) and/or shareholder servicing fees, and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The example is based on an investment of $1,000 invested at the beginning of the six-month period and held for the entire period from February 1, 2018 to July 31, 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. Therefore, the “Hypothetical” line of the table is useful in comparing ongoing costs only and will not help you determine the relative total costs of owning different funds.

	Beginning account value 2-1-2018		Ending account value 7-31-2018		Expenses paid during the period¹		Annualized net expense ratio
Class A
Actual	$	1,000.00	$	1,005.55	$	3.03		0.60	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,022.18	$	3.06		0.60	%
Administrator Class
Actual	$	1,000.00	$	1,006.89	$	1.72		0.34	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,023.49	$	1.73		0.34	%
Institutional Class
Actual	$	1,000.00	$	1,007.57	$	1.01		0.20	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,024.20	$	1.02		0.20	%
Select Class
Actual	$	1,000.00	$	1,007.87	$	0.71		0.14	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,024.50	$	0.71		0.14	%
Service Class
Actual	$	1,000.00	$	1,006.07	$	2.53		0.50	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,022.68	$	2.55		0.50	%
Sweep Class
Actual	$	1,000.00	$	1,004.74	$	3.89		0.77	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.32	$	3.92		0.77	%

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

Portfolio of investments—July 31, 2018 (unaudited) Wells Fargo Government Money Market Fund 9

Security name	Interest rate			Maturity date		Principal		Value
Government Agency Debt: 39.89%
FFCB		0.93	%		9-6-2018	$	15,000,000	$	14,989,586
FFCB (z)		1.60			8-2-2018		100,000,000		99,995,611
FFCB (z)		1.61			8-6-2018		100,000,000		99,977,917
FFCB (z)		1.62			8-21-2018		20,000,000		19,982,222
FFCB (z)		1.64			8-17-2018		15,000,000		14,989,200
FFCB (z)		1.65			8-22-2018		100,000,000		99,904,917
FFCB (z)		1.68			9-7-2018		50,000,000		49,914,438
FFCB (z)		1.69			9-26-2018		100,000,000		99,740,222
FFCB (z)		1.87			12-17-2018		10,000,000		9,929,467
FFCB (z)		1.89			9-27-2018		17,000,000		16,949,666
FFCB (1 Month LIBOR -0.14%) ±		1.93			8-24-2018		300,000,000		299,999,427
FFCB (1 Month LIBOR -0.14%) ±		1.94			6-13-2019		88,000,000		87,912,131
FFCB (1 Month LIBOR -0.13%) ±		1.94			8-15-2018		50,000,000		49,999,865
FFCB (1 Month LIBOR -0.15%) ±		1.95			1-4-2019		200,000,000		199,998,282
FFCB (1 Month LIBOR -0.10%) ±		1.97			7-25-2019		250,000,000		249,990,141
FFCB (1 Month LIBOR -0.10%) ±		1.97			8-15-2019		118,000,000		117,990,747
FFCB (1 Month LIBOR -0.08%) ±		1.98			10-25-2019		208,000,000		207,995,985
FFCB (1 Month LIBOR -0.08%) ±		1.99			11-12-2019		100,000,000		100,000,213
FFCB (1 Month LIBOR -0.10%) ±		1.99			7-19-2019		145,000,000		144,992,878
FFCB (1 Month LIBOR -0.08%) ±		1.99			7-15-2019		200,000,000		199,990,435
FFCB (1 Month LIBOR -0.09%) ±		1.99			8-19-2019		200,000,000		199,989,334
FFCB (1 Month LIBOR -0.10%) ±		1.99			12-2-2019		37,000,000		36,986,251
FFCB (1 Month LIBOR -0.08%) ±		2.00			4-29-2019		100,000,000		99,996,967
FFCB (1 Month LIBOR -0.08%) ±		2.00			1-30-2020		75,000,000		74,991,110
FFCB (1 Month LIBOR -0.10%) ±		2.00			10-8-2019		116,500,000		116,467,605
FFCB (z)		2.00			10-23-2018		75,000,000		74,655,896
FFCB (1 Month LIBOR -0.08%) ±		2.00			9-23-2019		150,000,000		149,999,239
FFCB (1 Month LIBOR -0.07%) ±		2.00			9-12-2019		100,000,000		99,994,414
FFCB (1 Month LIBOR -0.08%) ±		2.01			6-10-2019		200,000,000		199,983,150
FFCB (1 Month LIBOR -0.08%) ±		2.01			11-20-2019		150,000,000		149,960,241
FFCB (1 Month LIBOR -0.07%) ±		2.01			4-18-2019		150,000,000		150,011,711
FFCB (1 Month LIBOR -0.08%) ±		2.01			6-5-2019		35,000,000		34,998,537
FFCB (1 Month LIBOR -0.08%) ±		2.01			7-10-2019		147,200,000		147,200,000
FFCB (z)		2.01			10-29-2018		50,000,000		49,752,778
FFCB (1 Month LIBOR -0.05%) ±		2.02			3-12-2020		250,000,000		249,987,934
FFCB (1 Month LIBOR -0.06%) ±		2.02			2-27-2020		48,500,000		48,496,951
FFCB (1 Month LIBOR -0.05%) ±		2.03			5-14-2020		300,000,000		299,978,701
FFCB (U.S. Treasury 3 Month Bill Money Market Yield +0.05%) ±		2.06			3-23-2020		200,000,000		199,986,913
FFCB (U.S. Treasury 3 Month Bill Money Market Yield +0.05%) ±		2.06			6-18-2020		100,000,000		99,991,542
FFCB (U.S. Treasury 3 Month Bill Money Market Yield +0.05%) ±		2.06			4-16-2020		350,000,000		349,976,215
FFCB (1 Month LIBOR -0.03%) ±		2.07			4-9-2020		250,000,000		249,978,983
FFCB (U.S. Treasury 3 Month Bill Money Market Yield +0.07%) ±		2.08			5-15-2020		225,000,000		225,006,264
FFCB (U.S. Treasury 3 Month Bill Money Market Yield +0.09%) ±		2.10			3-26-2020		100,000,000		99,995,084
FFCB (1 Month LIBOR +0.02%) ±		2.11			10-3-2018		75,000,000		75,000,698
FFCB (1 Month LIBOR +0.03%) ±		2.11			8-22-2018		250,000,000		249,999,396
FFCB (3 Month LIBOR -0.20%) ±		2.12			3-6-2020		75,000,000		74,995,244
FFCB (1 Month LIBOR +0.05%) ±		2.12			11-15-2018		250,000,000		249,998,539
FFCB (1 Month LIBOR +0.05%) ±		2.13			1-27-2020		158,500,000		158,759,234
FFCB (3 Month LIBOR -0.21%) ±		2.13			8-15-2018		25,000,000		24,999,913
FFCB (1 Month LIBOR +0.07%) ±		2.14			11-29-2018		100,000,000		99,998,345

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

10 Wells Fargo Government Money Market Fund Portfolio of investments—July 31, 2018 (unaudited)

Security name	Interest rate			Maturity date		Principal		Value
Government Agency Debt (continued)
FFCB (3 Month LIBOR -0.20%) ±		2.14	%		1-9-2019	$	25,000,000	$	25,000,000
FFCB (3 Month LIBOR -0.20%) ±		2.14			4-16-2019		25,000,000		24,998,318
FFCB (1 Month LIBOR +0.05%) ±		2.14			1-3-2019		50,000,000		50,000,000
FFCB (3 Month LIBOR -0.19%) ±		2.15			6-13-2019		125,000,000		125,001,730
FFCB (z)		2.16			1-22-2019		40,000,000		39,588,200
FFCB (1 Month LIBOR +0.07%) ±		2.17			1-8-2019		125,000,000		125,000,000
FFCB (1 Month LIBOR +0.09%) ±		2.17			10-11-2018		375,000,000		374,996,193
FFCB (3 Month LIBOR -0.17%) ±		2.17			4-9-2020		100,000,000		99,993,307
FFCB (1 Month LIBOR +0.09%) ±		2.17			9-19-2018		300,000,000		299,998,784
FFCB (1 Month LIBOR +0.09%) ±		2.17			10-19-2018		150,000,000		150,000,000
FFCB (3 Month LIBOR -0.15%) ±		2.18			3-2-2020		100,000,000		99,996,848
FFCB (3 Month LIBOR -0.14%) ±		2.18			8-28-2019		25,000,000		25,000,000
FFCB (1 Month LIBOR +0.10%) ±		2.19			10-3-2018		249,000,000		248,997,554
FFCB (1 Month LIBOR +0.11%) ±		2.19			9-6-2018		175,000,000		175,000,000
FFCB (3 Month LIBOR -0.13%) ±		2.20			9-12-2019		100,000,000		99,995,540
FFCB (3 Month LIBOR -0.15%) ±		2.21			11-14-2018		27,550,000		27,550,257
FFCB (3 Month LIBOR -0.12%) ±		2.22			1-27-2020		10,000,000		10,014,634
FFCB (3 Month LIBOR -0.13%) ±		2.23			8-14-2019		100,000,000		99,995,858
FFCB (1 Month LIBOR +0.14%) ±		2.23			8-1-2018		69,000,000		69,000,000
FFCB (3 Month LIBOR -0.13%) ±		2.23			8-1-2019		100,000,000		100,000,000
FFCB (1 Month LIBOR +0.15%) ±		2.24			4-3-2019		14,330,000		14,354,543
FFCB (1 Month LIBOR +0.16%) ±		2.25			12-2-2019		25,000,000		25,078,798
FFCB (z)		2.28			3-4-2019		25,000,000		24,664,063
FFCB (1 Month LIBOR +0.19%) ±		2.29			8-8-2018		40,000,000		40,000,388
FFCB (3 Month LIBOR +0.04%) ±		2.37			11-16-2018		8,500,000		8,504,923
FHLB (z)		1.91			8-15-2018		300,000,000		299,777,634
FHLB		0.63			8-7-2018		96,810,000		96,795,336
FHLB		0.88			10-1-2018		75,265,000		75,168,824
FHLB (z)		1.28			9-26-2018		268,000,000		267,193,057
FHLB		1.50			11-20-2018		43,000,000		42,978,548
FHLB (z)		1.89			8-8-2018		150,000,000		149,945,196
FHLB (z)		1.89			8-22-2018		100,000,000		99,890,333
FHLB (z)		1.90			8-3-2018		502,000,000		501,947,220
FHLB (z)		1.90			8-10-2018		150,000,000		149,929,125
FHLB (z)		1.90			8-7-2018		400,000,000		399,873,541
FHLB (z)		1.92			9-13-2018		100,000,000		99,773,056
FHLB (z)		1.92			8-20-2018		150,000,000		149,848,792
FHLB (z)		1.92			8-23-2018		100,000,000		99,882,972
FHLB (z)		1.92			8-24-2018		150,000,000		149,816,575
FHLB (z)		1.93			8-31-2018		250,000,000		249,599,792
FHLB (1 Month LIBOR -0.16%) ±		1.93			8-1-2018		150,000,000		150,000,000
FHLB (1 Month LIBOR -0.14%) ±		1.93			10-16-2018		100,000,000		100,000,000
FHLB (1 Month LIBOR -0.14%) ±		1.93			12-14-2018		200,000,000		200,000,000
FHLB (1 Month LIBOR -0.14%) ±		1.93			12-14-2018		200,000,000		200,000,000
FHLB (1 Month LIBOR -0.14%) ±		1.94			10-26-2018		100,000,000		100,000,000
FHLB (1 Month LIBOR -0.14%) ±		1.94			8-28-2018		150,000,000		150,000,000
FHLB (1 Month LIBOR -0.14%) ±		1.94			11-16-2018		150,000,000		150,000,000
FHLB (1 Month LIBOR -0.14%) ±		1.94			2-28-2019		300,000,000		300,000,000
FHLB (1 Month LIBOR -0.13%) ±		1.94			11-15-2018		150,000,000		150,000,000

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

Portfolio of investments—July 31, 2018 (unaudited) Wells Fargo Government Money Market Fund 11

Security name	Interest rate			Maturity date		Principal		Value
Government Agency Debt (continued)
FHLB (1 Month LIBOR -0.13%) ±		1.94	%		4-15-2019	$	200,000,000	$	200,000,000
FHLB (1 Month LIBOR -0.14%) ±		1.95			11-23-2018		250,000,000		250,000,000
FHLB (z)		1.95			9-5-2018		14,000,000		13,973,636
FHLB (1 Month LIBOR -0.12%) ±		1.95			9-12-2018		300,000,000		300,000,000
FHLB (1 Month LIBOR -0.15%) ±		1.95			11-1-2018		150,000,000		150,000,000
FHLB (1 Month LIBOR -0.13%) ±		1.95			7-16-2019		100,000,000		100,000,000
FHLB (1 Month LIBOR -0.12%) ±		1.95			8-24-2018		100,000,000		100,000,000
FHLB (1 Month LIBOR -0.13%) ±		1.95			1-18-2019		400,000,000		400,000,000
FHLB (1 Month LIBOR -0.14%) ±		1.95			12-3-2018		200,000,000		200,000,000
FHLB (1 Month LIBOR -0.13%) ±%%		1.95			1-22-2019		200,000,000		200,000,000
FHLB (1 Month LIBOR -0.13%) ±%%		1.95			2-6-2019		200,000,000		200,000,000
FHLB (1 Month LIBOR -0.13%) ±		1.95			8-21-2018		150,000,000		150,000,000
FHLB (1 Month LIBOR -0.13%) ±		1.95			10-23-2018		200,000,000		200,000,000
FHLB (1 Month LIBOR -0.13%) ±		1.95			3-22-2019		200,000,000		200,000,000
FHLB (z)		1.95			9-18-2018		123,222,000		122,903,266
FHLB (z)		1.95			9-27-2018		650,000,000		647,999,459
FHLB (1 Month LIBOR -0.13%) ±		1.96			9-6-2018		100,000,000		100,000,000
FHLB (1 Month LIBOR -0.13%) ±		1.96			10-10-2018		100,000,000		100,000,000
FHLB (1 Month LIBOR -0.14%) ±		1.96			12-7-2018		500,000,000		500,000,000
FHLB (1 Month LIBOR -0.12%) ±		1.96			4-18-2019		300,000,000		300,000,000
FHLB (1 Month LIBOR -0.13%) ±		1.96			11-20-2018		100,000,000		100,000,000
FHLB (1 Month LIBOR -0.13%) ±		1.96			12-10-2018		200,000,000		200,000,000
FHLB (1 Month LIBOR -0.12%) ±		1.96			2-22-2019		200,000,000		200,000,000
FHLB (1 Month LIBOR -0.12%) ±		1.96			2-22-2019		200,000,000		200,000,000
FHLB (1 Month LIBOR -0.14%) ±		1.97			12-4-2018		150,000,000		150,000,000
FHLB (1 Month LIBOR -0.12%) ±		1.97			12-10-2018		150,000,000		150,000,000
FHLB (1 Month LIBOR -0.11%) ±		1.97			10-26-2018		150,000,000		150,000,000
FHLB (z)		1.97			10-2-2018		150,000,000		149,494,958
FHLB (z)		1.97			10-10-2018		200,000,000		199,238,167
FHLB (1 Month LIBOR -0.13%) ±		1.97			9-5-2018		150,000,000		150,000,000
FHLB (1 Month LIBOR -0.12%) ±		1.97			9-6-2018		150,000,000		150,000,000
FHLB (1 Month LIBOR -0.11%) ±		1.97			2-22-2019		150,000,000		150,000,000
FHLB (1 Month LIBOR -0.13%) ±		1.97			9-7-2018		150,000,000		150,000,000
FHLB (1 Month LIBOR -0.13%) ±		1.97			6-7-2019		205,000,000		204,997,886
FHLB (1 Month LIBOR -0.11%) ±		1.97			12-11-2018		250,000,000		250,000,000
FHLB (1 Month LIBOR -0.12%) ±		1.98			9-7-2018		100,000,000		100,000,000
FHLB (1 Month LIBOR -0.09%) ±		1.98			11-28-2018		150,000,000		150,000,000
FHLB (1 Month LIBOR -0.10%) ±		1.98			12-18-2018		154,000,000		154,000,402
FHLB (1 Month LIBOR -0.10%) ±		1.98			12-21-2018		100,000,000		100,000,000
FHLB (z)		1.98			10-12-2018		250,000,000		249,014,000
FHLB (1 Month LIBOR -0.09%) ±		1.98			1-14-2019		250,000,000		250,013,515
FHLB (1 Month LIBOR -0.09%) ±		1.98			7-16-2019		100,000,000		100,000,000
FHLB (1 Month LIBOR -0.09%) ±		1.98			7-17-2019		100,000,000		100,000,077
FHLB (1 Month LIBOR -0.09%) ±		1.99			7-22-2019		100,000,000		100,000,044
FHLB (1 Month LIBOR -0.10%) ±		1.99			10-21-2019		200,000,000		200,000,000
FHLB (1 Month LIBOR -0.08%) ±		1.99			3-15-2019		100,000,000		100,000,000
FHLB (1 Month LIBOR -0.08%) ±		1.99			11-13-2018		75,000,000		75,000,000
FHLB (z)		2.00			10-5-2018		50,000,000		49,821,250
FHLB (1 Month LIBOR -0.08%) ±		2.00			3-19-2019		100,000,000		100,000,000
FHLB (1 Month LIBOR -0.08%) ±		2.01			3-20-2019		100,000,000		100,000,000

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

12 Wells Fargo Government Money Market Fund Portfolio of investments—July 31, 2018 (unaudited)

Security name	Interest rate			Maturity date		Principal		Value
Government Agency Debt (continued)
FHLB (1 Month LIBOR -0.09%) ±		2.01	%		11-8-2018	$	75,000,000	$	75,000,000
FHLB (1 Month LIBOR -0.06%) ±		2.01			4-26-2019		150,000,000		150,000,000
FHLB (1 Month LIBOR -0.06%) ±		2.02			12-16-2019		114,100,000		114,156,554
FHLB (1 Month LIBOR -0.08%) ±		2.02			2-4-2019		100,000,000		100,000,000
FHLB (1 Month LIBOR -0.05%) ±		2.02			12-13-2019		100,000,000		100,000,000
FHLB (z)		2.03			11-8-2018		150,000,000		149,166,750
FHLB (1 Month LIBOR -0.05%) ±		2.05			10-9-2019		150,000,000		150,000,000
FHLB (z)		2.07			11-27-2018		100,000,000		99,326,417
FHLB (3 Month LIBOR -0.28%) ±%%		2.07			2-4-2019		200,000,000		200,000,000
FHLB (z)		2.07			11-30-2018		50,000,000		49,655,486
FHLB (U.S. Treasury 3 Month Bill Money Market Yield +0.07%) ±		2.08			1-30-2020		150,000,000		150,000,000
FHLB (z)		2.10			12-10-2018		200,000,000		198,486,222
FHLB (3 Month LIBOR -0.24%) ±		2.10			10-16-2018		150,000,000		150,000,000
FHLB (3 Month LIBOR -0.26%) ±		2.10			8-7-2018		150,000,000		150,000,000
FHLB (3 Month LIBOR -0.21%) ±		2.12			6-19-2020		200,000,000		200,000,000
FHLB (3 Month LIBOR -0.21%) ±		2.13			10-26-2018		200,000,000		200,000,000
FHLB (3 Month LIBOR -0.21%) ±		2.13			7-6-2020		200,000,000		200,000,000
FHLB (3 Month LIBOR -0.20%) ±		2.13			1-18-2019		300,000,000		300,005,901
FHLB (3 Month LIBOR -0.16%) ±		2.16			6-5-2019		10,000,000		10,003,257
FHLB (3 Month LIBOR -0.16%) ±		2.16			5-28-2019		27,500,000		27,503,180
FHLB (3 Month LIBOR -0.16%) ±		2.16			5-28-2019		550,000,000		550,111,459
FHLB (3 Month LIBOR -0.16%) ±		2.17			6-12-2019		422,490,000		422,485,304
FHLB (3 Month LIBOR -0.16%) ±		2.17			5-24-2019		42,000,000		42,005,445
FHLB (3 Month LIBOR -0.16%) ±		2.17			5-24-2019		200,000,000		200,022,980
FHLB (3 Month LIBOR -0.19%) ±		2.17			11-2-2018		91,400,000		91,391,633
FHLB (3 Month LIBOR -0.14%) ±		2.19			12-20-2019		250,000,000		249,958,147
FHLB (3 Month LIBOR -0.16%) ±		2.19			1-24-2019		100,000,000		100,000,000
FHLB (3 Month LIBOR -0.15%) ±		2.19			1-2-2020		150,000,000		150,000,000
FHLB (3 Month LIBOR -0.16%) ±		2.19			1-22-2019		100,000,000		100,000,000
FHLB (3 Month LIBOR -0.14%) ±		2.20			12-26-2019		225,000,000		225,000,000
FHLB (3 Month LIBOR -0.12%) ±		2.21			12-13-2019		150,000,000		150,000,000
FHLB (3 Month LIBOR -0.12%) ±		2.22			10-5-2018		50,000,000		49,999,849
FHLMC		0.88			10-12-2018		260,689,000		260,294,656
FHLMC (z)		1.87			8-20-2018		50,000,000		49,950,917
FHLMC (z)		1.90			8-10-2018		35,000,000		34,983,419
FHLMC (z)		1.93			9-24-2018		100,000,000		99,712,000
FHLMC (z)		1.93			9-25-2018		200,000,000		199,413,334
FHLMC (1 Month LIBOR -0.15%) ±		1.93			8-22-2018		250,000,000		250,000,000
FHLMC (z)		1.94			10-1-2018		100,000,000		99,672,972
FHLMC (1 Month LIBOR -0.13%) ±		1.95			11-27-2018		50,000,000		50,000,000
FHLMC (1 Month LIBOR -0.10%) ±		2.00			8-8-2019		100,000,000		100,000,000
FNMA		1.13			10-19-2018		67,844,000		67,769,069
FNMA		1.13			12-14-2018		27,992,000		27,911,924
FNMA		1.63			11-27-2018		94,475,000		94,404,198
FNMA		1.88			9-18-2018		33,455,000		33,464,732
FNMA (1 Month LIBOR +0.00%) ±		2.07			2-28-2019		15,000,000		15,009,620
Overseas Private Investment Corporation (3 Month U.S. Treasury Bill +0.00%) ±§		2.00			8-15-2019		10,000,000		10,000,000
Overseas Private Investment Corporation (3 Month U.S. Treasury Bill +0.00%) ±§		2.00			11-15-2022		21,700,000		21,700,000
Overseas Private Investment Corporation (3 Month U.S. Treasury Bill +0.00%) ±§		2.00			11-15-2023		20,000,000		20,000,000
Overseas Private Investment Corporation (3 Month U.S. Treasury Bill +0.00%) ±§		2.00			6-28-2032		32,740,350		32,740,350

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

Portfolio of investments—July 31, 2018 (unaudited) Wells Fargo Government Money Market Fund 13

Security name	Interest rate			Maturity date		Principal		Value
Government Agency Debt (continued)
Overseas Private Investment Corporation (3 Month U.S. Treasury Bill +0.00%) ±§		2.00	%		10-15-2039	$	14,965,000	$	14,965,000
Overseas Private Investment Corporation (3 Month U.S. Treasury Bill +0.00%) ±§		2.00			10-15-2039		15,000,000		15,000,000
Overseas Private Investment Corporation (3 Month U.S. Treasury Bill +0.00%) ±§		2.00			7-7-2040		11,000,000		11,000,000
Overseas Private Investment Corporation (3 Month U.S. Treasury Bill +0.00%) ±§		2.00			7-7-2040		20,000,000		20,000,000
Overseas Private Investment Corporation (3 Month U.S. Treasury Bill +0.00%) ±§		2.00			7-7-2040		8,500,000		8,500,000
Overseas Private Investment Corporation (3 Month U.S. Treasury Bill +0.00%) ±§		2.00			10-15-2040		7,000,000		7,000,000
Overseas Private Investment Corporation (3 Month U.S. Treasury Bill +0.00%) ±§		2.01			12-15-2019		16,632,000		16,632,000
Overseas Private Investment Corporation (3 Month U.S. Treasury Bill +0.00%) ±§		2.01			7-9-2026		75,148,000		75,148,000
Overseas Private Investment Corporation (3 Month U.S. Treasury Bill +0.00%) ±§		2.01			1-15-2030		17,358,491		17,358,491
Overseas Private Investment Corporation (3 Month U.S. Treasury Bill +0.00%) ±§		2.01			9-2-2031		11,755,000		11,755,000
Overseas Private Investment Corporation (3 Month U.S. Treasury Bill +0.00%) ±§		2.01			9-2-2031		8,830,000		8,830,000
Overseas Private Investment Corporation (3 Month U.S. Treasury Bill +0.00%) ±§		2.01			9-2-2031		5,875,000		5,875,000
Overseas Private Investment Corporation (3 Month U.S. Treasury Bill +0.00%) ±§		2.01			9-2-2031		6,730,000		6,730,000
Overseas Private Investment Corporation (3 Month U.S. Treasury Bill +0.00%) ±§		2.01			9-30-2031		11,664,950		11,664,950
Overseas Private Investment Corporation (3 Month U.S. Treasury Bill +0.00%) ±§		2.01			5-15-2033		3,791,294		3,791,294
Overseas Private Investment Corporation (3 Month U.S. Treasury Bill +0.00%) ±§		2.01			1-15-2040		11,952,000		11,952,000
Overseas Private Investment Corporation (3 Month U.S. Treasury Bill +0.00%) ±§		2.01			7-15-2040		9,870,300		9,870,300
Overseas Private Investment Corporation (3 Month U.S. Treasury Bill +0.00%) ±§		2.02			10-15-2032		23,530,769		23,530,769
Overseas Private Investment Corporation (3 Month U.S. Treasury Bill +0.00%) ±§		2.02			6-15-2034		19,018,376		19,018,376
Overseas Private Investment Corporation (3 Month U.S. Treasury Bill +0.00%) ±§		2.04			1-20-2035		4,000,000		4,000,000
Overseas Private Investment Corporation (3 Month U.S. Treasury Bill +0.00%) ±§		2.04			1-20-2035		12,000,000		12,000,000
Overseas Private Investment Corporation (3 Month U.S. Treasury Bill +0.00%) ±§		2.04			1-20-2035		10,400,000		10,400,000
Overseas Private Investment Corporation (3 Month U.S. Treasury Bill +0.00%) ±§		2.04			1-20-2035		9,900,000		9,900,000
Overseas Private Investment Corporation (3 Month U.S. Treasury Bill +0.00%) ±§		2.04			4-20-2035		5,000,000		5,000,000
Overseas Private Investment Corporation (3 Month U.S. Treasury Bill +0.00%) ±§		2.04			4-20-2035		17,500,000		17,500,000
Overseas Private Investment Corporation (3 Month U.S. Treasury Bill +0.00%) ±§		2.04			4-20-2035		5,000,000		5,000,000
Overseas Private Investment Corporation Series 1 (3 Month U.S. Treasury Bill +0.00%) ±§		2.01			9-30-2031		4,592,500		4,592,500
Overseas Private Investment Corporation Series 1 (3 Month U.S. Treasury Bill +0.00%) ±§		2.01			1-15-2040		9,960,000		9,960,000
Overseas Private Investment Corporation Series 1 (3 Month U.S. Treasury Bill +0.00%) ±§		2.04			8-15-2026		15,820,605		15,820,605
Overseas Private Investment Corporation Series 2 (3 Month U.S. Treasury Bill +0.00%) ±		2.00			10-10-2025		7,094,250		7,094,250
Overseas Private Investment Corporation Series 2 (3 Month U.S. Treasury Bill +0.00%) ±§		2.01			9-30-2031		10,746,450		10,746,450
Overseas Private Investment Corporation Series 2-2 (3 Month U.S. Treasury Bill +0.00%) ±§		2.01			7-15-2040		3,489,500		3,489,500
Overseas Private Investment Corporation Series 24YR (3 Month U.S. Treasury Bill +0.00%) ±§		2.00			7-7-2040		8,600,000		8,600,000
Overseas Private Investment Corporation Series 3 (3 Month U.S. Treasury Bill +0.00%) ±§		2.00			10-10-2025		9,222,525		9,222,525
Overseas Private Investment Corporation Series 3 (3 Month U.S. Treasury Bill +0.00%) ±§		2.01			7-15-2026		5,563,140		5,563,140
Overseas Private Investment Corporation Series 4 (3 Month U.S. Treasury Bill +0.00%) ±§		2.01			9-2-2031		3,500,000		3,500,000
Overseas Private Investment Corporation Series 4 (3 Month U.S. Treasury Bill +0.00%) ±§		2.01			9-30-2031		6,245,800		6,245,800
Overseas Private Investment Corporation Series 4 (3 Month U.S. Treasury Bill +0.00%) ±§		2.02			11-15-2033		25,162,394		25,162,381

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

14 Wells Fargo Government Money Market Fund Portfolio of investments—July 31, 2018 (unaudited)

Security name	Interest rate			Maturity date		Principal		Value
Government Agency Debt (continued)
Overseas Private Investment Corporation Series 4 (3 Month U.S. Treasury Bill +0.00%) ±§		2.04	%		1-20-2035	$	9,000,000	$	9,000,000
Overseas Private Investment Corporation Series 5 (3 Month U.S. Treasury Bill +0.00%) ±§		2.01			9-30-2031		6,429,500		6,429,500
Overseas Private Investment Corporation Series 6 (3 Month U.S. Treasury Bill +0.00%) ±§		2.00			7-7-2040		4,900,000		4,900,000
Overseas Private Investment Corporation Series 6 (3 Month U.S. Treasury Bill +0.00%) ±§		2.01			9-30-2031		6,429,500		6,429,500
Overseas Private Investment Corporation Series 7 (3 Month U.S. Treasury Bill +0.00%) ±§		2.01			9-30-2031		3,674,000		3,674,000
Overseas Private Investment Corporation Series 8 (3 Month U.S. Treasury Bill +0.00%) ±§		2.01			9-30-2031		13,777,500		13,777,500
Overseas Private Investment Corporation Series 9 (3 Month U.S. Treasury Bill +0.00%) ±§		2.01			9-30-2031		4,316,950		4,316,950
Overseas Private Investment Corporation Series 9 (3 Month U.S. Treasury Bill +0.00%) ±§		2.02			5-15-2030		26,316,000		26,316,000
Total Government Agency Debt (Cost $29,277,554,694)									29,277,554,694
Repurchase Agreements ^^: 51.99%
Bank of America Corporation, dated 7-31-2018, maturity value $1,200,064,333 (1)		1.93			8-1-2018		1,200,000,000		1,200,000,000
Bank of Montreal, dated 7-31-2018, maturity value $325,017,424 (2)		1.93			8-1-2018		325,000,000		325,000,000
Bank of Montreal, dated 7-31-2018, maturity value $550,029,486 (3)		1.93			8-1-2018		550,000,000		550,000,000
Bank of Nova Scotia, dated 7-31-2018, maturity value $400,021,444 (4)		1.93			8-1-2018		400,000,000		400,000,000
Barclays Capital Incorporated, dated 7-26-2018, maturity value $300,112,000 (5)		1.92			8-2-2018		300,000,000		300,000,000
BNP Paribas Securities Corporation, dated 5-4-2018, maturity value $301,448,417 (6)		1.91			8-3-2018		300,000,000		300,000,000
BNP Paribas Securities Corporation, dated 5-7-2018, maturity value $301,472,000 (7)		1.92			8-7-2018		300,000,000		300,000,000
BNP Paribas Securities Corporation, dated 5-11-2018, maturity value $201,007,889 (8)		1.93			8-13-2018		200,000,000		200,000,000
BNP Paribas Securities Corporation, dated 5-21-2018, maturity value $150,751,333 (9)		1.96			8-21-2018		150,000,000		150,000,000
BNP Paribas Securities Corporation, dated 7-2-2018, maturity value $200,653,333 (10)		1.96			8-31-2018		200,000,000		200,000,000
BNP Paribas Securities Corporation, dated 7-31-2018, maturity value $1,500,080,417 (11)		1.93			8-1-2018		1,500,000,000		1,500,000,000
BNP Paribas Securities Corporation, dated 7-31-2018, maturity value $100,005,333 (12)		1.92			8-1-2018		100,000,000		100,000,000
BNP Paribas Securities Corporation, dated 7-31-2018, maturity value $375,139,271 (13)		1.91			8-7-2018		375,000,000		375,000,000
BNP Paribas Securities Corporation, dated 7-31-2018, maturity value $835,044,301 (14)		1.91			8-1-2018		835,000,000		835,000,000
Citibank NA, dated 7-26-2018, maturity value $250,093,333 (15)		1.92			8-2-2018		250,000,000		250,000,000
Citibank NA, dated 7-31-2018, maturity value $250,013,403 (16)		1.93			8-1-2018		250,000,000		250,000,000
Citigroup Global Markets Incorporated, dated 7-31-2018, maturity value $250,093,333 (17)		1.92			8-7-2018		250,000,000		250,000,000
Citigroup Global Markets Incorporated, dated 7-31-2018, maturity value $500,026,806 (18)		1.93			8-1-2018		500,000,000		500,000,000
Credit Agricole SA, dated 7-31-2018, maturity value $1,000,053,611 (19)		1.93			8-1-2018		1,000,000,000		1,000,000,000
Credit Agricole SA, dated 7-31-2018, maturity value $250,012,847 (20)		1.85			8-1-2018		250,000,000		250,000,000
Deutsche Bank Securities, dated 7-31-2018, maturity value $600,032,000 (21)		1.92			8-1-2018		600,000,000		600,000,000
Deutsche Bank Securities, dated 7-31-2018, maturity value $700,037,528 (22)		1.93			8-1-2018		700,000,000		700,000,000

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

Portfolio of investments—July 31, 2018 (unaudited) Wells Fargo Government Money Market Fund 15

Security name	Interest rate			Maturity date		Principal		Value
Repurchase Agreements ^^ (continued)
Fixed Income Clearing Corporation, dated 7-31-2018, maturity value $1,000,053,056 (23)		1.91	%		8-1-2018	$	1,000,000,000	$	1,000,000,000
Fixed Income Clearing Corporation, dated 7-31-2018, maturity value $100,002,778 (24)		1.00			8-1-2018		100,000,000		100,000,000
Fixed Income Clearing Corporation, dated 7-31-2018, maturity value $500,024,306 (25)		1.75			8-1-2018		500,000,000		500,000,000
Fixed Income Clearing Corporation, dated 7-31-2018, maturity value $500,025,000 (26)		1.80			8-1-2018		500,000,000		500,000,000
Fixed Income Clearing Corporation, dated 7-31-2018, maturity value $800,039,556 (27)		1.78			8-1-2018		800,000,000		800,000,000
Goldman Sachs & Company, dated 7-31-2018, maturity value $185,006,424 (28)		1.25			8-1-2018		185,000,000		185,000,000
Goldman Sachs & Company, dated 7-31-2018, maturity value $200,010,500 (29)		1.89			8-1-2018		200,000,000		200,000,000
HSBC Securities Incorporated, dated 7-31-2018, maturity value $450,022,750 (30)		1.82			8-1-2018		450,000,000		450,000,000
ING Financial Markets LLC, dated 5-8-2018, maturity value $202,091,556 (31)		2.08			11-5-2018		200,000,000		200,000,000
ING Financial Markets LLC, dated 6-1-2018, maturity value $200,664,222 (32)		1.96			8-1-2018		200,000,000		200,000,000
ING Financial Markets LLC, dated 6-4-2018, maturity value $300,985,000 (33)		1.97			8-3-2018		300,000,000		300,000,000
ING Financial Markets LLC, dated 6-12-2018, maturity value $150,765,000 (34)		2.04			9-10-2018		150,000,000		150,000,000
ING Financial Markets LLC, dated 7-6-2018, maturity value $451,500,000 (35)		2.00			9-4-2018		450,000,000		450,000,000
ING Financial Markets LLC, dated 7-9-2018, maturity value $350,663,542 (36)		1.95			8-13-2018		350,000,000		350,000,000
ING Financial Markets LLC, dated 7-18-2018, maturity value $250,473,958 (37)		1.95			8-22-2018		250,000,000		250,000,000
ING Financial Markets LLC, dated 7-27-2018, maturity value $300,111,417 (38)		1.91			8-3-2018		300,000,000		300,000,000
ING Financial Markets LLC, dated 7-31-2018, maturity value $200,010,556 (39)		1.90			8-1-2018		200,000,000		200,000,000
ING Financial Markets LLC, dated 7-31-2018, maturity value $350,130,667 (40)		1.92			8-7-2018		350,000,000		350,000,000
ING Financial Markets LLC, dated 7-31-2018, maturity value $450,024,125 (41)		1.93			8-1-2018		450,000,000		450,000,000
ING Financial Markets LLC, dated 7-31-2018, maturity value $850,045,694 (42)		1.91			8-1-2018		850,000,597		850,000,597
JPMorgan Securities, dated 7-31-2018, maturity value $2,500,134,028 (43)		1.93			8-1-2018		2,500,000,000		2,500,000,000
JPMorgan Securities, dated 7-31-2018, maturity value $600,032,000 (44)		1.92			8-1-2018		600,000,000		600,000,000
Merrill Lynch Pierce Fenner Smith Incorporated, dated 7-31-2018, maturity value $100,005,361 (45)		1.93			8-1-2018		100,000,000		100,000,000
MetLife Incorporated, dated 7-31-2018, maturity value $600,033,075 (46)		1.92			8-1-2018		600,001,075		600,001,075
Mitsubishi Bank, dated 7-31-2018, maturity value $750,040,208 (47)		1.93			8-1-2018		750,000,000		750,000,000
Mizuho Bank, dated 7-31-2018, maturity value $650,034,847 (48)		1.93			8-1-2018		650,000,000		650,000,000
MUFG Securities Canada Limited, dated 7-31-2018, maturity value $2,000,106,111 (49)		1.91			8-1-2018		2,000,000,000		2,000,000,000
Nomura Securities International Incorporated, dated 7-31-2018, maturity value $1,000,373,333 (50)		1.92			8-7-2018		1,000,000,000		1,000,000,000
Nomura Securities International Incorporated, dated 7-31-2018, maturity value $1,600,084,889 (51)		1.91			8-1-2018		1,600,000,000		1,600,000,000
Prudential Insurance Company of America, dated 7-31-2018, maturity value $165,970,193 (52)		1.94			8-1-2018		165,961,250		165,961,250
Prudential Insurance Company of America, dated 7-31-2018, maturity value $467,747,705 (53)		1.94			8-1-2018		467,722,500		467,722,500
RBC Capital Markets, dated 5-4-2018, maturity value $251,187,500 (54)§		1.90			8-2-2018		250,000,000		250,000,000
RBC Capital Markets, dated 7-9-2018, maturity value $300,932,833 (55)§		1.93			9-5-2018		300,000,000		300,000,000
RBC Capital Markets, dated 7-13-2018, maturity value $300,624,000 (56)§		1.92			8-21-2018		300,000,000		300,000,000
RBC Capital Markets, dated 7-31-2018, maturity value $1,500,080,417 (57)		1.93			8-1-2018		1,500,000,000		1,500,000,000
RBC Dominion, dated 7-11-2018, maturity value $200,426,667 (58)§		1.92			8-20-2018		200,000,000		200,000,000
Royal Bank of Canada, dated 7-25-2018, maturity value $250,092,847 (59)		1.91			8-1-2018		250,000,000		250,000,000
Royal Bank of Canada, dated 7-26-2018, maturity value $850,317,333 (60)		1.92			8-2-2018		850,000,000		850,000,000
Royal Bank of Canada, dated 7-27-2018, maturity value $600,222,833 (61)		1.91			8-3-2018		600,000,000		600,000,000
Royal Bank of Canada, dated 7-30-2018, maturity value $250,092,361 (62)		1.90			8-6-2018		250,000,000		250,000,000
Royal Bank of Canada, dated 7-31-2018, maturity value $1,000,053,611 (63)		1.93			8-1-2018		1,000,000,000		1,000,000,000

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

16 Wells Fargo Government Money Market Fund Portfolio of investments—July 31, 2018 (unaudited)

Security name	Interest rate			Maturity date		Principal		Value
Repurchase Agreements ^^ (continued)
Royal Bank of Scotland, dated 7-31-2018, maturity value $1,000,053,056 (64)		1.91	%		8-1-2018	$	1,000,000,000	$	1,000,000,000
Societe Generale, dated 6-11-2018, maturity value $250,816,667 (65)		1.96			8-10-2018		250,000,000		250,000,000
Societe Generale, dated 7-31-2018, maturity value $1,650,088,458 (66)		1.93			8-1-2018		1,650,000,000		1,650,000,000
Societe Generale, dated 7-31-2018, maturity value $200,010,722 (67)		1.93			8-1-2018		200,000,000		200,000,000
TD Securities, dated 7-31-2018, maturity value $800,042,889 (68)		1.93			8-1-2018		800,000,000		800,000,000
Total Repurchase Agreements (Cost $38,153,685,422)									38,153,685,422
Treasury Debt: 9.32%
U.S. Treasury Bill (z)##		1.76			8-9-2018		700,000,000		699,728,467
U.S. Treasury Bill (z)		1.79			8-30-2018		100,000,000		99,851,444
U.S. Treasury Bill (z)		1.80			8-16-2018		290,000,000		289,784,230
U.S. Treasury Bill (z)		1.85			8-23-2018		230,000,000		229,741,924
U.S. Treasury Bill (z)		1.91			9-6-2018		300,000,000		299,429,000
U.S. Treasury Bill (z)		1.95			10-4-2018		290,000,000		289,001,334
U.S. Treasury Bill (z)		1.96			9-20-2018		30,000,000		29,919,167
U.S. Treasury Bill (z)		1.98			10-18-2018		70,000,000		69,701,975
U.S. Treasury Bill (z)		1.98			10-11-2018		90,000,000		89,650,917
U.S. Treasury Bill (z)		2.01			11-8-2018		70,000,000		69,616,444
U.S. Treasury Bill (z)		2.02			11-1-2018		80,000,000		79,591,239
U.S. Treasury Bill (z)		2.05			11-29-2018		100,000,000		99,323,333
U.S. Treasury Bill (z)		2.09			12-20-2018		300,000,000		297,567,750
U.S. Treasury Bill (z)		2.10			12-6-2018		420,000,000		416,925,136
U.S. Treasury Bill (z)		2.10			11-23-2018		100,000,000		99,341,333
U.S. Treasury Bill (z)		2.11			12-27-2018		300,000,000		297,428,500
U.S. Treasury Bill (z)		2.12			12-13-2018		370,000,000		367,117,474
U.S. Treasury Bill (z)		2.16			1-24-2019		150,000,000		148,434,333
U.S. Treasury Bill (z)		2.16			1-31-2019		220,000,000		217,600,381
U.S. Treasury Bill (z)		2.17			1-17-2019		150,000,000		148,489,563
U.S. Treasury Note		0.75			9-30-2018		50,000,000		49,923,058
U.S. Treasury Note		0.75			10-31-2018		114,000,000		113,628,886
U.S. Treasury Note		0.75			2-15-2019		220,000,000		218,252,255
U.S. Treasury Note		0.88			10-15-2018		250,000,000		249,570,757
U.S. Treasury Note		1.00			11-30-2018		180,000,000		179,336,729
U.S. Treasury Note		1.00			3-15-2019		150,000,000		148,834,659
U.S. Treasury Note		1.25			10-31-2018		170,000,000		169,792,059
U.S. Treasury Note		1.25			11-30-2018		150,000,000		149,697,132
U.S. Treasury Note		1.38			9-30-2018		360,000,000		359,786,281
U.S. Treasury Note		1.38			11-30-2018		110,000,000		109,854,713
U.S. Treasury Note		1.38			2-28-2019		220,000,000		218,891,841
U.S. Treasury Note		1.50			8-31-2018		50,000,000		49,980,485
U.S. Treasury Note		1.50			1-31-2019		65,000,000		64,777,103
U.S. Treasury Note		1.50			2-28-2019		158,000,000		157,332,270
U.S. Treasury Note		1.63			3-31-2019		75,000,000		74,664,518
U.S. Treasury Note		1.63			4-30-2019		30,000,000		29,840,625
U.S. Treasury Note		1.75			10-31-2018		41,575,000		41,581,109
U.S. Treasury Note		2.75			2-15-2019		113,000,000		113,299,378
Total Treasury Debt (Cost $6,837,287,802)									6,837,287,802

Total investments in securities (Cost $74,268,527,918)	101.20	%		74,268,527,918
Other assets and liabilities, net	(1.20	)		(883,730,922	)
Total net assets	100.00	%	$	73,384,796,996

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

Portfolio of investments—July 31, 2018 (unaudited) Wells Fargo Government Money Market Fund 17

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

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

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

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

^^ Collateralized by:

(1) U.S. government securities, 3.00% to 4.00%, 4-20-2043 to 9-20-2045, fair value including accrued interest is $1,236,000,000.

(2) U.S. government securities, 0.00% to 5.00%, 2-28-2019 to 7-1-2048, fair value including accrued interest is $334,702,586.

(3) U.S. government securities, 1.43% to 7.45%, 10-24-2019 to 7-1-2048, fair value including accrued interest is $566,472,083.

(4) U.S. government securities, 1.05% to 5.00%, 8-10-2020 to 7-1-2048, fair value including accrued interest is $411,978,297.

(5) U.S. government securities, 3.50% to 6.50%, 8-25-2018 to 10-1-2047, fair value including accrued interest is $309,000,000.

(6) U.S. government securities, 0.00% to 7.50%, 8-16-2018 to 4-20-2048, fair value including accrued interest is $308,066,542.

(7) U.S. government securities, 0.00% to 8.75%, 8-16-2018 to 7-1-2048, fair value including accrued interest is $308,305,990.

(8) U.S. government securities, 0.00% to 6.63%, 8-16-2018 to 5-20-2048, fair value including accrued interest is $205,746,842.

(9) U.S. government securities, 0.00% to 8.13%, 8-16-2018 to 7-20-2048, fair value including accrued interest is $154,440,556.

(10) U.S. government securities, 0.00% to 7.50%, 8-16-2018 to 6-20-2048, fair value including accrued interest is $205,728,352.

(11) U.S. government securities, 0.00% to 8.75%, 8-16-2018 to 6-20-2048, fair value including accrued interest is $1,534,024,750.

(12) U.S. government securities, 0.00% to 6.25%, 8-16-2018 to 3-9-2038, fair value including accrued interest is $102,000,089.

(13) U.S. government securities, 0.00% to 7.50%, 8-16-2018 to 12-15-2042, fair value including accrued interest is $382,500,003.

(14) U.S. government securities, 0.00% to 7.50%, 8-15-2018 to 5-15-2047, fair value including accrued interest is $851,700,000.

(15) U.S. government securities, 0.00% to 9.00%, 8-16-2018 to 9-15-2060, fair value including accrued interest is $255,825,924.

(16) U.S. government securities, 0.00% to 8.50%, 8-31-2018 to 10-20-2067, fair value including accrued interest is $255,858,581.

(17) U.S. government securities, 0.00% to 8.50%, 8-15-2018 to 6-20-2067, fair value including accrued interest is $255,029,245.

(18) U.S. government securities, 0.00% to 6.38%, 11-15-2018 to 6-1-2047, fair value including accrued interest is $510,000,417.

(19) U.S. government securities, 1.34% to 6.50%, 5-30-2019 to 7-1-2048, fair value including accrued interest is $1,029,376,490.

(20) U.S. government securities, 2.25%, 3-31-2020, fair value including accrued interest is $255,000,030.

(21) U.S. government securities, 0.00% to 4.63%, 8-30-2018 to 5-15-2045, fair value including accrued interest is $612,000,000.

(22) U.S. government securities, 0.00% to 6.75%, 3-8-2019 to 10-1-2037, fair value including accrued interest is $714,029,601.

(23) U.S. government securities, 3.75%, 11-15-2043, fair value including accrued interest is $1,020,002,517.

(24) U.S. government securities, 0.13%, 4-15-2019, fair value including accrued interest is $102,002,995.

(25) U.S. government securities, 0.38% to 2.38%, 8-15-2026 to 11-15-2027, fair value including accrued interest is $510,003,394.

(26) U.S. government securities, 2.75% to 3.63%, 8-15-2042 to 8-15-2043, fair value including accrued interest is $510,000,963.

(27) U.S. government securities, 2.75% to 5.25%, 11-15-2027 to 8-15-2042, fair value including accrued interest is $816,001,407.

(28) U.S. government securities, 0.00% to 3.88%, 8-16-2018 to 2-15-2046, fair value including accrued interest is $188,700,013.

(29) U.S. government securities, 3.24% to 6.50%, 7-1-2024 to 8-1-2048, fair value including accrued interest is $206,000,000.

(30) U.S. government securities, 0.00%, 11-8-2018 to 1-10-2019, fair value is $459,000,039.

(31) U.S. government securities, 2.50% to 6.00%, 12-1-2024 to 5-1-2048, fair value including accrued interest is $206,000,000.

(32) U.S. government securities, 2.00% to 6.00%, 3-1-2023 to 2-1-2048, fair value including accrued interest is $206,000,000.

(33) U.S. government securities, 2.00% to 5.50%, 5-1-2026 to 2-1-2048, fair value including accrued interest is $309,000,000.

(34) U.S. government securities, 2.40% to 7.00%, 10-1-2022 to 3-1-2048, fair value including accrued interest is $154,500,000.

(35) U.S. government securities, 2.50% to 7.50%, 9-1-2020 to 6-1-2048, fair value including accrued interest is $463,500,000.

(36) U.S. government securities, 2.00% to 6.00%, 4-1-2023 to 2-1-2048, fair value including accrued interest is $360,500,000.

(37) U.S. government securities, 2.50% to 7.00%, 1-1-2026 to 3-1-2048, fair value including accrued interest is $257,500,000.

(38) U.S. government securities, 2.50% to 7.00%, 12-1-2022 to 6-1-2048, fair value including accrued interest is $309,000,000.

(39) U.S. government securities, 2.40% to 5.50%, 3-1-2023 to 4-1-2048, fair value including accrued interest is $206,000,324.

(40) U.S. government securities, 2.00% to 6.00%, 1-1-2019 to 7-1-2048, fair value including accrued interest is $360,500,000.

(41) U.S. government securities, 2.50% to 6.50%, 12-1-2024 to 7-12048, fair value including accrued interest is $463,500,000.

(42) U.S. government securities, 1.63% to 3.63%, 8-15-2019 to 2-15-2026, fair value including accrued interest is $867,347,548.

(43) U.S. government securities, 2.00% to 10.50%, 10-1-2018 to 8-1-2048, fair value including accrued interest is $2,575,014,490.

(44) U.S. government securities, 0.00% to 8.83%, 10-15-2018 to 4-15-2030, fair value including accrued interest is $612,004,352.

(45) U.S. government securities, 3.50% to 4.50%, 8-1-2047 to 4-1-2048, fair value including accrued interest is $103,000,000.

(46) U.S. government securities, 1.25% to 1.63%, 5-31-2019 to 8-31-2019, fair value including accrued interest is $610,684,734.

(47) U.S. government securities, 1.96% to 5.50%, 5-1-2019 to 11-20-2065, fair value including accrued interest is $772,500,000.

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

18 Wells Fargo Government Money Market Fund Portfolio of investments—July 31, 2018 (unaudited)

(48) U.S. government securities, 2.00% to 5.50%, 12-1-2028 to 2-1-2057, fair value including accrued interest is $669,500,000.

(49) U.S. government securities, 0.50% to 4.25%, 1-1-2019 to 11-15-2045, fair value including accrued interest is $2,040,000,003.

(50) U.S. government securities, 0.00% to 8.13%, 8-15-2018 to 2-15-2048, fair value including accrued interest is $1,020,000,000.

(51) U.S. government securities, 0.00% to 7.63%, 8-16-2018 to 8-15-2044, fair value including accrued interest is $1,632,000,068.

(52) U.S. government securities, 0.00% to 3.00%, 5-15-2020 to 5-15-2045, fair value including accrued interest is $169,280,475.

(53) U.S. government securities, 0.00%, 11-15-2021 to 8-15-2026, fair value is $477,076,950.

(54) U.S. government securities, 0.13% to 5.00%, 4-15-2019 to 5-20-2068, fair value including accrued interest is $257,488,050.

(55) U.S. government securities, 0.11% to 4.90%, 4-15-2019 to 1-1-2057, fair value including accrued interest is $308,983,222.

(56) U.S. government securities, 1.38% to 2.75%, 7-15-2019 to 8-15-2042, fair value including accrued interest is $306,000,025.

(57) U.S. government securities, 0.00% to 6.00%, 8-31-2018 to 5-15-2048, fair value including accrued interest is $1,541,238,697.

(58) U.S. government securities, 0.00% to 2.75%, 4-15-2019 to 2-15-2047, fair value including accrued interest is $204,000,003.

(59) U.S. government securities, 2.11% to 5.00%, 7-1-2027 to 1-1-2057, fair value including accrued interest is $257,500,001.

(60) U.S. government securities, 2.11% to 6.50%, 1-1-2023 to 1-1-2057, fair value including accrued interest is $875,500,000.

(61) U.S. government securities, 0.11% to 5.00%, 4-15-2019 to 5-20-2068, fair value including accrued interest is $617,983,869.

(62) U.S. government securities, 0.11% to 5.50%, 4-15-2019 to 1-1-2057, fair value including accrued interest is $257,325,134.

(63) U.S. government securities, 0.11% to 5.00%, 4-15-2019 to 11-20-2065, fair value including accrued interest is $1,029,991,033.

(64) U.S. government securities, 0.00% to 6.63%, 8-31-2018 to 8-15-2047, fair value including accrued interest is $1,020,000,008.

(65) U.S. government securities, 0.00% to 5.00%, 7-20-2026 to 6-15-2053, fair value including accrued interest is $257,499,202.

(66) U.S. government securities, 0.11% to 3.88%, 4-30-2019 to 2-15-2046, fair value including accrued interest is $1,683,000,106.

(67) U.S. government securities, 3.50% to 4.50%, 7-20-2046 to 6-20-2048, fair value including accrued interest is $206,000,001.

(68) U.S. government securities, 2.50% to 5.50%, 3-1-2026 to 5-1-2048, fair value including accrued interest is $824,000,000.

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

Abbreviations:

FFCB Federal Farm Credit Banks

FHLB Federal Home Loan Bank

FHLMC Federal Home Loan Mortgage Corporation

FNMA Federal National Mortgage Association

LIBOR London Interbank Offered Rate

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

Statement of assets and liabilities—July 31, 2018 (unaudited) Wells Fargo Government Money Market Fund 19

Assets
Investments in unaffiliated securities, at amortized cost	$	36,114,842,496
Investments in repurchase agreements, at amortized cost		38,153,685,422
Cash		165,329,328
Receivable for Fund shares sold		2,675,008
Receivable for interest		56,674,041
Prepaid expenses and other assets		934,897
Total assets		74,494,141,192
Liabilities
Payable for investments purchased		1,040,138,179
Dividends payable		54,573,614
Management fee payable		6,577,990
Administration fees payable		3,662,750
Payable for Fund shares redeemed		2,029,377
Distribution fee payable		30
Accrued expenses and other liabilities		2,362,256
Total liabilities		1,109,344,196
Total net assets	$	73,384,796,996
NET ASSETS CONSIST OF
Paid-in capital	$	73,384,628,855
Undistributed net investment income		51,952
Accumulated net realized gains on investments		116,189
Total net assets	$	73,384,796,996
COMPUTATION OF NET ASSET VALUE PER SHARE
Net assets – Class A	$	274,980,177
Shares outstanding – Class A1		274,979,831
Net asset value per share – Class A		$1.00
Net assets – Administrator Class	$	1,725,894,589
Shares outstanding – Administrator Class1		1,725,898,794
Net asset value per share – Administrator Class		$1.00
Net assets – Institutional Class	$	25,317,798,619
Shares outstanding – Institutional Class1		25,317,719,643
Net asset value per share – Institutional Class		$1.00
Net assets – Select Class	$	43,594,513,240
Shares outstanding – Select Class1		43,594,486,036
Net asset value per share – Select Class		$1.00
Net assets – Service Class	$	2,471,510,296
Shares outstanding – Service Class1		2,471,506,380
Net asset value per share – Service Class		$1.00
Net assets – Sweep Class	$	100,075
Shares outstanding – Sweep Class1		100,075
Net asset value per share – Sweep Class		$1.00

¹  The Fund has an unlimited number of authorized shares.

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

20 Wells Fargo Government Money Market Fund Statement of operations—six months ended July 31, 2018 (unaudited)

Investment income
Interest	$	623,846,622
Expenses
Management fee		47,860,520
Administration fees
Class A		290,322
Administrator Class		802,535
Institutional Class		9,055,062
Select Class		9,099,971
Service Class		1,488,358
Sweep Class		14
Shareholder servicing fees
Class A		329,911
Administrator Class		802,535
Service Class		3,100,746
Sweep Class		125
Distribution fee
Sweep Class		174
Custody and accounting fees		1,168,085
Professional fees		29,523
Registration fees		123,470
Shareholder report expenses		44,931
Trustees’ fees and expenses		10,561
Other fees and expenses		284,213
Total expenses		74,491,056
Less: Fee waivers and/or expense reimbursements		(10,298,557	)
Net expenses		64,192,499
Net investment income		559,654,123
Net realized gains on investments		78,412
Net increase in net assets resulting from operations	$	559,732,535

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

Statement of changes in net assets Wells Fargo Government Money Market Fund 21

	Six months ended July 31, 2018 (unaudited)						Year ended January 31, 2018
Operations
Net investment income				$	559,654,123					$	541,486,847
Net realized gains on investments					78,412						221,993
Net increase in net assets resulting from operations					559,732,535						541,708,840
Distributions to shareholders from
Net investment income
Class A					(1,477,666	)					(1,001,046	)
Administrator Class					(11,211,834	)					(5,781,998	)
Institutional Class					(173,032,019	)					(176,872,690	)
Select Class					(358,763,104	)					(343,698,404	)
Service Class					(15,169,026	)					(14,132,467	)
Sweep Class					(474	)					(242	)
Net realized gains
Class A					0						(808	)
Administrator Class					0						(3,433	)
Institutional Class					0						(73,726	)
Select Class					0						(150,798	)
Service Class					0						(7,779	)
Sweep Class					0						(1	)
Total distributions to shareholders					(559,654,123	)					(541,723,392	)
Capital share transactions		Shares						Shares
Proceeds from shares sold
Class A		80,505,444			80,505,444			120,907,015			120,907,015
Administrator Class		4,481,914,929			4,481,914,929			7,034,796,210			7,034,796,210
Institutional Class		77,799,123,013			77,799,123,013			141,879,382,084			141,879,382,084
Select Class		237,648,717,175			237,648,717,175			442,120,856,126			442,120,856,126
Service Class		36,017,532,001			36,017,532,001			86,534,648,298			86,534,648,298
					356,027,792,562						677,690,589,733
Reinvestment of distributions
Class A		1,469,079			1,469,079			998,459			998,459
Administrator Class		3,474,873			3,474,873			1,796,796			1,796,796
Institutional Class		58,715,771			58,715,771			68,325,146			68,325,146
Select Class		219,620,926			219,620,926			205,315,441			205,315,441
Service Class		2,092,037			2,092,037			2,433,539			2,433,539
Sweep Class		0			0			70			70
					285,372,686						278,869,451
Payment for shares redeemed
Class A		(71,729,261	)		(71,729,261	)		(131,252,757	)		(131,252,757	)
Administrator Class		(4,314,253,304	)		(4,314,253,304	)		(5,925,317,715	)		(5,925,317,715	)
Institutional Class		(74,471,442,021	)		(74,471,442,021	)		(143,258,743,793	)		(143,258,743,793	)
Select Class		(240,562,553,738	)		(240,562,553,738	)		(435,036,950,209	)		(435,036,950,209	)
Service Class		(36,055,015,861	)		(36,055,015,861	)		(87,022,938,107	)		(87,022,938,107	)
					(355,474,994,185	)					(671,375,202,581	)
Net increase in net assets resulting from capital share transactions					838,171,063						6,594,256,603
Total increase in net assets					838,249,475						6,594,242,051
Net assets
Beginning of period					72,546,547,521						65,952,305,470
End of period				$	73,384,796,996					$	72,546,547,521
Undistributed net investment income				$	51,952					$	51,952

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

22 Wells Fargo Government Money Market Fund Financial highlights

(For a share outstanding throughout each period)

	Six months ended July 31, 2018 (unaudited)			Year ended January 31
CLASS A				2018			2017			2016			2015			2014
Net asset value, beginning of period		$1.00			$1.00			$1.00			$1.00			$1.00			$1.00
Net investment income		0.01			0.00	1		0.00	1		0.00	1		0.00	1		0.00	1
Net realized gains (losses) on investments		0.00	1		0.00	1		0.00	1		0.00	1		(0.00	)2		0.00	1
Total from investment operations		0.01			0.00	1		0.00	1		0.00	1		0.00	1		0.00	1
Distributions to shareholders from
Net investment income		(0.01	)		(0.00	)1		(0.00	)1		(0.00	)1		(0.00	)1		(0.00	)1
Net realized gains		0.00			(0.00	)1		0.00			0.00			(0.00	)1		(0.00	)1
Total distributions to shareholders		(0.01	)		(0.00	)1		(0.00	)1		(0.00	)1		(0.00	)1		(0.00	)1
Net asset value, end of period		$1.00			$1.00			$1.00			$1.00			$1.00			$1.00
Total return3		0.56	%		0.38	%		0.01	%		0.01	%		0.01	%		0.01	%
Ratios to average net assets (annualized)
Gross expenses		0.61	%		0.61	%		0.61	%		0.61	%		0.61	%		0.61	%
Net expenses		0.60	%		0.61	%		0.41	%		0.13	%		0.09	%		0.10	%
Net investment income		1.12	%		0.38	%		0.01	%		0.01	%		0.01	%		0.01	%
Supplemental data
Net assets, end of period (000s omitted)		$274,980			$264,735			$274,083			$265,119			$308,757			$406,489

¹  Amount is less than $0.005.

²  Amount is more 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 Government Money Market Fund 23

(For a share outstanding throughout each period)

	Six months ended July 31, 2018 (unaudited)			Year ended January 31
ADMINISTRATOR CLASS				2018			2017			2016			2015			2014
Net asset value, beginning of period		$1.00			$1.00			$1.00			$1.00			$1.00			$1.00
Net investment income		0.01			0.01			0.00	1		0.00	1		0.00	1		0.00	1
Net realized gains (losses) on investments		0.00	1		0.00	1		0.00	1		0.00	1		(0.00	)2		0.00	1
Total from investment operations		0.01			0.01			0.00	1		0.00	1		0.00	1		0.00	1
Distributions to shareholders from
Net investment income		(0.01	)		(0.01	)		(0.00	)1		(0.00	)1		(0.00	)1		(0.00	)1
Net realized gains		0.00			(0.00	)1		0.00			0.00			(0.00	)1		(0.00	)1
Total distributions to shareholders		(0.01	)		(0.01	)		(0.00	)1		(0.00	)1		(0.00	)1		(0.00	)1
Net asset value, end of period		$1.00			$1.00			$1.00			$1.00			$1.00			$1.00
Total return3		0.69	%		0.65	%		0.10	%		0.01	%		0.01	%		0.01	%
Ratios to average net assets (annualized)
Gross expenses		0.34	%		0.34	%		0.34	%		0.34	%		0.34	%		0.34	%
Net expenses		0.34	%		0.34	%		0.31	%		0.12	%		0.09	%		0.09	%
Net investment income		1.40	%		0.72	%		0.11	%		0.01	%		0.01	%		0.01	%
Supplemental data
Net assets, end of period (000s omitted)		$1,725,895			$1,554,764			$443,500			$382,043			$644,666			$596,022

¹  Amount is less than $0.005.

²  Amount is more than $(0.005).

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

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

24 Wells Fargo Government Money Market Fund Financial highlights

(For a share outstanding throughout each period)

	Six months ended July 31, 2018 (unaudited)			Year ended January 31
INSTITUTIONAL CLASS				2018			2017			2016			2015			2014
Net asset value, beginning of period		$1.00			$1.00			$1.00			$1.00			$1.00			$1.00
Net investment income		0.01			0.01			0.00	1		0.00	1		0.00	1		0.00	1
Net realized gains (losses) on investments		0.00	1		0.00	1		0.00	1		0.00	1		(0.00	)2		0.00	1
Total from investment operations		0.01			0.01			0.00	1		0.00	1		0.00	1		0.00	1
Distributions to shareholders from
Net investment income		(0.01	)		(0.01	)		(0.00	)1		(0.00	)1		(0.00	)1		(0.00	)1
Net realized gains		0.00			(0.00	)1		0.00			0.00			(0.00	)1		(0.00	)1
Total distributions to shareholders		(0.01	)		(0.01	)		(0.00	)1		(0.00	)1		(0.00	)1		(0.00	)1
Net asset value, end of period		$1.00			$1.00			$1.00			$1.00			$1.00			$1.00
Total return3		0.76	%		0.79	%		0.24	%		0.02	%		0.01	%		0.01	%
Ratios to average net assets (annualized)
Gross expenses		0.22	%		0.22	%		0.22	%		0.22	%		0.22	%		0.22	%
Net expenses		0.20	%		0.20	%		0.17	%		0.12	%		0.09	%		0.10	%
Net investment income		1.53	%		0.79	%		0.25	%		0.02	%		0.01	%		0.01	%
Supplemental data
Net assets, end of period (000s omitted)		$25,317,799			$21,931,321			$23,242,417			$14,212,988			$17,509,698			$20,793,077

¹  Amount is less than $0.005.

²  Amount is more 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 Government Money Market Fund 25

(For a share outstanding throughout each period)

	Six months ended July 31, 2018 (unaudited)			Year ended January 31
SELECT CLASS				2018			2017			20161
Net asset value, beginning of period		$1.00			$1.00			$1.00			$1.00
Net investment income		0.01			0.01			0.00	2		0.00	2
Net realized gains on investments		0.00	2		0.00			0.00	2		0.00	2
Total from investment operations		0.01			0.01			0.00	2		0.00	2
Distributions to shareholders from
Net investment income		(0.01	)		(0.01	)		(0.00	)2		(0.00	)2
Net realized gains		0.00			(0.00	)2		0.00			0.00
Total distributions to shareholders		(0.01	)		(0.01	)		(0.00	)2		(0.00	)2
Net asset value, end of period		$1.00			$1.00			$1.00			$1.00
Total return3		0.79	%		0.85	%		0.30	%		0.04	%
Ratios to average net assets (annualized)
Gross expenses		0.18	%		0.18	%		0.18	%		0.18	%
Net expenses		0.14	%		0.14	%		0.11	%		0.10	%
Net investment income		1.58	%		0.86	%		0.34	%		0.08	%
Supplemental data
Net assets, end of period (000s omitted)		$43,594,513			$46,288,730			$38,999,425			$7,985,195

¹  For the period from June 30, 2015 (commencement of class operations) to January 31, 2016

²  Amount is less than $0.005.

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

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

26 Wells Fargo Government Money Market Fund Financial highlights

(For a share outstanding throughout each period)

	Six months ended July 31, 2018 (unaudited)			Year ended January 31
SERVICE CLASS				2018			2017			2016			2015			2014
Net asset value, beginning of period		$1.00			$1.00			$1.00			$1.00			$1.00			$1.00
Net investment income		0.01			0.00	1		0.00	1		0.00	1		0.00	1		0.00	1
Net realized gains (losses) on investments		0.00	1		0.00	1		0.00	1		0.00	1		(0.00	)2		0.00	1
Total from investment operations		0.01			0.00	1		0.00	1		0.00	1		0.00	1		0.00	1
Distributions to shareholders from
Net investment income		(0.01	)		(0.00	)1		(0.00	)1		(0.00	)1		(0.00	)1		(0.00	)1
Net realized gains		0.00			(0.00	)1		0.00			0.00			(0.00	)1		(0.00	)1
Total distributions to shareholders		(0.01	)		(0.00	)1		(0.00	)1		(0.00	)1		(0.00	)1		(0.00	)1
Net asset value, end of period		$1.00			$1.00			$1.00			$1.00			$1.00			$1.00
Total return3		0.61	%		0.49	%		0.02	%		0.01	%		0.01	%		0.01	%
Ratios to average net assets (annualized)
Gross expenses		0.51	%		0.51	%		0.51	%		0.51	%		0.51	%		0.51	%
Net expenses		0.50	%		0.50	%		0.40	%		0.13	%		0.09	%		0.10	%
Net investment income		1.22	%		0.48	%		0.02	%		0.01	%		0.01	%		0.01	%
Supplemental data
Net assets, end of period (000s omitted)		$2,471,510			$2,506,898			$2,992,780			$2,963,813			$4,129,813			$4,140,419

¹  Amount is less than $0.005.

²  Amount is more 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 Government Money Market Fund 27

(For a share outstanding throughout each period)

	Six months ended July 31, 2018 (unaudited)			Year ended January 31
SWEEP CLASS				2018			2017			2016			2015			2014
Net asset value, beginning of period		$1.00			$1.00			$1.00			$1.00			$1.00			$1.00
Net investment income		0.00	1		0.00	1		0.00	1		0.00	1		0.00	1		0.00	1
Net realized gains (losses) on investments		0.00	1		0.00	1		0.00	1		0.00	1		(0.00	)2		0.00	1
Total from investment operations		0.00	1		0.00	1		0.00	1		0.00	1		0.00	1		0.00	1
Distributions to shareholders from
Net investment income		(0.00	)1		(0.00	)1		(0.00	)1		(0.00	)1		(0.00	)1		(0.00	)1
Net realized gains		0.00			(0.00	)1		0.00			0.00			(0.00	)1		(0.00	)1
Total distributions to shareholders		(0.00	)1		(0.00	)1		(0.00	)1		(0.00	)1		(0.00	)1		(0.00	)1
Net asset value, end of period		$1.00			$1.00			$1.00			$1.00			$1.00			$1.00
Total return3		0.47	%		0.24	%		0.01	%		0.01	%		0.01	%		0.01	%
Ratios to average net assets (annualized)
Gross expenses		0.77	%		0.77	%		0.96	%		0.96	%		0.96	%		0.96	%
Net expenses		0.77	%		0.75	%		0.38	%		0.13	%		0.09	%		0.10	%
Net investment income		0.95	%		0.24	%		0.01	%		0.01	%		0.01	%		0.01	%
Supplemental data
Net assets, end of period (000s omitted)		$100			$100			$100			$2,977			$6,615			$18,244

¹  Amount is less than $0.005.

²  Amount is more 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 Government Money Market Fund Notes to financial statements (unaudited)

1. ORGANIZATION

Wells Fargo Funds Trust (the “Trust”), a Delaware statutory trust organized on March 10, 1999, is an open-end management investment company registered under the Investment Company Act of 1940, as amended (the “1940 Act”). As an investment company, the Trust follows the accounting and reporting guidance in Financial Accounting Standards Board Accounting Standards Codification Topic 946, Financial Services – Investment Companies. These financial statements report on the Wells Fargo Government Money Market Fund (the “Fund”) which is a diversified series of the Trust.

2. SIGNIFICANT ACCOUNTING POLICIES

The following significant accounting policies, which are consistently followed in the preparation of the financial statements of the Fund, are in conformity with U.S. generally accepted accounting principles which require management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.

Securities valuation

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

Investments which are not valued using the method discussed above are valued at their fair value, as determined in good faith by the Board of Trustees of the Fund. The Board of Trustees has established a Valuation Committee comprised of the Trustees and has delegated to it the authority to take any actions regarding the valuation of portfolio securities that the Valuation Committee deems necessary or appropriate, including determining the fair value of portfolio securities, unless the determination has been delegated to the 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.

Repurchase agreements

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

When-issued transactions

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

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.

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

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 July 31, 2018, the cost of investments for federal income tax purposes is substantially the same as for financial reporting purposes.

Class allocations

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

3. FAIR VALUATION MEASUREMENTS

Fair value measurements of investments are determined within a framework that has established a fair value hierarchy based upon the various data inputs utilized in determining the value of the Fund’s investments. The three-level hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). The Fund’s investments are classified within the fair value hierarchy based on the lowest level of input that is significant to the fair value measurement. The inputs are summarized into three broad levels as follows:

∎ Level 1 – quoted prices in active markets for identical securities

∎ Level 2 – other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)

∎ Level 3 – significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments)

The inputs or methodologies used for valuing investments in securities are not necessarily an indication of the risk associated with investing in those securities.

The following is a summary of the inputs used in valuing the Fund’s assets and liabilities as of July 31, 2018:

	Quoted prices (Level 1)		Other significant observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total
Assets
Investments in:
Government agency debt	$	0	$	29,277,554,694	$	0	$	29,277,554,694
Repurchase agreements		0		38,153,685,422		0		38,153,685,422
Treasury debt		0		6,837,287,802		0		6,837,287,802
Total assets	$	0	$	74,268,527,918	$	0	$	74,268,527,918

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

The Fund recognizes transfers between levels within the fair value hierarchy at the end of the reporting period. At July 31, 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 and providing fund-level administrative services in connection with the Fund’s operations. As compensation for its services under the investment management agreement, Funds Management is entitled to receive an annual management fee starting at 0.15% and declining to 0.13% as the average daily net assets of the Fund increase. For the six months ended July 31, 2018, the management fee was equivalent to an annual rate of 0.13% of the Fund’s average daily net assets.

Funds Management has retained the services of a subadviser to provide daily portfolio management to the Fund. The fee for subadvisory services is borne by Funds Management. Wells Capital Management Incorporated, an affiliate of Funds Management and an indirect wholly owned subsidiary of Wells Fargo, is the subadviser to the Fund and is entitled to receive a fee from Funds Management at an annual rate starting at 0.05% and declining to 0.01% as the average daily net assets of the Fund increase.

Administration fees

Under a class-level administration agreement, Funds Management provides class-level administrative services to the Fund, which includes paying fees and expenses for services provided by the transfer agent, sub-transfer agents, omnibus account servicers and record-keepers. As compensation for its services under the class-level administration agreement, Funds Management receives an annual fee which is calculated based on the average daily net assets of each class as follows:

	Class-level administration fee
Class A		0.22	%
Administrator Class		0.10
Institutional Class		0.08
Select Class		0.04
Service Class		0.12
Sweep Class		0.03

Funds Management has contractually waived and/or reimbursed management and administration fees to the extent necessary to maintain certain net operating expense ratios for the Fund. When each class of the Fund has exceeded its expense cap, Funds Management has waived fees and/or reimbursed expenses from fund level expenses on a proportionate basis and then from class specific expenses; otherwise, waivers and/or reimbursements are applied against class specific expenses before fund level expenses. Funds Management has committed through May 31, 2019 to waive fees and/or reimburse expenses to the extent necessary to cap the Fund’s expenses at 0.60% for Class A shares, 0.35% for Administrator Class shares, 0.20% for Institutional Class shares, 0.14% for Select Class shares, 0.50% for Service Class shares, and 0.77% for Sweep Class shares. Prior to June 1, 2018, the Fund’s expenses were capped at 0.65% for Class A shares, 0.16% for Select Class shares, and 0.79% for Sweep Class shares. After this time, the cap may be increased or the commitment to maintain the cap may be terminated only with the approval of the Board of Trustees.

Distribution fee

The Trust has adopted a distribution plan for Sweep Class shares of the Fund pursuant to Rule 12b-1 under the 1940 Act. A distribution fee is charged to Sweep Class shares and paid to Wells Fargo Funds Distributor, LLC, the principal underwriter, at an annual rate of 0.35% of the average daily net assets of Sweep Class shares.

Shareholder servicing fees

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

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

Notes to financial statements (unaudited) Wells Fargo Government Money Market Fund 31

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. 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.

32 Wells Fargo Government Money Market Fund Other information (unaudited)

PROXY VOTING INFORMATION

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

PORTFOLIO HOLDINGS INFORMATION

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

Other information (unaudited) Wells Fargo Government Money Market Fund 33

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 154 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 2009	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

34 Wells Fargo Government Money Market Fund Other information (unaudited)

Name and year of birth	Position held and length of service*	Principal occupations during past five years or longer	Current other public company or investment company directorships
Olivia S. Mitchell (Born 1953)	Trustee, since 2006; 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, on the Board of Directors, Goverance Committee and Finance Committee for the Minnesota Philanthropy Partners (Saint Paul Foundation) from 2012 to 2018, Interim President and Chief Executive Officer of Blue Cross Blue shield of Minnesota of Minnesota from 2010 to 2011, Chairman of the Board from 2009 to 2011 and Board Director 003 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 the 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.

Other information (unaudited) Wells Fargo Government Money Market Fund 35

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 Kymn3 (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.
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 77 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.

³  Alexander Kymn became the Secretary and Chief Legal Officer effective April 17, 2018.

36 Wells Fargo Government Money Market Fund Other information (unaudited)

BOARD CONSIDERATION OF INVESTMENT MANAGEMENT AND SUB-ADVISORY AGREEMENTS:

Wells Fargo Government Money Market Fund

Under the Investment Company Act of 1940 (the “1940 Act”), the Board of Trustees (the “Board”) of Wells Fargo Funds Trust (the “Trust”) must determine annually whether to approve the continuation of the Trust’s investment management and sub-advisory agreements. In this regard, at an in-person meeting held on May 22-23, 2018 (the “Meeting”), the Board, all the members of which have no direct or indirect interest in the investment management and sub-advisory agreements and are not “interested persons” of the Trust, as defined in the 1940 Act (the “Independent Trustees”), reviewed and approved for Wells Fargo Government Money Market Fund (the “Fund”): (i) an investment management agreement (the “Management Agreement”) with Wells Fargo Funds Management, LLC (“Funds Management”); and (ii) an investment sub-advisory agreement (the “Sub-Advisory Agreement”) with Wells Capital Management Incorporated (the “Sub-Adviser”), an affiliate of Funds Management. The Management Agreement and the Sub-Advisory Agreement are collectively referred to as the “Advisory Agreements.”

At the Meeting, the Board considered the factors and reached the conclusions described below relating to the selection of Funds Management and the Sub-Adviser and the approval of the Advisory Agreements. Prior to the Meeting, including at an in-person meeting in April 2018, the Trustees conferred extensively among themselves and with representatives of Funds Management about these matters. Also, the Board has adopted a team-based approach, with each team consisting of a sub-set of Trustees, to assist the full Board in the discharge of its duties in reviewing investment performance and other matters throughout the year. The Independent Trustees were assisted in their evaluation of the Advisory Agreements by independent legal counsel, from whom they received separate legal advice and with whom they met separately.

In providing information to the Board, Funds Management and the Sub-Adviser were guided by a detailed set of requests for information submitted to them by independent legal counsel on behalf of the Independent Trustees at the start of the Board’s annual contract renewal process earlier in 2018. In considering and approving the Advisory Agreements, the Trustees considered the information they believed relevant, including but not limited to the information discussed below. The Board considered not only the specific information presented in connection with the Meeting, but also the knowledge gained over time through interaction with Funds Management and the Sub-Adviser about various topics. In this regard, the Board reviewed reports of Funds Management at each of its quarterly meetings, which included, among other things, portfolio reviews and investment performance reports. In addition, the Board and the teams mentioned above confer with portfolio managers at various times throughout the year. The Board did not identify any particular information or consideration that was all-important or controlling, and each individual Trustee may have attributed different weights to various factors.

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

Nature, extent and quality of services

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

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

Other information (unaudited) Wells Fargo Government Money Market Fund 37

Fund investment performance and expenses

The Board considered the investment performance results for the Fund over various time periods ended December 31, 2017. The Board considered these results in comparison to the investment performance of funds in a universe that was determined by Broadridge Inc. (“Broadridge”) to be similar to the Fund (the “Universe”), and in comparison to the Fund’s benchmark index and to other comparative data. Broadridge is an independent provider of investment company data. The Board received a description of the methodology used by Broadridge to select the mutual funds in the performance Universe. The Board noted that the investment performance of the Fund (Class Admin) was higher than or in range of the average investment performance of the Universe for all periods under review. The Board also noted that the investment performance of the Fund was higher than its benchmark index, the Lipper U.S. Government Money Market Funds Index, for all periods under review.

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

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

Investment management and sub-advisory fee rates

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

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

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

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

Profitability

The Board received and considered information concerning the profitability of Funds Management, as well as the profitability of both WFAM and Wells Fargo & Co. (“Wells Fargo”) as a whole, from providing services to the Fund and the fund family as a whole. The Board noted that the Sub-Adviser’s profitability information with respect to providing services to the Fund was subsumed in the WFAM and Wells Fargo profitability analysis.

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

38 Wells Fargo Government Money Market Fund Other information (unaudited)

Economies of scale

The Board considered the extent to which Funds Management may experience economies of scale in the provision of management services, and the extent to which scale benefits, if any, would be shared with shareholders. In particular, the Board noted the existence of breakpoints in the Fund’s management fee structure, which operate generally to reduce the Fund’s expense ratios as the Fund grows in size. It considered that, for a small fund or a fund that shrinks in size, breakpoints conversely can result in higher fee levels. The Board also considered that in addition to management fee breakpoints, competitive management fee rates set at the outset without regard to breakpoints and fee waiver and expense reimbursement arrangements, as well as investments in the business intended to enhance services available to Fund shareholders, are means of sharing potential economies of scale with shareholders of the Fund.

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

Other benefits to Funds Management and the Sub-Adviser

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

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

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

Conclusion

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

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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 219967

Kansas City, MO 64121-9967

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 the trade name for certain investment advisory/management firms owned by Wells Fargo & Company. These firms include but are not limited to Wells Capital Management Incorporated and Wells Fargo Funds Management, LLC. Certain products managed by WFAM entities are distributed by Wells Fargo Funds Distributor, LLC (a broker/dealer and Member FINRA).

This material is for general informational and educational purposes only and is NOT intended to provide investment advice or a recommendation of any kind—including a recommendation for any specific investment, strategy, or plan.

NOT FDIC INSURED  ◾  NO BANK GUARANTEE  ◾   MAY LOSE VALUE

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

314812 09-18 SA303/SAR303 07-18

Semi-Annual Report

July 31, 2018

Government Money Market Funds

∎ Wells Fargo 100% Treasury Money Market Fund

Reduce clutter. Save trees.

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

Contents

Letter to shareholders	2
Performance highlights	6
Fund expenses	8
Portfolio of investments	9
Financial statements
Statement of assets and liabilities	10
Statement of operations	11
Statement of changes in net assets	12
Financial highlights	13
Notes to financial statements	18
Other information	21

The views expressed and any forward-looking statements are as of July 31, 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 100% Treasury Money Market Fund Letter to shareholders (unaudited)

Andrew Owen

President

Wells Fargo Funds

Yields on money market funds benefited during the period.

During February 2018, the U.S. stock market endured a loss of more than 10% before recovering in March and April.

Dear Shareholder:

We are pleased to offer you this semi-annual report for the Wells Fargo 100% Treasury Money Market Fund for the six-month period that ended July 31, 2018. Yields on money market funds benefited during the period. As the U.S. Federal Reserve (the Fed) moved toward a more normalized monetary policy after an extended term of low interest rates following the global financial crisis during 2007 and 2008, its steady pace of interest rate increases helped raise yields on short-term money market instruments.

Globally, stock markets followed a less consistent path during the period. After advancing during the summer and fall of 2017 in a roughly synchronized way, economic growth and stock markets globally diverged during the first seven months of 2018. For fixed-income investors, higher U.S. interest rates, rising inflation, and intensifying global geopolitical tensions tended to restrain taxable bond prices while high-yield and municipal bond investors generally enjoyed positive returns.

For the period, U.S. stocks, as measured by the S&P 500 Index,¹ gained 0.70%, and international stocks, as measured by the MSCI ACWI ex USA Index (Net),² fell 6.66%. Emerging market stocks, as measured by the MSCI EM Index (Net),³ dropped 11.94%. In bond markets, the Bloomberg Barclays U.S. Aggregate Bond Index⁴ declined 0.45% while fixed-income investments outside the U.S. fell 4.57%, according to the Bloomberg Barclays Global Aggregate ex-USD Index.⁵ The Bloomberg Barclays Municipal Bond Index⁶ added 1.18%, and the ICE BofAML U.S. High Yield Index⁷ was up 0.55%.

Volatility reemerged during the first quarter of 2018 as economic signals were mixed.

The first quarter of 2018 began with stock market gains in January following U.S. tax reform that lowered rates for individuals and corporations and deregulation advanced in some economic sectors. Then, investor optimism was supplanted by several concerns. Trade tensions intensified, particularly between the U.S. and China. The U.S. threatened to impose tariffs on a broad range of imported products. Increasing interest rates and inflation also caused concern. During February 2018, the U.S. stock market endured a loss of more than 10% before recovering in March and April. The S&P 500 Index closed the first quarter with a negative return, the first negative quarterly return for the index since 2014.

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 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 market 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.

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 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 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.

⁷  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.

⁸  The Consumer Price Index For All Urban Consumers (CPI-U) measures the changes in the price of a basket of goods and services purchased by urban consumers. The urban consumer population is deemed by many as a better representative measure of the general public because most of the country’s population lives in highly populated areas, which represent close to 90% of the total population. You cannot invest directly in an index.

Letter to shareholders (unaudited) Wells Fargo 100% Treasury Money Market Fund 3

The Fed increased the federal funds rate by 25 basis points (bps; 100 bps equal 1.00%) in March 2018 and the rate of inflation reached the Fed’s 2% target for the first time in a year. The unemployment rate fell to 4.1%. The third revision of first-quarter gross domestic product (GDP) growth by the U.S. Bureau of Economic Analysis released during June 2018 was lowered to 2.0%.

Overseas, investment market returns reversed the strong returns of 2017. After having gained 27.19% for the 12-month period that ended on December 31, 2017, the MSCI ACWI ex USA Index (Net) fell 1.46% for the seven-month period that ended July 31, 2018. The U.S. dollar strengthened relative to local currencies, which served to restrain returns.

Global trade tensions escalated during the second quarter and into the third quarter of 2018.

Global trade tensions escalated as the second quarter of 2018 opened and equity markets fell in response before resuming upward momentum later in April. The U.S. government imposed tariffs on products and commodities imported from other markets in North America, Europe, and Asia. In retaliation, governments imposed tariffs on U.S. products and commodities. In addition, the U.S. pushed its North American neighbors to renegotiate the North American Free Trade Agreement, furthering trade tensions and investor uncertainty.

The CPI-U⁸ added 0.2% in May after a similar increase in April. On a year-over-year basis, the all-items index rose 2.8% for the 12 months that ended May 31, continuing its upward trend since the beginning of the year. The index for all items less food and energy rose 2.2% for the same 12-month period. Interest rates generally increased and the bond markets tended to decline.

During June 2018, the Fed increased the federal funds rate by 25 bps. Investment markets began to anticipate two more rate increases in 2018. Long-term interest rates in the U.S. trended higher—rates on the 10-year and 30-year Treasury bonds moved from 2.46% and 2.81%, respectively, on January 1, 2018, to 2.96% and 3.08%, respectively, on July 31, 2018. While higher at the end of the period, rates were off their peak levels on May 17, 2018, of 3.11% and 3.25%, respectively. Investors became more aware of and concerned about the potential for an inverted yield curve—sometimes a recession signal—as short-term rates increased more quickly than long-term rates.

The unemployment rate fell to 3.9% in July after ticking up slightly in June from May’s 3.8% level, according to the U.S. Department of Labor. The annualized rate of GDP growth for the second quarter of 2018 was reported in July to be 4.1%, the highest level since the third quarter of 2014, according to the U.S. Bureau of Economic Analysis.

Internationally, the prospects for a smooth U.K. Brexit agreement was cast into doubt as members of Prime Minister Theresa May’s negotiating team resigned. Despite the uncertainty, the period closed with expectations that the Bank of England’s Monetary Policy Committee in July would announce an increase in its key interest rate to 0.75%, which it did in early August.

Meanwhile, central banks in Europe and Japan maintained low interest rates and accommodative monetary policies. Amid rising trade uncertainty, People’s Bank of China monetary policies shifted with cuts to reserve requirement ratios and implementation of supportive measures such as accelerated infrastructure spending and tax cuts for small and medium enterprises and for individuals. Nevertheless, a strengthening U.S. dollar and the tensions associated with trade policies remained headwinds for investors overseas.

  �� 

4 Wells Fargo 100% Treasury Money Market Fund Letter to shareholders (unaudited)

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

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

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

Sincerely,

Andrew Owen

President

Wells Fargo Funds

For further information about your Fund, contact your investment professional, visit our website at wellsfargofunds.com, or call us directly at 1-800-222-8222.

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6 Wells Fargo 100% Treasury Money Market Fund Performance highlights (unaudited)

Investment objective

The Fund seeks current income exempt from most state and local individual income taxes, while preserving capital and liquidity.

Manager

Wells Fargo Funds Management, LLC

Subadviser

Wells Capital Management Incorporated

Portfolio managers

Michael C. Bird, CFA^®

Jeffrey L. Weaver, CFA^®

Laurie White

Average annual total returns (%) as of July 31, 2018¹

								Expense ratios2 (%)
	Inception date	1 year		5 year		10 year		Gross		Net3
Class A (WFTXX)	11-8-1999		0.78		0.17		0.12		0.68		0.60
Administrator Class (WTRXX)	6-30-2010		1.12		0.29		0.18		0.41		0.30
Institutional Class (WOTXX)	10-31-2014		1.23		0.34		0.21		0.29		0.20
Service Class (NWTXX)	12-3-1990		0.92		0.21		0.14		0.58		0.50
Sweep Class	6-30-2010		0.59		0.12		0.10		0.84		0.83

Yield summary (%) as of July 31, 2018³

	Class A	Administrator Class		Institutional Class		Service Class		Sweep Class
7-day current yield	1.35		1.65		1.75		1.45		1.12
7-day compound yield	1.35		1.66		1.76		1.46		1.12
30-day simple yield	1.32		1.62		1.72		1.42		1.09
30-day compound yield	1.33		1.64		1.74		1.43		1.10

Figures quoted represent past performance, which is no guarantee of future results, and do not reflect taxes that a shareholder may pay on fund distributions or the redemption of fund shares. Investment returns will fluctuate. The Fund’s yield figures more closely reflect the current earnings of the Fund than the total return figures. Current performance may be lower or higher than the performance data quoted, which assumes the reinvestment of dividends and capital gains. Current month-end performance is available on the Fund’s website, wellsfargofunds.com.

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

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

Please see footnotes on page 7.

Performance highlights (unaudited) Wells Fargo 100% Treasury Money Market Fund 7

Portfolio composition as of July 31, 2018⁴

Effective maturity distribution as of July 31, 2018⁴

Weighted average maturity as of July 31, 2018⁵

34 days

Weighted average life as of July 31, 2018⁶

78 days

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

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

³  The manager has contractually committed through May 31, 2019, 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 (if any), and extraordinary expenses are excluded from the expense cap. Without this cap, the Fund’s returns would have been lower. Without waived fees and/or reimbursed expenses, the Fund’s 7-day current yield would have been 1.28%, 1.55%, 1.67%, 1.38%, and 1.12% for Class A, Administrator Class, Institutional Class, Service Class, and Sweep Class, respectively. The expense ratio paid by an investor is the net expense ratio (the total annual fund operating expenses after fee waivers) as stated in the prospectuses.

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

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

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

8 Wells Fargo 100% Treasury Money Market Fund Fund expenses (unaudited)

As a shareholder of the Fund, you incur ongoing costs, including management fees, distribution (12b-1) and/or shareholder servicing fees, and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The example is based on an investment of $1,000 invested at the beginning of the six-month period and held for the entire period from February 1, 2018 to July 31, 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. Therefore, the “Hypothetical” line of the table is useful in comparing ongoing costs only and will not help you determine the relative total costs of owning different funds.

	Beginning account value 2-1-2018		Ending account value 7-31-2018		Expenses paid during the period¹		Annualized net expense ratio
Class A
Actual	$	1,000.00	$	1,005.26	$	3.23		0.64	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.98	$	3.26		0.64	%
Administrator Class
Actual	$	1,000.00	$	1,006.92	$	1.52		0.30	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,023.69	$	1.53		0.30	%
Institutional Class
Actual	$	1,000.00	$	1,007.42	$	1.01		0.20	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,024.20	$	1.02		0.20	%
Service Class
Actual	$	1,000.00	$	1,005.93	$	2.53		0.50	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,022.68	$	2.55		0.50	%
Sweep Class
Actual	$	1,000.00	$	1,004.28	$	4.19		0.83	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.02	$	4.23		0.83	%

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

Portfolio of investments—July 31, 2018 (unaudited) Wells Fargo 100% Treasury Money Market Fund 9

Security name	Interest rate			Maturity date		Principal		Value
Treasury Debt: 104.66%
U.S. Treasury Bill (z)		0.41	%		8-30-2018	$	1,213,000,000	$	1,211,194,314
U.S. Treasury Bill (z)		1.70			11-1-2018		400,000,000		397,983,844
U.S. Treasury Bill (z)		1.84			8-2-2018		941,650,000		941,601,906
U.S. Treasury Bill (z)		1.85			8-9-2018		903,185,000		902,813,785
U.S. Treasury Bill (z)		1.88			8-23-2018		1,064,910,000		1,063,686,589
U.S. Treasury Bill (z)		1.91			9-27-2018		200,000,000		199,398,333
U.S. Treasury Bill (z)		1.91			9-6-2018		550,600,000		549,552,137
U.S. Treasury Bill (z)		1.94			10-4-2018		340,000,000		338,834,844
U.S. Treasury Bill (z)		1.96			9-20-2018		40,000,000		39,892,222
U.S. Treasury Bill (z)		1.96			10-11-2018		360,000,000		358,613,035
U.S. Treasury Bill (z)		1.98			10-25-2018		300,000,000		298,601,042
U.S. Treasury Bill (z)		1.99			10-18-2018		300,000,000		298,716,792
U.S. Treasury Bill (z)		2.02			11-8-2018		20,000,000		19,890,248
U.S. Treasury Bill (z)		2.02			11-15-2018		100,000,000		99,409,227
U.S. Treasury Bill (z)		2.05			8-16-2018		1,986,700,000		1,985,127,895
U.S. Treasury Bill (z)		2.06			11-29-2018		20,000,000		19,864,000
U.S. Treasury Bill (z)		2.09			12-20-2018		40,000,000		39,675,700
U.S. Treasury Bill (z)		2.10			11-23-2018		20,000,000		19,868,583
U.S. Treasury Bill (z)		2.10			12-6-2018		40,000,000		39,707,036
U.S. Treasury Bill (z)		2.11			12-27-2018		40,000,000		39,657,133
U.S. Treasury Bill (z)		2.12			12-13-2018		50,000,000		49,610,469
U.S. Treasury Bill (z)		2.16			1-24-2019		20,000,000		19,791,244
U.S. Treasury Bill (z)		2.16			1-31-2019		30,000,000		29,672,779
U.S. Treasury Bill (z)		2.17			1-17-2019		20,000,000		19,798,608
U.S. Treasury Bill (z)		3.83			9-13-2018		100,000,000		99,767,167
U.S. Treasury Note		0.75			9-30-2018		40,000,000		39,927,938
U.S. Treasury Note		0.75			2-15-2019		20,000,000		19,841,114
U.S. Treasury Note		0.88			10-15-2018		40,000,000		39,933,722
U.S. Treasury Note		1.00			11-30-2018		30,000,000		29,889,455
U.S. Treasury Note		1.00			3-15-2019		20,000,000		19,844,621
U.S. Treasury Note		1.25			10-31-2018		20,000,000		19,978,332
U.S. Treasury Note		1.25			4-30-2019		12,000,000		11,903,204
U.S. Treasury Note		1.38			9-30-2018		20,000,000		19,991,020
U.S. Treasury Note		1.38			2-28-2019		30,000,000		29,848,881
U.S. Treasury Note		1.50			8-31-2018		20,000,000		19,992,194
U.S. Treasury Note		1.50			1-31-2019		20,000,000		19,931,706
U.S. Treasury Note		1.50			2-28-2019		10,000,000		9,956,877
U.S. Treasury Note		1.63			3-31-2019		10,000,000		9,955,269
U.S. Treasury Note (U.S. Treasury 3 Month Bill Money Market Yield +0.00%) ±		1.98			1-31-2020		270,000,000		269,907,962
U.S. Treasury Note (U.S. Treasury 3 Month Bill Money Market Yield +0.03%) ±		2.01			4-30-2020		360,000,000		359,995,870
U.S. Treasury Note (U.S. Treasury 3 Month Bill Money Market Yield +0.04%) ±		2.02			7-31-2020		150,000,000		150,008,919
U.S. Treasury Note (U.S. Treasury 3 Month Bill Money Market Yield +0.05%) ±		2.03			10-31-2019		195,000,000		195,037,661
U.S. Treasury Note (U.S. Treasury 3 Month Bill Money Market Yield +0.06%) ±		2.04			7-31-2019		60,000,000		60,002,192
U.S. Treasury Note (U.S. Treasury 3 Month Bill Money Market Yield +0.14%) ±		2.12			1-31-2019		225,000,000		225,015,381
U.S. Treasury Note (U.S. Treasury 3 Month Bill Money Market Yield +0.17%) ±		2.15			10-31-2018		150,000,000		149,999,563
U.S. Treasury Note		2.75			2-15-2019		10,000,000		10,026,494
Total Treasury Debt (Cost $10,793,717,307)									10,793,717,307

Total investments in securities (Cost $10,793,717,307)	104.66	%		10,793,717,307
Other assets and liabilities, net	(4.66	)		(480,993,863	)
Total net assets	100.00	%	$	10,312,723,444

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

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

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

10 Wells Fargo 100% Treasury Money Market Fund Statement of assets and liabilities—July 31, 2018 (unaudited)

Assets
Investments in unaffiliated securities, at amortized cost	$	10,793,717,307
Cash		11,912
Receivable for investments sold		897,520,168
Receivable for Fund shares sold		21,594,422
Receivable for interest		1,216,390
Prepaid expenses and other assets		136,554
Total assets		11,714,196,753
Liabilities
Payable for investments purchased		1,388,191,513
Dividends payable		5,769,594
Payable for Fund shares redeemed		3,960,235
Management fee payable		1,058,894
Administration fees payable		829,555
Distribution fee payable		117,261
Accrued expenses and other liabilities		1,546,257
Total liabilities		1,401,473,309
Total net assets	$	10,312,723,444
NET ASSETS CONSIST OF
Paid-in capital	$	10,312,461,415
Undistributed net investment income		507,472
Accumulated net realized losses on investments		(245,443	)
Total net assets	$	10,312,723,444
COMPUTATION OF NET ASSET VALUE PER SHARE
Net assets – Class A	$	207,983,542
Shares outstanding – Class A1		207,968,118
Net asset value per share – Class A		$1.00
Net assets – Administrator Class	$	712,261,829
Shares outstanding – Administrator Class1		712,204,599
Net asset value per share – Administrator Class		$1.00
Net assets – Institutional Class	$	6,150,050,887
Shares outstanding – Institutional Class1		6,149,592,857
Net asset value per share – Institutional Class		$1.00
Net assets – Service Class	$	2,860,262,714
Shares outstanding – Service Class1		2,860,047,584
Net asset value per share – Service Class		$1.00
Net assets – Sweep Class	$	382,164,472
Shares outstanding – Sweep Class1		382,137,805
Net asset value per share – Sweep Class		$1.00

¹  The Fund has an unlimited number of authorized shares.

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

Statement of operations—six months ended July 31, 2018 (unaudited) Wells Fargo 100% Treasury Money Market Fund 11

Investment income
Interest	$	85,681,008
Expenses
Management fee		13,576,138
Administration fees
Class A		277,994
Administrator Class		410,479
Institutional Class		2,254,734
Service Class		1,756,286
Sweep Class		61,563
Shareholder servicing fees
Class A		315,902
Administrator Class		410,479
Service Class		3,658,717
Sweep Class		513,021
Distribution fee
Sweep Class		718,230
Custody and accounting fees		181,218
Professional fees		26,071
Registration fees		112,268
Shareholder report expenses		41,682
Trustees’ fees and expenses		6,959
Other fees and expenses		63,669
Total expenses		24,385,410
Less: Fee waivers and/or expense reimbursements		(7,692,781	)
Net expenses		16,692,629
Net investment income		68,988,379
Net realized losses on investments		(290,057	)
Net increase in net assets resulting from operations	$	68,698,322

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

12 Wells Fargo 100% Treasury Money Market Fund Statement of changes in net assets

	Six months ended July 31, 2018 (unaudited)						Year ended January 31, 2018
Operations
Net investment income				$	68,988,379					$	57,973,078
Net realized losses on investments					(290,057	)					(87,084	)
Net increase in net assets resulting from operations					68,698,322						57,885,994
Distributions to shareholders from
Net investment income
Class A					(1,306,634	)					(965,544	)
Administrator Class					(5,677,420	)					(6,627,174	)
Institutional Class					(42,351,485	)					(34,332,395	)
Service Class					(17,402,533	)					(14,586,653	)
Sweep Class					(1,745,954	)					(831,054	)
Net realized gains
Class A					0						(17,037	)
Administrator Class					0						(59,926	)
Institutional Class					0						(263,674	)
Service Class					0						(158,024	)
Sweep Class					0						(26,189	)
Total distributions to shareholders					(68,484,026	)					(57,867,670	)
Capital share transactions		Shares						Shares
Proceeds from shares sold
Class A		462,180,930			462,180,930			1,135,806,761			1,135,806,761
Administrator Class		2,040,821,023			2,040,821,023			3,968,753,750			3,968,753,750
Institutional Class		8,461,681,225			8,461,681,225			13,161,870,367			13,161,870,367
Service Class		9,044,693,788			9,044,693,788			19,403,845,448			19,403,845,448
Sweep Class		2,095,883,834			2,095,883,834			3,679,356,512			3,679,356,512
					22,105,260,800						41,349,632,838
Reinvestment of distributions
Class A		1,304,927			1,304,927			981,504			981,504
Administrator Class		3,045,916			3,045,916			3,277,129			3,277,129
Institutional Class		29,534,950			29,534,950			22,397,562			22,397,562
Service Class		3,809,608			3,809,608			2,682,696			2,682,696
Sweep Class		1,745,954			1,745,954			857,222			857,222
					39,441,355						30,196,113
Payment for shares redeemed
Class A		(546,746,155	)		(546,746,155	)		(1,209,172,771	)		(1,209,172,771	)
Administrator Class		(2,246,075,874	)		(2,246,075,874	)		(4,284,479,032	)		(4,284,479,032	)
Institutional Class		(7,042,068,494	)		(7,042,068,494	)		(12,050,337,321	)		(12,050,337,321	)
Service Class		(9,133,784,660	)		(9,133,784,660	)		(19,798,151,954	)		(19,798,151,954	)
Sweep Class		(2,197,166,179	)		(2,197,166,179	)		(3,870,749,117	)		(3,870,749,117	)
					(21,165,841,362	)					(41,212,890,195	)
Net increase in net assets resulting from capital share transactions					978,860,793						166,938,756
Total increase in net assets					979,075,089						166,957,080
Net assets
Beginning of period					9,333,648,355						9,166,691,275
End of period				$	10,312,723,444					$	9,333,648,355
Undistributed net investment income				$	507,472					$	3,119

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

Financial highlights Wells Fargo 100% Treasury Money Market Fund 13

(For a share outstanding throughout each period)

	Six months ended July 31, 2018 (unaudited)			Year ended January 31
CLASS A				2018			2017			2016			2015			2014
Net asset value, beginning of period		$1.00			$1.00			$1.00			$1.00			$1.00			$1.00
Net investment income (loss)		0.01			0.00	1		0.00	1		0.00	1,2		(0.00	)2,3		0.00	1
Net realized gains (losses) on investments		0.00	1		(0.00	)2		0.00	1		(0.00	)2		0.00	1		0.00	1
Total from investment operations		0.01			0.00	1		0.00	1		(0.00	)2		0.00	1		0.00	1
Distributions to shareholders from
Net investment income		(0.01	)		(0.00	)1		(0.00	)1		(0.00	)1		(0.00	)1		(0.00	)1
Net realized gains		0.00			(0.00	)1		(0.00	)1		(0.00	)1		(0.00	)1		(0.00	)1
Total distributions to shareholders		(0.01	)		(0.00	)1		(0.00	)1		(0.00	)1		(0.00	)1		(0.00	)1
Net asset value, end of period		$1.00			$1.00			$1.00			$1.00			$1.00			$1.00
Total return4		0.53	%		0.32	%		0.01	%		0.00	%		0.00	%		0.00	%
Ratios to average net assets (annualized)
Gross expenses		0.76	%		0.79	%		0.79	%		0.79	%		0.79	%		0.79	%
Net expenses		0.64	%		0.64	%		0.36	%		0.08	%		0.04	%		0.06	%
Net investment income (loss)		1.04	%		0.31	%		0.00	%		0.00	%		(0.00	)%		0.00	%
Supplemental data
Net assets, end of period (000s omitted)		$207,984			$291,246			$363,639			$464,176			$1,009,623			$932,956

¹  Amount is less than $0.005.

²  Amount is more than $(0.005).

³  Calculated based upon average shares outstanding

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

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

14 Wells Fargo 100% Treasury Money Market Fund Financial highlights

(For a share outstanding throughout each period)

	Six months ended July 31, 2018 (unaudited)			Year ended January 31
ADMINISTRATOR CLASS				2018			2017			2016			2015			2014
Net asset value, beginning of period		$1.00			$1.00			$1.00			$1.00			$1.00			$1.00
Net investment income (loss)		0.01			0.01			0.00	1		0.00	1		(0.00	)2,3		0.00	1
Net realized gains (losses) on investments		0.00	1		0.00	1		0.00	1		(0.00	)2		0.00	1		0.00	1
Total from investment operations		0.01			0.01			0.00	1		(0.00	)2		0.00	1		0.00	1
Distributions to shareholders from
Net investment income		(0.01	)		(0.01	)		(0.00	)1		(0.00	)1		(0.00	)1		(0.00	)1
Net realized gains		0.00			(0.00	)1		(0.00	)1		(0.00	)1		(0.00	)1		(0.00	)1
Total distributions to shareholders		(0.01	)		(0.01	)		(0.00	)1		(0.00	)1		(0.00	)1		(0.00	)1
Net asset value, end of period		$1.00			$1.00			$1.00			$1.00			$1.00			$1.00
Total return4		0.69	%		0.67	%		0.07	%		0.00	%		0.00	%		0.00	%
Ratios to average net assets (annualized)
Gross expenses		0.48	%		0.52	%		0.52	%		0.51	%		0.51	%		0.51	%
Net expenses		0.30	%		0.30	%		0.30	%		0.08	%		0.04	%		0.06	%
Net investment income (loss)		1.39	%		0.64	%		0.06	%		0.00	%		(0.00	)%		0.00	%
Supplemental data
Net assets, end of period (000s omitted)		$712,262			$914,471			$1,226,947			$1,945,991			$2,656,805			$2,754,138

¹  Amount is less than $0.005.

²  Amount is more than $(0.005).

³  Calculated based upon average shares outstanding

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

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

Financial highlights Wells Fargo 100% Treasury Money Market Fund 15

(For a share outstanding throughout each period)

	Six months ended July 31, 2018 (unaudited)			Year ended January 31
INSTITUTIONAL CLASS				2018			2017			2016			20151
Net asset value, beginning of period		$1.00			$1.00			$1.00			$1.00			$1.00
Net investment income (loss)		0.01			0.01			0.00	2		0.00	2		(0.00	)3,4
Net realized gains (losses) on investments		0.00	2		0.00	2		0.00	2		(0.00	)3		0.00	2
Total from investment operations		0.01	2		0.00	2		0.00	2		0.00	2		0.00	2
Distributions to shareholders from
Net investment income		(0.01	)		(0.01	)		(0.00	)2		(0.00	)2		(0.00	)2
Net realized gains		0.00			(0.00	)		(0.00	)2		(0.00	)2		(0.00	)2
Total distributions to shareholders		(0.01	)		(0.01	)		(0.00	)2		(0.00	)2		(0.00	)2
Net asset value, end of period		$1.00			$1.00			$1.00			$1.00			$1.00
Total return5		0.74	%		0.77	%		0.17	%		0.01	%		0.00	%
Ratios to average net assets (annualized)
Gross expenses		0.36	%		0.40	%		0.40	%		0.40	%		0.39	%
Net expenses		0.20	%		0.20	%		0.20	%		0.11	%		0.04	%
Net investment income (loss)		1.51	%		0.78	%		0.18	%		0.01	%		(0.00	)%
Supplemental data
Net assets, end of period (000s omitted)		$6,150,051			$4,700,731			$3,566,678			$632,263			$100

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

²  Amount is less than $0.005.

³  Amount is more than $(0.005).

⁴  Calculated based upon average shares outstanding

⁵  Returns for periods of less than one year are not annualized.

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

16 Wells Fargo 100% Treasury Money Market Fund Financial highlights

(For a share outstanding throughout each period)

	Six months ended July 31, 2018 (unaudited)			Year ended January 31
SERVICE CLASS				2018			2017			2016			2015			2014
Net asset value, beginning of period		$1.00			$1.00			$1.00			$1.00			$1.00			$1.00
Net investment income (loss)		0.01			0.00	1		0.00	1		0.00	1		(0.00	)2,3		0.00	1
Net realized gains (losses) on investments		0.00	1		(0.00	)2		0.00	1		(0.00	)2		0.00	1		0.00	1
Total from investment operations		0.01			(0.00	)2		0.00	1		(0.00	)2		0.00	1		0.00	1
Distributions to shareholders from
Net investment income		(0.01	)		(0.00	)1		(0.00	)1		(0.00	)1		(0.00	)1		(0.00	)1
Net realized gains		0.00			(0.00	)1		(0.00	)1		(0.00	)1		(0.00	)1		(0.00	)1
Total distributions to shareholders		(0.01	)		(0.00	)1		(0.00	)1		(0.00	)1		(0.00	)1		(0.00	)1
Net asset value, end of period		$1.00			$1.00			$1.00			$1.00			$1.00			$1.00
Total return4		0.59	%		0.46	%		0.01	%		0.00	%		0.00	%		0.00	%
Ratios to average net assets (annualized)
Gross expenses		0.65	%		0.69	%		0.69	%		0.69	%		0.68	%		0.68	%
Net expenses		0.50	%		0.50	%		0.36	%		0.09	%		0.05	%		0.07	%
Net investment income (loss)		1.20	%		0.45	%		0.00	%		0.00	%		(0.00	)%		0.00	%
Supplemental data
Net assets, end of period (000s omitted)		$2,860,263			$2,945,498			$3,337,172			$5,614,425			$6,962,725			$7,491,653

¹  Amount is less than $0.005.

²  Amount is more than $(0.005).

³  Calculated based upon average shares outstanding

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

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

Financial highlights Wells Fargo 100% Treasury Money Market Fund 17

(For a share outstanding throughout each period)

	Six months ended July 31, 2018 (unaudited)			Year ended January 31
SWEEP CLASS				2018			2017			2016			2015			2014
Net asset value, beginning of period		$1.00			$1.00			$1.00			$1.00			$1.00			$1.00
Net investment income (loss)		0.00	1		0.00	1		0.00	1		0.00	1		(0.00	)2,3		0.00	1
Net realized gains (losses) on investments		0.00	1		(0.00	)2		0.00	1		(0.00	)2		0.00	1		0.00	1
Total from investment operations		0.00	1		0.00	1		0.00	1		(0.00	)2		0.00	1		0.00	1
Distributions to shareholders from
Net investment income		(0.00	)1		(0.00	)1		(0.00	)1		(0.00	)1		(0.00	)1		(0.00	)1
Net realized gains		0.00			(0.00	)1		(0.00	)1		(0.00	)1		(0.00	)1		(0.00	)1
Total distributions to shareholders		(0.00	)1		(0.00	)1		(0.00	)1		(0.00	)1		(0.00	)1		(0.00	)1
Net asset value, end of period		$1.00			$1.00			$1.00			$1.00			$1.00			$1.00
Total return4		0.43	%		0.18	%		0.01	%		0.00	%		0.00	%		0.00	%
Ratios to average net assets (annualized)
Gross expenses		0.91	%		0.95	%		1.11	%		1.14	%		1.14	%		1.14	%
Net expenses		0.83	%		0.77	%		0.36	%		0.09	%		0.04	%		0.06	%
Net investment income (loss)		0.86	%		0.16	%		0.00	%		0.00	%		(0.00	)%		0.00	%
Supplemental data
Net assets, end of period (000s omitted)		$382,164			$481,702			$672,256			$473,246			$427,778			$390,560

¹  Amount is less than $0.005.

²  Amount is more than $(0.005).

³  Calculated based upon average shares outstanding

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

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

18 Wells Fargo 100% Treasury Money Market Fund Notes to financial statements (unaudited)

1. ORGANIZATION

Wells Fargo Funds Trust (the “Trust”), a Delaware statutory trust organized on March 10, 1999, is an open-end management investment company registered under the Investment Company Act of 1940, as amended (the “1940 Act”). As an investment company, the Trust follows the accounting and reporting guidance in Financial Accounting Standards Board Accounting Standards Codification Topic 946, Financial Services – Investment Companies. These financial statements report on the Wells Fargo 100% Treasury Money Market Fund (the “Fund”) which is a diversified series of the Trust.

2. SIGNIFICANT ACCOUNTING POLICIES

The following significant accounting policies, which are consistently followed in the preparation of the financial statements of the Fund, are in conformity with U.S. generally accepted accounting principles which require management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.

Securities valuation

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

Investments which are not valued using the method discussed above are valued at their fair value, as determined in good faith by the Board of Trustees of the Fund. The Board of Trustees has established a Valuation Committee comprised of the Trustees and has delegated to it the authority to take any actions regarding the valuation of portfolio securities that the Valuation Committee deems necessary or appropriate, including determining the fair value of portfolio securities, unless the determination has been delegated to the 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.

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 egulations 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.

Notes to financial statements (unaudited) Wells Fargo 100% Treasury Money Market Fund 19

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 July 31, 2018, the cost of investments for federal income tax purposes is substantially the same as for financial reporting purposes.

Class allocations

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

3. FAIR VALUATION MEASUREMENTS

Fair value measurements of investments are determined within a framework that has established a fair value hierarchy based upon the various data inputs utilized in determining the value of the Fund’s investments. The three-level hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). The Fund’s investments are classified within the fair value hierarchy based on the lowest level of input that is significant to the fair value measurement. The inputs are summarized into three broad levels as follows:

∎ Level 1 – quoted prices in active markets for identical securities

∎ Level 2 – other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)

∎ Level 3 – significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments)

The inputs or methodologies used for valuing investments in securities are not necessarily an indication of the risk associated with investing in those securities.

The following is a summary of the inputs used in valuing the Fund’s assets and liabilities as of July 31, 2018:

	Quoted prices (Level 1)		Other significant observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total
Assets
Investments in:
Treasury debt	$	0	$	10,793,717,307	$	0	$	10,793,717,307

The Fund recognizes transfers between levels within the fair value hierarchy at the end of the reporting period. At July 31, 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 and providing fund-level administrative services in connection with the Fund’s operations. As compensation for its services under the investment management agreement, Funds Management is entitled to receive an annual management fee starting at 0.20% and declining to 0.18%

20 Wells Fargo 100% Treasury Money Market Fund Notes to financial statements (unaudited)

as the average daily net assets of the Fund increase. Prior to June 1, 2018, Fund Management received a fee at an annual rate which started at 0.35% and declined to 0.23% as the average daily net assets of the Fund increased. For the six months ended July 31, 2018, the management fee was equivalent to an annual rate of 0.27% of the Fund’s average daily net assets.

Funds Management has retained the services of a subadviser to provide daily portfolio management to the Fund. The fee for subadvisory services is borne by Funds Management. Wells Capital Management Incorporated, an affiliate of Funds Management and an indirect wholly owned subsidiary of Wells Fargo, is the subadviser to the Fund and is entitled to receive a fee from Funds Management at an annual rate starting at 0.05% and declining to 0.01% as the average daily net assets of the Fund increase.

Administration fees

Under a class-level administration agreement, Funds Management provides class-level administrative services to the Fund, which includes paying fees and expenses for services provided by the transfer agent, sub-transfer agents, omnibus account servicers and record-keepers. As compensation for its services under the class-level administration agreement, Funds Management receives an annual fee which is calculated based on the average daily net assets of each class as follows:

	Class-level administration fee
Class A		0.22	%
Administrator Class		0.10
Institutional Class		0.08
Service Class		0.12
Sweep Class		0.03

Funds Management has contractually waived and/or reimbursed management and administration fees to the extent necessary to maintain certain net operating expense ratios for the Fund. When each class of the Fund has exceeded its expense cap, Funds Management has waived fees and/or reimbursed expenses from fund level expenses on a proportionate basis and then from class specific expenses; otherwise, waivers and/or reimbursements are applied against class specific expenses before fund level expenses. Funds Management has committed through May 31, 2019 to waive fees and/or reimburse expenses to the extent necessary to cap the Fund’s expenses at 0.60% for Class A shares, 0.30% for Administrator Class shares, 0.20% for Institutional Class shares, 0.50% for Service Class shares, and 0.83% for Sweep Class shares. After this time, the cap may be increased or the commitment to maintain the cap may be terminated only with the approval of the Board of Trustees. Prior to June 1, 2018, the Fund’s expenses were capped at 0.65% for Class A shares.

Distribution fee

The Trust has adopted a distribution plan for Sweep Class shares of the Fund pursuant to Rule 12b-1 under the 1940 Act. A distribution fee is charged to Sweep Class shares and paid to Wells Fargo Funds Distributor, LLC, the principal underwriter, at an annual rate of 0.35% of the average daily net assets of Sweep Class shares.

Shareholder servicing fees

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

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

Interfund transactions

The Fund may purchase or sell 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. 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 100% Treasury Money Market Fund 21

PROXY VOTING INFORMATION

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

PORTFOLIO HOLDINGS INFORMATION

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

22 Wells Fargo 100% Treasury Money Market Fund Other information (unaudited)

BOARD OF TRUSTEES AND OFFICERS

Each of the Trustees and Officers¹ listed in the table below acts in identical capacities for each fund in the Wells Fargo family of funds, which consists of 154 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 2009	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 100% Treasury Money Market Fund 23

Name and year of birth	Position held and length of service*	Principal occupations during past five years or longer	Current other public company or investment company directorships
Olivia S. Mitchell (Born 1953)	Trustee, since 2006; 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, on the Board of Directors, Goverance Committee and Finance Committee for the Minnesota Philanthropy Partners (Saint Paul Foundation) from 2012 to 2018, Interim President and Chief Executive Officer of Blue Cross Blue shield of Minnesota of Minnesota from 2010 to 2011, Chairman of the Board from 2009 to 2011 and Board Director 003 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 the 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.

24 Wells Fargo 100% Treasury Money Market Fund Other information (unaudited)

Officers

Name and year of birth	Position held and length of service	Principal occupations during past five years or longer
Andrew Owen (Born 1960)	President, since 2017	Executive Vice President of Wells Fargo & Company and Head of Affiliated Managers, Wells Fargo Asset Management, since 2014. In addition, Mr. Owen is currently President, Chief Executive Officer and Director of Wells Fargo Funds Management, LLC since 2017. Prior thereto, Executive Vice President responsible for marketing, investments and product development for Wells Fargo Funds Management, LLC, from 2009 to 2014.
Nancy Wiser1 (Born 1967)	Treasurer, since 2012	Executive Vice President of Wells Fargo Funds Management, LLC since 2011. Chief Operating Officer and Chief Compliance Officer at LightBox Capital Management LLC, from 2008 to 2011.
Alexander Kymn3 (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.
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 77 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.

³  Alexander Kymn became the Secretary and Chief Legal Officer effective April 17, 2018.

Other information (unaudited) Wells Fargo 100% Treasury Money Market Fund 25

BOARD CONSIDERATION OF INVESTMENT MANAGEMENT AND SUB-ADVISORY AGREEMENTS:

Wells Fargo 100% Treasury Money Market Fund

Under the Investment Company Act of 1940 (the “1940 Act”), the Board of Trustees (the “Board”) of Wells Fargo Funds Trust (the “Trust”) must determine annually whether to approve the continuation of the Trust’s investment management and sub-advisory agreements. In this regard, at an in-person meeting held on May 22-23, 2018 (the “Meeting”), the Board, all the members of which have no direct or indirect interest in the investment management and sub-advisory agreements and are not “interested persons” of the Trust, as defined in the 1940 Act (the “Independent Trustees”), reviewed and approved for Wells Fargo 100% Treasury Money Market Fund (the “Fund”): (i) an investment management agreement (the “Management Agreement”) with Wells Fargo Funds Management, LLC (“Funds Management”); and (ii) an investment sub-advisory agreement (the “Sub-Advisory Agreement”) with Wells Capital Management Incorporated (the “Sub-Adviser”), an affiliate of Funds Management. The Management Agreement and the Sub-Advisory Agreement are collectively referred to as the “Advisory Agreements.”

At the Meeting, the Board considered the factors and reached the conclusions described below relating to the selection of Funds Management and the Sub-Adviser and the approval of the Advisory Agreements. Prior to the Meeting, including at an in-person meeting in April 2018, the Trustees conferred extensively among themselves and with representatives of Funds Management about these matters. Also, the Board has adopted a team-based approach, with each team consisting of a sub-set of Trustees, to assist the full Board in the discharge of its duties in reviewing investment performance and other matters throughout the year. The Independent Trustees were assisted in their evaluation of the Advisory Agreements by independent legal counsel, from whom they received separate legal advice and with whom they met separately.

In providing information to the Board, Funds Management and the Sub-Adviser were guided by a detailed set of requests for information submitted to them by independent legal counsel on behalf of the Independent Trustees at the start of the Board’s annual contract renewal process earlier in 2018. In considering and approving the Advisory Agreements, the Trustees considered the information they believed relevant, including but not limited to the information discussed below. The Board considered not only the specific information presented in connection with the Meeting, but also the knowledge gained over time through interaction with Funds Management and the Sub-Adviser about various topics. In this regard, the Board reviewed reports of Funds Management at each of its quarterly meetings, which included, among other things, portfolio reviews and investment performance reports. In addition, the Board and the teams mentioned above confer with portfolio managers at various times throughout the year. The Board did not identify any particular information or consideration that was all-important or controlling, and each individual Trustee may have attributed different weights to various factors.

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

Nature, extent and quality of services

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

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

26 Wells Fargo 100% Treasury Money Market Fund Other information (unaudited)

Fund investment performance and expenses

The Board considered the investment performance results for the Fund over various time periods ended December 31, 2017. The Board considered these results in comparison to the investment performance of funds in a universe that was determined by Broadridge Inc. (“Broadridge”) to be similar to the Fund (the “Universe”), and in comparison to the Fund’s benchmark index and to other comparative data. Broadridge is an independent provider of investment company data. The Board received a description of the methodology used by Broadridge to select the mutual funds in the performance Universe. The Board noted that the investment performance of the Fund (Service Class) was higher than or equal to the average investment performance of the Universe for all periods under review. The Board also noted that the investment performance of the Fund was higher than or equal to its benchmark index, the Lipper U.S. Treasury Money Market Funds Index, for all periods under review.

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

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

Investment management and sub-advisory fee rates

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

Among other information reviewed by the Board was a comparison of the Fund’s Management Rates with the average contractual investment management fee rates of funds in the expense Groups at a common asset level as well as transfer agency costs of the funds in the expense Groups. The Board noted that the Management Rates of the Fund were in range of the sum of these average rates for the Fund’s expense Group for Sweep Class, but higher than the sum of these average rates for the Fund’s expense Groups for Class A, Administrator Class, Institutional Class, and Service Class. The also Board discussed and accepted Funds Management’s proposal to revise the Management Agreement to reduce the management fees paid by the Fund to Funds Management.

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

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

Profitability

The Board received and considered information concerning the profitability of Funds Management, as well as the profitability of both WFAM and Wells Fargo & Co. (“Wells Fargo”) as a whole, from providing services to the Fund and the fund family as a whole. The Board noted that the Sub-Adviser’s profitability information with respect to providing services to the Fund was subsumed in the WFAM and Wells Fargo profitability analysis.

Funds Management reported on the methodologies and estimates used in calculating profitability, including a description of the methodology used to allocate certain expenses and recent enhancements made to the methodology.

Other information (unaudited) Wells Fargo 100% Treasury Money Market Fund 27

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

Economies of scale

The Board considered the extent to which Funds Management may experience economies of scale in the provision of management services, and the extent to which scale benefits, if any, would be shared with shareholders. In particular, the Board noted the existence of breakpoints in the Fund’s management fee structure, which operate generally to reduce the Fund’s expense ratios as the Fund grows in size. It considered that, for a small fund or a fund that shrinks in size, breakpoints conversely can result in higher fee levels. The Board also considered that in addition to management fee breakpoints, competitive management fee rates set at the outset without regard to breakpoints and fee waiver and expense reimbursement arrangements, as well as investments in the business intended to enhance services available to Fund shareholders, are means of sharing potential economies of scale with shareholders of the Fund. The also Board discussed and accepted Funds Management’s proposal to revise the Management Agreement to reduce the management fees paid by the Fund to Funds Management.

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

Other benefits to Funds Management and the Sub-Adviser

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

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

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

Conclusion

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

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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 219967

Kansas City, MO 64121-9967

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 the trade name for certain investment advisory/management firms owned by Wells Fargo & Company. These firms include but are not limited to Wells Capital Management Incorporated and Wells Fargo Funds Management, LLC. Certain products managed by WFAM entities are distributed by Wells Fargo Funds Distributor, LLC (a broker/dealer and Member FINRA).

This material is for general informational and educational purposes only and is NOT intended to provide investment advice or a recommendation of any kind—including a recommendation for any specific investment, strategy, or plan.

NOT FDIC INSURED  ◾  NO BANK GUARANTEE  ◾   MAY LOSE VALUE

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

314810 09-18 SA300/SAR300 07-18

Semi-Annual Report

July 31, 2018

Government Money Market Funds

∎ Wells Fargo Treasury Plus Money Market Fund

Reduce clutter. Save trees.

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

Contents

Letter to shareholders	2
Performance highlights	6
Fund expenses	8
Portfolio of investments	9
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	24

The views expressed and any forward-looking statements are as of July 31, 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 Treasury Plus Money Market Fund Letter to shareholders (unaudited)

Andrew Owen

President

Wells Fargo Funds

Yields on money market funds benefited during the period.

During February 2018, the U.S. stock market endured a loss of more than 10% before recovering in March and April.

Dear Shareholder:

We are pleased to offer you this semi-annual report for the Wells Fargo Treasury Plus Money Market Fund for the six-month period that ended July 31, 2018. Yields on money market funds benefited during the period. As the U.S. Federal Reserve (the Fed) moved toward a more normalized monetary policy after an extended term of low interest rates following the global financial crisis during 2007 and 2008, its steady pace of interest rate increases helped raise yields on short-term money market instruments.

Globally, stock markets followed a less consistent path during the period. After advancing during the summer and fall of 2017 in a roughly synchronized way, economic growth and stock markets globally diverged during the first seven months of 2018. For fixed-income investors, higher U.S. interest rates, rising inflation, and intensifying global geopolitical tensions tended to restrain taxable bond prices while high-yield and municipal bond investors generally enjoyed positive returns.

For the period, U.S. stocks, as measured by the S&P 500 Index,¹ gained 0.70%, and international stocks, as measured by the MSCI ACWI ex USA Index (Net),² fell 6.66%. Emerging market stocks, as measured by the MSCI EM Index (Net),³ dropped 11.94%. In bond markets, the Bloomberg Barclays U.S. Aggregate Bond Index⁴ declined 0.45% while fixed-income investments outside the U.S. fell 4.57%, according to the Bloomberg Barclays Global Aggregate ex-USD Index.⁵ The Bloomberg Barclays Municipal Bond Index⁶ added 1.18%, and the ICE BofAML U.S. High Yield Index⁷ was up 0.55%.

Volatility reemerged during the first quarter of 2018 as economic signals were mixed.

The first quarter of 2018 began with stock market gains in January following U.S. tax reform that lowered rates for individuals and corporations and deregulation advanced in some economic sectors. Then, investor optimism was supplanted by several concerns. Trade tensions intensified, particularly between the U.S. and China. The U.S. threatened to impose tariffs on a broad range of imported products. Increasing interest rates and inflation also caused concern. During February 2018, the U.S. stock market endured a loss of more than 10% before recovering in March and April. The S&P 500 Index closed the first quarter with a negative return, the first negative quarterly return for the index since 2014.

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 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 market 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.

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 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 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.

⁷  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.

⁸  The Consumer Price Index For All Urban Consumers (CPI-U) measures the changes in the price of a basket of goods and services purchased by urban consumers. The urban consumer population is deemed by many as a better representative measure of the general public because most of the country’s population lives in highly populated areas, which represent close to 90% of the total population. You cannot invest directly in an index.

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

The Fed increased the federal funds rate by 25 basis points (bps; 100 bps equal 1.00%) in March 2018 and the rate of inflation reached the Fed’s 2% target for the first time in a year. The unemployment rate fell to 4.1%. The third revision of first- quarter gross domestic product (GDP) growth by the U.S. Bureau of Economic Analysis released during June 2018 was lowered to 2.0%.

Overseas, investment market returns reversed the strong returns of 2017. After having gained 27.19% for the 12-month period that ended on December 31, 2017, the MSCI ACWI ex USA Index (Net) fell 1.46% for the seven-month period that ended July 31, 2018. The U.S. dollar strengthened relative to local currencies, which served to restrain returns.

Global trade tensions escalated during the second quarter and into the third quarter of 2018.

Global trade tensions escalated as the second quarter of 2018 opened and equity markets fell in response before resuming upward momentum later in April. The U.S. government imposed tariffs on products and commodities imported from other markets in North America, Europe, and Asia. In retaliation, governments imposed tariffs on U.S. products and commodities. In addition, the U.S. pushed its North American neighbors to renegotiate the North American Free Trade Agreement, furthering trade tensions and investor uncertainty.

The CPI-U⁸ added 0.2% in May after a similar increase in April. On a year-over-year basis, the all-items index rose 2.8% for the 12 months that ended May 31, continuing its upward trend since the beginning of the year. The index for all items less food and energy rose 2.2% for the same 12-month period. Interest rates generally increased and the bond markets tended to decline.

During June 2018, the Fed increased the federal funds rate by 25 bps. Investment markets began to anticipate two more rate increases in 2018. Long-term interest rates in the U.S. trended higher—rates on the 10-year and 30-year Treasury bonds moved from 2.46% and 2.81%, respectively, on January 1, 2018, to 2.96% and 3.08%, respectively, on July 31, 2018. While higher at the end of the period, rates were off their peak levels on May 17, 2018, of 3.11% and 3.25%, respectively. Investors became more aware of and concerned about the potential for an inverted yield curve—sometimes a recession signal—as short-term rates increased more quickly than long-term rates.

The unemployment rate fell to 3.9% in July after ticking up slightly in June from May’s 3.8% level, according to the U.S. Department of Labor. The annualized rate of GDP growth for the second quarter of 2018 was reported in July to be 4.1%, the highest level since the third quarter of 2014, according to the U.S. Bureau of Economic Analysis.

Internationally, the prospects for a smooth U.K. Brexit agreement was cast into doubt as members of Prime Minister Theresa May’s negotiating team resigned. Despite the uncertainty, the period closed with expectations that the Bank of England’s Monetary Policy Committee in July would announce an increase in its key interest rate to 0.75%, which it did in early August.

Meanwhile, central banks in Europe and Japan maintained low interest rates and accommodative monetary policies. Amid rising trade uncertainty, People’s Bank of China monetary policies shifted with cuts to reserve requirement ratios and implementation of supportive measures such as accelerated infrastructure spending and tax cuts for small and medium enterprises and for individuals. Nevertheless, a strengthening U.S. dollar and the tensions associated with trade policies remained headwinds for investors overseas.

4 Wells Fargo Treasury Plus Money Market Fund Letter to shareholders (unaudited)

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

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

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

Sincerely,

Andrew Owen

President

Wells Fargo Funds

For further information about your Fund, contact your investment professional, visit our website at wellsfargofunds.com, or call us directly at 1-800-222-8222.

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6 Wells Fargo Treasury Plus Money Market Fund Performance highlights (unaudited)

Investment objective

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

Manager

Wells Fargo Funds Management, LLC

Subadviser

Wells Capital Management Incorporated

Portfolio managers

Michael C. Bird, CFA^®

Jeffrey L. Weaver, CFA^®

Laurie White

Average annual total returns (%) as of July 31, 2018¹

								Expense ratios2 (%)
	Inception date	1 year		5 year		10 year		Gross		Net3
Class A (PIVXX)	7-28-2003		0.81		0.19		0.12		0.62		0.60
Administrator Class (WTPXX)	3-31-2008		1.08		0.28		0.17		0.35		0.35
Institutional Class (PISXX)	8-11-1995		1.23		0.35		0.22		0.23		0.20
Service Class (PRVXX)	10-1-1985		0.98		0.24		0.15		0.52		0.45
Sweep Class	6-30-2010		0.65		0.15		0.10		0.78		0.78

Yield summary (%) as of July 31, 2018³

	Class A	Administrator Class		Institutional Class		Service Class		Sweep Class
7-day current yield	1.35		1.60		1.75		1.50		1.18
7-day compound yield	1.36		1.62		1.76		1.51		1.18
30-day simple yield	1.35		1.60		1.75		1.50		1.18
30-day compound yield	1.36		1.62		1.76		1.51		1.18

Figures quoted represent past performance, which is no guarantee of future results, and do not reflect taxes that a shareholder may pay on fund distributions or the redemption of fund shares. Investment returns will fluctuate. The Fund’s yield figures more closely reflect the current earnings of the Fund than the total return figures. Current performance may be lower or higher than the performance data quoted, which assumes the reinvestment of dividends and capital gains. Current month-end performance is available on the Fund’s website, wellsfargofunds.com.

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

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

Please see footnotes on page 7.

Performance highlights (unaudited) Wells Fargo Treasury Plus Money Market Fund 7

Portfolio composition as of July 31, 2018⁴

Effective maturity distribution as of July 31, 2018⁴

Weighted average maturity as of July 31, 2018⁵

22 days

Weighted average life as of July 31, 2018⁶

98 days

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

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

³  The manager has contractually committed through May 31, 2019, 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 0.60% for Class A, 0.35% for Administrator Class, 0.20% for Institutional Class, 0.45% for Service Class, and 0.83% for Sweep Class. After this time, the cap may be increased or the commitment to maintain the cap may be terminated only with the approval of the Board of Trustees. Brokerage commissions, stamp duty fees, interest, taxes, acquired fund fees and expenses (if any), and extraordinary expenses are excluded from the cap. Without this cap, the Fund’s returns would have been lower. Without waived fees and/or reimbursed expenses, the Fund’s 7-day current yield would have been 1.33%, 1.60%, 1.72%, 1.43%, and 1.18% for Class A, Administrator Class, Institutional Class, Service Class, and Sweep Class, respectively. The expense ratio paid by an investor is the net expense ratio (the total annual fund operating expenses after fee waivers) as stated in the prospectuses.

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

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

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

8 Wells Fargo Treasury Plus Money Market Fund Fund expenses (unaudited)

As a shareholder of the Fund, you incur ongoing costs, including management fees, distribution (12b-1) and/or shareholder servicing fees, and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The example is based on an investment of $1,000 invested at the beginning of the six-month period and held for the entire period from February 1, 2018 to July 31, 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. Therefore, the “Hypothetical” line of the table is useful in comparing ongoing costs only and will not help you determine the relative total costs of owning different funds.

	Beginning account value 2-1-2018		Ending account value 7-31-2018		Expenses paid during the period¹		Annualized net expense ratio
Class A
Actual	$	1,000.00	$	1,005.39	$	3.08		0.61	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,022.13	$	3.11		0.61	%
Administrator Class
Actual	$	1,000.00	$	1,006.71	$	1.77		0.35	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,023.44	$	1.79		0.35	%
Institutional Class
Actual	$	1,000.00	$	1,007.43	$	1.01		0.20	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,024.20	$	1.02		0.20	%
Service Class
Actual	$	1,000.00	$	1,006.19	$	2.28		0.45	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,022.94	$	2.29		0.45	%
Sweep Class
Actual	$	1,000.00	$	1,004.57	$	3.89		0.77	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.32	$	3.92		0.77	%

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

Portfolio of investments—July 31, 2018 (unaudited) Wells Fargo Treasury Plus Money Market Fund 9

Security name	Interest rate			Maturity date		Principal		Value
Repurchase Agreements ^^: 63.63%
Bank of Montreal, dated 7-31-2018, maturity value $100,005,139 (1)		1.85	%		8-1-2018	$	100,000,000	$	100,000,000
Barclays Capital Incorporated, dated 7-31-2018, maturity value $950,050,403 (2)		1.91			8-1-2018		950,000,000		950,000,000
BNP Paribas, dated 7-2-2018, maturity value $200,650,000 (3)		1.95			8-31-2018		200,000,000		200,000,000
BNP Paribas, dated 7-31-2018, maturity value $415,022,018 (4)		1.91			8-1-2018		415,000,000		415,000,000
BNP Paribas, dated 7-31-2018, maturity value $75,027,854 (5)		1.91			8-7-2018		75,000,000		75,000,000
Citigroup Global Markets Incorporated, dated 7-26-2018, maturity value $250,092,361 (6)		1.90			8-2-2018		250,000,000		250,000,000
Deutsche Bank Securities, dated 7-31-2018, maturity value $400,021,333 (7)		1.92			8-1-2018		400,000,000		400,000,000
Fixed Income Clearing Corporation, dated 7-31-2018, maturity value $2,000,106,111 (8)		1.91			8-1-2018		2,000,000,000		2,000,000,000
Goldman Sachs & Company, dated 7-31-2018, maturity value $15,000,521 (9)		1.25			8-1-2018		15,000,000		15,000,000
HSBC Securities USA Incorporated, dated 7-31-2018, maturity value $50,002,528 (10)		1.82			8-1-2018		50,000,000		50,000,000
ING Financial Markets LLC, dated 7-31-2018, maturity value $150,008,337 (11)		1.91			8-1-2018		150,000,379		150,000,379
JPMorgan Securities, dated 7-2-2018, maturity value $550,889,167 (12)¢øø§		1.91			8-1-2018		550,000,000		550,000,000
JPMorgan Securities, dated 7-31-2018, maturity value $1,125,059,688 (13)		1.91			8-1-2018		1,125,000,000		1,125,000,000
Merrill Pierce Fenner Smith Incorporated, dated 7-31-2018, maturity value $180,009,550 (14)		1.91			8-1-2018		180,000,000		180,000,000
MetLife Incorporated, dated 7-31-2018, maturity value $100,007,508 (15)		1.92			8-1-2018		100,002,175		100,002,175
Nomura, dated 7-31-2018, maturity value $200,074,667 (16)		1.92			8-7-2018		200,000,000		200,000,000
Prudential, dated 7-31-2018, maturity value $111,058,236 (17)		1.94			8-1-2018		111,079,250		111,079,250
Prudential, dated 7-31-2018, maturity value $264,601,758 (18)		1.94			8-1-2018		264,587,500		264,587,500
RBC Capital Markets, dated 7-13-2018, maturity value $50,104,000 (19)¢øø§		1.92			8-21-2018		50,000,000		50,000,000
RBC Dominion Securities Incorporated, dated 7-11-2018, maturity value $300,640,000 (20)¢øø§		1.92			8-20-2018		300,000,000		300,000,000
RBC Dominion Securities Incorporated, dated 7-31-2018, maturity value $100,005,000 (21)		1.80			8-1-2018		100,000,000		100,000,000
RBC Dominion Securities Incorporated, dated 7-31-2018, maturity value $500,026,528 (22)		1.91			8-1-2018		500,000,000		500,000,000
Royal Bank of Scotland, dated 7-31-2018, maturity value $500,026,528 (23)		1.91			8-1-2018		500,000,000		500,000,000
Societe Generale NY, dated 6-11-2018, maturity value $250,812,500 (24)		1.95			8-10-2018		250,000,000		250,000,000
Total Repurchase Agreements (Cost $8,835,669,304)									8,835,669,304
Treasury Debt: 39.18%
U.S. Treasury Bill (z)		1.78			8-30-2018		300,000,000		299,555,500
U.S. Treasury Bill (z)		1.79			8-9-2018		260,000,000		259,897,527
U.S. Treasury Bill (z)		1.84			8-16-2018		150,000,000		149,885,580
U.S. Treasury Bill (z)		1.85			8-23-2018		50,000,000		49,943,903
U.S. Treasury Bill (z)		1.91			9-6-2018		80,000,000		79,848,100
U.S. Treasury Bill (z)		1.95			10-4-2018		270,000,000		269,070,667
U.S. Treasury Bill (z)		1.96			9-20-2018		30,000,000		29,919,167
U.S. Treasury Bill (z)		1.97			10-11-2018		119,000,000		118,540,797
U.S. Treasury Bill (z)		1.98			10-18-2018		30,000,000		29,872,275
U.S. Treasury Bill (z)		2.01			11-8-2018		60,000,000		59,671,609
U.S. Treasury Bill (z)		2.01			11-1-2018		40,000,000		39,796,680
U.S. Treasury Bill (z)		2.05			11-15-2018		30,000,000		29,820,507
U.S. Treasury Bill (z)		2.05			11-29-2018		130,000,000		129,117,667
U.S. Treasury Bill (z)		2.09			12-20-2018		60,000,000		59,513,550
U.S. Treasury Bill (z)		2.10			12-6-2018		90,000,000		89,340,870

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

10 Wells Fargo Treasury Plus Money Market Fund Portfolio of investments—July 31, 2018 (unaudited)

Security name	Interest rate			Maturity date		Principal		Value
Treasury Debt (continued)
U.S. Treasury Bill (z)		2.10	%		11-23-2018	$	130,000,000	$	129,144,208
U.S. Treasury Bill (z)		2.11			12-27-2018		60,000,000		59,485,700
U.S. Treasury Bill (z)		2.12			12-13-2018		80,000,000		79,376,751
U.S. Treasury Bill (z)		2.16			1-24-2019		30,000,000		29,686,867
U.S. Treasury Bill (z)		2.16			1-31-2019		50,000,000		49,454,632
U.S. Treasury Bill (z)		2.17			1-17-2019		30,000,000		29,697,913
U.S. Treasury Note		0.75			9-30-2018		30,000,000		29,953,835
U.S. Treasury Note		0.75			10-31-2018		30,000,000		29,902,338
U.S. Treasury Note		0.75			2-15-2019		60,000,000		59,523,342
U.S. Treasury Note		0.88			10-15-2018		169,365,000		169,078,536
U.S. Treasury Note		1.00			11-30-2018		30,000,000		29,889,455
U.S. Treasury Note		1.00			3-15-2019		30,000,000		29,766,932
U.S. Treasury Note		1.25			10-31-2018		60,000,000		59,929,055
U.S. Treasury Note		1.25			11-30-2018		46,000,000		45,907,185
U.S. Treasury Note		1.38			9-30-2018		280,000,000		279,822,839
U.S. Treasury Note		1.38			11-30-2018		40,000,000		39,947,168
U.S. Treasury Note		1.38			2-28-2019		50,000,000		49,748,089
U.S. Treasury Note		1.50			8-31-2018		30,000,000		29,988,291
U.S. Treasury Note		1.50			1-31-2019		130,000,000		129,549,815
U.S. Treasury Note		1.50			2-28-2019		40,000,000		39,831,591
U.S. Treasury Note		1.63			3-31-2019		15,000,000		14,932,904
U.S. Treasury Note		1.63			4-30-2019		50,000,000		49,734,532
U.S. Treasury Note (U.S. Treasury 3 Month Bill Money Market Yield +0.00%) ±		1.98			1-31-2020		430,000,000		429,843,568
U.S. Treasury Note (U.S. Treasury 3 Month Bill Money Market Yield +0.03%) ±		2.01			4-30-2020		650,000,000		650,001,457
U.S. Treasury Note (U.S. Treasury 3 Month Bill Money Market Yield +0.04%) ±		2.02			7-31-2020		250,000,000		250,014,864
U.S. Treasury Note (U.S. Treasury 3 Month Bill Money Market Yield +0.05%) ±		2.03			10-31-2019		307,000,000		307,058,817
U.S. Treasury Note (U.S. Treasury 3 Month Bill Money Market Yield +0.06%) ±		2.04			7-31-2019		90,000,000		90,003,287
U.S. Treasury Note (U.S. Treasury 3 Month Bill Money Market Yield +0.14%) ±		2.12			1-31-2019		270,000,000		270,017,441
U.S. Treasury Note (U.S. Treasury 3 Month Bill Money Market Yield +0.17%) ±		2.15			10-31-2018		260,000,000		259,996,735
U.S. Treasury Note		2.75			2-15-2019		25,000,000		25,066,234
Total Treasury Debt (Cost $5,440,148,780)									5,440,148,780

Total investments in securities (Cost $14,275,818,084)	102.81	%		14,275,818,084
Other assets and liabilities, net	(2.81	)		(389,965,943	)
Total net assets	100.00	%	$	13,885,852,141

^^ Collateralized by:

(1) U.S. government securities, 1.88% to 3.13%, 5-15-2019 to 3-31-2023, fair value including accrued interest is $102,000,033.

(2) U.S. government securities, 0.00% to 6.00%, 11-8-2018 to 8-15-2047, fair value including accrued interest is $969,000,035.

(3) U.S. government securities, 0.00% to 8.50%, 8-15-2018 to 11-15-2044, fair value including accrued interest is $204,000,000.

(4) U.S. government securities, 0.00% to 7.50%, 8-15-2018 to 5-15-2047, fair value including accrued interest is $423,300,000.

(5) U.S. government securities, 0.00% to 7.50%, 8-16-2018 to 12-15-2042, fair value including accrued interest is $76,500,001.

(6) U.S. government securities, 1.63% to 4.25, 4-30-2019 to 11-15-2040, fair value including accrued interest is $255,000,060.

(7) U.S. government securities, 0.00% to 4.63%, 8-30-2018 to 5-15-2045, fair value including accrued interest is $408,000,000.

(8) U.S. government securities, 3.00% to 3.75%, 11-15-2043 to 11-15-2044, fair value including accrued interest is $2,040,001,612.

(9) U.S. government securities, 0.00% to 3.88%, 8-16-2018 to 2-15-2046, fair value including accrued interest is $15,300,001.

(10) U.S. government securities, 0.00%, 11-8-2018 to 1-10-2019, fair value is $51,000,004.

(11) U.S. government securities, 1.88% to 2.00%, 8-31-2022 to 10-31-2022, fair value including accrued interest is $153,061,611.

(12) U.S. government securities, 1.75% to 4.50%, 4-30-2020 to 5-15-2046, fair value including accrued interest is $561,003,321.

(13) U.S. government securities, 1.63% to 3.63%, 3-15-2020 to 5-15-2045, fair value including accrued interest is $1,147,508,159.

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

Portfolio of investments—July 31, 2018 (unaudited) Wells Fargo Treasury Plus Money Market Fund 11

(14) U.S. government securities, 2.75%, 2-15-2028, fair value including accrued interest is $183,600,079.

(15) U.S. government securities, 1.25%, 8-31-2019, fair value including accrued interest is $101,469,623.

(16) U.S. government securities, 0.00% to 8.13%, 8-15-2018 to 2-15-2048, fair value including accrued interest is $204,000,000.

(17) U.S. government securities, 0.00% to 3.00%, 4-30-2020 to 8-15-2045, fair value including accrued interest is $113,300,835.

(18) U.S. government securities, 0.00% to 2.38%, 4-30-2022 to 2-15-2026, fair value including accrued interest is $269,879,250.

(19) U.S. government securities, 1.38% to 2.75%, 7-15-2019 to 8-15-2042, fair value including accrued interest is $51,000,004.

(20) U.S. government securities, 0.00% to 2.75%, 4-15-2019 to 2-15-2047, fair value including accrued interest is $306,000,005.

(21) U.S. government securities, 0.63% to 3.00%, 7-15-2019 to 2-15-2046, fair value including accrued interest is $102,000,079.

(22) U.S. government securities, 0.00% to 3.76%, 8-15-2018 to 11-15-2047, fair value including accrued interest is $510,000,031.

(23) U.S. government securities, 0.00% to 6.63%, 8-31-2018 to 8-15-2047, fair value including accrued interest is $510,000,004.

(24) U.S. government securities, 0.00% to 3.75%, 8-31-2018 to 5-15-2046, fair value including accrued interest is $255,000,061.

¢ The security represents a long-dated and extendible repurchase agreement which automatically renews on previously set terms. The maturity date represents the next put date.

øø The interest rate is determined and reset by the issuer periodically depending upon the terms of the security. The rate shown is the rate in effect at period end.

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

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

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

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

12 Wells Fargo Treasury Plus Money Market Fund Statement of assets and liabilities—July 31, 2018 (unaudited)

Assets
Investments in repurchase agreements, at amortized cost	$	8,835,669,304
Investments in unaffiliated securities, at amortized cost		5,440,148,780
Cash		6,125,655
Receivable for Fund shares sold		12,708,740
Receivable for interest		6,808,918
Prepaid expenses and other assets		714,498
Total assets		14,302,175,895
Liabilities
Payable for investments purchased		398,949,997
Dividends payable		12,749,892
Management fee payable		1,399,425
Administration fees payable		1,205,269
Payable for Fund shares redeemed		855,465
Distribution fee payable		30
Accrued expenses and other liabilities		1,163,676
Total liabilities		416,323,754
Total net assets	$	13,885,852,141
NET ASSETS CONSIST OF
Paid-in capital	$	13,886,026,267
Overdistributed net investment income		(289,731	)
Accumulated net realized gains on investments		115,605
Total net assets	$	13,885,852,141
COMPUTATION OF NET ASSET VALUE PER SHARE
Net assets – Class A	$	1,309,313,901
Shares outstanding – Class A1		1,309,132,655
Net asset value per share – Class A		$1.00
Net assets – Administrator Class	$	33,162,211
Shares outstanding – Administrator Class1		33,157,315
Net asset value per share – Administrator Class		$1.00
Net assets – Institutional Class	$	11,214,007,694
Shares outstanding – Institutional Class1		11,212,435,558
Net asset value per share – Institutional Class		$1.00
Net assets – Service Class	$	1,329,268,247
Shares outstanding – Service Class1		1,329,082,068
Net asset value per share – Service Class		$1.00
Net assets – Sweep Class	$	100,088
Shares outstanding – Sweep Class1		100,073
Net asset value per share – Sweep Class		$1.00

¹  The Fund has an unlimited number of authorized shares.

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

Statement of operations—six months ended July 31, 2018 (unaudited) Wells Fargo Treasury Plus Money Market Fund 13

Investment income
Interest	$	123,614,619
Expenses
Management fee		10,265,040
Administration fees
Class A		1,493,955
Administrator Class		68,378
Institutional Class		4,707,721
Service Class		830,224
Sweep Class		14
Shareholder servicing fees
Class A		1,697,676
Administrator Class		68,378
Service Class		1,729,633
Sweep Class		125
Distribution fee
Sweep Class		174
Custody and accounting fees		227,591
Professional fees		24,578
Registration fees		45,152
Shareholder report expenses		19,410
Trustees’ fees and expenses		8,504
Other fees and expenses		38,217
Total expenses		21,224,770
Less: Fee waivers and/or expense reimbursements		(1,962,358	)
Net expenses		19,262,412
Net investment income		104,352,207
Net realized gains on investments		34,317
Net increase in net assets resulting from operations	$	104,386,524

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

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

	Six months ended July 31, 2018 (unaudited)						Year ended January 31, 2018
Operations
Net investment income				$	104,352,207					$	114,264,498
Net realized gains on investments					34,317						81,289
Net increase in net assets resulting from operations					104,386,524						114,345,787
Distributions to shareholders from
Net investment income
Class A					(7,389,549	)					(5,757,833	)
Administrator Class					(886,886	)					(532,884	)
Institutional Class					(87,512,043	)					(100,053,459	)
Service Class					(8,563,272	)					(7,920,085	)
Sweep Class					(457	)					(237	)
Net realized gains
Class A					0						(7,685	)
Administrator Class					0						(158	)
Institutional Class					0						(63,379	)
Service Class					0						(6,202	)
Sweep Class					0						(1	)
Total distributions to shareholders					(104,352,207	)					(114,341,923	)
Capital share transactions		Shares						Shares
Proceeds from shares sold
Class A		4,823,516,569			4,823,516,569			9,977,869,822			9,977,869,822
Administrator Class		575,432,135			575,432,135			947,917,891			947,917,891
Institutional Class		50,598,733,929			50,598,733,929			129,675,413,942			129,675,413,942
Service Class		3,108,742,318			3,108,742,318			6,215,918,108			6,215,918,108
					59,106,424,951						146,817,119,763
Reinvestment of distributions
Class A		3,445,453			3,445,453			2,542,405			2,542,405
Administrator Class		776,283			776,283			471,776			471,776
Institutional Class		29,973,957			29,973,957			33,325,578			33,325,578
Service Class		2,557,054			2,557,054			2,548,849			2,548,849
Sweep Class		0			0			68			68
					36,752,747						38,888,676
Payment for shares redeemed
Class A		(4,809,377,091	)		(4,809,377,091	)		(10,434,003,791	)		(10,434,003,791	)
Administrator Class		(685,240,303	)		(685,240,303	)		(912,432,946	)		(912,432,946	)
Institutional Class		(52,499,939,645	)		(52,499,939,645	)		(128,113,332,177	)		(128,113,332,177	)
Service Class		(3,241,361,757	)		(3,241,361,757	)		(6,259,590,464	)		(6,259,590,464	)
					(61,235,918,796	)					(145,719,359,378	)
Net increase (decrease) in net assets resulting from capital share transactions					(2,092,741,098	)					1,136,649,061
Total increase (decrease) in net assets					(2,092,706,781	)					1,136,652,925
Net assets
Beginning of period					15,978,558,922						14,841,905,997
End of period				$	13,885,852,141					$	15,978,558,922
Overdistributed net investment income				$	(289,731	)				$	(289,731	)

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

Financial highlights Wells Fargo Treasury Plus Money Market Fund 15

(For a share outstanding throughout each period)

	Six months ended July 31, 2018 (unaudited)			Year ended January 31
CLASS A				2018			2017			2016			2015			2014
Net asset value, beginning of period		$1.00			$1.00			$1.00			$1.00			$1.00			$1.00
Net investment income		0.01			0.00	1		0.00	1		0.00	1		0.00	1		0.00	1
Net realized gains (losses) on investments		0.00	1		0.00	1		0.00	1		0.00	1		(0.00	)2		0.00	1
Total from investment operations		0.01			0.00	1		0.00	1		0.00	1		0.00	1		0.00	1
Distributions to shareholders from
Net investment income		(0.01	)		(0.00	)1		(0.00	)1		(0.00	)1		(0.00	)1		(0.00	)1
Net realized gains		0.00			(0.00	)1		0.00			0.00			(0.00	)1		(0.00	)1
Total distributions to shareholders		(0.01	)		(0.00	)1		(0.00	)1		(0.00	)1		(0.00	)1		(0.00	)1
Net asset value, end of period		$1.00			$1.00			$1.00			$1.00			$1.00			$1.00
Total return3		0.54	%		0.38	%		0.01	%		0.01	%		0.01	%		0.01	%
Ratios to average net assets (annualized)
Gross expenses		0.62	%		0.62	%		0.62	%		0.62	%		0.62	%		0.62	%
Net expenses		0.61	%		0.61	%		0.39	%		0.11	%		0.06	%		0.06	%
Net investment income		1.09	%		0.38	%		0.01	%		0.01	%		0.01	%		0.01	%
Supplemental data
Net assets, end of period (000s omitted)		$1,309,314			$1,291,723			$1,745,419			$1,956,626			$1,733,107			$1,998,010

¹  Amount is less than $0.005.

²  Amount is more than $(0.005).

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

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

16 Wells Fargo Treasury Plus Money Market Fund Financial highlights

(For a share outstanding throughout each period)

	Six months ended July 31, 2018 (unaudited)			Year ended January 31
ADMINISTRATOR CLASS				2018			2017			2016			2015			2014
Net asset value, beginning of period		$1.00			$1.00			$1.00			$1.00			$1.00			$1.00
Net investment income		0.01			0.01			0.00	1		0.00	1		0.00	1		0.00	1
Net realized gains (losses) on investments		0.00	1		0.00	1		0.00	1		0.00	1		(0.00	)2		0.00	1
Total from investment operations		0.01			0.01			0.00	1		0.00	1		0.00	1		0.00	1
Distributions to shareholders from
Net investment income		(0.01	)		(0.01	)		(0.00	)1		(0.00	)1		(0.00	)1		(0.00	)1
Net realized gains		0.00			(0.00	)1		0.00			0.00			(0.00	)1		(0.00	)1
Total distributions to shareholders		(0.01	)		(0.01	)		(0.00	)1		(0.00	)1		(0.00	)1		(0.00	)1
Net asset value, end of period		$1.00			$1.00			$1.00			$1.00			$1.00			$1.00
Total return3		0.67	%		0.65	%		0.06	%		0.01	%		0.01	%		0.01	%
Ratios to average net assets (annualized)
Gross expenses		0.35	%		0.35	%		0.34	%		0.34	%		0.34	%		0.34	%
Net expenses		0.35	%		0.35	%		0.34	%		0.10	%		0.06	%		0.07	%
Net investment income		1.30	%		0.61	%		0.05	%		0.01	%		0.01	%		0.01	%
Supplemental data
Net assets, end of period (000s omitted)		$33,162			$142,198			$106,246			$101,432			$106,179			$98,633

¹  Amount is less than $0.005.

²  Amount is more 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 Treasury Plus Money Market Fund 17

(For a share outstanding throughout each period)

	Six months ended July 31, 2018 (unaudited)			Year ended January 31
INSTITUTIONAL CLASS				2018			2017			2016			2015			2014
Net asset value, beginning of period		$1.00			$1.00			$1.00			$1.00			$1.00			$1.00
Net investment income		0.01			0.01			0.00	1		0.00	1		0.00	1		0.00	1
Net realized gains (losses) on investments		0.00	1		0.00	1		0.00	1		0.00	1		(0.00	)2		0.00	1
Total from investment operations		0.01			0.01	1		0.00	1		0.00	1		0.00	1		0.00	1
Distributions to shareholders from
Net investment income		(0.01	)		(0.01	)		(0.00	)1		(0.00	)1		(0.00	)1		(0.00	)1
Net realized gains		0.00			(0.00	)1		0.00			0.00			(0.00	)1		(0.00	)1
Total distributions to shareholders		(0.01	)		(0.01	)		(0.00	)1		(0.00	)1		(0.00	)1		(0.00	)1
Net asset value, end of period		$1.00			$1.00			$1.00			$1.00			$1.00			$1.00
Total return3		0.74	%		0.79	%		0.20	%		0.02	%		0.01	%		0.01	%
Ratios to average net assets (annualized)
Gross expenses		0.23	%		0.23	%		0.23	%		0.23	%		0.23	%		0.23	%
Net expenses		0.20	%		0.20	%		0.20	%		0.10	%		0.06	%		0.06	%
Net investment income		1.49	%		0.81	%		0.20	%		0.02	%		0.01	%		0.01	%
Supplemental data
Net assets, end of period (000s omitted)		$11,214,008			$13,085,244			$11,489,674			$12,617,153			$11,190,887			$9,522,210

¹  Amount is less than $0.005.

²  Amount is more than $(0.005).

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

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

18 Wells Fargo Treasury Plus Money Market Fund Financial highlights

(For a share outstanding throughout each period)

	Six months ended July 31, 2018 (unaudited)			Year ended January 31
SERVICE CLASS				2018			2017			2016			2015			2014
Net asset value, beginning of period		$1.00			$1.00			$1.00			$1.00			$1.00			$1.00
Net investment income		0.01			0.01			0.00	1		0.00	1		0.00	1		0.00	1
Net realized gains (losses) on investments		0.00	1		0.00	1		0.00	1		0.00	1		(0.00	)2		0.00	1
Total from investment operations		0.01			0.01			0.00	1		0.00	1		0.00	1		0.00	1
Distributions to shareholders from
Net investment income		(0.01	)		(0.01	)		(0.00	)1		(0.00	)1		(0.00	)1		(0.00	)1
Net realized gains		0.00			(0.00	)1		0.00			0.00			(0.00	)1		(0.00	)1
Total distributions to shareholders		(0.01	)		(0.01	)		(0.00	)1		(0.00	)1		(0.00	)1		(0.00	)1
Net asset value, end of period		$1.00			$1.00			$1.00			$1.00			$1.00			$1.00
Total return3		0.62	%		0.54	%		0.02	%		0.01	%		0.01	%		0.01	%
Ratios to average net assets (annualized)
Gross expenses		0.52	%		0.52	%		0.52	%		0.52	%		0.52	%		0.52	%
Net expenses		0.45	%		0.45	%		0.38	%		0.11	%		0.06	%		0.06	%
Net investment income		1.24	%		0.54	%		0.03	%		0.01	%		0.01	%		0.01	%
Supplemental data
Net assets, end of period (000s omitted)		$1,329,268			$1,459,295			$1,500,467			$1,339,895			$1,845,375			$1,589,951

¹  Amount is less than $0.005.

²  Amount is more 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 Treasury Plus Money Market Fund 19

(For a share outstanding throughout each period)

	Six months ended July 31, 2018 (unaudited)			Year ended January 31
SWEEP CLASS				2018			2017			2016			2015			2014
Net asset value, beginning of period		$1.00			$1.00			$1.00			$1.00			$1.00			$1.00
Net investment income		0.00	1		0.00	1		0.00	1,2		0.00	1		0.00	1		0.00	1
Net realized gains (losses) on investments		0.00	1		0.00	1		0.00	1		0.00	1		(0.00	)3		0.00	1
Total from investment operations		0.00	1		0.00	1		0.00	1		0.00	1		0.00	1		0.00	1
Distributions to shareholders from
Net investment income		(0.00	)1		(0.00	)1		(0.00	)1		(0.00	)1		(0.00	)1		(0.00	)1
Net realized gains		0.00			(0.00	)1		0.00			0.00			(0.00	)1		(0.00	)1
Total distributions to shareholders		(0.00	)1		(0.00	)1		(0.00	)1		(0.00	)1		(0.00	)1		(0.00	)1
Net asset value, end of period		$1.00			$1.00			$1.00			$1.00			$1.00			$1.00
Total return4		0.46	%		0.24	%		0.01	%		0.01	%		0.01	%		0.01	%
Ratios to average net assets (annualized)
Gross expenses		0.77	%		0.77	%		0.96	%		0.97	%		0.97	%		0.97	%
Net expenses		0.77	%		0.75	%		0.34	%		0.11	%		0.06	%		0.06	%
Net investment income		0.92	%		0.24	%		0.01	%		0.01	%		0.01	%		0.01	%
Supplemental data
Net assets, end of period (000s omitted)		$100			$100			$100			$3,145			$3,054			$20,122

¹  Amount is less than $0.005.

²  Calculated based upon average shares outstanding

³  Amount is more than $(0.005).

⁴  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 Treasury Plus Money Market Fund Notes to financial statements (unaudited)

1. ORGANIZATION

Wells Fargo Funds Trust (the “Trust”), a Delaware statutory trust organized on March 10, 1999, is an open-end management investment company registered under the Investment Company Act of 1940, as amended (the “1940 Act”). As an investment company, the Trust follows the accounting and reporting guidance in Financial Accounting Standards Board Accounting Standards Codification Topic 946, Financial Services – Investment Companies. These financial statements report on the Wells Fargo Treasury Plus Money Market Fund (the “Fund”) which is a diversified series of the Trust.

2. SIGNIFICANT ACCOUNTING POLICIES

The following significant accounting policies, which are consistently followed in the preparation of the financial statements of the Fund, are in conformity with U.S. generally accepted accounting principles which require management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.

Securities valuation

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

Investments which are not valued using the method discussed above are valued at their fair value, as determined in good faith by the Board of Trustees of the Fund. The Board of Trustees has established a Valuation Committee comprised of the Trustees and has delegated to it the authority to take any actions regarding the valuation of portfolio securities that the Valuation Committee deems necessary or appropriate, including determining the fair value of portfolio securities, unless the determination has been delegated to the 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.

Repurchase agreements

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

When-issued transactions

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

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

Security transactions and income recognition

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

Interest income is accrued daily and bond discounts are accreted and premiums are amortized daily.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 July 31, 2018, the cost of investments for federal income tax purposes is substantially the same as for financial reporting purposes.

Class allocations

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

3. FAIR VALUATION MEASUREMENTS

Fair value measurements of investments are determined within a framework that has established a fair value hierarchy based upon the various data inputs utilized in determining the value of the Fund’s investments. The three-level hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). The Fund’s investments are classified within the fair value hierarchy based on the lowest level of input that is significant to the fair value measurement. The inputs are summarized into three broad levels as follows:

∎ Level 1 – quoted prices in active markets for identical securities

∎ Level 2 – other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)

∎ Level 3 – significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments)

The inputs or methodologies used for valuing investments in securities are not necessarily an indication of the risk associated with investing in those securities.

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

The following is a summary of the inputs used in valuing the Fund’s assets and liabilities as of July 31, 2018:

	Quoted prices (Level 1)		Other significant observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total
Assets
Investments In:
Repurchase agreements	$	0	$	8,835,669,304	$	0	$	8,835,669,304
Treasury debt		0		5,440,148,780		0		5,440,148,780
Total assets	$	0	$	14,275,818,084	$	0	$	14,275,818,084

The Fund recognizes transfers between levels within the fair value hierarchy at the end of the reporting period. At July 31, 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 and providing fund-level administrative services in connection with the Fund’s operations. As compensation for its services under the investment management agreement, Funds Management is entitled to receive an annual management fee starting at 0.15% and declining to 0.13% as the average daily net assets of the Fund increase. For the six months ended July 31, 2018, the management fee was equivalent to an annual rate of 0.14% of the Fund’s average daily net assets.

Funds Management has retained the services of a subadviser to provide daily portfolio management to the Fund. The fee for subadvisory services is borne by Funds Management. Wells Capital Management Incorporated, an affiliate of Funds Management and an indirect wholly owned subsidiary of Wells Fargo, is the subadviser to the Fund and is entitled to receive a fee from Funds Management at an annual rate starting at 0.05% and declining to 0.01% as the average daily net assets of the Fund increase.

Administration fees

Under a class-level administration agreement, Funds Management provides class-level administrative services to the Fund, which includes paying fees and expenses for services provided by the transfer agent, sub-transfer agents, omnibus account servicers and record-keepers. As compensation for its services under the class-level administration agreement, Funds Management receives an annual fee which is calculated based on the average daily net assets of each class as follows:

	Class-level administration fee
Class A		0.22	%
Administrator Class		0.10
Institutional Class		0.08
Service Class		0.12
Sweep Class		0.03

Funds Management has contractually waived and/or reimbursed management and administration fees to the extent necessary to maintain certain net operating expense ratios for the Fund. When each class of the Fund has exceeded its expense cap, Funds Management has waived fees and/or reimbursed expenses from fund level expenses on a proportionate basis and then from class specific expenses; otherwise, waivers and/or reimbursements are applied against class specific expenses before fund level expenses. Funds Management has committed through May 31, 2019 to waive fees and/or reimburse expenses to the extent necessary to cap the Fund’s expenses at 0.60% for Class A shares, 0.35% for Administrator Class shares, 0.20% for Institutional Class shares, 0.45% for Service Class shares, and 0.83% for Sweep Class shares. After this time, the cap may be increased or the commitment to maintain the cap may be terminated only with the approval of the Board of Trustees. Prior to June 1, 2018, the Fund’s expenses were capped at 0.65% for Class A shares.

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

Distribution fee

The Trust has adopted a distribution plan for Sweep Class shares of the Fund pursuant to Rule 12b-1 under the 1940 Act. A distribution fee is charged to Sweep Class shares and paid to Wells Fargo Funds Distributor, LLC, the principal underwriter, at an annual rate of 0.35% of the average daily net assets of Sweep Class shares.

Shareholder servicing fees

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

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

Interfund transactions

The Fund may purchase or sell 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. 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.

24 Wells Fargo Treasury Plus Money Market Fund Other information (unaudited)

PROXY VOTING INFORMATION

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

PORTFOLIO HOLDINGS INFORMATION

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

Other information (unaudited) Wells Fargo Treasury Plus Money Market Fund 25

BOARD OF TRUSTEES AND OFFICERS

Each of the Trustees and Officers¹ listed in the table below acts in identical capacities for each fund in the Wells Fargo family of funds, which consists of 154 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 2009	Retired. Prior thereto, Chief Executive Officer and Chief Investment Officer of Minneapolis Employees Retirement Fund from 1996 to 2008. Ms. Johnson is an attorney, certified public accountant and a certified managerial accountant.	Asset Allocation Trust
David F. Larcker (Born 1950)	Trustee, since 2009	James Irvin Miller Professor of Accounting at the Graduate School of Business, Stanford University, Director of the Corporate Governance Research Initiative and Senior Faculty of The Rock Center for Corporate Governance since 2006. From 2005 to 2008, Professor of Accounting at the Graduate School of Business, Stanford University. Prior thereto, Ernst & Young Professor of Accounting at The Wharton School, University of Pennsylvania from 1985 to 2005.	Asset Allocation Trust

26 Wells Fargo Treasury Plus Money Market Fund Other information (unaudited)

Name and year of birth	Position held and length of service*	Principal occupations during past five years or longer	Current other public company or investment company directorships
Olivia S. Mitchell (Born 1953)	Trustee, since 2006; 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, on the Board of Directors, Goverance Committee and Finance Committee for the Minnesota Philanthropy Partners (Saint Paul Foundation) from 2012 to 2018, Interim President and Chief Executive Officer of Blue Cross Blue shield of Minnesota of Minnesota from 2010 to 2011, Chairman of the Board from 2009 to 2011 and Board Director 003 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 the 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.

Other information (unaudited) Wells Fargo Treasury Plus Money Market Fund 27

Officers

Name and year of birth	Position held and length of service	Principal occupations during past five years or longer
Andrew Owen (Born 1960)	President, since 2017	Executive Vice President of Wells Fargo & Company and Head of Affiliated Managers, Wells Fargo Asset Management, since 2014. In addition, Mr. Owen is currently President, Chief Executive Officer and Director of Wells Fargo Funds Management, LLC since 2017. Prior thereto, Executive Vice President responsible for marketing, investments and product development for Wells Fargo Funds Management, LLC, from 2009 to 2014.
Nancy Wiser1 (Born 1967)	Treasurer, since 2012	Executive Vice President of Wells Fargo Funds Management, LLC since 2011. Chief Operating Officer and Chief Compliance Officer at LightBox Capital Management LLC, from 2008 to 2011.
Alexander Kymn3 (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.
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 77 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.

³  Alexander Kymn became the Secretary and Chief Legal Officer effective April 17, 2018.

28 Wells Fargo Treasury Plus Money Market Fund Other information (unaudited)

BOARD CONSIDERATION OF INVESTMENT MANAGEMENT AND SUB-ADVISORY AGREEMENTS:

Wells Fargo Treasury Plus Money Market Fund

Under the Investment Company Act of 1940 (the “1940 Act”), the Board of Trustees (the “Board”) of Wells Fargo Funds Trust (the “Trust”) must determine annually whether to approve the continuation of the Trust’s investment management and sub-advisory agreements. In this regard, at an in-person meeting held on May 22-23, 2018 (the “Meeting”), the Board, all the members of which have no direct or indirect interest in the investment management and sub-advisory agreements and are not “interested persons” of the Trust, as defined in the 1940 Act (the “Independent Trustees”), reviewed and approved for Wells Fargo Treasury Plus Money Market Fund (the “Fund”): (i) an investment management agreement (the “Management Agreement”) with Wells Fargo Funds Management, LLC (“Funds Management”); and (ii) an investment sub-advisory agreement (the “Sub-Advisory Agreement”) with Wells Capital Management Incorporated (the “Sub-Adviser”), an affiliate of Funds Management. The Management Agreement and the Sub-Advisory Agreement are collectively referred to as the “Advisory Agreements.”

At the Meeting, the Board considered the factors and reached the conclusions described below relating to the selection of Funds Management and the Sub-Adviser and the approval of the Advisory Agreements. Prior to the Meeting, including at an in-person meeting in April 2018, the Trustees conferred extensively among themselves and with representatives of Funds Management about these matters. Also, the Board has adopted a team-based approach, with each team consisting of a sub-set of Trustees, to assist the full Board in the discharge of its duties in reviewing investment performance and other matters throughout the year. The Independent Trustees were assisted in their evaluation of the Advisory Agreements by independent legal counsel, from whom they received separate legal advice and with whom they met separately.

In providing information to the Board, Funds Management and the Sub-Adviser were guided by a detailed set of requests for information submitted to them by independent legal counsel on behalf of the Independent Trustees at the start of the Board’s annual contract renewal process earlier in 2018. In considering and approving the Advisory Agreements, the Trustees considered the information they believed relevant, including but not limited to the information discussed below. The Board considered not only the specific information presented in connection with the Meeting, but also the knowledge gained over time through interaction with Funds Management and the Sub-Adviser about various topics. In this regard, the Board reviewed reports of Funds Management at each of its quarterly meetings, which included, among other things, portfolio reviews and investment performance reports. In addition, the Board and the teams mentioned above confer with portfolio managers at various times throughout the year. The Board did not identify any particular information or consideration that was all-important or controlling, and each individual Trustee may have attributed different weights to various factors.

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

Nature, extent and quality of services

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

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

Other information (unaudited) Wells Fargo Treasury Plus Money Market Fund 29

Fund investment performance and expenses

The Board considered the investment performance results for the Fund over various time periods ended December 31, 2017. The Board considered these results in comparison to the investment performance of funds in a universe that was determined by Broadridge Inc. (“Broadridge”) to be similar to the Fund (the “Universe”), and in comparison to the Fund’s benchmark index and to other comparative data. Broadridge is an independent provider of investment company data. The Board received a description of the methodology used by Broadridge to select the mutual funds in the performance Universe. The Board noted that the investment performance of the Fund (Institutional Class) was higher than the average investment performance of the Universe for all periods under review. The Board also noted that the investment performance of the Fund was higher than its benchmark index, the Lipper U.S. Treasury Money Market Funds Index, for all periods under review.

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

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

Investment management and sub-advisory fee rates

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

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

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

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

Profitability

The Board received and considered information concerning the profitability of Funds Management, as well as the profitability of both WFAM and Wells Fargo & Co. (“Wells Fargo”) as a whole, from providing services to the Fund and the fund family as a whole. The Board noted that the Sub-Adviser’s profitability information with respect to providing services to the Fund was subsumed in the WFAM and Wells Fargo profitability analysis.

Funds Management reported on the methodologies and estimates used in calculating profitability, including a description of the methodology used to allocate certain expenses and recent enhancements made to the methodology. Among other things, the Board noted that the levels of profitability reported on a fund-by-fund basis varied widely, depending on factors such as the size and type of fund. Based on its review, the Board did not deem the profits reported

30 Wells Fargo Treasury Plus Money Market Fund Other information (unaudited)

by Funds Management, WFAM or Wells Fargo from services provided to the Fund to be at a level that would prevent it from approving the continuation of the Advisory Agreements.

Economies of scale

The Board considered the extent to which Funds Management may experience economies of scale in the provision of management services, and the extent to which scale benefits, if any, would be shared with shareholders. In particular, the Board noted the existence of breakpoints in the Fund’s management fee structure, which operate generally to reduce the Fund’s expense ratios as the Fund grows in size. It considered that, for a small fund or a fund that shrinks in size, breakpoints conversely can result in higher fee levels. The Board also considered that in addition to management fee breakpoints, competitive management fee rates set at the outset without regard to breakpoints and fee waiver and expense reimbursement arrangements, as well as investments in the business intended to enhance services available to Fund shareholders, are means of sharing potential economies of scale with shareholders of the Fund.

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

Other benefits to Funds Management and the Sub-Adviser

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

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

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

Conclusion

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

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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 219967

Kansas City, MO 64121-9967

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 the trade name for certain investment advisory/management firms owned by Wells Fargo & Company. These firms include but are not limited to Wells Capital Management Incorporated and Wells Fargo Funds Management, LLC. Certain products managed by WFAM entities are distributed by Wells Fargo Funds Distributor, LLC (a broker/dealer and Member FINRA).

This material is for general informational and educational purposes only and is NOT intended to provide investment advice or a recommendation of any kind—including a recommendation for any specific investment, strategy, or plan.

NOT FDIC INSURED  ◾  NO BANK GUARANTEE  ◾   MAY LOSE VALUE

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

314811 09-18 SA314/SAR314 07-18

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 MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS

Not applicable.

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

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

ITEM 11. CONTROLS AND PROCEDURES

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

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

ITEM 12. EXHIBITS

(a)(1) Not applicable.

(a)(2) Certification pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)) is filed and attached hereto as Exhibit 99.CERT.

(a)(3) Not applicable.

(b) Certification pursuant to Rule 30a-2(b) under the Investment Company Act of 1940 (17 CFR 270.30a-2(b)) is filed and attached hereto as Exhibit 99.906CERT.

SIGNATURES

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

Wells Fargo Funds Trust
By:
	/s/ Andrew Owen
	Andrew Owen
	President
Date:	September 24, 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:	September 24, 2018
By:
	/s/ Nancy Wiser
	Nancy Wiser
	Treasurer
Date:	September 24, 2018