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

FORMN-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)

Alexander Kymn

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: June 30

Registrant is making a filing for 13 of its series:

Wells Fargo California Limited-TermTax-Free Fund, Wells Fargo CaliforniaTax-Free Fund, Wells Fargo ColoradoTax-Free Fund, Wells Fargo High Yield Municipal Bond Fund, Wells Fargo IntermediateTax/AMT-Free Fund, Wells Fargo MinnesotaTax-Free Fund, Wells Fargo Municipal Bond Fund, Wells Fargo North CarolinaTax-Free Fund, Wells Fargo PennsylvaniaTax-Free Fund, Wells Fargo Short-Term Municipal Bond Fund, Wells Fargo Strategic Municipal Bond Fund, Wells Fargo Ultra Short-Term Municipal Income Fund, and Wells Fargo WisconsinTax-Free Fund.

Date of reporting period: December 31, 2018    

ITEM 1. REPORT TO STOCKHOLDERS

Semi-Annual Report

December 31, 2018

Wells Fargo

California Limited-Term Tax-Free Fund

Beginning on January 1, 2021, as permitted by new regulations adopted by the Securities and Exchange Commission, paper copies of the Wells Fargo Funds’ annual and semi-annual shareholder reports issued after this date will no longer be sent by mail, unless you specifically request paper copies of the reports. Instead, the reports will be made available on the Funds’ website, and you will be notified by mail each time a report is posted and provided with a website address to access the report.

If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from the Fund electronically at any time by contacting your financial intermediary (such as a broker-dealer or bank) or, if you are a direct investor, by calling 1-800-222-8222 or by enrolling at wellsfargo.com/advantagedelivery.

You may elect to receive all future reports in paper free of charge. If you invest through a financial intermediary, you can contact your financial intermediary to request that you continue to receive paper copies of your shareholder reports; if you invest directly with the Fund, you can call 1-800-222-8222. Your election to receive reports in paper will apply to all Wells Fargo Funds held in your account with your financial intermediary or, if you are a direct investor, to all Wells Fargo Funds that you hold.

Reduce clutter. Save trees.

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

Contents

Letter to shareholders	2
Performance highlights	4
Fund expenses	6
Portfolio of investments	7
Financial statements
Statement of assets and liabilities	20
Statement of operations	21
Statement of changes in net assets	22
Financial highlights	23
Notes to financial statements	27
Other information	32
Appendix A	36

The views expressed and any forward-looking statements are as of December 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.

INVESTMENT PRODUCTS: NOT FDIC INSURED  ◾  NO BANK GUARANTEE  ◾   MAY LOSE VALUE

2 Wells Fargo California Limited-Term Tax-Free Fund Letter to shareholders (unaudited)

Andrew Owen

President

Wells Fargo Funds

Global trade tensions escalated during the third quarter of 2018.

Dear Shareholder:

We are pleased to offer you this semi-annual report for the Wells Fargo California Limited-Term Tax-Free Fund for the six-month period that ended December 31, 2018. During the reporting period, the U.S. generated encouraging economic and business data that was offset by less positive and more inconsistent data from international markets. Investment returns were generally negative as geopolitical tensions and uncertainty tended to distract investors from more favorable underlying trends.

For the period, U.S. stocks, as measured by the S&P 500 Index,¹ fell 6.85% and international stocks, as measured by the MSCI ACWI ex USA Index (Net),² declined 10.84%. Based on the MSCI EM Index (Net),³ emerging market stocks lost 8.48%. For bond investors, the Bloomberg Barclays U.S. Aggregate Bond Index⁴ gained 1.65% while the Bloomberg Barclays Global Aggregate ex-USD Index⁵ fell 0.84%. The Bloomberg Barclays Municipal Bond Index⁶ gained 1.53% while the ICE BofAML U.S. High Yield Index⁷ declined 2.34%.

Global trade tensions prompted investor concerns.

Global trade tensions escalated during the third quarter of 2018. The U.S. imposed tariffs on a wide range of products manufactured overseas. Foreign governments retaliated with tariffs that punished U.S. commodity producers and product manufacturers. Investors wondered about next steps as divergence in global economic policies and growth prospects widened.

During the summer months, the U.S. economy strengthened. Revised second-quarter gross domestic product (GDP) growth data released in August showed the U.S. economy growing at a 4.2% rate. The unemployment rate in the U.S. was 3.7% by the end of September, according to the U.S. Department of Labor. Wages showed more consistent growth, and consumer confidence remained strong. Several U.S. equity market indices reached records during August, with the S&P 500 Index gaining 7.71% for the three-month period that ended September 30, 2018. In contrast, the MSCI ACWI ex USA Index (Net) gained 0.71% while the MSCI EM Index (Net) declined 1.09% during the same three-month period.

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.

Letter to shareholders (unaudited) Wells Fargo California Limited-Term Tax-Free Fund 3

Economic signals overseas were mixed as the third quarter ended and the fourth quarter began. In particular, signs of slowing economic growth in China created uncertainty for investors. Amid rising trade tensions, the People’s Bank of China cut reserve requirement ratios and accelerated infrastructure spending and tax cuts for business enterprises and individuals. Nevertheless, a strengthening U.S. dollar and trade tensions remained headwinds for investors overseas.

Equity markets were volatile during the fourth quarter.

Negative stock market performance during October and December bracketed a mildly positive November, as measured by the S&P 500 Index and the MSCI ACWI ex USA Index (Net). As interest rates and bond yields gained during October, stock markets struggled. Readings on consumer sentiment and business spending were mixed. Markets rebounded in November. The U.S. and China agreed to halt further increases in tariffs and engage in additional negotiations. While November returns were positive, the loss for the full fourth quarter was substantial for equity investors globally, with the S&P down 13.52% and the MSCI ACWI ex USA Index (Net) down 11.46%. December’s S&P 500 Index performance was the lowest since 1931. Globally, fixed income investments fared better than stocks during the last two months of the year as conflicting signals unsettled investors’ outlooks.

Equity investors confronted a number of changing conditions. In November’smid-term elections, control of the U.S. House of Representatives shifted from Republicans to Democrats, presaging potential partisan disputes. Progress on Brexit negotiations stalled in the UK. In China, the value of the yuan declined to low levels last seen in 2008. Oil prices continued to fall. The Fed increased the federal funds rate by 25 bps to a target range of between 2.25% and 2.50% in December 2018. A late-December dispute over spending and immigration policy resulted in a partial U.S. government shutdown that continued through the end of the period.

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

Economic signals overseas were mixed as the third quarter ended and the fourth quarter began.

For further information about your Fund, contact your investment professional, visit our website atwellsfargofunds.com, or call us directly at1-800-222-8222.

4 Wells Fargo California Limited-Term Tax-Free Fund Performance highlights (unaudited)

Investment objective

The Fund seeks current income exempt from federal income tax and California individual income tax, consistent with capital preservation.

Manager

Wells Fargo Funds Management, LLC

Subadviser

Wells Capital Management Incorporated

Portfolio managers

Terry J. Goode

Adrian Van Poppel

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

		Including sales charge						Excluding sales charge						Expense ratios1 (%)
	Inception date	1 year		5 year		10 year		1 year		5 year		10 year		Gross		Net2
Class A (SFCIX)	11-18-1992		-1.42		1.05		2.48		0.61		1.47		2.69		0.84		0.80
Class C (SFCCX)	8-30-2002		-1.15		0.73		1.93		-0.15		0.73		1.93		1.59		1.55
Administrator Class (SCTIX)	9-6-1996		–		–		–		0.79		1.69		2.91		0.78		0.60
Institutional Class (SFCNX)3	10-31-2014		–		–		–		0.89		1.75		2.94		0.51		0.50
Bloomberg Barclays Municipal 1-5 Year Blend Index4	–		–		–		–		1.75		1.38		2.20		–		–
Bloomberg Barclays California Municipal 1-5 Year Blend Index5	–		–		–		–		1.72		1.29		2.22		–		–

Figures quoted represent past performance, which is no guarantee of future results, and do not reflect taxes that a shareholder may pay on fund distributions or the redemption of fund shares. Investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Performance shown without sales charges would be lower if sales charges were reflected. Current performance may be lower or higher than the performance data quoted, which assumes the reinvestment of dividends and capital gains. Current month-end performance is available on the Fund’s website, wellsfargofunds.com.

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

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

Bond values fluctuate in response to the financial condition of individual issuers, general market and economic conditions, and changes in interest rates. Changes in market conditions and government policies may lead to periods of heightened volatility in the bond market and reduced liquidity for certain bonds held by the Fund. In general, when interest rates rise, bond values fall and investors may lose principal value. Interest-rate changes and their impact on the Fund and its share price can be sudden and unpredictable. The use of derivatives may reduce returns and/or increase volatility. Certain investment strategies tend to increase the total risk of an investment (relative to the broader market). The Fund is exposed to California municipal securities risk and high-yield securities risk. Consult the Fund’s prospectus for additional information on these and other risks. A portion of the Fund’s income may be subject to federal, state, and/or local income taxes or the Alternative Minimum Tax (AMT). Any capital gains distributions may be taxable.

Please see footnotes on page 5.

Performance highlights (unaudited) Wells Fargo California Limited-Term Tax-Free Fund 5

Effective maturity distribution as of December 31, 2018⁶

Credit quality as of December 31, 2018⁷

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

³  Historical performance shown for the Institutional Class shares prior to their inception reflects the performance of the Administrator Class shares, and is not adjusted to reflect the Institutional Class share expenses. If these expenses had been included, returns for the Institutional Class shares would be higher.

⁴  The Bloomberg Barclays Municipal 1–5 Year Blend Index is the 1–5 Year component of the Bloomberg Barclays Municipal Bond Index. The Bloomberg Barclays Municipal Bond Index is an unmanaged index composed of long-term tax-exempt bonds with a minimum credit rating of Baa. You cannot invest directly in an index.

⁵  The Bloomberg Barclays California Municipal 1-5 Year Blend Index is the 1-5 Year component of the Bloomberg Barclays California Municipal Bond Index. You cannot invest directly in an index.

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

⁷  The credit quality distribution of portfolio holdings reflected in the chart is based on ratings from Standard & Poor’s, Moody’s Investors Service, and/ or Fitch Ratings Ltd. Credit quality ratings apply to the underlying holdings of the Fund and not to the Fund itself. The percentages of the Fund’s portfolio with the ratings depicted in the chart are calculated based on the total market value of fixed income securities held by the Fund. If a security was rated by all three rating agencies, the middle rating was utilized. If rated by two of three rating agencies, the lower rating was utilized, and if rated by one of the rating agencies, that rating was utilized. Standard & Poor’s rates the creditworthiness of bonds, ranging from AAA (highest) to D (lowest). Ratings from A to CCC may be modified by the addition of a plus (+) or minus (-) sign to show relative standing within the rating categories. Standard & Poor’s rates the creditworthiness of short-term notes from SP-1 (highest) to SP-3 (lowest). Moody’s rates the creditworthiness of bonds, ranging from Aaa (highest) to C (lowest). Ratings Aa to B may be modified by the addition of a number 1 (highest) to 3 (lowest) to show relative standing within the ratings categories. Moody’s rates the creditworthiness of short-term U.S. tax-exempt municipal securities from MIG 1/VMIG 1 (highest) to SG (lowest). Fitch rates the creditworthiness of bonds, ranging from AAA (highest) to D (lowest). Credit quality distribution is subject to change and may have changed since the date specified.

6 Wells Fargo California Limited-Term Tax-Free Fund Fund expenses (unaudited)

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

The example is based on an investment of $1,000 invested at the beginning of the six-month period and held for the entire period from July 1, 2018 to December 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 sales charges (loads) and contingent deferred sales charges. Therefore, the “Hypothetical” line of the table is useful in comparing ongoing costs only and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

	Beginning account value 7-1-2018		Ending account value 12-31-2018		Expenses paid during the period¹		Annualized net expense ratio
Class A
Actual	$	1,000.00	$	1,007.41	$	4.05		0.80	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.17	$	4.08		0.80	%
Class C
Actual	$	1,000.00	$	1,003.61	$	7.83		1.55	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,017.39	$	7.88		1.55	%
Administrator Class
Actual	$	1,000.00	$	1,008.39	$	3.04		0.60	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,022.18	$	3.06		0.60	%
Institutional Class
Actual	$	1,000.00	$	1,008.90	$	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—December 31, 2018 (unaudited) Wells Fargo California Limited-Term Tax-Free Fund 7

Security name	Interest rate			Maturity date		Principal		Value
Municipal Obligations: 97.90%
California: 93.44%
Airport Revenue: 6.32%
California Municipal Finance Authority Revenue Senior Lien Linxs APM Project Series A		5.00	%		12-31-2023	$	750,000	$	831,542
California Municipal Finance Authority Revenue Senior Lien Linxs APM Project Series A		5.00			6-30-2024		950,000		1,059,801
California Municipal Finance Authority Revenue Senior Lien Linxs APM Project Series A		5.00			12-31-2024		750,000		841,793
Los Angeles CA Department of Airports AMT Series B		5.00			5-15-2024		5,000,000		5,704,900
Los Angeles CA Department of Airports AMT Series B		5.00			5-15-2025		6,000,000		6,946,500
Los Angeles CA Department of Airports AMT Series B		5.00			5-15-2026		2,500,000		2,930,900
Los Angeles CA Department of Airports AMT Subordinate Bond Series C		5.00			5-15-2024		4,315,000		4,918,625
Sacramento County CA Airport System Refunding Bond AMT Subordinate Series F		5.00			7-1-2021		2,585,000		2,765,614
Sacramento County CA Airport System Refunding Bond AMT Subordinate Series F		5.00			7-1-2022		2,590,000		2,831,725
Sacramento County CA Airport System Refunding Bond AMT Subordinate Series F		5.00			7-1-2023		2,585,000		2,879,070
Sacramento County CA Airport System Refunding Bond AMT Subordinate Series F		5.00			7-1-2024		1,760,000		1,992,302
									33,702,772
Education Revenue: 5.07%
California Educational Facilities Authority Revenue Loma Linda University Series A		5.00			4-1-2024		550,000		627,622
California Educational Facilities Authority Revenue Loma Linda University Series A		5.00			4-1-2026		325,000		383,000
California Municipal Finance Authority California Baptist University Series A 144A		4.00			11-1-2021		600,000		613,242
California Municipal Finance Authority Charter School Albert Einstein Academies Project Series A		6.00			8-1-2023		705,000		744,360
California Municipal Finance Authority Charter School Revenue Palmdale Aerospace Academy Project Series A 144A		3.88			7-1-2028		1,400,000		1,388,464
California Municipal Finance Authority Revenue Refunding Bond Biola University		5.00			10-1-2027		790,000		933,346
California Municipal Finance Authority Revenue Refunding Bond California Lutheran University		5.00			10-1-2021		250,000		269,298
California Municipal Finance Authority Revenue Refunding Bond California Lutheran University		5.00			10-1-2022		250,000		275,020
California Municipal Finance Authority Revenue Refunding Bond California Lutheran University		5.00			10-1-2023		225,000		252,043
California Municipal Finance Authority Revenue Refunding Bond California Lutheran University		5.00			10-1-2024		275,000		312,353
California Municipal Finance Authority Revenue Refunding Bond California Lutheran University		5.00			10-1-2025		275,000		315,945
California Municipal Finance Authority Revenue Refunding Bond California Lutheran University		5.00			10-1-2026		300,000		347,463
California School Finance Authority Bright Star School Obligation Group 144A		5.00			6-1-2027		1,860,000		1,957,520
California School Finance Authority Classical Academies Project Series A 144A		3.25			10-1-2022		2,560,000		2,538,522
California School Finance Authority Coastal Academy Project Series A 144A		5.00			10-1-2022		250,000		260,265
California School Finance Authority Rocketship Education Series A 144A		5.00			6-1-2021		310,000		316,544
California School Finance Authority Rocketship Education Series A 144A		5.00			6-1-2026		500,000		529,170
California Statewide CDA California Baptist University Series A		5.13			11-1-2023		715,000		757,135
California Statewide CDA School Facilities		5.88			7-1-2022		1,220,000		1,291,175
California Statewide Community Refunding Bond California Baptist University Series A 144A		3.00			11-1-2022		1,665,000		1,667,614
University of California Series AK		5.00			5-15-2048		10,000,000		11,301,900
									27,082,001

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

8 Wells Fargo California Limited-Term Tax-Free Fund Portfolio of investments—December 31, 2018 (unaudited)

Security name	Interest rate			Maturity date		Principal		Value
GO Revenue: 24.68%
Alvord CA Unified School District Election of 2007 Series B (AGM Insured)		6.50	%		8-1-2020	$	1,605,000	$	1,726,499
Bassett CA Unified School District Refunding Bond Series B (Build America Mutual Assurance Company Insured)		5.00			8-1-2019		420,000		428,224
Bassett CA Unified School District Refunding Bond Series B (Build America Mutual Assurance Company Insured)		5.00			8-1-2021		550,000		594,132
Bassett CA Unified School District Refunding Bond Series B (Build America Mutual Assurance Company Insured)		5.00			8-1-2023		725,000		821,382
California		5.00			10-1-2021		6,795,000		7,384,059
California		5.00			11-1-2022		2,500,000		2,792,600
California		5.00			10-1-2023		8,400,000		9,571,716
California		5.25			10-1-2022		2,750,000		3,090,918
California Refunding Bond Various Purpose Bidding Group C		5.00			9-1-2027		8,500,000		10,109,900
California Series B (SIFMA Municipal Swap +0.38%) ±		2.09			12-1-2027		5,000,000		4,998,900
California Series B		5.00			9-1-2023		10,730,000		12,206,770
California Statewide Refunding Bond Various Purpose		5.00			8-1-2025		3,500,000		4,132,275
California Statewide Series B (1 Month LIBOR +0.76%) ±		2.40			12-1-2031		2,500,000		2,518,925
California Statewide Series E (SIFMA Municipal Swap +0.43%) ±		2.14			12-1-2029		3,050,000		3,045,486
Central California Unified School District Refunding Bond (AGM Insured)		4.00			7-1-2020		500,000		517,050
Central California Unified School District Refunding Bond (AGM Insured)		5.00			7-1-2021		400,000		433,228
Central California Unified School District Refunding Bond (AGM Insured)		5.00			7-1-2022		750,000		833,895
Coachella Valley CA Unified School District (Build America Mutual Assurance Company Insured)		4.00			8-1-2020		2,455,000		2,542,521
Coachella Valley CA Unified School District (Build America Mutual Assurance Company Insured)		4.00			8-1-2021		2,230,000		2,357,645
Coachella Valley CA Unified School District (Build America Mutual Assurance Company Insured)		4.00			8-1-2022		1,000,000		1,076,250
Cotati Rohnert Park CA Unified School District Series B (AGM Insured)		5.00			8-1-2020		2,275,000		2,392,094
Dixon CA Unified School District (AGM Insured)		5.00			8-1-2021		1,210,000		1,309,631
Dixon CA Unified School District (AGM Insured)		5.00			8-1-2022		1,285,000		1,427,314
El Monte CA City School District BAN (z)		2.61			4-1-2023		2,000,000		1,822,620
El Monte CA Union High School Refunding Bond		5.00			6-1-2021		1,315,000		1,416,742
Fowler CA Unified School District School Facilities Improvement District #1 (National Insured)		5.20			7-1-2020		505,000		513,540
Hayward CA Unified School District Certificate of Participation (AGM Insured)		5.00			8-1-2022		500,000		557,215
Hayward CA Unified School District Certificate of Participation (AGM Insured)		5.00			8-1-2023		805,000		918,457
Huntington Beach CA City School District Election of 2002		4.00			8-1-2021		505,000		534,563
Inglewood CA Unified School District Election of 2012 Series B (Build America Mutual Assurance Company Insured)		4.00			8-1-2021		320,000		335,504
Inglewood CA Unified School District Election of 2012 Series B (Build America Mutual Assurance Company Insured)		4.00			8-1-2022		200,000		212,602
Inglewood CA Unified School District Election of 2012 Series B (Build America Mutual Assurance Company Insured)		5.00			8-1-2023		195,000		218,199
Inglewood CA Unified School District Election of 2012 Series B (Build America Mutual Assurance Company Insured)		5.00			8-1-2024		150,000		170,580
Inglewood CA Unified School District Election of 2012 Series B (Build America Mutual Assurance Company Insured)		5.00			8-1-2025		170,000		196,185
Inglewood CA Unified School District Election of 2012 Series B (Build America Mutual Assurance Company Insured)		5.00			8-1-2026		235,000		274,616
La Habra CA School District Refunding Bond		5.00			8-1-2019		950,000		968,991
La Habra CA School District Refunding Bond		5.00			8-1-2020		1,045,000		1,100,793
La Habra CA School District Refunding Bond		5.00			8-1-2021		805,000		871,284

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

Portfolio of investments—December 31, 2018 (unaudited) Wells Fargo California Limited-Term Tax-Free Fund 9

Security name	Interest rate			Maturity date		Principal		Value
GO Revenue(continued)
Los Angeles CA Unified School District Refunding Bond Series D		5.00	%		7-1-2023	$	6,180,000	$	7,024,435
Merced CA Union High School CAB Series A (National Insured) (z)		5.54			8-1-2019		2,190,000		2,166,698
Mount Sanitary Antonio CA Community CAB College District (z)		2.31			4-1-2022		10,000,000		9,350,700
Natomas CA Unified School District (AGM Insured)		3.00			9-1-2019		1,000,000		1,008,630
Oak Valley CA Hospital District Refunding Bond Los Angeles County CA Redevelopment Refunding Bond Authority		4.00			7-1-2020		500,000		517,425
Oak Valley CA Hospital District Refunding Bond Los Angeles County CA Redevelopment Refunding Bond Authority		5.00			7-1-2021		950,000		1,017,574
Oak Valley CA Hospital District Refunding Bond Los Angeles County CA Redevelopment Refunding Bond Authority		5.00			7-1-2022		750,000		822,383
Oak Valley CA Hospital District Refunding Bond Los Angeles County CA Redevelopment Refunding Bond Authority		5.00			7-1-2023		755,000		847,057
Oakland CA Unified School District Alameda County Election of 2012 Series A		5.00			8-1-2022		750,000		830,588
Oakland CA Unified School District Alameda County Election of 2012 Series A		5.00			8-1-2024		600,000		692,148
Redondo Beach CA Unified School District CAB Election of 2008 Series E (z)		4.52			8-1-2020		460,000		446,269
Riverside CA Community College District Election of 2004 Series D (z)		8.91			8-1-2020		535,000		519,924
Salinas CA Union High School District CAB (z)		2.12			8-1-2020		5,000,000		4,836,500
San Gorgonio CA Memorial Healthcare Refunding Bond		5.00			8-1-2021		275,000		294,404
San Gorgonio CA Memorial Healthcare Refunding Bond		5.00			8-1-2022		500,000		546,825
San Gorgonio CA Memorial Healthcare Refunding Bond		5.00			8-1-2023		1,000,000		1,112,980
San Mateo Foster City CA School District		5.00			8-15-2020		2,000,000		2,109,380
Santa Ana CA Unified School District CAB Election of 2008 Series A (z)		4.76			8-1-2020		1,815,000		1,760,278
Sierra Kings CA Health Care Refunding Bond		4.00			8-1-2019		225,000		227,999
Sierra Kings CA Health Care Refunding Bond		4.00			8-1-2021		345,000		363,316
Sierra Kings CA Health Care Refunding Bond		4.00			8-1-2022		425,000		454,355
Sierra Kings CA Health Care Refunding Bond		4.00			8-1-2023		405,000		438,230
Sierra Kings CA Health Care Refunding Bond		4.00			8-1-2024		420,000		459,707
Southern CA Mono Healthcare District		4.00			8-1-2019		845,000		855,039
SouthWestern Community College District Refunding Bond		5.00			8-1-2020		1,250,000		1,316,138
SouthWestern Community College District Refunding Bond		5.00			8-1-2021		2,710,000		2,936,719
Sweetwater CA Union High School District PFA Refunding Bond (Build America Mutual Assurance Company Insured)		5.00			8-1-2021		620,000		670,400
Twin Rivers CA Unified School District Series A (Build America Mutual Assurance Company Insured)		4.00			8-1-2019		385,000		390,155
Twin Rivers CA Unified School District Series A (Build America Mutual Assurance Company Insured)		5.00			8-1-2020		510,000		536,005
Vacaville CA Unified School District Series C (Build America Mutual Assurance Company Insured)		5.00			8-1-2022		675,000		750,256
									131,725,822
Health Revenue: 7.11%
Association of Bay Area Governments Finance Authority for Nonprofit Corporations O’Connor Woods		4.00			1-1-2019		955,000		955,000
Association of Bay Area Governments Finance Authority for Nonprofit Corporations Sharp Healthcare Series A		5.00			8-1-2019		500,000		509,295
California HFFA Catholic Healthcare West Series A		5.00			3-1-2019		700,000		703,612
California HFFA Catholic Healthcare West Series A		5.25			3-1-2023		4,000,000		4,263,000
California HFFA Chinese Hospital Associates		5.00			6-1-2019		200,000		202,564
California HFFA El Camino Hospital		5.00			2-1-2025		1,000,000		1,163,400
California HFFA Fellowship Homes Incorporated		5.00			9-1-2019		390,000		397,297

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

10 Wells Fargo California Limited-Term Tax-Free Fund Portfolio of investments—December 31, 2018 (unaudited)

Security name	Interest rate			Maturity date		Principal		Value
Health Revenue(continued)
California HFFA Memorial Health Services Series A		5.00	%		10-1-2023	$	2,475,000	$	2,742,449
California HFFA Providence St. Joseph Series B1		1.25			10-1-2036		2,000,000		1,979,480
California HFFA Sutter Health Series A		5.00			11-15-2023		2,500,000		2,864,825
California Municipal Finance Authority Community Medical Centers Series A		5.00			2-1-2023		735,000		813,020
California Municipal Finance Authority Community Medical Centers Series A		5.00			2-1-2024		500,000		563,830
California Municipal Finance Authority Revenue Community Medical Centers Series A		5.00			2-1-2025		1,000,000		1,145,600
California Municipal Finance Authority Revenue Insured Channing House Project Series A		5.00			5-15-2022		475,000		525,084
California Municipal Finance Authority Revenue Insured Channing House Project Series A		5.00			5-15-2023		925,000		1,047,498
California Municipal Finance Authority Revenue Refunding Bond Community Medical Centers Series A		5.00			2-1-2022		1,000,000		1,083,180
California Municipal Finance Authority Revenue Refunding Bond Eisenhower Medical Center Series A		5.00			7-1-2029		400,000		457,660
California Statewide CDA Adventist Health Systems West Series A		5.00			3-1-2024		800,000		915,000
California Statewide CDA Health Facilities Catholic Series F (AGM Insured) (m)		2.04			7-1-2040		1,000,000		1,000,000
California Statewide CDA Henry Mayo Newhall Memorial Hospital Series A (AGM Insured)		5.00			10-1-2021		500,000		539,430
California Statewide CDA Henry Mayo Newhall Memorial Hospital Series A (AGM Insured)		5.00			10-1-2022		395,000		436,179
California Statewide CDA Henry Mayo Newhall Memorial Hospital Series A (AGM Insured)		5.00			10-1-2023		500,000		563,450
California Statewide CDA Huntington Memorial Hospital		5.00			7-1-2025		500,000		577,745
California Statewide CDA Huntington Memorial Hospital		5.00			7-1-2026		500,000		584,200
California Statewide CDA Insured Viamonte Senior Living 1 Project		3.00			7-1-2025		3,000,000		3,037,200
California Statewide CDA Revenue Loma Linda University Medical Center Series A 144A		5.00			12-1-2026		250,000		280,113
California Statewide CDA Revenue Loma Linda University Medical Center Series A 144A		5.00			12-1-2027		300,000		337,608
California Statewide CDA Revenue Loma Linda University Medical Center Series A 144A		5.00			12-1-2028		250,000		274,373
Palomar Health California Certificate of Participation Health & Arch Health Partners Incorporated		5.00			11-1-2019		400,000		408,128
Palomar Health California Certificate of Participation Health & Arch Health Partners Incorporated		5.00			11-1-2020		250,000		260,908
Palomar Health California Certificate of Participation Health & Arch Health Partners Incorporated		5.00			11-1-2021		275,000		293,103
Palomar Health California Certificate of Participation Health & Arch Health Partners Incorporated		5.00			11-1-2022		375,000		407,006
Palomar Health California Certificate of Participation Health & Arch Health Partners Incorporated		5.00			11-1-2023		300,000		331,167
Palomar Health California Certificate of Participation Health & Arch Health Partners Incorporated		5.00			11-1-2024		300,000		335,937
Palomar Health California Certificate of Participation Health & Arch Health Partners Incorporated		5.00			11-1-2025		330,000		373,507
San Buenaventura CA Community Mental Health System		6.00			12-1-2019		2,000,000		2,063,360
San Buenaventura CA Community Mental Health System		6.50			12-1-2021		2,585,000		2,870,436
Washington Township CA Health Care District Revenue Refunding Bond Series A		5.00			7-1-2023		600,000		661,512
									37,967,156

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

Portfolio of investments—December 31, 2018 (unaudited) Wells Fargo California Limited-Term Tax-Free Fund 11

Security name	Interest rate			Maturity date			Principal		Value
Housing Revenue: 4.23%
California Department of Veterans Affairs Home Purchase Series A		3.50	%		12-1-2021		$	855,000	$	888,106
California HFA Home Mortgage Series A (GNMA/FNMA/FHLMC Insured)		3.75			8-1-2020			355,000		355,809
California Municipal Finance Authority Mobile Senior Caritas Affordable Housing Incorporated Projects Series A		5.00			8-15-2019			515,000		523,770
California Municipal Finance Authority Multifamily 1 Church Street Series B		2.19			9-1-2021			10,000,000		10,025,900
California Municipal Finance Authority Peppertree Senior Apartments Series A (FHLMC Insured, FHLMC LIQ)		2.80			6-1-2023			2,500,000		2,576,525
California Municipal Finance Authority Student Housing Revenue Davis I LLC West Village Student Housing Project		5.00			5-15-2024			1,200,000		1,352,328
California Municipal Finance Authority Student Housing Revenue Davis I LLC West Village Student Housing Project		5.00			5-15-2025			3,435,000		3,913,599
California Municipal Finance Authority Village Grove Apartments Series A (FHLMC Insured, FHLMC LIQ)		3.10			12-1-2021			1,000,000		1,029,230
California PFA NCCD-Claremont Properties LLC University Housing Project Series A 144A		5.00			7-1-2027			1,825,000		1,921,981
										22,587,248
Industrial Development Revenue: 0.39%
California PCFA AMT Calplant I Project 144A		7.00			7-1-2022			500,000		515,200
California PCFA AMT Calplant I Project 144A		7.50			7-1-2032			1,500,000		1,545,390
										2,060,590
Miscellaneous Revenue: 13.82%
Alameda County CA Joint Powers Authority Multiple Capital Projects Series A		4.00			12-1-2019	��		1,000,000		1,022,530
Alameda County CA Joint Powers Authority Multiple Capital Projects Series A		5.00			12-1-2021			1,000,000		1,095,720
Albany CA Limited Obligation Improvement Bond Act of 1915 (Ambac Insured)		4.75			9-2-2019			455,000		457,689
Association of Bay Area Governments California Finance Authority for Nonprofit Corporations Jackson Laboratory		5.00			7-1-2019			730,000		742,286
Brentwood CA Infrastructure Financing Authority Subordinate Bond Series B		4.00			9-2-2021			1,135,000		1,197,209
California		5.00			9-1-2022			2,240,000		2,491,978
California Infrastructure & Economic Development Bank Refunding Bond California Academy of Sciences Project Series C (1 Month LIBOR +0.38%) ±		2.13			8-1-2047			4,000,000		3,993,200
California Public Works Board Capital Project Series G		5.00			11-1-2020			3,000,000		3,176,250
California Public Works Board Department of Corrections & Rehabilitation Series C		5.00			10-1-2022			1,500,000		1,668,405
California Public Works Board Judicial Council Projects Series B		5.00			10-1-2022			500,000		556,135
California Public Works Board Judicial Council Projects Series D		5.00			12-1-2019			1,000,000		1,030,520
California Public Works Board Various Capital Projects Series I		5.00			11-1-2020			1,250,000		1,323,438
California Statewide CDA Refunding Bond (AGM Insured)		5.00			11-15-2019			250,000		257,348
California Statewide CDA Refunding Bond (AGM Insured)		5.00			11-15-2020			210,000		223,035
California Statewide CDA Refunding Bond (AGM Insured)		5.00			11-15-2021			200,000		218,034
California Statewide CDA Refunding Bond (AGM Insured)		5.00			11-15-2022			200,000		223,560
California Statewide Community Monterey County Savers Bond (Build America Mutual Assurance Company Insured)		5.00			8-1-2027			2,185,000		2,623,355
Carlsbad CA Improvement Bond Act of 1915		3.00			9-2-2019			540,000		543,073
Chula Vista CA Certificate of Participation Refunding Bond Police Facility Project		5.00			10-1-2021			720,000		784,037
Compton CA PFA Lease Revenue 144A		4.00			9-1-2022			2,000,000		2,028,680
Compton CA PFA Refunding Bond 144A		4.00			9-1-2027			2,000,000		1,994,120
Desert Sands CA Unified School District Certificate of Participation (Build America Mutual Assurance Company Insured)		5.00			3-1-2024			1,500,000		1,721,970
Fresno County CA Financing Authority Lease Series A (AGM Insured)		3.00			8-1-2019			970,000		978,051

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

12 Wells Fargo California Limited-Term Tax-Free Fund Portfolio of investments—December 31, 2018 (unaudited)

Security name	Interest rate			Maturity date		Principal		Value
Miscellaneous Revenue(continued)
Golden Empire School CA Financing Authority Refunding Bond Kern High School District		5.00	%		5-1-2021	$	1,000,000	$	1,073,320
Hayward CA Unified School District Certificate of Participation (AGM Insured)		3.00			6-1-2019		750,000		754,245
Irvine CA Limited Obligation Improvement Bonds Reassessment District #15-2		5.00			9-2-2023		800,000		888,624
Irvine CA Limited Obligation Improvement Bonds Reassessment District #15-2		5.00			9-2-2024		850,000		955,332
Lodi CA Public Financing Authority Electric Refunding Bond (AGM Insured)		5.00			9-1-2024		1,100,000		1,275,131
Los Angeles CA Public Works Series D		5.00			12-1-2027		1,605,000		1,904,076
Los Angeles CA Unified School District Certificate of Participation Headquarters Building Projects Series B		5.00			10-1-2025		1,875,000		2,079,056
Los Angeles County CA Public Works Multiple Capital Projects II		5.00			8-1-2020		500,000		526,940
Los Angeles County CA Schools Pooled Financing Program Certificate of Participation Series A4		4.00			7-1-2019		5,000,000		5,046,250
Norwalk CA Community Facilities Financing Series A (AGM Insured)		4.00			6-1-2019		280,000		282,820
Norwalk CA Community Facilities Financing Series A (AGM Insured)		4.00			6-1-2020		350,000		361,722
Norwalk CA Community Facilities Financing Series B (AGM Insured)		4.00			6-1-2019		625,000		631,294
Norwalk CA Community Facilities Financing Series B (AGM Insured)		4.00			6-1-2020		650,000		671,769
Palo Alto CA Improvement Bond Act of 1915 University Area Off-Street Parking Assessment District		4.00			9-2-2021		450,000		475,628
Riverside County CA Asset Leasing Corporation Riverside Hospital Project (National Insured) (z)		4.86			6-1-2019		1,000,000		992,090
Riverside County CA Public Financing County Facilities Projects		4.00			5-1-2020		795,000		819,844
Riverside County CA Public Financing County Facilities Projects		5.00			5-1-2019		840,000		849,416
Sacramento CA City Financing Refunding Bond Master Lease Program Facilities (Build America Mutual Assurance Company Insured)		5.00			12-1-2022		800,000		895,608
Sacramento CA City Schools Joint Powers Financing Authority Series A (Build America Mutual Assurance Company Insured)		5.00			3-1-2019		1,050,000		1,055,817
Sacramento CA City Schools Joint Powers Financing Authority Series A (Build America Mutual Assurance Company Insured)		5.00			3-1-2020		1,185,000		1,231,144
Sacramento CA City Schools Joint Powers Financing Authority Series A (Build America Mutual Assurance Company Insured)		5.00			3-1-2021		830,000		885,668
Sacramento CA City Schools Joint Powers Financing Authority Series A (Build America Mutual Assurance Company Insured)		5.00			3-1-2022		775,000		848,850
Sacramento CA City Schools Joint Powers Financing Authority Series A (Build America Mutual Assurance Company Insured)		5.00			3-1-2023		815,000		914,210
San Bernardino County CA Certificate of Participation Arrowhead Project Series A		5.50			8-1-2020		1,000,000		1,022,090
Santa Clara County CA Financing Authority Capital Projects Series A		4.00			2-1-2024		6,000,000		6,406,440
Santa Cruz County CA Capital Financing Public Facilities Project (AGM Insured)		4.00			8-1-2020		150,000		155,394
Santa Cruz County CA Capital Financing Public Facilities Project (AGM Insured)		5.00			8-1-2021		125,000		134,931
Santa Cruz County CA Capital Financing Public Facilities Project (AGM Insured)		5.00			8-1-2022		165,000		182,609
Soledad CA Unified School District BAN (z)		2.63			8-1-2021		3,000,000		2,818,200
Sutter Butte CA Flood Agency Assessment (Build America Mutual Assurance Company Insured)		5.00			10-1-2023		1,280,000		1,446,131
Sutter Butte CA Flood Agency Assessment (Build America Mutual Assurance Company Insured)		5.00			10-1-2024		715,000		822,043
Sutter Butte CA Flood Agency Assessment (Build America Mutual Assurance Company Insured)		5.00			10-1-2025		1,575,000		1,835,993
Sweetwater CA Union High School District PFA Refunding Bond (Build America Mutual Assurance Company Insured)		5.00			9-1-2019		1,000,000		1,022,320
Ventura County CA PFA Series B		5.00			11-1-2019		375,000		385,751
Ventura County CA PFA Series B		5.00			11-1-2020		250,000		265,525
Visalia CA Certificate of Participation (AGM Insured)		4.00			12-1-2020		250,000		260,958

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

Portfolio of investments—December 31, 2018 (unaudited) Wells Fargo California Limited-Term Tax-Free Fund 13

Security name	Interest rate			Maturity date		Principal		Value
Miscellaneous Revenue(continued)
Visalia CA Certificate of Participation (AGM Insured)		4.00	%		12-1-2021	$	250,000	$	266,040
Visalia CA Certificate of Participation (AGM Insured)		5.00			12-1-2022		335,000		375,170
West Sacramento CA Flood Control Agency		2.75			9-1-2019		285,000		287,257
West Sacramento CA Flood Control Agency		5.00			9-1-2020		290,000		306,191
									73,762,520
Tax Revenue: 24.18%
California School Infrastructure Financing Agency Refunding Bond (AGM Insured)		5.00			9-1-2021		1,300,000		1,405,469
California Statewide Community Facilities District #2015-01		5.00			9-1-2027		500,000		546,500
Carson CA RDA Project Area #1 Series A (AGM Insured)		5.00			10-1-2020		775,000		818,757
Carson CA RDA Project Area #1 Series A (AGM Insured)		5.00			10-1-2021		855,000		924,811
Carson CA RDA Project Area #1 Series A (AGM Insured)		5.00			10-1-2022		600,000		665,064
Cathedral City CA RDA Refunding Bond Merged Redevelopment Project Series A		5.00			8-1-2020		2,295,000		2,406,491
Cathedral City CA RDA Refunding Bond Merged Redevelopment Project Series A		5.00			8-1-2021		2,425,000		2,620,843
Cathedral City CA RDA Refunding Bond Merged Redevelopment Project Series A		5.00			8-1-2022		2,550,000		2,821,218
Cathedral City CA RDA Refunding Bond Merged Redevelopment Project Series A		5.00			8-1-2023		1,735,000		1,964,020
Cathedral City CA RDA Refunding Bond Merged Redevelopment Project Series A (AGM Insured)		5.00			8-1-2024		1,770,000		2,032,792
Chino CA PFA Local Agency Series A (AGM Insured)		5.00			9-1-2022		1,830,000		2,014,665
Chino CA PFA Local Agency Series A (AGM Insured)		5.00			9-1-2024		660,000		754,816
Commerce CA RDA CAB Project #1 (z)		5.32			8-1-2021		935,000		833,992
Commerce CA Successor Agency to the Community Development Commission Refunding Bond Series A (AGM Insured)		5.00			8-1-2023		600,000		678,078
Culver City CA RDA CAB Tax Allocation Series A (z)		6.57			11-1-2019		2,575,000		2,534,392
Dinuba CA RDA Successor Agency to Merged City Project #2 (Build America Mutual Assurance Company Insured)		4.00			9-1-2019		210,000		213,213
Dinuba CA RDA Successor Agency to Merged City Project #2 (Build America Mutual Assurance Company Insured)		5.00			9-1-2021		250,000		270,418
Dinuba CA RDA Successor Agency to Merged City Project #2 (Build America Mutual Assurance Company Insured)		5.00			9-1-2022		250,000		277,090
Fairfield CA RDA Successor Agency Tax Allocation Refunding Bond		5.00			8-1-2020		1,000,000		1,052,270
Fairfield CA RDA Successor Agency Tax Allocation Refunding Bond		5.00			8-1-2021		3,170,000		3,436,058
Fairfield CA RDA Successor Agency Tax Allocation Refunding Bond		5.00			8-1-2022		2,395,000		2,665,539
Fairfield CA RDA Successor Agency Tax Allocation Refunding Bond		5.00			8-1-2023		1,025,000		1,168,982
Fremont CA Community Facilities District		5.00			9-1-2024		1,000,000		1,108,320
Fullerton CA Community Facilities District		4.00			9-1-2019		665,000		674,822
Garden Grove CA Agency Community Refunding Bond Garden Grove Community Project (Build America Mutual Assurance Company Insured)		4.00			10-1-2021		770,000		814,298
Garden Grove CA Agency Community Refunding Bond Garden Grove Community Project (Build America Mutual Assurance Company Insured)		5.00			10-1-2022		3,015,000		3,351,173
Imperial Beach CA RDA Palm Avenue Commercial Redevelopment Project (Build America Mutual Assurance Company Insured)		4.00			6-1-2020		775,000		798,754
Inglewood CA Redevelopment Refunding Bond Subordinate Lien Merged Redevelopment Project (Build America Mutual Assurance Company Insured)		5.00			5-1-2025		1,000,000		1,164,530
Inglewood CA Unified School District School Facilities Authority (AGM Insured)		5.25			10-15-2023		8,670,000		9,648,670
Irwindale CA CDA City Industrial Development Project (AGM Insured)		5.00			7-15-2020		320,000		336,464
Irwindale CA CDA City Industrial Development Project (AGM Insured)		5.00			7-15-2021		340,000		367,615
Irwindale CA CDA City Industrial Development Project (AGM Insured)		5.00			7-15-2022		365,000		405,205
Irwindale CA CDA City Industrial Development Project (AGM Insured)		5.00			7-15-2023		375,000		425,963
Jurupa CA PFA Series A		5.00			9-1-2020		750,000		788,453

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

14 Wells Fargo California Limited-Term Tax-Free Fund Portfolio of investments—December 31, 2018 (unaudited)

Security name	Interest rate			Maturity date		Principal		Value
Tax Revenue(continued)
La Quinta CA RDA Project Areas #1 & 2 Series A		5.00	%		9-1-2019	$	1,150,000	$	1,175,588
La Quinta CA RDA Project Areas #1 & 2 Series A		5.00			9-1-2020		1,045,000		1,102,287
La Quinta CA RDA Project Areas #1 & 2 Series A		5.00			9-1-2021		565,000		614,223
La Quinta CA RDA Project Areas #1 & 2 Series A		5.00			9-1-2022		615,000		686,494
Lancaster CA RDA Refunding Bond Combined Redevelopment Project Areas (AGM Insured)		5.00			8-1-2024		870,000		1,003,119
Lancaster CA RDA Refunding Bond Combined Redevelopment Project Areas (AGM Insured)		5.00			8-1-2029		400,000		467,732
Lincoln CA Special Tax Refunding Bond Community Facilities District #2003-1 Lincoln Crossing Project		4.00			9-1-2022		450,000		483,426
Lincoln CA Special Tax Refunding Bond Community Facilities District #2003-1 Lincoln Crossing Project		4.00			9-1-2024		600,000		661,884
Lincoln CA Special Tax Refunding Bond Community Facilities District #2003-1 Lincoln Crossing Project		5.00			9-1-2025		550,000		646,036
Los Angeles County CA Community Facilities District #5 Rowland Heights Area (AGM Insured)		5.00			9-1-2019		165,000		165,800
Los Angeles County CA Redevelopment Refunding Bond Authority Hollywood Redevelopment Project		5.00			7-1-2019		1,780,000		1,810,491
Los Angeles County CA Redevelopment Refunding Bond Authority Series D		5.00			9-1-2019		2,545,000		2,599,234
Menifee CA Union School District Public Series A		4.00			9-1-2022		540,000		572,432
Modesto CA Community Facilities District #2004-1 Village One #2		4.50			9-1-2019		580,000		589,234
Monrovia CA RDA Subordinate Bond Central Project #1		4.00			8-1-2019		815,000		825,579
Oakdale CA Successor Agency to Oakdale Community RDA Series A (AGM Insured)		5.00			6-1-2027		350,000		413,368
Orange County CA Community Facilities #2015-1 Esencia Village Series A		5.00			8-15-2023		375,000		410,655
Orange County CA Community Facilities #2015-1 Esencia Village Series A		5.00			8-15-2025		335,000		373,227
Orange County CA Development Agency Santa Ana Heights Project		5.00			9-1-2019		1,085,000		1,108,121
Orange County CA Development Agency Santa Ana Heights Project		5.00			3-1-2020		1,110,000		1,151,259
Orange County CA Development Agency Santa Ana Heights Project		5.00			9-1-2020		1,140,000		1,199,793
Pittsburg CA Successor Agency of Los Medanos Community Development (AGM Insured)		5.00			8-1-2021		1,885,000		2,038,232
Pittsburg CA Successor Agency of Los Medanos Community Development (AGM Insured)		5.00			8-1-2022		1,305,000		1,447,610
Pittsburg CA Successor Agency of Los Medanos Community Development (AGM Insured)		5.00			8-1-2023		780,000		885,893
Placentia CA RDA Project (Build America Mutual Assurance Company Insured)		4.00			8-1-2019		580,000		588,137
Placentia CA RDA Project (Build America Mutual Assurance Company Insured)		5.00			8-1-2020		600,000		631,650
Poway CA Unified School District PFA		4.00			9-15-2020		335,000		348,367
Poway CA Unified School District PFA (Build America Mutual Assurance Company Insured)		4.00			10-1-2020		300,000		312,120
Poway CA Unified School District PFA (Build America Mutual Assurance Company Insured)		4.00			10-1-2021		185,000		195,541
Poway CA Unified School District PFA Series B (Build America Mutual Assurance Company Insured)		5.00			9-1-2024		1,115,000		1,281,570
Poway CA Unified School District PFA Series B (Build America Mutual Assurance Company Insured)		5.00			9-1-2025		775,000		905,092
Rialto CA RDA Successor Agency to Merged Project Area		5.00			9-1-2022		475,000		527,896
Riverside CA PFA Local Measure Certificate of Participation Riverside Pavement Rehabilitation Project (AGM Insured)		5.00			6-1-2023		845,000		952,653
Riverside County CA PFA Indian Wells Project Series A (AGM Insured)		5.00			9-1-2020		1,610,000		1,699,339
Romoland CA School District Community Facilities District #2004-1		4.00			9-1-2019		850,000		860,583
Roseville CA Finance Authority Special Refunding Bond Series A		5.00			9-1-2023		400,000		458,708

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

Portfolio of investments—December 31, 2018 (unaudited) Wells Fargo California Limited-Term Tax-Free Fund 15

Security name	Interest rate			Maturity date		Principal		Value
Tax Revenue(continued)
Roseville CA Finance Authority Special Refunding Bond Series A		5.00	%		9-1-2029	$	300,000	$	364,584
Roseville CA Special Tax Refunding Bond Community Facilities District		4.00			9-1-2019		875,000		886,016
Roseville CA Special Tax Refunding Bond Community Facilities District		5.00			9-1-2020		1,050,000		1,096,967
Roseville CA Special Tax Refunding Bond Community Facilities District		5.00			9-1-2021		500,000		533,035
Roseville CA Special Tax Refunding Bond Fiddyment Ranch Community		5.00			9-1-2024		1,905,000		2,125,047
Roseville CA Special Tax Refunding Bond Fiddyment Ranch Community		5.00			9-1-2029		1,595,000		1,791,360
San Francisco CA City & County RDA Successor Agency to Community Facilities District #6 Mission Bay South Series A		5.00			8-1-2019		555,000		565,090
San Francisco CA City & County RDA Successor Agency to Community Facilities District #6 Mission Bay South Series A		5.00			8-1-2025		1,600,000		1,748,688
San Francisco CA City & County RDA Successor Agency to Mission Bay South Redevelopment Project Series A		5.00			8-1-2020		500,000		524,930
San Francisco CA City & County RDA Successor Agency to Mission Bay South Redevelopment Project Series A		5.00			8-1-2022		375,000		414,334
San Francisco CA City & County RDA Successor Agency to Mission Bay South Redevelopment Project Subordinate Bond Series D 144A		3.00			8-1-2021		4,000,000		4,022,680
San Jose CA Convention Center Expansion & Renovation Project		5.25			5-1-2023		1,465,000		1,577,585
San Jose CA RDA Tax Refunding Bond Merged Area Redevelopment Project Series A-1		5.00			8-1-2022		800,000		841,944
San Marcos CA Unified School District Community Facilities District #5 (Build America Mutual Assurance Company Insured)		5.00			9-1-2020		220,000		232,098
San Marcos CA Unified School District Community Facilities District #5 (Build America Mutual Assurance Company Insured)		5.00			9-1-2021		270,000		293,007
San Marcos CA Unified School District Community Facilities District #5 (Build America Mutual Assurance Company Insured)		5.00			9-1-2022		250,000		278,310
San Pablo CA RDA Series B (AGM Insured)		5.00			6-15-2021		1,775,000		1,907,415
San Pablo CA RDA Series B (AGM Insured)		5.00			6-15-2022		1,865,000		2,055,193
San Pablo CA RDA Series B (AGM Insured)		5.00			6-15-2023		1,945,000		2,191,354
Santa Ana CA Community RDA Merged Project Area Series A		5.25			9-1-2019		1,000,000		1,023,890
Santa Cruz County CA Redevelopment Successor Agency Tax Allocation Refunding Bond (Build America Mutual Assurance Company Insured)		5.00			9-1-2019		625,000		638,863
Santa Cruz County CA Redevelopment Successor Agency Tax Allocation Refunding Bond (Build America Mutual Assurance Company Insured)		5.00			9-1-2020		1,000,000		1,054,650
Solana Beach CA School District Special Tax PFA		4.00			9-1-2019		735,000		746,201
Stockton CA RDA Refunding Bond Series A (AGM Insured)		5.00			9-1-2025		1,675,000		1,959,549
Successor Agency to the Morgan Hill CA RDA Series A		5.00			9-1-2021		1,055,000		1,146,331
Successor Agency to the Rancho Mirage CA RDA Refunding Bond Subordinate Lien Series A (Build America Mutual Assurance Company Insured)		5.00			4-1-2019		580,000		584,901
Successor Agency to the Rancho Mirage CA RDA Series A (Build America Mutual Assurance Company Insured)		5.00			4-1-2019		850,000		857,183
Successor Agency to the Rancho Mirage CA RDA Series A (Build America Mutual Assurance Company Insured)		5.00			4-1-2019		600,000		605,070
Successor Agency to the Richmond CA Community RDA Series A (Build America Mutual Assurance Company Insured)		4.50			9-1-2025		160,000		177,682
Successor Agency to the Richmond CA Community RDA Series A (Build America Mutual Assurance Company Insured)		5.00			9-1-2021		310,000		334,983
Successor Agency to the Richmond CA Community RDA Series A (Build America Mutual Assurance Company Insured)		5.00			9-1-2022		300,000		332,061
Successor Agency to the Richmond CA Community RDA Series A (Build America Mutual Assurance Company Insured)		5.00			9-1-2023		265,000		299,702
Successor Agency to the Richmond CA Community RDA Series A (Build America Mutual Assurance Company Insured)		5.00			9-1-2025		150,000		170,100

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

16 Wells Fargo California Limited-Term Tax-Free Fund Portfolio of investments—December 31, 2018 (unaudited)

Security name	Interest rate			Maturity date		Principal		Value
Tax Revenue(continued)
Successor Agency to the Riverside County CA RDA Desert Communities Project Area Series D		5.00	%		10-1-2022	$	445,000	$	493,598
Successor Agency to the Riverside County CA RDA Desert Communities Project Area Series D		5.00			10-1-2023		470,000		532,595
Successor Agency to the Riverside County CA RDA Project Area #1 Series A		5.00			10-1-2022		240,000		266,210
Successor Agency to the Riverside County CA RDA Project Area #1 Series A		5.00			10-1-2023		460,000		521,263
Sulphur Springs CA Union School District Prerefunded Bond Community Facilities District #2002-1 Series A		3.00			9-1-2019		295,000		297,487
Sulphur Springs CA Union School District Unrefunded Bond Community Facilities District #2002-1 Series A		3.00			9-1-2019		300,000		302,865
Tracy CA Community Facilities District #2016-1		4.00			9-1-2021		140,000		144,603
Tracy CA Community Facilities District #2016-1		4.00			9-1-2022		180,000		186,952
Tracy CA Community Facilities District #2016-1		4.00			9-1-2024		135,000		140,760
Tracy CA Community Facilities District #2016-1		4.00			9-1-2025		155,000		162,096
Tracy CA Community Facilities District #2016-1		5.00			9-1-2028		425,000		475,388
Tustin CA Community Facilities District #6-1 Legacy Columbus Villages Series A		5.00			9-1-2025		1,000,000		1,169,200
Upland CA Successor Agency to Merged Project Tax Allocation Bond (AGM Insured)		5.00			9-1-2023		1,000,000		1,133,810
Vacaville CA RDA Tax Allocation Refunding Bond Subordinate Redevelopment Projects		5.00			9-1-2020		600,000		632,484
Vacaville CA RDA Tax Allocation Refunding Bond Subordinate Redevelopment Projects		5.00			9-1-2021		600,000		648,840
Vacaville CA RDA Tax Allocation Refunding Bond Subordinate Redevelopment Projects		5.00			9-1-2022		1,050,000		1,164,177
Val Verde CA Unified School District (Build America Mutual Assurance Company Insured)		4.00			10-1-2020		350,000		363,955
Val Verde CA Unified School District (Build America Mutual Assurance Company Insured)		4.00			10-1-2021		375,000		395,438
Val Verde CA Unified School District (Build America Mutual Assurance Company Insured)		5.00			10-1-2022		665,000		735,596
Western Riverside County CA Regional Wastewater Authority Series A-1		4.00			9-1-2019		1,830,000		1,856,425
Yuba City CA RDA Refunding Bond (AGM Insured)		5.00			9-1-2025		750,000		883,500
									129,071,163
Tobacco Revenue: 0.63%
Golden State Tobacco Securitization Corporation Tobacco Settlement Refunding Bond Series A1		5.00			6-1-2026		3,000,000		3,343,230
Transportation Revenue: 0.65%
Alameda County CA Corridor Transportation Authority Prerefunded Bond CAB Subordinate Lien Series A (Ambac Insured) (z)		6.17			10-1-2019		2,780,000		2,747,001
Alameda County CA Corridor Transportation Authority Unrefunded Bond CAB Subordinate Lien Series A (Ambac Insured) (z)		6.17			10-1-2019		220,000		215,651
Sacramento CA Regional Transportation District Farebox		5.00			3-1-2019		500,000		502,825
									3,465,477
Utilities Revenue: 2.35%
Colton CA PFA Series A		4.00			4-1-2019		415,000		417,419
Modesto CA Irrigation District Electric Refunding Bond Series A		5.00			7-1-2020		500,000		525,080
Southern California Public Power Authority Refunding Bond Canyon Power Project Series A		2.25			7-1-2040		6,000,000		6,023,520
Southern California Public Power Authority Refunding Bond Canyon Power Project Series A		5.00			7-1-2027		1,000,000		1,073,400

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

Portfolio of investments—December 31, 2018 (unaudited) Wells Fargo California Limited-Term Tax-Free Fund 17

Security name	Interest rate			Maturity date		Principal		Value
Utilities Revenue(continued)
Southern California Public Power Authority Refunding Bond Canyon Power Project Series B (SIFMA Municipal Swap +0.25%) ±		1.96	%		7-1-2040	$	4,000,000	$	3,982,440
Walnut CA Energy Center Authority Refunding Bond Series A		5.00			1-1-2021		500,000		533,340
									12,555,199
Water & Sewer Revenue: 4.01%
Eastern California Municipal Water District Refunding Bond Series C (SIFMA Municipal Swap +0.25%) ±		1.96			7-1-2046		3,000,000		3,000,090
Florin CA Resource Conservation District Series A (National Insured)		5.00			9-1-2019		1,000,000		1,021,310
Florin CA Resource Conservation District Series A (National Insured)		5.00			9-1-2020		1,000,000		1,052,450
Florin CA Resource Conservation District Series A (National Insured)		5.00			9-1-2021		1,250,000		1,349,725
Florin CA Resource Conservation District Series A (National Insured)		5.00			9-1-2022		1,250,000		1,382,188
Goleta CA Water District Certificate of Participation Series A (AGM Insured)		5.00			12-1-2019		125,000		128,700
Goleta CA Water District Certificate of Participation Series A (AGM Insured)		5.00			12-1-2020		140,000		148,513
Oxnard CA Financing Authority Refunding Bond (AGM Insured)		5.00			6-1-2021		735,000		791,691
San Fransico City & County CA Public Utilities Commision Series C Green Bond		2.13			10-1-2048		10,000,000		10,018,100
San Luis & Delta-Mendota CA Water Authority Delta Habitat Conservation & Conveyance Program Development Project Series A (Build America Mutual Assurance Company Insured)		5.00			3-1-2019		100,000		100,558
San Luis & Delta-Mendota CA Water Authority Delta Habitat Conservation & Conveyance Program Development Project Series A (Build America Mutual Assurance Company Insured)		5.00			3-1-2020		100,000		103,929
Vallejo CA Refunding Bond (National Insured)		5.00			5-1-2019		790,000		792,046
Vallejo CA Refunding Bond (National Insured)		5.00			5-1-2021		1,500,000		1,503,315
									21,392,615
									498,715,793
Guam: 0.58%
Airport Revenue: 0.26%
Guam Port Authority AMT Series B		5.00			7-1-2023		540,000		585,803
Guam Port Authority AMT Series B		5.00			7-1-2024		750,000		822,278
									1,408,081
Utilities Revenue: 0.32%
Guam Power Authority Series A (AGM Insured)		5.00			10-1-2019		1,640,000		1,675,145
									3,083,226
Illinois: 2.45%
Miscellaneous Revenue: 2.00%
Illinois Series D		5.00			11-1-2025		10,000,000		10,690,400
Tax Revenue: 0.45%
Metropolitan Pier & Exposition Authority McCormick Place Expansion Project Series B		5.00			12-15-2025		650,000		698,880
Sales Tax Securitization Corporation Series 2017A		5.00			1-1-2026		1,500,000		1,680,975
									2,379,855
									13,070,255

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

18 Wells Fargo California Limited-Term Tax-Free Fund Portfolio of investments—December 31, 2018 (unaudited)

Security name	Interest rate			Maturity date		Principal		Value
New York: 1.05%
Industrial Development Revenue: 1.05%
New York Transportation Development Corporation Special Facilities Revenue Delta Air Lines Incorporated LaGuardia Airport Terminals C&D Redevelopment		5.00	%		1-1-2026	$	5,000,000	$	5,620,000
Texas: 0.38%
Resource Recovery Revenue: 0.38%
Port Arthur TX Navigation District Jefferson County Environmental Facilities Motiva Enterprises LLC Project Series A ø		2.05			4-1-2040		2,000,000		2,000,000
Total Municipal Obligations (Cost $514,590,317)									522,489,274
Other: 0.94%
Nuveen California AMT-Free Quality Municipal Income Fund Preferred Shares Series A 144A§øø		2.01			10-1-2047		5,000,000		5,000,000
Total Other (Cost $5,000,000)									5,000,000
	Yield					Shares
Short-Term Investments: 0.29%
Investment Companies: 0.29%
Wells Fargo Municipal Cash Management Money Market Fund Institutional Class (l)(u)		1.65					1,563,394		1,564,019
Total Short-Term Investments (Cost $1,564,019)									1,564,019

Total investments in securities (Cost $521,154,336)	99.13	%		529,053,293
Other assets and liabilities, net	0.87			4,670,016
Total net assets	100.00	%	$	533,723,309

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

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

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

(m) The security is an auction-rate security which has an interest rate that resets at predetermined short-term intervals through a Dutch auction. The rate shown is the rate in effect at period end.

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 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.

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

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

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

Portfolio of investments—December 31, 2018 (unaudited) Wells Fargo California Limited-Term Tax-Free Fund 19

Abbreviations:

AGM Assured Guaranty Municipal

Ambac Ambac Financial Group Incorporated

AMT Alternative minimum tax

BAN Bond anticipation notes

CAB Capital appreciation bond

CDA Community Development Authority

FHLMC Federal Home Loan Mortgage Corporation

FNMA Federal National Mortgage Association

GNMA Government National Mortgage Association

GO General obligation

HFA Housing Finance Authority

HFFA Health Facilities Financing Authority

LIBOR London Interbank Offered Rate

LIQ Liquidity agreement

National National Public Finance Guarantee Corporation

PCFA Pollution Control Financing Authority

PFA Public Finance Authority

RDA Redevelopment Authority

SIFMA Securities Industry and Financial Markets Association

Investments in Affiliates

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

	Shares, beginning of period		Shares purchased		Shares sold		Shares, end of period		Net realized gains (losses)			Net change in unrealized gains (losses)		Income from affiliated securities		Value, end of period		% of net assets
Short-Term Investments
Investment Companies
Wells Fargo Municipal Cash Management Money Market Fund Institutional Class		1,529,712		118,245,497		118,211,815		1,563,394	$	(852	)	$	0	$	14,761	$	1,564,019		0.29	%

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

20 Wells Fargo California Limited-Term Tax-Free Fund Statement of assets and liabilities—December 31, 2018 (unaudited)

Assets
Investments in unaffiliated securities, at value (cost $519,590,317)	$	527,489,274
Investments in affiliated securities, at value (cost $1,564,019)		1,564,019
Receivable for investments sold		250,078
Receivable for Fund shares sold		3,540,757
Receivable for interest		6,260,733
Prepaid expenses and other assets		30,479
Total assets		539,135,340
Liabilities
Payable for Fund shares redeemed		4,007,224
Due to custodian bank		763,849
Dividends payable		316,580
Management fee payable		160,279
Administration fees payable		49,804
Distribution fee payable		15,765
Trustees’ fees and expenses payable		741
Accrued expenses and other liabilities		97,789
Total liabilities		5,412,031
Total net assets	$	533,723,309
NET ASSETS CONSIST OF
Paid-in capital	$	533,296,086
Total distributable earnings		427,223
Total net assets	$	533,723,309
COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE PER SHARE
Net assets – Class A	$	112,989,440
Shares outstanding – Class A1		10,669,539
Net asset value per share – Class A		$10.59
Maximum offering price per share – Class A2		$10.81
Net assets – Class C	$	23,656,606
Shares outstanding – Class C1		2,234,450
Net asset value per share – Class C		$10.59
Net assets – Administrator Class	$	101,311,900
Shares outstanding – Administrator Class1		9,714,507
Net asset value per share – Administrator Class		$10.43
Net assets – Institutional Class	$	295,762,363
Shares outstanding – Institutional Class1		28,376,855
Net asset value per share – Institutional Class		$10.42

¹  The Fund has an unlimited number of authorized shares.

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

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

Statement of operations—six months ended December 31, 2018 (unaudited) Wells Fargo California Limited-Term Tax-Free Fund 21

Investment income
Interest	$	7,710,312
Income from affiliated securities		14,761
Total investment income		7,725,073
Expenses
Management fee		1,162,295
Administration fees
Class A		94,995
Class C		20,368
Administrator Class		59,660
Institutional Class		129,104
Shareholder servicing fees
Class A		148,430
Class C		31,825
Administrator Class		148,933
Distribution fee
Class C		95,475
Custody and accounting fees		7,091
Professional fees		28,590
Registration fees		44,986
Shareholder report expenses		10,039
Trustees’ fees and expenses		14,232
Other fees and expenses		14,036
Total expenses		2,010,059
Less: Fee waivers and/or expense reimbursements		(172,910	)
Net expenses		1,837,149
Net investment income		5,887,924
REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS
Net realized gains (losses) on:
Unaffiliated securities		(790,196	)
Affiliated securities		(852	)
Futures contracts		343,070
Net realized losses on investments		(447,978	)
Net change in unrealized gains (losses) on investments		(884,904	)
Net realized and unrealized gains (losses) on investments		(1,332,882	)
Net increase in net assets resulting from operations	$	4,555,042

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

22 Wells Fargo California Limited-Term Tax-Free Fund Statement of changes in net assets

	Six months ended December 31, 2018 (unaudited)						Year ended June 30, 20181
Operations
Net investment income				$	5,887,924					$	12,429,693
Net realized losses on investments					(447,978	)					(3,427,387	)
Net change in unrealized gains (losses) on investments					(884,904	)					(8,011,347	)
Net increase in net assets resulting from operations					4,555,042						990,959
Distributions to shareholders from net investment income and net realized gains
Class A					(1,091,565	)					(2,407,589	)
Class C					(137,556	)					(297,433	)
Administrator Class					(1,211,675	)					(2,899,311	)
Institutional Class					(3,445,464	)					(6,825,360	)
Total distributions to shareholders					(5,886,260	)					(12,429,693	)
Capital share transactions		Shares						Shares
Proceeds from shares sold
Class A		676,898			7,162,566			2,077,616			22,303,849
Class C		34,788			367,863			177,303			1,905,490
Administrator Class		1,402,334			14,562,270			1,932,144			20,369,275
Institutional Class		7,889,141			82,164,266			16,566,094			174,446,045
					104,256,965						219,024,659
Reinvestment of distributions
Class A		88,485			934,796			197,697			2,114,653
Class C		12,029			127,054			25,519			272,822
Administrator Class		115,520			1,202,155			273,523			2,881,478
Institutional Class		152,820			1,588,757			298,293			3,139,346
					3,852,762						8,408,299
Payment for shares redeemed
Class A		(1,375,640	)		(14,526,601	)		(4,796,149	)		(51,144,759	)
Class C		(345,606	)		(3,649,045	)		(831,210	)		(8,905,544	)
Administrator Class		(4,590,060	)		(47,808,061	)		(4,731,716	)		(49,743,594	)
Institutional Class		(10,887,538	)		(113,149,795	)		(20,555,577	)		(216,738,610	)
					(179,133,502	)					(326,532,507	)
Net decrease in net assets resulting from capital share transactions					(71,023,775	)					(99,099,549	)
Total decrease in net assets					(72,354,993	)					(110,538,283	)
Net assets
Beginning of period					606,078,302						716,616,585
End of period				$	533,723,309					$	606,078,302

¹  Effective for all filings after November 4, 2018, the SEC prospectively eliminated the requirement to parenthetically disclose undistributed net investment income at the end of the period and permitted the aggregation of distributions, with the exception of tax basis returns of capital. Undistributed net investment income at June 30, 2018 was $475,690. The disaggregated distributions information for the year ended June 30, 2018 is included in Note 8,Distributions to Shareholders, in the notes to the financial statements.

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

Financial highlights Wells Fargo California Limited-Term Tax-Free Fund 23

(For a share outstanding throughout each period)

	Six months ended December 31, 2018 (unaudited)			Year ended June 30
CLASS A				2018			2017			2016			2015			2014
Net asset value, beginning of period		$10.61			$10.79			$11.04			$10.83			$10.86			$10.66
Net investment income		0.10			0.19			0.18			0.17			0.16			0.18
Net realized and unrealized gains (losses) on investments		(0.02	)		(0.18	)		(0.25	)		0.21			(0.03	)		0.20
Total from investment operations		0.08			0.01			(0.07	)		0.38			0.13			0.38
Distributions to shareholders from
Net investment income		(0.10	)		(0.19	)		(0.18	)		(0.17	)		(0.16	)		(0.18	)
Net asset value, end of period		$10.59			$10.61			$10.79			$11.04			$10.83			$10.86
Total return1		0.74	%		0.05	%		(0.64	)%		3.54	%		1.22	%		3.61	%
Ratios to average net assets (annualized)
Gross expenses		0.85	%		0.84	%		0.83	%		0.83	%		0.82	%		0.83	%
Net expenses		0.80	%		0.80	%		0.80	%		0.80	%		0.80	%		0.80	%
Net investment income		1.84	%		1.73	%		1.65	%		1.56	%		1.49	%		1.70	%
Supplemental data
Portfolio turnover rate		6	%		45	%		21	%		21	%		31	%		31	%
Net assets, end of period (000s omitted)		$112,989			$119,657			$148,933			$196,629			$198,402			$203,306

¹  Total return calculations do not include any sales charges. Returns for periods of less than one year are not annualized.

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

24 Wells Fargo California Limited-Term Tax-Free Fund Financial highlights

(For a share outstanding throughout each period)

	Six months ended December 31, 2018 (unaudited)			Year ended June 30
CLASS C				2018			2017			2016			2015			2014
Net asset value, beginning of period		$10.61			$10.79			$11.04			$10.83			$10.86			$10.65
Net investment income		0.06			0.11			0.10			0.09			0.08			0.10
Net realized and unrealized gains (losses) on investments		(0.02	)		(0.18	)		(0.25	)		0.21			(0.03	)		0.21
Total from investment operations		0.04			(0.07	)		(0.15	)		0.30			0.05			0.31
Distributions to shareholders from
Net investment income		(0.06	)		(0.11	)		(0.10	)		(0.09	)		(0.08	)		(0.10	)
Net asset value, end of period		$10.59			$10.61			$10.79			$11.04			$10.83			$10.86
Total return1		0.36	%		(0.70	)%		(1.38	)%		2.76	%		0.47	%		2.94	%
Ratios to average net assets (annualized)
Gross expenses		1.60	%		1.59	%		1.58	%		1.58	%		1.57	%		1.58	%
Net expenses		1.55	%		1.55	%		1.55	%		1.55	%		1.55	%		1.55	%
Net investment income		1.09	%		0.98	%		0.90	%		0.81	%		0.74	%		0.95	%
Supplemental data
Portfolio turnover rate		6	%		45	%		21	%		21	%		31	%		31	%
Net assets, end of period (000s omitted)		$23,657			$26,868			$34,113			$40,098			$33,996			$34,920

¹  Total return calculations do not include any sales charges. Returns for periods of less than one year are not annualized.

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

Financial highlights Wells Fargo California Limited-Term Tax-Free Fund 25

(For a share outstanding throughout each period)

	Six months ended December 31, 2018 (unaudited)			Year ended June 30
ADMINISTRATOR CLASS				2018			2017			2016			2015			2014
Net asset value, beginning of period		$10.45			$10.63			$10.87			$10.66			$10.70			$10.49
Net investment income		0.11			0.20	1		0.20			0.19			0.18			0.20
Net realized and unrealized gains (losses) on investments		(0.02	)		(0.18	)		(0.24	)		0.21			(0.04	)		0.21
Total from investment operations		0.09			0.02			(0.04	)		0.40			0.14			0.41
Distributions to shareholders from
Net investment income		(0.11	)		(0.20	)		(0.20	)		(0.19	)		(0.18	)		(0.20	)
Net asset value, end of period		$10.43			$10.45			$10.63			$10.87			$10.66			$10.70
Total return2		0.84	%		0.23	%		(0.38	)%		3.78	%		1.33	%		3.95	%
Ratios to average net assets (annualized)
Gross expenses		0.79	%		0.78	%		0.77	%		0.77	%		0.76	%		0.77	%
Net expenses		0.60	%		0.60	%		0.60	%		0.60	%		0.60	%		0.60	%
Net investment income		2.03	%		1.93	%		1.84	%		1.75	%		1.69	%		1.90	%
Supplemental data
Portfolio turnover rate		6	%		45	%		21	%		21	%		31	%		31	%
Net assets, end of period (000s omitted)		$101,312			$133,581			$162,747			$226,581			$309,120			$550,156

¹  Calculated based upon average shares outstanding

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

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

26 Wells Fargo California Limited-Term Tax-Free Fund Financial highlights

(For a share outstanding throughout each period)

	Six months ended December 31, 2018 (unaudited)			Year ended June 30
INSTITUTIONAL CLASS				2018			2017			2016			20151
Net asset value, beginning of period		$10.44			$10.62			$10.86			$10.66			$10.75
Net investment income		0.11			0.21			0.21			0.20			0.13
Net realized and unrealized gains (losses) on investments		(0.02	)		(0.18	)		(0.24	)		0.20			(0.09	)
Total from investment operations		0.09			0.03			(0.03	)		0.40			0.04
Distributions to shareholders from
Net investment income		(0.11	)		(0.21	)		(0.21	)		(0.20	)		(0.13	)
Net asset value, end of period		$10.42			$10.44			$10.62			$10.86			$10.66
Total return2		0.89	%		0.33	%		(0.28	)%		3.79	%		0.35	%
Ratios to average net assets (annualized)
Gross expenses		0.52	%		0.51	%		0.50	%		0.50	%		0.50	%
Net expenses		0.50	%		0.50	%		0.50	%		0.50	%		0.50	%
Net investment income		2.14	%		2.03	%		1.95	%		1.86	%		1.82	%
Supplemental data
Portfolio turnover rate		6	%		45	%		21	%		21	%		31	%
Net assets, end of period (000s omitted)		$295,762			$325,973			$370,824			$351,080			$280,061

¹  For the period from October 31, 2014 (commencement of class operations) to June 30, 2015

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 California Limited-Term Tax-Free Fund 27

1. ORGANIZATION

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

2. SIGNIFICANT ACCOUNTING POLICIES

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

Securities valuation

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

Debt securities are valued at the evaluated bid price provided by an independent pricing service (e.g. taking into account various factors, including yields, maturities, or credit ratings) or, if a reliable price is not available, the quoted bid price from an independent broker-dealer.

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

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

Investments which are not valued using any of the methods discussed above are valued at their fair value, as determined in good faith by the Board of Trustees of the Fund. The Board of Trustees has established a Valuation Committee comprised of the Trustees and has delegated to it the authority to take any actions regarding the valuation of portfolio securities that the Valuation Committee deems necessary or appropriate, including determining the fair value of portfolio securities, unless the determination has been delegated to the Wells Fargo Asset Management Pricing Committee at Wells Fargo Funds Management, LLC (“Funds Management”). The Board of Trustees retains the authority to make or ratify any valuation decisions or approve any changes to the Valuation Procedures as it deems appropriate. On a quarterly basis, the Board of Trustees receives reports on any valuation actions taken by the Valuation Committee or the Wells Fargo Asset Management Pricing Committee which may include items for ratification.

When-issued transactions

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

Futures contracts

The Fund is subject to interest rate risk in the normal course of pursuing its investment objectives. Futures contracts are agreements between the Fund and a counterparty to buy or sell a specific amount of a commodity, financial instrument or currency at specified price and on a specified date. The Fund may buy and sell futures contracts in order to gain exposure to, or protect against, changes in interest rates. The primary risks associated with the use of futures contracts are the imperfect correlation between changes in market values of securities held by the Fund and the prices of futures contracts, and the possibility of an illiquid market. Futures contracts are generally entered into on a regulated futures exchange and cleared through a clearinghouse associated with the exchange. With futures contracts, there is minimal counterparty risk to the Fund since futures contracts are exchange traded and the exchange’s clearinghouse, as counterparty to all exchange traded futures, guarantees the futures contracts against default.

Upon entering into a futures contracts, the Fund is required to deposit either cash or securities (initial margin) with the broker in an amount equal to a certain percentage of the contract value. Subsequent payments (variation margin) are paid to or from the broker each day equal to the daily changes in the contract value. Such payments are recorded as unrealized gains or losses and, if any, shown as variation margin receivable (payable) in the Statement of Assets and Liabilities. Should the Fund fail to make requested variation margin payments, the broker can gain access to the initial margin to satisfy the Fund’s payment obligations. When the contracts are closed, a realized gain or loss is recorded in the Statement of Operations.

28 Wells Fargo California Limited-Term Tax-Free 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 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 December 31, 2018, the aggregate cost of all investments for federal income tax purposes was $521,094,736 and the unrealized gains (losses) consisted of:

Gross unrealized gains	$	8,779,613
Gross unrealized losses		(821,056	)
Net unrealized gains	$	7,958,557

Capital loss carryforwards that do not expire are required to be utilized prior to capital loss carryforwards that expire. As of June 30, 2018, capital loss carryforwards available to offset future net realized capital gains were as follows through the indicated expiration dates:

	No expiration
2019	Short-term	Long-term
$110,356	$3,281,449	$927,410

As of June 30, 2018, the Fund had current year net deferred post-October capital losses consisting of $2,990,327 in short-term losses and $190,637 in long-term which were recognized on the first day of the current fiscal year.

Class allocations

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

3. FAIR VALUATION MEASUREMENTS

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

Notes to financial statements (unaudited) Wells Fargo California Limited-Term Tax-Free Fund 29

∎ 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 December 31, 2018:

	Quoted prices (Level 1)		Other significant observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total
Assets
Investments in:
Municipal obligations	$	0	$	522,489,274	$	0	$	522,489,274
Other		0		5,000,000		0		5,000,000
Short-term investments
Investment companies		1,564,019		0		0		1,564,019
Total assets	$	1,564,019	$	527,489,274	$	0	$	529,053,293

Additional sector, industry or geographic detail is included in the Portfolio of Investments.

At December 31, 2018, the Fund did not have any transfers into/out of Level 3.

4. TRANSACTIONS WITH AFFILIATES

Management fee

Funds Management, an indirect wholly owned subsidiary of (“Wells Fargo”), is the manager of the Fund and provides advisory and fund-level administrative services under an investment management agreement. Under the investment management agreement, Funds Management is responsible for, among other services, implementing the investment objectives and strategies of the Fund, supervising the subadviser 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 0.40% and declining to 0.28% as the average daily net assets of the Fund increase. For the six months ended December 31, 2018, the management fee was equivalent to an annual rate of 0.40% of the Fund’s average daily net assets.

Funds Management has retained the services of a subadviser to provide daily portfolio management to the Fund. The fee for subadvisory services is borne by Funds Management. Wells Capital Management Incorporated, an affiliate of Funds Management and an indirect wholly owned subsidiary of Wells Fargo, is the subadviser to the Fund and is entitled to receive a fee from Funds Management at an annual rate starting at 0.15% and declining to 0.05% as the average daily net assets of the Fund increase.

Administration fees

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

	Class-level administration fee
Class A, Class C		0.16	%
Administrator Class		0.10
Institutional Class		0.08

30 Wells Fargo California Limited-Term Tax-Free 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 October 31, 2019 to waive fees and/or reimburse expenses to the extent necessary to cap the Fund’s expenses at 0.80% for Class A shares, 1.55% for Class C shares, 0.60% for Administrator Class shares, and 0.50% for Institutional Class shares. After this time, the cap may be increased or the commitment to maintain the cap may be terminated only with the approval of the Board of Trustees.

Distribution fee

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

In addition, Funds Distributor is entitled to receive the front-end sales charge from the purchase of Class A shares and a contingent deferred sales charge on the redemption of certain Class A shares. Funds Distributor is also entitled to receive the contingent deferred sales charges from redemptions of Class C shares. For the six months ended December 31, 2018, Funds Distributor received $69 from the sale of Class A shares. No contingent deferred sales charges were incurred by Class A and Class C shares for the six months ended December 31, 2018.

Shareholder servicing fees

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

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

Interfund transactions

The Fund may purchase or sell portfolio investment securities to certain other Wells Fargo affiliates pursuant to Rule 17a-7 under the 1940 Act and under procedures adopted by the Board of Trustees. The procedures have been designed to ensure that these interfund transactions, which do not incur broker commissions, are effected at current market prices. Pursuant to these procedures, the Fund had $41,546,984 and $84,780,000 in interfund purchases and sales, respectively, during the six months ended December 31. 2018.

5. INVESTMENT PORTFOLIO TRANSACTIONS

Purchases and sales of investments, excluding U.S. government obligations (if any) and short-term securities, for the six months ended December 31, 2018 were $94,031,882 and $33,212,164, respectively.

6. DERIVATIVE TRANSACTIONS

During the six months ended December 31, 2018, the Fund entered into futures contracts for to gain market exposure. The Fund had an average notional amount of $2,992,145 in short futures contracts during the six months ended December 31, 2018.

The fair value, realized gains or losses and change in unrealized gains or losses, if any, on derivative instruments are reflected in the corresponding financial statement captions.

7. BANK BORROWINGS

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

For the six months ended December 31, 2018, there were no borrowings by the Fund under the agreement.

Notes to financial statements (unaudited) Wells Fargo California Limited-Term Tax-Free Fund 31

8. DISTRIBUTIONS TO SHAREHOLDERS

Effective for all filings after November 4, 2018, the Securities and Exchange Commission eliminated the requirement to separately state the components of distributions to shareholders under U.S. generally accepted accounting principles. The amounts of distributions to shareholders for the year ended June 30, 2018 were as follows:

	Net investment income
Class A		$2,407,589
Class C		297,433
Administrator Class		2,899,311
Institutional Class		6,825,360

9. CONCENTRATION RISK

The Fund invests a substantial portion of its assets in issuers of municipal debt securities located in a single state or territories of the U.S. Therefore, it may be more affected by economic and political developments in that state or region than would be a comparable general tax-exempt fund.

10. 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.

11. NEW ACCOUNTING PRONOUNCEMENT

In August 2018, FASB issued Accounting Standards Update (“ASU”) No. 2018-13, Fair Value Measurement (Topic 820)Disclosure Framework – Changes to the Disclosure Requirements for Fair Value Measurement. ASU 2018-13 updates the disclosure requirements for fair value measurements by modifying or removing certain disclosures and adding certain new disclosures. The amendments are effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019. Early adoption is permitted. Management has adopted the removal and modification of disclosures early, as permitted, and will adopt the additional new disclosures at the effective date.

32 Wells Fargo California Limited-Term Tax-Free Fund Other information (unaudited)

PROXY VOTING INFORMATION

A description of the policies and procedures used to determine how to vote proxies relating to portfolio securities is available, upon request, by calling1-800-222-8222, 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 atwellsfargofunds.comor by visiting the SEC website at sec.gov.

PORTFOLIO HOLDINGS INFORMATION

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

Other information (unaudited) Wells Fargo California Limited-Term Tax-Free 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 152 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 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.	N/A
Jane A. Freeman (Born 1953)	Trustee, since 2015; Chair Liaison, since 2018	Retired. From 2012 to 2014 and 1999 to 2008, Chief Financial Officer of Scientific Learning Corporation. From 2008 to 2012, Ms. Freeman provided consulting services related to strategic business projects. Prior to 1999, Portfolio Manager at Rockefeller & Co. and Scudder, Stevens & Clark. Board member of the Harding Loevner Funds from 1996 to 2014, serving as both Lead Independent Director and chair of the Audit Committee. Board member of the Russell Exchange Traded Funds Trust from 2011 to 2012 and the chair of the Audit Committee. Ms. Freeman is a Board Member of The Ruth Bancroft Garden (non-profit organization). She is also an inactive Chartered Financial Analyst.	N/A
Isaiah Harris, Jr.3 (Born 1952)	Trustee, since 2009; Audit Committee Chairman, since 2019	Retired. Chairman of the Board of CIGNA Corporation since 2009, and Director since 2005. From 2003 to 2011, Director of Deluxe Corporation. Prior thereto, President and CEO of BellSouth Advertising and Publishing Corp. from 2005 to 2007, President and CEO of BellSouth Enterprises from 2004 to 2005 and President of BellSouth Consumer Services from 2000 to 2003. Emeritus member of the Iowa State University Foundation Board of Governors. Emeritus Member of the Advisory Board of Iowa State University School of Business. Advisory Board Member, Palm Harbor Academy (private school). Advisory Board Member, Child Evangelism Fellowship (non-profit). Mr. Harris is a certified public accountant (inactive status).	CIGNA Corporation
Judith M. Johnson3 (Born 1949)	Trustee, since 2008; Audit Committee Chairman, from 2009 to 2018	Retired. Prior thereto, Chief Executive Officer and Chief Investment Officer of Minneapolis Employees Retirement Fund from 1996 to 2008. Ms. Johnson is an attorney, certified public accountant and a certified managerial accountant.	N/A
David F. Larcker (Born 1950)	Trustee, since 2009	James Irvin Miller Professor of Accounting at the Graduate School of Business, Stanford University, Director of the Corporate Governance Research Initiative and Senior Faculty of The Rock Center for Corporate Governance since 2006. From 2005 to 2008, Professor of Accounting at the Graduate School of Business, Stanford University. Prior thereto, Ernst & Young Professor of Accounting at The Wharton School, University of Pennsylvania from 1985 to 2005.	N/A

34 Wells Fargo California Limited-Term Tax-Free 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; Nominating and 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.	N/A
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.	N/A
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.	N/A
Michael S. Scofield4 (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.	N/A
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, Governance 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 from 2010 to 2011, Chairman of the Board from 2009 to 2011 and Board Director from 2003 to 2015. Vice President, Leadership and Community Engagement, Bush Foundation, Saint Paul, Minnesota (a private foundation) from 2009 to 2011. Executive Vice President and Chief Financial Officer, Minnesota Sports and Entertainment from 2004 to 2009 and Senior Vice President from 2002 to 2004. Commissioner of Finance, State of Minnesota, from 1999 to 2002. Currently the Board Chair of the Minnesota Wild Foundation since 2010.	N/A

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

Other information (unaudited) Wells Fargo California Limited-Term Tax-Free 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 Kymn (Born 1973)	Secretary, since 2018; Chief Legal Officer, since 2018	Senior Company Counsel of Wells Fargo Bank, N.A. since 2018 (previously Senior Counsel from 2007 to 2018). Vice President of Wells Fargo Funds Management, LLC from 2008 to 2014.
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 76 funds in the Fund Complex. Jeremy DePalma acts as Treasurer of 76 funds and Assistant Treasurer of 76 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 calling1-800-222-8222 or by visiting the website atwellsfargofunds.com.

³  Mr. Harris replaced Ms. Johnson as the Chairman of the Audit Committee effective January 1, 2019.

⁴  Mr. Scofield retired on December 31, 2018.

36 Wells Fargo California Limited-Term Tax-Free Fund Appendix A (unaudited)

SALES CHARGE REDUCTIONS AND WAIVERS FOR CERTAIN INTERMEDIARIES

Raymond James & Associates, Inc., Raymond James Financial Services & Raymond James affiliates (“Raymond James”)

Effective on or about March 1, 2019, shareholders purchasing Fund shares through a Raymond James platform or account will be eligible only for the following load waivers (front-end sales charge waivers and contingent deferred, or back-end, sales charge waivers) and discounts, which may differ from those disclosed elsewhere in the Fund’s Prospectus or SAI.

Front-end Sales Load Waivers on Class A shares Available at Raymond James

• Shares purchased in an investment advisory program.

• Shares purchased through reinvestment of capital gains distributions and dividend reinvestment when purchasing shares of the same fund (but not any other fund within the fund family).

• Employees and registered representatives of Raymond James or its affiliates and their family members as designated by Raymond James.

• Shares purchased from the proceeds of redemptions within the same fund family, provided (1) the repurchase occurs within 90 days following the redemption, (2) the redemption and purchase occur in the same account, and (3) redeemed shares were subject to a front-end or deferred sales load (known as Rights of Reinstatement).

• A shareholder in the fund’s Class C shares will have their shares automatically exchanged at net asset value to Class A shares (or the appropriate share class) of the fund if the shares are no longer subject to a CDSC and the exchange is in line with the policies and procedures of Raymond James.

CDSC Waivers on Class A and C Shares Available at Raymond James

• Death or disability of the shareholder.

• Shares sold as part of a systematic withdrawal plan as described in the Fund’s Prospectus.

• Return of excess contributions from an IRA Account.

• Shares sold as part of a required minimum distribution for IRA and retirement accounts due to the shareholder reaching age 70½ as described in the Fund’s prospectus.

• Shares sold to pay Raymond James fees but only if the transaction is initiated by Raymond James.

• Shares acquired through a right of reinstatement.

Front-end Load Discounts Available at Raymond James: Breakpoints, and/or Rights of Accumulation

• Breakpoints as described in the Fund’s Prospectus.

• Rights of accumulation which entitle shareholders to breakpoint discounts will be automatically calculated based on the aggregated holding of fund family assets held by accounts within the purchaser’s household at Raymond James. Eligible fund family assets not held at Raymond James may be included in the rights of accumulation calculation only if the shareholder notifies his or her financial advisor about such assets.

For more information

More information about Wells Fargo Funds is available free upon request. To obtain literature, please write, 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, call1-800-222-8222 or visit the Fund’s website atwellsfargofunds.com. Read the prospectus carefully before you invest or send money.

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

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

INVESTMENT PRODUCTS: NOT FDIC INSURED  ◾  NO BANK GUARANTEE  ◾   MAY LOSE VALUE

© 2019 Wells Fargo Funds Management, LLC. All rights reserved.

320442 02-19 SA248/SAR248 12-18

Semi-Annual Report

December 31, 2018

Wells Fargo California Tax-Free Fund

Beginning on January 1, 2021, as permitted by new regulations adopted by the Securities and Exchange Commission, paper copies of the Wells Fargo Funds’ annual and semi-annual shareholder reports issued after this date will no longer be sent by mail, unless you specifically request paper copies of the reports. Instead, the reports will be made available on the Funds’ website, and you will be notified by mail each time a report is posted and provided with a website address to access the report.

If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from the Fund electronically at any time by contacting your financial intermediary (such as a broker-dealer or bank) or, if you are a direct investor, by calling 1-800-222-8222 or by enrolling at wellsfargo.com/advantagedelivery.

You may elect to receive all future reports in paper free of charge. If you invest through a financial intermediary, you can contact your financial intermediary to request that you continue to receive paper copies of your shareholder reports; if you invest directly with the Fund, you can call 1-800-222-8222. Your election to receive reports in paper will apply to all Wells Fargo Funds held in your account with your financial intermediary or, if you are a direct investor, to all Wells Fargo Funds that you hold.

Reduce clutter. Save trees.

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

Contents

Letter to shareholders	2
Performance highlights	4
Fund expenses	6
Portfolio of investments	7
Financial statements
Statement of assets and liabilities	18
Statement of operations	19
Statement of changes in net assets	20
Financial highlights	21
Notes to financial statements	25
Other information	30
Appendix A	34

The views expressed and any forward-looking statements are as of December 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.

INVESTMENT PRODUCTS: NOT FDIC INSURED  ◾  NO BANK GUARANTEE  ◾   MAY LOSE VALUE

2 Wells Fargo California Tax-Free Fund Letter to shareholders (unaudited)

Andrew Owen

President

Wells Fargo Funds

Global trade tensions escalated during the third quarter of 2018.

Dear Shareholder:

We are pleased to offer you this semi-annual report for the Wells Fargo CaliforniaTax-Free Fund for thesix-month period that ended December 31, 2018. During the reporting period, the U.S. generated encouraging economic and business data that was offset by less positive and more inconsistent data from international markets. Investment returns were generally negative as geopolitical tensions and uncertainty tended to distract investors from more favorable underlying trends.

For the period, U.S. stocks, as measured by the S&P 500 Index,¹ fell 6.85% and international stocks, as measured by the MSCI ACWI ex USA Index (Net),² declined 10.84%. Based on the MSCI EM Index (Net),³ emerging market stocks lost 8.48%. For bond investors, the Bloomberg Barclays U.S. Aggregate Bond Index⁴ gained 1.65% while the Bloomberg Barclays Global Aggregateex-USD Index⁵ fell 0.84%. The Bloomberg Barclays Municipal Bond Index⁶ gained 1.53% while the ICE BofAML U.S. High Yield Index⁷ declined 2.34%.

Global trade tensions prompted investor concerns.

Global trade tensions escalated during the third quarter of 2018. The U.S. imposed tariffs on a wide range of products manufactured overseas. Foreign governments retaliated with tariffs that punished U.S. commodity producers and product manufacturers. Investors wondered about next steps as divergence in global economic policies and growth prospects widened.

During the summer months, the U.S. economy strengthened. Revised second-quarter gross domestic product (GDP) growth data released in August showed the U.S. economy growing at a 4.2% rate. The unemployment rate in the U.S. was 3.7% by the end of September, according to the U.S. Department of Labor. Wages showed more consistent growth, and consumer confidence remained strong. Several U.S. equity market indices reached records during August, with the S&P 500 Index gaining 7.71% for the three-month period that ended September 30, 2018. In contrast, the MSCI ACWI ex USA Index (Net) gained 0.71% while the MSCI EM Index (Net) declined 1.09% during the same three-month period.

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- andmid-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 Aggregateex-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-termtax-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.

Letter to shareholders (unaudited) Wells Fargo California Tax-Free Fund 3

Economic signals overseas were mixed as the third quarter ended and the fourth quarter began. In particular, signs of slowing economic growth in China created uncertainty for investors. Amid rising trade tensions, the People’s Bank of China cut reserve requirement ratios and accelerated infrastructure spending and tax cuts for business enterprises and individuals. Nevertheless, a strengthening U.S. dollar and trade tensions remained headwinds for investors overseas.

Equity markets were volatile during the fourth quarter.

Negative stock market performance during October and December bracketed a mildly positive November, as measured by the S&P 500 Index and the MSCI ACWI ex USA Index (Net). As interest rates and bond yields gained during October, stock markets struggled. Readings on consumer sentiment and business spending were mixed. Markets rebounded in November. The U.S. and China agreed to halt further increases in tariffs and engage in additional negotiations. While November returns were positive, the loss for the full fourth quarter was substantial for equity investors globally, with the S&P down 13.52% and the MSCI ACWI ex USA Index (Net) down 11.46%. December’s S&P 500 Index performance was the lowest since 1931. Globally, fixed income investments fared better than stocks during the last two months of the year as conflicting signals unsettled investors’ outlooks.

Equity investors confronted a number of changing conditions. In November’s mid-term elections, control of the U.S. House of Representatives shifted from Republicans to Democrats, presaging potential partisan disputes. Progress on Brexit negotiations stalled in the UK. In China, the value of the yuan declined to low levels last seen in 2008. Oil prices continued to fall. The Fed increased the federal funds rate by 25 bps to a target range of between 2.25% and 2.50% in December 2018. A late-December dispute over spending and immigration policy resulted in a partial U.S. government shutdown that continued through the end of the period.

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

Economic signals overseas were mixed as the third quarter ended and the fourth quarter began.

For further information about your Fund, contact your investment professional, visit our website atwellsfargofunds.com, or call us directly at1-800-222-8222.

4 Wells Fargo California Tax-Free Fund Performance highlights (unaudited)

Investment objective

The Fund seeks current income exempt from federal income tax and California individual income tax.

Manager

Wells Fargo Funds Management, LLC

Subadviser

Wells Capital Management Incorporated

Portfolio managers

Terry J. Goode

Robert J. Miller

Adrian Van Poppel

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

		Including sales charge						Excluding sales charge						Expense ratios1 (%)
	Inception date	1 year		5 year		10 year		1 year		5 year		10 year		Gross		Net2
Class A (SCTAX)	10-6-1988		-3.99		3.05		5.13		0.54		4.00		5.61		0.83		0.75
Class C (SCTCX)	7-1-1993		-1.24		3.22		4.83		-0.24		3.22		4.83		1.58		1.50
Administrator Class (SGCAX)	12-15-1997		–		–		–		0.75		4.18		5.83		0.77		0.55
Institutional Class (SGTIX)3	10-31-2014		–		–		–		0.91		4.26		5.87		0.50		0.48
Bloomberg Barclays Municipal Bond Index4	–		–		–		–		1.28		3.82		4.85		–		–
Bloomberg Barclays Municipal Bond: California Index5	–		–		–		–		1.11		3.95		5.28		–		–

Figures quoted represent past performance, which is no guarantee of future results, and do not reflect taxes that a shareholder may pay on fund distributions or the redemption of fund shares. Investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Performance shown without sales charges would be lower if sales charges were reflected. Current performance may be lower or higher than the performance data quoted, which assumes the reinvestment of dividends and capital gains. Currentmonth-end performance is available on the Fund’s website,wellsfargofunds.com.

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

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

Bond values fluctuate in response to the financial condition of individual issuers, general market and economic conditions, and changes in interest rates. Changes in market conditions and government policies may lead to periods of heightened volatility in the bond market and reduced liquidity for certain bonds held by the Fund. In general, when interest rates rise, bond values fall and investors may lose principal value. Interest-rate changes and their impact on the Fund and its share price can be sudden and unpredictable. The use of derivatives may reduce returns and/or increase volatility. Certain investment strategies tend to increase the total risk of an investment (relative to the broader market). The Fund is exposed to California municipal securities risk, high-yield securities risk, andnon-diversification risk. Consult the Fund’s prospectus for additional information on these and other risks. A portion of the Fund’s income may be subject to federal, state, and/or local income taxes or the Alternative Minimum Tax (AMT). Any capital gains distributions may be taxable.

Please see footnotes on page 5.

Performance highlights (unaudited) Wells Fargo California Tax-Free Fund 5

Effective maturity distribution as of December 31, 2018⁶

Credit quality as of December 31, 2018⁷

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

³  Historical performance shown for the Institutional Class shares prior to their inception reflects the performance of the 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.

⁴  The Bloomberg Barclays Municipal Bond Index is an unmanaged index composed of long-termtax-exempt bonds with a minimum credit rating of Baa. You cannot invest directly in an index.

⁵  The Bloomberg Barclays Municipal Bond: California Index is the California component of the Bloomberg Barclays Municipal Bond Index. You cannot invest directly in an index.

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

⁷  The credit quality distribution of portfolio holdings reflected in the chart is based on ratings from Standard & Poor’s, Moody’s Investors Service, and/or Fitch Ratings Ltd. Credit quality ratings apply to the underlying holdings of the Fund and not to the Fund itself. The percentages of the Fund’s portfolio with the ratings depicted in the chart are calculated based on the total market value of fixed income securities held by the Fund. If a security was rated by all three rating agencies, the middle rating was utilized. If rated by two of three rating agencies, the lower rating was utilized, and if rated by one of the rating agencies, that rating was utilized. Standard & Poor’s rates the creditworthiness of bonds, ranging from AAA (highest) to D (lowest). Ratings from A to CCC may be modified by the addition of a plus (+) or minus (-) sign to show relative standing within the rating categories. Standard & Poor’s rates the creditworthiness of short-term notes fromSP-1 (highest) toSP-3 (lowest). Moody’s rates the creditworthiness of bonds, ranging from Aaa (highest) to C (lowest). Ratings Aa to B may be modified by the addition of a number 1 (highest) to 3 (lowest) to show relative standing within the ratings categories. Moody’s rates the creditworthiness of short-term U.S.tax-exempt municipal securities from MIG 1/VMIG 1 (highest) to SG (lowest). Fitch rates the creditworthiness of bonds, ranging from AAA (highest) to D (lowest). Credit quality distribution is subject to change and may have changed since the date specified.

6 Wells Fargo California Tax-Free Fund Fund expenses (unaudited)

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

The example is based on an investment of $1,000 invested at the beginning of thesix-month period and held for the entire period from July 1, 2018 to December 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 sales charges (loads) and contingent deferred sales charges. Therefore, the “Hypothetical” line of the table is useful in comparing ongoing costs only and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

	Beginning account value 7-1-2018		Ending account value 12-31-2018		Expenses paid during the period¹		Annualized net expense ratio
Class A
Actual	$	1,000.00	$	1,008.60	$	3.80		0.75	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.42	$	3.82		0.75	%
Class C
Actual	$	1,000.00	$	1,004.95	$	7.58		1.50	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,017.64	$	7.63		1.50	%
Administrator Class
Actual	$	1,000.00	$	1,009.63	$	2.79		0.55	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,022.43	$	2.80		0.55	%
Institutional Class
Actual	$	1,000.00	$	1,010.85	$	2.43		0.48	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,022.79	$	2.45		0.48	%

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

Portfolio of investments—December 31, 2018 (unaudited) Wells Fargo California Tax-Free Fund 7

Security name	Interest rate			Maturity date		Principal		Value
Municipal Obligations: 98.05%
California: 95.28%
Airport Revenue: 3.47%
California Municipal Finance Authority AMT Senior Lien Linxs Apartment Project Series A		5.00	%		12-31-2043	$	5,730,000	$	6,240,256
Palm Springs CA Palm Springs International Airport		6.40			7-1-2023		500,000		500,450
Sacramento County CA Airport System Refunding Bond AMT Senior Series C		5.00			7-1-2037		7,300,000		8,279,003
Sacramento County CA Airport System Refunding Bond AMT Senior Series C		5.00			7-1-2038		3,000,000		3,389,310
San Francisco CA City & County International Airport AMT Series A		5.00			5-1-2047		7,715,000		8,532,636
San Jose CA Airport AMT Refunding Bond Series A		5.00			3-1-2047		4,000,000		4,431,560
San Jose CA Airport Refunding Bond Series B		5.00			3-1-2042		1,750,000		1,977,290
									33,350,505
Education Revenue: 5.25%
California Educational Facilities Authority Loma Linda University Series A		5.00			4-1-2042		2,645,000		2,954,968
California Municipal Finance Authority California Baptist University Series A 144A		4.00			11-1-2021		595,000		608,132
California Municipal Finance Authority California Baptist University Series A 144A		5.00			11-1-2025		1,025,000		1,106,375
California Municipal Finance Authority Charter School Albert Einstein Academies Project Series A		6.75			8-1-2033		1,525,000		1,673,382
California Municipal Finance Authority Charter School Albert Einstein Academies Project Series A		7.13			8-1-2043		1,000,000		1,098,360
California Municipal Finance Authority Charter School Palmdale Aerospace Academy Project 144A		5.00			7-1-2041		1,250,000		1,281,387
California Municipal Finance Authority Charter School Revenue Palmdale Aerospace Academy Series A 144A		5.00			7-1-2049		1,800,000		1,843,686
California Municipal Finance Authority Refunding Bond Biola University Incorporated		5.00			10-1-2035		600,000		678,846
California School Finance Authority Bright Star Schools Obligation Group 144A		5.00			6-1-2047		1,000,000		1,010,220
California School Finance Authority Bright Star Schools Obligation Group 144A		5.00			6-1-2054		1,000,000		1,003,360
California School Finance Authority Green Dot Public Schools Projects 144A		4.00			8-1-2025		475,000		495,363
California School Finance Authority Green Dot Public Schools Projects 144A		5.00			8-1-2035		2,525,000		2,681,701
California School Finance Authority KIPP Louisiana School Projects Series A 144A		5.00			7-1-2035		1,000,000		1,078,030
California School Finance Authority Rocketship Education Series A 144A		5.00			6-1-2036		945,000		967,321
California School Finance Authority Rocketship Education Series A 144A		5.00			6-1-2046		2,100,000		2,127,468
California Statewide CDA California Baptist University Refunding Bond Series A 144A		5.00			11-1-2032		1,135,000		1,250,157
California Statewide CDA California Baptist University Refunding Bond Series A 144A		5.00			11-1-2041		2,875,000		3,095,771
California Statewide CDA School Facility Alliance for College-Ready Public Schools		6.75			7-1-2031		1,625,000		1,741,252
California Statewide CDA School Facility Aspire Public Schools		5.00			7-1-2020		670,000		670,000
California Statewide CDA School Facility Aspire Public Schools		5.20			7-1-2020		135,000		135,000
California University Systemwide Refunding Bond Series A		4.00			11-1-2038		8,000,000		8,277,200
California University Systemwide Refunding Bond Series A		5.00			11-1-2045		6,400,000		7,186,880
University of California Series AI		5.00			5-15-2038		2,000,000		2,199,480
University of California Series K		4.00			5-15-2046		5,295,000		5,375,908
									50,540,247
GO Revenue: 32.44%
Alhambra CA Unified School District Election of 2008 Series B (AGM Insured)		6.00			8-1-2029		4,100,000		4,548,253
Alvord CA Unified School District Election of 2012 Series A (AGM Insured)		5.25			8-1-2037		1,620,000		1,812,278
Bassett CA Unified School District Refunding Bond Series B (Build America Mutual Assurance Company Insured)		5.00			8-1-2027		1,050,000		1,215,879

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

8 Wells Fargo California Tax-Free Fund Portfolio of investments—December 31, 2018 (unaudited)

Security name	Interest rate			Maturity date		Principal		Value
GO Revenue(continued)
Beaumont CA Unified School District Election of 2008 Series D (Build America Mutual Assurance Company Insured)		5.25	%		8-1-2044	$	2,000,000	$	2,314,420
Cabrillo CA Unified School District CAB Series A (Ambac Insured) (z)		5.61			8-1-2021		1,500,000		1,420,635
California		5.25			11-1-2040		3,000,000		3,159,630
California Prerefunded Bond		6.00			4-1-2035		900,000		909,972
California Prerefunded Bond		6.00			4-1-2038		8,300,000		8,391,964
California Statewide Series B (1 Month LIBOR +0.76%) ±		2.40			12-1-2031		2,500,000		2,518,925
California Unrefunded Bond		6.00			4-1-2035		1,240,000		1,252,375
California Unrefunded Bond		6.00			4-1-2038		15,165,000		15,311,039
California Various Purposes		5.00			9-1-2029		1,475,000		1,585,905
California Various Purposes		5.00			10-1-2029		7,000,000		7,149,450
California Various Purposes		5.00			9-1-2032		5,100,000		5,667,018
California Various Purposes		5.00			2-1-2038		5,000,000		5,441,150
California Various Purposes		5.00			10-1-2039		5,000,000		5,646,550
California Various Purposes		5.00			8-1-2046		10,000,000		11,259,800
California Various Purposes		5.25			9-1-2028		5,000,000		5,413,550
California Various Purposes		5.25			10-1-2029		800,000		818,552
California Various Purposes		5.25			4-1-2035		12,640,000		13,761,674
California Various Purposes		5.60			3-1-2036		8,715,000		9,057,674
California Various Purposes		5.75			4-1-2029		1,600,000		1,615,392
California Various Purposes		5.75			4-1-2031		3,380,000		3,411,840
California Various Purposes Refunding Bond		5.00			9-1-2035		35,000,000		40,274,850
Center Unified School District California CAB Series C (National Insured) (z)		5.78			9-1-2021		5,000,000		4,737,100
Centinela Valley CA Union High School District Election of 2008 Series B		6.00			8-1-2036		2,500,000		2,970,275
Centinela Valley CA Union High School District Election of 2008 Series C		5.00			8-1-2035		2,000,000		2,262,100
Cerritos CA Community College CAB Election of 2004 (z)		5.55			8-1-2029		1,750,000		1,274,507
Cerritos CA Community College CAB Election of 2004 (z)		5.79			8-1-2033		1,500,000		916,275
College of the Sequoias Tulare Area Improvement District #3 CAB Election of 2008 Series A (AGC Insured) (z)		6.31			8-1-2024		1,000,000		869,160
Compton CA Community College CAB Election of 2002 Series C (z)		6.71			8-1-2035		3,445,000		1,735,178
Contra Costa County CA Community College District Election of 2006		5.00			8-1-2038		3,250,000		3,620,175
Delano CA Union High School Election of 2010 Series B (AGM Insured)		5.75			8-1-2035		4,510,000		4,777,849
Escondido CA Union High School CAB Election of 2008 Series A (AGC Insured) (z)		6.65			8-1-2027		8,385,000		6,678,736
Garden Grove CA Unified School District Election of 2010 Series C		5.25			8-1-2037		2,000,000		2,246,600
Gilroy CA Unified School District Election of 2008 Series A (AGC Insured)		6.00			8-1-2027		1,000,000		1,025,890
Hayward CA Unified School District Refunding Bond		5.00			8-1-2038		6,000,000		6,660,780
Inglewood CA Unified School District Election of 2012 Series B (Build America Mutual Assurance Company Insured)		5.00			8-1-2036		200,000		223,622
Inglewood CA Unified School District Election of 2012 Series B (Build America Mutual Assurance Company Insured)		5.00			8-1-2038		500,000		555,150
Kentfield CA School District Election 2014 Series B		5.00			8-1-2043		1,500,000		1,680,690
Long Beach CA Unified School District CAB Election of 2008 Series B (z)		5.75			8-1-2035		2,000,000		1,092,680
Long Beach CA Unified School District Prerefunded Bond Election of 2008 Series A		5.50			8-1-2026		1,435,000		1,467,632
Long Beach CA Unified School District Unrefunded Bond Election of 2008 Series A		5.50			8-1-2026		95,000		97,065
Los Angeles CA Community College District Refunding Bond		4.00			8-1-2038		10,000,000		10,424,800
Lynwood CA Unified School District Election of 2012 Series A (AGM Insured)		5.00			8-1-2033		5,000		5,517
Merced CA City School District Election of 2014		5.00			8-1-2045		1,000,000		1,137,750
Merced CA Union High School District CAB Series C (z)		6.64			8-1-2032		3,380,000		2,132,814
Mount San Antonio CA Community College District CAB Election of 2008 Series A (z)		4.83			8-1-2024		1,610,000		1,421,888
Natomas CA Unified School District Series 1999 (National Insured)		5.95			9-1-2021		360,000		377,680

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

Portfolio of investments—December 31, 2018 (unaudited) Wells Fargo California Tax-Free Fund 9

Security name	Interest rate			Maturity date		Principal		Value
GO Revenue (continued)
Norwalk-La Mirada CA Unified School District CAB Election of 2002 Series D (AGM Insured) (z)		6.35	%		8-1-2023	$	1,500,000	$	1,354,575
Oakland CA Unified School District Election of 2012 Series 2013		5.50			8-1-2023		500,000		568,745
Oakland CA Unified School District Election of 2012 Series 2013		6.63			8-1-2038		7,750,000		8,727,430
Oakland CA Unified School District Election of 2012 Series A		5.00			8-1-2040		3,500,000		3,961,825
Oxnard CA School District Election of 2012 Series D (AGM Insured)		5.00			8-1-2034		1,695,000		1,948,301
Pajaro Valley CA Unified School District Election of 2012 Series A		5.00			8-1-2038		1,700,000		1,888,173
Paramount CA Unified School District CAB Election of 2006 (z)		6.88			8-1-2033		2,500,000		1,483,975
Pomona CA Unified School District Series A (National Insured)		6.55			8-1-2029		1,480,000		1,844,198
Poway CA Unified School District CAB Election of 2008 ImprovementDistrict 07-1-A (z)		5.83			8-1-2024		1,800,000		1,582,686
Rialto CA Unified School District CAB Election of 2010 Series A (AGM Insured) (z)		6.78			8-1-2026		3,320,000		2,727,712
Sacramento CA Unified School District Election of 2012 Series A (Build America Mutual Assurance Company Insured)		5.25			8-1-2033		1,000,000		1,125,610
Sacramento CA Unified School District Election of 2012 Series C (AGM Insured)		5.00			8-1-2033		2,735,000		3,129,469
San Bernardino County CA Community Election of 2008 Series D		5.00			8-1-2045		2,000,000		2,253,660
San Bernardino County CA Unified School District Election of 2012 Series C (AGM Insured)		5.00			8-1-2040		8,000,000		9,030,000
San Diego CA Community College Election of 2002		5.00			8-1-2031		4,000,000		4,514,920
San Gorgonio CA Memorial Healthcare Refunding Bond		5.00			8-1-2032		1,750,000		1,906,905
San Gorgonio CA Memorial Healthcare Refunding Bond		5.50			8-1-2028		2,525,000		2,848,326
San Joaquin CA Delta Community College District Election of 2004 Series C		5.00			8-1-2033		3,195,000		3,610,158
San Joaquin CA Delta Community College District Election of 2004 Series C		5.00			8-1-2034		3,315,000		3,740,248
San Jose CA Libraries & Parks Project		5.13			9-1-2031		2,040,000		2,045,426
San Mateo County CA Jefferson Union High School District CAB Election of 2006 Series D (z)		7.98			8-1-2033		7,000,000		2,518,950
San Mateo County CA Jefferson Union High School District CAB Election of 2006 Series D (z)		8.50			8-1-2036		11,130,000		3,128,532
San Mateo County CA Jefferson Union High School District Prerefunded CAB Election of 2006 Series D (z)		8.49			8-1-2034		6,915,000		2,291,216
San Mateo County CA Jefferson Union High School District Unrefunded CAB Election of 2006 Series D (z)		8.49			8-1-2034		2,990,000		989,421
San Rafael CA City High School District CAB Election of 2002 Series B (National Insured) (z)		5.62			8-1-2023		1,260,000		1,138,876
Sanger CA Unified School District Refunding Bond (National Insured)		5.60			8-1-2023		855,000		896,656
Santa Ana CA Unified School District CAB Election of 2008 Series B (AGC Insured) (z)		7.22			8-1-2038		15,000,000		7,082,550
Santa Rosa CA High School District Prerefunded Bond		5.00			8-1-2024		750,000		834,165
Santa Rosa CA High School District Unrefunded Bond		5.00			8-1-2024		255,000		281,841
Sierra Kings CA Health Care District		5.00			8-1-2028		1,000,000		1,131,310
Sierra Kings CA Health Care District		5.00			8-1-2032		1,500,000		1,671,210
Sierra Kings CA Health Care District		5.00			8-1-2037		1,750,000		1,922,410
Sonoma Valley CA Unified School District CAB Election of 2010 Series A (z)		6.55			8-1-2027		1,020,000		802,199
South Pasadena CA Unified School District Series A (FGIC Insured)		5.55			11-1-2020		220,000		230,996
Stockton CA Unified School District Election of 2012 Series A (AGM Insured)		5.00			8-1-2038		1,025,000		1,133,988
Washington Township CA Health Care District Election of 2004 Series B		5.50			8-1-2038		1,500,000		1,735,440
West Contra Costa CA Unified School District (AGM Insured)		5.25			8-1-2024		1,350,000		1,464,642
West Contra Costa CA Unified School District CAB Election of 2005 Series B		6.00			8-1-2027		1,080,000		1,408,039
West Contra Costa CA Unified School District CAB Election of 2005 SeriesC-1 (AGC Insured) (z)		6.19			8-1-2021		6,000,000		5,702,880
Wiseburn CA School District CAB (AGC Insured) (z)		5.63			8-1-2027		1,525,000		1,201,395
									312,209,746

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

10 Wells Fargo California Tax-Free Fund Portfolio of investments—December 31, 2018 (unaudited)

Security name	Interest rate			Maturity date		Principal		Value
Health Revenue: 12.09%
Antelope Valley CA Healthcare District Refunding Bond Series A		5.25	%		3-1-2036	$	3,000,000	$	3,219,750
Association of Bay Area Governments Finance Authority for Nonprofit Corporation Insured O’Connor Woods Project		5.00			1-1-2043		5,000,000		5,437,900
Association of Bay Area Governments Finance Authority for Nonprofit Corporation Insured Senior Living Odd Fellows Home of California Series A		5.00			4-1-2042		1,100,000		1,192,499
California HFFA Catholic Healthcare West Series A		5.25			3-1-2023		3,000,000		3,197,250
California HFFA Catholic Healthcare West Series A		6.00			7-1-2029		4,000,000		4,087,920
California HFFA El Camino Hospital		5.00			2-1-2035		3,000,000		3,399,900
California HFFA LA Biomedical Research Institute at Harbor-UCLA Medical Center		5.00			9-1-2048		5,000,000		5,426,350
California HFFA Nevada Methodist Homes		5.00			7-1-2030		1,830,000		2,119,323
California HFFA Nevada Methodist Homes		5.00			7-1-2035		1,000,000		1,139,360
California HFFA Nevada Methodist Homes		5.00			7-1-2045		4,500,000		5,035,950
California HFFA Refunding Bond Cedars Sinai Medical Center Series B		4.00			8-15-2039		10,500,000		10,756,200
California HFFA Refunding Bond Children’s Hospital Series A		5.00			8-15-2047		5,000,000		5,487,250
California HFFA Sutter Health Series B		5.00			11-15-2046		5,000,000		5,522,500
California HFFA Sutter Health Series D		5.25			8-15-2031		3,100,000		3,358,013
California Municipal Finance Authority Channing House Project Refunding Bond Series A		5.00			5-15-2034		1,000,000		1,155,790
California Municipal Finance Authority Community Medical Centers Refunding Bond Series A		5.00			2-1-2047		4,000,000		4,357,200
California Municipal Finance Authority Eisenhower Medical Center Refunding Bond Series A		5.00			7-1-2047		1,400,000		1,522,052
California PFA Henry Mayo Newhall Hospital Refunding Bond		5.00			10-15-2037		500,000		539,375
California PFA Henry Mayo Newhall Hospital Refunding Bond		5.00			10-15-2047		4,000,000		4,267,800
California Statewide CDA Adventist Health System Series A		5.00			3-1-2045		2,500,000		2,772,350
California Statewide CDA Adventist Health System West Refunding Bond Series A		5.00			3-1-2048		5,000,000		5,612,450
California Statewide CDA Enloe Medical Center (Ambac Insured)		5.00			8-15-2033		1,650,000		1,889,580
California Statewide CDA Enloe Medical Center (Ambac Insured)		5.00			8-15-2035		1,000,000		1,136,890
California Statewide CDA Enloe Medical Center (Ambac Insured)		5.00			8-15-2038		2,000,000		2,249,100
California Statewide CDA Loma Linda University Medical Center Refunding Bond Series A		5.25			12-1-2044		5,150,000		5,422,023
California Statewide CDA Redwoods Projects		5.13			11-15-2035		1,500,000		1,678,605
California Statewide Communities Marin General Hospital Series A		5.00			8-1-2036		700,000		809,312
California Statewide Communities Marin General Hospital Series A		5.00			8-1-2037		500,000		576,365
California Statewide Communities Marin General Hospital Series A		5.00			8-1-2038		450,000		515,272
Palomar Health CA Refunding Bond		5.00			11-1-2042		4,000,000		4,294,840
San Buenaventura CA Community Mental Health System		8.00			12-1-2031		1,615,000		1,807,750
University of California Regents Medical Center Prerefunded Bond Series J		5.25			5-15-2038		7,790,000		8,920,641
University of California Regents Medical Center Series J		5.00			5-15-2033		2,265,000		2,575,169
University of California Regents Medical Center Unrefunded Bond Series J		5.25			5-15-2038		2,210,000		2,469,565
Washington Township CA Health Care District Series A		5.00			7-1-2026		1,190,000		1,340,714
Washington Township CA Health Care District Series A		5.00			7-1-2042		1,000,000		1,087,180
									116,380,188
Housing Revenue: 1.61%
California Municipal Finance AuthorityLLC-West Village Student Housing Project		5.00			5-15-2048		6,700,000		7,298,511
California Municipal Finance Authority Mobile Senior Caritas Projects Series A		5.00			8-15-2029		500,000		562,480
California PFA NCCD-Claremont Properties LLC University Housing Project Series A 144A		5.00			7-1-2047		2,950,000		2,962,154

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

Portfolio of investments—December 31, 2018 (unaudited) Wells Fargo California Tax-Free Fund 11

Security name	Interest rate			Maturity date		Principal		Value
Housing Revenue (continued)
California Statewide CDA Poway Retirement Housing Foundation Housing Incorporated Series A		5.25	%		11-15-2035	$	1,500,000	$	1,693,005
Contra Costa County CA Home Mortgage Revenue Bonds GNMA Mortgage-Backed Securities Program (GNMA Insured)		7.75			5-1-2022		105,000		115,310
Independent Cities California Finance Refunding Bond Sanitary Juan Mobile Estates		5.00			8-15-2030		1,000,000		1,103,400
Independent Cities California Finance Refunding Bond Santa Rose Leisure Mobile		5.00			8-15-2046		1,570,000		1,732,825
									15,467,685
Industrial Development Revenue: 0.22%
California PCFA Solid Waste Disposal AMT Green Bond Calplant I Project 144A		8.00			7-1-2039		2,000,000		2,118,560
Miscellaneous Revenue: 16.94%
Alameda CA Joint Powers Authority Multiple Capital Projects Series A		5.00			12-1-2034		1,005,000		1,126,836
Anaheim CA PFA CAB Subordinate Lien Public Improvements Project Series C (AGM Insured) (z)		6.51			9-1-2025		10,000,000		8,309,200
Anaheim CA PFA Convention Center Expansion Project Series A		5.00			5-1-2039		3,000,000		3,310,380
Anaheim CA PFA Convention Center Expansion Project Series A		5.00			5-1-2046		3,000,000		3,294,840
California Infrastructure & Economic Development King City Joint Union High School		5.75			8-15-2029		2,150,000		2,247,330
California Public Works Board California State University Projects SeriesB-1		5.70			3-1-2035		2,210,000		2,302,533
California Public Works Board Judicial Council Projects Series A		5.00			3-1-2038		7,000,000		7,603,540
California Public Works Board Various Capital Projects Series A		5.00			4-1-2037		4,925,000		5,303,043
California Public Works Board Judicial Council Projects Series D		5.25			12-1-2025		4,000,000		4,377,680
California Public Works Board Various Capital Projects Series G		5.00			11-1-2037		23,000,000		25,068,160
California Public Works Board Various Capital Projects Series I		5.50			11-1-2033		2,000,000		2,267,300
California Public Works University of California Board of Regents Series G		5.00			12-1-2030		9,850,000		10,798,752
California Statewide Communities Series A		5.00			9-2-2047		2,000,000		2,103,180
Compton CA PFA Refunding Bond 144A		4.00			9-1-2027		3,800,000		3,788,828
Compton CA PFA Refunding Bond 144A		4.50			9-1-2032		2,000,000		2,014,800
Emeryville CA PFA Assessment District Refinancing		5.90			9-2-2021		765,000		766,584
Fullerton CA Joint Union High School Project Certificate of Participation (Build America Mutual Assurance Company Insured)		5.00			9-1-2035		1,385,000		1,556,408
Irvine CA Improvement Bond Act 1915 Limited Obligation ReassessmentDistrict #15-2		5.00			9-2-2025		725,000		821,795
Irvine CA Improvement Bond Act 1915 Limited Obligation ReassessmentDistrict #15-2		5.00			9-2-2026		400,000		450,552
Irvine CA Improvement Bond Act 1915 Limited Obligation ReassessmentDistrict #15-2		5.00			9-2-2042		1,500,000		1,609,575
Los Angeles CA Certificate of Participation Sonneblick del Rio Project (Ambac Insured)		6.00			11-1-2019		535,000		536,856
Los Angeles CA Community Redevelopment Vermont Manchester Social Services Project (Ambac Insured)		5.00			9-1-2025		2,310,000		2,316,029
Los Angeles CA Public Works Financing Authority Series A		5.00			12-1-2039		2,860,000		3,220,417
Montclair CA PFA Lease Refunding Bond (AGM Insured)		5.00			10-1-2035		2,400,000		2,687,736
Richmond CA Joint Powers Financing Authority Civic Center Project Series A (AGC Insured)		5.88			8-1-2037		5,000,000		5,106,850
Richmond CA Joint Powers Financing Authority Point Potrero Series A		6.25			7-1-2024		7,500,000		7,668,825
Riverside County CA Asset Leasing Corporation Riverside County Hospital Project (National Insured) (z)		5.69			6-1-2026		10,000,000		8,049,100
Sacramento CA City Financing Authority Refunding Bond Master Lease Program Facilities (Build America Mutual Assurance Company Insured)		5.00			12-1-2035		1,300,000		1,477,671
Sacramento CA City Financing Authority Series A (Ambac Insured)		5.40			11-1-2020		920,000		958,806

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

12 Wells Fargo California Tax-Free Fund Portfolio of investments—December 31, 2018 (unaudited)

Security name	Interest rate			Maturity date		Principal		Value
Miscellaneous Revenue(continued)
Sacramento CA City School Joint Refunding Bond Series A (Build America Mutual Assurance Company Insured)		5.00	%		3-1-2040	$	2,165,000	$	2,382,496
San Bernardino County CA Certificate of Participation Arrowhead Project Series A		5.50			8-1-2020		6,000,000		6,132,540
San Bernardino County CA Certificate of Participation Medical Center Financing Project (National Insured)		5.00			8-1-2028		5,720,000		5,725,434
San Francisco CA City & County Certificate of Participation Multiple Capital Improvement Projects Series A		5.20			4-1-2026		3,000,000		3,024,420
San Jose CA Unified School District CAB (AGM Insured) (z)		5.57			1-1-2021		1,205,000		1,163,620
San Jose CA Unified School District CAB (AGM Insured) (z)		6.34			1-1-2026		3,175,000		2,694,496
San Marino CA Unified School District Certificate of Participation Los Angeles County Schools Pooled Financing Program Series A		5.00			12-1-2041		500,000		505,580
San Ysidro CA School District Certificate of Participation School Facilities Bridge Funding Program (Build America Mutual Assurance Company Insured)		5.00			9-1-2037		250,000		272,920
San Ysidro CA School District Certificate of Participation School Facilities Bridge Funding Program (Build America Mutual Assurance Company Insured)		5.00			9-1-2042		625,000		677,725
San Ysidro CA School District Certificate of Participation School Facilities Bridge Funding Program (Build America Mutual Assurance Company Insured)		5.00			9-1-2047		1,000,000		1,078,910
Simi Valley CA Unified School District Capital Improvement Projects (Ambac Insured)		5.25			8-1-2022		1,710,000		1,827,067
Stockton CA Unified School District Community Improvement Project		5.00			2-1-2033		550,000		634,942
Sutter Butte CA Flood Control Agency (Build America Mutual Assurance Company Insured)		5.00			10-1-2040		3,545,000		3,945,089
Torrance CA Certificate of Participation		5.25			6-1-2039		5,385,000		6,103,790
Tracy CA Operating Partnership Joint Powers Authority Capital Improvement Projects (AGC Insured)		6.25			10-1-2033		1,000,000		1,003,450
Ventura County CA PFA Series A		5.00			11-1-2038		4,250,000		4,674,575
									162,990,660
Tax Revenue: 12.65%
Beaumont CA Community Facilities District#93-1 Special Tax Improvement Area #17C		5.00			9-1-2043		750,000		806,460
Beaumont CA Community Facilities District#93-1 Special Tax Improvement Area #17C		5.00			9-1-2048		1,100,000		1,175,548
Beaumont CA Community Facilities District#93-1 Special Tax Improvement Area #8D Series A		5.00			9-1-2043		750,000		806,460
Beaumont CA Community Facilities District#93-1 Special Tax Improvement Area #8D Series A		5.00			9-1-2048		1,035,000		1,106,084
Beaumont CA Special Tax Improvement Area #8C Series A		5.00			9-1-2048		2,855,000		3,051,081
Belmont CA Community Facilities Special Tax District#2000-1 Library Project Series A (Ambac Insured)		5.75			8-1-2030		3,190,000		4,077,235
California Statewide CDA Community Facilities District#2015-01		5.00			9-1-2047		1,420,000		1,526,230
California Statewide Communities Development Authority Special Tax Community Facilities District#2017-01		5.00			9-1-2048		5,000,000		5,372,250
Casitas CA Municipal Water District Community Facilities District#2013-1-OJAI Series B (Build America Mutual Assurance Company Insured)		5.25			9-1-2047		5,000,000		5,786,200
Cathedral City CA RDA Successor Agency to Merged Redevelopment Project Tax Allocation Bond Series A (AGM Insured)		5.00			8-1-2032		1,450,000		1,616,808
Cathedral City CA RDA Successor Agency to Merged Redevelopment Project Tax Allocation Bond Series A (AGM Insured)		5.00			8-1-2033		880,000		979,317
Chino CA Community Facilities District Special Tax#2003-3 Improvement Area #7		5.00			9-1-2048		2,500,000		2,706,900
Chula Vista CA Community Facilities District Special Tax #16I Improvement Area #1		5.00			9-1-2043		500,000		543,870
Chula Vista CA Community Facilities District Special Tax #16I Improvement Area #1		5.00			9-1-2048		1,000,000		1,085,890

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

Portfolio of investments—December 31, 2018 (unaudited) Wells Fargo California Tax-Free Fund 13

Security name	Interest rate			Maturity date		Principal		Value
Tax Revenue (continued)
Compton CA Community College RDA Project 2nd Lien Series A		5.00	%		8-1-2020	$	1,140,000	$	1,182,180
Corona CA Community Facilities District#2018-1 (Improvement Area #1) 2018 Special Tax Bond Series A		5.00			9-1-2048		1,000,000		1,064,250
Corona Norco CA Unified School Districts Special Tax Community FacilitiesDistrict #16-1		5.00			9-1-2048		1,500,000		1,620,390
Dinuba CA RDA Merged City Redevelopment Project (Build America Mutual Assurance Company Insured)		5.00			9-1-2033		1,500,000		1,696,755
Elk Grove CA Financing Authority Special Tax Refunding Bond (Build America Mutual Assurance Company Insured)		5.00			9-1-2038		1,500,000		1,681,785
Elk Grove CA Financing Authority Special Tax Refunding Bond (Build America Mutual Assurance Company Insured)		5.00			9-1-2048		1,250,000		1,327,475
Folsom Ranch Financing Authority California Facilities District #20 (Russell Ranch) Series 2018		5.00			9-1-2048		1,650,000		1,771,473
Fremont CA Community Facilities District #1 Refunding Bond		5.00			9-1-2040		2,700,000		2,887,326
Inglewood CA Redevelopment Successor Agency to Merged Redevelopment Project Tax Allocation Refunding Bond Subordinate Lien Series A (Build America Mutual Assurance Company Insured)		5.00			5-1-2034		500,000		572,000
Inglewood CA Redevelopment Successor Agency to Merged Redevelopment Project Tax Allocation Refunding Bond Subordinate Lien Series A (Build America Mutual Assurance Company Insured)		5.00			5-1-2038		305,000		343,418
Inland Valley CA Development Agency Series A		5.25			9-1-2037		4,000,000		4,453,520
Irvine CA Community Facilities District#2013-3 Great Park Improvement Area #1 Special Tax Bond Series 2014		5.00			9-1-2049		1,000,000		1,054,820
Lafayette CA RDA Lafayette Redevelopment Project Refunding Bond (AGM Insured)		5.00			8-1-2033		1,500,000		1,683,285
Lafayette CA RDA Lafayette Redevelopment Project Refunding Bond (AGM Insured)		5.00			8-1-2038		1,635,000		1,820,409
Lancaster CA RDA Tax Allocation Combined Redevelopment Project Areas		6.50			8-1-2029		2,000,000		2,056,220
Lancaster CA RDA Tax Allocation Refunding Bond Combined Redevelopment Project Areas (AGM Insured)		5.00			8-1-2033		1,200,000		1,379,988
Oakland CA Redevelopment Successor Agency Refunding Bond Subordinate Series TE (AGM Insured)		5.00			9-1-2035		2,545,000		2,869,818
Oakland CA Redevelopment Successor Agency Refunding Bond Subordinate Series TE (AGM Insured)		5.00			9-1-2036		4,000,000		4,497,600
Orange County CA Community Facilities District#2015-1 Esencia Village Series A		5.25			8-15-2045		2,000,000		2,158,460
Rancho Cucamonga CA RDA Rancho Redevelopment Project Area (AGM Insured)		5.00			9-1-2032		1,870,000		2,106,873
Redwood City CA RDA CAB Redevelopment Project Area Series2-A (Ambac Insured) (z)		6.35			7-15-2030		3,505,000		2,370,467
Rio Vista CA Community Facilities District Special Tax#2018-1		5.00			9-1-2048		1,190,000		1,280,571
Riverside County CA Community Facilities Districts Special Tax#05-8		5.00			9-1-2048		1,600,000		1,715,152
Romoland School District Community Facilities District#2004-1 Heritage Lake Improvement Area #4 Series 2018 Special Tax Bond		5.00			9-1-2048		1,500,000		1,619,145
Roseville CA Special Tax Westbrook Community Facilities District #1 Series 2018		5.00			9-1-2048		2,030,000		2,204,357
Sacramento CA Transient Occupancy Tax Convention Center Complex Series A		5.00			6-1-2048		3,750,000		4,242,563
San Bernardino CA Special Tax Community Facilities District#2006-1 Series 2018		5.00			9-1-2048		1,200,000		1,300,320
San Clemente CA Special Tax Community Facilities District#2006-1		5.00			9-1-2040		980,000		1,043,837
San Clemente CA Special Tax Community Facilities District#2006-1		5.00			9-1-2046		1,190,000		1,263,923
San Diego CA RDA CAB Tax Allocation Centre (AGM Insured) (z)		5.58			9-1-2023		885,000		794,420
San Diego CA RDA Naval Training Center Series A		5.00			9-1-2025		575,000		606,711
San Francisco CA City & County RDA Mission Bay South Redevelopment Project Series A		5.00			8-1-2043		2,500,000		2,746,900
San Francisco CA City & County RDA Tax Transbay Infrastructure Project Third Lien Series B (AGM Insured)		5.00			8-1-2046		1,500,000		1,686,735
San Francisco City & County CA RDA CAB Mission Bay South Redevelopment Project Subordinate Bond Series D 144A(z)		5.28			8-1-2026		4,000,000		2,804,760

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

14 Wells Fargo California Tax-Free Fund Portfolio of investments—December 31, 2018 (unaudited)

Security name	Interest rate			Maturity date		Principal		Value
Tax Revenue (continued)
San Marcos CA Unified School District Special Tax Community Facilities District #4 (Build America Mutual Assurance Company Insured)		5.00	%		9-1-2034	$	1,710,000	$	1,935,275
San Marcos CA Unified School District Special Tax Community Facilities District #5 (Build America Mutual Assurance Company Insured)		5.00			9-1-2028		1,290,000		1,467,981
San Marcos CA Unified School District Special Tax Community Facilities District #5 (Build America Mutual Assurance Company Insured)		5.00			9-1-2029		1,325,000		1,502,550
Santa Ana CA Community Redevelopment Merged Project Area Series A		6.00			9-1-2022		2,000,000		2,183,460
Santa Cruz County CA RDA Live Oak Soquel Community Improvement Project		6.63			9-1-2029		2,100,000		2,168,922
Sonoma CA CDA Successor Agency to Sonoma Redevelopment Project Tax Allocation Bond (National Insured)		5.00			6-1-2033		1,325,000		1,507,439
Successor Agency to the Marina Redevelopment Agency Tax Allocation Bonds Series A		5.00			9-1-2033		340,000		373,857
Successor Agency to the Marina Redevelopment Agency Tax Allocation Bonds Series A		5.00			9-1-2038		400,000		433,776
Successor Agency to the Marina Redevelopment Agency Tax Allocation Bonds Series B		5.00			9-1-2033		250,000		271,935
Successor Agency to the Marina Redevelopment Agency Tax Allocation Bonds Series B		5.00			9-1-2038		250,000		267,580
Tracy Hills CA Improvement Area #1 Community Facilities District#2016-1 Special Tax Bonds Series 2018		5.00			9-1-2048		2,750,000		2,981,303
Tustin CA Community Facilities District Special Tax#2014-1 Legacy/Standard Pacific Series A		5.00			9-1-2040		750,000		806,145
Tustin CA Community Facilities District Special Tax#2014-1 Legacy/Standard Pacific Series A		5.00			9-1-2045		1,000,000		1,071,810
Union City CA Community RDA Successor Agency to Community Redevelopment Project Tax Allocation Refunding Bond Series A		5.00			10-1-2036		1,000,000		1,127,760
Union City CA Community RDA Successor Agency to Union City Community Redevelopment Project (AGC Insured)		5.25			10-1-2033		8,000,000		8,497,280
Yorba Linda CA RDA CAB Series A (National Insured) (z)		5.52			9-1-2019		630,000		620,871
									121,766,183
Tobacco Revenue: 0.53%
Golden State Tobacco Securitization Corporation Tobacco Settlement Refunding BondSeries A-1		5.00			6-1-2028		2,000,000		2,213,820
Golden State Tobacco Securitization Corporation Tobacco Settlement Refunding BondSeries A-2		5.00			6-1-2047		3,000,000		2,884,200
									5,098,020
Transportation Revenue: 1.92%
Alameda County CA Corridor Transportation Authority Prerefunded Bond CAB Subordinate Lien Series A (Ambac Insured) (z)		6.17			10-1-2019		2,780,000		2,747,001
Alameda County CA Corridor Transportation Authority Unrefunded Bond CAB Subordinate Lien Series A (Ambac Insured) (z)		6.17			10-1-2019		220,000		215,651
Bay Area CA Toll Authority Toll Bridge SeriesS-4		5.00			4-1-2030		2,000,000		2,270,860
Foothill-Eastern Corridor CA Transportation Agency Subordinate Bond SeriesB-3		5.50			1-15-2053		8,000,000		8,863,920
San Diego CA RDA Centre City Subordinate Refunding Bond Parking Series B		5.30			9-1-2020		1,060,000		1,063,169
San Francisco CA Municipal Transportation		5.00			3-1-2039		3,000,000		3,348,630
									18,509,231
Utilities Revenue: 4.98%
Banning CA Financing Authority Refunding Bond Electric System Project (AGM Insured)		5.00			6-1-2037		5,000,000		5,619,500
Imperial CA Irrigation District Electric System Refunding Bond Series A		5.00			11-1-2040		3,715,000		4,214,668
Imperial CA Irrigation District Electric System Refunding Bond Series A		5.00			11-1-2045		1,060,000		1,198,351
Imperial CA Irrigation District Electric System Refunding Bond Series C		5.00			11-1-2038		2,500,000		2,823,125

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

Portfolio of investments—December 31, 2018 (unaudited) Wells Fargo California Tax-Free Fund 15

Security name	Interest rate			Maturity date		Principal		Value
Utilities Revenue (continued)
Los Angeles CA Department of Water and Power Series E		5.00	%		7-1-2044	$	12,475,000	$	13,830,159
M-S-R California Energy Authority Gas Series B		7.00			11-1-2034		4,000,000		5,564,440
M-S-R California Energy Authority Gas Series C		6.13			11-1-2029		1,060,000		1,293,603
Modesto CA Irrigation District Financing Authority Series A		5.00			10-1-2040		3,500,000		3,906,280
Northern California Power Agency Public Power Prerefunded Bond (Ambac Insured)		7.50			7-1-2023		35,000		38,490
Redding CA Joint Powers Financing Authority Election System Series A		5.00			6-1-2032		440,000		504,297
Roseville CA Natural Gas Financing Authority		5.00			2-15-2025		1,930,000		2,186,825
Southern California Public Power Authority Natural Gas Project #1 Series A		5.25			11-1-2025		1,000,000		1,133,320
Turlock CA Irrigation District Refunding Bond Subordinate First Priority		5.50			1-1-2041		2,000,000		2,122,860
Walnut CA Energy Center Authority Series A		5.00			1-1-2034		3,115,000		3,521,009
									47,956,927
Water & Sewer Revenue: 3.18%
Adelanto CA Public Utility Authority Refunding Bond (AGM Insured)		5.00			7-1-2039		2,000,000		2,277,080
Bay Area CA Water Supply & Conservation Agency Series A		5.00			10-1-2034		6,000,000		6,625,740
California Statewide CDA Water & Wastewater Pooled Financing Program Series B (AGM Insured)		5.25			10-1-2027		1,040,000		1,043,058
El Dorado CA Irrigation District Refunding Bond Series A (AGM Insured)		5.25			3-1-2039		2,000,000		2,260,560
Florin CA Resource Conservation Refunding Bond Second Senior Lien Series A (National Insured)		5.00			9-1-2032		2,000,000		2,241,040
Merced CA Irrigation District Water & Hydroelectric System Series A (AGM Insured)		5.00			10-1-2038		4,000,000		4,457,040
Pico Rivera CA Water Authority Series A (National Insured)		5.50			5-1-2019		450,000		454,923
Pico Rivera CA Water Authority Series A		6.25			12-1-2032		4,015,000		4,052,540
San Buenaventura CA PFFA Series B		5.00			7-1-2042		4,000,000		4,350,800
Tulare CA Sewer Refunding Bond (AGM Insured)		5.00			11-15-2041		1,500,000		1,689,825
Vallejo CA Refunding Bond		5.25			5-1-2031		1,000,000		1,114,710
									30,567,316
									916,955,268
Guam: 0.76%
Airport Revenue: 0.14%
Guam Port Authority AMT Series A		5.00			7-1-2048		1,235,000		1,342,951
Tax Revenue: 0.11%
Guam Government Business Privilege Tax Series A		5.00			1-1-2031		1,000,000		1,031,090
Water & Sewer Revenue: 0.51%
Guam Government Waterworks Authority		5.25			7-1-2033		1,500,000		1,594,185
Guam Government Waterworks Authority		5.50			7-1-2043		3,125,000		3,329,312
									4,923,497
									7,297,538
Illinois: 1.22%
Miscellaneous Revenue: 1.11%
Illinois Series D		5.00			11-1-2025		10,000,000		10,690,400

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

16 Wells Fargo California Tax-Free Fund Portfolio of investments—December 31, 2018 (unaudited)

Security name	Interest rate			Maturity date		Principal		Value
Tax Revenue: 0.11%
Metropolitan Pier & Exposition Authority McCormick Place Expansion Project Series A		5.00	%		6-15-2057	$	1,000,000	$	1,023,160
									11,713,560
New York: 0.58%
Industrial Development Revenue: 0.58%
New York Transportation Development Corporation Special Facilities Revenue Delta Air Lines Incorporated LaGuardia Airport Terminals C&D Redevelopment		5.00			1-1-2026		5,000,000		5,620,000
Texas: 0.21%
Resource Recovery Revenue: 0.21%
Port Arthur TX Navigation District Jefferson County Environmental Facilities Motiva Enterprises LLC Project Series A ø		2.05			4-1-2040		2,000,000		2,000,000
Total Municipal Obligations (Cost $890,286,245)									943,586,366
Other: 0.52%
Nuveen CaliforniaAMT-Free Quality Municipal Income Fund Preferred Shares Series A 144A§ øø		2.01			10-1-2047		5,000,000		5,000,000
Total Other (Cost $5,000,000)									5,000,000
	Yield					Shares
Short-Term Investments: 0.30%
Investment Companies: 0.30%
Wells Fargo Municipal Cash Management Money Market Fund Institutional Class (l)(u)		1.65					2,883,764		2,884,918
Total Short-Term Investments (Cost $2,884,918)									2,884,918

Total investments in securities (Cost $898,171,163)	98.87	%		951,471,284
Other assets and liabilities, net	1.13			10,891,655
Total net assets	100.00	%	$	962,362,939

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

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

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

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

§ 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.

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

(u) The rate represents the7-day annualized yield at period end.

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

Portfolio of investments—December 31, 2018 (unaudited) Wells Fargo California Tax-Free Fund 17

Abbreviations:

AGC Assured Guaranty Corporation

AGM Assured Guaranty Municipal

Ambac Ambac Financial Group Incorporated

AMT Alternative minimum tax

CAB Capital appreciation bond

CDA Community Development Authority

FGIC Financial Guaranty Insurance Corporation

GNMA Government National Mortgage Association

GO General obligation

HFFA Health Facilities Financing Authority

LIBOR London Interbank Offered Rate

National National Public Finance Guarantee Corporation

PCFA Pollution Control Financing Authority

PFA Public Finance Authority

PFFA Public Facilities Financing Authority

RDA Redevelopment Authority

Investments in Affiliates

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

	Shares, beginning of period		Shares purchased		Shares sold		Shares, end of period		Net realized gains (losses)		Net change in unrealized gains (losses)		Income from affiliated securities		Value, end of period		% of net assets
Short-Term Investments
Investment Companies
Wells Fargo Municipal Cash Management Money Market Fund Institutional Class		896,900		78,421,183		76,434,319		2,883,764	$	0	$	0	$	17,379	$	2,884,918		0.30	%

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

18 Wells Fargo California Tax-Free Fund Statement of assets and liabilities—December 31, 2018 (unaudited)

Assets
Investments in unaffiliated securities, at value (cost $895,286,245)	$	948,586,366
Investments in affiliated securities, at value (cost $2,884,918)		2,884,918
Cash		101,502
Receivable for Fund shares sold		1,405,287
Receivable for interest		12,693,180
Prepaid expenses and other assets		4,875
Total assets		965,676,128
Liabilities
Payable for Fund shares redeemed		2,061,632
Dividends payable		622,967
Management fee payable		243,762
Administration fees payable		104,537
Distribution fee payable		27,708
Trustees’ fees and expenses payable		527
Accrued expenses and other liabilities		252,056
Total liabilities		3,313,189
Total net assets	$	962,362,939
NET ASSETS CONSIST OF
Paid-in capital	$	931,598,399
Total distributable earnings		30,764,540
Total net assets	$	962,362,939
COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE PER SHARE
Net assets – Class A	$	432,883,807
Shares outstanding – Class A1		37,470,435
Net asset value per share – Class A		$11.55
Maximum offering price per share – Class A2		$12.09
Net assets – Class C	$	42,083,868
Shares outstanding – Class C1		3,572,140
Net asset value per share – Class C		$11.78
Net assets – Administrator Class	$	226,556,605
Shares outstanding – Administrator Class1		19,573,414
Net asset value per share – Administrator Class		$11.57
Net assets – Institutional Class	$	260,838,659
Shares outstanding – Institutional Class1		22,533,934
Net asset value per share – Institutional Class		$11.58

¹  The Fund has an unlimited number of authorized shares.

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

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

Statement of operations—six months ended December 31, 2018 (unaudited) Wells Fargo California Tax-Free Fund 19

Investment income
Interest	$	19,605,730
Income from affiliated securities		17,379
Total investment income		19,623,109
Expenses
Management fee		1,907,847
Administration fees
Class A		359,858
Class C		35,889
Administrator Class		104,692
Institutional Class		111,941
Shareholder servicing fees
Class A		562,278
Class C		56,076
Administrator Class		260,374
Distribution fee
Class C		168,229
Custody and accounting fees		10,190
Professional fees		35,646
Registration fees		52,422
Shareholder report expenses		37,753
Trustees’ fees and expenses		13,320
Other fees and expenses		15,371
Total expenses		3,731,886
Less: Fee waivers and/or expense reimbursements		(461,143	)
Net expenses		3,270,743
Net investment income		16,352,366
REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS
Net realized losses on investments		(1,101,373	)
Net change in unrealized gains (losses) on investments		(6,798,518	)
Net realized and unrealized gains (losses) on investments		(7,899,891	)
Net increase in net assets resulting from operations	$	8,452,475

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

20 Wells Fargo California Tax-Free Fund Statement of changes in net assets

	Six months ended December 31, 2018 (unaudited)						Year ended June 30, 2018¹
Operations
Net investment income				$	16,352,366					$	32,756,804
Net realized losses on investments					(1,101,373	)					(397,135	)
Net change in unrealized gains (losses) on investments					(6,798,518	)					(15,921,703	)
Net increase in net assets resulting from operations					8,452,475						16,437,966
Distributions to shareholders from net investment income and net realized gains
Class A					(7,276,439	)					(14,178,372	)
Class C					(558,334	)					(1,262,333	)
Administrator Class					(3,609,650	)					(6,997,042	)
Institutional Class					(4,908,743	)					(10,318,698	)
Total distributions to shareholders					(16,353,166	)					(32,756,445	)
Capital share transactions		Shares						Shares
Proceeds from shares sold
Class A		3,979,153			46,109,600			5,412,756			63,532,063
Class C		102,823			1,211,501			207,470			2,494,341
Administrator Class		4,833,580			55,726,406			3,150,137			37,468,056
Institutional Class		3,715,343			42,988,326			8,132,600			95,793,566
					146,035,833						199,289,026
Reinvestment of distributions
Class A		588,908			6,790,940			1,121,916			13,180,807
Class C		44,431			522,611			98,749			1,183,379
Administrator Class		303,471			3,505,177			579,082			6,823,267
Institutional Class		163,957			1,894,716			368,770			4,342,226
					12,713,444						25,529,679
Payment for shares redeemed
Class A		(5,165,121	)		(59,329,086	)		(8,403,699	)		(98,926,917	)
Class C		(603,945	)		(7,103,795	)		(1,060,979	)		(12,741,782	)
Administrator Class		(1,563,388	)		(17,990,624	)		(5,458,094	)		(64,458,360	)
Institutional Class		(6,002,213	)		(69,299,978	)		(9,927,151	)		(116,905,096	)
					(153,723,483	)					(293,032,155	)
Net increase (decrease) in net assets resulting from capital share transactions					5,025,794						(68,213,450	)
Total decrease in net assets					(2,874,897	)					(84,531,929	)
Net assets
Beginning of period					965,237,836						1,049,769,765
End of period				$	962,362,939					$	965,237,836

¹ Effective for all filings after November 4, 2018, the SEC prospectively eliminated the requirement to parenthetically disclose undistributed net investment income at the end of the period and permitted the aggregation of distributions, with the exception of tax basis returns of capital. Undistributed net investment income at June 30, 2018 was $59,885. The disaggregated distributions information for the year ended June 30, 2018 is included in Note 7,Distributions to Shareholders,in the notes to the financial statements.

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

Financial highlights Wells Fargo California Tax-Free Fund 21

(For a share outstanding throughout each period)

	Six months ended December 31, 2018 (unaudited)			Year ended June 30
CLASS A				2018			2017			2016			2015			2014
Net asset value, beginning of period		$11.64			$11.83			$12.45			$11.79			$11.73			$11.21
Net investment income		0.19			0.37			0.36			0.36			0.38			0.42
Net realized and unrealized gains (losses) on investments		(0.09	)		(0.19	)		(0.62	)		0.66			0.06			0.52
Total from investment operations		0.10			0.18			(0.26	)		1.02			0.44			0.94
Distributions to shareholders from
Net investment income		(0.19	)		(0.37	)		(0.36	)		(0.36	)		(0.38	)		(0.42	)
Net asset value, end of period		$11.55			$11.64			$11.83			$12.45			$11.79			$11.73
Total return1		0.86	%		1.55	%		(2.09	)%		8.77	%		3.74	%		8.58	%
Ratios to average net assets (annualized)
Gross expenses		0.83	%		0.83	%		0.82	%		0.82	%		0.83	%		0.83	%
Net expenses		0.75	%		0.75	%		0.75	%		0.75	%		0.75	%		0.75	%
Net investment income		3.24	%		3.15	%		2.99	%		2.96	%		3.17	%		3.71	%
Supplemental data
Portfolio turnover rate		5	%		33	%		48	%		17	%		30	%		41	%
Net assets, end of period (000s omitted)		$432,884			$443,165			$472,584			$528,238			$470,368			$466,411

¹  Total return calculations do not include any sales charges. Returns for periods of less than one year are not annualized.

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

22 Wells Fargo California Tax-Free Fund Financial highlights

(For a share outstanding throughout each period)

	Six months ended December 31, 2018 (unaudited)			Year ended June 30
CLASS C				2018			2017			2016			2015			2014
Net asset value, beginning of period		$11.87			$12.07			$12.70			$12.02			$11.96			$11.43
Net investment income		0.15			0.29			0.27			0.27			0.29			0.34
Net realized and unrealized gains (losses) on investments		(0.09	)		(0.20	)		(0.63	)		0.68			0.06			0.53
Total from investment operations		0.06			0.09			(0.36	)		0.95			0.35			0.87
Distributions to shareholders from
Net investment income		(0.15	)		(0.29	)		(0.27	)		(0.27	)		(0.29	)		(0.34	)
Net asset value, end of period		$11.78			$11.87			$12.07			$12.70			$12.02			$11.96
Total return1		0.50	%		0.74	%		(2.80	)%		8.02	%		2.96	%		7.77	%
Ratios to average net assets (annualized)
Gross expenses		1.58	%		1.58	%		1.57	%		1.57	%		1.58	%		1.58	%
Net expenses		1.50	%		1.50	%		1.50	%		1.50	%		1.50	%		1.50	%
Net investment income		2.49	%		2.40	%		2.24	%		2.21	%		2.42	%		2.96	%
Supplemental data
Portfolio turnover rate		5	%		33	%		48	%		17	%		30	%		41	%
Net assets, end of period (000s omitted)		$42,084			$47,831			$57,727			$66,427			$50,787			$45,934

¹  Total return calculations do not include any sales charges. Returns for periods of less than one year are not annualized.

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

Financial highlights Wells Fargo California Tax-Free Fund 23

(For a share outstanding throughout each period)

	Six months ended December 31, 2018 (unaudited)			Year ended June 30
ADMINISTRATOR CLASS				2018			2017			2016			2015			2014
Net asset value, beginning of period		$11.66			$11.86			$12.48			$11.81			$11.75			$11.23
Net investment income		0.20			0.39			0.38			0.38			0.40			0.44
Net realized and unrealized gains (losses) on investments		(0.09	)		(0.20	)		(0.62	)		0.67			0.06			0.52
Total from investment operations		0.11			0.19			(0.24	)		1.05			0.46			0.96
Distributions to shareholders from
Net investment income		(0.20	)		(0.39	)		(0.38	)		(0.38	)		(0.40	)		(0.44	)
Net asset value, end of period		$11.57			$11.66			$11.86			$12.48			$11.81			$11.75
Total return1		0.96	%		1.67	%		(1.88	)%		9.06	%		3.95	%		8.79	%
Ratios to average net assets (annualized)
Gross expenses		0.77	%		0.77	%		0.76	%		0.76	%		0.77	%		0.77	%
Net expenses		0.55	%		0.55	%		0.55	%		0.55	%		0.55	%		0.55	%
Net investment income		3.45	%		3.34	%		3.16	%		3.16	%		3.39	%		3.91	%
Supplemental data
Portfolio turnover rate		5	%		33	%		48	%		17	%		30	%		41	%
Net assets, end of period (000s omitted)		$226,557			$186,626			$210,209			$344,090			$210,265			$273,026

¹  Returns for periods of less than one year are not annualized.

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

24 Wells Fargo California Tax-Free Fund Financial highlights

(For a share outstanding throughout each period)

	Six months ended December 31, 2018 (unaudited)			Year ended June 30
INSTITUTIONAL CLASS				2018			2017			2016			20151
Net asset value, beginning of period		$11.66			$11.86			$12.48			$11.81			$11.99
Net investment income		0.20			0.40			0.39			0.39			0.27
Net realized and unrealized gains (losses) on investments		(0.07	)		(0.20	)		(0.62	)		0.67			(0.18	)
Total from investment operations		0.13			0.20			(0.23	)		1.06			0.09
Distributions to shareholders from
Net investment income		(0.21	)		(0.40	)		(0.39	)		(0.39	)		(0.27	)
Net asset value, end of period		$11.58			$11.66			$11.86			$12.48			$11.81
Total return2		1.09	%		1.74	%		(1.81	)%		9.14	%		0.72	%
Ratios to average net assets (annualized)
Gross expenses		0.50	%		0.50	%		0.49	%		0.49	%		0.50	%
Net expenses		0.48	%		0.48	%		0.48	%		0.48	%		0.48	%
Net investment income		3.51	%		3.42	%		3.28	%		3.24	%		3.35	%
Supplemental data
Portfolio turnover rate		5	%		33	%		48	%		17	%		30	%
Net assets, end of period (000s omitted)		$260,839			$287,616			$309,253			$193,154			$149,368

¹  For the period from October 31, 2014 (commencement of class operations) to June 30, 2015

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 California Tax-Free Fund 25

1. ORGANIZATION

Wells Fargo Funds Trust (the “Trust”), a Delaware statutory trust organized on March 10, 1999, is anopen-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 (“FASB”)Accounting Standards Codification Topic 946, Financial Services – Investment Companies. These financial statements report on the Wells Fargo CaliforniaTax-Free Fund (the “Fund”) which is anon-diversified series of the Trust.

2. SIGNIFICANT ACCOUNTING POLICIES

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

Securities valuation

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

Debt securities are valued at the evaluated bid price provided by an independent pricing service (e.g. taking into account various factors, including yields, maturities, or credit ratings) or, if a reliable price is not available, the quoted bid price from an independent broker-dealer.

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

Investments which are not valued using any of the methods discussed above are valued at their fair value, as determined in good faith by the Board of Trustees of the Fund. The Board of Trustees has established a Valuation Committee comprised of the Trustees and has delegated to it the authority to take any actions regarding the valuation of portfolio securities that the Valuation Committee deems necessary or appropriate, including determining the fair value of portfolio securities, unless the determination has been delegated to the Wells Fargo Asset Management Pricing Committee at Wells Fargo Funds Management, LLC (“Funds Management”). The Board of Trustees retains the authority to make or ratify any valuation decisions or approve any changes to the Valuation Procedures as it deems appropriate. On a quarterly basis, the Board of Trustees receives reports on any valuation actions taken by the Valuation Committee or the Wells Fargo Asset Management Pricing Committee which may include items for ratification.

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 aremarked-to-market daily and the Fund begins earning interest on the settlement date. Losses may arise due to changes in the market value of the underlying securities or if the counterparty does not perform under the contract.

Security transactions and income recognition

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

Interest income is accrued daily and bond discounts are accreted and premiums are amortized daily. To the extent debt obligations are placed onnon-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 fromnon-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 theex-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.

26 Wells Fargo California Tax-Free Fund Notes to financial statements (unaudited)

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 andtax-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 December 31, 2018, the aggregate cost of all investments for federal income tax purposes was $898,042,943 and the unrealized gains (losses) consisted of:

Gross unrealized gains	$	54,955,650
Gross unrealized losses		(1,527,309	)
Net unrealized gains	$	53,428,341

As of June 30, 2018, the Fund had capital loss carryforwards which consisted of $20,089,647 in short-term capital losses.

As of June 30, 2018, the Fund had current year deferred post-October capital losses consisting of $1,403,646 in short-term losses which was recognized on the first day of the current fiscal year.

Class allocations

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

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 California Tax-Free Fund 27

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

	Quoted prices (Level 1)		Other significant observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total
Assets
Investments in:
Municipal obligations	$	0	$	943,586,366	$	0	$	943,586,366
Other		0		5,000,000		0		5,000,000
Short-term investments
Investment companies		2,884,918		0		0		2,884,918
Total assets	$	2,884,918	$	948,586,366	$	0	$	951,471,284

Additional sector, industry or geographic detail is included in the Portfolio of Investments.

At December 31, 2018, the Fund did not have any transfers into/out of 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 0.40% and declining to 0.28% as the average daily net assets of the Fund increase. For the six months ended December 31, 2018, the management fee was equivalent to an annual rate of 0.39% of the Fund’s average daily net assets.

Funds Management has retained the services of a subadviser to provide daily portfolio management to the Fund. The fee for subadvisory services is borne by Funds Management. Wells Capital Management Incorporated, an affiliate of Funds Management and an indirect wholly owned subsidiary of Wells Fargo, is the subadviser to the Fund and is entitled to receive a fee from Funds Management at an annual rate starting at 0.20% and declining to 0.10% as the average daily net assets of the Fund increase.

Administration fees

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

	Class-level administration fee
Class A, Class C		0.16	%
Administrator Class		0.10
Institutional Class		0.08

Funds Management has contractually waived and/or reimbursed management and administration fees to the extent necessary to maintain certain net operating expense ratios for the Fund. 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 October 31, 2019 to waive fees and/or reimburse expenses to the extent necessary to cap the Fund’s expenses at 0.75% for Class A shares, 1.50% for Class C shares, 0.55% for Administrator Class shares, and 0.48% for Institutional Class shares. After this time, the cap may be increased or the commitment to maintain the cap may be terminated only with the approval of the Board of Trustees.

28 Wells Fargo California Tax-Free Fund Notes to financial statements (unaudited)

Distribution fee

The Trust has adopted a distribution plan for Class C shares of the Fund pursuant to Rule12b-1 under the 1940 Act. A distribution fee is charged to Class C shares and paid to Wells Fargo Funds Distributor, LLC (“Funds Distributor”), the principal underwriter, at an annual rate of 0.75% of the average daily net assets of Class C shares.

In addition, Funds Distributor is entitled to receive thefront-end sales charge from the purchase of Class A shares and a contingent deferred sales charge on the redemption of certain Class A shares. Funds Distributor is also entitled to receive the contingent deferred sales charges from redemptions of Class C shares. For the six months ended December 31, 2018, Funds Distributor received $2,641 from the sale of Class A shares. No contingent deferred sales charges were incurred by Class A and Class C shares for the six months ended December 31, 2018.

Shareholder servicing fees

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

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

Interfund transactions

The Fund may purchase or sell portfolio investment securities to certain other Wells Fargo affiliates pursuant to Rule17a-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 $76,960,000 and $53,876,984 in interfund purchases and sales, respectively, during the six months ended December 31, 2018.

5. INVESTMENT PORTFOLIO TRANSACTIONS

Purchases and sales of investments, excluding U.S. government obligations (if any) and short-term securities, for the six months ended December 31, 2018 were $89,255,577 and $50,057,521, respectively.

6. BANK BORROWINGS

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

For the six months ended December 31, 2018, there were no borrowings by the Fund under the agreement.

7. DISTRIBUTIONS TO SHAREHOLDERS

Effective for all filings after November 4, 2018, the Securities and Exchange Commission eliminated the requirement to separately state the components of distributions to shareholders under U.S. generally accepted accounting principles.��The amounts of distributions to shareholders for the year ended June 30, 2018 were as follows:

	Net investment income
Class A		$14,178,372
Class C		1,262,333
Administrator Class		6,997,042
Institutional Class		10,318,698

8. CONCENTRATION RISK

The Fund invests a substantial portion of its assets in issuers of municipal debt securities located in a single state or territories of the U.S. Therefore, it may be more affected by economic and political developments in that state or region than would be a comparable generaltax-exempt fund.

Notes to financial statements (unaudited) Wells Fargo California Tax-Free Fund 29

9. INDEMNIFICATION

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

10. NEW ACCOUNTING PRONOUNCEMENT

In August 2018, FASB issued Accounting Standards Update (“ASU”)No. 2018-13, Fair Value Measurement (Topic 820)Disclosure Framework—Changes to the Disclosure Requirements for Fair Value Measurement. ASU2018-13 updates the disclosure requirements for fair value measurements by modifying or removing certain disclosures and adding certain new disclosures. The amendments are effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019. Early adoption is permitted. Management has adopted the removal and modification of disclosures early, as permitted, and will adopt the additional new disclosures at the effective date.

30 Wells Fargo California Tax-Free Fund Other information (unaudited)

PROXY VOTING INFORMATION

A description of the policies and procedures used to determine how to vote proxies relating to portfolio securities is available, upon request, by calling1-800-222-8222, visiting our website atwellsfargofunds.com, or visiting the SEC website at sec.gov. Information regarding how the Fund voted proxies relating to portfolio securities during the most recent12-month period ended June 30 is available on the Fund’s website atwellsfargofunds.comor by visiting the SEC website at sec.gov.

PORTFOLIO HOLDINGS INFORMATION

The complete portfolio holdings for the Fund are publicly available monthly on the Fund’s website (wellsfargofunds.com), on aone-month delayed basis. In addition, top ten holdings information (excluding derivative positions) for the Fund is publicly available on the Fund’s website on a monthly,seven-day or more delayed basis. The Fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on FormN-Q, which is available by visiting the SEC website at sec.gov. In addition, the Fund’s FormN-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 calling1-800-SEC-0330.

Other information (unaudited) Wells Fargo California Tax-Free 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 152 mutual funds comprising the Wells Fargo Funds Trust, Wells Fargo Variable Trust, Wells Fargo Master Trust and fourclosed-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 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.	N/A
Jane A. Freeman (Born 1953)	Trustee, since 2015; Chair Liaison, since 2018	Retired. From 2012 to 2014 and 1999 to 2008, Chief Financial Officer of Scientific Learning Corporation. From 2008 to 2012, Ms. Freeman provided consulting services related to strategic business projects. Prior to 1999, Portfolio Manager at Rockefeller & Co. and Scudder, Stevens & Clark. Board member of the Harding Loevner Funds from 1996 to 2014, serving as both Lead Independent Director and chair of the Audit Committee. Board member of the Russell Exchange Traded Funds Trust from 2011 to 2012 and the chair of the Audit Committee. Ms. Freeman is a Board Member of The Ruth Bancroft Garden(non-profit organization). She is also an inactive Chartered Financial Analyst.	N/A
Isaiah Harris, Jr.3 (Born 1952)	Trustee, since 2009; Audit Committee Chairman, since 2019	Retired. Chairman of the Board of CIGNA Corporation since 2009, and Director since 2005. From 2003 to 2011, Director of Deluxe Corporation. Prior thereto, President and CEO of BellSouth Advertising and Publishing Corp. from 2005 to 2007, President and CEO of BellSouth Enterprises from 2004 to 2005 and President of BellSouth Consumer Services from 2000 to 2003. Emeritus member of the Iowa State University Foundation Board of Governors. Emeritus Member of the Advisory Board of Iowa State University School of Business. Advisory Board Member, Palm Harbor Academy (private school). Advisory Board Member, Child Evangelism Fellowship(non-profit). Mr. Harris is a certified public accountant (inactive status).	CIGNA Corporation
Judith M. Johnson3 (Born 1949)	Trustee, since 2008; Audit Committee Chairman, from 2009 to 2018	Retired. Prior thereto, Chief Executive Officer and Chief Investment Officer of Minneapolis Employees Retirement Fund from 1996 to 2008. Ms. Johnson is an attorney, certified public accountant and a certified managerial accountant.	N/A
David F. Larcker (Born 1950)	Trustee, since 2009	James Irvin Miller Professor of Accounting at the Graduate School of Business, Stanford University, Director of the Corporate Governance Research Initiative and Senior Faculty of The Rock Center for Corporate Governance since 2006. From 2005 to 2008, Professor of Accounting at the Graduate School of Business, Stanford University. Prior thereto, Ernst & Young Professor of Accounting at The Wharton School, University of Pennsylvania from 1985 to 2005.	N/A

32 Wells Fargo California Tax-Free 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; Nominating and 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.	N/A
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, anon-profit organization, since 2007. Member of the Board of Trustees of NorthStar Education Finance, Inc., anon-profit organization, since 2007.	N/A
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, anon-profit organization, from 2013 to 2015. Board member of the Russell Exchange Traded Fund Trust from 2011 to 2012. Director of Barclays Global Investors Holdings Deutschland GmbH from 2006 to 2009. Mr. Polisson is an attorney and has a retired status with the Massachusetts and District of Columbia Bar Associations.	N/A
Michael S. Scofield4 (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.	N/A
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, Governance 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 from 2010 to 2011, Chairman of the Board from 2009 to 2011 and Board Director from 2003 to 2015. Vice President, Leadership and Community Engagement, Bush Foundation, Saint Paul, Minnesota (a private foundation) from 2009 to 2011. Executive Vice President and Chief Financial Officer, Minnesota Sports and Entertainment from 2004 to 2009 and Senior Vice President from 2002 to 2004. Commissioner of Finance, State of Minnesota, from 1999 to 2002. Currently the Board Chair of the Minnesota Wild Foundation since 2010.	N/A

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

Other information (unaudited) Wells Fargo California Tax-Free Fund 33

Officers

Name and year of birth	Position held and length of service	Principal occupations during past five years or longer
Andrew Owen (Born 1960)	President, since 2017	Executive Vice President of Wells Fargo & Company and Head of Affiliated Managers, Wells Fargo Asset Management, since 2014. In addition, Mr. Owen is currently President, Chief Executive Officer and Director of Wells Fargo Funds Management, LLC since 2017. Prior thereto, Executive Vice President responsible for marketing, investments and product development for Wells Fargo Funds Management, LLC, from 2009 to 2014.
Nancy Wiser1 (Born 1967)	Treasurer, since 2012	Executive Vice President of Wells Fargo Funds Management, LLC since 2011. Chief Operating Officer and Chief Compliance Officer at LightBox Capital Management LLC, from 2008 to 2011.
Alexander Kymn (Born 1973)	Secretary, since 2018; Chief Legal Officer, since 2018	Senior Company Counsel of Wells Fargo Bank, N.A. since 2018 (previously Senior Counsel from 2007 to 2018). Vice President of Wells Fargo Funds Management, LLC from 2008 to 2014.
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 76 funds in the Fund Complex. Jeremy DePalma acts as Treasurer of 76 funds and Assistant Treasurer of 76 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 calling1-800-222-8222 or by visiting the website atwellsfargofunds.com.

³  Mr. Harris replaced Ms. Johnson as the Chairman of the Audit Committee effective January 1, 2019.

⁴  Mr. Scofield retired on December 31, 2018.

34 Wells Fargo California Tax-Free Fund Appendix A (unaudited)

SALES CHARGE REDUCTIONS AND WAIVERS FOR CERTAIN INTERMEDIARIES

Raymond James & Associates, Inc., Raymond James Financial Services & Raymond James affiliates (“Raymond James”)

Effective on or about March 1, 2019, shareholders purchasing Fund shares through a Raymond James platform or account will be eligible only for the following load waivers(front-end sales charge waivers and contingent deferred, orback-end, sales charge waivers) and discounts, which may differ from those disclosed elsewhere in the Fund’s Prospectus or SAI.

Front-end Sales Load Waivers on Class A shares Available at Raymond James

• Shares purchased in an investment advisory program.

• Shares purchased through reinvestment of capital gains distributions and dividend reinvestment when purchasing shares of the same fund (but not any other fund within the fund family).

• Employees and registered representatives of Raymond James or its affiliates and their family members as designated by Raymond James.

• Shares purchased from the proceeds of redemptions within the same fund family, provided (1) the repurchase occurs within 90 days following the redemption, (2) the redemption and purchase occur in the same account, and (3) redeemed shares were subject to afront-end or deferred sales load (known as Rights of Reinstatement).

• A shareholder in the fund’s Class C shares will have their shares automatically exchanged at net asset value to Class A shares (or the appropriate share class) of the fund if the shares are no longer subject to a CDSC and the exchange is in line with the policies and procedures of Raymond James.

CDSC Waivers on Class A and C Shares Available at Raymond James

• Death or disability of the shareholder.

• Shares sold as part of a systematic withdrawal plan as described in the Fund’s Prospectus.

• Return of excess contributions from an IRA Account.

• Shares sold as part of a required minimum distribution for IRA and retirement accounts due to the shareholder reaching age 70½ as described in the Fund’s prospectus.

• Shares sold to pay Raymond James fees but only if the transaction is initiated by Raymond James.

• Shares acquired through a right of reinstatement.

Front-end Load Discounts Available at Raymond James: Breakpoints, and/or Rights of Accumulation

• Breakpoints as described in the Fund’s Prospectus.

• Rights of accumulation which entitle shareholders to breakpoint discounts will be automatically calculated based on the aggregated holding of fund family assets held by accounts within the purchaser’s household at Raymond James. Eligible fund family assets not held at Raymond James may be included in the rights of accumulation calculation only if the shareholder notifies his or her financial advisor about such assets.

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For more information

More information about Wells Fargo Funds is available free upon request. To obtain literature, please write, 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, call1-800-222-8222 or visit the Fund’s website atwellsfargofunds.com. Read the prospectus carefully before you invest or send money.

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

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

INVESTMENT PRODUCTS: NOT FDIC INSURED  ◾  NO BANK GUARANTEE  ◾   MAY LOSE VALUE

© 2019 Wells Fargo Funds Management, LLC. All rights reserved.

320443 02-19 SA249/SAR249 12-18

Semi-Annual Report

December 31, 2018

Wells Fargo Colorado Tax-Free Fund

Beginning on January 1, 2021, as permitted by new regulations adopted by the Securities and Exchange Commission, paper copies of the Wells Fargo Funds’ annual and semi-annual shareholder reports issued after this date will no longer be sent by mail, unless you specifically request paper copies of the reports. Instead, the reports will be made available on the Funds’ website, and you will be notified by mail each time a report is posted and provided with a website address to access the report.

If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from the Fund electronically at any time by contacting your financial intermediary (such as a broker-dealer or bank) or, if you are a direct investor, by calling 1-800-222-8222 or by enrolling at wellsfargo.com/advantagedelivery.

You may elect to receive all future reports in paper free of charge. If you invest through a financial intermediary, you can contact your financial intermediary to request that you continue to receive paper copies of your shareholder reports; if you invest directly with the Fund, you can call 1-800-222-8222. Your election to receive reports in paper will apply to all Wells Fargo Funds held in your account with your financial intermediary or, if you are a direct investor, to all Wells Fargo Funds that you hold.

Reduce clutter. Save trees.

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

Contents

Letter to shareholders	2
Performance highlights	4
Fund expenses	6
Portfolio of investments	7
Financial statements
Statement of assets and liabilities	11
Statement of operations	12
Statement of changes in net assets	13
Financial highlights	14
Notes to financial statements	18
Other information	23
Appendix A	27

The views expressed and any forward-looking statements are as of December 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.

INVESTMENT PRODUCTS: NOT FDIC INSURED  ◾  NO BANK GUARANTEE  ◾   MAY LOSE VALUE

2 Wells Fargo Colorado Tax-Free Fund Letter to shareholders (unaudited)

Andrew Owen

President

Wells Fargo Funds

Global trade tensions escalated during the third quarter of 2018.

Dear Shareholder:

We are pleased to offer you this semi-annual report for the Wells Fargo Colorado Tax-Free Fund for the six-month period that ended December 31, 2018. During the reporting period, the U.S. generated encouraging economic and business data that was offset by less positive and more inconsistent data from international markets. Investment returns were generally negative as geopolitical tensions and uncertainty tended to distract investors from more favorable underlying trends.

For the period, U.S. stocks, as measured by the S&P 500 Index,¹ fell 6.85% and international stocks, as measured by the MSCI ACWI ex USA Index (Net),² declined 10.84%. Based on the MSCI EM Index (Net),³ emerging market stocks lost 8.48%. For bond investors, the Bloomberg Barclays U.S. Aggregate Bond Index⁴ gained 1.65% while the Bloomberg Barclays Global Aggregate ex-USD Index⁵ fell 0.84%. The Bloomberg Barclays Municipal Bond Index⁶ gained 1.53% while the ICE BofAML U.S. High Yield Index⁷ declined 2.34%.

Global trade tensions prompted investor concerns.

Global trade tensions escalated during the third quarter of 2018. The U.S. imposed tariffs on a wide range of products manufactured overseas. Foreign governments retaliated with tariffs that punished U.S. commodity producers and product manufacturers. Investors wondered about next steps as divergence in global economic policies and growth prospects widened.

During the summer months, the U.S. economy strengthened. Revised second-quarter gross domestic product (GDP) growth data released in August showed the U.S. economy growing at a 4.2% rate. The unemployment rate in the U.S. was 3.7% by the end of September, according to the U.S. Department of Labor. Wages showed more consistent growth, and consumer confidence remained strong. Several U.S. equity market indices reached records during August, with the S&P 500 Index gaining 7.71% for the three-month period that ended September 30, 2018. In contrast, the MSCI ACWI ex USA Index (Net) gained 0.71% while the MSCI EM Index (Net) declined 1.09% during the same three-month period.

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.

Letter to shareholders (unaudited) Wells Fargo Colorado Tax-Free Fund 3

Economic signals overseas were mixed as the third quarter ended and the fourth quarter began. In particular, signs of slowing economic growth in China created uncertainty for investors. Amid rising trade tensions, the People’s Bank of China cut reserve requirement ratios and accelerated infrastructure spending and tax cuts for business enterprises and individuals. Nevertheless, a strengthening U.S. dollar and trade tensions remained headwinds for investors overseas.

Equity markets were volatile during the fourth quarter.

Negative stock market performance during October and December bracketed a mildly positive November, as measured by the S&P 500 Index and the MSCI ACWI ex USA Index (Net). As interest rates and bond yields gained during October, stock markets struggled. Readings on consumer sentiment and business spending were mixed. Markets rebounded in November. The U.S. and China agreed to halt further increases in tariffs and engage in additional negotiations. While November returns were positive, the loss for the full fourth quarter was substantial for equity investors globally, with the S&P down 13.52% and the MSCI ACWI ex USA Index (Net) down 11.46%. December’s S&P 500 Index performance was the lowest since 1931. Globally, fixed income investments fared better than stocks during the last two months of the year as conflicting signals unsettled investors’ outlooks.

Equity investors confronted a number of changing conditions. In November’smid-term elections, control of the U.S. House of Representatives shifted from Republicans to Democrats, presaging potential partisan disputes. Progress on Brexit negotiations stalled in the UK. In China, the value of the yuan declined to low levels last seen in 2008. Oil prices continued to fall. The Fed increased the federal funds rate by 25 bps to a target range of between 2.25% and 2.50% in December 2018. A late-December dispute over spending and immigration policy resulted in a partial U.S. government shutdown that continued through the end of the period.

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

Economic signals overseas were mixed as the third quarter ended and the fourth quarter began.

For further information about your Fund, contact your investment professional, visit our website atwellsfargofunds.com, or call us directly at1-800-222-8222.

4 Wells Fargo Colorado Tax-Free Fund Performance highlights (unaudited)

Investment objective

The Fund seeks current income exempt from federal income tax and Colorado individual income tax.

Manager

Wells Fargo Funds Management, LLC

Subadviser

Wells Capital Management Incorporated

Portfolio managers

Terry J. Goode

Adrian Van Poppel

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

		Including sales charge						Excluding sales charge						Expense ratios1 (%)
	Inception date	1 year		5 year		10 year		1 year		5 year		10 year		Gross		Net2
Class A (NWCOX)	7-31-1995		-3.75		3.01		4.32		0.78		3.97		4.80		0.85		0.85
Class C (WCOTX)	3-31-2008		-1.06		3.19		4.02		-0.06		3.19		4.02		1.60		1.60
Administrator Class (NCOTX)	8-23-1993		–		–		–		1.03		4.22		5.06		0.79		0.60
Institutional Class (WCITX)3	10-31-2016		–		–		–		1.02		4.26		5.08		0.52		0.52
Bloomberg Barclays Municipal Bond Index4	–		–		–		–		1.28		3.82		4.85		–		–
Bloomberg Barclays Colorado Municipal Bond Index5	–		–		–		–		1.15		4.54		5.46		–		–

Figures quoted represent past performance, which is no guarantee of future results, and do not reflect taxes that a shareholder may pay on fund distributions or the redemption of fund shares. Investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Performance shown without sales charges would be lower if sales charges were reflected. Current performance may be lower or higher than the performance data quoted, which assumes the reinvestment of dividends and capital gains. Current month-end performance is available on the Fund’s website,wellsfargofunds.com.

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

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

Bond values fluctuate in response to the financial condition of individual issuers, general market and economic conditions, and changes in interest rates. Changes in market conditions and government policies may lead to periods of heightened volatility in the bond market and reduced liquidity for certain bonds held by the Fund. In general, when interest rates rise, bond values fall and investors may lose principal value. Interest-rate changes and their impact on the Fund and its share price can be sudden and unpredictable. The use of derivatives may reduce returns and/or increase volatility. Certain investment strategies tend to increase the total risk of an investment (relative to the broader market). The Fund is exposed to Colorado municipal securities risk and high-yield securities risk. Consult the Fund’s prospectus for additional information on these and other risks. A portion of the Fund’s income may be subject to federal, state, and/or local income taxes or the Alternative Minimum Tax (AMT). Any capital gains distributions may be taxable.

Please see footnotes on page 5.

Performance highlights (unaudited) Wells Fargo Colorado Tax-Free Fund 5

Effective maturity distribution as of December 31, 2018⁶

Credit quality as of December 31, 2018⁷

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

³  Historical performance shown for the Institutional Class shares prior to their inception reflects the performance of the Administrator Class shares, and is not adjusted to reflect Institutional Class expenses. If these expenses had been included, returns for Institutional Class shares would be higher.

⁴  The Bloomberg Barclays Municipal Bond Index is an unmanaged index composed of long-term tax-exempt bonds with a minimum credit rating of Baa. You cannot invest directly in an index.

⁵  The Bloomberg Barclays Colorado Municipal Bond Index is the Colorado component of the Bloomberg Barclays Municipal Bond Index. You cannot invest directly in an index.

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

⁷  The credit quality distribution of portfolio holdings reflected in the chart is based on ratings from Standard & Poor’s, Moody’s Investors Service, and/ or Fitch Ratings Ltd. Credit quality ratings apply to the underlying holdings of the Fund and not to the Fund itself. The percentages of the Fund’s portfolio with the ratings depicted in the chart are calculated based on the total market value of fixed income securities held by the Fund. If a security was rated by all three rating agencies, the middle rating was utilized. If rated by two of three rating agencies, the lower rating was utilized, and if rated by one of the rating agencies, that rating was utilized. Standard & Poor’s rates the creditworthiness of bonds, ranging from AAA (highest) to D (lowest). Ratings from A to CCC may be modified by the addition of a plus (+) or minus (-) sign to show relative standing within the rating categories. Standard & Poor’s rates the creditworthiness of short-term notes from SP-1 (highest) to SP-3 (lowest). Moody’s rates the creditworthiness of bonds, ranging from Aaa (highest) to C (lowest). Ratings Aa to B may be modified by the addition of a number 1 (highest) to 3 (lowest) to show relative standing within the ratings categories. Moody’s rates the creditworthiness of short-term U.S. tax-exempt municipal securities from MIG 1/VMIG 1 (highest) to SG (lowest). Fitch rates the creditworthiness of bonds, ranging from AAA (highest) to D (lowest). Credit quality distribution is subject to change and may have changed since the date specified.

6 Wells Fargo Colorado Tax-Free Fund Fund expenses (unaudited)

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

The example is based on an investment of $1,000 invested at the beginning of the six-month period and held for the entire period from July 1, 2018 to December 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 sales charges (loads) and contingent deferred sales charges. Therefore, the “Hypothetical” line of the table is useful in comparing ongoing costs only and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

	Beginning account value 7-1-2018		Ending account value 12-31-2018		Expenses paid during the period¹		Annualized net expense ratio
Class A
Actual	$	1,000.00	$	1,008.06	$	4.30		0.85	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.92	$	4.33		0.85	%
Class C
Actual	$	1,000.00	$	1,004.27	$	8.08		1.60	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,017.14	$	8.13		1.60	%
Administrator Class
Actual	$	1,000.00	$	1,009.33	$	3.04		0.60	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,022.18	$	3.06		0.60	%
Institutional Class
Actual	$	1,000.00	$	1,009.73	$	2.63		0.52	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,022.58	$	2.65		0.52	%

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—December 31, 2018 (unaudited) Wells Fargo Colorado Tax-Free Fund 7

Security name	Interest rate			Maturity date		Principal		Value
Municipal Obligations: 97.60%
Arizona: 1.52%
Education Revenue: 1.52%
Phoenix AZ IDA Rowan University Project		5.25	%		6-1-2034	$	1,000,000	$	1,083,220
California: 1.65%
Tax Revenue: 1.65%
Norco CA RDA Project Area #1		6.00			3-1-2036		1,120,000		1,176,571
Colorado: 85.13%
Airport Revenue: 3.06%
Denver CO City & County Department of Aviation Airport System Bonds Series 2012B		5.00			11-15-2030		2,000,000		2,187,780
Education Revenue: 20.00%
Colorado Board of Governors State University Enterprise System Revenue Bonds Series 2013C		5.25			3-1-2033		725,000		820,468
Colorado Board of Governors State University Enterprise System Revenue Prerefunded Bond Series 2018 E-1		5.00			3-1-2040		555,000		645,110
Colorado Board of Governors State University Enterprise System Revenue Prerefunded Bond Series E-1		5.00			3-1-2040		390,000		453,320
Colorado Board of Governors State University Enterprise System Revenue Unrefunded Bond Series 2018 E-1		5.00			3-1-2040		1,055,000		1,181,030
Colorado ECFA Alexander Dawson School LLC Project		5.00			2-15-2040		1,000,000		1,027,790
Colorado ECFA Charter School Aspen Ridge School Project Series 2015A 144A		4.13			7-1-2026		595,000		592,531
Colorado ECFA Charter School Banning Lewis Ranch Academy Project Series A		6.00			12-15-2037		500,000		472,445
Colorado ECFA Charter School Ben Franklin Academy Project		5.00			7-1-2036		750,000		809,423
Colorado ECFA Charter School Collegiate Project (Syncora Guarantee Incorporated Insured)		5.00			6-15-2019		230,000		230,467
Colorado ECFA Charter School Collegiate Project (Syncora Guarantee Incorporated Insured)		5.25			6-15-2024		1,140,000		1,141,949
Colorado ECFA Charter School District Montessori Charter School Project		5.00			7-15-2037		1,150,000		1,222,186
Colorado ECFA Charter School Pinnacle High School Project		5.13			12-1-2039		500,000		502,385
Colorado ECFA Charter School Refunding and Improvement Bonds Skyview Academy Project 2014 144A		4.13			7-1-2024		500,000		500,120
Colorado ECFA Charter School Refunding and Improvement Bonds University Laboratory School Project 2015		5.00			12-15-2028		600,000		638,328
Colorado ECFA Refunding Bonds The University Corporation for Atmosphere Research Project Series 2010		5.00			9-1-2032		1,265,000		1,328,794
Colorado ECFA Refunding Bonds The University Corporation for Atmosphere Research Project Series B		5.00			9-1-2030		1,770,000		1,925,778
Colorado ECFA Union Colony School Project		5.00			4-1-2048		715,000		783,654
									14,275,778
GO Revenue: 9.44%
Arapahoe County CO Copperleaf Metropolitan District #2		5.75			12-1-2045		500,000		519,875
Aurora CO Cornerstar Metropolitan District Refunding Bond Series A		5.25			12-1-2047		1,000,000		1,016,750
Aurora CO Park 70 Metropolitan District		5.00			12-1-2046		1,000,000		1,049,220
Broomfield CO Great Western Park Metropolitan District #2		5.00			12-1-2046		825,000		804,359
Colorado International Center Metropolitan District #3 Refunding Bonds		4.63			12-1-2031		635,000		613,105
Colorado Parker Homestead Metropolitan District Refunding and Improvement Bonds		5.63			12-1-2044		1,000,000		1,038,330

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

8 Wells Fargo Colorado Tax-Free Fund Portfolio of investments—December 31, 2018 (unaudited)

Security name	Interest rate			Maturity date		Principal		Value
GO Revenue(continued)
Weld County CO Eaton Area Park & Recreation District Series 2015		5.50	%		12-1-2038	$	1,075,000	$	1,126,063
Wheatlands CO Metropolitan District #2 (Build America Mutual Assurance Company Insured)		5.00			12-1-2030		500,000		569,345
									6,737,047
Health Revenue: 11.47%
Aspen Valley Hospital District Refunding Bonds Series 2012		5.00			10-15-2033		600,000		632,040
Colorado Health Facilities Authority Catholic Health Initiatives Series D-1		6.25			10-1-2033		1,000,000		1,003,840
Colorado Health Facilities Authority Evangelical Lutheran Good Samaritan Society Series 2015A		5.00			6-1-2040		1,000,000		1,059,500
Colorado Health Facilities Authority Fraiser Meadows Retirement Community Project Series 2017A		5.25			5-15-2047		1,000,000		1,061,060
Colorado Health Facilities Authority Sisters of Charity Leavenworth Health System Series 2013A		5.50			1-1-2035		1,000,000		1,128,510
Colorado Health Facilities Authority Sunny Vista Living Center Series 2015A 144A		5.00			12-1-2025		670,000		679,112
Denver CO Health & Hospital Authority Refunding Bonds Series 2017A 144A		5.00			12-1-2034		500,000		553,345
University of Colorado Hospital Authority Series A		6.00			11-15-2029		2,000,000		2,066,400
									8,183,807
Miscellaneous Revenue: 24.23%
Aurora CO Certificate of Participation Refunding Bonds Series 2009A		5.00			12-1-2027		2,000,000		2,055,520
Aurora CO E-470 Public Highway Authority CAB Series A (National Insured) (z)		5.14			9-1-2034		4,000,000		2,138,040
Colorado Regional Transportation District Certificate of Participation Series 2014A		5.00			6-1-2044		2,000,000		2,170,100
Colorado Regional Transportation District Certificate of Participation Series 2010A		5.38			6-1-2031		2,500,000		2,609,650
Denver CO School District #1 Certificate of Participation Series B		5.00			12-15-2035		1,000,000		1,137,380
Denver CO School District #1 Certificate of Participation Series B		5.00			12-15-2045		1,200,000		1,348,728
Fremont County CO Finance Corporation Certificate of Participation Series 2013		5.25			12-15-2038		1,265,000		1,365,188
Garfield County CO Public Library District Lease Purchase Financing Program		5.00			12-1-2026		715,000		735,506
Longmont CO Certificate of Participation Series 2014		5.00			12-1-2034		1,000,000		1,114,350
Platte Valley CO Fire Protection District		5.00			12-1-2036		325,000		342,703
Westminster CO Certificate of Participation Series 2015A		5.00			12-1-2035		2,000,000		2,276,040
									17,293,205
Tax Revenue: 9.25%
Colorado Park Creek Metropolitan District Refunding Bonds Series A		5.00			12-1-2045		500,000		539,305
Colorado Regional Transportation District Fastracks Project Revenue Bonds Series 2013A		5.00			11-1-2031		1,000,000		1,094,900
Commerce City CO Sales & Use Tax Bonds Series 2014 (AGM Insured)		5.00			8-1-2044		1,250,000		1,370,763
Denver CO City & County Excise Tax Series A (AGC Insured)		6.00			9-1-2021		2,000,000		2,055,980
Thornton CO Development Authority East 144th Avenue & I-25 Project Series B		5.00			12-1-2034		1,375,000		1,545,088
									6,606,036
Transportation Revenue: 1.81%
Colorado High Performance Transportation Enterprise U.S. 36 & I-25 Managed Lanes		5.75			1-1-2044		1,200,000		1,290,564
Utilities Revenue: 4.67%
Colorado Springs CO Utilities System Improvement Bonds Series 2013 B-2		5.00			11-15-2038		3,000,000		3,332,847

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

Portfolio of investments—December 31, 2018 (unaudited) Wells Fargo Colorado Tax-Free Fund 9

Security name	Interest rate			Maturity date		Principal		Value
Water & Sewer Revenue: 1.20%
East Cherry Creek Valley CO Water & Sanitation District		5.00	%		11-15-2032	$	750,000	$	858,953
									60,766,017
Guam: 2.17%
Miscellaneous Revenue: 0.73%
Guam Government Limited Obligation Section 30 Series A		5.75			12-1-2034		500,000		517,945
Tax Revenue: 1.44%
Guam Government Business Privilege Tax Series A		5.00			1-1-2031		1,000,000		1,031,090
									1,549,035
Maryland: 0.64%
Education Revenue: 0.64%
Maryland Economic Development Corporation Salisbury University Project		5.00			6-1-2027		235,000		246,621
Maryland Economic Development Corporation Salisbury University Project		5.00			6-1-2030		200,000		208,450
									455,071
New York: 4.20%
Tax Revenue: 4.20%
New York City NY Transitional Finance Authority Subordinated Series 2B (Dexia Credit Local SPA) ø		1.75			11-1-2022		3,000,000		3,000,000
Pennsylvania: 2.29%
Education Revenue: 2.29%
East Hempfield Township PA IDA Student Services Incorporated Student Housing Project of Millersville University		5.00			7-1-2029		500,000		531,285
Pennsylvania HEFAR Indiana University Student Housing Project Series A		5.00			7-1-2032		1,000,000		1,099,350
									1,630,635
Total Municipal Obligations (Cost $66,730,672)									69,660,549
	Yield					Shares
Short-Term Investments: 1.69%
Investment Companies: 1.69%
Wells Fargo Municipal Cash Management Money Market Fund Institutional Class (l)(u)		1.65					1,207,940		1,208,423
Total Short-Term Investments (Cost $1,208,423)									1,208,423

Total investments in securities (Cost $67,939,095)	99.29	%		70,868,972
Other assets and liabilities, net	0.71			508,051
Total net assets	100.00	%	$	71,377,023

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

10 Wells Fargo Colorado Tax-Free Fund Portfolio of investments—December 31, 2018 (unaudited)

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

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

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

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

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

Abbreviations:

AGC Assured Guaranty Corporation

AGM Assured Guaranty Municipal

CAB Capital appreciation bond

ECFA Educational & Cultural Facilities Authority

GO General obligation

HEFAR Higher Education Facilities Authority Revenue

IDA Industrial Development Authority

National National Public Finance Guarantee Corporation

RDA Redevelopment Authority

SPA Standby purchase agreement

Investments in Affiliates

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

	Shares, beginning of period		Shares purchased		Shares sold		Shares, end of period		Net realized gains (losses)			Net change in unrealized gains (losses)		Income from affiliated securities		Value, end of period		% of net assets
Short-Term Investments
Investment Companies
Wells Fargo Municipal Cash Management Money Market Fund Institutional Class		1,429,900		9,724,896		9,946,856		1,207,940	$	(227	)	$	0	$	2,131	$	1,208,423		1.69	%

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

Statement of assets and liabilities—December 31, 2018 (unaudited) Wells Fargo Colorado Tax-Free Fund 11

Assets
Investments in unaffiliated securities, at value (cost $66,730,672)	$	69,660,549
Investments in affiliated securities, at value (cost $1,208,423)		1,208,423
Receivable for Fund shares sold		365,736
Receivable for interest		626,875
Prepaid expenses and other assets		146,036
Total assets		72,007,619
Liabilities
Payable for Fund shares redeemed		431,762
Due to custodian bank		122,856
Dividends payable		37,658
Administration fees payable		7,777
Management fee payable		7,234
Distribution fee payable		4,402
Trustees’ fees and expenses payable		597
Accrued expenses and other liabilities		18,310
Total liabilities		630,596
Total net assets	$	71,377,023
NET ASSETS CONSIST OF
Paid-in capital	$	69,487,634
Total distributable earnings		1,889,389
Total net assets	$	71,377,023
COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE PER SHARE
Net assets – Class A	$	29,238,091
Shares outstanding – Class A1		2,732,207
Net asset value per share – Class A		$10.70
Maximum offering price per share – Class A2		$11.20
Net assets – Class C	$	6,769,655
Shares outstanding – Class C1		631,986
Net asset value per share – Class C		$10.71
Net assets – Administrator Class	$	19,262,678
Shares outstanding – Administrator Class1		1,800,215
Net asset value per share – Administrator Class		$10.70
Net assets – Institutional Class	$	16,106,599
Shares outstanding – Institutional Class1		1,504,960
Net asset value per share – Institutional Class		$10.70

¹  The Fund has an unlimited number of authorized shares.

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

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

12 Wells Fargo Colorado Tax-Free Fund Statement of operations—six months ended December 31, 2018 (unaudited)

Investment income
Interest	$	1,598,656
Income from affiliated securities		2,131
Total investment income		1,600,787
Expenses
Management fee		149,480
Administration fees
Class A		23,786
Class C		5,630
Administrator Class		10,586
Institutional Class		6,719
Shareholder servicing fees
Class A		37,166
Class C		8,797
Administrator Class		26,464
Distribution fee
Class C		26,390
Custody and accounting fees		5,054
Professional fees		24,100
Registration fees		35,546
Shareholder report expenses		11,849
Trustees’ fees and expenses		10,450
Other fees and expenses		5,523
Total expenses		387,540
Less: Fee waivers and/or expense reimbursements		(97,698	)
Net expenses		289,842
Net investment income		1,310,945
REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS
Net realized gains (losses) on:
Unaffiliated securities		133,663
Affiliated securities		(227	)
Net realized gains on investments		133,436
Net change in unrealized gains (losses) on investments		(875,777	)
Net realized and unrealized gains (losses) on investments		(742,341	)
Net increase in net assets resulting from operations	$	568,604

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

Statement of changes in net assets Wells Fargo Colorado Tax-Free Fund 13

	Six months ended December 31, 2018 (unaudited)						Year ended June 30, 20181
Operations
Net investment income				$	1,310,945					$	2,955,299
Net realized gains on investments					133,436						307,712
Net change in unrealized gains (losses) on investments					(875,777	)					(1,478,116	)
Net increase in net assets resulting from operations					568,604						1,784,895
Distributions to shareholders from net investment income and net realized gains
Class A					(510,634	)					(1,145,737	)
Class C					(94,114	)					(198,059	)
Administrator Class					(389,912	)					(1,147,069	)
Institutional Class					(316,599	)					(464,385	)
Total distributions to shareholders					(1,311,259	)					(2,955,250	)
Capital share transactions		Shares						Shares
Proceeds from shares sold
Class A		274,537			2,939,424			259,505			2,843,499
Class C		43,033			461,505			163,083			1,787,412
Administrator Class		127,126			1,363,224			436,750			4,746,505
Institutional Class		345,331			3,691,574			718,077			7,818,931
					8,455,727						17,196,347
Reinvestment of distributions
Class A		43,558			466,160			100,750			1,098,578
Class C		8,526			91,326			17,512			191,074
Administrator Class		21,922			234,661			43,543			474,529
Institutional Class		27,845			298,017			40,812			444,651
					1,090,164						2,208,832
Payment for shares redeemed
Class A		(508,779	)		(5,450,853	)		(693,757	)		(7,553,261	)
Class C		(90,647	)		(970,424	)		(249,763	)		(2,729,066	)
Administrator Class		(492,343	)		(5,270,069	)		(2,442,905	)		(26,754,627	)
Institutional Class		(413,024	)		(4,414,771	)		(226,448	)		(2,472,137	)
					(16,106,117	)					(39,509,091	)
Net decrease in net assets resulting from capital share transactions					(6,560,226	)					(20,103,912	)
Total decrease in net assets					(7,302,881	)					(21,274,267	)
Net assets
Beginning of period					78,679,904						99,954,171
End of period				$	71,377,023					$	78,679,904

¹  Effective for all filings after November 4, 2018, the SEC prospectively eliminated the requirement to parenthetically disclose undistributed net investment income at the end of the period and permitted the aggregation of distributions, with the exception of tax basis returns of capital. Undistributed net investment income at June 30, 2018 was $298,091. The disaggregated distributions information for the year ended June 30, 2018 is included in Note 7,Distributions to Shareholders, in the notes to the financial statements.

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

14 Wells Fargo Colorado Tax-Free Fund Financial highlights

(For a share outstanding throughout each period)

	Six months ended December 31, 2018 (unaudited)			Year ended June 30
CLASS A				2018			2017			2016			2015			2014
Net asset value, beginning of period		$10.80			$10.96			$11.50			$10.92			$10.85			$10.46
Net investment income		0.19			0.36	1		0.34			0.34	1		0.34	1		0.35	1
Net realized and unrealized gains (losses) on investments		(0.10	)		(0.16	)		(0.54	)		0.58			0.07			0.39
Total from investment operations		0.09			0.20			(0.20	)		0.92			0.41			0.74
Distributions to shareholders from
Net investment income		(0.19	)		(0.36	)		(0.34	)		(0.34	)		(0.34	)		(0.35	)
Net asset value, end of period		$10.70			$10.80			$10.96			$11.50			$10.92			$10.85
Total return2		0.81	%		1.87	%		(1.73	)%		8.53	%		3.82	%		7.26	%
Ratios to average net assets (annualized)
Gross expenses		1.06	%		0.85	%		0.94	%		0.93	%		0.93	%		0.94	%
Net expenses		0.85	%		0.85	%		0.85	%		0.85	%		0.85	%		0.85	%
Net investment income		3.43	%		3.32	%		3.05	%		3.02	%		3.12	%		3.35	%
Supplemental data
Portfolio turnover rate		0	%		10	%		25	%		13	%		23	%		33	%
Net assets, end of period (000s omitted)		$29,238			$31,576			$35,706			$41,341			$33,722			$35,088

¹  Calculated based upon average shares outstanding

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

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

Financial highlights Wells Fargo Colorado Tax-Free Fund 15

(For a share outstanding throughout each period)

	Six months ended December 31, 2018 (unaudited)			Year ended June 30
CLASS C				2018			2017			2016			2015			2014
Net asset value, beginning of period		$10.81			$10.98			$11.51			$10.93			$10.86			$10.47
Net investment income		0.15			0.28			0.26			0.25			0.26			0.28
Net realized and unrealized gains (losses) on investments		(0.10	)		(0.17	)		(0.53	)		0.58			0.07			0.38
Total from investment operations		0.05			0.11			(0.27	)		0.83			0.33			0.66
Distributions to shareholders from
Net investment income		(0.15	)		(0.28	)		(0.26	)		(0.25	)		(0.26	)		(0.27	)
Net asset value, end of period		$10.71			$10.81			$10.98			$11.51			$10.93			$10.86
Total return1		0.43	%		1.02	%		(2.37	)%		7.71	%		3.05	%		6.46	%
Ratios to average net assets (annualized)
Gross expenses		1.81	%		1.60	%		1.69	%		1.68	%		1.68	%		1.69	%
Net expenses		1.60	%		1.60	%		1.60	%		1.60	%		1.60	%		1.60	%
Net investment income		2.69	%		2.57	%		2.31	%		2.26	%		2.35	%		2.60	%
Supplemental data
Portfolio turnover rate		0	%		10	%		25	%		13	%		23	%		33	%
Net assets, end of period (000s omitted)		$6,770			$7,257			$8,125			$8,503			$4,173			$3,689

¹  Total return calculations do not include any sales charges. Returns for periods of less than one year are not annualized.

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

16 Wells Fargo Colorado Tax-Free Fund Financial highlights

(For a share outstanding throughout each period)

	Six months ended December 31, 2018 (unaudited)			Year ended June 30
ADMINISTRATOR CLASS				2018			2017			2016			2015			2014
Net asset value, beginning of period		$10.80			$10.96			$11.50			$10.92			$10.85			$10.46
Net investment income		0.20	1		0.38	1		0.37	1		0.36			0.37			0.38
Net realized and unrealized gains (losses) on investments		(0.10	)		(0.15	)		(0.54	)		0.58			0.07			0.39
Total from investment operations		0.10			0.23			(0.17	)		0.94			0.44			0.77
Distributions to shareholders from
Net investment income		(0.20	)		(0.39	)		(0.37	)		(0.36	)		(0.37	)		(0.38	)
Net asset value, end of period		$10.70			$10.80			$10.96			$11.50			$10.92			$10.85
Total return2		0.93	%		2.12	%		(1.49	)%		8.80	%		4.08	%		7.53	%
Ratios to average net assets (annualized)
Gross expenses		1.00	%		0.78	%		0.88	%		0.87	%		0.87	%		0.88	%
Net expenses		0.60	%		0.60	%		0.60	%		0.60	%		0.60	%		0.60	%
Net investment income		3.68	%		3.52	%		3.29	%		3.27	%		3.36	%		3.60	%
Supplemental data
Portfolio turnover rate		0	%		10	%		25	%		13	%		23	%		33	%
Net assets, end of period (000s omitted)		$19,263			$23,156			$45,022			$65,285			$52,294			$44,272

¹  Calculated based upon average shares outstanding

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

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

Financial highlights Wells Fargo Colorado Tax-Free Fund 17

(For a share outstanding throughout each period)

	Six months ended December 31, 2018 (unaudited)			Year ended June 30
INSTITUTIONAL CLASS				2018			20171
Net asset value, beginning of period		$10.80			$10.97			$11.19
Net investment income		0.20			0.40			0.25
Net realized and unrealized gains (losses) on investments		(0.10	)		(0.17	)		(0.22	)
Total from investment operations		0.10			0.23			0.03
Distributions to shareholders from
Net investment income		(0.20	)		(0.40	)		(0.25	)
Net asset value, end of period		$10.70			$10.80			$10.97
Total return2		0.97	%		2.11	%		0.33	%
Ratios to average net assets (annualized)
Gross expenses		0.73	%		0.52	%		0.55	%
Net expenses		0.52	%		0.52	%		0.51	%
Net investment income		3.77	%		3.67	%		3.49	%
Supplemental data
Portfolio turnover rate		0	%		10	%		25	%
Net assets, end of period (000s omitted)		$16,107			$16,691			$11,102

¹  For the period from October 31, 2016 (commencement of class operations) to June 30, 2017

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

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

18 Wells Fargo Colorado Tax-Free 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 (“FASB”) Accounting Standards Codification Topic 946, Financial Services – Investment Companies. These financial statements report on the Wells Fargo Colorado Tax-Free Fund (the “Fund”) which is a diversified series of the Trust.

2. SIGNIFICANT ACCOUNTING POLICIES

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

Securities valuation

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

Debt securities are valued at the evaluated bid price provided by an independent pricing service (e.g. taking into account various factors, including yields, maturities, or credit ratings) or, if a reliable price is not available, the quoted bid price from an independent broker-dealer.

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

Investments which are not valued using any of the methods discussed above are valued at their fair value, as determined in good faith by the Board of Trustees of the Fund. The Board of Trustees has established a Valuation Committee comprised of the Trustees and has delegated to it the authority to take any actions regarding the valuation of portfolio securities that the Valuation Committee deems necessary or appropriate, including determining the fair value of portfolio securities, unless the determination has been delegated to the Wells Fargo Asset Management Pricing Committee at Wells Fargo Funds Management, LLC (“Funds Management”). The Board of Trustees retains the authority to make or ratify any valuation decisions or approve any changes to the Valuation Procedures as it deems appropriate. On a quarterly basis, the Board of Trustees receives reports on any valuation actions taken by the Valuation Committee or the Wells Fargo Asset Management Pricing Committee which may include items for ratification.

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 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.

Notes to financial statements (unaudited) Wells Fargo Colorado Tax-Free Fund 19

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 December 31, 2018, the aggregate cost of all investments for federal income tax purposes was $67,939,095 and the unrealized gains (losses) consisted of:

Gross unrealized gains	$	3,036,850
Gross unrealized losses		(106,973	)
Net unrealized gains	$	2,929,877

Capital loss carryforwards that do not expire are required to be utilized prior to capital loss carryforwards that expire. As of June 30, 2018, capital loss carryforwards available to offset future net realized capital gains were as follows through the indicated expiration dates:

	No expiration
2019	Short-term
$(57,793)	$(1,414,113)

Class allocations

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

3. FAIR VALUATION MEASUREMENTS

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

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

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

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

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

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

	Quoted prices (Level 1)		Other significant observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total
Assets
Investments in:
Municipal obligations	$	0	$	69,660,549	$	0	$	69,660,549
Short-term investments
Investment companies		1,208,423		0		0		1,208,423
Total assets	$	1,208,423	$	69,660,549	$	0	$	70,868,972

20 Wells Fargo Colorado Tax-Free Fund Notes to financial statements (unaudited)

Additional sector, industry or geographic detail is included in the Portfolio of Investments.

At December 31, 2018, the Fund did not have any transfers into/out of 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 0.40% and declining to 0.28% as the average daily net assets of the Fund increase. For the six months ended December 31, 2018, the management fee was equivalent to an annual rate of 0.40% of the Fund’s average daily net assets.

Funds Management has retained the services of a subadviser to provide daily portfolio management to the Fund. The fee for subadvisory services is borne by Funds Management. Wells Capital Management Incorporated , an affiliate of Funds Management and an indirect wholly owned subsidiary of Wells Fargo, is the subadviser to the Fund and is entitled to receive a fee from Funds Management at an annual rate starting at 0.20% and declining to 0.10% as the average daily net assets of the Fund increase.

Administration fees

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

	Class-level administration fee
Class A, Class C		0.16	%
Administrator Class		0.10
Institutional Class		0.08

Funds Management has contractually waived and/or reimbursed management and administration fees to the extent necessary to maintain certain net operating expense ratios for the Fund. 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 October 31, 2019 to waive fees and/or reimburse expenses to the extent necessary to cap the Fund’s expenses at 0.85% for Class A shares, 1.60% for Class C shares, 0.60% for Administrator Class shares and 0.52% for Institutional Class shares. After this time, the cap may be increased or the commitment to maintain the cap may be terminated only with the approval of the Board of Trustees.

Distribution fee

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

In addition, Funds Distributor is entitled to receive the front-end sales charge from the purchase of Class A shares and a contingent deferred sales charge on the redemption of certain Class A shares. Funds Distributor is also entitled to receive the contingent deferred sales charges from redemptions of Class C shares. For the six months ended December 31, 2018, Funds Distributor received $924 from the sale of Class A shares and $2,379 in contingent deferred sales charges from redemptions of Class A shares. No contingent deferred sales charges were incurred by Class C shares for the six months ended December 31, 2018.

Notes to financial statements (unaudited) Wells Fargo Colorado Tax-Free Fund 21

Shareholder servicing fees

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

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

Interfund transactions

The Fund may purchase or sell portfolio investment securities to certain other Wells Fargo affiliates pursuant toRule 17a-7 under the 1940 Act and under procedures adopted by the Board of Trustees. The procedures have been designed to ensure that these interfund transactions, which do not incur broker commissions, are effected at current market prices. Pursuant to these procedures, the Fund had $4,900,000 and $3,100,000 in interfund purchases and sales, respectively, during the six months ended December 31, 2018.

5. INVESTMENT PORTFOLIO TRANSACTIONS

Purchases and sales of investments, excluding U.S. government obligations (if any) and short-term securities, for the six months ended December 31, 2018 were $0 and $7,869,581, respectively.

6. BANK BORROWINGS

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

For the six months ended December 31, 2018, there were no borrowings by the Fund under the agreement.

7. DISTRIBUTIONS TO SHAREHOLDERS

Effective for all filings after November 4, 2018, the Securities and Exchange Commission eliminated the requirement to separately state the components of distributions to shareholders under U.S. generally accepted accounting principles. The amounts of distributions to shareholders for the year ended June 30, 2018 were as follows:

	Net investment income
Class A		$1,145,737
Class C		198,059
Administrator Class		1,147,069
Institutional Class		464,385

8. CONCENTRATION RISK

The Fund invests a substantial portion of its assets in issuers of municipal debt securities located in a single state or territories of the U.S. Therefore, it may be more affected by economic and political developments in that state or region than would be a comparable general tax-exempt fund.

9. INDEMNIFICATION

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

10. REORGANIZATION

At a regular meeting of the Board of Trustees held on November 8 and 9, 2018, the Trustees of the Fund approved a Plan of Reorganization (the “Plan”). Under the Plan, Wells Fargo Municipal Bond Fund will acquire the assets and assume the liabilities of the Fund in exchange for shares of Wells Fargo Municipal Bond Fund.

22 Wells Fargo Colorado Tax-Free Fund Notes to financial statements (unaudited)

At a Special Meeting of Shareholders of the Fund held on February 19, 2019, the shareholders approved the Plan to merge the Fund into Wells Fargo Municipal Bond Fund. The merger is scheduled to take place on or about March 15, 2019.

11. NEW ACCOUNTING PRONOUNCEMENT

In August 2018, FASB issued Accounting Standards Update (“ASU”) No. 2018-13, Fair Value Measurement (Topic 820) Disclosure Framework—Changes to the Disclosure Requirements for Fair Value Measurement. ASU 2018-13 updates the disclosure requirements for fair value measurements by modifying or removing certain disclosures and adding certain new disclosures. The amendments are effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019. Early adoption is permitted. Management has adopted the removal and modification of disclosures early, as permitted, and will adopt the additional new disclosures at the effective date.

Other information (unaudited) Wells Fargo Colorado Tax-Free Fund 23

PROXY VOTING INFORMATION

A description of the policies and procedures used to determine how to vote proxies relating to portfolio securities is available, upon request, by calling1-800-222-8222, visiting our website atwellsfargofunds.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 atwellsfargofunds.comor by visiting the SEC website at sec.gov.

PORTFOLIO HOLDINGS INFORMATION

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

24 Wells Fargo Colorado Tax-Free 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 152 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 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.	N/A
Jane A. Freeman (Born 1953)	Trustee, since 2015; Chair Liaison, since 2018	Retired. From 2012 to 2014 and 1999 to 2008, Chief Financial Officer of Scientific Learning Corporation. From 2008 to 2012, Ms. Freeman provided consulting services related to strategic business projects. Prior to 1999, Portfolio Manager at Rockefeller & Co. and Scudder, Stevens & Clark. Board member of the Harding Loevner Funds from 1996 to 2014, serving as both Lead Independent Director and chair of the Audit Committee. Board member of the Russell Exchange Traded Funds Trust from 2011 to 2012 and the chair of the Audit Committee. Ms. Freeman is a Board Member of The Ruth Bancroft Garden (non-profit organization). She is also an inactive Chartered Financial Analyst.	N/A
Isaiah Harris, Jr.3 (Born 1952)	Trustee, since 2009; Audit Committee Chairman, since 2019	Retired. Chairman of the Board of CIGNA Corporation since 2009, and Director since 2005. From 2003 to 2011, Director of Deluxe Corporation. Prior thereto, President and CEO of BellSouth Advertising and Publishing Corp. from 2005 to 2007, President and CEO of BellSouth Enterprises from 2004 to 2005 and President of BellSouth Consumer Services from 2000 to 2003. Emeritus member of the Iowa State University Foundation Board of Governors. Emeritus Member of the Advisory Board of Iowa State University School of Business. Advisory Board Member, Palm Harbor Academy (private school). Advisory Board Member, Child Evangelism Fellowship (non-profit). Mr. Harris is a certified public accountant (inactive status).	CIGNA Corporation
Judith M. Johnson3 (Born 1949)	Trustee, since 2008; Audit Committee Chairman, from 2009 to 2018	Retired. Prior thereto, Chief Executive Officer and Chief Investment Officer of Minneapolis Employees Retirement Fund from 1996 to 2008. Ms. Johnson is an attorney, certified public accountant and a certified managerial accountant.	N/A
David F. Larcker (Born 1950)	Trustee, since 2009	James Irvin Miller Professor of Accounting at the Graduate School of Business, Stanford University, Director of the Corporate Governance Research Initiative and Senior Faculty of The Rock Center for Corporate Governance since 2006. From 2005 to 2008, Professor of Accounting at the Graduate School of Business, Stanford University. Prior thereto, Ernst & Young Professor of Accounting at The Wharton School, University of Pennsylvania from 1985 to 2005.	N/A

Other information (unaudited) Wells Fargo Colorado Tax-Free Fund 25

Name and year of birth	Position held and length of service*	Principal occupations during past five years or longer	Current other public company or investment company directorships
Olivia S. Mitchell (Born 1953)	Trustee, since 2006; Nominating and 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.	N/A
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.	N/A
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.	N/A
Michael S. Scofield4 (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.	N/A
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, Governance 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 from 2010 to 2011, Chairman of the Board from 2009 to 2011 and Board Director from 2003 to 2015. Vice President, Leadership and Community Engagement, Bush Foundation, Saint Paul, Minnesota (a private foundation) from 2009 to 2011. Executive Vice President and Chief Financial Officer, Minnesota Sports and Entertainment from 2004 to 2009 and Senior Vice President from 2002 to 2004. Commissioner of Finance, State of Minnesota, from 1999 to 2002. Currently the Board Chair of the Minnesota Wild Foundation since 2010.	N/A

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

26 Wells Fargo Colorado Tax-Free Fund Other information (unaudited)

Officers

Name and year of birth	Position held and length of service	Principal occupations during past five years or longer
Andrew Owen (Born 1960)	President, since 2017	Executive Vice President of Wells Fargo & Company and Head of Affiliated Managers, Wells Fargo Asset Management, since 2014. In addition, Mr. Owen is currently President, Chief Executive Officer and Director of Wells Fargo Funds Management, LLC since 2017. Prior thereto, Executive Vice President responsible for marketing, investments and product development for Wells Fargo Funds Management, LLC, from 2009 to 2014.
Nancy Wiser1 (Born 1967)	Treasurer, since 2012	Executive Vice President of Wells Fargo Funds Management, LLC since 2011. Chief Operating Officer and Chief Compliance Officer at LightBox Capital Management LLC, from 2008 to 2011.
Alexander Kymn (Born 1973)	Secretary, since 2018; Chief Legal Officer, since 2018	Senior Company Counsel of Wells Fargo Bank, N.A. since 2018 (previously Senior Counsel from 2007 to 2018). Vice President of Wells Fargo Funds Management, LLC from 2008 to 2014.
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 76 funds in the Fund Complex. Jeremy DePalma acts as Treasurer of 76 funds and Assistant Treasurer of 76 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 calling1-800-222-8222 or by visiting the website atwellsfargofunds.com.

³  Mr. Harris replaced Ms. Johnson as the Chairman of the Audit Committee effective January 1, 2019.

⁴  Mr. Scofield retired on December 31, 2018.

Appendix A (unaudited) Wells Fargo Colorado Tax-Free Fund 27

SALES CHARGE REDUCTIONS AND WAIVERS FOR CERTAIN INTERMEDIARIES

Raymond James & Associates, Inc., Raymond James Financial Services & Raymond James affiliates (“Raymond James”)

Effective on or about March 1, 2019, shareholders purchasing Fund shares through a Raymond James platform or account will be eligible only for the following load waivers (front-end sales charge waivers and contingent deferred, or back-end, sales charge waivers) and discounts, which may differ from those disclosed elsewhere in the Fund’s Prospectus or SAI.

Front-end Sales Load Waivers on Class A shares Available at Raymond James

• Shares purchased in an investment advisory program.

• Shares purchased through reinvestment of capital gains distributions and dividend reinvestment when purchasing shares of the same fund (but not any other fund within the fund family).

• Employees and registered representatives of Raymond James or its affiliates and their family members as designated by Raymond James.

• Shares purchased from the proceeds of redemptions within the same fund family, provided (1) the repurchase occurs within 90 days following the redemption, (2) the redemption and purchase occur in the same account, and (3) redeemed shares were subject to a front-end or deferred sales load (known as Rights of Reinstatement).

• A shareholder in the fund’s Class C shares will have their shares automatically exchanged at net asset value to Class A shares (or the appropriate share class) of the fund if the shares are no longer subject to a CDSC and the exchange is in line with the policies and procedures of Raymond James.

CDSC Waivers on Class A and C Shares Available at Raymond James

• Death or disability of the shareholder.

• Shares sold as part of a systematic withdrawal plan as described in the Fund’s Prospectus.

• Return of excess contributions from an IRA Account.

• Shares sold as part of a required minimum distribution for IRA and retirement accounts due to the shareholder reaching age 70½ as described in the Fund’s prospectus.

• Shares sold to pay Raymond James fees but only if the transaction is initiated by Raymond James.

• Shares acquired through a right of reinstatement.

Front-end Load Discounts Available at Raymond James: Breakpoints, and/or Rights of Accumulation

• Breakpoints as described in the Fund’s Prospectus.

• Rights of accumulation which entitle shareholders to breakpoint discounts will be automatically calculated based on the aggregated holding of fund family assets held by accounts within the purchaser’s household at Raymond James. Eligible fund family assets not held at Raymond James may be included in the rights of accumulation calculation only if the shareholder notifies his or her financial advisor about such assets.

This page is intentionally left blank.

For more information

More information about Wells Fargo Funds is available free upon request. To obtain literature, please write, 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, call1-800-222-8222 or visit the Fund’s website atwellsfargofunds.com. Read the prospectus carefully before you invest or send money.

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

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

INVESTMENT PRODUCTS: NOT FDIC INSURED  ◾  NO BANK GUARANTEE  ◾   MAY LOSE VALUE

© 2019 Wells Fargo Funds Management, LLC. All rights reserved.

320444 02-19 SA250/SAR250 12-18

Semi-Annual Report

December 31, 2018

Wells Fargo High Yield Municipal Bond Fund

Beginning on January 1, 2021, as permitted by new regulations adopted by the Securities and Exchange Commission, paper copies of the Wells Fargo Funds’ annual and semi-annual shareholder reports issued after this date will no longer be sent by mail, unless you specifically request paper copies of the reports. Instead, the reports will be made available on the Funds’ website, and you will be notified by mail each time a report is posted and provided with a website address to access the report.

If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from the Fund electronically at any time by contacting your financial intermediary (such as a broker-dealer or bank) or, if you are a direct investor, by calling 1-800-222-8222 or by enrolling at wellsfargo.com/advantagedelivery.

You may elect to receive all future reports in paper free of charge. If you invest through a financial intermediary, you can contact your financial intermediary to request that you continue to receive paper copies of your shareholder reports; if you invest directly with the Fund, you can call 1-800-222-8222. Your election to receive reports in paper will apply to all Wells Fargo Funds held in your account with your financial intermediary or, if you are a direct investor, to all Wells Fargo Funds that you hold.

Reduce clutter. Save trees.

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

Contents

Letter to shareholders	2
Performance highlights	4
Fund expenses	6
Portfolio of investments	7
Financial statements
Statement of assets and liabilities	18
Statement of operations	19
Statement of changes in net assets	20
Financial highlights	21
Notes to financial statements	26
Other information	30
Appendix A	34

The views expressed and any forward-looking statements are as of December 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.

INVESTMENT PRODUCTS: NOT FDIC INSURED  ◾  NO BANK GUARANTEE  ◾   MAY LOSE VALUE

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

Andrew Owen

President

Wells Fargo Funds

Global trade tensions escalated during the third quarter of 2018.

Dear Shareholder:

We are pleased to offer you this semi-annual report for the Wells Fargo High Yield Municipal Bond Fund for thesix-month period that ended December 31, 2018. During the reporting period, the U.S. generated encouraging economic and business data that was offset by less positive and more inconsistent data from international markets. Investment returns were generally negative as geopolitical tensions and uncertainty tended to distract investors from more favorable underlying trends.

For the period, U.S. stocks, as measured by the S&P 500 Index,¹ fell 6.85% and international stocks, as measured by the MSCI ACWI ex USA Index (Net),² declined 10.84%. Based on the MSCI EM Index (Net),³ emerging market stocks lost 8.48%. For bond investors, the Bloomberg Barclays U.S. Aggregate Bond Index⁴ gained 1.65% while the Bloomberg Barclays Global Aggregateex-USD Index⁵ fell 0.84%. The Bloomberg Barclays Municipal Bond Index⁶ gained 1.53% while the ICE BofAML U.S. High Yield Index⁷ declined 2.34%.

Global trade tensions prompted investor concerns.

Global trade tensions escalated during the third quarter of 2018. The U.S. imposed tariffs on a wide range of products manufactured overseas. Foreign governments retaliated with tariffs that punished U.S. commodity producers and product manufacturers. Investors wondered about next steps as divergence in global economic policies and growth prospects widened.

During the summer months, the U.S. economy strengthened. Revised second-quarter gross domestic product (GDP) growth data released in August showed the U.S. economy growing at a 4.2% rate. The unemployment rate in the U.S. was 3.7% by the end of September, according to the U.S. Department of Labor. Wages showed more consistent growth, and consumer confidence remained strong. Several U.S. equity market indices reached records during August, with the S&P 500 Index gaining 7.71% for the three-month period that ended September 30, 2018. In contrast, the MSCI ACWI ex USA Index (Net) gained 0.71% while the MSCI EM Index (Net) declined 1.09% during the same three-month period.

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- andmid-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 Aggregateex-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-termtax-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.

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

Economic signals overseas were mixed as the third quarter ended and the fourth quarter began. In particular, signs of slowing economic growth in China created uncertainty for investors. Amid rising trade tensions, the People’s Bank of China cut reserve requirement ratios and accelerated infrastructure spending and tax cuts for business enterprises and individuals. Nevertheless, a strengthening U.S. dollar and trade tensions remained headwinds for investors overseas.

Equity markets were volatile during the fourth quarter.

Negative stock market performance during October and December bracketed a mildly positive November, as measured by the S&P 500 Index and the MSCI ACWI ex USA Index (Net). As interest rates and bond yields gained during October, stock markets struggled. Readings on consumer sentiment and business spending were mixed. Markets rebounded in November. The U.S. and China agreed to halt further increases in tariffs and engage in additional negotiations. While November returns were positive, the loss for the full fourth quarter was substantial for equity investors globally, with the S&P down 13.52% and the MSCI ACWI ex USA Index (Net) down 11.46%. December’s S&P 500 Index performance was the lowest since 1931. Globally, fixed income investments fared better than stocks during the last two months of the year as conflicting signals unsettled investors’ outlooks.

Equity investors confronted a number of changing conditions. In November’smid-term elections, control of the U.S. House of Representatives shifted from Republicans to Democrats, presaging potential partisan disputes. Progress on Brexit negotiations stalled in the UK. In China, the value of the yuan declined to low levels last seen in 2008. Oil prices continued to fall. The Fed increased the federal funds rate by 25 bps to a target range of between 2.25% and 2.50% in December 2018. A late-December dispute over spending and immigration policy resulted in a partial U.S. government shutdown that continued through the end of the period.

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

Economic signals overseas were mixed as the third quarter ended and the fourth quarter began.

For further information about your Fund, contact your investment professional, visit our website atwellsfargofunds.com, or call us directly at1-800-222-8222.

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

Investment objective

The Fund seeks high current income exempt from federal income tax, and capital appreciation.

Manager

Wells Fargo Funds Management, LLC

Subadviser

Wells Capital Management Incorporated

Portfolio managers

Dennis Derby

Lyle J. Fitterer, CFA^®‡, CPA

Terry J. Goode

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

		Including sales charge						Excluding sales charge						Expense ratios1 (%)
	Inception date	1 year		5 year		Since Inception		1 year		5 year		Since Inception		Gross		Net2
Class A (WHYMX)	1-31-2013		-1.17		5.27		4.14		3.49		6.25		4.95		1.07		0.80
Class C (WHYCX)	1-31-2013		1.72		5.46		4.17		2.72		5.46		4.17		1.82		1.55
Class R63	7-31-2018		–		–		–		3.78		6.52		5.22		0.69		0.50
Administrator Class (WHYDX)	1-31-2013		–		–		–		3.50		6.34		5.06		1.01		0.70
Institutional Class (WHYIX)	1-31-2013		–		–		–		3.75		6.52		5.21		0.74		0.55
Bloomberg Barclays Municipal Bond Index4	–		–		–		–		1.28		3.82		2.70		–		–
Bloomberg Barclays High Yield Municipal Bond Index5	–		–		–		–		4.76		6.53		4.28		–		–

Figures quoted represent past performance, which is no guarantee of future results, and do not reflect taxes that a shareholder may pay on fund distributions or the redemption of fund shares. Investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Performance shown without sales charges would be lower if sales charges were reflected. Current performance may be lower or higher than the performance data quoted, which assumes the reinvestment of dividends and capital gains. Currentmonth-end performance is available on the Fund’s website,wellsfargofunds.com.

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

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

Bond values fluctuate in response to the financial condition of individual issuers, general market and economic conditions, and changes in interest rates. Changes in market conditions and government policies may lead to periods of heightened volatility in the bond market and reduced liquidity for certain bonds held by the Fund. In general, when interest rates rise, bond values fall and investors may lose principal value. Interest rate changes and their impact on the Fund and its share price can be sudden and unpredictable. High-yield securities have a greater risk of default and tend to be more volatile than higher-rated debt securities. The use of derivatives may reduce returns and/or increase volatility. Certain investment strategies tend to increase the total risk of an investment (relative to the broader market). The Fund is exposed to municipal securities risk. Consult the Fund’s prospectus for additional information on these and other risks. A portion of the Fund’s income may be subject to federal, state, and/or local income taxes or the Alternative Minimum Tax (AMT). Any capital gains distributions may be taxable.

Please see footnotes on page 5.

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

Effective maturity distribution as of December 31, 2018⁶

Credit quality as of December 31, 2018⁷

^‡  CFA^® and Chartered Financial Analyst^® are trademarks owned by CFA Institute.

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

³  Historical performance shown for Class R6 shares prior to their inception reflects the performance of the Institutional Class shares, and includes the higher expenses applicable to Institutional Class shares.

⁴  The Bloomberg Barclays Municipal Bond Index is an unmanaged index composed of long-termtax-exempt bonds with a minimum credit rating of Baa. You cannot invest directly in an index.

⁵  The Bloomberg Barclays High Yield Municipal Bond Index measures thenon-investment-grade and nonrated U.S. dollar–denominated, fixed-rate,tax-exempt bond market within the 50 United States and four other qualifying regions (Washington, D.C.; Puerto Rico; Guam; and the Virgin Islands). The index allows state and local general obligation, revenue, insured, and prefunded bonds; however, historically the index has been composed of mostly revenue bonds. You cannot invest directly in an index.

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

⁷  The credit quality distribution of portfolio holdings reflected in the chart is based on ratings from Standard & Poor’s, Moody’s Investors Service, and/or Fitch Ratings Ltd. Credit quality ratings apply to the underlying holdings of the Fund and not to the Fund itself. The percentages of the Fund’s portfolio with the ratings depicted in the chart are calculated based on the total market value of fixed income securities held by the Fund. If a security was rated by all three rating agencies, the middle rating was utilized. If rated by two of three rating agencies, the lower rating was utilized, and if rated by one of the rating agencies, that rating was utilized. Standard & Poor’s rates the creditworthiness of bonds, ranging from AAA (highest) to D (lowest). Ratings from A to CCC may be modified by the addition of a plus (+) or minus (-) sign to show relative standing within the rating categories. Standard & Poor’s rates the creditworthiness of short-term notes fromSP-1 (highest) toSP-3 (lowest). Moody’s rates the creditworthiness of bonds, ranging from Aaa (highest) to C (lowest). Ratings Aa to B may be modified by the addition of a number 1 (highest) to 3 (lowest) to show relative standing within the ratings categories. Moody’s rates the creditworthiness of short-term U.S.tax-exempt municipal securities from MIG 1/VMIG 1 (highest) to SG (lowest). Fitch rates the creditworthiness of bonds, ranging from AAA (highest) to D (lowest). Credit quality distribution is subject to change and may have changed since the date specified.

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

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

The example is based on an investment of $1,000 invested at the beginning of thesix-month period and held for the entire period from July 1, 2018 to December 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 sales charges (loads) and contingent deferred sales charges. Therefore, the “Hypothetical” line of the table is useful in comparing ongoing costs only and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

	Beginning account value 7-1-2018		Ending account value 12-31-2018		Expenses paid during the period¹		Annualized net expense ratio
Class A
Actual	$	1,000.00	$	1,014.52	$	4.11		0.81	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.12	$	4.13		0.81	%
Class C
Actual	$	1,000.00	$	1,010.71	$	7.91		1.56	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,017.34	$	7.93		1.56	%
Class R6
Actual	$	1,000.00	$	1,016.02	$	2.49		0.49	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,022.74	$	2.50		0.49	%
Administrator Class
Actual	$	1,000.00	$	1,015.02	$	3.61		0.71	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.63	$	3.62		0.71	%
Institutional Class
Actual	$	1,000.00	$	1,015.79	$	2.85		0.56	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,022.38	$	2.85		0.56	%

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 theone-half-year period).

Portfolio of investments—December 31, 2018 (unaudited) Wells Fargo High Yield Municipal Bond Fund 7

Security name	Interest rate			Maturity date		Principal		Value
Municipal Obligations: 96.80%
Alabama: 0.51%
Water & Sewer Revenue: 0.51%
Jefferson County AL Warrants CAB Senior Lien Series B (AGM Insured) (z)		5.27	%		10-1-2027	$	920,000	$	655,334
Arizona: 3.40%
Education Revenue: 1.47%
Florence AZ IDA Legacy Traditional School Project Queen Creek & Casa Grande Campuses		5.00			7-1-2023		250,000		259,215
Phoenix AZ IDA Great Hearts Academies Project		5.20			7-1-2022		110,000		115,706
Phoenix AZ IDA Legacy Traditional Schools Project Series A 144A		6.50			7-1-2034		500,000		544,395
Pima County AZ IDA Desert Heights Charter School Facility Refunding Bond		6.00			5-1-2024		460,000		480,700
Pima County AZ IDA New Plan Learning Project Series A		8.13			7-1-2041		495,000		495,381
									1,895,397
Health Revenue: 1.93%
Maricopa County AZ IDA Senior Living Facility Series 2016 144A		6.00			1-1-2048		1,000,000		1,003,140
Tempe AZ IDA Mirabella at ASU Incorporated Project Series A 144A		6.13			10-1-2052		1,400,000		1,499,078
									2,502,218
									4,397,615
California: 5.11%
Education Revenue: 1.02%
California Municipal Finance Authority Charter School Albert Einstein Academies Project Series A		7.13			8-1-2043		250,000		274,590
California School Finance Authority View Park Elementary & Middle Schools Series A		5.88			10-1-2044		1,000,000		1,044,660
									1,319,250
Health Revenue: 0.81%
California Statewide CDA Loma Linda University Medical Center Refunding Bond Series A		5.25			12-1-2044		1,000,000		1,052,820
Industrial Development Revenue: 0.82%
California PCFA Solid Waste Disposal AMT Green Bond Calplant I Project 144A		8.00			7-1-2039		1,000,000		1,059,280
Miscellaneous Revenue: 1.66%
Anaheim CA PFA Convention Center Expansion Project Series A		5.00			5-1-2046		500,000		549,140
Compton CA PFA Refunding Bond 144A		4.50			9-1-2032		1,585,000		1,596,729
									2,145,869
Tax Revenue: 0.80%
Compton CA Community College RDA Project 2nd Lien Series A		4.75			8-1-2019		225,000		227,972
Compton CA Community College RDA Project 2nd Lien Series A		5.00			8-1-2020		100,000		103,700
San Francisco City & County CA RDA CAB Mission Bay South Redevelopment Project Subordinate Bond Series D 144A(z)		4.80			8-1-2026		1,000,000		701,190
									1,032,862
									6,610,081

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

8 Wells Fargo High Yield Municipal Bond Fund Portfolio of investments—December 31, 2018 (unaudited)

Security name	Interest rate			Maturity date		Principal		Value
Colorado: 8.74%
GO Revenue: 5.98%
Arapahoe County CO Copperleaf Metropolitan District #2		5.75	%		12-1-2045	$	500,000	$	519,875
Aurora CO Cornerstar Metropolitan District Refunding Bond Series A		5.25			12-1-2047		1,000,000		1,016,750
Brighton CO Crossing Metropolitan District #4 Series A		5.00			12-1-2047		1,220,000		1,229,868
Colorado Big Dry Creek Metropolitan District Refunding & Improvement Bonds Limited Tax Series A		5.75			12-1-2047		1,000,000		981,970
Colorado Copperleaf Metropolitan District #3 Series A		5.13			12-1-2047		1,200,000		1,157,028
Colorado Whispering Pines Metropolitan District #1 Series A		5.00			12-1-2047		1,000,000		979,000
Eaton CO Area Park & Recreation District		5.00			12-1-2023		810,000		858,592
Eaton CO Area Park & Recreation District		5.50			12-1-2030		475,000		502,479
Southlands CO Metropolitan District #1 Series A1		3.50			12-1-2027		500,000		489,850
									7,735,412
Miscellaneous Revenue: 0.77%
Denver CO City and County Certificate of Participation Series A2 (JPMorgan Chase & Company SPA) ø		1.70			12-1-2029		1,000,000		1,000,000
Tax Revenue: 1.57%
Colorado Centerra Metropolitan District #1 Special Revenue Refunding & Improvement Bonds 144A		5.00			12-1-2029		1,000,000		1,051,200
Pueblo CO Urban Renewal Authority Regional Tourism Act Project		5.00			6-1-2036		1,000,000		986,240
									2,037,440
Transportation Revenue: 0.42%
Colorado High Performance Transportation Enterprise U.S. 36 &I-25 Managed Lanes		5.75			1-1-2044		500,000		537,735
									11,310,587
Connecticut: 0.48%
GO Revenue: 0.48%
Hartford CT Series A		4.00			4-1-2032		325,000		332,504
Hartford CT Series A		5.00			4-1-2024		105,000		114,928
Hartford CT Series B		5.00			4-1-2033		50,000		53,196
Hartford CT Unrefunded Bond Series A		5.00			4-1-2029		45,000		47,675
Hartford CT Unrefunded Bond Series A		5.00			4-1-2030		70,000		74,005
									622,308
Delaware: 0.80%
Education Revenue: 0.80%
Delaware EDA Odyssey Charter School Incorporated Project Series A 144A		7.00			9-1-2045		1,000,000		1,037,750
District of Columbia: 0.35%
Tobacco Revenue: 0.35%
District of Columbia Tobacco Settlement Financing Corporation		6.75			5-15-2040		435,000		449,533
Florida: 1.58%
Education Revenue: 1.39%
Florida Development Finance Corporation Educational Facilities Renaissance Charter School Project Series A		8.50			6-15-2044		250,000		283,983
Florida Higher Educational Facilities Financing Authority Jacksonville University 144A		4.50			6-1-2033		500,000		508,430

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

Portfolio of investments—December 31, 2018 (unaudited) Wells Fargo High Yield Municipal Bond Fund 9

Security name	Interest rate			Maturity date		Principal		Value
Education Revenue(continued)
Miami-Dade County FL IDA YouthCo-Op Charter Schools Project Series A 144A		6.00	%		9-15-2045	$	1,000,000	$	1,007,790
									1,800,203
Health Revenue: 0.19%
Holmes County FL Hospital Corporation Doctors Memorial Hospital Project		6.00			11-1-2038		250,000		238,023
Georgia: 1.20%
Housing Revenue: 0.67%
Cobb County GA Development Authority Student Housing Kennesaw State University Foundation Project Refunding Bond Series C		5.00			7-15-2028		800,000		868,680
Transportation Revenue: 0.53%
Georgia Road & Tollway Authority CCABI-75 South Expressway Lanes Project Series B (z)144A		1.97			6-1-2049		1,000,000		677,590
									1,546,270
Guam: 0.23%
Airport Revenue: 0.23%
Guam International Airport Authority Series C		6.38			10-1-2043		260,000		295,685
Idaho: 0.19%
Education Revenue: 0.19%
Idaho Housing & Finance Association Legacy Public Charter School Incorporated Project Series A		6.25			5-1-2043		250,000		251,383
Illinois: 17.79%
Airport Revenue: 0.96%
Chicago IL Midway Airport Second Lien Refunding Bond Series A		5.00			1-1-2031		1,000,000		1,084,880
Chicago IL O’Hare International Airport Revenue Bond Series B		6.00			1-1-2041		150,000		162,288
									1,247,168
Education Revenue: 1.15%
Illinois Finance Authority Charter School Aid Intrinsic Schools Belmont School Project Series A 144A		5.25			12-1-2025		800,000		811,048
Illinois Finance Authority Charter Schools Refunding & Improvement Bonds Series A		6.88			10-1-2031		640,000		671,859
									1,482,907
GO Revenue: 7.86%
Chicago IL Board of Education CAB School Reform Series A (National Insured) (z)		4.81			12-1-2025		500,000		382,600
Chicago IL Neighborhoods Alive 21 Program Series B		5.50			1-1-2032		700,000		743,589
Chicago IL Series A		5.00			1-1-2033		310,000		315,599
Chicago IL Series A		6.00			1-1-2038		1,500,000		1,668,825
Cook County IL School District #144 Prairie Hills CAB Refunding Bond Series C (AGM Insured) (z)		4.73			12-1-2025		730,000		584,197
Cook County IL School District #148 Dolton Series E (AGM Insured)		4.75			12-1-2025		450,000		450,617
Illinois Series A (AGM Insured)		5.00			4-1-2024		500,000		542,460
Illinois		5.00			3-1-2033		2,000,000		2,039,660
Lake County IL Community Unit School District #187 North Chicago Series A (AGM Insured) (z)		4.65			1-1-2023		590,000		517,489

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

10 Wells Fargo High Yield Municipal Bond Fund Portfolio of investments—December 31, 2018 (unaudited)

Security name	Interest rate			Maturity date		Principal		Value
GO Revenue(continued)
Will County ILLincoln-Way Community High School District #210		4.00	%		1-1-2022	$	525,000	$	525,058
Will County ILLincoln-Way Community High School District #210 CAB Series B (z)		4.91			1-1-2033		1,000,000		522,690
Will County ILLincoln-Way Community High School District #210 CAB Series B (z)		5.20			1-1-2027		685,000		494,426
Will County ILLincoln-Way Community High School District #210 Series A		3.25			1-1-2030		450,000		378,900
Will County ILLincoln-Way Community High School District #210 Series A		5.00			1-1-2030		1,000,000		1,002,510
									10,168,620
Miscellaneous Revenue: 0.75%
Illinois		5.50			7-1-2025		250,000		269,980
Illinois Finance Authority Educational Facility Senior Rogers Park Montessori School		6.00			2-1-2034		680,000		703,970
									973,950
Tax Revenue: 7.07%
Chicago IL Certificate of Participation River Point Plaza Redevelopment Project Series A 144A		4.84			4-15-2028		2,000,000		1,966,100
Chicago IL Sales Tax		5.00			1-1-2032		1,500,000		1,739,235
Chicago IL Sales Tax Series A		5.00			1-1-2041		1,000,000		1,088,300
Chicago IL Transit Authority Sales Tax Receipts Bonds (AGM Insured)		5.00			12-1-2044		1,000,000		1,083,880
Hillside IL Tax Increment Refunding Bond		5.00			1-1-2030		1,345,000		1,351,160
Illinois Sports Facilities Authority State Tax Supported CAB (Ambac Insured) (z)		4.54			6-15-2025		1,140,000		889,166
Metropolitan Pier & Exposition Authority McCormick Place Expansion Project Series A		5.00			6-15-2057		1,000,000		1,023,160
									9,141,001
									23,013,646
Indiana: 0.90%
Health Revenue: 0.90%
Indiana Business Finance Authority Marquette Project Refunding Bond Series A		5.00			3-1-2030		1,100,000		1,161,325
Iowa: 1.33%
Health Revenue: 1.33%
Iowa Finance Authority Senior Housing Northcrest Incorporated Project Series A		5.00			3-1-2028		1,640,000		1,722,836
Kansas: 2.25%
Health Revenue: 0.79%
Kansas State Development Finance Authority Revenue Bond Series A		5.25			11-15-2033		1,000,000		1,023,920
Tax Revenue: 1.46%
Wyandotte County & Kansas City KS Special Obligation Refunding & Improvement Bonds Plaza Redevelopment Project		4.00			12-1-2028		805,000		794,599
Wyandotte County & Kansas City KS Special Obligation Vacation Village Project Area 4 Major Multi-Sport Athletic Complex Project CAB Series 2015 144A(z)		6.86			9-1-2034		2,965,000		1,085,961
									1,880,560
									2,904,480
Kentucky: 0.78%
Health Revenue: 0.78%
Kentucky EDFA Rosedale Green Project Refunding Bond		5.50			11-15-2035		1,000,000		1,014,760

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

Portfolio of investments—December 31, 2018 (unaudited) Wells Fargo High Yield Municipal Bond Fund 11

Security name	Interest rate			Maturity date		Principal		Value
Maryland: 0.78%
Education Revenue: 0.78%
Prince George’s County MD Chesapeake Lighthouse Charter School ProjectSeries 2016-A 144A		6.90	%		8-1-2041	$	1,000,000	$	1,013,960
Massachusetts: 1.04%
Health Revenue: 1.04%
Massachusetts Development Finance Agency Linden Ponds Incorporated Facility 144A		4.00			11-15-2023		1,335,000		1,344,946
Michigan: 7.69%
Education Revenue: 1.41%
Michigan Finance Authority Limited Obligation Public School Academy Cesar Chavez Academy Project		5.00			2-1-2022		155,000		156,240
Michigan Public Educational Facilities Authority Limited Obligation Bradford Academy Project 144A		6.50			9-1-2037		190,000		140,119
Michigan Public Educational Facilities Authority Limited Obligation Crescent Academy Project		7.00			10-1-2036		292,500		292,617
Oakland County MI Economic Development Corporation The Academy of The Sacred Heart Project Series A		6.50			12-15-2036		235,000		235,961
RBC Municipal Products Incorporated Trust SeriesE-127 (Royal Bank of Canada LOC, Royal Bank of Canada LIQ) 144Aø		1.74			7-1-2020		1,000,000		1,000,000
									1,824,937
GO Revenue: 1.12%
Detroit MI		5.00			4-1-2027		500,000		536,605
Wayne County MI Building Improvement Series A		6.75			11-1-2039		900,000		909,009
									1,445,614
Miscellaneous Revenue: 1.16%
Charyl Stockwell Academy Michigan Public School Refunding Bond		4.88			10-1-2023		330,000		328,528
Michigan Municipal Bond Authority Local Government Loan Program Series C (Ambac Insured)		4.75			5-1-2027		950,000		950,048
Michigan Public Educational Facilities Authority Chandler Park Academy		6.35			11-1-2028		225,000		225,286
									1,503,862
Tax Revenue: 2.29%
Detroit MI Downtown Development Authority CAB (z)		7.08			7-1-2020		285,000		266,429
Detroit MI Downtown Development Authority CAB (z)		7.34			7-1-2021		170,000		151,326
Detroit MI Downtown Development Authority CAB (z)		7.38			7-1-2025		580,000		411,116
Detroit MI Downtown Development Authority CAB (z)		8.81			7-1-2024		20,000		15,044
Michigan Finance Authority Local Government Loan Program City of Detroit Financial Recovery Refunding Bond Series F		4.50			10-1-2029		1,000,000		1,059,060
Michigan Finance Authority Local Government Loan Program Public Lighting Authority Refunding Bond Series B		5.00			7-1-2044		1,000,000		1,063,590
									2,966,565
Water & Sewer Revenue: 1.71%
Detroit MI Finance Authority Local Government Loan Program Refunding BondSeries D-4		5.00			7-1-2031		1,015,000		1,119,291

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

12 Wells Fargo High Yield Municipal Bond Fund Portfolio of investments—December 31, 2018 (unaudited)

Security name	Interest rate			Maturity date		Principal		Value
Water & Sewer Revenue(continued)
Detroit MI Finance Authority Local Government Loan Program Refunding BondSeries D-6 (National Insured)		5.00	%		7-1-2036	$	1,000,000	$	1,084,790
									2,204,081
									9,945,059
Minnesota: 1.03%
Education Revenue: 0.44%
Deephaven MN Charter School Eagle Ridge Academy Project Series A		4.40			7-1-2025		160,000		165,200
Deephaven MN Charter School Eagle Ridge Academy Project Series A		5.00			7-1-2030		195,000		202,550
Deephaven MN Charter School Eagle Ridge Academy Project Series A		5.25			7-1-2037		190,000		197,298
									565,048
Housing Revenue: 0.59%
Minneapolis MN Student Housing Riverton Community Housing Project Refunding Bond		4.70			8-1-2026		335,000		350,876
Minneapolis MN Student Housing Riverton Community Housing Project Refunding Bond		4.80			8-1-2027		400,000		419,104
									769,980
									1,335,028
Mississippi: 1.19%
Resource Recovery Revenue: 1.19%
Mississippi Business Finance Corporation AMT Waste Pro USA Incorporated Project 144A		5.00			2-1-2036		1,500,000		1,536,930
Missouri: 1.23%
Tax Revenue: 1.23%
Blue Springs MO Special Obligation Tax Refunding & Improvement Bonds Adams Farm Project Series A		4.00			6-1-2026		595,000		585,236
Richmond Heights MO Francis Place Redevelopment Project		5.63			11-1-2025		1,000,000		999,990
									1,585,226
Nevada: 1.23%
Industrial Development Revenue: 1.23%
Director of the State of Nevada Department of Business & Industry AMT Fulcrum Sierra Biofuels LLC Project 144A		6.25			12-15-2037		1,500,000		1,586,220
New Jersey: 4.12%
GO Revenue: 0.82%
Newark NJ Qualified General Improvement Series A		5.00			7-15-2027		1,000,000		1,062,890
Industrial Development Revenue: 0.21%
New Jersey EDA Continental Airlines Incorporated Project		5.25			9-15-2029		250,000		270,190
Miscellaneous Revenue: 0.98%
Essex County NJ Improvement Authority Lease Newark Project Series A		6.25			11-1-2030		200,000		208,164
New Jersey EDA School Facilities Construction Project Series NN (National Insured)		5.00			3-1-2030		1,000,000		1,056,780
									1,264,944

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

Portfolio of investments—December 31, 2018 (unaudited) Wells Fargo High Yield Municipal Bond Fund 13

Security name	Interest rate			Maturity date		Principal		Value
Transportation Revenue: 2.11%
New Jersey TTFA CAB Series A (z)		5.85	%		12-15-2031	$	1,000,000	$	572,040
New Jersey TTFA Series C		5.25			6-15-2032		2,000,000		2,163,060
									2,735,100
									5,333,124
New York: 6.88%
Education Revenue: 0.79%
Hempstead Town NY Local Development Corporation The Academy Charter School Project Series A		7.65			2-1-2044		1,000,000		1,022,130
GO Revenue: 1.53%
New York NY Subordinate Bond SeriesH-5 (Dexia Credit Local LOC) ø		1.79			3-1-2034		1,975,000		1,975,000
Tax Revenue: 3.09%
New York NY Transitional Finance Authority Recovery Subordinate Bond Series C3 (Dexia Credit Local SPA) ø		1.77			8-1-2031		4,000,000		4,000,000
Utilities Revenue: 1.47%
Green Island NY Power Authority Power System		6.00			12-15-2020		385,000		386,401
New York NY IDA Brooklyn Navy Yard Cogeneration Partners LP		5.65			10-1-2028		1,500,000		1,514,415
									1,900,816
									8,897,946
Ohio: 1.62%
Miscellaneous Revenue: 0.84%
Ohio Private Activity Bond AMT Portsmouth Bypass Project (AGM Insured)		5.00			12-31-2039		1,000,000		1,085,830
Resource Recovery Revenue: 0.78%
Ohio Air Quality Development Authority Ohio Valley Electric Corporation Series E		5.63			10-1-2019		1,000,000		1,014,530
									2,100,360
Oklahoma: 0.42%
Health Revenue: 0.42%
Oklahoma Development Finance Authority Oklahoma University Medicine Project Series B		5.50			8-15-2057		500,000		547,650
Oregon: 0.54%
Health Revenue: 0.54%
Multnomah County OR Hospital Facilities Authority Mirabella South Waterfront Project Refunding Bond Series A		5.00			10-1-2019		120,000		122,195
Polk County OR Hospital Facility Authority Revenue Bond Dallas Retirement Village Project Series2015-A		5.00			7-1-2025		550,000		580,217
									702,412
Pennsylvania: 5.31%
Education Revenue: 2.25%
Allegheny County PA IDA Propel Charter School Sunrise Project		5.25			7-15-2023		115,000		119,549
East Hempfield Township PA IDA Student Services Incorporated Student Housing Project of Millersville University		5.00			7-1-2029		500,000		531,285

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

14 Wells Fargo High Yield Municipal Bond Fund Portfolio of investments—December 31, 2018 (unaudited)

Security name	Interest rate			Maturity date		Principal		Value
Education Revenue(continued)
Montgomery County PA Higher Education & Health Authority Arcadia University		5.00	%		4-1-2026	$	1,655,000	$	1,853,004
Philadelphia PA IDA Tacony Academy Charter School Project		6.88			6-15-2033		375,000		404,280
									2,908,118
Health Revenue: 0.74%
Quakertown PA General Authority Health LifeQuest Obligated Group Refunding Bond Series C		5.30			7-1-2042		1,000,000		962,320
Miscellaneous Revenue: 2.32%
Chester County PA IDA Woodlands at Graystone Project Series 2018 144A		5.13			3-1-2048		1,050,000		1,051,827
Philadelphia PA State Public School Building Authority School District Project		5.00			4-1-2031		1,000,000		1,051,540
Scranton PA RDA Series A (Municipal Government Guaranty Insured)		5.00			11-15-2021		880,000		899,501
									3,002,868
									6,873,306
South Carolina: 2.06%
Education Revenue: 0.52%
South Carolina Jobs EDA York Preparatory Academy Project Series A		5.75			11-1-2023		130,000		133,422
South Carolina Jobs EDA York Preparatory Academy Project Series A		7.25			11-1-2045		500,000		535,110
									668,532
Health Revenue: 0.77%
South Carolina Jobs EDA Residential Facilities Revenue Episcopal Home Still Hopes Refunding Bond		5.00			4-1-2048		1,000,000		998,400
Resource Recovery Revenue: 0.77%
South Carolina Jobs EDA Solid Waste Disposal AMT RePower South Berkeley LLC Project Green Bond 144A		6.25			2-1-2045		1,000,000		1,001,820
									2,668,752
Tennessee: 1.13%
Tax Revenue: 1.13%
Bristol TN Industrial Development Board Sales Tax CAB Series B 144A(z)		6.09			12-1-2031		2,000,000		950,560
Nashville TN Metropolitan Development & Housing Agency Tax Increment Fifth & Broadway Development Project 144A		5.13			6-1-2036		500,000		516,760
									1,467,320
Texas: 8.59%
Education Revenue: 1.52%
Arlington TX Higher Education Finance Corporation Universal Academy Series A		7.00			3-1-2034		320,000		326,742
Pottsboro TX Higher Education Finance Corporation Imagine International Academy of North Texas Series A		3.88			8-15-2026		1,015,000		987,839
Pottsboro TX Higher Education Finance Corporation Imagine International Academy of North Texas Series A		5.00			8-15-2036		655,000		656,415
									1,970,996

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

Portfolio of investments—December 31, 2018 (unaudited) Wells Fargo High Yield Municipal Bond Fund 15

Security name	Interest rate			Maturity date		Principal		Value
Health Revenue: 1.40%
New Hope TX Cultural Education Facilities Finance Corporation Retirement Facility Presbyterian Village North Project Series 2018		5.00	%		10-1-2025	$	1,730,000	$	1,808,386
Miscellaneous Revenue: 1.84%
Hackberry TX Special Assessment Public Improvement District #3 Phase #13		6.00			9-1-2026		185,000		195,094
Lewisville TX Combination Contract Castle Hills Public Improvement Bonds District #5 144A		6.50			9-1-2034		905,000		914,113
Lewisville TX Combination Contract Castle Hills Public Improvement Bonds District #6 144A		6.00			9-1-2037		1,250,000		1,276,950
									2,386,157
Resource Recovery Revenue: 3.48%
Port Arthur TX Navigation District Jefferson County Environmental Facilities Motiva Enterprises LLC Project Series A ø		2.05			4-1-2040		4,500,000		4,500,000
Transportation Revenue: 0.18%
Texas Private Activity Bond Surface Transportation Corporation Project NTE Mobility Partners Segments LLC		7.00			12-31-2038		200,000		231,342
Utilities Revenue: 0.17%
Texas Gas Supply SA Energy Acquisition Public Facilities Corporation		5.50			8-1-2027		190,000		220,847
									11,117,728
Utah: 0.78%
Education Revenue: 0.78%
Utah Finance Authority Charter School Revenue Spectrum Academy Project 144A		5.00			4-15-2030		1,000,000		1,007,470
Virginia: 1.06%
Miscellaneous Revenue: 1.06%
Stafford County & Staunton VA IDA Community Services Boards League/Central Series B		6.50			8-1-2028		1,370,000		1,371,178
Washington: 0.84%
Health Revenue: 0.84%
Skagit County WA Public Hospital District #1 Skagit Valley Hospital Project		5.25			12-1-2025		250,000		260,555
Washington Housing Finance Commission Bayview Manor Homes Series A 144A		4.00			7-1-2026		825,000		824,472
									1,085,027
West Virginia: 1.19%
Tax Revenue: 1.19%
Monongalia County WV Commission Refunding & Improvement Bonds University Town Center Series A 144A		5.75			6-1-2043		1,500,000		1,533,000
Wisconsin: 2.43%
Education Revenue: 1.29%
Wisconsin PFA Charter School Voyager Funding Incorporated Project Series A		4.13			10-1-2024		230,000		234,586
Wisconsin PFA Coral Academy Science Las Vegas Series A		5.00			7-1-2024		435,000		454,301
Wisconsin PFA Research Triangle High School Project Series2015-A 144A		5.63			7-1-2045		1,000,000		982,300
									1,671,187

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

16 Wells Fargo High Yield Municipal Bond Fund Portfolio of investments—December 31, 2018 (unaudited)

Security name	Interest rate			Maturity date		Principal		Value
Health Revenue: 1.14%
Wisconsin HEFA Wisconsin IIllionis Senior Housing Incorporated Series2018-A		5.25	%		8-1-2048	$	1,500,000	$	1,471,230
									3,142,417
Total Municipal Obligations (Cost $122,189,399)									125,226,878
	Yield					Shares
Short-Term Investments: 1.92%
Investment Companies: 1.92%
Wells Fargo Municipal Cash Management Money Market Fund Institutional Class (l)(u)		1.65					2,489,611		2,490,607
Total Short-Term Investments (Cost $2,490,607)									2,490,607

Total investments in securities (Cost $124,680,006)	98.72	%		127,717,485
Other assets and liabilities, net	1.28			1,650,568
Total net assets	100.00	%	$	129,368,053

(z) Zero coupon security. The rate represents the purchase 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.

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

(u) The rate represents the7-day annualized yield at period end.

Abbreviations:

AGM Assured Guaranty Municipal

Ambac Ambac Financial Group Incorporated

AMT Alternative minimum tax

CAB Capital appreciation bond

CCAB Convertible capital appreciation bond

CDA Community Development Authority

EDA Economic Development Authority

EDFA Economic Development Finance Authority

GO General obligation

HEFA Health & Educational Facilities Authority

IDA Industrial Development Authority

LIQ Liquidity agreement

LOC Letter of credit

National National Public Finance Guarantee Corporation

PCFA Pollution Control Financing Authority

PFA Public Finance Authority

RDA Redevelopment Authority

SPA Standby purchase agreement

TTFA Transportation Trust Fund Authority

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

Portfolio of investments—December 31, 2018 (unaudited) Wells Fargo High Yield Municipal Bond Fund 17

Investments in Affiliates

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

	Shares, beginning of period		Shares purchased		Shares sold		Shares, end of period		Net realized gains (losses)			Net change in unrealized gains (losses)		Income from affiliated securities		Value, end of period		% of net assets
Short-Term Investments
Investment Companies
Wells Fargo Municipal Cash Management Money Market Fund Institutional Class		193,315		25,199,895		22,903,599		2,489,611	$	(91	)	$	0	$	4,739	$	2,490,607		1.92	%

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

18 Wells Fargo High Yield Municipal Bond Fund Statement of assets and liabilities—December 31, 2018 (unaudited)

Assets
Investments in unaffiliated securities, at value (cost $122,189,399)	$	125,226,878
Investments in affiliated securities, at value (cost $2,490,607)		2,490,607
Cash		373,283
Receivable for investments sold		50,000
Receivable for Fund shares sold		192,232
Receivable for interest		1,575,870
Prepaid expenses and other assets		67,771
Total assets		129,976,641
Liabilities
Payable for Fund shares redeemed		458,159
Dividends payable		41,210
Professional fees payable		31,370
Management fee payable		27,533
Administration fees payable		11,384
Distribution fee payable		5,924
Trustees’ fees and expenses payable		845
Accrued expenses and other liabilities		32,163
Total liabilities		608,588
Total net assets	$	129,368,053
NET ASSETS CONSIST OF
Paid-in capital	$	127,341,259
Total distributable earnings		2,026,794
Total net assets	$	129,368,053
COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE PER SHARE
Net assets – Class A	$	20,080,604
Shares outstanding – Class A1		1,902,447
Net asset value per share – Class A		$10.56
Maximum offering price per share – Class A2		$11.06
Net assets – Class C	$	9,298,169
Shares outstanding – Class C1		880,795
Net asset value per share – Class C		$10.56
Net assets – Class R6	$	24,882
Shares outstanding – Class R61		2,356
Net asset value per share – Class R6		$10.56
Net assets – Administrator Class	$	19,366,913
Shares outstanding – Administrator Class1		1,834,040
Net asset value per share – Administrator Class		$10.56
Net assets – Institutional Class	$	80,597,485
Shares outstanding – Institutional Class1		7,635,647
Net asset value per share – Institutional Class		$10.56

¹  The Fund has an unlimited number of authorized shares.

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

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

Statement of operations—six months ended December 31, 2018 (unaudited) Wells Fargo High Yield Municipal Bond Fund 19

Investment income
Interest	$	2,725,764
Income from affiliated securities		4,739
Total investment income		2,730,503
Expenses
Management fee		322,804
Administration fees
Class A		14,947
Class C		7,249
Class R6		3	1
Administrator Class		11,539
Institutional Class		31,311
Shareholder servicing fees
Class A		23,355
Class C		11,326
Administrator Class		28,634
Distribution fee
Class C		33,979
Custody and accounting fees		8,849
Professional fees		32,097
Registration fees		49,997
Shareholder report expenses		16,253
Trustees’ fees and expenses		10,619
Other fees and expenses		6,391
Total expenses		609,353
Less: Fee waivers and/or expense reimbursements		(163,070	)
Net expenses		446,283
Net investment income		2,284,220
REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS
Net realized gains (losses) on:
Unaffiliated securities		151,266
Affiliated securities		(91	)
Net realized gains on investments		151,175
Net change in unrealized gains (losses) on investments		(596,734	)
Net realized and unrealized gains (losses) on investments		(445,559	)
Net increase in net assets resulting from operations	$	1,838,661

¹  For the period from July 31, 2018 (commencement of operations) to December 31, 2018

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

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

	Six months ended December 31, 2018 (unaudited)						Year ended June 30, 20181
Operations
Net investment income				$	2,284,220					$	4,902,547
Net realized gains (losses) on investments					151,175						(18,833	)
Net change in unrealized gains (losses) on investments					(596,734	)					2,722,837
Net increase in net assets resulting from operations					1,838,661						7,606,551
Distributions to shareholders from net investment income and net realized gains
Class A					(320,624	)					(674,381	)
Class C					(120,853	)					(262,165	)
Class R6					(384	)2					N/A
Administrator Class					(401,603	)					(900,885	)
Institutional Class					(1,440,099	)					(3,065,373	)
Total distributions to shareholders					(2,283,563	)					(4,902,804	)
Capital share transactions		Shares						Shares
Proceeds from shares sold
Class A		424,040			4,479,737			523,458			5,507,807
Class C		163,409			1,724,571			243,083			2,563,225
Class R6		2,356	2		25,000	2		N/A			N/A
Administrator Class		294,580			3,122,025			823,935			8,665,436
Institutional Class		2,240,536			23,592,525			2,688,557			28,274,124
					32,943,858						45,010,592
Reinvestment of distributions
Class A		28,633			302,164			60,416			635,499
Class C		10,960			115,671			23,038			242,387
Administrator Class		31,164			329,150			72,339			761,162
Institutional Class		128,574			1,356,955			267,171			2,810,697
					2,103,940						4,449,745
Payment for shares redeemed
Class A		(163,730	)		(1,725,910	)		(928,806	)		(9,778,906	)
Class C		(133,528	)		(1,410,232	)		(265,986	)		(2,799,324	)
Administrator Class		(816,306	)		(8,591,435	)		(773,657	)		(8,148,860	)
Institutional Class		(1,868,766	)		(19,677,315	)		(2,956,600	)		(31,109,401	)
					(31,404,892	)					(51,836,491	)
Net increase (decrease) in net assets resulting from capital share transactions					3,642,906						(2,376,154	)
Total increase in net assets					3,198,004						327,593
Net assets
Beginning of period					126,170,049						125,842,456
End of period				$	129,368,053					$	126,170,049

¹ Effective for all filings after November 4, 2018, the SEC prospectively eliminated the requirement to parenthetically disclose undistributed net investment income at the end of the period and permitted the aggregation of distributions, with the exception of tax basis returns of capital. Overdistributed net investment income at June 30, 2018 was $5,672. The disaggregated distributions information for the year ended June 30, 2018 is included in Note 7,Distributions to Shareholders, in the notes to the financial statements.

²  For the period from July 31, 2018 (commencement of operations) to December 31, 2018

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

Financial highlights Wells Fargo High Yield Municipal Bond Fund 21

(For a share outstanding throughout each period)

	Six months ended December 31, 2018 (unaudited)			Year ended June 30
CLASS A				2018			2017			2016			2015			2014
Net asset value, beginning of period		$10.59			$10.37			$10.91			$10.34			$10.25			$9.52
Net investment income		0.18			0.40			0.37			0.35			0.34			0.40
Net realized and unrealized gains (losses) on investments		(0.03	)		0.22			(0.46	)		0.60			0.18			0.75
Total from investment operations		0.15			0.62			(0.09	)		0.95			0.52			1.15
Distributions to shareholders from
Net investment income		(0.18	)		(0.40	)		(0.37	)		(0.35	)		(0.34	)		(0.40	)
Net realized gains		0.00			0.00			(0.08	)		(0.03	)		(0.09	)		(0.02	)
Total distributions to shareholders		(0.18	)		(0.40	)		(0.45	)		(0.38	)		(0.43	)		(0.42	)
Net asset value, end of period		$10.56			$10.59			$10.37			$10.91			$10.34			$10.25
Total return1		1.45	%		6.11	%		(0.76	)%		9.44	%		5.06	%		12.41	%
Ratios to average net assets (annualized)
Gross expenses		1.10	%		1.07	%		1.06	%		1.07	%		1.07	%		1.90	%
Net expenses		0.81	%		0.85	%		0.85	%		0.85	%		0.85	%		0.85	%
Net investment income		3.43	%		3.82	%		3.51	%		3.28	%		3.26	%		3.98	%
Supplemental data
Portfolio turnover rate		11	%		50	%		82	%		61	%		62	%		65	%
Net assets, end of period (000s omitted)		$20,081			$17,086			$20,305			$38,018			$21,100			$4,022

¹  Total return calculations do not include any sales charges. Returns for periods of less than one year are not annualized.

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

22 Wells Fargo High Yield Municipal Bond Fund Financial highlights

(For a share outstanding throughout each period)

	Six months ended December 31, 2018 (unaudited)			Year ended June 30
CLASS C				2018			2017			2016			2015			2014
Net asset value, beginning of period		$10.59			$10.37			$10.91			$10.34			$10.25			$9.52
Net investment income		0.14			0.32			0.29			0.27			0.26			0.33
Net realized and unrealized gains (losses) on investments		(0.03	)		0.22			(0.46	)		0.60			0.18			0.75
Total from investment operations		0.11			0.54			(0.17	)		0.87			0.44			1.08
Distributions to shareholders from
Net investment income		(0.14	)		(0.32	)		(0.29	)		(0.27	)		(0.26	)		(0.33	)
Net realized gains		0.00			0.00			(0.08	)		(0.03	)		(0.09	)		(0.02	)
Total distributions to shareholders		(0.14	)		(0.32	)		(0.37	)		(0.30	)		(0.35	)		(0.35	)
Net asset value, end of period		$10.56			$10.59			$10.37			$10.91			$10.34			$10.25
Total return1		1.07	%		5.32	%		(1.50	)%		8.62	%		4.28	%		11.58	%
Ratios to average net assets (annualized)
Gross expenses		1.85	%		1.82	%		1.81	%		1.82	%		1.82	%		2.58	%
Net expenses		1.56	%		1.60	%		1.60	%		1.60	%		1.60	%		1.60	%
Net investment income		2.67	%		3.09	%		2.79	%		2.49	%		2.50	%		3.15	%
Supplemental data
Portfolio turnover rate		11	%		50	%		82	%		61	%		62	%		65	%
Net assets, end of period (000s omitted)		$9,298			$8,896			$8,709			$10,573			$4,522			$2,323

¹  Total return calculations do not include any sales charges. Returns for periods of less than one year are not annualized.

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

Financial highlights Wells Fargo High Yield Municipal Bond Fund 23

(For a share outstanding throughout the period)

CLASS R6	Period ended December 31, 20181 (unaudited)
Net asset value, beginning of period		$10.61
Net investment income		0.17
Net realized and unrealized gains (losses) on investments		(0.06	)
Total from investment operations		0.11
Distributions to shareholders from
Net investment income		(0.16	)
Net asset value, end of period		$10.56
Total return2		1.08	%
Ratios to average net assets (annualized)
Gross expenses		0.72	%
Net expenses		0.49	%
Net investment income		3.69	%
Supplemental data
Portfolio turnover rate		11	%
Net assets, end of period (000s omitted)		$25

¹  For the period from July, 31, 2018 (commencement of class operations) to December 31, 2018

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 High Yield Municipal Bond Fund Financial highlights

(For a share outstanding throughout each period)

	Six months ended December 31, 2018 (unaudited)			Year ended June 30
ADMINISTRATOR CLASS				2018			2017			2016			2015			2014
Net asset value, beginning of period		$10.59			$10.37			$10.92			$10.34			$10.26			$9.52
Net investment income		0.19			0.41			0.38			0.36			0.35			0.41
Net realized and unrealized gains (losses) on investments		(0.03	)		0.22			(0.47	)		0.61			0.17			0.76
Total from investment operations		0.16			0.63			(0.09	)		0.97			0.52			1.17
Distributions to shareholders from
Net investment income		(0.19	)		(0.41	)		(0.38	)		(0.36	)		(0.35	)		(0.41	)
Net realized gains		0.00			0.00			(0.08	)		(0.03	)		(0.09	)		(0.02	)
Total distributions to shareholders		(0.19	)		(0.41	)		(0.46	)		(0.39	)		(0.44	)		(0.43	)
Net asset value, end of period		$10.56			$10.59			$10.37			$10.92			$10.34			$10.26
Total return1		1.50	%		6.21	%		(0.75	)%		9.65	%		5.07	%		12.63	%
Ratios to average net assets (annualized)
Gross expenses		1.04	%		1.01	%		1.00	%		1.00	%		1.00	%		1.80	%
Net expenses		0.71	%		0.75	%		0.75	%		0.75	%		0.75	%		0.75	%
Net investment income		3.49	%		3.93	%		3.60	%		3.39	%		3.35	%		4.14	%
Supplemental data
Portfolio turnover rate		11	%		50	%		82	%		61	%		62	%		65	%
Net assets, end of period (000s omitted)		$19,367			$24,627			$22,839			$25,179			$13,768			$3,282

¹  Returns for periods of less than one year are not annualized.

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

Financial highlights Wells Fargo High Yield Municipal Bond Fund 25

(For a share outstanding throughout each period)

	Six months ended December 31, 2018 (unaudited)			Year ended June 30
INSTITUTIONAL CLASS				2018			2017			2016			2015			2014
Net asset value, beginning of period		$10.59			$10.37			$10.91			$10.34			$10.25			$9.52
Net investment income		0.20			0.43			0.40			0.38			0.37			0.42
Net realized and unrealized gains (losses) on investments		(0.03	)		0.22			(0.46	)		0.60			0.18			0.75
Total from investment operations		0.17			0.65			(0.06	)		0.98			0.55			1.17
Distributions to shareholders from
Net investment income		(0.20	)		(0.43	)		(0.40	)		(0.38	)		(0.37	)		(0.42	)
Net realized gains		0.00			0.00			(0.08	)		(0.03	)		(0.09	)		(0.02	)
Total distributions to shareholders		(0.20	)		(0.43	)		(0.48	)		(0.41	)		(0.46	)		(0.44	)
Net asset value, end of period		$10.56			$10.59			$10.37			$10.91			$10.34			$10.25
Total return1		1.58	%		6.37	%		(0.51	)%		9.71	%		5.33	%		12.70	%
Ratios to average net assets (annualized)
Gross expenses		0.77	%		0.74	%		0.73	%		0.74	%		0.74	%		1.53	%
Net expenses		0.56	%		0.60	%		0.60	%		0.60	%		0.60	%		0.60	%
Net investment income		3.68	%		4.09	%		3.82	%		3.58	%		3.51	%		4.26	%
Supplemental data
Portfolio turnover rate		11	%		50	%		82	%		61	%		62	%		65	%
Net assets, end of period (000s omitted)		$80,597			$75,560			$73,989			$67,867			$76,118			$31,105

¹  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 High Yield Municipal Bond Fund Notes to financial statements (unaudited)

1. ORGANIZATION

Wells Fargo Funds Trust (the “Trust”), a Delaware statutory trust organized on March 10, 1999, is anopen-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(“FASB”) Accounting Standards Codification Topic 946, Financial Services – Investment Companies. These financial statements report on the Wells Fargo High Yield Municipal Bond Fund (the “Fund”) which is a diversified series of the Trust.

2. SIGNIFICANT ACCOUNTING POLICIES

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

Securities valuation

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

Debt securities are valued at the evaluated bid price provided by an independent pricing service (e.g. taking into account various factors, including yields, maturities, or credit ratings) or, if a reliable price is not available, the quoted bid price from an independent broker-dealer.

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

Investments which are not valued using any of the methods discussed above are valued at their fair value, as determined in good faith by the Board of Trustees of the Fund. The Board of Trustees has established a Valuation Committee comprised of the Trustees and has delegated to it the authority to take any actions regarding the valuation of portfolio securities that the Valuation Committee deems necessary or appropriate, including determining the fair value of portfolio securities, unless the determination has been delegated to the Wells Fargo Asset Management Pricing Committee at Wells Fargo Funds Management, LLC (“Funds Management”). The Board of Trustees retains the authority to make or ratify any valuation decisions or approve any changes to the Valuation Procedures as it deems appropriate. On a quarterly basis, the Board of Trustees receives reports on any valuation actions taken by the Valuation Committee or the Wells Fargo Asset Management Pricing Committee which may include items for ratification.

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 aremarked-to-market daily and the Fund begins earning interest on the settlement date. Losses may arise due to changes in the market value of the underlying securities or if the counterparty does not perform under the contract.

Security transactions and income recognition

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

Interest income is accrued daily and bond discounts are accreted and premiums are amortized daily.To the extent debt obligations are placed onnon-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 fromnon-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.

Notes to financial statements (unaudited) Wells Fargo High Yield Municipal Bond Fund 27

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 December 31, 2018, the aggregate cost of all investments for federal income tax purposes was $124,680,006 and the unrealized gains (losses) consisted of:

Gross unrealized gains	$	3,448,542
Gross unrealized losses		(411,063	)
Net unrealized gains	$	3,037,479

As of June 30, 2018, the Fund had capital loss carryforwards which consisted of $486,729 in short-term capital losses.

As of June 30, 2018, the Fund had current year deferred post-October capital losses consisting of $670,116 in netlong-term losses which was recognized on the first day of the current fiscal year.

Class allocations

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

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 December 31, 2018:

	Quoted prices (Level 1)		Other significant observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total
Assets
Investments in:
Municipal obligations	$	0	$	125,226,878	$	0	$	125,226,878
Short-term investments
Investment companies		2,490,607		0		0		2,490,607
Total assets	$	2,490,607	$	125,226,878	$	0	$	127,717,485

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

Additional sector, industry or geographic detail is included in the Portfolio of Investments.

At December 31, 2018, the Fund did not have any transfers into/out of 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 0.50% and declining to 0.38% as the average daily net assets of the Fund increase. For the six months ended December 31, 2018, the management fee was equivalent to an annual rate of 0.50% of the Fund’s average daily net assets.

Funds Management has retained the services of a subadviser to provide daily portfolio management to the Fund. The fee for subadvisory services is borne by Funds Management. WellsCap is the subadviser to the Fund and is entitled to receive a fee from Funds Management at an annual rate starting at 0.35% and declining to 0.20% as the average daily net assets of the Fund increase.

Administration fees

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

	Class-level administration fee
Class A, Class C		0.16	%
Class R6		0.03
Administrator Class		0.10
Institutional Class		0.08

Funds Management has contractually waived and/or reimbursed management and administration fees to the extent necessary to maintain certain net operating expense ratios for the Fund. 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 October 31, 2019 to waive fees and/or reimburse expenses to the extent necessary to cap the Fund’s expenses at 0.80% for Class A shares, 1.55% for Class C shares, 0.50% for Class R6 shares, 0.70% for Administrator shares, and 0.55% for Institutional Class shares. After this time, the cap may be increased or the commitment to maintain the cap may be terminated only with the approval of the Board of Trustees.Prior to August 1, 2018, the Fund’s expenses were capped at 0.85% for Class A shares, 1.60% for Class C shares, 0.75% for Administrator Class shares and 0.60% for Institutional Class shares.

Distribution fee

The Trust has adopted a distribution plan for Class C shares of the Fund pursuant to Rule12b-1 under the 1940 Act. A distribution fee is charged to Class C shares and paid to Wells Fargo Funds Distributor, LLC (“Funds Distributor”), the principal underwriter, at an annual rate of 0.75% of the average daily net assets of Class C shares.

In addition, Funds Distributor is entitled to receive thefront-end sales charge from the purchase of Class A shares and a contingent deferred sales charge on the redemption of certain Class A shares. Funds Distributor is also entitled to receive the contingent deferred sales charges from redemptions of Class C shares. For the six months ended December 31, 2018, Funds Distributor received $1,443 from the sale of Class A shares. No contingent deferred sales charges were incurred by Class A and Class C shares for the six months ended December 31, 2018.

Notes to financial statements (unaudited) Wells Fargo High Yield Municipal Bond Fund 29

Shareholder servicing fees

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

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

Interfund transactions

The Fund may purchase or sell portfolio investment securities to certain other Wells Fargo affiliates pursuant to Rule17a-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 $18,550,000 and $17,600,000 in interfund purchases and sales, respectively, during the six months ended December 31, 2018.

5. INVESTMENT PORTFOLIO TRANSACTIONS

Purchases and sales of investments, excluding U.S. government obligations (if any) and short-term securities, for the six months ended December 31, 2018 were $14,066,321 and $12,002,690, respectively.

6. BANK BORROWINGS

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

For the six months ended December 31, 2018, there were no borrowings by the Fund under the agreement.

7. DISTRIBUTIONS TO SHAREHOLDERS

Effective for all filings after November 4, 2018, the Securities and Exchange Commission eliminated the requirement to separately state the components of distributions to shareholders under U.S. generally accepted accounting principles. The amounts of distributions to shareholders for the year ended June 30, 2018 were as follows:

	Net investment income
Class A		$674,381
Class C		262,165
Administrator Class		900,885
Institutional Class		3,065,373

8. INDEMNIFICATION

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

9. NEW ACCOUNTING PRONOUNCEMENT

In August 2018, FASB issued Accounting Standards Update (“ASU”)No. 2018-13, Fair Value Measurement (Topic 820)Disclosure Framework—Changes to the Disclosure Requirements for Fair Value Measurement. ASU2018-13 updates the

disclosure requirements for fair value measurements by modifying or removing certain disclosures and adding certain new disclosures. The amendments are effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019. Early adoption is permitted. Management has adopted the removal and modification of disclosures early, as permitted, and will adopt the additional new disclosures at the effective date.

30 Wells Fargo High Yield Municipal Bond Fund Other information (unaudited)

PROXY VOTING INFORMATION

A description of the policies and procedures used to determine how to vote proxies relating to portfolio securities is available, upon request, by calling1-800-222-8222, visiting our website atwellsfargofunds.com, or visiting the SEC website at sec.gov. Information regarding how the Fund voted proxies relating to portfolio securities during the most recent12-month period ended June 30 is available on the Fund’s website atwellsfargofunds.comor by visiting the SEC website at sec.gov.

PORTFOLIO HOLDINGS INFORMATION

The complete portfolio holdings for the Fund are publicly available monthly on the Fund’s website (wellsfargofunds.com), on aone-month delayed basis. In addition, top ten holdings information (excluding derivative positions) for the Fund is publicly available on the Fund’s website on a monthly,seven-day or more delayed basis. The Fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on FormN-Q, which is available by visiting the SEC website at sec.gov. In addition, the Fund’s FormN-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 calling1-800-SEC-0330.

Other information (unaudited) Wells Fargo High Yield Municipal Bond Fund 31

BOARD OF TRUSTEES AND OFFICERS

Each of the Trustees and Officers¹ listed in the table below acts in identical capacities for each fund in the Wells Fargo family of funds, which consists of 152 mutual funds comprising the Wells Fargo Funds Trust, Wells Fargo Variable Trust, Wells Fargo Master Trust and fourclosed-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 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.	N/A
Jane A. Freeman (Born 1953)	Trustee, since 2015; Chair Liaison, since 2018	Retired. From 2012 to 2014 and 1999 to 2008, Chief Financial Officer of Scientific Learning Corporation. From 2008 to 2012, Ms. Freeman provided consulting services related to strategic business projects. Prior to 1999, Portfolio Manager at Rockefeller & Co. and Scudder, Stevens & Clark. Board member of the Harding Loevner Funds from 1996 to 2014, serving as both Lead Independent Director and chair of the Audit Committee. Board member of the Russell Exchange Traded Funds Trust from 2011 to 2012 and the chair of the Audit Committee. Ms. Freeman is a Board Member of The Ruth Bancroft Garden(non-profit organization). She is also an inactive Chartered Financial Analyst.	N/A
Isaiah Harris, Jr.3 (Born 1952)	Trustee, since 2009; Audit Committee Chairman, since 2019	Retired. Chairman of the Board of CIGNA Corporation since 2009, and Director since 2005. From 2003 to 2011, Director of Deluxe Corporation. Prior thereto, President and CEO of BellSouth Advertising and Publishing Corp. from 2005 to 2007, President and CEO of BellSouth Enterprises from 2004 to 2005 and President of BellSouth Consumer Services from 2000 to 2003. Emeritus member of the Iowa State University Foundation Board of Governors. Emeritus Member of the Advisory Board of Iowa State University School of Business. Advisory Board Member, Palm Harbor Academy (private school). Advisory Board Member, Child Evangelism Fellowship(non-profit). Mr. Harris is a certified public accountant (inactive status).	CIGNA Corporation
Judith M. Johnson3 (Born 1949)	Trustee, since 2008; Audit Committee Chairman, from 2009 to 2018	Retired. Prior thereto, Chief Executive Officer and Chief Investment Officer of Minneapolis Employees Retirement Fund from 1996 to 2008. Ms. Johnson is an attorney, certified public accountant and a certified managerial accountant.	N/A
David F. Larcker (Born 1950)	Trustee, since 2009	James Irvin Miller Professor of Accounting at the Graduate School of Business, Stanford University, Director of the Corporate Governance Research Initiative and Senior Faculty of The Rock Center for Corporate Governance since 2006. From 2005 to 2008, Professor of Accounting at the Graduate School of Business, Stanford University. Prior thereto, Ernst & Young Professor of Accounting at The Wharton School, University of Pennsylvania from 1985 to 2005.	N/A

32 Wells Fargo High Yield Municipal Bond Fund Other information (unaudited)

Name and year of birth	Position held and length of service*	Principal occupations during past five years or longer	Current other public company or investment company directorships
Olivia S. Mitchell (Born 1953)	Trustee, since 2006; Nominating and 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.	N/A
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, anon-profit organization, since 2007. Member of the Board of Trustees of NorthStar Education Finance, Inc., anon-profit organization, since 2007.	N/A
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, anon-profit organization, from 2013 to 2015. Board member of the Russell Exchange Traded Fund Trust from 2011 to 2012. Director of Barclays Global Investors Holdings Deutschland GmbH from 2006 to 2009. Mr. Polisson is an attorney and has a retired status with the Massachusetts and District of Columbia Bar Associations.	N/A
Michael S. Scofield4 (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.	N/A
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, Governance 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 from 2010 to 2011, Chairman of the Board from 2009 to 2011 and Board Director from 2003 to 2015. Vice President, Leadership and Community Engagement, Bush Foundation, Saint Paul, Minnesota (a private foundation) from 2009 to 2011. Executive Vice President and Chief Financial Officer, Minnesota Sports and Entertainment from 2004 to 2009 and Senior Vice President from 2002 to 2004. Commissioner of Finance, State of Minnesota, from 1999 to 2002. Currently the Board Chair of the Minnesota Wild Foundation since 2010.	N/A

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

Other information (unaudited) Wells Fargo High Yield Municipal Bond Fund 33

Officers

Name and year of birth	Position held and length of service	Principal occupations during past five years or longer
Andrew Owen (Born 1960)	President, since 2017	Executive Vice President of Wells Fargo & Company and Head of Affiliated Managers, Wells Fargo Asset Management, since 2014. In addition, Mr. Owen is currently President, Chief Executive Officer and Director of Wells Fargo Funds Management, LLC since 2017. Prior thereto, Executive Vice President responsible for marketing, investments and product development for Wells Fargo Funds Management, LLC, from 2009 to 2014.
Nancy Wiser1 (Born 1967)	Treasurer, since 2012	Executive Vice President of Wells Fargo Funds Management, LLC since 2011. Chief Operating Officer and Chief Compliance Officer at LightBox Capital Management LLC, from 2008 to 2011.
Alexander Kymn (Born 1973)	Secretary, since 2018; Chief Legal Officer, since 2018	Senior Company Counsel of Wells Fargo Bank, N.A. since 2018 (previously Senior Counsel from 2007 to 2018). Vice President of Wells Fargo Funds Management, LLC from 2008 to 2014.
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 76 funds in the Fund Complex. Jeremy DePalma acts as Treasurer of 76 funds and Assistant Treasurer of 76 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 calling1-800-222-8222 or by visiting the website atwellsfargofunds.com.

³  Mr. Harris replaced Ms. Johnson as the Chairman of the Audit Committee effective January 1, 2019.

⁴  Mr. Scofield retired on December 31, 2018.

34 Wells Fargo High Yield Municipal Bond Fund Appendix A (unaudited)

SALES CHARGE REDUCTIONS AND WAIVERS FOR CERTAIN INTERMEDIARIES

Raymond James & Associates, Inc., Raymond James Financial Services & Raymond James affiliates (“Raymond James”)

Effective on or about March 1, 2019, shareholders purchasing Fund shares through a Raymond James platform or account will be eligible only for the following load waivers(front-end sales charge waivers and contingent deferred, orback-end, sales charge waivers) and discounts, which may differ from those disclosed elsewhere in the Fund’s Prospectus or SAI.

Front-end Sales Load Waivers on Class A shares Available at Raymond James

• Shares purchased in an investment advisory program.

• Shares purchased through reinvestment of capital gains distributions and dividend reinvestment when purchasing shares of the same fund (but not any other fund within the fund family).

• Employees and registered representatives of Raymond James or its affiliates and their family members as designated by Raymond James.

• Shares purchased from the proceeds of redemptions within the same fund family, provided (1) the repurchase occurs within 90 days following the redemption, (2) the redemption and purchase occur in the same account, and (3) redeemed shares were subject to afront-end or deferred sales load (known as Rights of Reinstatement).

• A shareholder in the fund’s Class C shares will have their shares automatically exchanged at net asset value to Class A shares (or the appropriate share class) of the fund if the shares are no longer subject to a CDSC and the exchange is in line with the policies and procedures of Raymond James.

CDSC Waivers on Class A and C Shares Available at Raymond James

• Death or disability of the shareholder.

• Shares sold as part of a systematic withdrawal plan as described in the Fund’s Prospectus.

• Return of excess contributions from an IRA Account.

• Shares sold as part of a required minimum distribution for IRA and retirement accounts due to the shareholder reaching age 70½ as described in the Fund’s prospectus.

• Shares sold to pay Raymond James fees but only if the transaction is initiated by Raymond James.

• Shares acquired through a right of reinstatement.

Front-end Load Discounts Available at Raymond James: Breakpoints, and/or Rights of Accumulation

• Breakpoints as described in the Fund’s Prospectus.

• Rights of accumulation which entitle shareholders to breakpoint discounts will be automatically calculated based on the aggregated holding of fund family assets held by accounts within the purchaser’s household at Raymond James. Eligible fund family assets not held at Raymond James may be included in the rights of accumulation calculation only if the shareholder notifies his or her financial advisor about such assets.

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For more information

More information about Wells Fargo Funds is available free upon request. To obtain literature, please write, 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, call1-800-222-8222 or visit the Fund’s website atwellsfargofunds.com. Read the prospectus carefully before you invest or send money.

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

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

INVESTMENT PRODUCTS: NOT FDIC INSURED  ◾  NO BANK GUARANTEE  ◾   MAY LOSE VALUE

© 2019 Wells Fargo Funds Management, LLC. All rights reserved.

320445 02-19 SA264/SAR264 12-18

Semi-Annual Report

December 31, 2018

Wells Fargo Intermediate Tax/AMT-Free Fund

Beginning on January 1, 2021, as permitted by new regulations adopted by the Securities and Exchange Commission, paper copies of the Wells Fargo Funds’ annual and semi-annual shareholder reports issued after this date will no longer be sent by mail, unless you specifically request paper copies of the reports. Instead, the reports will be made available on the Funds’ website, and you will be notified by mail each time a report is posted and provided with a website address to access the report.

If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from the Fund electronically at any time by contacting your financial intermediary (such as a broker-dealer or bank) or, if you are a direct investor, by calling 1-800-222-8222 or by enrolling at wellsfargo.com/advantagedelivery.

You may elect to receive all future reports in paper free of charge. If you invest through a financial intermediary, you can contact your financial intermediary to request that you continue to receive paper copies of your shareholder reports; if you invest directly with the Fund, you can call 1-800-222-8222. Your election to receive reports in paper will apply to all Wells Fargo Funds held in your account with your financial intermediary or, if you are a direct investor, to all Wells Fargo Funds that you hold.

Reduce clutter. Save trees.

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

Contents

Letter to shareholders	2
Performance highlights	4
Fund expenses	6
Portfolio of investments	7
Financial statements
Statement of assets and liabilities	41
Statement of operations	42
Statement of changes in net assets	43
Financial highlights	44
Notes to financial statements	49
Other information	53
Appendix A	57

The views expressed and any forward-looking statements are as of December 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.

INVESTMENT PRODUCTS: NOT FDIC INSURED  ◾  NO BANK GUARANTEE  ◾   MAY LOSE VALUE

2 Wells Fargo Intermediate Tax/AMT-Free Fund Letter to shareholders (unaudited)

Andrew Owen

President

Wells Fargo Funds

Global trade tensions escalated during the third quarter of 2018.

Dear Shareholder:

We are pleased to offer you this semi-annual report for the Wells Fargo IntermediateTax/AMT-Free Fund for thesix-month period that ended December 31, 2018. During the reporting period, the U.S. generated encouraging economic and business data that was offset by less positive and more inconsistent data from international markets. Investment returns were generally negative as geopolitical tensions and uncertainty tended to distract investors from more favorable underlying trends.

For the period, U.S. stocks, as measured by the S&P 500 Index,¹ fell 6.85% and international stocks, as measured by the MSCI ACWI ex USA Index (Net),² declined 10.84%. Based on the MSCI EM Index (Net),³ emerging market stocks lost 8.48%. For bond investors, the Bloomberg Barclays U.S. Aggregate Bond Index⁴ gained 1.65% while the Bloomberg Barclays Global Aggregateex-USD Index⁵ fell 0.84%. The Bloomberg Barclays Municipal Bond Index⁶ gained 1.53% while the ICE BofAML U.S. High Yield Index⁷ declined 2.34%.

Global trade tensions prompted investor concerns.

Global trade tensions escalated during the third quarter of 2018. The U.S. imposed tariffs on a wide range of products manufactured overseas. Foreign governments retaliated with tariffs that punished U.S. commodity producers and product manufacturers. Investors wondered about next steps as divergence in global economic policies and growth prospects widened.

During the summer months, the U.S. economy strengthened. Revised second-quarter gross domestic product (GDP) growth data released in August showed the U.S. economy growing at a 4.2% rate. The unemployment rate in the U.S. was 3.7% by the end of September, according to the U.S. Department of Labor. Wages showed more consistent growth, and consumer confidence remained strong. Several U.S. equity market indices reached records during August, with the S&P 500 Index gaining 7.71% for the three-month period that ended September 30, 2018. In contrast, the MSCI ACWI ex USA Index (Net) gained 0.71% while the MSCI EM Index (Net) declined 1.09% during the same three-month period.

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- andmid-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 Aggregateex-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-termtax-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.

Letter to shareholders (unaudited) Wells Fargo Intermediate Tax/AMT-Free Fund 3

Economic signals overseas were mixed as the third quarter ended and the fourth quarter began. In particular, signs of slowing economic growth in China created uncertainty for investors. Amid rising trade tensions, the People’s Bank of China cut reserve requirement ratios and accelerated infrastructure spending and tax cuts for business enterprises and individuals. Nevertheless, a strengthening U.S. dollar and trade tensions remained headwinds for investors overseas.

Equity markets were volatile during the fourth quarter.

Negative stock market performance during October and December bracketed a mildly positive November, as measured by the S&P 500 Index and the MSCI ACWI ex USA Index (Net). As interest rates and bond yields gained during October, stock markets struggled. Readings on consumer sentiment and business spending were mixed. Markets rebounded in November. The U.S. and China agreed to halt further increases in tariffs and engage in additional negotiations. While November returns were positive, the loss for the full fourth quarter was substantial for equity investors globally, with the S&P down 13.52% and the MSCI ACWI ex USA Index (Net) down 11.46%. December’s S&P 500 Index performance was the lowest since 1931. Globally, fixed income investments fared better than stocks during the last two months of the year as conflicting signals unsettled investors’ outlooks.

Equity investors confronted a number of changing conditions. In November’s mid-term elections, control of the U.S. House of Representatives shifted from Republicans to Democrats, presaging potential partisan disputes. Progress on Brexit negotiations stalled in the UK. In China, the value of the yuan declined to low levels last seen in 2008. Oil prices continued to fall. The Fed increased the federal funds rate by 25 bps to a target range of between 2.25% and 2.50% in December 2018. A late-December dispute over spending and immigration policy resulted in a partial U.S. government shutdown that continued through the end of the period.

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

Economic signals overseas were mixed as the third quarter ended and the fourth quarter began.

For further information about your Fund, contact your investment professional, visit our website atwellsfargofunds.com, or call us directly at1-800-222-8222.

4 Wells Fargo Intermediate Tax/AMT-Free Fund Performance highlights (unaudited)

Investment objective

The Fund seeks current income exempt from federal income tax.

Manager

Wells Fargo Funds Management, LLC

Subadviser

Wells Capital Management Incorporated

Portfolio managers

Lyle J. Fitterer, CFA^®‡, CPA

Robert J. Miller

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

		Including sales charge						Excluding sales charge						Expense ratios1 (%)
	Inception date	1 year		5 year		10 year		1 year		5 year		10 year		Gross		Net2
Class A (WFTAX)	7-31-2007		-2.12		2.08		4.21		0.91		2.71		4.53		0.79		0.70
Class C (WFTFX)	7-31-2007		-0.84		1.94		3.75		0.16		1.94		3.75		1.54		1.45
Class R63	7-31-2018		–		–		–		1.19		2.96		4.82		0.41		0.40
Administrator Class (WFITX)	3-31-2008		–		–		–		1.01		2.79		4.64		0.73		0.60
Institutional Class (WITIX)	3-31-2008		–		–		–		1.16		2.96		4.81		0.46		0.45
Bloomberg Barclays Municipal Bond1-15 Year Blend Index4	–		–		–		–		1.58		3.00		3.89		–		–

Figures quoted represent past performance, which is no guarantee of future results, and do not reflect taxes that a shareholder may pay on fund distributions or the redemption of fund shares. Investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Performance shown without sales charges would be lower if sales charges were reflected. Current performance may be lower or higher than the performance data quoted, which assumes the reinvestment of dividends and capital gains. Currentmonth-end performance is available on the Fund’s website,wellsfargofunds.com.

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

For Class A shares, the maximumfront-end sales charge is 3.00%. For Class C shares, the maximum contingent deferred sales charge is 1.00%. Performance including a contingent deferred sales charge assumes the sales charge for the corresponding time period. Class R6, Administrator Class, and Institutional Class shares are sold without afront-end sales charge or contingent deferred sales charge.

Bond values fluctuate in response to the financial condition of individual issuers, general market and economic conditions, and changes in interest rates. Changes in market conditions and government policies may lead to periods of heightened volatility in the bond market and reduced liquidity for certain bonds held by the Fund. In general, when interest rates rise, bond values fall and investors may lose principal value. Interest-rate changes and their impact on the Fund and its share price can be sudden and unpredictable. High-yield securities have a greater risk of default and tend to be more volatile than higher-rated debt securities. The use of derivatives may reduce returns and/or increase volatility. Certain investment strategies tend to increase the total risk of an investment (relative to the broader market). The Fund is exposed to municipal securities risk. Consult the Fund’s prospectus for additional information on these and other risks. A portion of the Fund’s income may be subject to federal, state, and/or local income taxes or the Alternative Minimum Tax (AMT). Any capital gains distributions may be taxable.

Please see footnotes on page 5.

Performance highlights (unaudited) Wells Fargo Intermediate Tax/AMT-Free Fund 5

Effective maturity distribution as of December 31, 2018⁵

Credit quality as of December 31, 2018⁶

^‡ CFA^® and Chartered Financial Analyst^® are trademarks owned by CFA Institute.

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

³  Historical performance shown for Class R6 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 Class R6 shares would be higher.

⁴  The Bloomberg Barclays Municipal Bond 1–15 Year Blend Index is the 1–15 year component of the Bloomberg Barclays Municipal Bond Index. The Bloomberg Barclays Municipal Bond Index is an unmanaged index composed of long-termtax-exempt bonds with a minimum credit rating of Baa. You cannot invest directly in an index.

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

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

6 Wells Fargo Intermediate Tax/AMT-Free Fund Fund expenses (unaudited)

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

The example is based on an investment of $1,000 invested at the beginning of thesix-month period and held for the entire period from July 1, 2018 to December 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 sales charges (loads) and contingent deferred sales charges. Therefore, the “Hypothetical” line of the table is useful in comparing ongoing costs only and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

	Beginning account value 7-1-2018		Ending account value 12-31-2018		Expenses paid during the period¹		Annualized net expense ratio
Class A
Actual	$	1,000.00	$	1,013.61	$	3.55		0.70	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.68	$	3.57		0.70	%
Class C
Actual	$	1,000.00	$	1,009.80	$	7.35		1.45	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,017.90	$	7.38		1.45	%
Class R6
Actual	$	1,000.00	$	1,014.21	$	2.03		0.40	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,023.19	$	2.04		0.40	%
Administrator Class
Actual	$	1,000.00	$	1,013.22	$	3.04		0.60	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,022.18	$	3.06		0.60	%
Institutional Class
Actual	$	1,000.00	$	1,013.99	$	2.28		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 theone-half-year period).

Portfolio of investments—December 31, 2018 (unaudited) Wells Fargo Intermediate Tax/AMT-Free Fund 7

Security name	Interest rate			Maturity date		Principal		Value
Municipal Obligations: 98.70%
Alabama: 0.30%
GO Revenue: 0.03%
Jefferson County AL Unrefunded Bond Series A		4.90	%		4-1-2021	$	665,000	$	679,344
Utilities Revenue: 0.27%
SouthEast Alabama Gas Supply District Series A		4.00			4-1-2049		6,180,000		6,456,246
									7,135,590
Alaska: 0.04%
Industrial Development Revenue: 0.04%
Valdez AK Marine Terminal BP Pipelines Project Series B		5.00			1-1-2021		1,000,000		1,053,740
Arizona: 1.81%
Airport Revenue: 0.56%
Phoenix AZ Civic Improvement Corporation Series A		5.00			7-1-2029		5,000,000		5,234,900
Phoenix AZ Civic Improvement Corporation Series D		5.00			7-1-2036		7,000,000		8,014,720
									13,249,620
Education Revenue: 0.26%
McAllister AZ Arizona State University Hassayampa Academic Village Project		5.00			7-1-2025		750,000		875,453
Pima County AZ IDA New Plan Learning Project Series A		7.00			7-1-2021		525,000		527,368
Pima County AZ IDA New Plan Learning Project Series A		7.75			7-1-2035		4,920,000		4,927,626
									6,330,447
GO Revenue: 0.42%
Estrella Mountain Ranch AZ Community Facilities District Refunding Bond (AGM Insured)		5.00			7-15-2025		585,000		663,215
Maricopa County AZ Elementary School District #28 Kyrene Elementary School Project 2010 Series B		4.50			7-1-2024		1,575,000		1,745,588
Maricopa County AZ Elementary School District #28 Kyrene Elementary School Project 2010 Series B		4.50			7-1-2025		1,270,000		1,407,554
Maricopa County AZ Elementary School District #28 Kyrene Elementary School Project 2010 Series B		5.00			7-1-2027		420,000		474,482
Maricopa County AZ Elementary School District #28 Kyrene Elementary School Project 2010 Series B		5.50			7-1-2029		960,000		1,105,075
Phoenix AZ		5.00			7-1-2026		3,810,000		4,534,662
									9,930,576
Health Revenue: 0.05%
Maricopa County AZ IDA Bond		5.00			1-1-2048		1,000,000		1,143,260
Miscellaneous Revenue: 0.15%
Arizona Refunding Certificate of Participation		5.00			9-1-2027		3,040,000		3,503,570
Tax Revenue: 0.37%
Arizona Sports & Tourism Authority Series A		4.00			7-1-2020		1,365,000		1,398,497
Arizona Sports & Tourism Authority Series A		5.00			7-1-2021		795,000		844,560
Arizona Sports & Tourism Authority Series A		5.00			7-1-2022		1,000,000		1,082,460

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

8 Wells Fargo Intermediate Tax/AMT-Free Fund Portfolio of investments—December 31, 2018 (unaudited)

Security name	Interest rate			Maturity date		Principal		Value
Tax Revenue(continued)
San Luis AZ Pledged Excise Tax Series A (Build America Mutual Assurance Company Insured)		5.00	%		7-1-2027	$	450,000	$	508,406
San Luis AZ Pledged Excise Tax Series A (Build America Mutual Assurance Company Insured)		5.00			7-1-2028		700,000		789,705
San Luis AZ Pledged Excise Tax Series A (Build America Mutual Assurance Company Insured)		5.00			7-1-2034		3,680,000		4,101,544
									8,725,172
									42,882,645
California: 8.33%
Airport Revenue: 0.19%
Sacramento CA Airport System Senior Bond		5.00			7-1-2025		2,000,000		2,094,860
Sacramento CA Airport System Senior Bond Series B		5.00			7-1-2032		600,000		708,288
Sacramento CA Airport System Senior Bond Series B		5.00			7-1-2033		500,000		587,505
Sacramento CA Airport System Senior Bond Series B		5.00			7-1-2034		1,000,000		1,169,580
									4,560,233
Education Revenue: 0.57%
California Statewide CDA Series A		6.90			8-1-2031		1,860,000		2,046,856
University of California General Project Unrefunded Bond Series Q		5.25			5-15-2024		65,000		65,181
University of California Limited Project Prerefunded Bond Series G		5.00			5-15-2037		5,180,000		5,742,341
University of California Limited Project Unrefunded Bond Series G		5.00			5-15-2037		5,210,000		5,624,403
									13,478,781
GO Revenue: 3.68%
California		5.25			3-1-2024		5,000,000		5,196,600
California		5.25			3-1-2030		1,440,000		1,491,883
California		6.00			3-1-2033		2,510,000		2,633,191
California Prerefunded Bond		6.00			4-1-2038		2,850,000		2,881,578
California Unrefunded Bond		6.00			4-1-2038		5,205,000		5,255,124
California Various Purposes		5.00			8-1-2030		1,500,000		1,753,995
California Various Purposes		5.00			8-1-2032		6,700,000		7,779,370
Cerritos CA Community College District CAB Series D (z)		5.08			8-1-2025		1,800,000		1,529,604
Compton CA Community College District Election of 2002 CAB Series C (z)		6.39			8-1-2029		1,565,000		1,095,563
Compton CA Community College District Election of 2002 CAB Series C (z)		6.50			8-1-2031		2,400,000		1,515,240
Emery CA Unified School District Election of 2010 Series A (AGM Insured)		6.25			8-1-2031		4,500,000		5,020,245
Monterey County CA Alisal Union School District Series A (Build America Mutual Assurance Company Insured)		5.25			8-1-2042		1,500,000		1,743,690
New Haven CA Unified School District CAB Project (AGC Insured) (z)		6.41			8-1-2033		5,590,000		3,342,037
Northern Humboldt CA High School District Election of 2010 Series A		6.50			8-1-2034		1,145,000		1,284,255
Oakland CA Unified School District Alameda County Election of 2006 Series A		6.50			8-1-2020		1,730,000		1,779,651
Oakland CA Unified School District Alameda County Election of 2009 Series A		6.25			8-1-2019		1,285,000		1,319,515
Oakland CA Unified School District Alameda County Election of 2012		6.25			8-1-2028		2,000,000		2,233,900
Oakland CA Unified School District Alameda County Election of 2012		6.25			8-1-2030		2,000,000		2,233,900
Oxnard CA School District Series A (National Insured)		5.75			8-1-2030		1,825,000		2,085,117
Patterson CA Unified School District CAB Election of 2008 Project Series B (AGM Insured) (z)		6.45			8-1-2033		3,000,000		1,796,130
Peralta CA Community College District Alameda County		5.00			8-1-2023		3,045,000		3,376,661

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

Portfolio of investments—December 31, 2018 (unaudited) Wells Fargo Intermediate Tax/AMT-Free Fund 9

Security name	Interest rate			Maturity date		Principal		Value
GO Revenue(continued)
Peralta CA Community College District Alameda County		5.00	%		8-1-2024	$	3,000,000	$	3,322,350
Rio Hondo CA Community College District (z)		6.78			8-1-2030		2,315,000		1,601,147
San Diego CA Community College District Election of 2012		5.00			8-1-2032		3,095,000		3,490,510
San Diego CA Unified School District Election of 1998 SeriesE-2 (AGM Insured)		5.50			7-1-2027		5,000,000		6,356,400
San Jose CA Libraries & Parks Project		5.13			9-1-2031		6,110,000		6,126,253
Sylvan CA Unified School District CAB Election of 2006 (AGM Insured) (z)		6.11			8-1-2031		2,590,000		1,692,772
Sylvan CA Unified School District CAB Election of 2006 (AGM Insured) (z)		6.19			8-1-2032		2,800,000		1,745,744
Tustin CA Unified School District#88-1 Election of 2008 Series B		6.00			8-1-2036		1,500,000		1,663,995
West Contra Costa CA Unified School District Election of 2005 SeriesC-1 (AGC Insured) (z)		6.48			8-1-2026		4,620,000		3,798,656
									87,145,076
Health Revenue: 1.00%
California Municipal Finance Authority Institute of Aging Project		5.00			8-15-2032		975,000		1,146,347
California Municipal Finance Authority Institute of Aging Project		5.00			8-15-2033		1,150,000		1,344,396
California Statewide CDA Series C		5.25			8-15-2031		3,000,000		3,249,690
University of California Medical Center Prerefunded Bond Series J		5.25			5-15-2030		13,135,000		15,041,414
University of California Medical Center Unrefunded Bond Series J		5.25			5-15-2030		1,865,000		2,103,869
Washington Township CA Health Care District Series A		5.00			7-1-2019		905,000		917,127
									23,802,843
Miscellaneous Revenue: 1.12%
Anaheim CA PFA Convention Center Expansion Project Series A		5.00			5-1-2039		2,500,000		2,758,650
California Public Works Board Department of General Services Buildings 8 & 9A		6.25			4-1-2034		2,750,000		2,782,148
California Public Works Board Various Judicial Council Project Series D		5.25			12-1-2026		1,000,000		1,094,420
California Public Works University of California Board of Regents Series G		5.00			12-1-2030		12,110,000		13,276,435
Foothill De Anza CA Community College District Certificate of Participation		5.00			4-1-2033		500,000		565,625
Gold Coast Transit District California Transit Finance Corporation Certificate of Participation		5.00			7-1-2027		520,000		615,878
Richmond CA Joint Powers Financing Authority Point Potrero Series A		6.25			7-1-2024		2,700,000		2,760,777
San Diego CA PFFA Capital Improvement Projects Series B		5.00			10-15-2027		500,000		593,300
San Diego CA PFFA Capital Improvement Projects Series B		5.00			10-15-2028		1,000,000		1,184,510
Santa Ana CA Financing Authority Police Administration and Holding Facilities Prerefunded Balance Bond (National Insured)		6.25			7-1-2019		500,000		511,480
Santa Ana CA Financing Authority Police Administration and Holding Facilities Unrefunded Balance Bond (National Insured)		6.25			7-1-2019		500,000		511,055
									26,654,278
Tax Revenue: 0.06%
San Jose CA RDA SeriesA-1		5.50			8-1-2030		1,355,000		1,436,557
Transportation Revenue: 0.43%
Bay Area CA Toll Authority Toll Bridge Series A (SIFMA Municipal Swap +1.25%) ±		2.96			4-1-2036		9,810,000		10,151,192
Utilities Revenue: 0.86%
California Municipal Finance Authority		5.00	��		10-1-2025		1,500,000		1,783,605
M-S-R California Energy Authority Gas Series B		7.00			11-1-2034		2,000,000		2,782,220
M-S-R California Energy Authority Gas Series C		7.00			11-1-2034		3,000,000		4,173,330
Northern California Power Agency Series A		5.25			8-1-2023		5,150,000		5,335,349
Sacramento CA MUD Series B		5.00			8-15-2030		1,075,000		1,215,513

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

10 Wells Fargo Intermediate Tax/AMT-Free Fund Portfolio of investments—December 31, 2018 (unaudited)

Security name	Interest rate			Maturity date		Principal		Value
Utilities Revenue(continued)
Southern California Public Power Authority Milford Wind Corridor Project #1		5.00	%		7-1-2024	$	5,000,000	$	5,161,500
									20,451,517
Water & Sewer Revenue: 0.42%
California Department of Water Resources Central Valley Project Series AT (SIFMA Municipal Swap +0.37%) ±		2.08			12-1-2035		10,000,000		9,988,800
									197,669,277
Colorado: 0.77%
Education Revenue: 0.29%
Colorado ECFA University of Denver Project (National Insured)		5.25			3-1-2025		1,110,000		1,275,557
Regents of the University of Colorado Certificate of Participation Series 2013A		5.00			11-1-2028		5,000,000		5,608,500
									6,884,057
GO Revenue: 0.30%
Adams County CO 12 Five Star Schools Series B		5.00			12-15-2028		3,800,000		4,502,088
Mesa County CO Valley School District # 51 Grand Junction		5.50			12-1-2035		2,175,000		2,642,886
									7,144,974
Industrial Development Revenue: 0.14%
Denver CO Convention Center Hotel Authority Refunding Bond		5.00			12-1-2023		3,000,000		3,276,300
Miscellaneous Revenue: 0.04%
Adams County CO Refunding & Improvement Certificate of Participation		5.00			12-1-2021		830,000		900,309
									18,205,640
Connecticut: 3.35%
Education Revenue: 1.85%
Connecticut HEFAR Yale University Issue Series A		1.00			7-1-2042		25,000,000		24,897,000
Connecticut HEFAR Yale University Issue Series A		2.05			7-1-2035		10,000,000		10,029,400
Connecticut HEFAR Yale University Issue SeriesA-2		2.00			7-1-2042		3,425,000		3,166,070
University of Connecticut Series A		5.00			3-15-2027		1,000,000		1,132,760
University of Connecticut Series A		5.00			3-15-2032		4,355,000		4,805,263
									44,030,493
GO Revenue: 1.00%
Connecticut Series A		5.00			3-1-2029		2,500,000		2,717,375
Connecticut Series B		5.00			6-15-2027		3,000,000		3,312,420
Connecticut Series F		5.00			11-15-2032		300,000		327,054
Hamden CT		4.00			8-15-2020		1,235,000		1,276,076
Hamden CT		4.00			8-15-2021		1,235,000		1,299,578
Hamden CT (AGM Insured)		5.00			8-15-2022		1,000,000		1,090,250
Hamden CT Prerefunded Bond (AGM Insured)		5.00			8-15-2021		125,000		134,710
Hamden CT Refunding Bond Series A (Build America Mutual Assurance Company Insured)		5.00			8-15-2029		500,000		573,980
Hamden CT Refunding Bond Series A (Build America Mutual Assurance Company Insured)		5.00			8-15-2030		1,200,000		1,369,008

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

Portfolio of investments—December 31, 2018 (unaudited) Wells Fargo Intermediate Tax/AMT-Free Fund 11

Security name	Interest rate			Maturity date		Principal		Value
GO Revenue(continued)
Hamden CT Series A (Build America Mutual Assurance Company Insured)		5.00	%		8-15-2026	$	2,000,000	$	2,299,860
Hamden CT Series A (Build America Mutual Assurance Company Insured)		5.00			8-15-2027		1,200,000		1,383,960
Hamden CT Unrefunded Bond (AGM Insured)		5.00			8-15-2021		875,000		933,949
Hartford CT Series A (AGM Insured)		5.00			4-1-2022		3,010,000		3,260,613
Hartford CT Series A (AGM Insured)		5.00			7-1-2026		1,000,000		1,136,810
Hartford CT Series C (AGM Insured)		5.00			7-15-2022		2,320,000		2,527,269
									23,642,912
Miscellaneous Revenue: 0.45%
Connecticut Series A (SIFMA Municipal Swap +0.85%) ±		2.56			3-1-2022		3,000,000		3,012,450
Connecticut Series A (SIFMA Municipal Swap +1.10%) ±		2.81			4-15-2019		2,300,000		2,304,554
Connecticut Series A (SIFMA Municipal Swap +1.25%) ±		2.96			4-15-2020		3,300,000		3,329,205
Connecticut Series G		4.00			10-15-2026		1,985,000		2,061,919
									10,708,128
Tax Revenue: 0.05%
Connecticut Special Tax Obligation Bonds Transportation Infrastructure Purposes Series A		5.00			8-1-2030		1,000,000		1,107,860
									79,489,393
Delaware: 0.09%
Education Revenue: 0.09%
Delaware EDA Odyssey Charter School Project Series B 144A		6.75			9-1-2035		2,000,000		2,077,140
District of Columbia: 1.41%
Education Revenue: 0.11%
District of Columbia Howard University Series A		5.75			10-1-2026		2,510,000		2,620,239
GO Revenue: 0.58%
District of Columbia Series 2016A		5.00			6-1-2033		5,000,000		5,771,250
District of Columbia Series 2017A		5.00			6-1-2033		2,400,000		2,801,016
District of Columbia Series 2014C		5.00			6-1-2034		3,000,000		3,351,540
District of Columbia Series 2014C		5.00			6-1-2035		1,620,000		1,805,506
									13,729,312
Miscellaneous Revenue: 0.46%
District of Columbia Federal Highway Grant Anticipation Bond		5.00			12-1-2023		1,000,000		1,103,970
District of Columbia Federal Highway Grant Anticipation Bond		5.00			12-1-2025		3,520,000		3,866,544
District of Columbia Federal Highway Grant Anticipation Bond		5.25			12-1-2025		2,630,000		2,782,303
District of Columbia Medical Association of Colleges Series B		5.00			10-1-2024		3,095,000		3,301,437
									11,054,254
Transportation Revenue: 0.15%
Washington Metropolitan Area Transit Authority Series B		5.00			7-1-2032		3,000,000		3,508,230
Water & Sewer Revenue: 0.11%
District of Columbia Water & Sewer Authority Public Utility Senior Lien Series A		5.00			10-1-2037		2,260,000		2,608,650
									33,520,685

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

12 Wells Fargo Intermediate Tax/AMT-Free Fund Portfolio of investments—December 31, 2018 (unaudited)

Security name	Interest rate			Maturity date		Principal		Value
Florida: 3.70%
Airport Revenue: 0.10%
Jacksonville FL Port Authority Series B		5.00	%		11-1-2035	$	2,045,000	$	2,364,409
Education Revenue: 0.20%
Florida Development Finance Corporation Renaissance Charter School Series A		5.00			9-15-2020		880,000		888,061
Florida HEFAR		4.00			4-1-2021		1,000,000		1,035,840
University of South Florida Financing Corporation Certificate of Participation Master Lease Program Series A		5.00			7-1-2022		1,730,000		1,898,796
University of South Florida Financing Corporation Certificate of Participation Master Lease Program Series A		5.00			7-1-2023		815,000		911,773
									4,734,470
GO Revenue: 0.06%
Plantation FL Ad Valorem Bond		5.00			7-1-2031		1,155,000		1,363,131
Health Revenue: 0.10%
Miami-Dade County FL Health Facilities Authority Nicklaus Children’s Hospital Project		5.00			8-1-2031		500,000		569,445
Miami-Dade County FL Health Facilities Authority Nicklaus Children’s Hospital Project		5.00			8-1-2033		1,645,000		1,857,633
									2,427,078
Miscellaneous Revenue: 2.02%
Boynton FL PFA Capital Improvement Series 2018		5.00			7-1-2035		3,590,000		4,055,874
Broward County FL School Board Certificate of Participation Series A		5.00			7-1-2024		5,000,000		5,720,800
Cityplace Florida Community Development District Special Assessment		5.00			5-1-2021		2,945,000		3,132,420
Duval County FL School Board Certificate of Participation Series B		5.00			7-1-2028		2,500,000		2,861,225
Duval County FL School Board Certificate of Participation Series B		5.00			7-1-2029		5,000,000		5,709,650
Miami-Dade County FL School Board Certificate of Participation Series A		5.00			5-1-2031		3,000,000		3,383,010
Miami-Dade County FL School Board Certificate of Participation Series D		5.00			11-1-2027		6,600,000		7,508,622
Monroe County FL School Board Certificate of Participation Series A		5.00			6-1-2034		1,500,000		1,723,920
Monroe County FL School Board Certificate of Participation Series A		5.00			6-1-2035		1,000,000		1,145,280
Orange County FL School Board Certificate of Participation Series C		5.00			8-1-2029		2,000,000		2,287,160
Orlando FL Senior Tourist Development 6th Cent Contract Payment Bond Series A (AGM Insured)		5.00			11-1-2032		2,000,000		2,293,080
Orlando FL Senior Tourist Development 6th Cent Contract Payment Bond Series A (AGM Insured)		5.00			11-1-2033		4,500,000		5,125,860
Orlando FL Senior Tourist Development 6th Cent Contract Payment Bond Series A (AGM Insured)		5.00			11-1-2034		600,000		680,484
Palm Beach County FL Refunding Bond		5.00			5-1-2029		2,000,000		2,341,580
									47,968,965
Tax Revenue: 0.62%
Miami-Dade County FL Public Services (AGM Insured)		4.00			10-1-2019		3,440,000		3,494,111
Miami-Dade County FL Public Services (AGM Insured)		4.00			10-1-2020		3,600,000		3,730,284
Miami-Dade County FL Public Services (AGM Insured)		4.00			4-1-2021		2,485,000		2,596,850
Miami-Dade County FL Special Obligation Series A		5.00			10-1-2023		700,000		769,524
Tampa FL Sports Authority Stadium Project		5.00			1-1-2025		3,550,000		4,116,190
									14,706,959

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

Portfolio of investments—December 31, 2018 (unaudited) Wells Fargo Intermediate Tax/AMT-Free Fund 13

Security name	Interest rate			Maturity date		Principal		Value
Transportation Revenue: 0.49%
Florida Department of Transportation Turnpike System Series A		5.00	%		7-1-2023	$	3,910,000	$	4,420,802
Florida Department of Transportation Turnpike System Series A		5.00			7-1-2025		4,950,000		5,800,856
FloridaMid-Bay Bridge Authority Series A		5.00			10-1-2025		1,250,000		1,423,663
									11,645,321
Water & Sewer Revenue: 0.11%
Daytona Beach FL Utility System (AGM Insured)		5.00			11-1-2022		2,205,000		2,434,673
									87,645,006
Georgia: 1.71%
Education Revenue: 0.15%
Private Colleges & Universities Authority of Georgia Series A		5.00			10-1-2021		3,330,000		3,538,425
Housing Revenue: 0.13%
Atlanta GA Urban Residential Finance Authority MFHR Wheat Street Towers Project		1.40			5-1-2020		3,000,000		2,995,260
Industrial Development Revenue: 0.08%
Monroe County GA PCR Georgia Power Company Plant Scherer Project		2.35			10-1-2048		2,000,000		1,983,480
Utilities Revenue: 1.35%
Burke County GA PCR Oglethorpe Power Corporation Vogtle Project Series E		3.25			11-1-2045		6,000,000		5,976,900
Floyd County GA PCR Georgia Power Company Plant Hammond Project		2.35			7-1-2022		1,000,000		991,740
Georgia Public Gas Partners Incorporated Series A		5.00			10-1-2019		5,000,000		5,111,250
Main Street Natural Gas Incorporated Georgia Gas Project Series A (Royal Bank of Canada LIQ)		4.00			4-1-2048		15,500,000		16,327,855
Main Street Natural Gas Incorporated Georgia Gas Project Series A		5.50			9-15-2022		1,000,000		1,104,610
Main Street Natural Gas Incorporated Georgia Gas Project Subordinate Bond Series C		4.00			8-1-2048		2,500,000		2,639,800
									32,152,155
									40,669,320
Guam: 0.30%
Airport Revenue: 0.11%
Guam International Airport Authority		5.00			10-1-2022		1,000,000		1,069,930
Guam International Airport Authority		5.00			10-1-2023		1,500,000		1,588,920
									2,658,850
Tax Revenue: 0.06%
Guam Government Business Privilege Tax Bond Series A		5.00			1-1-2020		1,345,000		1,375,814
Water & Sewer Revenue: 0.13%
Guam Government Waterworks Authority		5.25			7-1-2020		350,000		363,300
Guam Government Waterworks Authority		5.25			7-1-2033		2,500,000		2,656,975
									3,020,275
									7,054,939

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

14 Wells Fargo Intermediate Tax/AMT-Free Fund Portfolio of investments—December 31, 2018 (unaudited)

Security name	Interest rate			Maturity date		Principal		Value
Hawaii: 0.42%
GO Revenue: 0.42%
Honolulu HI Rail Transit Project Series H (SIFMA Municipal Swap +0.30%) ±		2.01	%		9-1-2022	$	2,500,000	$	2,499,025
Honolulu HI Rail Transit Project Series H (SIFMA Municipal Swap +0.32%) ±		2.03			9-1-2025		2,500,000		2,499,025
Honolulu HI Rail Transit Project Series H (SIFMA Municipal Swap +0.32%) ±		2.03			9-1-2028		5,000,000		4,998,050
									9,996,100
Illinois: 14.54%
Airport Revenue: 1.40%
Chicago IL O’Hare International Airport Senior Lien (AGM Insured)		5.13			1-1-2030		2,610,000		2,864,736
Chicago IL O’Hare International Airport Senior Lien (AGM Insured)		5.13			1-1-2031		3,335,000		3,653,859
Chicago IL O’Hare International Airport Senior Lien		5.25			1-1-2032		8,755,000		9,584,536
Chicago IL O’Hare International Airport Senior Lien Series B		5.00			1-1-2030		8,000,000		8,941,600
Chicago IL O’Hare International Airport Senior Lien Series B		5.00			1-1-2036		500,000		570,950
Chicago IL O’Hare International Airport Third Lien Series C (AGC Insured)		5.25			1-1-2025		4,075,000		4,197,821
Chicago IL O’Hare International Airport Third Lien Series F		4.25			1-1-2021		735,000		752,081
Peoria IL Metropolitan Airport Authority Series D		5.00			12-1-2027		2,250,000		2,607,683
									33,173,266
Education Revenue: 0.70%
Illinois Finance Authority Bradley University Project Series C		5.00			8-1-2032		1,250,000		1,405,613
Illinois Finance Authority Student Housing Illinois State University Project		5.50			4-1-2021		2,760,000		2,859,608
Illinois Finance Authority Wesleyan University		5.00			9-1-2026		680,000		773,935
Northern Illinois University Board of Trustees Auxiliary Facilities (AGM Insured)		5.00			4-1-2019		1,000,000		1,007,140
Northern Illinois University Board of Trustees Certificate of Participation (AGM Insured)		5.00			9-1-2022		1,325,000		1,442,104
Northern Illinois University Board of Trustees Certificate of Participation (AGM Insured)		5.00			9-1-2024		1,000,000		1,116,060
University of Illinois Auxiliary Facilities Systems CAB (z)		4.50			4-1-2020		8,270,000		8,027,110
									16,631,570
GO Revenue: 5.04%
Bolingbrook, Will & DuPage Counties IL Series A (AGM Insured)		5.00			1-1-2023		650,000		712,186
Chicago IL Board of Education CAB School Reform Series B-1 (National Insured) (z)		5.00			12-1-2025		3,380,000		2,586,376
Chicago IL Board of Education CAB School Reform Series B-1 (National Insured) (z)		5.17			12-1-2026		4,030,000		2,945,970
Chicago IL Board of Education Series F		5.00			12-1-2020		2,375,000		2,444,231
Chicago IL CAB Series C (z)		5.04			1-1-2023		2,500,000		2,173,875
Chicago IL Metropolitan Reclamation Series B		5.00			12-1-2025		2,500,000		2,698,500
Chicago IL Park District Series A		5.00			1-1-2036		2,250,000		2,329,605
Chicago IL Park District Series B		5.00			1-1-2021		3,765,000		3,932,053
Chicago IL Park District Series B (Build America Mutual Assurance Company Insured)		5.00			1-1-2029		2,000,000		2,183,280
Chicago IL Park District Series C		5.00			1-1-2022		1,615,000		1,715,421
Chicago IL Series A		5.00			1-1-2027		1,000,000		1,041,650
Chicago IL Series A		5.00			1-1-2025		750,000		788,498
Chicago IL Series C		4.00			1-1-2020		1,505,000		1,517,281
Chicago IL Series C		5.00			1-1-2024		90,000		90,131
Chicago IL Series C		5.00			1-1-2026		5,000,000		5,343,300
Chicago IL Series G (Ambac Insured)		5.00			12-1-2024		13,465,000		13,512,666

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

Portfolio of investments—December 31, 2018 (unaudited) Wells Fargo Intermediate Tax/AMT-Free Fund 15

Security name	Interest rate			Maturity date		Principal			Value
GO Revenue(continued)
Cook County IL		5.00	%		11-15-2035	$	1,300,000		$	1,415,310
Cook County IL Community College District #508		5.25			12-1-2025		1,425,000			1,510,828
Cook County IL Community College District #508		5.25			12-1-2027		1,295,000			1,361,770
Cook County IL Community College District #508		5.25			12-1-2028		1,250,000			1,311,038
Cook County IL Community College District #508		5.25			12-1-2030		3,000,000			3,131,610
Cook County IL Community College District #508		5.25			12-1-2031		3,200,000			3,334,624
Cook County IL Series A		5.00			11-15-2031		1,000,000			1,101,610
Cook County IL Series A		5.25			11-15-2022		7,240,000			7,611,557
Cook County IL Series A		5.25			11-15-2023		7,680,000			8,066,918
Cook County IL Series A		5.25			11-15-2024		2,200,000			2,353,692
Cook County IL Series B		5.00			11-15-2023		600,000			666,858
Cook County IL Series C		5.00			11-15-2021		1,460,000			1,564,930
Cook County IL Series C		5.00			11-15-2024		2,175,000			2,357,439
Cook County IL Series C		5.00			11-15-2025		2,450,000			2,643,354
DuPage, Cook & Will Counties IL Community College District #502 Series A		5.00			6-1-2022		2,650,000			2,903,473
Homer, Glen, Will & Cook Village Counties IL Series A		4.00			12-1-2019		1,000,000			1,018,770
Homer, Glen, Will & Cook Village Counties IL Series A		5.00			12-1-2021		1,015,000			1,043,836
Illinois (AGM Insured)		5.00			1-1-2023		2,450,000			2,510,025
Illinois (AGM Insured)		5.00			4-1-2026		5,000,000			5,489,350
Illinois		4.75			4-1-2020		2,650,000			2,654,055
Illinois Series A		5.00			4-1-2023		4,500,000			4,754,745
Illinois Series A (AGM Insured)		5.00			4-1-2024		2,500,000			2,712,300
Kane, Cook & DuPage Counties IL School District #46 Prerefunded Balance Bond Series B		4.50			1-1-2024		1,170,000			1,256,369
Kane, Cook & DuPage Counties IL School District #46 Unrefunded Balance Bond Series B		4.50			1-1-2024		3,100,000			3,299,020
Kendall, Kane & Will Counties IL Unified School District Series A		5.00			2-1-2023		1,000,000			1,058,220
McHenry & Kane Counties IL Community Consolidated School District #158		5.63			1-15-2031		2,000,000			2,194,360
McHenry & Lake Counties IL Community Consolidated School District #26 (AGM Insured)		5.00			2-1-2020		1,455,000			1,500,032
Springfield IL		5.00			12-1-2021		850,000	��		907,809
Springfield IL		5.00			12-1-2023		570,000			629,907
Waukegan IL Series B (AGM Insured)		4.00			12-30-2024		1,030,000			1,105,386
										119,484,218
Health Revenue: 0.10%
Illinois Finance Authority Ann & Robert H. Laurie Children’s Hospital Project of Chicago		5.00			8-15-2034		1,000,000			1,135,390
Illinois Finance Authority Edward Elmhurst Healthcare Series A		5.00			1-1-2026		1,000,000			1,134,790
										2,270,180
Miscellaneous Revenue: 0.87%
Chicago IL Board of Education Series C		5.00			12-1-2021		5,000,000			5,191,650
Illinois		5.00			7-1-2023		5,065,000			5,365,456
Illinois		5.00			8-1-2024		1,000,000			1,043,160
Illinois		5.50			7-1-2026		2,300,000			2,474,915
Peoria IL Public Building Commission Illinois School District Facilities Refunding Bond (Build America Mutual Assurance Company Insured)		5.00			12-1-2023		4,040,000			4,529,769
Peoria IL Public Building Commission Illinois School District Facilities Refunding Bond (Build America Mutual Assurance Company Insured)		5.00			12-1-2024		1,000,000			1,137,740

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

16 Wells Fargo Intermediate Tax/AMT-Free Fund Portfolio of investments—December 31, 2018 (unaudited)

Security name	Interest rate			Maturity date		Principal		Value
Miscellaneous Revenue(continued)
University of Illinois Board of Trustees Certificate of Participation Unrefunded Bond Series B (AGM Insured)		5.00	%		10-1-2020	$	955,000	$	957,493
									20,700,183
Tax Revenue: 5.11%
Chicago IL Sales Tax Refunding Bond		5.00			1-1-2026		5,140,000		5,959,779
Chicago IL Sales Tax Refunding Bond		5.00			1-1-2027		3,000,000		3,478,470
Chicago IL Sales Tax Refunding Bond		5.00			1-1-2030		2,075,000		2,405,942
Chicago IL Sales Tax Securitization Bond Series C		5.25			1-1-2035		4,700,000		5,320,823
Chicago IL Transit Authority Sales Tax Receipts		5.25			12-1-2027		2,600,000		2,765,568
Cook County IL Sales Tax Bond		5.00			11-15-2033		4,000,000		4,551,840
Illinois		5.00			6-15-2023		16,150,000		17,291,129
Illinois Junior Obligation		5.00			6-15-2025		6,000,000		6,398,340
Illinois Regional Transportation Authority (National Insured)		6.50			7-1-2026		8,615,000		10,669,247
Illinois Sales Tax Revenue Build Illinois Bond		5.00			6-15-2029		1,000,000		1,035,380
Illinois Series A		5.00			1-1-2027		10,625,000		10,958,306
Illinois Sports Facilities Authority State Tax Supported Refunding Bond (AGM Insured)		5.00			6-15-2028		2,500,000		2,726,000
Illinois Sports Facilities Authority State Tax Supported Refunding Bond (AGM Insured)		5.25			6-15-2030		4,000,000		4,409,160
Illinois Sports Facilities Authority State Tax Supported Refunding Bond (AGM Insured)		5.25			6-15-2032		3,000,000		3,291,120
Metropolitan Pier & Exposition Authority CAB McCormick Place Expansion Project Series A (National Insured) (z)		4.26			12-15-2029		35,200,000		22,186,208
Metropolitan Pier & Exposition Authority CAB McCormick Place Expansion Project Series A (National Insured) (z)		4.33			12-15-2030		12,800,000		7,662,720
Metropolitan Pier & Exposition Authority CAB McCormick Place Expansion Project Series B (National Insured) (z)		4.25			6-15-2029		10,000,000		6,463,600
Metropolitan Pier & Exposition Authority McCormick Place Expansion Project Series B		5.00			12-15-2028		1,945,000		2,012,122
Southwestern Illinois Development Authority Local Government Program Collinsville Limited		5.00			3-1-2025		1,875,000		1,498,894
									121,084,648
Tobacco Revenue: 0.14%
Railsplitter IL Tobacco Settlement Authority		5.00			6-1-2024		3,000,000		3,357,960
Transportation Revenue: 0.15%
Illinois Toll Highway Authority SeriesA-1		5.25			1-1-2026		3,500,000		3,612,840
Water & Sewer Revenue: 1.03%
Chicago IL Second Lien		5.00			11-1-2022		1,730,000		1,889,523
Chicago IL Second Lien		5.00			11-1-2023		1,515,000		1,648,335
Chicago IL Second Lien		5.00			11-1-2025		620,000		670,096
Chicago IL Second Lien		5.00			11-1-2026		2,000,000		2,157,080
Chicago IL Second Lien		5.00			11-1-2028		3,000,000		3,213,090
Chicago IL Second Lien		5.00			11-1-2029		1,490,000		1,592,497
Chicago IL Second Lien		5.00			11-1-2033		1,000,000		1,091,080
Chicago IL Waste Water Transmission Second Lien		5.00			1-1-2022		1,340,000		1,439,683
Chicago IL Waste Water Transmission Second Lien		5.00			1-1-2023		2,335,000		2,501,719

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

Portfolio of investments—December 31, 2018 (unaudited) Wells Fargo Intermediate Tax/AMT-Free Fund 17

Security name	Interest rate			Maturity date		Principal		Value
Water & Sewer Revenue(continued)
Chicago IL Waste Water Transmission Second Lien		5.00	%		1-1-2024	$	2,000,000	$	2,141,000
Chicago IL Waste Water Transmission Second Lien		5.00			1-1-2027		2,670,000		2,931,553
Chicago IL Waste Water Transmission Second Lien		5.00			1-1-2032		1,000,000		1,081,520
Chicago IL Waste Water Transmission Second Lien		5.00			1-1-2033		1,000,000		1,079,120
Chicago IL Waste Water Transmission Second Lien		5.00			1-1-2034		1,000,000		1,077,210
									24,513,506
									344,828,371
Indiana: 1.25%
Education Revenue: 0.05%
University of Southern Indiana Student Fee Series J (AGC Insured)		5.00			10-1-2019		1,000,000		1,022,780
Health Revenue: 0.24%
Indiana Finance Authority Parkview Health Project Prerefunded Bond		5.50			5-1-2024		30,000		30,354
Indiana Finance Authority Parkview Health Project Unrefunded Bond		5.50			5-1-2024		780,000		789,204
Indiana HFFA Ascension Health Subordinate Bond Credit Group SeriesA-3		1.35			11-1-2027		2,500,000		2,463,575
Knox County IN EDA Series A		5.00			4-1-2022		925,000		974,710
Knox County IN EDA Series A		5.00			4-1-2023		665,000		702,839
Knox County IN EDA Series A		5.00			4-1-2026		750,000		786,765
									5,747,447
Miscellaneous Revenue: 0.69%
Dubois IN Greater Jasper School Building Corporation First Mortgage Bond		5.00			7-15-2029		1,500,000		1,799,430
Indiana Bond Bank Special Program Series A (AGM Insured)		5.00			9-1-2022		1,545,000		1,673,899
Indiana Finance Authority Stadium Project Series A		5.25			2-1-2028		2,000,000		2,343,560
Indianapolis IN Local Public Improvement Bond Bank Series E		5.00			1-1-2027		760,000		895,637
Indianapolis IN Local Public Improvement Bond Bank Series E		5.00			1-1-2028		1,000,000		1,170,710
Indianapolis IN Local Public Improvement Bond Bank Series E		5.00			1-1-2029		735,000		855,827
Indianapolis IN Local Public Improvement Bond Bank Series E		5.00			1-1-2030		1,375,000		1,593,378
Indianapolis IN Local Public Improvement Bond Bank Series E		5.00			1-1-2031		1,000,000		1,153,970
Indianapolis IN Local Public Improvement Bond Bank Series E		5.00			1-1-2033		1,545,000		1,771,173
Indianapolis IN Local Public Improvement Bond Bank Series E		5.00			1-1-2034		2,000,000		2,283,200
Valparaiso IN Multi-Schools Building Corporation		5.00			7-15-2024		750,000		858,420
									16,399,204
Water & Sewer Revenue: 0.27%
Indiana Finance Authority First Lien Wastewater Utility Clean Water Project Series A		5.00			10-1-2030		2,315,000		2,612,246
Indiana Finance Authority First Lien Wastewater Utility Clean Water Project Series A		5.00			10-1-2031		1,035,000		1,166,124
Indiana Finance Authority Wastewater Utilities Clean Water Act Authority Project Series A		5.25			10-1-2038		2,500,000		2,680,475
									6,458,845
									29,628,276
Iowa: 0.47%
GO Revenue: 0.11%
Altoona IA Annual Appropriation Urban Renewal Refunding Bond		5.00			6-1-2027		2,310,000		2,641,300

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

18 Wells Fargo Intermediate Tax/AMT-Free Fund Portfolio of investments—December 31, 2018 (unaudited)

Security name	Interest rate			Maturity date		Principal		Value
Industrial Development Revenue: 0.36%
Iowa Finance Authority Midwestern Disaster Area Project (Korea Development Bank LOC) ø		2.07	%		4-1-2022	$	8,600,000	$	8,600,000
									11,241,300
Kansas: 0.41%
Health Revenue: 0.23%
Kansas Development Finance Authority Health Facilities Series F		5.00			11-15-2021		1,300,000		1,404,325
University of Kansas Hospital Authority Health System (U.S. Bank NA LOC) ø		1.71			9-1-2034		4,000,000		4,000,000
									5,404,325
Miscellaneous Revenue: 0.12%
Kansas Development Finance Authority Agro-Defense Facility Series G		5.00			4-1-2030		2,650,000		2,917,359
Tax Revenue: 0.06%
Wyandotte County & Kansas City KS Special Obligation Vacation Village Project Area 4 Major Multi-Sport Athletic Complex Project CAB Series 2015 144A (z)		6.86			9-1-2034		3,930,000		1,439,402
									9,761,086
Kentucky: 0.88%
Health Revenue: 0.05%
Kentucky EDFA Catholic Health Initiative Series B2 (1 Month LIBOR +0.90%) ±		2.50			2-1-2046		1,250,000		1,250,363
Transportation Revenue: 0.38%
Kentucky Public Transportation Infrastructure Authority Downtown Crossing Project CAB Series B (z)		4.24			7-1-2021		2,750,000		2,533,163
Kentucky Public Transportation Infrastructure Authority Downtown Crossing Project CAB Series B (z)		4.28			7-1-2020		1,000,000		955,490
Kentucky Public Transportation Infrastructure Authority Downtown Crossing Project CAB Series B (z)		4.59			7-1-2022		4,320,000		3,835,944
Kentucky Public Transportation Infrastructure Authority Downtown Crossing Project CAB Series B (z)		5.78			7-1-2025		1,020,000		772,732
Kentucky Public Transportation Infrastructure Authority Downtown Crossing Project CAB Series B (z)		6.47			7-1-2029		1,400,000		877,086
									8,974,415
Utilities Revenue: 0.45%
Kentucky Public Energy Authority Gas Supply Series B		4.00			1-1-2049		10,000,000		10,571,300
									20,796,078
Louisiana: 1.62%
Airport Revenue: 0.13%
New Orleans LA Aviation Board Consolidated Rental Car Project (AGM Insured)		5.00			1-1-2035		2,000,000		2,257,760
New Orleans LA Aviation Board North Terminal Project Series A		5.00			1-1-2033		750,000		850,785
									3,108,545

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

Portfolio of investments—December 31, 2018 (unaudited) Wells Fargo Intermediate Tax/AMT-Free Fund 19

Security name	Interest rate			Maturity date		Principal		Value
Education Revenue: 0.22%
Louisiana Public Facilities Authority Loyola University Project CAB (z)		1.91	%		10-1-2028	$	2,500,000	$	2,228,550
Louisiana Public Facilities Authority Loyola University Project CAB (z)		2.07			10-1-2027		3,380,000		2,993,903
									5,222,453
Miscellaneous Revenue: 0.82%
Lafayette LA Communications System (AGM Insured)		5.00			11-1-2025		1,500,000		1,736,025
Louisiana Correctional Facilities Corporation (Ambac Insured)		5.00			9-1-2019		1,000,000		1,020,110
Louisiana Public Facilities Authority Archdiocese of New Orleans Project		5.00			7-1-2024		1,000,000		1,121,050
Louisiana Public Facilities Authority Archdiocese of New Orleans Project		5.00			7-1-2025		600,000		680,172
Louisiana Public Facilities Authority Archdiocese of New Orleans Project		5.00			7-1-2026		500,000		571,355
Louisiana Unclaimed Property Special Bond1-49 South Project		5.00			9-1-2026		2,000,000		2,311,620
Louisiana Unclaimed Property Special Bond1-49 South Project		5.00			9-1-2027		2,700,000		3,117,096
Louisiana Unclaimed Property Special Bond1-49 South Project		5.00			9-1-2028		2,405,000		2,771,738
Louisiana Unclaimed Property Special Bond1-49 South Project		5.00			9-1-2029		2,695,000		3,095,261
Louisiana Unclaimed Property Special Bond1-49 South Project		5.00			9-1-2030		2,700,000		3,088,557
									19,512,984
Tax Revenue: 0.25%
Jefferson LA Sales Tax District Series B (AGM Insured)		5.00			12-1-2031		1,000,000		1,165,550
Jefferson LA Sales Tax District Series B (AGM Insured)		5.00			12-1-2032		1,000,000		1,162,990
St. Bernard Parish LA Sales Tax Refunding Bond		4.00			3-1-2023		3,405,000		3,605,555
									5,934,095
Transportation Revenue: 0.15%
Greater New Orleans LA Expressway Commission Toll Subordinate Lien Bond (AGM Insured)		5.00			11-1-2031		1,000,000		1,141,830
Greater New Orleans LA Expressway Commission Toll Subordinate Lien Bond (AGM Insured)		5.00			11-1-2032		1,000,000		1,139,830
Greater New Orleans LA Expressway Commission Toll Subordinate Lien Bond (AGM Insured)		5.00			11-1-2033		1,000,000		1,136,490
									3,418,150
Water & Sewer Revenue: 0.05%
Louisiana Local Government Environmental Facilities & CDA East Baton Rouge Series A		5.00			2-1-2030		1,000,000		1,114,460
									38,310,687
Maine: 0.25%
Education Revenue: 0.25%
Maine Health and HEFAR University of New England Issue Series A		5.00			7-1-2029		1,015,000		1,169,513
Maine Health and HEFAR University of New England Issue Series A		5.00			7-1-2030		1,200,000		1,374,912
Maine Health and HEFAR University of New England Issue Series A		5.00			7-1-2032		1,415,000		1,612,166
Maine Health and HEFAR University of New England Issue Series A		5.00			7-1-2033		1,485,000		1,683,619
									5,840,210

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

20 Wells Fargo Intermediate Tax/AMT-Free Fund Portfolio of investments—December 31, 2018 (unaudited)

Security name	Interest rate			Maturity date		Principal		Value
Maryland: 2.04%
Education Revenue: 0.14%
Maryland Economic Development Corporation Salisbury University Project		5.00	%		6-1-2027	$	500,000	$	524,725
Westminster MD Educational Facilities McDaniel College		5.00			11-1-2026		2,450,000		2,760,366
									3,285,091
GO Revenue: 1.70%
Maryland Series B		4.00			8-1-2023		5,000,000		5,439,900
Maryland Series B		4.00			8-1-2024		15,000,000		16,525,800
Maryland Series C		5.00			8-1-2022		2,975,000		3,296,836
Prince Georges County MD Consolidated Public Improvement Bonds Series C		4.00			8-1-2027		6,000,000		6,451,500
Prince Georges County MD Consolidated Public Improvement Bonds Series C		4.00			8-1-2029		8,000,000		8,544,480
									40,258,516
Miscellaneous Revenue: 0.14%
Maryland CDA Local Government Infrastructure Bond SeriesA-2		2.00			6-1-2022		460,000		458,790
Prince Georges County MD Upper Marlboro Courthouse Project Series A		5.00			5-1-2028		1,215,000		1,461,803
Prince Georges County MD Upper Marlboro Courthouse Project Series A		5.00			5-1-2029		1,275,000		1,525,793
									3,446,386
Tax Revenue: 0.06%
Howard County MD Downtown Columbia Project Series A 144A		4.00			2-15-2028		500,000		504,925
Howard County MD Downtown Columbia Project Series A 144A		4.13			2-15-2034		1,000,000		981,750
									1,486,675
									48,476,668
Massachusetts: 1.62%
Education Revenue: 0.23%
Massachusetts Development Finance Agency Lasell College		5.00			7-1-2021		1,780,000		1,846,323
Massachusetts Development Finance Agency Merrimack College Series A		5.00			7-1-2021		1,035,000		1,096,169
Massachusetts Development Finance Agency Sabis International Charter Series A		6.55			4-15-2020		615,000		637,847
Massachusetts HEFA Harvard University Series A		5.00			12-15-2029		1,890,000		1,947,418
									5,527,757
GO Revenue: 0.85%
Boston MA Series A		4.00			4-1-2031		1,500,000		1,638,585
Boston MA Series A		5.00			4-1-2026		5,790,000		6,789,875
Massachusetts Consolidated Loan Series D		5.00			9-1-2028		10,000,000		11,618,200
									20,046,660
Miscellaneous Revenue: 0.54%
Massachusetts Consolidated Loan Series D		1.05			8-1-2043		10,000,000		9,847,800
Massachusetts Consolidated Loan Series I		5.00			12-1-2030		2,570,000		3,016,460
									12,864,260
									38,438,677

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

Portfolio of investments—December 31, 2018 (unaudited) Wells Fargo Intermediate Tax/AMT-Free Fund 21

Security name	Interest rate			Maturity date		Principal			Value
Michigan: 2.80%
Airport Revenue: 0.07%
Wayne County MI Airport Authority Detroit Metropolitan Bond Series A		5.00	%		12-1-2032	$	800,000		$	919,552
Wayne County MI Airport Authority Detroit Metropolitan Bond Series A		5.00			12-1-2034		600,000	��		688,152
										1,607,704
Education Revenue: 0.34%
Flint MI International Academy		5.38			10-1-2022		1,870,000			1,870,524
Flint MI International Academy		5.50			10-1-2027		1,985,000			1,984,901
Michigan Finance Authority Limited Obligation Public School Academy Cesar Chavez Academy Project		5.00			2-1-2022		1,600,000			1,612,800
Western Michigan University Board of Trustees		5.25			11-15-2027		600,000			677,202
Western Michigan University Board of Trustees		5.25			11-15-2029		1,000,000			1,126,710
Western Michigan University Board of Trustees (AGM Insured)		5.25			11-15-2033		750,000			845,400
										8,117,537
GO Revenue: 0.51%
Eaton Rapids MI Public Schools (Qualified School Board Loan Fund Insured)		5.00			5-1-2022		1,785,000			1,954,111
Hazel Park MI School District (AGM/Qualified School Board Loan Fund Insured)		5.00			5-1-2020		1,160,000			1,208,766
Kent County MI		5.00			1-1-2025		1,000,000			1,000,000
Kent County MI Limited Tax Capital Improvement Bond		5.00			6-1-2030		1,040,000			1,211,818
Pinckney MI Community School District (Qualified School Board Loan Fund Insured)		5.00			5-1-2025		2,040,000			2,298,284
Pinckney MI Community School District (Qualified School Board Loan Fund Insured)		5.00			5-1-2026		2,505,000			2,810,184
Southfield MI 2015 Street Improvement		4.00			5-1-2025		1,490,000			1,627,318
										12,110,481
Health Revenue: 0.33%
Michigan Finance Authority Sparrow Obligated Group		5.00			11-15-2023		400,000			441,600
Michigan Finance Authority Sparrow Obligated Group		5.00			11-15-2026		800,000			877,592
Michigan Hospital Finance Authority Ascension Health Senior Credit GroupSeries F-2		1.90			11-15-2047		6,570,000			6,516,980
										7,836,172
Miscellaneous Revenue: 0.43%
Macomb MI Interceptor Drainage		5.00			5-1-2024		1,750,000			1,819,808
Macomb MI Interceptor Drainage		5.00			5-1-2025		1,750,000			1,819,808
Macomb MI Interceptor Drainage		5.00			5-1-2026		1,930,000			2,006,988
Michigan Strategic Fund Limited Obligation Cadillac Place Office Building Project		5.25			10-15-2025		4,165,000			4,529,562
										10,176,166
Tax Revenue: 0.13%
Michigan Finance Authority Local Government Loan Program Series F		4.00			10-1-2024		3,000,000			3,158,730
Water & Sewer Revenue: 0.99%
Great Lakes MI Water Authority Sewage Disposal System Series C		5.00			7-1-2030		3,350,000			3,832,936
Michigan Finance Authority Local Government Loan Program Series D (National Insured)		5.00			7-1-2025		1,000,000			1,125,960
Michigan Finance Authority Local Government Loan Program Series D		5.00			7-1-2030		12,000,000			13,265,040

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

22 Wells Fargo Intermediate Tax/AMT-Free Fund Portfolio of investments—December 31, 2018 (unaudited)

Security name	Interest rate			Maturity date		Principal		Value
Water & Sewer Revenue(continued)
Michigan Finance Authority Local Government Loan Program Series D (AGM Insured)		5.00	%		7-1-2035	$	2,750,000	$	3,029,620
Michigan Finance Authority Local Government Loan Program Series D (AGM Insured)		5.00			7-1-2037		2,000,000		2,195,920
									23,449,476
									66,456,266
Minnesota: 0.12%
Miscellaneous Revenue: 0.12%
Minneapolis & St. Paul MN Housing & RDA Children’s Hospital Clinics Series A (AGM Insured, U.S. Bank NA SPA)		1.65			8-15-2037		2,725,000		2,725,000
Mississippi: 1.61%
GO Revenue: 0.04%
Mississippi Development Bank Special Obligation Jackson Public School District Project Series A		5.00			4-1-2020		1,000,000		1,036,410
Industrial Development Revenue: 0.93%
Mississippi Business Finance Commission Gulf Opportunity Zone Chevron USA Incorporated Project Series A ø		1.67			12-1-2030		22,000,000		22,000,000
Miscellaneous Revenue: 0.46%
Mississippi Development Bank Special Obligation Jackson Water & Sewer System Project Series A (AGM Insured)		5.00			9-1-2030		10,000,000		10,785,400
Water & Sewer Revenue: 0.18%
Mississippi Development Bank Special Obligation Jackson Water & Sewer System Project (AGM Insured)		6.00			12-1-2023		1,145,000		1,320,517
West Rankin MS Utility Authority Series 2018 (AGM Insured)		5.00			1-1-2026		525,000		602,049
West Rankin MS Utility Authority Series 2018 (AGM Insured)		5.00			1-1-2027		435,000		497,275
West Rankin MS Utility Authority Series 2018 (AGM Insured)		5.00			1-1-2034		750,000		840,908
West Rankin MS Utility Authority Series 2018 (AGM Insured)		5.00			1-1-2035		1,000,000		1,118,870
									4,379,619
									38,201,429
Missouri: 0.44%
Airport Revenue: 0.02%
St. Louis MO Lambert St. Louis International Airport SeriesA-1		6.00			7-1-2019		415,000		423,333
Education Revenue: 0.10%
Missouri HEFA Webster University Project		5.00			4-1-2027		2,155,000		2,432,370
GO Revenue: 0.06%
Belton MO School District #124 Missouri Direct Deposit Program Project		5.00			3-1-2026		750,000		884,603
Belton MO School District #124 Missouri Direct Deposit Program Project		5.50			3-1-2029		400,000		492,060
									1,376,663

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

Portfolio of investments—December 31, 2018 (unaudited) Wells Fargo Intermediate Tax/AMT-Free Fund 23

Security name	Interest rate			Maturity date		Principal		Value
Miscellaneous Revenue: 0.26%
Kansas City MO Municipal Assistance Corporation CAB Series B-1 (Ambac Insured) (z)		3.19	%		4-15-2022	$	3,640,000	$	3,342,903
Poplar Bluff MO School District (AGM Insured)		5.00			3-1-2032		1,500,000		1,672,770
Poplar Bluff MO School District (AGM Insured)		5.00			3-1-2034		1,000,000		1,110,080
									6,125,753
Tax Revenue: 0.00%
Manchester MO Highway 141 Manchester Road Project		6.00			11-1-2025		115,000		113,975
									10,472,094
Nebraska: 0.22%
Health Revenue: 0.05%
Lincoln County NE Hospital Authority Great Plains Regional Medical Center		5.00			11-1-2024		1,000,000		1,071,770
Utilities Revenue: 0.17%
Municipal Energy Agency of Nebraska Series A (BHAC Insured)		5.00			4-1-2019		500,000		503,980
Nebraska Central Plains Energy Gas Project #3		5.00			9-1-2027		1,290,000		1,378,313
Nebraska Central Plains Energy Gas Project #4		5.00			3-1-2050		2,000,000		2,180,320
									4,062,613
									5,134,383
Nevada: 1.57%
Airport Revenue: 0.36%
Clark County NV Airport Series C (AGM Insured)		5.00			7-1-2023		5,600,000		5,682,264
Clark County NV Airport Series D		5.00			7-1-2024		2,750,000		2,828,073
									8,510,337
GO Revenue: 1.12%
Clark County NV Refunding Bond		5.00			6-1-2030		3,905,000		4,612,117
Clark County NV Refunding Bond Series B		5.00			11-1-2028		5,000,000		5,895,200
Clark County NV Stadium Improvement Bond Series A		5.00			6-1-2032		1,615,000		1,917,409
Clark County NV Water Reclamation District		5.00			7-1-2027		4,155,000		4,828,193
Clark County NV Water Reclamation District Series A		5.25			7-1-2038		2,880,000		2,930,256
Las Vegas NV Series A		5.00			5-1-2031		1,985,000		2,239,477
Las Vegas NV Valley Water District Series A		4.00			6-1-2028		1,665,000		1,811,037
Las Vegas NV Valley Water District Series B		5.00			6-1-2030		1,945,000		2,266,333
									26,500,022
Miscellaneous Revenue: 0.09%
Las Vegas NV Special Improvement District #607		4.00			6-1-2019		645,000		647,619
Las Vegas NV Special Improvement District #607		4.00			6-1-2020		540,000		547,171
Las Vegas NV Special Improvement District #607		4.00			6-1-2021		700,000		713,209
Las Vegas NV Special Improvement District #607		4.25			6-1-2024		200,000		203,282
									2,111,281
									37,121,640

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

24 Wells Fargo Intermediate Tax/AMT-Free Fund Portfolio of investments—December 31, 2018 (unaudited)

Security name	Interest rate			Maturity date		Principal		Value
New Hampshire: 0.04%
Housing Revenue: 0.04%
New Hampshire HFA Single Family Mortgage Acquisition Series E & F		4.80	%		7-1-2028	$	950,000	$	954,427
New Jersey: 3.76%
Airport Revenue: 0.20%
South Jersey NJ Port Corporation Marine Terminal Refunding Bond Series S		5.00			1-1-2028		2,130,000		2,389,839
South Jersey NJ Port Corporation Marine Terminal Refunding Bond Series S		5.00			1-1-2029		2,200,000		2,456,630
									4,846,469
Education Revenue: 0.42%
New Jersey HEFAR Student Assistance Authority Series A		5.00			6-1-2019		9,860,000		9,973,291
GO Revenue: 0.50%
Montclair NJ School Refunding Bond Series B		4.00			3-1-2026		500,000		560,020
Trenton City NJ (Build America Mutual Assurance Company Insured)		5.00			12-1-2022		1,630,000		1,784,084
Trenton City NJ (Build America Mutual Assurance Company Insured)		5.00			12-1-2024		1,775,000		1,999,733
Trenton City NJ (Build America Mutual Assurance Company Insured)		5.00			12-1-2025		1,860,000		2,117,963
Trenton City NJ (Build America Mutual Assurance Company Insured)		5.00			12-1-2026		1,000,000		1,159,820
Union County NJ General Improvement Bond		3.00			3-1-2026		4,165,000		4,304,902
									11,926,522
Miscellaneous Revenue: 2.08%
Essex County NJ Import Authority Series A		6.00			11-1-2025		5,000,000		5,240,900
New Jersey EDA Motor Vehicle Surcharges Prerefunded Bond Series A (National Insured)		5.25			7-1-2026		540,000		651,980
New Jersey EDA Motor Vehicle Surcharges Series A		3.13			7-1-2029		1,000,000		1,000,070
New Jersey EDA Motor Vehicle Surcharges Series A		5.00			7-1-2033		2,500,000		2,693,475
New Jersey EDA Motor Vehicle Surcharges Unrefunded Bond Series A (National Insured)		5.25			7-1-2026		2,320,000		2,664,659
New Jersey EDA School Facilities Construction Refunding Bond Series NN		5.00			3-1-2021		4,315,000		4,532,994
New Jersey EDA School Facilities Construction Refunding Bond Series NN		5.00			3-1-2023		3,000,000		3,253,740
New Jersey EDA School Facilities Construction Refunding Bond Series NN		5.00			3-1-2026		9,830,000		10,549,458
New Jersey EDA Series XX		5.00			6-15-2022		5,020,000		5,394,392
New Jersey Educational Facilities Authority		5.00			6-15-2026		3,015,000		3,282,822
New Jersey Sports & Exposition Authority (National Insured)		5.50			3-1-2022		1,755,000		1,945,628
New Jersey TTFA Series A		5.00			6-15-2020		4,000,000		4,150,200
New Jersey TTFA Series A		5.25			6-15-2024		1,695,000		1,795,530
New Jersey TTFA Series A		5.25			6-15-2025		2,000,000		2,115,220
									49,271,068
Tobacco Revenue: 0.11%
New Jersey EDA Cigarette Tax Refunding Bond		5.00			6-15-2021		2,500,000		2,646,375
Transportation Revenue: 0.45%
New Jersey TTFA Series A		5.25			12-15-2020		1,305,000		1,376,188
New Jersey TTFA Series C		5.25			6-15-2032		2,500,000		2,703,825
New Jersey TTFA Unrefunded Balance Bond (National Insured)		5.25			12-15-2021		6,000,000		6,469,920
									10,549,933
									89,213,658

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

Portfolio of investments—December 31, 2018 (unaudited) Wells Fargo Intermediate Tax/AMT-Free Fund 25

Security name	Interest rate			Maturity date		Principal		Value
New Mexico: 0.71%
GO Revenue: 0.14%
Albuquerque, Bernalillo & Sandoval Counties NM Municipal School District #12		5.00	%		8-1-2025	$	400,000	$	469,036
Albuquerque, Bernalillo & Sandoval Counties NM Municipal School District #12		5.00			8-1-2026		1,205,000		1,431,889
Albuquerque, Bernalillo & Sandoval Counties NM Municipal School District #12		5.00			8-1-2034		1,150,000		1,360,174
									3,261,099
Housing Revenue: 0.04%
New Mexico Mortgage Finance Authority SFMR Class I Series A (GNMA/FNMA/FHLMC Insured)		4.63			9-1-2025		795,000		806,058
New Mexico Mortgage Finance Authority SFMR Class I Series B (GNMA/FNMA/FHLMC Insured)		5.00			3-1-2028		285,000		295,331
									1,101,389
Miscellaneous Revenue: 0.48%
Clayton NM Jail Project Improvement & Refunding Bond (National Insured)		5.00			11-1-2028		9,265,000		10,316,300
Clayton NM Jail Project Improvement & Refunding Bond (National Insured)		5.00			11-1-2029		1,000,000		1,108,930
									11,425,230
Water & Sewer Revenue: 0.05%
Albuquerque & Bernalillo Counties NM Water Utility Authority Series B		5.00			7-1-2024		1,000,000		1,146,390
									16,934,108
New York: 9.51%
Airport Revenue: 0.13%
Port Authority New York & New Jersey Special Obligation		5.00			12-1-2020		3,070,000		3,200,045
Education Revenue: 0.79%
Dutchess County NY Local Development Corporation The Culinary Institute of America Project SeriesA-1		5.00			7-1-2027		335,000		380,393
Dutchess County NY Local Development Corporation The Culinary Institute of America Project SeriesA-1		5.00			7-1-2030		365,000		408,986
Hempstead Town NY Local Development Corporation The Academy Charter School Project Series A		5.89			2-1-2032		2,745,000		2,566,740
Hempstead Town NY Local Development Corporation The Academy Charter School Project Series A		6.24			2-1-2047		1,750,000		1,585,430
Hempstead Town NY Local Development Corporation The Academy Charter School Project Series A		7.65			2-1-2044		2,720,000		2,780,194
Monroe County NY Industrial Development Monroe Community College Project Series A (AGM Insured)		5.00			1-15-2022		790,000		853,595
Monroe County NY Industrial Development Monroe Community College Project Series A (AGM Insured)		5.00			1-15-2023		645,000		710,403
Monroe County NY Industrial Development Monroe Community College Project Series A (AGM Insured)		5.00			1-15-2024		905,000		1,014,559
Monroe County NY Industrial Development St. John Fisher College Project Series A		5.00			6-1-2020		2,125,000		2,215,653
New York Dormitory Authority Mount Sinai School of Medicine		5.50			7-1-2022		2,000,000		2,036,960
Niagara NY Area Development Corporation		5.00			5-1-2020		1,160,000		1,204,405
Niagara NY Area Development Corporation		5.00			5-1-2022		1,350,000		1,469,259
Troy NY Capital Resource Corporation Rensselaer Polytechnic Series B		5.00			9-1-2020		1,430,000		1,499,226
									18,725,803

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

26 Wells Fargo Intermediate Tax/AMT-Free Fund Portfolio of investments—December 31, 2018 (unaudited)

Security name	Interest rate			Maturity date		Principal		Value
GO Revenue: 1.29%
Hempstead Town Nassau County NY Public Improvement Series A		4.00	%		6-15-2028	$	5,000,000	$	5,481,900
Nassau County NY		5.00			10-1-2024		7,965,000		9,101,924
New York NY Series B		5.00			12-1-2032		2,000,000		2,314,860
New York NY Series C		5.00			8-1-2031		5,000,000		5,652,500
New York NY Series I (State Street Bank & Trust Company SPA) ø		1.73			4-1-2036		5,860,000		5,860,000
Suffolk NY Public Improvement Serial Bond Series A (AGM Insured)		3.00			6-1-2019		1,180,000		1,185,806
Yonkers NY Series A (AGM Insured)		5.00			10-1-2024		1,000,000		1,086,690
									30,683,680
Miscellaneous Revenue: 0.54%
New York Dormitory Authority Non State Supported Debt Prerefunded Bond		4.00			7-1-2019		70,000		70,000
New York Dormitory Authority Non State Supported Debt Unrefunded Bond		4.00			7-1-2019		670,000		677,156
New York Dormitory Authority Series D		5.00			10-1-2031		2,005,000		2,351,745
New York Dormitory Authority State University Educational Facilities Series A		5.50			5-15-2019		1,235,000		1,252,414
New York NY Transitional Finance Authority Building Aid Bond SeriesS-1		5.00			7-15-2032		2,500,000		2,906,650
New York NY Trust for Cultural Resources SeriesA-1		5.00			7-1-2031		2,475,000		2,606,522
New York Urban Development Corporation Series D (AGC Insured)		5.50			1-1-2019		3,000,000		3,000,000
									12,864,487
Tax Revenue: 2.89%
New York Convention Center Development Corporation		5.00			11-15-2028		8,000,000		9,243,600
New York Dormitory Authority Series A		5.00			3-15-2028		5,000,000		5,747,700
New York Dormitory Authority Series A		5.00			2-15-2031		3,000,000		3,474,300
New York Dormitory Authority Series B (Ambac Insured)		5.50			3-15-2025		3,885,000		4,621,635
New York Dormitory Authority Series E		5.00			3-15-2035		15,000,000		17,590,800
New York Metropolitan Transportation Authority Dedicated Tax Fund Series A		5.00			11-15-2024		6,010,000		6,670,439
New York NY Transitional Finance Authority Prerefunded Balance Bond Series A		5.00			5-1-2023		2,875,000		2,906,740
New York NY Transitional Finance Authority Series B		5.00			8-1-2027		1,115,000		1,269,851
New York NY Transitional Finance Authority Series C		5.00			11-1-2027		5,000,000		5,771,500
New York NY Transitional Finance Authority Subordinate Bond SeriesB-1		5.00			11-1-2028		1,000,000		1,160,760
New York Urban Development Corporation Personal Income Tax Series A		5.00			3-15-2031		3,815,000		4,291,112
New York Urban Development Corporation Personal income Tax Series A		5.00			3-15-2032		5,000,000		5,716,050
									68,464,487
Tobacco Revenue: 0.04%
Suffolk NY Tobacco Asset Securitization Corporation Tobacco Settlement Series B		4.00			6-1-2022		420,000		434,755
Suffolk NY Tobacco Asset Securitization Corporation Tobacco Settlement Series B		5.00			6-1-2023		500,000		533,185
									967,940
Transportation Revenue: 2.67%
New York Metropolitan Transportation Authority Series A		5.00			11-15-2030		4,010,000		4,317,326
New York Metropolitan Transportation Authority Series C		5.25			11-15-2028		5,000,000		5,760,250
New York Metropolitan Transportation Authority Series C		5.25			11-15-2029		11,100,000		12,728,037
New York Metropolitan Transportation Authority Series C		5.25			11-15-2030		8,350,000		9,518,833
New York Metropolitan Transportation Authority Series C		5.25			11-15-2031		4,500,000		5,112,000
New York Metropolitan Transportation Authority Series D		5.00			11-15-2027		2,000,000		2,263,960
New York Metropolitan Transportation Authority Series F		5.00			11-15-2025		2,490,000		2,871,966
New York Metropolitan Transportation Authority Series F		5.00			11-15-2028		2,450,000		2,654,575
Triborough NY MTA Bridges & Tunnels Authority Series B		5.00			11-15-2030		6,000,000		7,441,260

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

Portfolio of investments—December 31, 2018 (unaudited) Wells Fargo Intermediate Tax/AMT-Free Fund 27

Security name	Interest rate			Maturity date		Principal		Value
Transportation Revenue(continued)
Triborough NY MTA Bridges & Tunnels Authority Series C		5.00	%		11-15-2034	$	4,000,000	$	4,746,360
Triborough NY MTA Bridges & Tunnels Authority Series C		5.00			11-15-2035		5,000,000		5,899,900
									63,314,467
Utilities Revenue: 0.80%
Long Island NY Power Authority Electric System Series C (1 Month LIBOR +0.75%) ±		2.39			5-1-2033		10,000,000		9,995,500
New York Utility Debt Securitization Authority		5.00			12-15-2032		1,250,000		1,397,100
New York Utility Debt Securitization Authority		5.00			12-15-2033		6,575,000		7,531,860
									18,924,460
Water & Sewer Revenue: 0.36%
Nassau NY Water Authority Series A		5.00			4-1-2027		350,000		401,373
Nassau NY Water Authority Series A		5.00			4-1-2028		300,000		342,729
Nassau NY Water Authority Series B		5.00			4-1-2024		400,000		455,600
Nassau NY Water Authority Series B		5.00			4-1-2026		755,000		869,126
New York NY Municipal Water Finance Authority Series GG		5.00			6-15-2029		1,645,000		1,899,153
New York NY Municipal Water Finance Authority Series HH		5.00			6-15-2037		4,000,000		4,485,840
									8,453,821
									225,599,190
North Carolina: 0.52%
Airport Revenue: 0.34%
Raleigh Durham NC Airport Series C (TD Bank NA LOC) ø		1.69			5-1-2036		8,120,000		8,120,000
Health Revenue: 0.06%
New Hanover County NC Regional Medical Center		5.00			10-1-2022		250,000		275,588
New Hanover County NC Regional Medical Center		5.00			10-1-2023		1,000,000		1,122,580
									1,398,168
Miscellaneous Revenue: 0.12%
North Carolina Grant Anticipation Vehicle Bond		5.00			3-1-2029		2,470,000		2,809,897
Onslow County NC Limited Obligation Series A		4.00			6-1-2022		90,000		95,813
									2,905,710
									12,423,878
North Dakota: 0.01%
Housing Revenue: 0.01%
North Dakota Housing Finance Agency Series D		4.50			1-1-2029		170,000		171,044
Ohio: 1.74%
Education Revenue: 0.04%
Summit County OH Port Authority University of Akron Student Housing Project		5.25			1-1-2024		685,000		729,703
Summit County OH Port Authority University of Akron Student Housing Project		5.25			1-1-2024		315,000		332,949
									1,062,652

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

28 Wells Fargo Intermediate Tax/AMT-Free Fund Portfolio of investments—December 31, 2018 (unaudited)

Security name	Interest rate			Maturity date		Principal		Value
GO Revenue: 0.09%
Columbus OH Various Purposes Series 2		5.00	%		7-1-2026	$	1,775,000	$	2,111,256
Miscellaneous Revenue: 0.64%
Cincinnati OH City School District Improvement Project Certificate of Participation		5.00			12-15-2024		4,815,000		5,536,913
Cincinnati OH City School District Improvement Project Certificate of Participation		5.00			12-15-2025		2,095,000		2,387,839
Clermont County OH Port Authority West Clermont Local School District Project (Build America Mutual Assurance Company Insured)		5.00			12-1-2025		500,000		577,160
Clermont County OH Port Authority West Clermont Local School District Project (Build America Mutual Assurance Company Insured)		5.00			12-1-2026		600,000		689,316
Clermont County OH Port Authority West Clermont Local School District Project (Build America Mutual Assurance Company Insured)		5.00			12-1-2028		1,250,000		1,435,213
JobsOhio Beverage System Statewide Liquor Profits Senior Lien Series A		5.00			1-1-2022		2,500,000		2,721,500
Ohio Building Authority Series A		5.00			10-1-2024		1,000,000		1,074,420
RiverSouth OH Lazarus Building Redevelopment Series A		5.75			12-1-2027		835,000		836,670
									15,259,031
Tax Revenue: 0.12%
Cleveland OH Subordinate Lien Income Tax Refunding Bond SeriesB-1		5.00			10-1-2030		2,500,000		2,936,225
Transportation Revenue: 0.05%
Ohio Turnpike Commission Junior Lien Infrastructure Projects SeriesA-1		5.25			2-15-2029		1,000,000		1,111,880
Utilities Revenue: 0.03%
Cleveland OH Public Power System Refunding Bond (AGM Insured)		5.00			11-15-2033		625,000		721,975
Water & Sewer Revenue: 0.77%
Ohio Water Development Authority Fresh Water		5.00			6-1-2028		14,000,000		16,964,360
Ohio Water Development Authority Pollution Control Series A		5.00			12-1-2031		1,000,000		1,180,250
									18,144,610
									41,347,629
Oklahoma: 2.77%
Airport Revenue: 0.31%
Tulsa OK Airports Improvement Trust Series D (Build America Mutual Assurance Company Insured)		5.00			6-1-2019		1,500,000		1,517,985
Tulsa OK Airports Improvement Trust Series D (Build America Mutual Assurance Company Insured)		5.00			6-1-2021		1,185,000		1,231,334
Tulsa OK Airports Improvement Trust Series D (Build America Mutual Assurance Company Insured)		5.00			6-1-2022		520,000		540,036
Tulsa OK Airports Improvement Trust Series D (Build America Mutual Assurance Company Insured)		5.00			6-1-2025		1,200,000		1,245,900
Tulsa OK Airports Improvement Trust Series D (Build America Mutual Assurance Company Insured)		5.00			6-1-2026		1,250,000		1,297,813
Tulsa OK Airports Improvement Trust Series D (Build America Mutual Assurance Company Insured)		5.00			6-1-2027		1,000,000		1,038,250
Tulsa OK Airports Improvement Trust Series D (Build America Mutual Assurance Company Insured)		5.00			6-1-2028		500,000		519,125
									7,390,443

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

Portfolio of investments—December 31, 2018 (unaudited) Wells Fargo Intermediate Tax/AMT-Free Fund 29

Security name	Interest rate			Maturity date		Principal		Value
Health Revenue: 0.07%
Oklahoma Development Finance Authority Health System Revenue Oklahoma University Medicine Project Series B		5.00	%		8-15-2025	$	600,000	$	673,428
Oklahoma Development Finance Authority Health System Revenue Oklahoma University Medicine Project Series B		5.00			8-15-2027		900,000		1,027,683
									1,701,111
Miscellaneous Revenue: 2.00%
Cache OK Educational Facilities Authority Cache Public Schools Project Series A		5.00			9-1-2024		2,905,000		3,300,835
Cache OK Educational Facilities Authority Cache Public Schools Project Series A		5.00			9-1-2025		3,055,000		3,522,904
Canadian County OK Education Facilities Authority Mustang Public Schools Project		4.00			9-1-2025		1,110,000		1,212,264
Canadian County OK Education Facilities Authority Mustang Public Schools Project		5.00			9-1-2027		2,000,000		2,322,360
Canadian County OK Education Facilities Authority Mustang Public Schools Project		5.00			9-1-2028		2,180,000		2,513,431
Carter County OK Public Facilities Authority Educational Facilities Plainview Public School Project		5.00			12-1-2026		1,000,000		1,169,030
Carter County OK Public Facilities Authority Educational Facilities Plainview Public School Project		5.00			12-1-2027		1,000,000		1,158,970
Carter County OK Public Facilities Authority Educational Facilities Plainview Public School Project		5.00			12-1-2028		1,285,000		1,476,465
Cleveland County OK Educational Facilities Authority Noble Public Schools Project		5.00			9-1-2027		700,000		820,624
Cleveland County OK Educational Facilities Authority Noble Public Schools Project		5.00			9-1-2028		400,000		465,912
Cleveland County OK Educational Facilities Authority Noble Public Schools Project		5.00			9-1-2029		250,000		289,738
Cleveland County OK Educational Facilities Authority Noble Public Schools Project		5.00			9-1-2030		625,000		720,725
Cleveland County OK Educational Facilities Authority Noble Public Schools Project		5.00			9-1-2031		675,000		774,495
Comanche County OK Educational Facilities Authority Elgin Public Schools Project Series A		5.00			12-1-2032		1,600,000		1,823,040
Creek County OK Educational Facilities Sapulpa Public Schools Project		5.00			9-1-2023		3,000,000		3,360,210
Cushing OK Educational Facilities Authority		5.00			9-1-2022		2,210,000		2,427,287
Dewey County OK Educational Facilities Authority Seiling Public Schools Project		5.00			9-1-2026		1,230,000		1,426,406
Dewey County OK Educational Facilities Authority Seiling Public Schools Project		5.00			9-1-2027		1,240,000		1,425,033
Garvin County OK Educational Facilities Authority Lindsay Public Schools Project		5.00			9-1-2019		860,000		877,467
Garvin County OK Educational Facilities Authority Lindsay Public Schools Project		5.00			9-1-2020		455,000		474,742
Garvin County OK Educational Facilities Authority Lindsay Public Schools Project		5.00			9-1-2026		1,000,000		1,139,330
Garvin County OK Educational Facilities Authority Lindsay Public Schools Project		5.00			9-1-2027		1,245,000		1,416,835
Grady County OK Educational Facilities Tuttle Public Schools Project		5.00			9-1-2023		1,000,000		1,121,010
Grady County OK Educational Facilities Tuttle Public Schools Project		5.00			9-1-2024		1,075,000		1,223,920
Grady County OK Educational Facilities Tuttle Public Schools Project		5.00			9-1-2025		500,000		577,575
Grady County OK Educational Facilities Tuttle Public Schools Project		5.00			9-1-2028		1,160,000		1,333,049
Muskogee OK Industrial Trust Educational Facilities		5.00			9-1-2020		1,250,000		1,300,075
Muskogee OK Industrial Trust Educational Facilities		5.00			9-1-2021		1,000,000		1,060,490
Muskogee OK Industrial Trust Educational Facilities		5.00			9-1-2022		1,000,000		1,078,540
Oklahoma Development Finance Authority		4.00			6-1-2023		1,270,000		1,362,266
Oklahoma Development Finance Authority		5.00			6-1-2023		1,230,000		1,377,846
Oklahoma Development Finance Authority Higher Education Master Real Property Series B		4.00			6-1-2024		1,270,000		1,373,861
Tulsa County OK Industrial Authority Educational Facilities Glenpool Public Schools Project Series A		5.00			9-1-2025		1,280,000		1,481,997
									47,408,732
Tax Revenue: 0.19%
Oklahoma City OK Public Property Authority		5.00			10-1-2026		1,495,000		1,729,610
Oklahoma City OK Public Property Authority		5.00			10-1-2027		1,140,000		1,317,361

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

30 Wells Fargo Intermediate Tax/AMT-Free Fund Portfolio of investments—December 31, 2018 (unaudited)

Security name	Interest rate			Maturity date		Principal		Value
Tax Revenue(continued)
Oklahoma City OK Public Property Authority		5.00	%		10-1-2028	$	1,265,000	$	1,459,266
									4,506,237
Utilities Revenue: 0.16%
Claremore OK Public Works Authority		4.00			6-1-2022		2,595,000		2,746,782
Claremore OK Public Works Authority		4.00			6-1-2023		1,010,000		1,066,681
									3,813,463
Water & Sewer Revenue: 0.04%
McGee Creek OK Authority (National Insured)		6.00			1-1-2023		920,000		983,820
									65,803,806
Oregon: 0.70%
GO Revenue: 0.58%
Benton & Linn Counties OR Corvallis School District Series B (AGM Insured)		5.00			6-15-2031		5,110,000		6,122,138
Washington & Multnomah Counties OR Beaverton School District Series D (AGM Insured)		5.00			6-15-2035		1,500,000		1,736,985
Washington County OR Full Faith & Credit Obligations Series B		5.00			3-1-2022		5,345,000		5,856,089
									13,715,212
Health Revenue: 0.12%
Medford OR Hospital Facilities Authority		5.00			10-1-2020		1,155,000		1,211,029
Oregon Facilities Authority Samaritan Health Services Project Series A		5.00			10-1-2026		1,500,000		1,727,130
									2,938,159
									16,653,371
Pennsylvania: 9.76%
Education Revenue: 1.58%
Adams County PA IDA Gettysburg College Project		5.00			8-15-2024		1,500,000		1,568,025
Adams County PA IDA Gettysburg College Project		5.00			8-15-2025		1,500,000		1,567,290
Chester County PA IDA Collegium Charter School Project Series A		5.00			10-15-2027		1,500,000		1,562,865
Lycoming County PA Authority Pennsylvania College of Technology		5.50			7-1-2026		4,000,000		4,323,760
Northampton County PA General Purpose Authority College Refunding Bond		5.00			11-1-2027		1,000,000		1,200,410
Northeastern Pennsylvania Hospital & Education Authority Series A		5.00			3-1-2026		885,000		975,474
Northeastern Pennsylvania Hospital & Education Authority Series A		5.00			3-1-2028		660,000		719,143
Pennsylvania HEFAR Series AQ		5.00			6-15-2023		6,090,000		6,820,008
Pennsylvania HEFAR Series AR		5.00			6-15-2025		1,000,000		1,153,850
Pennsylvania HEFAR Series AS		5.00			6-15-2025		1,575,000		1,817,314
Pennsylvania HEFAR Series AS		5.00			6-15-2027		2,190,000		2,537,444
Pennsylvania HEFAR Series LL1		5.00			11-1-2019		880,000		889,337
Pennsylvania HEFAR Series LL1		5.00			11-1-2020		590,000		601,835
Pennsylvania HEFAR Series LL1		5.00			11-1-2022		1,310,000		1,349,431
Pennsylvania Public School Building Authority		5.00			5-1-2023		2,185,000		2,438,089
Pennsylvania Public School Building Authority		5.00			6-15-2025		2,265,000		2,582,961
Philadelphia PA IDA		5.88			6-15-2022		950,000		988,295
Philadelphia PA IDA		6.13			6-15-2023		930,000		984,926
Philadelphia PA IDA		7.00			5-1-2026		740,000		783,416

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

Portfolio of investments—December 31, 2018 (unaudited) Wells Fargo Intermediate Tax/AMT-Free Fund 31

Security name	Interest rate			Maturity date		Principal		Value
Education Revenue(continued)
Philadelphia PA IDA Master Charter School Aid		5.00	%		8-1-2020	$	220,000	$	226,459
Philadelphia PA IDA West Philadelphia Achievement Charter Elementary School Project		6.25			5-1-2021		185,000		192,272
Philadelphia PA Public School Building Authority (Build America Mutual Assurance Company Insured)		5.00			6-15-2026		2,000,000		2,282,040
									37,564,644
GO Revenue: 3.76%
Allegheny County PA Moon Area School District Series A		5.00			11-15-2024		3,400,000		3,839,280
Allegheny County PA Series 72		5.25			12-1-2033		4,000,000		4,489,600
Central Dauphin PA School District		5.00			2-1-2029		825,000		959,756
Central Dauphin PA School District		5.00			2-1-2030		1,110,000		1,284,692
Central Greene PA School District Series B (Build America Mutual Assurance Company Insured)		5.00			2-15-2019		865,000		868,252
Johnstown PA School District (AGM Insured)		5.00			8-1-2024		2,730,000		2,913,401
Norristown PA Area School District Montgomery County Series 2018 (Build America Mutual Assurance Company Insured)		5.00			9-1-2035		2,035,000		2,290,881
Pennsylvania Hills PA School District (Build America Mutual Assurance Company Insured)		4.00			10-1-2021		1,460,000		1,541,979
Pennsylvania Series 2		5.00			4-15-2023		2,000,000		2,018,800
Philadelphia PA (AGM Insured)		5.00			8-1-2025		7,000,000		8,064,420
Philadelphia PA School District Refunding Bond Series C		5.00			9-1-2021		2,200,000		2,358,312
Philadelphia PA School District Refunding Bond Series D		5.00			9-1-2022		3,750,000		4,095,150
Philadelphia PA School District Refunding Bond Series E		5.25			9-1-2021		1,490,000		1,559,449
Philadelphia PA School District Refunding Bond Series F		5.00			9-1-2028		5,000,000		5,676,050
Philadelphia PA School District Refunding Bond Series F		5.00			9-1-2029		5,000,000		5,657,800
Philadelphia PA School District Refunding Bond Series F		5.00			9-1-2031		1,240,000		1,389,643
Philadelphia PA School District Refunding Bond Series F		5.00			9-1-2032		1,000,000		1,118,520
Philadelphia PA Series A		5.00			8-1-2024		1,000,000		1,131,610
Philadelphia PA Series A		5.00			7-15-2026		3,000,000		3,330,120
Philadelphia PA Series A		5.00			8-1-2027		1,500,000		1,745,085
Philadelphia PA Series A		5.00			8-1-2033		2,000,000		2,244,220
Philadelphia PA Series A		5.25			7-15-2028		2,590,000		2,897,563
Philadelphia PA Series A		5.25			7-15-2029		4,410,000		4,924,868
Philadelphia PA Series A		5.25			7-15-2032		4,380,000		4,863,114
Pittsburgh PA Moon Area School District Series A		5.00			11-15-2029		1,000,000		1,112,510
Pittsburgh PA Series A		4.00			9-1-2022		1,000,000		1,060,790
Pittsburgh PA Series A		5.00			9-1-2022		2,060,000		2,257,204
Pittsburgh PA Series A		5.00			9-1-2023		3,810,000		4,187,419
Reading Berks PA Series A (Build America Mutual Assurance Company Insured)		5.00			11-1-2026		1,000,000		1,146,830
Reading PA School District		5.00			4-1-2021		3,120,000		3,296,810
Reading PA School District (AGM Insured)		5.00			3-1-2037		2,000,000		2,246,000
Reading PA School District (AGM Insured)		5.00			3-1-2038		1,735,000		1,941,812
Scranton Lackawanna County PA School District Bond Series A (Build America Mutual Assurance Company Insured)		5.00			6-1-2037		500,000		553,760
									89,065,700
Health Revenue: 0.74%
Allegheny County PA Hospital Development Authority Series B (National Insured)		6.00			7-1-2025		2,605,000		3,151,920
Berks County PA Municipal Authority Reading Hospital & Medical Center Project Series B (SIFMA Municipal Swap +1.50%) ±		3.21			11-1-2039		10,000,000		10,152,400

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

32 Wells Fargo Intermediate Tax/AMT-Free Fund Portfolio of investments—December 31, 2018 (unaudited)

Security name	Interest rate			Maturity date		Principal		Value
Health Revenue(continued)
Cumberland County PA Diakon Lutheran Social Ministries Project		5.00	%		1-1-2025	$	1,340,000	$	1,467,555
Cumberland County PA Diakon Lutheran Social Ministries Project		5.00			1-1-2026		1,370,000		1,492,615
Cumberland County PA Diakon Lutheran Social Ministries Project		5.00			1-1-2027		1,225,000		1,330,485
									17,594,975
Miscellaneous Revenue: 2.13%
Delaware County PA Vocational & Technical School Authority (Build America Mutual Assurance Company Insured)		5.25			11-1-2033		2,000,000		2,214,040
Pennsylvania Certificate of Participation Municipal Real Estate Payment Series A		5.00			7-1-2028		400,000		462,104
Pennsylvania Certificate of Participation Municipal Real Estate Payment Series A		5.00			7-1-2029		300,000		345,294
Pennsylvania Certificate of Participation Municipal Real Estate Payment Series A		5.00			7-1-2030		375,000		429,064
Pennsylvania Certificate of Participation Retained Basic Lease Payment (AGM Insured)		5.00			11-1-2022		3,015,000		3,306,912
Pennsylvania Certificate of Participation Retained Basic Lease Payment (AGM Insured)		5.00			11-1-2023		1,900,000		2,122,946
Pennsylvania Certificate of Participation Retained Basic Lease Payment (AGM Insured)		5.00			11-1-2024		1,660,000		1,884,664
Pennsylvania Public School Building Authority (Build America Mutual Assurance Company Insured)		4.00			5-15-2021		500,000		522,285
Pennsylvania Public School Building Authority (Build America Mutual Assurance Company Insured)		4.00			5-15-2022		1,000,000		1,043,860
Pennsylvania Public School Building Authority		5.00			4-1-2020		5,600,000		5,793,368
Pennsylvania Public School Building Authority		5.00			4-1-2029		1,000,000		1,056,270
Pennsylvania Public School Building Authority Chester Upland School District Project Series B		5.25			9-15-2030		2,000,000		2,268,480
Pennsylvania Public School Building Authority City of Harrisburg Project Series A (AGM Insured)		5.00			12-1-2028		3,500,000		4,034,870
Pennsylvania Public School Building Authority City of Harrisburg Project Series A (AGM Insured)		5.00			12-1-2033		4,425,000		5,004,100
Pennsylvania Public School Building Authority Philadelphia School District Project		5.00			4-1-2024		2,000,000		2,141,260
Pennsylvania Public School Building Authority Series B (AGM Insured)		5.00			6-1-2029		2,000,000		2,333,940
Pennsylvania Public School Building Authority Series B-2 (Build America Mutual Assurance Company Insured)		5.00			12-1-2024		1,250,000		1,419,238
Pennsylvania Public School Building Authority Series B-2 (Build America Mutual Assurance Company Insured)		5.00			12-1-2025		1,250,000		1,412,638
Pennsylvania Public School Building Authority Series B-2 (Build America Mutual Assurance Company Insured)		5.00			12-1-2026		1,250,000		1,408,263
Pennsylvania Public School Building Authority Series B-2 (Build America Mutual Assurance Company Insured)		5.00			12-1-2027		1,010,000		1,134,351
Philadelphia PA Municipal Authority Juvenile Justice Services Center		5.00			4-1-2031		3,630,000		4,080,447
Philadelphia PA Municipal Authority Juvenile Justice Services Center		5.00			4-1-2034		1,800,000		1,998,630
Southeastern Pennsylvania Transportation Authority		5.00			3-1-2028		725,000		862,235
York County PA School of Technology Authority Series A (Build America Mutual Assurance Company Insured)		5.00			2-15-2024		1,590,000		1,796,064
York County PA School of Technology Authority Series B (Build America Mutual Assurance Company Insured)		5.00			2-15-2027		800,000		903,728
York County PA School of Technology Authority Series B (Build America Mutual Assurance Company Insured)		5.00			2-15-2029		500,000		561,485
									50,540,536

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

Portfolio of investments—December 31, 2018 (unaudited) Wells Fargo Intermediate Tax/AMT-Free Fund 33

Security name	Interest rate			Maturity date		Principal		Value
Resource Recovery Revenue: 0.27%
Lancaster County PA Solid Waste Management Authority Series A		5.25	%		12-15-2028	$	5,665,000	$	6,288,490
Tobacco Revenue: 0.25%
Commonwealth Financing Authority Tobacco Master Settlement Payment		5.00			6-1-2027		2,500,000		2,893,350
Commonwealth Financing Authority Tobacco Master Settlement Payment		5.00			6-1-2028		2,500,000		2,909,475
									5,802,825
Transportation Revenue: 0.63%
Pennsylvania Turnpike Commission Motor License Fund-Enhanced Refunding Bond		5.00			6-1-2027		1,000,000		1,164,640
Pennsylvania Turnpike Commission Refunding Bond		5.00			12-1-2033		3,780,000		4,169,378
Pennsylvania Turnpike Commission Subordinate Bond Series B		5.00			6-1-2031		5,000,000		5,596,350
Pennsylvania Turnpike Commission Subordinate Bond Series C (AGM Insured)		6.25			6-1-2033		1,350,000		1,651,631
Pennsylvania Turnpike Commission Subordinate Bond Series E		6.38			12-1-2038		2,000,000		2,460,960
									15,042,959
Water & Sewer Revenue: 0.40%
Bucks County PA Water & Sewer Authority Water System (AGM Insured)		5.00			12-1-2026		2,400,000		2,613,984
Pennsylvania Capital Region Water Sewer System		5.00			7-15-2030		1,180,000		1,359,384
Pennsylvania Capital Region Water System		5.00			7-15-2030		1,500,000		1,751,190
Philadelphia PA Water and Wastewater Bond Series B		5.00			11-1-2027		1,535,000		1,827,878
Philadelphia PA Water and Wastewater Bond Series B		5.00			11-1-2033		1,760,000		2,029,667
									9,582,103
									231,482,232
South Carolina: 0.75%
Education Revenue: 0.48%
South Carolina Education Assistance Authority Student Loan Series I		5.00			10-1-2024		1,805,000		1,834,241
South Carolina Jobs EDA East Point Academy Project Series A 144A		2.25			5-1-2019		2,875,000		2,867,439
South Carolina Jobs EDA Furman University Project		5.00			10-1-2028		700,000		807,030
South Carolina Jobs EDA Furman University Project		5.00			10-1-2030		1,885,000		2,165,658
South Carolina Jobs EDA Furman University Project		5.00			10-1-2031		2,155,000		2,472,970
South Carolina Jobs EDA York Preparatory Academy Project Series A		7.00			11-1-2033		1,000,000		1,078,470
									11,225,808
Miscellaneous Revenue: 0.27%
Laurens County SC Education Assistance for District #55		5.00			12-1-2021		1,000,000		1,070,330
Laurens County SC Education Assistance for District #55		5.00			12-1-2022		1,250,000		1,362,313
Laurens County SC Education Assistance for District #55		5.00			12-1-2025		1,000,000		1,138,690
Scago SC Educational Facilities Corporation for Sumter County School District #17		4.00			12-1-2019		1,000,000		1,014,590
Scago SC Educational Facilities Corporation for Sumter County School District #17		5.00			12-1-2022		1,720,000		1,877,225
									6,463,148
									17,688,956
South Dakota: 0.04%
Airport Revenue: 0.04%
Rapid City SD Airport Project		6.25			12-1-2026		920,000		955,705

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

34 Wells Fargo Intermediate Tax/AMT-Free Fund Portfolio of investments—December 31, 2018 (unaudited)

Security name	Interest rate			Maturity date		Principal		Value
Tennessee: 0.95%
Education Revenue: 0.04%
Franklin County TN HEFA		4.00	%		9-1-2024	$	250,000	$	263,395
Franklin County TN HEFA		5.00			9-1-2030		560,000		610,518
									873,913
GO Revenue: 0.04%
White County TN		4.05			6-1-2020		1,010,000		1,029,746
Health Revenue: 0.01%
Shelby County TN Health Educational & Housing Facilities Board Le Bonheur Children’s Medical Center Series D (National Insured)		5.50			8-15-2019		125,000		127,860
Housing Revenue: 0.03%
Chattanooga TN Health Educational & Housing Facilities University of Tennessee at Chattanooga Project		5.00			10-1-2023		750,000		829,823
Utilities Revenue: 0.83%
Tennessee Energy Acquisition Corporation		4.00			11-1-2049		11,000,000		11,535,480
Tennessee Energy Acquisition Corporation Series A		4.00			5-1-2048		7,820,000		8,125,215
									19,660,695
									22,522,037
Texas: 9.48%
Airport Revenue: 0.50%
Galveston TX Wharves & Terminal		5.00			2-1-2026		2,000,000		2,086,520
Houston TX Airport System Subordinate Lien Refunding Bonds Series D		5.00			7-1-2033		3,000,000		3,503,340
Houston TX Airport System Subordinate Lien Refunding Bonds Series D		5.00			7-1-2034		3,500,000		4,068,330
Houston TX Airport System Subordinate Lien Refunding Bonds Series D		5.00			7-1-2035		2,000,000		2,317,600
									11,975,790
Education Revenue: 0.91%
Houston TX Higher Education Finance Corporation Series A		4.00			2-15-2022		515,000		526,927
North Texas Higher Education Authority Incoming Student Loan SeriesA-2 (3 Month LIBOR +0.90%) ±		3.30			7-1-2030		5,105,000		5,107,757
Texas Woman’s University Financing System		4.00			7-1-2020		1,000,000		1,032,000
University of Houston Texas		5.00			2-15-2024		2,700,000		2,710,665
University of Houston Texas Series B		5.25			7-1-2026		4,225,000		5,094,674
University of Texas Refinancing Series B ø		1.71			8-1-2033		7,150,000		7,150,000
									21,622,023
GO Revenue: 4.52%
Austin TX Independent School District Series B		5.00			8-1-2023		3,805,000		4,294,818
Austin TX Independent School District Series B		5.00			8-1-2024		3,970,000		4,568,438
Austin TX Independent School District Series B		5.00			8-1-2025		2,050,000		2,399,689
Austin TX Independent School District Series B		5.00			8-1-2026		1,450,000		1,686,727
Austin TX Public Improvement Bond		5.00			9-1-2030		960,000		1,134,355
Bexar County TX Combination Tax Certificate of Obligation		5.00			6-15-2024		1,000,000		1,151,380
Collin County TX Unlimited Tax Road & Refunding Bond		5.00			2-15-2023		1,350,000		1,507,559

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

Portfolio of investments—December 31, 2018 (unaudited) Wells Fargo Intermediate Tax/AMT-Free Fund 35

Security name	Interest rate			Maturity date		Principal		Value
GO Revenue(continued)
Collin County TX Unlimited Tax Road & Refunding Bond		5.00	%		2-15-2026	$	1,000,000	$	1,163,130
Collin County TX Unlimited Tax Road & Refunding Bond		5.00			2-15-2027		1,300,000		1,509,638
Crane County TX Water District Unlimited Tax Bond		5.00			2-15-2023		1,395,000		1,547,892
Crane County TX Water District Unlimited Tax Bond		5.00			2-15-2026		1,000,000		1,138,520
Crane County TX Water District Unlimited Tax Bond		5.00			2-15-2030		1,130,000		1,265,453
Crane County TX Water District Unlimited Tax Bond		5.00			2-15-2031		1,000,000		1,114,520
Dallas County TX Combination Tax and Parking Garage Certification of Obligation		5.00			8-15-2024		5,600,000		6,446,440
Dallas County TX Combination Tax and Parking Garage Certification of Obligation		5.00			8-15-2025		3,235,000		3,789,835
Del Rio TX Refunding Bond (Build America Mutual Assurance Company Insured)		4.00			6-1-2023		720,000		774,504
Del Rio TX Refunding Bond (Build America Mutual Assurance Company Insured)		4.00			6-1-2024		745,000		809,077
Denton County TX Permanent Improvement & Refunding Bond		5.00			7-15-2023		1,990,000		2,246,571
Denton County TX Permanent Improvement & Refunding Bond		5.00			7-15-2024		1,145,000		1,318,891
Denton County TX Permanent Improvement & Refunding Bond		5.00			7-15-2025		1,000,000		1,154,700
Denton County TX Permanent Improvement & Refunding Bond		5.00			7-15-2030		1,000,000		1,145,120
El Paso County TX Hospital District		5.00			8-15-2028		2,045,000		2,200,829
El Paso County TX Refunding Bond Series A		5.00			2-15-2031		2,000,000		2,298,760
El Paso County TX Refunding Bond Series A		5.00			2-15-2032		2,120,000		2,426,340
Flower Mound, Denton & Tarrant Counties TX Refunding Bond		4.00			3-1-2026		755,000		824,234
Flower Mound, Denton & Tarrant Counties TX Refunding Bond		5.00			3-1-2022		1,000,000		1,093,360
Flower Mound, Denton & Tarrant Counties TX Refunding Bond		5.00			3-1-2023		620,000		693,104
Flower Mound, Denton & Tarrant Counties TX Refunding Bond		5.00			3-1-2024		1,660,000		1,892,516
Fort Worth TX Independent School District Unlimited Tax Refunding and School Building Bond		5.00			2-15-2026		3,000,000		3,537,510
Harris County TX Cypress-Fairbanks Independent High School SeriesB-1		2.13			2-15-2040		10,000,000		9,983,400
Harris County TX Tax Road Refunding Bond Series2014-A		5.00			10-1-2025		8,445,000		9,798,227
Harris County TX Tax Road Refunding Bond Series2015-A		5.00			10-1-2025		4,215,000		4,947,946
Harris County TX Toll Road Project Series C (AGM Insured)		5.25			8-15-2027		4,000,000		4,889,480
Hays County TX Limited Tax Bond		5.00			2-15-2026		650,000		759,480
Hays County TX Limited Tax Bond		5.00			2-15-2027		1,000,000		1,183,400
Hays County TX Limited Tax Refunding Bond		5.00			2-15-2023		1,750,000		1,947,645
Northwest TX Independent School District Refunding Bond		5.00			2-15-2030		4,000,000		4,561,400
Plano TX		5.00			9-1-2030		2,155,000		2,524,389
San Antonio TX Certificate of Obligation		5.00			8-1-2036		3,990,000		4,668,061
San Antonio TX Independent School District Unlimited Tax Series 2018		5.00			8-15-2037		2,000,000		2,251,160
Texas Independent School District Refunding Bond		5.00			8-15-2025		2,260,000		2,643,070
									107,291,568
Miscellaneous Revenue: 0.59%
Austin TX Community College District Public Facility Corporation Bond Series C		5.00			8-1-2026		565,000		658,976
Austin TX Community College District Public Facility Corporation Bond Series C		5.00			8-1-2029		400,000		466,352
Austin TX Community College District Public Facility Corporation Bond Series C		5.00			8-1-2030		500,000		580,045
Lower Colorado River TX Authority		5.50			5-15-2031		2,500,000		2,822,725
Texas Transportation Commission Refunding Bond Series B		5.00			10-1-2031		5,000,000		5,894,450
Texas Water Development Board Series A		5.00			10-15-2031		3,000,000		3,567,210
									13,989,758
Resource Recovery Revenue: 0.23%
Port Arthur TX Navigation District Jefferson County Environmental Facilities Motiva Enterprises LLC Project Series C ø		2.05			4-1-2040		5,500,000		5,500,000

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

36 Wells Fargo Intermediate Tax/AMT-Free Fund Portfolio of investments—December 31, 2018 (unaudited)

Security name	Interest rate			Maturity date		Principal		Value
Tax Revenue: 0.47%
Midtown TX RDA (Build America Mutual Assurance Company Insured)		5.25	%		1-1-2027	$	1,880,000	$	2,064,860
Midtown TX RDA (Build America Mutual Assurance Company Insured)		5.25			1-1-2029		2,390,000		2,619,297
Midtown TX RDA (Build America Mutual Assurance Company Insured)		5.25			1-1-2030		1,500,000		1,643,325
Midtown TX RDA (Build America Mutual Assurance Company Insured)		5.25			1-1-2031		1,000,000		1,095,550
Texas Transportation Commission Highway Fund Series A		5.00			10-1-2025		3,250,000		3,819,595
									11,242,627
Transportation Revenue: 0.83%
Central Texas Regional Mobility Authority Prerefunded Bond Senior Lien		5.75			1-1-2019		985,000		985,000
Central Texas Regional Mobility Authority Series B		5.00			1-1-2045		8,000,000		8,303,520
Central Texas Regional Mobility Authority Unrefunded Bond Senior Lien		5.75			1-1-2019		325,000		325,000
Texas Grand Parkway Transportation Corporation System Series A		5.00			10-1-2034		1,500,000		1,744,515
Texas Private Activity Bond Surface Transportation Corporation		7.50			6-30-2032		2,000,000		2,143,380
Texas Private Activity Bond Surface Transportation Corporation		7.50			6-30-2033		2,000,000		2,142,160
Texas Private Activity Bond Surface Transportation Corporation Senior Lien Note		7.50			12-31-2031		3,745,000		3,927,793
									19,571,368
Utilities Revenue: 0.91%
Austin TX Refunding Bond (National Insured)		5.25			5-15-2025		1,400,000		1,581,874
Brownsville TX Utilities System Refunding Bond		5.00			9-1-2026		2,190,000		2,518,150
Brownsville TX Utilities System Refunding Bond		5.00			9-1-2029		1,500,000		1,716,855
Brownsville TX Utilities System Refunding Bond		5.00			9-1-2030		2,500,000		2,853,225
Texas Municipal Gas Acquisition & Supply Corporation III Gas Supply Series 2012		5.00			12-15-2021		3,945,000		4,249,396
Texas Municipal Gas Acquisition & Supply Corporation Series B		5.00			12-15-2022		5,000,000		5,500,950
Texas SA Energy Acquisition Public Facility Corporation Gas Supply		5.50			8-1-2019		1,465,000		1,490,110
Weatherford TX Utility System Refunding & Improvement Bond (AGM Insured)		5.00			9-1-2025		1,000,000		1,154,480
Weatherford TX Utility System Refunding & Improvement Bond (AGM Insured)		5.00			9-1-2026		375,000		432,683
									21,497,723
Water & Sewer Revenue: 0.52%
Amarillo TX Waterworks and Sewer System Bond Series B		5.00			4-1-2028		645,000		775,567
Houston TX Utilities Systems Series A		5.25			11-15-2031		3,000,000		3,186,240
North Harris County TX Regional Water Authority Senior Lien (Build America Mutual Assurance Company Insured)		5.00			12-15-2029		1,215,000		1,334,313
Nueces River TX Water Supply Facility Corpus Christi Lake Texana Project		5.00			7-15-2026		1,000,000		1,162,250
Nueces River TX Water Supply Facility Corpus Christi Lake Texana Project		5.00			7-15-2027		1,250,000		1,443,800
Texas Water Development Board State Implementation Series 2018A		4.00			10-15-2032		3,000,000		3,236,370
Trinity River TX Authority Electric Company Project Series A		4.00			2-1-2027		1,000,000		1,097,420
									12,235,960
									224,926,817
Utah: 0.67%
Education Revenue: 0.13%
Utah Charter School Finance Authority Refunding Bond (CSCE Insured)		4.00			4-15-2020		250,000		255,785
Utah Charter School Finance Authority Refunding Bond (CSCE Insured)		4.00			4-15-2021		400,000		414,580
Utah Charter School Finance Authority Refunding Bond (CSCE Insured)		4.00			4-15-2022		400,000		419,564
Utah Charter School Finance Authority Refunding Bond (CSCE Insured)		4.00			4-15-2023		400,000		424,216
Utah Charter School Finance Authority Refunding Bond (CSCE Insured)		4.00			4-15-2024		450,000		481,590

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

Portfolio of investments—December 31, 2018 (unaudited) Wells Fargo Intermediate Tax/AMT-Free Fund 37

Security name	Interest rate			Maturity date		Principal		Value
Education Revenue(continued)
Utah Charter School Finance Authority Refunding Bond (Charter School Credit Enhancement Insured) 144A		4.50	%		6-15-2027	$	1,025,000	$	1,007,309
									3,003,044
GO Revenue: 0.09%
Canyons UT Board of Education Utah School Bond Guaranty Program (AGM Insured)		5.00			6-15-2022		1,860,000		2,053,607
Health Revenue: 0.29%
Murray City UT Hospital Health Services Series D ø		1.68			5-15-2036		7,000,000		7,000,000
Miscellaneous Revenue: 0.16%
West Valley City UT Municipal Building Authority (AGM Insured)		5.00			2-1-2028		1,000,000		1,175,420
West Valley City UT Municipal Building Authority (AGM Insured)		5.00			2-1-2032		1,555,000		1,794,672
West Valley City UT Municipal Building Authority (AGM Insured)		5.00			2-1-2033		645,000		741,905
									3,711,997
									15,768,648
Virginia: 0.47%
Education Revenue: 0.14%
Virginia Small Business Financing Authority		5.25			10-1-2029		3,000,000		3,424,980
Housing Revenue: 0.21%
Prince William County VA IDA Glen Arbor Apartments Project Series A		1.35			7-1-2019		5,000,000		5,000,000
Miscellaneous Revenue: 0.02%
Watkins Centre VA CDA		5.40			3-1-2020		415,000		415,427
Tax Revenue: 0.10%
Greater Richmond VA Convention Center		5.00			6-15-2025		1,000,000		1,155,140
Marquis VA CDA CAB Series C (z)		6.25			9-1-2041		1,772,000		88,884
Marquis VA CDA Series 2015 (z)144A		1.32			9-1-2045		386,000		270,779
Marquis VA CDA Series B		5.63			9-1-2041		1,274,000		853,695
									2,368,498
									11,208,905
Washington: 3.49%
Education Revenue: 0.05%
Washington EDFA		5.00			6-1-2028		1,000,000		1,133,350
GO Revenue: 1.56%
King County WA Federal Way School District #210 (AGM Insured)		4.00			12-1-2023		4,085,000		4,467,315
King County WA Public Hospital District #1 Valley Medical Center Refunding Bond		5.00			12-1-2029		1,600,000		1,825,040
King County WA Public Hospital District #1 Valley Medical Center Refunding Bond		5.00			12-1-2031		6,665,000		7,512,321
King County WA Public Hospital District #1 Valley Medical Center Refunding Bond		5.00			12-1-2032		2,905,000		3,267,835
King County WA Public Hospital District #1 Valley Medical Center Refunding Bond		5.00			12-1-2033		7,045,000		7,898,784
Seattle WA Refunding Bond Series A		5.00			6-1-2024		6,345,000		7,316,546
Washington Various Purposes Refunding Bond Series B		5.00			7-1-2028		4,000,000		4,657,560
									36,945,401

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

38 Wells Fargo Intermediate Tax/AMT-Free Fund Portfolio of investments—December 31, 2018 (unaudited)

Security name	Interest rate			Maturity date		Principal		Value
Health Revenue: 0.84%
Washington HCFR Fred Hutchinson Cancer Research Center (SIFMA Municipal Swap +1.05%) ±		2.76	%		1-1-2042	$	10,000,000	$	10,175,600
Washington HCFR Fred Hutchinson Cancer Research Center		5.00			1-1-2023		4,000,000		4,405,120
Washington HCFR Fred Hutchinson Cancer Research Center		5.00			1-1-2026		2,250,000		2,576,565
Washington HCFR Fred Hutchinson Cancer Research Center		5.00			1-1-2027		1,050,000		1,196,328
Washington HCFR Fred Hutchinson Cancer Research Center		5.00			1-1-2028		1,350,000		1,528,673
									19,882,286
Miscellaneous Revenue: 0.47%
Washington Motor Vehicle Fuel Tax Refunding Bond Series D		5.00			7-1-2031		5,830,000		6,602,009
Washington Office Building Refunding Bond		5.00			7-1-2026		2,750,000		3,131,178
Washington TES Properties		5.50			12-1-2029		1,400,000		1,421,784
									11,154,971
Resource Recovery Revenue: 0.23%
Seattle WA Solid Waste System Improvement & Refunding Bond		4.00			6-1-2033		1,175,000		1,248,520
Tacoma WA Solid Waste Refunding Bond Series B		5.00			12-1-2027		620,000		722,430
Tacoma WA Solid Waste Refunding Bond Series B		5.00			12-1-2028		1,455,000		1,685,792
Tacoma WA Solid Waste Refunding Bond Series B		5.00			12-1-2029		1,525,000		1,760,231
									5,416,973
Utilities Revenue: 0.34%
Energy Northwest Washington Wind Project		5.00			7-1-2022		1,185,000		1,293,084
Lewis County WA Public Utility District Refunding Bond		5.25			4-1-2032		6,115,000		6,924,137
									8,217,221
									82,750,202
West Virginia: 0.50%
GO Revenue: 0.20%
West Virginia State Road Bond Series 2018 B		5.00			12-1-2036		4,000,000		4,648,040
Health Revenue: 0.06%
West Virginia Hospital Finance Authority West Virginia University Health System Series A		5.00			6-1-2031		375,000		423,536
West Virginia Hospital Finance Authority West Virginia University Health System Series A		5.00			6-1-2032		950,000		1,067,002
									1,490,538
Miscellaneous Revenue: 0.24%
West Virginia School Building Authority Capital Improvement Bond Series A		5.00			7-1-2026		1,520,000		1,758,321
West Virginia School Building Authority Capital Improvement Bond Series A		5.00			7-1-2027		1,595,000		1,838,860
West Virginia School Building Authority Capital Improvement Bond Series A		5.00			7-1-2029		1,755,000		2,010,844
									5,608,025
									11,746,603

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

Portfolio of investments—December 31, 2018 (unaudited) Wells Fargo Intermediate Tax/AMT-Free Fund 39

Security name	Interest rate			Maturity date		Principal		Value
Wisconsin: 0.76%
Education Revenue: 0.27%
Wisconsin PFA Charter School Voyager Foundation Incorporate Project Series A		6.00	%		10-1-2032	$	1,475,000	$	1,573,368
Wisconsin PFA KU Campus Development Corporation Central District Development Project		5.00			3-1-2032		4,315,000		4,870,211
									6,443,579
GO Revenue: 0.09%
Wisconsin Series A		4.00			5-1-2032		2,000,000		2,085,400
Health Revenue: 0.35%
Wisconsin HEFA Bellin Memorial Hospital Obligated Group (Ambac Insured)		5.50			2-15-2019		210,000		210,874
Wisconsin HEFA Mercy Alliance Incorporated Project Series A		5.00			6-1-2019		255,000		257,930
Wisconsin HEFA Series A		5.00			7-15-2021		3,500,000		3,768,905
Wisconsin HEFA Series A		5.00			11-15-2023		3,500,000		3,932,635
									8,170,344
Miscellaneous Revenue: 0.05%
Milwaukee WI RDA Public Schools		5.00			11-15-2029		420,000		481,627
Milwaukee WI RDA Public Schools		5.00			11-15-2030		635,000		724,814
									1,206,441
									17,905,764
Total Municipal Obligations (Cost $2,286,447,501)									2,340,888,620

Total investments in securities (Cost $2,286,447,501)	98.70	%		2,340,888,620
Other assets and liabilities, net	1.30			30,893,957
Total net assets	100.00	%	$	2,371,782,577

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

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

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

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 accompanying notes are an integral part of these financial statements.

40 Wells Fargo Intermediate Tax/AMT-Free Fund Portfolio of investments—December 31, 2018 (unaudited)

Abbreviations:

AGC Assured Guaranty Corporation

AGM Assured Guaranty Municipal

Ambac Ambac Financial Group Incorporated

BHAC Berkshire Hathaway Assurance Corporation

CAB Capital appreciation bond

CDA Community Development Authority

ECFA Educational & Cultural Facilities Authority

EDA Economic Development Authority

EDFA Economic Development Finance Authority

FHLMC Federal Home Loan Mortgage Corporation

FNMA Federal National Mortgage Association

GNMA Government National Mortgage Association

GO General obligation

HCFR Healthcare facilities revenue

HEFA Health & Educational Facilities Authority

HEFAR Higher Education Facilities Authority Revenue

HFA Housing Finance Authority

HFFA Health Facilities Financing Authority

IDA Industrial Development Authority

LIBOR London Interbank Offered Rate

LIQ Liquidity agreement

LOC Letter of credit

MFHR Multifamily housing revenue

MUD Municipal Utility District

National National Public Finance Guarantee Corporation

PCR Pollution control revenue

PFA Public Finance Authority

PFFA Public Facilities Financing Authority

RDA Redevelopment Authority

SFMR Single-family mortgage revenue

SIFMA Securities Industry and Financial Markets Association

TTFA Transportation Trust Fund Authority

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

Statement of assets and liabilities—December 31, 2018 (unaudited) Wells Fargo Intermediate Tax/AMT-Free Fund 41

Assets
Investments in unaffiliated securities, at value (cost $2,286,447,501)	$	2,340,888,620
Cash		4,733,148
Receivable for investments sold		4,645,000
Receivable for Fund shares sold		7,808,379
Receivable for interest		26,498,099
Prepaid expenses and other assets		70,022
Total assets		2,384,643,268
Liabilities
Payable for Fund shares redeemed		10,194,764
Dividends payable		1,572,412
Management fee payable		682,275
Administration fees payable		156,446
Distribution fee payable		21,426
Trustees’ fees and expenses payable		494
Accrued expenses and other liabilities		232,874
Total liabilities		12,860,691
Total net assets	$	2,371,782,577
NET ASSETS CONSIST OF
Paid-in capital	$	2,349,858,997
Total distributable earnings		21,923,580
Total net assets	$	2,371,782,577
COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE PER SHARE
Net assets – Class A	$	263,885,365
Shares outstanding – Class A1		23,317,136
Net asset value per share – Class A		$11.32
Maximum offering price per share – Class A2		$11.67
Net assets – Class C	$	32,733,176
Shares outstanding – Class C1		2,892,498
Net asset value per share – Class C		$11.32
Net assets – Class R6	$	728,521,487
Shares outstanding – Class R61		64,304,525
Net asset value per share – Class R6		$11.33
Net assets – Administrator Class	$	143,643,791
Shares outstanding – Administrator Class1		12,684,882
Net asset value per share – Administrator Class		$11.32
Net assets – Institutional Class	$	1,202,998,758
Shares outstanding – Institutional Class1		106,148,491
Net asset value per share – Institutional Class		$11.33

¹  The Fund has an unlimited number of authorized shares.

²  Maximum offering price is computed as 100/97 of net asset value. On investments of $50,000 or more, the offering price is reduced.

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

42 Wells Fargo Intermediate Tax/AMT-Free Fund Statement of operations—six months ended December 31, 2018 (unaudited)

Investment income
Interest	$	38,950,542
Expenses
Management fee		4,447,487
Administration fees
Class A		221,309
Class C		27,124
Class R6		28,651	1
Administrator Class		85,408
Institutional Class		704,412
Shareholder servicing fees
Class A		345,796
Class C		42,381
Administrator Class		213,069
Distribution fee
Class C		127,143
Custody and accounting fees		20,332
Professional fees		39,126
Registration fees		76,772
Shareholder report expenses		77,124
Trustees’ fees and expenses		10,697
Other fees and expenses		40,981
Total expenses		6,507,812
Less: Fee waivers and/or expense reimbursements		(438,622	)
Net expenses		6,069,190
Net investment income		32,881,352
REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS
Net realized losses on investments		(4,188,985	)
Net change in unrealized gains (losses) on investments		3,590,986
Net realized and unrealized gains (losses) on investments		(597,999	)
Net increase in net assets resulting from operations	$	32,283,353

¹  For the period from July 31, 2018 (commencement of operations) to December 31, 2018.

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

Statement of changes in net assets Wells Fargo Intermediate Tax/AMT-Free Fund 43

	Six months ended December 31, 2018 (unaudited)						Year ended June 30, 20181
Operations
Net investment income				$	32,881,352					$	64,629,670
Net realized losses on investments					(4,188,985	)					(20,159,193	)
Net change in unrealized gains (losses) on investments					3,590,986						(11,473,459	)
Net increase in net assets resulting from operations					32,283,353						32,997,018
Distributions to shareholders from net investment income and net realized gains
Class A					(3,469,239	)					(7,895,731	)
Class C					(298,157	)					(658,860	)
Class R6					(2,701,113	)2					N/A
Administrator Class					(2,226,514	)					(5,042,057	)
Institutional Class					(24,187,944	)					(51,032,969	)
Total distributions to shareholders					(32,882,967	)					(64,629,617	)
Capital share transactions		Shares						Shares
Proceeds from shares sold
Class A		854,225			9,631,517			1,632,641			18,704,577
Class C		140,478			1,581,038			197,033			2,251,627
Class R6		67,703,798	2		756,908,966	2		N/A			N/A
Administrator Class		2,365,777			26,674,169			5,587,566			63,999,285
Institutional Class		31,275,466			352,774,218			64,629,532			740,609,789
					1,147,569,908						825,565,278
Reinvestment of distributions
Class A		293,860			3,308,617			661,923			7,556,467
Class C		24,257			273,106			53,280			608,195
Class R6		126,600	2		1,429,031	2		N/A			N/A
Administrator Class		190,751			2,149,095			427,778			4,887,456
Institutional Class		1,445,679			16,290,762			2,842,189			32,483,030
					23,450,611						45,535,148
Payment for shares redeemed
Class A		(3,232,456	)		(36,358,314	)		(8,283,850	)		(94,494,393	)
Class C		(402,958	)		(4,529,824	)		(1,000,458	)		(11,414,204	)
Class R6		(3,525,873	)2		(39,758,349	)2		N/A			N/A
Administrator Class		(6,091,250	)		(68,384,351	)		(16,814,971	)		(193,295,593	)
Institutional Class		(97,141,235	)		(1,088,442,538	)		(55,101,625	)		(630,172,565	)
					(1,237,473,376	)					(929,376,755	)
Net decrease in net assets resulting from capital share transactions					(66,452,857	)					(58,276,329	)
Total decrease in net assets					(67,052,471	)					(89,908,928	)
Net assets
Beginning of period					2,438,835,048						2,528,743,976
End of period				$	2,371,782,577					$	2,438,835,048

¹  Effective for all filings after November 4, 2018, the SEC prospectively eliminated the requirement to parenthetically disclose undistributed net investment income at the end of the period and permitted the aggregation of distributions, with the exception of tax basis returns of capital. Overdistributed net investment income at June 30, 2018 was $54,682. The disaggregated distributions information for the year ended June 30, 2018 is included in Note 7,Distributions to Shareholders, in the notes to the financial statements.

²  For the period from July 31, 2018 (commencement of operations) to December 31, 2018.

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

44 Wells Fargo Intermediate Tax/AMT-Free Fund Financial highlights

(For a share outstanding throughout each period)

	Six months ended December 31, 2018 (unaudited)			Year ended June 30
CLASS A				2018			2017			2016			2015			2014
Net asset value, beginning of period		$11.31			$11.46			$11.89			$11.47			$11.53			$11.31
Net investment income		0.14			0.27			0.27			0.26			0.25			0.30
Net realized and unrealized gains (losses) on investments		0.01			(0.15	)		(0.42	)		0.42			(0.06	)		0.29
Total from investment operations		0.15			0.12			(0.15	)		0.68			0.19			0.59
Distributions to shareholders from
Net investment income		(0.14	)		(0.27	)		(0.27	)		(0.26	)		(0.25	)		(0.30	)
Net realized gains		0.00			0.00			(0.01	)		0.00			0.00			(0.07	)
Total distributions to shareholders		(0.14	)		(0.27	)		(0.28	)		(0.26	)		(0.25	)		(0.37	)
Net asset value, end of period		$11.32			$11.31			$11.46			$11.89			$11.47			$11.53
Total return1		1.36	%		1.08	%		(1.27	)%		5.99	%		1.68	%		5.37	%
Ratios to average net assets (annualized)
Gross expenses		0.80	%		0.80	%		0.79	%		0.80	%		0.80	%		0.81	%
Net expenses		0.70	%		0.70	%		0.70	%		0.70	%		0.70	%		0.70	%
Net investment income		2.51	%		2.38	%		2.31	%		2.23	%		2.19	%		2.66	%
Supplemental data
Portfolio turnover rate		12	%		14	%		19	%		14	%		38	%		29	%
Net assets, end of period (000s omitted)		$263,885			$287,408			$359,649			$556,673			$214,880			$264,796

¹  Total return calculations do not include any sales charges. Returns for periods of less than one year are not annualized.

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

Financial highlights Wells Fargo Intermediate Tax/AMT-Free Fund 45

(For a share outstanding throughout each period)

	Six months ended December 31, 2018 (unaudited)			Year ended June 30
CLASS C				2018			2017			2016			2015			2014
Net asset value, beginning of period		$11.31			$11.46			$11.89			$11.47			$11.53			$11.31
Net investment income		0.10			0.19			0.18			0.17			0.17			0.22
Net realized and unrealized gains (losses) on investments		0.01			(0.15	)		(0.42	)		0.42			(0.06	)		0.29
Total from investment operations		0.11			0.04			(0.24	)		0.59			0.11			0.51
Distributions to shareholders from
Net investment income		(0.10	)		(0.19	)		(0.18	)		(0.17	)		(0.17	)		(0.22	)
Net realized gains		0.00			0.00			(0.01	)		0.00			0.00			(0.07	)
Total distributions to shareholders		(0.10	)		(0.19	)		(0.19	)		(0.17	)		(0.17	)		(0.29	)
Net asset value, end of period		$11.32			$11.31			$11.46			$11.89			$11.47			$11.53
Total return1		0.98	%		0.32	%		(2.01	)%		5.20	%		0.92	%		4.59	%
Ratios to average net assets (annualized)
Gross expenses		1.55	%		1.55	%		1.54	%		1.55	%		1.55	%		1.56	%
Net expenses		1.45	%		1.45	%		1.45	%		1.45	%		1.45	%		1.45	%
Net investment income		1.76	%		1.63	%		1.56	%		1.48	%		1.44	%		1.92	%
Supplemental data
Portfolio turnover rate		12	%		14	%		19	%		14	%		38	%		29	%
Net assets, end of period (000s omitted)		$32,733			$35,421			$44,462			$56,601			$56,703			$57,580

¹ Total return calculations do not include any sales charges. Returns for periods of less than one year are not annualized.

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

46 Wells Fargo Intermediate Tax/AMT-Free Fund Financial highlights

(For a share outstanding throughout the period)

CLASS R6	Period ended December 31, 2018 (unaudited)1
Net asset value, beginning of period		$11.33
Net investment income		0.13
Net realized and unrealized gains (losses) on investments		0.00	2
Total from investment operations		0.13
Distributions to shareholders from
Net investment income		(0.13	)
Net asset value, end of period		$11.33
Total return3		1.20	%
Ratios to average net assets (annualized)
Gross expenses		0.42	%
Net expenses		0.40	%
Net investment income		2.83	%
Supplemental data
Portfolio turnover rate		12	%
Net assets, end of period (000s omitted)		$728,521

¹ For the period from July 31, 2018 (commencement of operations) to December 31, 2018.

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 Intermediate Tax/AMT-Free Fund 47

(For a share outstanding throughout each period)

	Six months ended December 31, 2018 (unaudited)			Year ended June 30
ADMINISTRATOR CLASS				2018			2017			2016			2015			2014
Net asset value, beginning of period		$11.32			$11.47			$11.90			$11.48			$11.54			$11.32
Net investment income		0.15			0.28			0.28			0.27			0.27			0.31
Net realized and unrealized gains (losses) on investments		(0.00	)1		(0.15	)		(0.42	)		0.42			(0.06	)		0.29
Total from investment operations		0.15			0.13			(0.14	)		0.69			0.21			0.60
Distributions to shareholders from
Net investment income		(0.15	)		(0.28	)		(0.28	)		(0.27	)		(0.27	)		(0.31	)
Net realized gains		0.00			0.00			(0.01	)		0.00			0.00			(0.07	)
Total distributions to shareholders		(0.15	)		(0.28	)		(0.29	)		(0.27	)		(0.27	)		(0.38	)
Net asset value, end of period		$11.32			$11.32			$11.47			$11.90			$11.48			$11.54
Total return2		1.32	%		1.18	%		(1.17	)%		6.09	%		1.78	%		5.47	%
Ratios to average net assets (annualized)
Gross expenses		0.74	%		0.73	%		0.73	%		0.74	%		0.74	%		0.75	%
Net expenses		0.60	%		0.60	%		0.60	%		0.60	%		0.60	%		0.60	%
Net investment income		2.61	%		2.48	%		2.39	%		2.33	%		2.29	%		2.76	%
Supplemental data
Portfolio turnover rate		12	%		14	%		19	%		14	%		38	%		29	%
Net assets, end of period (000s omitted)		$143,644			$183,624			$309,793			$802,527			$773,770			$668,517

¹ Amount is more 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.

48 Wells Fargo Intermediate Tax/AMT-Free Fund Financial highlights

(For a share outstanding throughout each period)

��

	Six months ended December 31, 2018 (unaudited)			Year ended June 30
INSTITUTIONAL CLASS				2018			2017			2016			2015			2014
Net asset value, beginning of period		$11.33			$11.47			$11.91			$11.49			$11.55			$11.32
Net investment income		0.16			0.30			0.30			0.29			0.29			0.33
Net realized and unrealized gains (losses) on investments		(0.00	)1		(0.14	)		(0.43	)		0.42			(0.06	)		0.30
Total from investment operations		0.16			0.16			(0.13	)		0.71			0.23			0.63
Distributions to shareholders from
Net investment income		(0.16	)		(0.30	)		(0.30	)		(0.29	)		(0.29	)		(0.33	)
Net realized gains		0.00			0.00			(0.01	)		0.00			0.00			(0.07	)
Total distributions to shareholders		(0.16	)		(0.30	)		(0.31	)		(0.29	)		(0.29	)		(0.40	)
Net asset value, end of period		$11.33			$11.33			$11.47			$11.91			$11.49			$11.55
Total return2		1.40	%		1.42	%		(1.10	)%		6.26	%		1.97	%		5.75	%
Ratios to average net assets (annualized)
Gross expenses		0.47	%		0.47	%		0.47	%		0.47	%		0.47	%		0.48	%
Net expenses		0.45	%		0.45	%		0.45	%		0.44	%		0.42	%		0.42	%
Net investment income		2.75	%		2.64	%		2.58	%		2.49	%		2.47	%		2.94	%
Supplemental data
Portfolio turnover rate		12	%		14	%		19	%		14	%		38	%		29	%
Net assets, end of period (000s omitted)		$1,202,999			$1,932,382			$1,814,841			$1,260,636			$878,585			$599,686

¹ Amount is more 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 Intermediate Tax/AMT-Free Fund 49

1. ORGANIZATION

Wells Fargo Funds Trust (the “Trust”), a Delaware statutory trust organized on March 10, 1999, is anopen-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 (“FASB”)Accounting Standards Codification Topic 946, Financial Services – Investment Companies. These financial statements report on the Wells Fargo IntermediateTax\AMT-Free Fund (the “Fund”) which is a diversified series of the Trust.

2. SIGNIFICANT ACCOUNTING POLICIES

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

Securities valuation

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

Debt securities are valued at the evaluated bid price provided by an independent pricing service (e.g. taking into account various factors, including yields, maturities, or credit ratings) or, if a reliable price is not available, the quoted bid price from an independent broker-dealer.

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.

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 aremarked-to-market daily and the Fund begins earning interest on the settlement date. Losses may arise due to changes in the market value of the underlying securities or if the counterparty does not perform under the contract.

Security transactions and income recognition

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

Interest income is accrued daily and bond discounts are accreted and premiums are amortized daily. To the extent debt obligations are placed onnon-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 fromnon-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 theex-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.

50 Wells Fargo Intermediate Tax/AMT-Free Fund Notes to financial statements (unaudited)

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 andtax-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 December 31, 2018, the aggregate cost of all investments for federal income tax purposes was $2,286,446,823 and the unrealized gains (losses) consisted of:

Gross unrealized gains	$	60,618,093
Gross unrealized losses		(6,176,296	)
Net unrealized gains	$	54,441,797

As of June 30, 2018, the Fund had capital loss carryforwards which consisted of $7,545,192 in short-term capital losses and $5,534,301 in long-term capital losses.

As of June 30, 2018, the Fund had current year deferred post-October capital losses consisting of $15,193,445 inlong-term losses which were recognized on the first day of the current fiscal year.

Class allocations

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

3. FAIR VALUATION MEASUREMENTS

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

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

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

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

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

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

	Quoted prices (Level 1)		Other significant observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total
Assets
Investments in:
Municipal obligations	$	0	$	2,340,888,620	$	0	$	2,340,888,620

Notes to financial statements (unaudited) Wells Fargo Intermediate Tax/AMT-Free Fund 51

Additional sector, industry or geographic detail is included in the Portfolio of Investments.

At December 31 2018, the Fund did not have any transfers into/out of 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 0.40% and declining to 0.28% as the average daily net assets of the Fund increase. For the six months ended December 31, 2018, the management fee was equivalent to an annual rate of 0.37% of the Fund’s average daily net assets.

Funds Management has retained the services of a subadviser to provide daily portfolio management to the Fund. The fee for subadvisory services is borne by Funds Management. Wells Capital Management Incorporated, an affiliate of Funds Management and an indirect wholly owned subsidiary of Wells Fargo, is the subadviser to the Fund and is entitled to receive a fee from Funds Management at an annual rate starting at 0.20% and declining to 0.10% as the average daily net assets of the Fund increase.

Administration fees

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

	Class-level administration fee
Class A, Class C		0.16	%
Class R6		0.03
Administrator Class		0.10
Institutional Class		0.08

Funds Management has contractually waived and/or reimbursed management and administration fees to the extent necessary to maintain certain net operating expense ratios for the Fund. 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 October 31, 2019 to waive fees and/or reimburse expenses to the extent necessary to cap the Fund’s expenses at 0.70% for Class A shares, 1.45% for Class C shares, 0.40% for Class R6 shares, 0.60% for Administrator Class shares, and 0.45% for Institutional Class shares. After this time, the cap may be increased or the commitment to maintain the cap may be terminated only with the approval of the Board of Trustees.

Distribution fee

The Trust has adopted a distribution plan for Class C shares of the Fund pursuant to Rule12b-1 under the 1940 Act. A distribution fee is charged to Class C shares and paid to Wells Fargo Funds Distributor, LLC (“Funds Distributor”), the principal underwriter, at an annual rate of 0.75% of the average daily net assets of Class C shares.

In addition, Funds Distributor is entitled to receive thefront-end sales charge from the purchase of Class A shares and a contingent deferred sales charge on the redemption of certain Class A shares. Funds Distributor is also entitled to receive the contingent deferred sales charges from redemptions of Class C shares. For the six months ended December 31, 2018, Funds Distributor received $865 from the sale of Class A shares. No contingent deferred sales charges were incurred by Class A and Class C shares for the six months ended December 31, 2018.

52 Wells Fargo Intermediate Tax/AMT-Free Fund Notes to financial statements (unaudited)

Shareholder servicing fees

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

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

Interfund transactions

The Fund may purchase or sell portfolio investment securities to certain other Wells Fargo affiliates pursuant to Rule17a-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 $192,950,000 and $231,220,000 in interfund purchases and sales, respectively, during the six months ended December 31, 2018.

5. INVESTMENT PORTFOLIO TRANSACTIONS

Purchases and sales of investments, excluding U.S. government obligations (if any) and short-term securities, for the six months ended December 31, 2018 were $314,947,507 and $275,787,894, respectively.

6. BANK BORROWINGS

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

For the six months ended December 31, 2018, there were no borrowings by the Fund under the agreement.

7. DISTRIBUTIONS TO SHAREHOLDERS

Effective for all filings after November 4, 2018, the Securities and Exchange Commission eliminated the requirement to separately state the components of distributions to shareholders under U.S. generally accepted accounting principles. The amounts of distributions to shareholders for the year ended June 30, 2018 were as follows:

	Net investment income
Class A	$	7,895,731
Class C		658,860
Administrator Class		5,042,057
Institutional Class		51,032,969

8. INDEMNIFICATION

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

9. NEW ACCOUNTING PRONOUNCEMENT

In August 2018, FASB issued Accounting Standards Update (“ASU”)No. 2018-13, Fair Value Measurement (Topic 820)Disclosure Framework—Changes to the Disclosure Requirements for Fair Value Measurement. ASU2018-13 updates the disclosure requirements for fair value measurements by modifying or removing certain disclosures and adding certain new disclosures. The amendments are effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019. Early adoption is permitted. Management has adopted the removal and modification of disclosures early, as permitted, and will adopt the additional new disclosures at the effective date.

Other information (unaudited) Wells Fargo Intermediate Tax/AMT-Free Fund 53

PROXY VOTING INFORMATION

A description of the policies and procedures used to determine how to vote proxies relating to portfolio securities is available, upon request, by calling1-800-222-8222, visiting our website atwellsfargofunds.com, or visiting the SEC website at sec.gov. Information regarding how the Fund voted proxies relating to portfolio securities during the most recent12-month period ended June 30 is available on the Fund’s website atwellsfargofunds.comor by visiting the SEC website at sec.gov.

PORTFOLIO HOLDINGS INFORMATION

The complete portfolio holdings for the Fund are publicly available monthly on the Fund’s website (wellsfargofunds.com), on aone-month delayed basis. In addition, top ten holdings information (excluding derivative positions) for the Fund is publicly available on the Fund’s website on a monthly,seven-day or more delayed basis. The Fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on FormN-Q, which is available by visiting the SEC website at sec.gov. In addition, the Fund’s FormN-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 calling1-800-SEC-0330.

54 Wells Fargo Intermediate Tax/AMT-Free 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 152 mutual funds comprising the Wells Fargo Funds Trust, Wells Fargo Variable Trust, Wells Fargo Master Trust and fourclosed-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 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.	N/A
Jane A. Freeman (Born 1953)	Trustee, since 2015; Chair Liaison, since 2018	Retired. From 2012 to 2014 and 1999 to 2008, Chief Financial Officer of Scientific Learning Corporation. From 2008 to 2012, Ms. Freeman provided consulting services related to strategic business projects. Prior to 1999, Portfolio Manager at Rockefeller & Co. and Scudder, Stevens & Clark. Board member of the Harding Loevner Funds from 1996 to 2014, serving as both Lead Independent Director and chair of the Audit Committee. Board member of the Russell Exchange Traded Funds Trust from 2011 to 2012 and the chair of the Audit Committee. Ms. Freeman is a Board Member of The Ruth Bancroft Garden(non-profit organization). She is also an inactive Chartered Financial Analyst.	N/A
Isaiah Harris, Jr.3 (Born 1952)	Trustee, since 2009; Audit Committee Chairman, since 2019	Retired. Chairman of the Board of CIGNA Corporation since 2009, and Director since 2005. From 2003 to 2011, Director of Deluxe Corporation. Prior thereto, President and CEO of BellSouth Advertising and Publishing Corp. from 2005 to 2007, President and CEO of BellSouth Enterprises from 2004 to 2005 and President of BellSouth Consumer Services from 2000 to 2003. Emeritus member of the Iowa State University Foundation Board of Governors. Emeritus Member of the Advisory Board of Iowa State University School of Business. Advisory Board Member, Palm Harbor Academy (private school). Advisory Board Member, Child Evangelism Fellowship(non-profit). Mr. Harris is a certified public accountant (inactive status).	CIGNA Corporation
Judith M. Johnson3 (Born 1949)	Trustee, since 2008; Audit Committee Chairman, from 2009 to 2018	Retired. Prior thereto, Chief Executive Officer and Chief Investment Officer of Minneapolis Employees Retirement Fund from 1996 to 2008. Ms. Johnson is an attorney, certified public accountant and a certified managerial accountant.	N/A
David F. Larcker (Born 1950)	Trustee, since 2009	James Irvin Miller Professor of Accounting at the Graduate School of Business, Stanford University, Director of the Corporate Governance Research Initiative and Senior Faculty of The Rock Center for Corporate Governance since 2006. From 2005 to 2008, Professor of Accounting at the Graduate School of Business, Stanford University. Prior thereto, Ernst & Young Professor of Accounting at The Wharton School, University of Pennsylvania from 1985 to 2005.	N/A

Other information (unaudited) Wells Fargo Intermediate Tax/AMT-Free Fund 55

Name and year of birth	Position held and length of service*	Principal occupations during past five years or longer	Current other public company or investment company directorships
Olivia S. Mitchell (Born 1953)	Trustee, since 2006; Nominating and Governance Committee 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.	N/A
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, anon-profit organization, since 2007. Member of the Board of Trustees of NorthStar Education Finance, Inc., anon-profit organization, since 2007.	N/A
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, anon-profit organization, from 2013 to 2015. Board member of the Russell Exchange Traded Fund Trust from 2011 to 2012. Director of Barclays Global Investors Holdings Deutschland GmbH from 2006 to 2009. Mr. Polisson is an attorney and has a retired status with the Massachusetts and District of Columbia Bar Associations.	N/A
Michael S. Scofield4(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.	N/A
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, Governance 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 from 2010 to 2011, Chairman of the Board from 2009 to 2011 and Board Director from 2003 to 2015. Vice President, Leadership and Community Engagement, Bush Foundation, Saint Paul, Minnesota (a private foundation) from 2009 to 2011. Executive Vice President and Chief Financial Officer, Minnesota Sports and Entertainment from 2004 to 2009 and Senior Vice President from 2002 to 2004. Commissioner of Finance, State of Minnesota, from 1999 to 2002. Currently the Board Chair of the Minnesota Wild Foundation since 2010.	N/A

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

56 Wells Fargo Intermediate Tax/AMT-Free Fund Other information (unaudited)

Officers

Name and year of birth	Position held and length of service	Principal occupations during past five years or longer
Andrew Owen (Born 1960)	President, since 2017	Executive Vice President of Wells Fargo & Company and Head of Affiliated Managers, Wells Fargo Asset Management, since 2014. In addition, Mr. Owen is currently President, Chief Executive Officer and Director of Wells Fargo Funds Management, LLC since 2017. Prior thereto, Executive Vice President responsible for marketing, investments and product development for Wells Fargo Funds Management, LLC, from 2009 to 2014.
Nancy Wiser1 (Born 1967)	Treasurer, since 2012	Executive Vice President of Wells Fargo Funds Management, LLC since 2011. Chief Operating Officer and Chief Compliance Officer at LightBox Capital Management LLC, from 2008 to 2011.
Alexander Kymn (Born 1973)	Secretary, since 2018; Chief Legal Officer, since 2018	Senior Company Counsel of Wells Fargo Bank, N.A. since 2018 (previously Senior Counsel from 2007 to 2018). Vice President of Wells Fargo Funds Management, LLC from 2008 to 2014.
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 76 funds in the Fund Complex. Jeremy DePalma acts as Treasurer of 76 funds and Assistant Treasurer of 76 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 calling1-800-222-8222 or by visiting the website atwellsfargofunds.com.

³  Mr. Harris replaced Ms. Johnson as the Chairman of the Audit Committee effective January 1, 2019.

⁴  Mr. Scofield retired on December 31, 2018.

Appendix A (unaudited) Wells Fargo Intermediate Tax/AMT-Free Fund 57

SALES CHARGE REDUCTIONS AND WAIVERS FOR CERTAIN INTERMEDIARIES

Raymond James & Associates, Inc., Raymond James Financial Services & Raymond James affiliates (“Raymond James”)

Effective on or about March 1, 2019, shareholders purchasing Fund shares through a Raymond James platform or account will be eligible only for the following load waivers(front-end sales charge waivers and contingent deferred, orback-end, sales charge waivers) and discounts, which may differ from those disclosed elsewhere in the Fund’s Prospectus or SAI.

Front-end Sales Load Waivers on Class A shares Available at Raymond James

• Shares purchased in an investment advisory program.

• Shares purchased through reinvestment of capital gains distributions and dividend reinvestment when purchasing shares of the same fund (but not any other fund within the fund family).

• Employees and registered representatives of Raymond James or its affiliates and their family members as designated by Raymond James.

• Shares purchased from the proceeds of redemptions within the same fund family, provided (1) the repurchase occurs within 90 days following the redemption, (2) the redemption and purchase occur in the same account, and (3) redeemed shares were subject to afront-end or deferred sales load (known as Rights of Reinstatement).

• A shareholder in the fund’s Class C shares will have their shares automatically exchanged at net asset value to Class A shares (or the appropriate share class) of the fund if the shares are no longer subject to a CDSC and the exchange is in line with the policies and procedures of Raymond James.

CDSC Waivers on Class A and C Shares Available at Raymond James

• Death or disability of the shareholder.

• Shares sold as part of a systematic withdrawal plan as described in the Fund’s Prospectus.

• Return of excess contributions from an IRA Account.

• Shares sold as part of a required minimum distribution for IRA and retirement accounts due to the shareholder reaching age 70½ as described in the Fund’s prospectus.

• Shares sold to pay Raymond James fees but only if the transaction is initiated by Raymond James.

• Shares acquired through a right of reinstatement.

Front-end Load Discounts Available at Raymond James: Breakpoints, and/or Rights of Accumulation

• Breakpoints as described in the Fund’s Prospectus.

• Rights of accumulation which entitle shareholders to breakpoint discounts will be automatically calculated based on the aggregated holding of fund family assets held by accounts within the purchaser’s household at Raymond James. Eligible fund family assets not held at Raymond James may be included in the rights of accumulation calculation only if the shareholder notifies his or her financial advisor about such assets.

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For more information

More information about Wells Fargo Funds is available free upon request. To obtain literature, please write, 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, call1-800-222-8222 or visit the Fund’s website atwellsfargofunds.com. Read the prospectus carefully before you invest or send money.

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

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

INVESTMENT PRODUCTS: NOT FDIC INSURED  ◾  NO BANK GUARANTEE  ◾   MAY LOSE VALUE

© 2019 Wells Fargo Funds Management, LLC. All rights reserved.

320446 02-19 SA251/SAR251 12-18

Semi-Annual Report

December 31, 2018

Wells Fargo Minnesota Tax-Free Fund

Beginning on January 1, 2021, as permitted by new regulations adopted by the Securities and Exchange Commission, paper copies of the Wells Fargo Funds’ annual and semi-annual shareholder reports issued after this date will no longer be sent by mail, unless you specifically request paper copies of the reports. Instead, the reports will be made available on the Funds’ website, and you will be notified by mail each time a report is posted and provided with a website address to access the report.

If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from the Fund electronically at any time by contacting your financial intermediary (such as a broker-dealer or bank) or, if you are a direct investor, by calling 1-800-222-8222 or by enrolling at wellsfargo.com/advantagedelivery.

You may elect to receive all future reports in paper free of charge. If you invest through a financial intermediary, you can contact your financial intermediary to request that you continue to receive paper copies of your shareholder reports; if you invest directly with the Fund, you can call 1-800-222-8222. Your election to receive reports in paper will apply to all Wells Fargo Funds held in your account with your financial intermediary or, if you are a direct investor, to all Wells Fargo Funds that you hold.

Reduce clutter. Save trees.

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

Contents

Letter to shareholders	2
Performance highlights	4
Fund expenses	6
Portfolio of investments	7
Financial statements
Statement of assets and liabilities	13
Statement of operations	14
Statement of changes in net assets	15
Financial highlights	16
Notes to financial statements	20
Other information	24
Appendix A	28

The views expressed and any forward-looking statements are as of December 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.

INVESTMENT PRODUCTS: NOT FDIC INSURED  ◾  NO BANK GUARANTEE  ◾   MAY LOSE VALUE

2 Wells Fargo Minnesota Tax-Free Fund Letter to shareholders (unaudited)

Andrew Owen

President

Wells Fargo Funds

Global trade tensions escalated during the third quarter of 2018.

Dear Shareholder:

We are pleased to offer you this semi-annual report for the Wells Fargo Minnesota Tax-Free Fund for the six-month period that ended December 31, 2018. During the reporting period, the U.S. generated encouraging economic and business data that was offset by less positive and more inconsistent data from international markets. Investment returns were generally negative as geopolitical tensions and uncertainty tended to distract investors from more favorable underlying trends.

For the period, U.S. stocks, as measured by the S&P 500 Index,¹ fell 6.85% and international stocks, as measured by the MSCI ACWI ex USA Index (Net),² declined 10.84%. Based on the MSCI EM Index (Net),³ emerging market stocks lost 8.48%. For bond investors, the Bloomberg Barclays U.S. Aggregate Bond Index⁴ gained 1.65% while the Bloomberg Barclays Global Aggregate ex-USD Index⁵ fell 0.84%. The Bloomberg Barclays Municipal Bond Index⁶ gained 1.53% while the ICE BofAML U.S. High Yield Index⁷ declined 2.34%.

Global trade tensions prompted investor concerns.

Global trade tensions escalated during the third quarter of 2018. The U.S. imposed tariffs on a wide range of products manufactured overseas. Foreign governments retaliated with tariffs that punished U.S. commodity producers and product manufacturers. Investors wondered about next steps as divergence in global economic policies and growth prospects widened.

During the summer months, the U.S. economy strengthened. Revised second-quarter gross domestic product (GDP) growth data released in August showed the U.S. economy growing at a 4.2% rate. The unemployment rate in the U.S. was 3.7% by the end of September, according to the U.S. Department of Labor. Wages showed more consistent growth, and consumer confidence remained strong. Several U.S. equity market indices reached records during August, with the S&P 500 Index gaining 7.71% for the three-month period that ended September 30, 2018. In contrast, the MSCI ACWI ex USA Index (Net) gained 0.71% while the MSCI EM Index (Net) declined 1.09% during the same three-month period.

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.

Letter to shareholders (unaudited) Wells Fargo Minnesota Tax-Free Fund 3

Economic signals overseas were mixed as the third quarter ended and the fourth quarter began. In particular, signs of slowing economic growth in China created uncertainty for investors. Amid rising trade tensions, the People’s Bank of China cut reserve requirement ratios and accelerated infrastructure spending and tax cuts for business enterprises and individuals. Nevertheless, a strengthening U.S. dollar and trade tensions remained headwinds for investors overseas.

Equity markets were volatile during the fourth quarter.

Negative stock market performance during October and December bracketed a mildly positive November, as measured by the S&P 500 Index and the MSCI ACWI ex USA Index (Net). As interest rates and bond yields gained during October, stock markets struggled. Readings on consumer sentiment and business spending were mixed. Markets rebounded in November. The U.S. and China agreed to halt further increases in tariffs and engage in additional negotiations. While November returns were positive, the loss for the full fourth quarter was substantial for equity investors globally, with the S&P down 13.52% and the MSCI ACWI ex USA Index (Net) down 11.46%. December’s S&P 500 Index performance was the lowest since 1931. Globally, fixed income investments fared better than stocks during the last two months of the year as conflicting signals unsettled investors’ outlooks.

Equity investors confronted a number of changing conditions. In November’s mid-term elections, control of the U.S. House of Representatives shifted from Republicans to Democrats, presaging potential partisan disputes. Progress on Brexit negotiations stalled in the UK. In China, the value of the yuan declined to low levels last seen in 2008. Oil prices continued to fall. The Fed increased the federal funds rate by 25 bps to a target range of between 2.25% and 2.50% in December 2018. A late-December dispute over spending and immigration policy resulted in a partial U.S. government shutdown that continued through the end of the period.

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

Economic signals overseas were mixed as the third quarter ended and the fourth quarter began.

For further information about your Fund, contact your investment professional, visit our website atwellsfargofunds.com, or call us directly at1-800-222-8222.

4 Wells Fargo Minnesota Tax-Free Fund Performance highlights (unaudited)

Investment objective

The Fund seeks current income exempt from federal income tax and Minnesota individual income tax.

Manager

Wells Fargo Funds Management, LLC

Subadviser

Wells Capital Management Incorporated

Portfolio managers

Wendy Casetta

Bruce R. Johns

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

		Including sales charge						Excluding sales charge						Expense ratios1 (%)
	Inception date	1 year		5 year		10 year		1 year		5 year		10 year		Gross		Net2
Class A (NMTFX)	1-12-1988		-3.82		1.90		3.72		0.72		2.84		4.20		0.84		0.84
Class C (WMTCX)	4-8-2005		-1.03		2.08		3.43		-0.03		2.08		3.43		1.59		1.59
Administrator Class (NWMIX)	8-2-1993		–		–		–		0.97		3.10		4.47		0.78		0.60
Institutional Class (WMTIX)3	10-31-2016		–		–		–		1.05		3.15		4.49		0.51		0.51
Bloomberg Barclays Municipal Bond Index4	–		–		–		–		1.28		3.82		4.85		–		–
Bloomberg Barclays Minnesota Municipal Bond Index5	–		–		–		–		1.37		3.06		4.22		–		–

Figures quoted represent past performance, which is no guarantee of future results, and do not reflect taxes that a shareholder may pay on fund distributions or the redemption of fund shares. Investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Performance shown without sales charges would be lower if sales charges were reflected. Current performance may be lower or higher than the performance data quoted, which assumes the reinvestment of dividends and capital gains. Current month-end performance is available on the Fund’s website,wellsfargofunds.com.

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

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

Bond values fluctuate in response to the financial condition of individual issuers, general market and economic conditions, and changes in interest rates. Changes in market conditions and government policies may lead to periods of heightened volatility in the bond market and reduced liquidity for certain bonds held by the Fund. In general, when interest rates rise, bond values fall and investors may lose principal value. Interest rate changes and their impact on the Fund and its share price can be sudden and unpredictable. The use of derivatives may reduce returns and/or increase volatility. Certain investment strategies tend to increase the total risk of an investment (relative to the broader market). The Fund is exposed to Minnesota municipal securities risk and high-yield securities risk. Consult the Fund’s prospectus for additional information on these and other risks. A portion of the Fund’s income may be subject to federal, state, and/ or local income taxes or the Alternative Minimum Tax (AMT). Any capital gains distributions may be taxable.

Please see footnotes on page 5.

Performance highlights (unaudited) Wells Fargo Minnesota Tax-Free Fund 5

Effective maturity distribution as of December 31, 2018⁶

Credit quality as of December 31, 2018⁷

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 October 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 0.85% for Class A, 1.60% for Class C, 0.60% for Administrator Class, and 0.52% for Institutional Class. After this time, the cap may be increased or the commitment to maintain the cap may be terminated only with the approval of the Board of Trustees. Brokerage commissions, stamp duty fees, interest, taxes, acquired fund fees and expenses (if any), and extraordinary expenses are excluded from the expense cap. Without this cap, the Fund’s returns would have been lower. The expense ratio paid by an investor is the net expense ratio (the total annual fund operating expenses after fee waivers) as stated in the prospectuses.

³  Historical performance shown for the Institutional Class shares prior to their inception reflects the performance of the Administrator Class shares, and is not adjusted to reflect Institutional Class expenses. If these expenses had been included, returns for Institutional Class shares would be higher.

⁴  The Bloomberg Barclays Municipal Bond Index is an unmanaged index composed of long-term tax-exempt bonds with a minimum credit rating of Baa. You cannot invest directly in an index.

⁵  The Bloomberg Barclays Minnesota Municipal Bond Index is the Minnesota component of the Bloomberg Barclays Municipal Bond Index. You cannot invest directly in an index.

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

⁷  The credit quality distribution of portfolio holdings reflected in the chart is based on ratings from Standard & Poor’s, Moody’s Investors Service, and/ or Fitch Ratings Ltd. Credit quality ratings apply to the underlying holdings of the Fund and not to the Fund itself. The percentages of the Fund’s portfolio with the ratings depicted in the chart are calculated based on the total market value of fixed income securities held by the Fund. If a security was rated by all three rating agencies, the middle rating was utilized. If rated by two of three rating agencies, the lower rating was utilized, and if rated by one of the rating agencies, that rating was utilized. Standard & Poor’s rates the creditworthiness of bonds, ranging from AAA (highest) to D (lowest). Ratings from A to CCC may be modified by the addition of a plus (+) or minus (-) sign to show relative standing within the rating categories. Standard & Poor’s rates the creditworthiness of short-term notes from SP-1 (highest) to SP-3 (lowest). Moody’s rates the creditworthiness of bonds, ranging from Aaa (highest) to C (lowest). Ratings Aa to B may be modified by the addition of a number 1 (highest) to 3 (lowest) to show relative standing within the ratings categories. Moody’s rates the creditworthiness of short-term U.S. tax-exempt municipal securities from MIG 1/VMIG 1 (highest) to SG (lowest). Fitch rates the creditworthiness of bonds, ranging from AAA (highest) to D (lowest). Credit quality distribution is subject to change and may have changed since the date specified.

6 Wells Fargo Minnesota Tax-Free Fund Fund expenses (unaudited)

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

The example is based on an investment of $1,000 invested at the beginning of the six-month period and held for the entire period from July 1, 2018 to December 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 sales charges (loads) and contingent deferred sales charges. Therefore, the “Hypothetical” line of the table is useful in comparing ongoing costs only and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

	Beginning account value 7-1-2018		Ending account value 12-31-2018		Expenses paid during the period¹		Annualized net expense ratio
Class A
Actual	$	1,000.00	$	1,009.73	$	4.31		0.85	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.92	$	4.33		0.85	%
Class C
Actual	$	1,000.00	$	1,005.93	$	8.09		1.60	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,017.14	$	8.13		1.60	%
Administrator Class
Actual	$	1,000.00	$	1,011.00	$	3.04		0.60	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,022.18	$	3.06		0.60	%
Institutional Class
Actual	$	1,000.00	$	1,011.41	$	2.64		0.52	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,022.58	$	2.65		0.52	%

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—December 31, 2018 (unaudited) Wells Fargo Minnesota Tax-Free Fund 7

Security name	Interest rate			Maturity date		Principal		Value
Municipal Obligations: 99.39%
Guam: 1.31%
Airport Revenue: 0.64%
Guam Port Authority Series 2018B		5.00	%		7-1-2019	$	250,000	$	252,965
Guam Port Authority Series 2018B		5.00			7-1-2035		605,000		653,394
									906,359
Water & Sewer Revenue: 0.67%
Guam Government Waterworks Authority Water & Wastewater System Project Series 2013		5.25			7-1-2022		865,000		937,478
									1,843,837
Illinois: 1.13%
GO Revenue: 1.13%
Illinois Refunding Bond Series 2018A		5.00			10-1-2021		500,000		522,105
Kane, Cook and DuPage Counties IL School District #46 Series 2015D		5.00			1-1-2027		965,000		1,066,151
									1,588,256
Minnesota: 96.59%
Airport Revenue: 2.38%
Minneapolis & St. Paul MN Metropolitan Airports Commission Series 2014A		5.00			1-1-2032		750,000		830,093
Minneapolis & St. Paul MN Metropolitan Airports Commission Series 2016C		5.00			1-1-2046		1,000,000		1,132,870
Minneapolis & St. Paul MN Metropolitan Airports Commission Series 2016D		5.00			1-1-2041		250,000		277,980
Minneapolis & St. Paul MN Metropolitan Airports Commission Subordinate Bond Series 2014A		5.00			1-1-2029		500,000		557,355
Minneapolis & St. Paul MN Metropolitan Airports Commission Subordinate Bond Series 2014B		5.00			1-1-2026		500,000		556,360
									3,354,658
Education Revenue: 26.21%
Anoka County MN Charter School Series A		3.40			6-1-2019		225,000		226,427
Anoka County MN Charter School Series A		3.65			6-1-2020		185,000		189,381
Anoka County MN Charter School Series A		3.75			6-1-2021		245,000		255,907
Anoka County MN Charter School Series A		5.00			6-1-2027		510,000		541,906
Anoka County MN Charter School Series A		5.00			6-1-2032		300,000		318,768
Anoka County MN Charter School Series A		5.00			6-1-2043		1,100,000		1,168,816
Brooklyn Park MN Charter School Athlos Leadership Academy Project Series 2015A		4.00			7-1-2020		190,000		189,455
Brooklyn Park MN Charter School Athlos Leadership Academy Project Series 2015A		5.50			7-1-2040		750,000		757,328
Brooklyn Park MN Charter School Prairie Seeds Academy Project Series 2015A		5.00			3-1-2034		1,500,000		1,504,635
Cologne MN Charter School Cologne Academy Project Series 2014A		5.00			7-1-2029		590,000		615,069
Cologne MN Charter School Cologne Academy Project Series 2014A		5.00			7-1-2034		500,000		509,165
Columbus MN Charter School New Millennium Academy Project Series 2015A		5.50			7-1-2030		1,000,000		891,590
Deephaven MN Charter School Eagle Ridge Academy Project Series 2015A		5.25			7-1-2040		500,000		516,935
Deephaven MN Charter School Eagle Ridge Academy Project Series 2016A		4.00			7-1-2025		125,000		127,003
Deephaven MN Charter School Eagle Ridge Academy Project Series 2016A		4.00			7-1-2026		100,000		100,569
Deephaven MN Charter School Eagle Ridge Academy Project Series 2016A		4.00			7-1-2027		100,000		100,227

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

8 Wells Fargo Minnesota Tax-Free Fund Portfolio of investments—December 31, 2018 (unaudited)

Security name	Interest rate			Maturity date		Principal		Value
Education Revenue(continued)
Deephaven MN Charter School Eagle Ridge Academy Project Series A		5.25	%		7-1-2037	$	400,000	$	415,364
Forest Lakes MN Charter School Lakes International Language Academy Project Series 2014A		5.50			8-1-2036		500,000		523,135
Ham Lake MN Charter School DaVinci Academy Project Series 2012A		4.00			7-1-2028		370,000		354,453
Ham Lake MN Charter School DaVinci Academy Project Series 2016A		5.00			7-1-2031		625,000		635,150
Hugo MN Charter School Lease Revenue Bonds Noble Academy Project Series 2014A		5.00			7-1-2029		600,000		625,128
Minneapolis MN Charter School Yinghua Academy Project Series 2013A		5.00			7-1-2023		300,000		307,560
Minnesota HEFAR Bethel University Series 2017		5.00			5-1-2037		1,250,000		1,329,813
Minnesota HEFAR College of St. Scholastica Series 7R		4.25			12-1-2027		400,000		415,912
Minnesota HEFAR Hamline University Series 2017B		5.00			10-1-2035		1,000,000		1,066,660
Minnesota HEFAR Hamline University Series 7E		4.50			10-1-2021		300,000		313,314
Minnesota HEFAR Hamline University Series 7E		5.00			10-1-2029		500,000		526,455
Minnesota HEFAR St. Benedict College Series 2017		4.00			3-1-2036		410,000		410,607
Minnesota HEFAR St. Benedict College Series 7M		5.13			3-1-2036		275,000		285,227
Minnesota HEFAR St. Catherine University Series A		5.00			10-1-2045		2,000,000		2,175,120
Minnesota HEFAR St. Olaf College Series 8N		4.50			10-1-2030		500,000		509,590
Minnesota HEFAR St. Thomas University Series 7U		5.00			4-1-2023		750,000		837,855
Minnesota HEFAR St. Thomas University Series 8L		5.00			4-1-2028		920,000		1,064,900
Minnesota HEFAR St. Thomas University Series 8L		5.00			4-1-2029		750,000		864,383
Minnesota HEFAR St. Thomas University Series 8L		5.00			4-1-2035		750,000		846,465
Minnesota Office of Higher Education supplemental Student Loan Program Revenue Bonds Series 2018		5.00			11-1-2026		700,000		799,099
Minnesota State Colleges & Universities Revenue Fund & Refunding Bonds Series 2017A		5.00			10-1-2027		500,000		592,590
Moorhead MN Educational Facilities Bond The Concordia College Corporation Project Series 2016		5.00			12-1-2025		2,000,000		2,204,900
Otsego MN Charter School Kaleidoscope Charter School Project Series 2014A		4.15			9-1-2024		515,000		512,662
Otsego MN Charter School Kaleidoscope Charter School Project Series 2014A		5.00			9-1-2034		1,100,000		1,099,923
Rice County MN Educational Facilities Shattuck-St. Mary’s School Project 144A		5.00			8-1-2022		960,000		1,003,008
St. Cloud MN Charter School Lease Revenue Bonds Stride Academy Project Series 2016A		5.00			4-1-2036		750,000		411,960
St. Paul MN Housing & RDA Charter School Hmong College Preparatory Academy Project Series 2016A		5.25			9-1-2031		1,000,000		1,046,760
St. Paul MN Housing & RDA Charter School Lease Revenue German Immersion School Project Series 2013A		4.00			7-1-2023		225,000		225,486
St. Paul MN Housing & RDA Charter School Lease Revenue Twin Cities Academy Project Series 2015A		5.00			7-1-2035		925,000		938,311
St. Paul MN Housing & RDA Conservatory for Performing Artists Series A		4.00			3-1-2028		150,000		141,714
St. Paul MN Housing & RDA Hope Community Academy Project Series 2015A		5.00			12-1-2034		1,645,000		1,653,274
University of Minnesota Series 2009A		5.00			4-1-2021		1,180,000		1,189,558
University of Minnesota Series 2009A		5.13			4-1-2034		1,000,000		1,008,410
University of Minnesota Series 2017A		5.00			9-1-2042		770,000		879,094
University of Minnesota State Supported Biomedical Science Series 2011B		5.00			8-1-2036		1,000,000		1,066,150
Woodbury MN Charter School Series A		3.90			12-1-2022		220,000		227,993
Woodbury MN Charter School Series A		5.00			12-1-2027		215,000		226,242
Woodbury MN Charter School Series A		5.00			12-1-2032		220,000		229,533
									36,976,939
GO Revenue: 12.67%
Hastings MN Independent School District #200 CAB Series A (South Dakota Credit Program Insured) (z)		3.42			2-1-2032		1,305,000		840,511

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

Portfolio of investments—December 31, 2018 (unaudited) Wells Fargo Minnesota Tax-Free Fund 9

Security name	Interest rate			Maturity date		Principal		Value
GO Revenue(continued)
Hastings MN Independent School District #200 CAB Series A (South Dakota Credit Program Insured) (z)		3.49	%		2-1-2033	$	1,145,000	$	706,213
Hennepin County MN Series 2016B		5.00			12-1-2029		450,000		533,840
Hennepin County MN Series 2017C		5.00			12-1-2031		2,000,000		2,353,700
Long Prairie MN Sewer Revenue Bond Series 2018A (Minnesota Credit Program Insured)		5.00			2-1-2025		160,000		181,360
Long Prairie MN Sewer Revenue Bond Series 2018A (Minnesota Credit Program Insured)		5.00			2-1-2026		185,000		212,371
Minnesota Various Purpose Bonds Series 2015A		5.00			8-1-2028		3,400,000		3,964,128
Mounds View MN Independent School District #621 Series A (South Dakota Credit Program Insured)		4.00			2-1-2022		530,000		530,885
Rosemount MN Independent School District #196 School Building Series 2016A (South Dakota Credit Program Insured)		5.00			2-1-2027		1,500,000		1,762,050
Roseville MN Independent School District #623 School Building Series A (South Dakota Credit Program Insured)		5.00			2-1-2031		2,090,000		2,412,132
Sartell MN Independent School District #748 St. Stephen Public Schools GO Series 2016A (South Dakota Credit Program Insured)		5.00			2-1-2027		1,250,000		1,434,275
Shakopee MN Independent School District #720 Series 2015A (South Dakota Credit Program Insured)		5.00			2-1-2023		1,000,000		1,106,150
St. Francis MN Independent School District #15 Series A (South Dakota Credit Program Insured)		5.00			2-1-2027		485,000		538,078
St. Francis MN Independent School District #15 Series A (South Dakota Credit Program Insured)		5.00			2-1-2028		220,000		243,987
Willmar MN Rice Memorial Hospital Project Series 2012A		5.00			2-1-2026		1,000,000		1,059,480
									17,879,160
Health Revenue: 20.35%
Center City MN Health Care Facilities Hazelden Betty Ford Foundation Project Series 2014		5.00			11-1-2026		750,000		826,253
Center City MN Health Care Facilities Hazelden Betty Ford Foundation Project Series 2014		5.00			11-1-2027		500,000		547,760
Center City MN Health Care Facilities Hazelden Betty Ford Foundation Project Series 2014		5.00			11-1-2029		300,000		325,335
Duluth MN Economic Development Authority Health Care Facilities Revenue Bonds Series 2018A		5.00			2-15-2048		650,000		706,986
Glencoe MN HCFR Glencoe Regional Health Services Project Series 2013		4.00			4-1-2022		735,000		769,133
Maple Grove MN HCFR Maple Grove Hospital Corporation		5.00			5-1-2030		850,000		971,720
Maple Grove MN HCFR North Memorial Health Care Series 2015		5.00			9-1-2023		655,000		718,437
Maple Grove MN HCFR Series 2017		5.00			5-1-2031		500,000		568,055
Maple Grove MN HCFR Series 2017		5.00			5-1-2032		500,000		564,925
Minneapolis & St. Paul MN Housing & RDA Allina Health System Series 2017A		5.00			11-15-2029		1,000,000		1,167,920
Minneapolis & St. Paul MN Housing & RDA Children’s Health Care Facilities Series A		5.25			8-15-2025		1,000,000		1,048,970
Minneapolis & St. Paul MN Housing & RDA Children’s Health Care Facilities Series A		5.25			8-15-2035		1,000,000		1,048,810
Minneapolis MN Health Care System Fairview Health Services Series 2015A		5.00			11-15-2033		2,000,000		2,239,900
Minneapolis MN Health Care System Revenue Refunded Bond Fairview Health Services Series A		5.00			11-15-2049		1,000,000		1,094,480
Minnesota Agricultural & Economic Development Board Health Care Essentia Health Series C1 (AGC Insured)		4.00			2-15-2020		50,000		51,233
Minnesota Agricultural & Economic Development Board Health Care Essentia Health Series C1 (AGC Insured)		5.00			2-15-2030		2,000,000		2,055,120

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

10 Wells Fargo Minnesota Tax-Free Fund Portfolio of investments—December 31, 2018 (unaudited)

Security name	Interest rate			Maturity date		Principal		Value
Health Revenue(continued)
Plato MN Health Care Facilities Bond Glencoe Regional Health Services Project Series 2017		5.00	%		4-1-2041	$	550,000	$	584,694
Red Wing MN Senior Housing Deer Crest Project Series A		5.00			11-1-2032		660,000		680,460
Red Wing MN Senior Housing Deer Crest Project Series A		5.00			11-1-2042		560,000		575,954
Shakopee MN St. Francis Regional Medical Center Series 2014		5.00			9-1-2027		700,000		779,303
Shakopee MN St. Francis Regional Medical Center Series 2014		5.00			9-1-2029		725,000		801,538
St. Cloud MN Health Care Revenue Bonds Series 2016A		5.00			5-1-2030		2,000,000		2,291,020
St. Cloud MN Health Care Revenue Bonds Series 2016A		5.00			5-1-2031		2,000,000		2,279,640
St. Cloud MN Health Care Unrefunded Revenue Bonds CentraCare Health		5.13			5-1-2030		125,000		130,056
St. Louis Park MN Nicollett Health Services Series 2009		5.50			7-1-2029		1,000,000		1,017,930
St. Paul MN Housing & RDA Fairview Health Services Series 2017A		5.00			11-15-2034		565,000		640,151
St. Paul MN Housing & RDA Health Care Facilities Refunding Bonds Series 2015A		5.00			7-1-2025		250,000		290,015
St. Paul MN Housing & RDA HealthEast Care Systems Project Series 2015A		5.00			11-15-2027		1,000,000		1,173,340
St. Paul MN Housing & RDA HealthPartners Obligated Group Series 2015A		5.00			7-1-2031		2,010,000		2,246,879
Winona MN Health Care Facilities Refunding Bond Series 2012		5.00			7-1-2034		500,000		513,790
									28,709,807
Housing Revenue: 4.84%
Austin MN Housing & RDA Courtyard Residence Project Series A		5.00			1-1-2031		1,500,000		1,500,000
Dakota County MN Community Development Agency SFMR (GNMA/FNMA/FHLMC Insured)		5.30			12-1-2039		12,282		12,294
Minneapolis MN Student Housing Riverton Community Housing Project Series 2014		5.00			8-1-2032		860,000		893,437
Minnesota HFA Series D (SIFMA Municipal Swap +0.43%) (GNMA/FNMA/FHLMC Insured) ±		2.14			1-1-2045		1,000,000		1,000,000
Minnesota Housing Finance Agency Residential Housing Series 2009E		4.20			7-1-2021		680,000		682,496
Minnesota Housing Finance Agency Residential Housing Series 2012D (GNMA/FNMA/FHLMC Insured)		4.00			7-1-2040		290,000		295,754
Minnesota Housing Finance Agency Series 2015A		5.00			8-1-2027		1,665,000		1,889,708
Minnesota Housing Finance Agency State Appropriation Bonds Series 2015A		5.00			8-1-2032		500,000		561,370
									6,835,059
Miscellaneous Revenue: 15.93%
Anoka Hennepin MN Independent School District #11 Certificate of Participation Series 2014A		5.00			2-1-2034		1,000,000		1,113,960
Center City MN Health Care Facilities Hazelden Betty Ford Foundation Project Series 2011		5.00			11-1-2041		3,000,000		3,041,910
Goodhue County MN Education District #6051 Red Wing Certificate of Participation Series 2014A		5.00			2-1-2029		750,000		826,088
Minneapolis MN Development Limited Tax Supported Common Bond Series 2A		6.00			12-1-2040		1,000,000		1,072,660
Minnesota Certificate of Participation Legislative Office Facility Project Series 2014		5.00			6-1-2023		435,000		488,653
Minnesota General Fund Appropriation Bonds Series 2012B		5.00			3-1-2027		2,000,000		2,173,240
Minnesota General Fund Appropriation Bonds Series 2012B		5.00			3-1-2029		2,000,000		2,171,960
Minnesota General Fund Appropriation Bonds Series 2014A		5.00			6-1-2033		1,000,000		1,108,630
Minnetonka MN Independent School District #276 Series C		5.75			2-1-2042		2,145,000		2,475,459
Minnetonka MN Independent School District #276 Series F		5.00			2-1-2025		205,000		227,351
Northeastern Minnesota Metropolitan Intermediate School District #916 Certificate of Participation Series 2013A		4.00			2-1-2024		1,100,000		1,172,820
Northeastern Minnesota Metropolitan Intermediate School District #916 Certificate of Participation Series 2015B		5.00			2-1-2034		1,500,000		1,678,770
Plymouth MN Certificate of Participation Intermediate School District #287 Series A		5.00			2-1-2024		250,000		250,590

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

Portfolio of investments—December 31, 2018 (unaudited) Wells Fargo Minnesota Tax-Free Fund 11

Security name	Interest rate			Maturity date		Principal		Value
Miscellaneous Revenue(continued)
Plymouth MN Intermediate School District #287 Certificate of Participation Series 2016A		4.00	%		5-1-2026	$	500,000	$	542,715
Plymouth MN Intermediate School District #287 Certificate of Participation Series 2016A		4.00			5-1-2027		1,000,000		1,076,930
St. Cloud MN Independent School District #742 Series 2017A		5.00			2-1-2032		500,000		562,560
St. Cloud MN Independent School District #742 Series 2017A		5.00			2-1-2034		350,000		391,713
St. Paul MN Housing & RDA Charter School Nova Classical Academy Project Series 2011A		6.63			9-1-2042		865,000		968,143
White Bear Lake MN Revenue Refunding Bonds YMCA of Greater Twin Cities Project Series 2018		5.00			6-1-2032		1,000,000		1,127,910
									22,472,062
Transportation Revenue: 1.24%
St. Paul MN Housing & RDA Parking Enterprise Refunding Bonds Series 2017A		4.00			8-1-2026		525,000		574,487
St. Paul MN Housing & RDA Parking Enterprise Refunding Bonds Series 2017A		4.00			8-1-2027		545,000		591,881
St. Paul MN Housing & RDA Parking Enterprise Refunding Bonds Series 2017A		5.00			8-1-2025		500,000		584,625
									1,750,993
Utilities Revenue: 12.97%
Central Minnesota Municipal Power Agency Brookings Southeast Twin Cities Transmission Project Series 2012		5.00			1-1-2042		1,500,000		1,598,595
Hutchinson MN Public Utility Revenue Refunding Bonds Series 2012A		5.00			12-1-2026		700,000		767,816
Minnesota Municipal Power Agency Series 2010A & Series 2010B		5.00			10-1-2025		2,335,000		2,457,728
Northern Minnesota Municipal Power Agency Series 2013A		4.00			1-1-2028		450,000		470,966
Northern Minnesota Municipal Power Agency Series 2016		5.00			1-1-2030		520,000		589,384
Northern Minnesota Municipal Power Agency Series 2016		5.00			1-1-2031		350,000		394,576
Northern Minnesota Municipal Power Agency Series 2017		5.00			1-1-2041		400,000		444,472
Rochester MN Electric Utility Revenue Series 2013B		5.00			12-1-2025		315,000		357,412
Rochester MN Electric Utility Revenue Series 2013B		5.00			12-1-2026		250,000		282,288
Rochester MN Electric Utility Revenue Series 2017A		5.00			12-1-2037		500,000		568,440
Southern Minnesota Municipal Power Agency CAB Series A (National Insured) (z)		2.00			1-1-2020		5,100,000		4,999,570
Western Minnesota Municipal Power Agency Series A		5.00			1-1-2027		1,565,000		1,731,688
Western Minnesota Municipal Power Agency Series A		5.00			1-1-2030		1,000,000		1,102,880
Western Minnesota Municipal Power Agency Series A		5.00			1-1-2031		1,000,000		1,150,510
Western Minnesota Municipal Power Agency Series A		5.00			1-1-2032		1,250,000		1,392,763
									18,309,088
									136,287,766
Virgin Islands: 0.36%
Tax Revenue: 0.36%
Virgin Islands PFA Matching Fund Loan Notes Senior Lien Series B (AGM Insured)		5.00			10-1-2025		500,000		511,015
Total Municipal Obligations (Cost $138,934,140)									140,230,874

Total investments in securities (Cost $138,934,140)	99.39	%		140,230,874
Other assets and liabilities, net	0.61			860,995
Total net assets	100.00	%	$	141,091,869

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

(z) Zero coupon security. The rate represents the purchase 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 Minnesota Tax-Free Fund Portfolio of investments—December 31, 2018 (unaudited)

Abbreviations:

AGC Assured Guaranty Corporation

AGM Assured Guaranty Municipal

CAB Capital appreciation bond

FHLMC Federal Home Loan Mortgage Corporation

FNMA Federal National Mortgage Association

GNMA Government National Mortgage Association

GO General obligation

HCFR Healthcare facilities revenue

HEFAR Higher Education Facilities Authority Revenue

HFA Housing Finance Authority

National National Public Finance Guarantee Corporation

PFA Public Finance Authority

RDA Redevelopment Authority

SFMR Single-family mortgage revenue

SIFMA Securities Industry and Financial Markets Association

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

Statement of assets and liabilities—December 31, 2018 (unaudited) Wells Fargo Minnesota Tax-Free Fund 13

Assets
Investments in unaffiliated securities, at value (cost $138,934,140)	$	140,230,874
Cash		176,741
Receivable for investments sold		40,071
Receivable for Fund shares sold		34,284
Receivable for interest		1,960,737
Prepaid expenses and other assets		102,828
Total assets		142,545,535
Liabilities
Payable for Fund shares redeemed		1,332,374
Dividends payable		65,662
Management fee payable		25,856
Administration fees payable		14,085
Distribution fee payable		4,653
Trustees’ fees and expenses payable		206
Accrued expenses and other liabilities		10,830
Total liabilities		1,453,666
Total net assets	$	141,091,869
NET ASSETS CONSIST OF
Paid-in capital	$	138,970,106
Total distributable earnings		2,121,763
Total net assets	$	141,091,869
COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE PER SHARE
Net assets – Class A	$	26,014,330
Shares outstanding – Class A1		2,484,048
Net asset value per share – Class A2		$10.47
Maximum offering price per share – Class A		$10.96
Net assets – Class C	$	7,097,566
Shares outstanding – Class C1		677,805
Net asset value per share – Class C		$10.47
Net assets – Administrator Class	$	76,356,456
Shares outstanding – Administrator Class1		7,294,183
Net asset value per share – Administrator Class		$10.47
Net assets – Institutional Class	$	31,623,517
Shares outstanding – Institutional Class1		3,017,776
Net asset value per share – Institutional Class		$10.48

¹  The Fund has an unlimited number of authorized shares.

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

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

14 Wells Fargo Minnesota Tax-Free Fund Statement of operations—six months ended December 31, 2018 (unaudited)

Investment income
Interest	$	2,671,770
Expenses
Management fee		302,901
Administration fees
Class A		22,920
Class C		5,758
Administrator Class		42,694
Institutional Class		12,086
Shareholder servicing fees
Class A		35,812
Class C		8,996
Administrator Class		106,735
Distribution fee
Class C		26,988
Custody and accounting fees		2,300
Professional fees		29,334
Registration fees		35,546
Shareholder report expenses		10,008
Trustees’ fees and expenses		10,427
Other fees and expenses		6,023
Total expenses		658,528
Less: Fee waivers and/or expense reimbursements		(144,509	)
Net expenses		514,019
Net investment income		2,157,751
REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS
Net realized gains on investments		69,700
Net change in unrealized gains (losses) on investments		(698,521	)
Net realized and unrealized gains (losses) on investments		(628,821	)
Net increase in net assets resulting from operations	$	1,528,930

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

Statement of changes in net assets Wells Fargo Minnesota Tax-Free Fund 15

	Six months ended December 31, 2018 (unaudited)						Year ended June 30, 20181
Operations
Net investment income				$	2,157,751					$	4,586,522
Net realized gains on investments					69,700						195,726
Net change in unrealized gains (losses) on investments					(698,521	)					(2,825,310	)
Net increase in net assets resulting from operations					1,528,930						1,956,938
Distributions to shareholders from net investment income and net realized gains
Class A					(383,882	)					(872,744	)
Class C					(69,417	)					(162,373	)
Administrator Class					(1,249,760	)					(2,841,350	)
Institutional Class					(454,692	)					(793,549	)
Total distributions to shareholders					(2,157,751	)					(4,670,016	)
Capital share transactions		Shares						Shares
Proceeds from shares sold
Class A		85,605			892,326			171,297			1,824,591
Class C		3,191			33,200			30,242			320,610
Administrator Class		974,704			10,186,572			1,645,104			17,459,103
Institutional Class		851,018			8,882,327			1,450,392			15,399,618
					19,994,425						35,003,922
Reinvestment of distributions
Class A		36,409			380,242			80,361			852,641
Class C		6,613			69,062			15,294			162,268
Administrator Class		80,981			845,180			181,284			1,922,161
Institutional Class		43,218			451,666			74,672			792,417
					1,746,150						3,729,487
Payment for shares redeemed
Class A		(449,300	)		(4,680,789	)		(689,876	)		(7,312,506	)
Class C		(34,736	)		(363,971	)		(234,385	)		(2,490,668	)
Administrator Class		(1,874,957	)		(19,571,981	)		(3,535,508	)		(37,420,099	)
Institutional Class		(694,041	)		(7,241,959	)		(838,851	)		(8,894,018	)
					(31,858,700	)					(56,117,291	)
Net decrease in net assets resulting from capital share transactions					(10,118,125	)					(17,383,882	)
Total decrease in net assets					(10,746,946	)					(20,096,960	)
Net assets
Beginning of period					151,838,815						171,935,775
End of period				$	141,091,869					$	151,838,815

¹  Effective for all filings after November 4, 2018, the SEC prospectively eliminated the requirement to parenthetically disclose undistributed net investment income at the end of the period and permitted the aggregation of distributions, with the exception of tax basis returns of capital. Undistributed net investment income at June 30, 2018 was $830,755. The disaggregated distributions information for the year ended June 30, 2018 is included in Note 7,Distributions to Shareholders, in the notes to the financial statements.

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

16 Wells Fargo Minnesota Tax-Free Fund Financial highlights

(For a share outstanding throughout each period)

	Six months ended December 30, 2018 (unaudited)			Year ended June 30
CLASS A				2018			2017			2016			2015			2014
Net asset value, beginning of period		$10.51			$10.68			$11.07			$10.79			$10.86			$10.74
Net investment income		0.14	1		0.28	1		0.28	1		0.33			0.33			0.35
Net realized and unrealized gains (losses) on investments		(0.04	)		(0.16	)		(0.34	)		0.28			(0.04	)		0.20
Total from investment operations		0.10			0.12			(0.06	)		0.61			0.29			0.55
Distributions to shareholders from
Net investment income		(0.14	)		(0.28	)		(0.28	)		(0.33	)		(0.33	)		(0.35	)
Net realized gains		0.00			(0.01	)		(0.05	)		(0.00	)2		(0.03	)		(0.08	)
Total distributions to shareholders		(0.14	)		(0.29	)		(0.33	)		(0.33	)		(0.36	)		(0.43	)
Net asset value, end of period		$10.47			$10.51			$10.68			$11.07			$10.79			$10.86
Total return3		0.97	%		1.10	%		(0.53	)%		5.74	%		2.72	%		5.29	%
Ratios to average net assets (annualized)
Gross expenses		0.93	%		0.85	%		0.91	%		0.89	%		0.89	%		0.89	%
Net expenses		0.85	%		0.84	%		0.85	%		0.85	%		0.85	%		0.85	%
Net investment income		2.68	%		2.64	%		2.63	%		2.99	%		3.03	%		3.28	%
Supplemental data
Portfolio turnover rate		8	%		15	%		22	%		16	%		20	%		15	%
Net assets, end of period (000s omitted)		$26,014			$29,554			$34,720			$45,437			$45,437			$44,499

¹  Calculated based upon average shares outstanding

²  Amount is less than $0.005.

³  Total return calculations do not include any sales charges. Returns for periods of less than one year are not annualized.

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

Financial highlights Wells Fargo Minnesota Tax-Free Fund 17

(For a share outstanding throughout each period)

	Six months ended December 30, 2018 (unaudited)			Year ended June 30
CLASS C				2018			2017			2016			2015			2014
Net asset value, beginning of period		$10.51			$10.68			$11.07			$10.79			$10.86			$10.74
Net investment income		0.10			0.20			0.20			0.24			0.25			0.27
Net realized and unrealized gains (losses) on investments		(0.04	)		(0.16	)		(0.34	)		0.28			(0.04	)		0.20
Total from investment operations		0.06			0.04			(0.14	)		0.52			0.21			0.47
Distributions to shareholders from
Net investment income		(0.10	)		(0.20	)		(0.20	)		(0.24	)		(0.25	)		(0.27	)
Net realized gains		0.00			(0.01	)		(0.05	)		(0.00	)1		(0.03	)		(0.08	)
Total distributions to shareholders		(0.10	)		(0.21	)		(0.25	)		(0.24	)		(0.28	)		(0.35	)
Net asset value, end of period		$10.47			$10.51			$10.68			$11.07			$10.79			$10.86
Total return2		0.59	%		0.34	%		(1.27	)%		4.95	%		1.96	%		4.50	%
Ratios to average net assets (annualized)
Gross expenses		1.68	%		1.59	%		1.65	%		1.64	%		1.64	%		1.64	%
Net expenses		1.60	%		1.59	%		1.60	%		1.60	%		1.60	%		1.60	%
Net investment income		1.93	%		1.89	%		1.88	%		2.24	%		2.28	%		2.53	%
Supplemental data
Portfolio turnover rate		8	%		15	%		22	%		16	%		20	%		15	%
Net assets, end of period (000s omitted)		$7,098			$7,387			$9,525			$10,358			$10,061			$8,768

¹  Amount is less than $0.005.

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

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

18 Wells Fargo Minnesota Tax-Free Fund Financial highlights

(For a share outstanding throughout each period)

	Six months ended December 30, 2018 (unaudited)			Year ended June 30
ADMINISTRATOR CLASS				2018			2017			2016			2015			2014
Net asset value, beginning of period		$10.51			$10.68			$11.07			$10.78			$10.86			$10.74
Net investment income		0.15	1		0.31	1		0.31	1		0.35			0.36			0.38
Net realized and unrealized gains (losses) on investments		(0.04	)		(0.16	)		(0.34	)		0.29			(0.05	)		0.20
Total from investment operations		0.11			0.15			(0.03	)		0.64			0.31			0.58
Distributions to shareholders from
Net investment income		(0.15	)		(0.31	)		(0.31	)		(0.35	)		(0.36	)		(0.38	)
Net realized gains		0.00			(0.01	)		(0.05	)		(0.00	)2		(0.03	)		(0.08	)
Total distributions to shareholders		(0.15	)		(0.32	)		(0.36	)		(0.35	)		(0.39	)		(0.46	)
Net asset value, end of period		$10.47			$10.51			$10.68			$11.07			$10.78			$10.86
Total return3		1.10	%		1.34	%		(0.28	)%		6.10	%		2.88	%		5.55	%
Ratios to average net assets (annualized)
Gross expenses		0.87	%		0.78	%		0.84	%		0.83	%		0.83	%		0.83	%
Net expenses		0.60	%		0.60	%		0.60	%		0.60	%		0.60	%		0.60	%
Net investment income		2.93	%		2.89	%		2.87	%		3.24	%		3.28	%		3.53	%
Supplemental data
Portfolio turnover rate		8	%		15	%		22	%		16	%		20	%		15	%
Net assets, end of period (000s omitted)		$76,356			$85,259			$104,906			$124,485			$111,475			$98,483

¹  Calculated based upon average shares outstanding

²  Amount is less than $0.005.

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

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

Financial highlights Wells Fargo Minnesota Tax-Free Fund 19

(For a share outstanding throughout each period)

	Six months ended December 30, 2018 (unaudited)			Year ended June 30
INSTITUTIONAL CLASS				2018			20171
Net asset value, beginning of period		$10.52			$10.69			$10.88
Net investment income		0.16			0.32			0.21
Net realized and unrealized gains (losses) on investments		(0.04	)		(0.16	)		(0.14	)
Total from investment operations		0.12			0.16			0.07
Distributions to shareholders from
Net investment income		(0.16	)		(0.32	)		(0.21	)
Net realized gains		0.00			(0.01	)		(0.05	)
Total distributions to shareholders		(0.16	)		(0.33	)		(0.26	)
Net asset value, end of period		$10.48			$10.52			$10.69
Total return2		1.14	%		1.43	%		0.62	%
Ratios to average net assets (annualized)
Gross expenses		0.60	%		0.52	%		0.52	%
Net expenses		0.52	%		0.52	%		0.51	%
Net investment income		3.01	%		2.98	%		2.91	%
Supplemental data
Portfolio turnover rate		8	%		15	%		22	%
Net assets, end of period (000s omitted)		$31,624			$29,639			$22,785

¹  For the period from October 31, 2016 (commencement of class operations) to June 30, 2017

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

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

20 Wells Fargo Minnesota Tax-Free 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 (“FASB”) Accounting Standards Codification Topic 946, Financial Services – Investment Companies. These financial statements report on the Wells Fargo Minnesota Tax-Free Fund (the “Fund”) which is a diversified series of the Trust.

2. SIGNIFICANT ACCOUNTING POLICIES

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

Securities valuation

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

Debt securities are valued at the evaluated bid price provided by an independent pricing service (e.g. taking into account various factors, including yields, maturities, or credit ratings) or, if a reliable price is not available, the quoted bid price from an independent broker-dealer.

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.

When-issued transactions

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

Security transactions and income recognition

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

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

Notes to financial statements (unaudited) Wells Fargo Minnesota Tax-Free Fund 21

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 December 31, 2018, the aggregate cost of all investments for federal income tax purposes was $138,934,140 and the unrealized gains (losses) consisted of:

Gross unrealized gains	$	2,405,695
Gross unrealized losses		(1,108,961	)
Net unrealized gains	$	1,296,734

As of June 30, 2018, the Fund had current year deferred post-October capital losses consisting of $71,454 in short-term losses and $3,972 in long-term losses which were recognized on the first day of the current fiscal year.

Class allocations

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

3. FAIR VALUATION MEASUREMENTS

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

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

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

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

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

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

	Quoted prices (Level 1)		Other significant observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total
Assets
Investments in:
Municipal obligations	$	0	$	140,230,874	$	0	$	140,230,874

Additional sector, industry or geographic detail is included in the Portfolio of Investments.

At December 31, 2018, the Fund did not have any transfers into/out of 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

22 Wells Fargo Minnesota Tax-Free Fund Notes to financial statements (unaudited)

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 0.40% and declining to 0.28% as the average daily net assets of the Fund increase. For the six months ended December 31, 2018, the management fee was equivalent to an annual rate of 0.40% of the Fund’s average daily net assets.

Funds Management has retained the services of a subadviser to provide daily portfolio management to the Fund. The fee for subadvisory services is borne by Funds Management. Wells Capital Management Incorporated, an affiliate of Funds Management and an indirect wholly owned subsidiary of Wells Fargo, is the subadviser to the Fund and is entitled to receive a fee from Funds Management at an annual rate starting at 0.20% and declining to 0.10% as the average daily net assets of the Fund increase.

Administration fees

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

	Class-level administration fee
Class A, Class C		0.16	%
Administrator Class		0.10
Institutional Class		0.08

Funds Management has contractually waived and/or reimbursed management and administration fees to the extent necessary to maintain certain net operating expense ratios for the Fund. 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 October 31, 2019 to waive fees and/or reimburse expenses to the extent necessary to cap the Fund’s expenses at 0.85% for Class A shares, 1.60% for Class C shares, 0.60% for Administrator Class shares and 0.52% for Institutional Class shares. After this time, the cap may be increased or the commitment to maintain the cap may be terminated only with the approval of the Board of Trustees.

Distribution fee

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

In addition, Funds Distributor is entitled to receive the front-end sales charge from the purchase of Class A shares and a contingent deferred sales charge on the redemption of certain Class A shares. Funds Distributor is also entitled to receive the contingent deferred sales charges from redemptions of Class C shares. For the six months ended December 31, 2018, Funds Distributor received $1,254 from the sale of Class A shares. No contingent deferred sales charges were incurred by Class A and Class C shares for the six months ended December 31, 2018.

Shareholder servicing fees

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

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

Interfund transactions

The Fund may purchase or sell portfolio investment securities to certain other Wells Fargo affiliates pursuant to Rule 17a-7 under the 1940 Act and under procedures adopted by the Board of Trustees. The procedures have been designed to ensure that these interfund transactions, which do not incur broker commissions, are effected at current market prices. Pursuant to these procedures, the Fund had $6,500,000 and $14,725,000 in interfund purchases and sales, respectively, during the six months ended December 31, 2018.

Notes to financial statements (unaudited) Wells Fargo Minnesota Tax-Free Fund 23

5. INVESTMENT PORTFOLIO TRANSACTIONS

Purchases and sales of investments, excluding U.S. government obligations (if any) and short-term securities, for the six months ended December 31, 2018 were $12,072,543 and $21,000,931, respectively.

6. BANK BORROWINGS

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

For the six months ended December 31, 2018, there were no borrowings by the Fund under the agreement.

7. DISTRIBUTIONS TO SHAREHOLDERS

Effective for all filings after November 4, 2018, the Securities and Exchange Commission eliminated the requirement to separately state the components of distributions to shareholders under U.S. generally accepted accounting principles. The amounts of distributions to shareholders for the year ended June 30, 2018 were as follows:

	Net investment income		Net realized gains
Class A	$	855,881	$	16,863
Class C		158,147		4,226
Administrator Class		2,792,428		48,922
Institutional Class		780,067		13,482

8. CONCENTRATION RISK

The Fund invests a substantial portion of its assets in issuers of municipal debt securities located in a single state or territories of the U.S. Therefore, it may be more affected by economic and political developments in that state or region than would be a comparable general tax-exempt fund.

9. INDEMNIFICATION

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

10. REORGANIZATION

At a regular meeting of the Board of Trustees held on November 8 and 9, 2018, the Trustees of the Fund approved a Plan of Reorganization (the “Plan”). Under the Plan, Wells Fargo Municipal Bond Fund will acquire the assets and assume the liabilities of the Fund in exchange for shares of Wells Fargo Municipal Bond Fund.

At a Special Meeting of Shareholders of the Fund held on February 19, 2019, the shareholders approved the Plan to merge the Fund into Wells Fargo Municipal Bond Fund. The merger is scheduled to take place on or about March 15, 2019.

11. NEW ACCOUNTING PRONOUNCEMENT

In August 2018, FASB issued Accounting Standards Update (“ASU”) No. 2018-13, Fair Value Measurement (Topic 820)Disclosure Framework—Changes to the Disclosure Requirements for Fair Value Measurement. ASU 2018-13 updates the disclosure requirements for fair value measurements by modifying or removing certain disclosures and adding certain new disclosures. The amendments are effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019. Early adoption is permitted. Management has adopted the removal and modification of disclosures early, as permitted, and will adopt the additional new disclosures at the effective date.

24 Wells Fargo Minnesota Tax-Free Fund Other information (unaudited)

PROXY VOTING INFORMATION

A description of the policies and procedures used to determine how to vote proxies relating to portfolio securities is available, upon request, by calling1-800-222-8222, visiting our website atwellsfargofunds.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 atwellsfargofunds.comor by visiting the SEC website at sec.gov.

PORTFOLIO HOLDINGS INFORMATION

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

Other information (unaudited) Wells Fargo Minnesota Tax-Free 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 152 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 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.	N/A
Jane A. Freeman (Born 1953)	Trustee, since 2015; Chair Liaison, since 2018	Retired. From 2012 to 2014 and 1999 to 2008, Chief Financial Officer of Scientific Learning Corporation. From 2008 to 2012, Ms. Freeman provided consulting services related to strategic business projects. Prior to 1999, Portfolio Manager at Rockefeller & Co. and Scudder, Stevens & Clark. Board member of the Harding Loevner Funds from 1996 to 2014, serving as both Lead Independent Director and chair of the Audit Committee. Board member of the Russell Exchange Traded Funds Trust from 2011 to 2012 and the chair of the Audit Committee. Ms. Freeman is a Board Member of The Ruth Bancroft Garden (non-profit organization). She is also an inactive Chartered Financial Analyst.	N/A
Isaiah Harris, Jr.3 (Born 1952)	Trustee, since 2009; Audit Committee Chairman, since 2019	Retired. Chairman of the Board of CIGNA Corporation since 2009, and Director since 2005. From 2003 to 2011, Director of Deluxe Corporation. Prior thereto, President and CEO of BellSouth Advertising and Publishing Corp. from 2005 to 2007, President and CEO of BellSouth Enterprises from 2004 to 2005 and President of BellSouth Consumer Services from 2000 to 2003. Emeritus member of the Iowa State University Foundation Board of Governors. Emeritus Member of the Advisory Board of Iowa State University School of Business. Advisory Board Member, Palm Harbor Academy (private school). Advisory Board Member, Child Evangelism Fellowship (non-profit). Mr. Harris is a certified public accountant (inactive status).	CIGNA Corporation
Judith M. Johnson3 (Born 1949)	Trustee, since 2008; Audit Committee Chairman, from 2009 to 2018	Retired. Prior thereto, Chief Executive Officer and Chief Investment Officer of Minneapolis Employees Retirement Fund from 1996 to 2008. Ms. Johnson is an attorney, certified public accountant and a certified managerial accountant.	N/A
David F. Larcker (Born 1950)	Trustee, since 2009	James Irvin Miller Professor of Accounting at the Graduate School of Business, Stanford University, Director of the Corporate Governance Research Initiative and Senior Faculty of The Rock Center for Corporate Governance since 2006. From 2005 to 2008, Professor of Accounting at the Graduate School of Business, Stanford University. Prior thereto, Ernst & Young Professor of Accounting at The Wharton School, University of Pennsylvania from 1985 to 2005.	N/A

26 Wells Fargo Minnesota Tax-Free 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; Nominating and 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.	N/A
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.	N/A
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.	N/A
Michael S. Scofield4 (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.	N/A
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, Governance 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 from 2010 to 2011, Chairman of the Board from 2009 to 2011 and Board Director from 2003 to 2015. Vice President, Leadership and Community Engagement, Bush Foundation, Saint Paul, Minnesota (a private foundation) from 2009 to 2011. Executive Vice President and Chief Financial Officer, Minnesota Sports and Entertainment from 2004 to 2009 and Senior Vice President from 2002 to 2004. Commissioner of Finance, State of Minnesota, from 1999 to 2002. Currently the Board Chair of the Minnesota Wild Foundation since 2010.	N/A

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

Other information (unaudited) Wells Fargo Minnesota Tax-Free 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 Kymn (Born 1973)	Secretary, since 2018; Chief Legal Officer, since 2018	Senior Company Counsel of Wells Fargo Bank, N.A. since 2018 (previously Senior Counsel from 2007 to 2018). Vice President of Wells Fargo Funds Management, LLC from 2008 to 2014.
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 76 funds in the Fund Complex. Jeremy DePalma acts as Treasurer of 76 funds and Assistant Treasurer of 76 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 calling1-800-222-8222 or by visiting the website atwellsfargofunds.com.

³  Mr. Harris replaced Ms. Johnson as the Chairman of the Audit Committee effective January 1, 2019.

⁴  Mr. Scofield retired on December 31, 2018.

28 Wells Fargo Minnesota Tax-Free Fund Appendix A (unaudited)

SALES CHARGE REDUCTIONS AND WAIVERS FOR CERTAIN INTERMEDIARIES

Raymond James & Associates, Inc., Raymond James Financial Services & Raymond James affiliates (“Raymond James”)

Effective on or about March 1, 2019, shareholders purchasing Fund shares through a Raymond James platform or account will be eligible only for the following load waivers (front-end sales charge waivers and contingent deferred, or back-end, sales charge waivers) and discounts, which may differ from those disclosed elsewhere in the Fund’s Prospectus or SAI.

Front-end Sales Load Waivers on Class A shares Available at Raymond James

• Shares purchased in an investment advisory program.

• Shares purchased through reinvestment of capital gains distributions and dividend reinvestment when purchasing shares of the same fund (but not any other fund within the fund family).

• Employees and registered representatives of Raymond James or its affiliates and their family members as designated by Raymond James.

• Shares purchased from the proceeds of redemptions within the same fund family, provided (1) the repurchase occurs within 90 days following the redemption, (2) the redemption and purchase occur in the same account, and (3) redeemed shares were subject to a front-end or deferred sales load (known as Rights of Reinstatement).

• A shareholder in the fund’s Class C shares will have their shares automatically exchanged at net asset value to Class A shares (or the appropriate share class) of the fund if the shares are no longer subject to a CDSC and the exchange is in line with the policies and procedures of Raymond James.

CDSC Waivers on Class A and C Shares Available at Raymond James

• Death or disability of the shareholder.

• Shares sold as part of a systematic withdrawal plan as described in the Fund’s Prospectus.

• Return of excess contributions from an IRA Account.

• Shares sold as part of a required minimum distribution for IRA and retirement accounts due to the shareholder reaching age 70½ as described in the Fund’s prospectus.

• Shares sold to pay Raymond James fees but only if the transaction is initiated by Raymond James.

• Shares acquired through a right of reinstatement.

Front-end Load Discounts Available at Raymond James: Breakpoints, and/or Rights of Accumulation

• Breakpoints as described in the Fund’s Prospectus.

• Rights of accumulation which entitle shareholders to breakpoint discounts will be automatically calculated based on the aggregated holding of fund family assets held by accounts within the purchaser’s household at Raymond James. Eligible fund family assets not held at Raymond James may be included in the rights of accumulation calculation only if the shareholder notifies his or her financial advisor about such assets.

For more information

More information about Wells Fargo Funds is available free upon request. To obtain literature, please write, 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, call1-800-222-8222 or visit the Fund’s website atwellsfargofunds.com. Read the prospectus carefully before you invest or send money.

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

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

INVESTMENT PRODUCTS: NOT FDIC INSURED  ◾  NO BANK GUARANTEE  ◾   MAY LOSE VALUE

© 2019 Wells Fargo Funds Management, LLC. All rights reserved.

320447 02-19 SA252/SAR252 12-18

Semi-Annual Report

December 31, 2018

Wells Fargo Municipal Bond Fund

Beginning on January 1, 2021, as permitted by new regulations adopted by the Securities and Exchange Commission, paper copies of the Wells Fargo Funds’ annual and semi-annual shareholder reports issued after this date will no longer be sent by mail, unless you specifically request paper copies of the reports. Instead, the reports will be made available on the Funds’ website, and you will be notified by mail each time a report is posted and provided with a website address to access the report.

If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from the Fund electronically at any time by contacting your financial intermediary (such as a broker-dealer or bank) or, if you are a direct investor, by calling 1-800-222-8222 or by enrolling at wellsfargo.com/advantagedelivery.

You may elect to receive all future reports in paper free of charge. If you invest through a financial intermediary, you can contact your financial intermediary to request that you continue to receive paper copies of your shareholder reports; if you invest directly with the Fund, you can call 1-800-222-8222. Your election to receive reports in paper will apply to all Wells Fargo Funds held in your account with your financial intermediary or, if you are a direct investor, to all Wells Fargo Funds that you hold.

Reduce clutter. Save trees.

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

Contents

Letter to shareholders	2
Performance highlights	4
Fund expenses	6
Portfolio of investments	7
Financial statements
Statement of assets and liabilities	38
Statement of operations	39
Statement of changes in net assets	40
Financial highlights	41
Notes to financial statements	46
Other information	52
Appendix A	56

The views expressed and any forward-looking statements are as of December 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.

INVESTMENT PRODUCTS: NOT FDIC INSURED  ◾  NO BANK GUARANTEE  ◾   MAY LOSE VALUE

2 Wells Fargo Municipal Bond Fund Letter to shareholders (unaudited)

Andrew Owen

President

Wells Fargo Funds

Global trade tensions escalated during the third quarter of 2018.

Dear Shareholder:

We are pleased to offer you this semi-annual report for the Wells Fargo Municipal Bond Fund for the six-month period that ended December 31, 2018. During the reporting period, the U.S. generated encouraging economic and business data that was offset by less positive and more inconsistent data from international markets. Investment returns were generally negative as geopolitical tensions and uncertainty tended to distract investors from more favorable underlying trends.

For the period, U.S. stocks, as measured by the S&P 500 Index,¹ fell 6.85% and international stocks, as measured by the MSCI ACWI ex USA Index (Net),² declined 10.84%. Based on the MSCI EM Index (Net),³ emerging market stocks lost 8.48%. For bond investors, the Bloomberg Barclays U.S. Aggregate Bond Index⁴ gained 1.65% while the Bloomberg Barclays Global Aggregate ex-USD Index⁵ fell 0.84%. The Bloomberg Barclays Municipal Bond Index⁶ gained 1.53% while the ICE BofAML U.S. High Yield Index⁷ declined 2.34%.

Global trade tensions prompted investor concerns.

Global trade tensions escalated during the third quarter of 2018. The U.S. imposed tariffs on a wide range of products manufactured overseas. Foreign governments retaliated with tariffs that punished U.S. commodity producers and product manufacturers. Investors wondered about next steps as divergence in global economic policies and growth prospects widened.

During the summer months, the U.S. economy strengthened. Revised second-quarter gross domestic product (GDP) growth data released in August showed the U.S. economy growing at a 4.2% rate. The unemployment rate in the U.S. was 3.7% by the end of September, according to the U.S. Department of Labor. Wages showed more consistent growth, and consumer confidence remained strong. Several U.S. equity market indices reached records during August, with the S&P 500 Index gaining 7.71% for the three-month period that ended September 30, 2018. In contrast, the MSCI ACWI ex USA Index (Net) gained 0.71% while the MSCI EM Index (Net) declined 1.09% during the same three-month period.

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.

Letter to shareholders (unaudited) Wells Fargo Municipal Bond Fund 3

Economic signals overseas were mixed as the third quarter ended and the fourth quarter began. In particular, signs of slowing economic growth in China created uncertainty for investors. Amid rising trade tensions, the People’s Bank of China cut reserve requirement ratios and accelerated infrastructure spending and tax cuts for business enterprises and individuals. Nevertheless, a strengthening U.S. dollar and trade tensions remained headwinds for investors overseas.

Equity markets were volatile during the fourth quarter.

Negative stock market performance during October and December bracketed a mildly positive November, as measured by the S&P 500 Index and the MSCI ACWI ex USA Index (Net). As interest rates and bond yields gained during October, stock markets struggled. Readings on consumer sentiment and business spending were mixed. Markets rebounded in November. The U.S. and China agreed to halt further increases in tariffs and engage in additional negotiations. While November returns were positive, the loss for the full fourth quarter was substantial for equity investors globally, with the S&P down 13.52% and the MSCI ACWI ex USA Index (Net) down 11.46%. December’s S&P 500 Index performance was the lowest since 1931. Globally, fixed income investments fared better than stocks during the last two months of the year as conflicting signals unsettled investors’ outlooks.

Equity investors confronted a number of changing conditions. In November’smid-term elections, control of the U.S. House of Representatives shifted from Republicans to Democrats, presaging potential partisan disputes. Progress on Brexit negotiations stalled in the UK. In China, the value of the yuan declined to low levels last seen in 2008. Oil prices continued to fall. The Fed increased the federal funds rate by 25 bps to a target range of between 2.25% and 2.50% in December 2018. A late-December dispute over spending and immigration policy resulted in a partial U.S. government shutdown that continued through the end of the period.

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

Economic signals overseas were mixed as the third quarter ended and the fourth quarter began.

For further information about your Fund, contact your investment professional, visit our website atwellsfargofunds.com, or call us directly at1-800-222-8222.

4 Wells Fargo Municipal Bond Fund Performance highlights (unaudited)

Investment objective

The Fund seeks current income exempt from federal income tax.

Manager

Wells Fargo Funds Management, LLC

Subadviser

Wells Capital Management Incorporated

Portfolio managers

Lyle J. Fitterer, CFA^®‡, CPA

Robert J. Miller

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

		Including sales charge						Excluding sales charge						Expense ratios1 (%)
	Inception date	1 year		5 year		10 year		1 year		5 year		10 year		Gross		Net2
Class A (WMFAX)	4-8-2005		-2.78		3.43		6.17		1.83		4.39		6.65		0.79		0.75
Class C (WMFCX)	4-8-2005		0.07		3.61		5.86		1.07		3.61		5.86		1.54		1.50
Class R63	7-31-2018		–		–		–		2.15		4.69		6.96		0.41		0.41
Administrator Class (WMFDX)	4-8-2005		–		–		–		1.89		4.55		6.81		0.73		0.60
Institutional Class (WMBIX)	3-31-2008		–		–		–		2.13		4.69		6.96		0.46		0.46
Bloomberg Barclays Municipal Bond Index4	–		–		–		–		1.28		3.82		4.85		–		–

Figures quoted represent past performance, which is no guarantee of future results, and do not reflect taxes that a shareholder may pay on fund distributions or the redemption of fund shares. Investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Performance shown without sales charges would be lower if sales charges were reflected. Current performance may be lower or higher than the performance data quoted, which assumes the reinvestment of dividends and capital gains. Current month-end performance is available on the Fund’s website,wellsfargofunds.com.

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

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

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

Please see footnotes on page 5.

Performance highlights (unaudited) Wells Fargo Municipal Bond Fund 5

Effective maturity distribution as of December 31, 2018⁵

Credit quality as of December 31, 2018⁶

^‡  CFA^® and Chartered Financial Analyst^® are trademarks owned by CFA Institute.

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 October 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 0.75% for Class A, 1.50% for Class C, 0.43% for Class R6, 0.60% for Administrator Class, and 0.48% for Institutional Class. After this time, the cap may be increased or the commitment to maintain the cap may be terminated only with the approval of the Board of Trustees. Brokerage commissions, stamp duty fees, interest, taxes, acquired fund fees and expenses (if any), and extraordinary expenses are excluded from the expense cap. Without this cap, the Fund’s returns would have been lower. The expense ratio paid by an investor is the net expense ratio (the total annual fund operating expenses after fee waivers) as stated in the prospectuses.

³  Historical performance shown for Class R6 shares prior to their inception reflects the performance of the Institutional Class shares, and includes the higher expenses applicable to Institutional Class shares. If these expenses had not been included, returns for Class R6 shares would be higher.

⁴  The Bloomberg Barclays Municipal Bond Index is an unmanaged index composed of long-term tax-exempt bonds with a minimum credit rating of Baa. You cannot invest directly in an index.

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

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

6 Wells Fargo Municipal Bond Fund Fund expenses (unaudited)

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

The example is based on an investment of $1,000 invested at the beginning of the six-month period and held for the entire period from July 1, 2018 to December 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 sales charges (loads) and contingent deferred sales charges. Therefore, the “Hypothetical” line of the table is useful in comparing ongoing costs only and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

	Beginning account value 7-1-2018		Ending account value 12-31-2018		Expenses paid during the period¹		Annualized net expense ratio
Class A
Actual	$	1,000.00	$	1,013.14	$	3.81		0.75	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.42	$	3.82		0.75	%
Class C
Actual	$	1,000.00	$	1,009.33	$	7.60		1.50	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,017.64	$	7.63		1.50	%
Class R6
Actual	$	1,000.00	$	1,014.87	$	2.08		0.41	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,023.14	$	2.09		0.41	%
Administrator Class
Actual	$	1,000.00	$	1,013.93	$	3.05		0.60	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,022.18	$	3.06		0.60	%
Institutional Class
Actual	$	1,000.00	$	1,014.62	$	2.34		0.46	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,022.89	$	2.35		0.46	%

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

Portfolio of investments—December 31, 2018 (unaudited) Wells Fargo Municipal Bond Fund 7

Security name	Interest rate			Maturity date		Principal		Value
Municipal Obligations: 98.77%
Alabama: 1.19%
GO Revenue: 0.14%
Birmingham AL CAB Series A1		5.00	%		3-1-2045	$	3,000,000	$	3,233,910
Jefferson County AL Series A		4.90			4-1-2021		1,095,000		1,118,619
Jefferson County AL Series C		4.90			4-1-2021		635,000		648,697
									5,001,226
Miscellaneous Revenue: 0.60%
Alabama Federal Aid Highway Finance Authority Series A		5.00			9-1-2035		19,000,000		21,920,110
Utilities Revenue: 0.30%
Southeast Alabama Gas Supply District Project #2 Series A		4.00			6-1-2049		9,000,000		9,409,590
SouthEast Alabama Gas Supply District Series A		4.00			4-1-2049		1,410,000		1,473,027
									10,882,617
Water & Sewer Revenue: 0.15%
Jefferson County AL CAB Series B (AGM Insured) (z)		5.48			10-1-2025		710,000		577,415
Jefferson County AL CAB Series B (AGM Insured) (z)		5.50			10-1-2029		4,115,000		2,557,102
Jefferson County AL CAB Series B (AGM Insured) (z)		5.80			10-1-2026		3,000,000		2,279,610
									5,414,127
									43,218,080
Alaska: 0.31%
Health Revenue: 0.31%
Alaska IDA Loan Anticipation YKHC Project		3.50			12-1-2020		11,300,000		11,384,750
Arizona: 1.41%
Education Revenue: 0.73%
Arizona Board Regents Certificates Refunding University Arizona Series C		5.00			6-1-2028		3,250,000		3,530,670
La Paz County AZ IDA Educational Facility Imagine Schools West Middle Project Series A 144A		5.75			6-15-2038		1,085,000		1,065,047
La Paz County AZ IDA Educational Facility Imagine Schools West Middle Project Series A 144A		5.88			6-15-2048		2,435,000		2,375,002
Phoenix AZ IDA Legacy Traditional Schools Project Series A 144A		6.50			7-1-2034		2,000,000		2,177,580
Pima County AZ IDA New Plan Learning Project Series A		7.75			7-1-2035		7,390,000		7,401,455
Pima County AZ IDA New Plan Learning Project Series A		8.13			7-1-2041		6,395,000		6,399,924
Pima County AZ IDA Noah Webster Schools-Pima Project		7.00			12-15-2043		3,225,000		3,447,848
									26,397,526
Health Revenue: 0.09%
Tempe AZ IDA Friendship Village Project Series A		5.25			12-1-2020		1,000,000		1,045,260
Tempe AZ IDA Friendship Village Project Series A		5.38			12-1-2021		1,000,000		1,065,130
Tempe AZ IDA Friendship Village Project Series A		5.50			12-1-2022		1,000,000		1,064,560
									3,174,950
Miscellaneous Revenue: 0.22%
Navajo Nation AZ Refunding Bond Series A 144A		5.50			12-1-2030		7,275,000		8,010,939

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

8 Wells Fargo Municipal Bond Fund Portfolio of investments—December 31, 2018 (unaudited)

Security name	Interest rate			Maturity date		Principal		Value
Resource Recovery Revenue: 0.09%
Yavapai County AZ IDA Waste Management Incorporated Project		2.80	%		6-1-2027	$	3,200,000	$	3,207,392
Utilities Revenue: 0.00%
Maricopa County AZ PCR Public Service Company of New Mexico Palo Verde Project Series B		5.20			6-1-2043		100,000		103,225
Water & Sewer Revenue: 0.28%
Phoenix AZ Civic Improvement Corporation Junior Lien Refunding Bond		5.00			7-1-2034		8,805,000		10,132,090
									51,026,122
California: 5.29%
Airport Revenue: 1.89%
California Municipal Finance Authority AMT Senior Lien-Linxs Apartment Project Series A		5.00			12-31-2043		9,485,000		10,329,639
California Municipal Finance Authority Senior Lien Airport Project Series A		5.00			12-31-2047		5,600,000		6,080,144
Los Angeles CA Department of Airports Subordinate Revenue Bonds		4.00			5-15-2036		2,000,000		2,063,060
Los Angeles CA Department of Airports Subordinate Revenue Bonds Series A		5.25			5-15-2048		15,000,000		17,093,250
San Francisco CA City & County Airport Commission San Francisco International Airport Series B		5.00			5-1-2046		30,000,000		32,905,200
									68,471,293
Education Revenue: 0.18%
California Municipal Finance Authority Charter School Albert Einstein Academies Project Series A		7.13			8-1-2043		2,230,000		2,449,343
California Statewide CDA School Facility Aspire Public Schools		5.00			7-1-2020		275,000		275,000
University of California Series K		4.00			5-15-2046		3,880,000		3,939,286
									6,663,629
GO Revenue: 0.93%
Alhambra CA Unified School District CAB Election of 2008 Series B (AGC Insured) (z)		6.18			8-1-2031		7,500,000		5,018,475
Alhambra CA Unified School District CAB Election of 2008 Series B (AGM Insured) (z)		7.45			8-1-2031		2,175,000		1,455,358
Alhambra CA Unified School District CAB Election of 2008 Series B (AGM Insured) (z)		7.46			8-1-2032		3,795,000		2,426,865
Alhambra CA Unified School District CAB Election of 2008 Series B (AGM Insured) (z)		7.73			8-1-2034		5,000,000		2,921,200
Alhambra CA Unified School District CAB Election of 2008 Series B (AGM Insured) (z)		7.77			8-1-2035		6,700,000		3,738,801
California Tender Option Bond Trust Receipts/Certificates Santa Clara County CA San Jose Unified School District Series 2015 (JPMorgan Chase & Company LIQ) 144Aø		1.78			8-1-2022		2,050,000		2,050,000
Colton CA Unified School District CAB Series B (AGM Insured) (z)		6.13			8-1-2031		1,000,000		661,720
Colton CA Unified School District CAB Series B (AGM Insured) (z)		6.21			8-1-2032		1,000,000		631,850
Colton CA Unified School District CAB Series B (AGM Insured) (z)		6.29			8-1-2033		1,000,000		603,020
Compton CA Community College District CAB Election of 2002 Series C (z)		6.55			8-1-2032		2,515,000		1,504,548
Compton CA Community College District CAB Election of 2002 Series C (z)		6.60			8-1-2033		2,000,000		1,130,820
El Monte CA Union High School District CAB Election of 2008 (AGM Insured) (z)		5.40			6-1-2030		2,000,000		1,400,040
El Monte CA Union High School District CAB Election of 2008 (AGM Insured) (z)		5.46			6-1-2031		2,000,000		1,333,940
El Monte CA Union High School District CAB Election of 2008 (AGM Insured) (z)		5.52			6-1-2032		1,660,000		1,053,419
El Monte CA Union High School District CAB Election of 2008 (AGM Insured) (z)		5.59			6-1-2033		1,230,000		747,065
Ontario Montclair CA School District CAB (AGC Insured) (z)		5.83			8-1-2028		1,500,000		1,131,000
Ontario Montclair CA School District CAB (AGC Insured) (z)		6.66			8-1-2030		2,000,000		1,350,580
San Diego CA Unified School District CAB Series C (z)		6.31			7-1-2031		2,000,000		1,330,320
San Diego CA Unified School District CAB Series C (z)		6.51			7-1-2033		1,000,000		609,960

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

Portfolio of investments—December 31, 2018 (unaudited) Wells Fargo Municipal Bond Fund 9

Security name	Interest rate			Maturity date		Principal		Value
GO Revenue(continued)
San Diego CA Unified School District CAB Series C (z)		6.54	%		7-1-2034	$	2,000,000	$	1,166,500
Wiseburn CA School District CAB Election of 2010 Series B (AGM Insured) (z)		6.63			8-1-2034		2,530,000		1,427,477
									33,692,958
Health Revenue: 0.23%
California Statewide CDA Sutter Health Series A		6.00			8-15-2042		4,900,000		5,236,924
San Buenaventura CA Community Mental Health System		6.00			12-1-2019		1,040,000		1,072,947
San Buenaventura CA Community Mental Health System		6.25			12-1-2020		2,000,000		2,139,060
									8,448,931
Industrial Development Revenue: 0.10%
California PCFA Solid Waste Disposal AMT Green Bond Calplant I Project 144A		8.00			7-1-2039		3,270,000		3,463,846
Miscellaneous Revenue: 1.08%
Alameda County CA CAB Certificate of Participation (National Insured) (z)		6.85			6-15-2019		1,400,000		1,385,468
Anaheim CA PFA Convention Center Expansion Project Series A		5.00			5-1-2046		8,500,000		9,335,380
California Public Works Board Department of General Services Buildings 8 & 9A		6.25			4-1-2034		4,000,000		4,046,760
California Public Works Board Judicial Council Project Series A		5.00			3-1-2031		3,260,000		3,580,067
Golden State Tobacco Securitization Corporation California Tobacco Settlement Revenue Series A		5.00			6-1-2030		970,000		1,070,240
Pasadena CA PFA CAB Rose Bowl Series A (z)		5.95			3-1-2032		2,000,000		1,291,620
Pasadena CA PFA CAB Rose Bowl Series A (z)		6.07			3-1-2033		4,295,000		2,668,226
Pasadena CA PFA CAB Rose Bowl Series A (z)		6.52			3-1-2027		2,095,000		1,680,462
Pasadena CA PFA CAB Rose Bowl Series A (z)		6.62			3-1-2028		4,450,000		3,430,639
Pasadena CA PFA CAB Rose Bowl Series A (z)		6.70			3-1-2029		4,520,000		3,356,688
Pasadena CA PFA CAB Rose Bowl Series A (z)		6.87			3-1-2031		2,185,000		1,478,087
Richmond CA Joint Powers Financing Authority Civic Center Project Series A (AGC Insured)		5.88			8-1-2037		25,000		25,534
Richmond CA Joint Powers Financing Authority Point Potrero Series A		6.25			7-1-2024		5,420,000		5,542,004
									38,891,175
Transportation Revenue: 0.34%
Bay Area CA Toll Authority Toll Bridge Series A (SIFMA Municipal Swap +1.25%) ±		2.88			4-1-2036		12,000,000		12,417,360
Utilities Revenue: 0.54%
M-S-R California Energy Authority Gas Series B		6.13			11-1-2029		15,925,000		19,451,114
									191,500,306
Colorado: 1.86%
Education Revenue: 0.92%
Colorado ECFA Charter School Banning Lewis Ranch Academy Project Series A		6.00			12-15-2037		2,900,000		2,740,181
Colorado ECFA Charter School Banning Lewis Ranch Academy Project Series B-2		7.00			12-15-2046		3,940,000		3,930,189
Colorado ECFA Charter School Community Leadership Academy		5.75			7-1-2019		195,000		195,367
Colorado ECFA Charter School Community Leadership Academy Second Campus Project		7.00			8-1-2033		1,240,000		1,383,728
Colorado ECFA Charter School Rocky Mountain Classical Academy Project Series A		7.50			9-1-2033		5,015,000		6,231,489
Colorado ECFA Charter School Rocky Mountain Classical Academy Project Series A		8.00			9-1-2043		5,930,000		7,484,550
Colorado ECFA Charter School Rocky Mountain Classical Academy Project Series A		8.13			9-1-2048		3,795,000		4,810,846
Colorado ECFA Charter School Twin Peaks Charter Academy		6.50			3-15-2043		1,290,000		1,354,397

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

10 Wells Fargo Municipal Bond Fund Portfolio of investments—December 31, 2018 (unaudited)

Security name	Interest rate			Maturity date		Principal		Value
Education Revenue(continued)
Colorado PFA Charter School Highline Academy Project		6.25	%		12-15-2020	$	150,000	$	158,117
Colorado PFA Charter School Highline Academy Project		6.75			12-15-2025		455,000		496,951
Colorado PFA Charter School Highline Academy Project		7.38			12-15-2040		4,010,000		4,424,193
									33,210,008
Health Revenue: 0.51%
Colorado Health Facilities Authority Catholic Health Initiatives Series A		5.00			7-1-2039		14,260,000		14,394,757
Colorado Health Facilities Authority Catholic Health Initiatives Series D-1		6.25			10-1-2033		4,000,000		4,015,360
									18,410,117
Tax Revenue: 0.09%
Denver CO City & County Refunding and Improvement Bonds Series A		5.00			8-1-2044		3,000,000		3,360,750
Transportation Revenue: 0.18%
Colorado E-470 Public Highway Authority CAB Series B (National Insured) (z)		4.67			9-1-2022		4,600,000		4,181,860
Colorado High Performance Transportation Enterprise U.S. 36 & I-25 Managed Lanes		5.75			1-1-2044		2,160,000		2,323,015
									6,504,875
Water & Sewer Revenue: 0.16%
Aurora Colorado Water Revenue Refunding Bonds First Lien		5.00			8-1-2046		5,000,000		5,633,500
									67,119,250
Connecticut: 0.63%
GO Revenue: 0.24%
Hamden CT BAN		5.00			8-15-2026		1,235,000		1,365,898
Hartford CT Series A		5.00			4-1-2028		3,165,000		3,407,502
Hartford CT Series B		5.00			4-1-2025		1,220,000		1,329,214
Hartford CT Series B		5.00			4-1-2026		1,470,000		1,594,215
Hartford CT Series B		5.00			4-1-2027		1,000,000		1,079,100
									8,775,929
Tax Revenue: 0.39%
Connecticut Special Tax Obligation Revenue Transportation Infrastructure Purpose		5.00			10-1-2036		5,000,000		5,588,200
Connecticut Special Tax Obligation Revenue Transportation Infrastructure Purpose		5.00			10-1-2037		7,500,000		8,343,075
									13,931,275
									22,707,204
Delaware: 0.40%
Education Revenue: 0.28%
Delaware EDA Odyssey Charter School Incorporated Project Series A 144A		7.00			9-1-2045		7,500,000		7,783,125
Kent County DE Charter School Incorporated Project		7.38			5-1-2037		2,110,000		2,233,372
									10,016,497
Transportation Revenue: 0.12%
Delaware Transportation Authority US 301 Project		5.00			6-1-2055		3,950,000		4,320,708
									14,337,205

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

Portfolio of investments—December 31, 2018 (unaudited) Wells Fargo Municipal Bond Fund 11

Security name	Interest rate			Maturity date		Principal		Value
District of Columbia: 0.51%
Education Revenue: 0.07%
District of Columbia Cesar Chavez Public Charter School		6.50	%		11-15-2021	$	2,265,000	$	2,301,263
Tax Revenue: 0.44%
District of Columbia Income Tax Secured Series G		5.00			12-1-2036		15,000,000		16,041,900
									18,343,163
Florida: 7.31%
Airport Revenue: 1.51%
Hillsborough County FL Aviation Authority Revenue Tampa International Airport		5.00			10-1-2048		7,000,000		7,756,560
Hillsborough County FL Aviation Authority Revenue Tampa International Airport Series E		5.00			10-1-2048		10,000,000		11,124,100
Hillsborough County FL Aviation Authority Revenue Tampa International Airport Series F		5.00			10-1-2048		17,000,000		19,284,460
Jacksonville FL Port Authority Series B		5.00			11-1-2044		4,080,000		4,592,244
Jacksonville FL Port Authority Series B		5.00			11-1-2048		9,870,000		11,083,023
Miami-Dade County FL Seaport AMT Series B		6.00			10-1-2033		500,000		569,170
									54,409,557
Education Revenue: 0.72%
Florida Development Finance Corporation Educational Facilities Renaissance Charter School Project Series A		8.50			6-15-2044		13,290,000		15,096,510
Florida Higher Educational Facilities Authority Jacksonville University Project Series A-1 144A		5.00			6-1-2048		2,000,000		2,063,540
Lakeland FL Educational Facilities Authority Florida Southern College Project Series A		5.00			9-1-2025		530,000		573,550
Lakeland FL Educational Facilities Authority Florida Southern College Project Series A		5.00			9-1-2028		1,195,000		1,281,530
Pinellas County FL Educational Facilities Authority Barry University Project		5.00			10-1-2027		1,600,000		1,677,728
Seminole County FL IDA Choices in Learning Series A		6.20			11-15-2026		1,535,000		1,604,643
Seminole County FL IDA Choices in Learning Series A		7.38			11-15-2041		3,525,000		3,734,103
									26,031,604
GO Revenue: 0.86%
Miami-Dade County FL School District		5.00			3-15-2046		15,000,000		16,672,350
Miami-Dade County FL Series 2014-A		5.00			7-1-2043		12,935,000		14,475,559
									31,147,909
Health Revenue: 1.24%
Atlantic Beach FL Health Care Facilities Fleet Landing Project Series B		5.63			11-15-2043		5,000,000		5,401,700
Collier County Florida IDA NCH Healthcare System Project		6.25			10-1-2039		17,015,000		18,476,248
Florida Tender Option Bond Trust Receipts/Floater Certificates Series 2017-XF2517 (Morgan Stanley Bank LIQ) 144Aø		1.73			8-15-2047		2,920,000		2,920,000
Holmes County FL Hospital Corporation Doctors Memorial Hospital Project		6.00			11-1-2038		2,500,000		2,380,225
Miami FL HFA Babtist Health South Florida Obligated Group		4.00			8-15-2047		10,000,000		10,065,000
St. Petersburg FL Health Facilities Authority All Children’s Project Series A		6.50			11-15-2039		5,500,000		5,718,240
									44,961,413

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

12 Wells Fargo Municipal Bond Fund Portfolio of investments—December 31, 2018 (unaudited)

Security name	Interest rate			Maturity date		Principal		Value
Housing Revenue: 0.10%
Florida Housing Finance Corporation Journet Place Apartments Series 1		7.60	%		12-15-2047	$	795,000	$	935,341
Florida Housing Finance Corporation Villa Capri Phase III		7.60			12-15-2042		2,635,000		2,757,396
									3,692,737
Miscellaneous Revenue: 0.38%
Championsgate FL Community Development District Capital Improvement Series A		6.25			5-1-2020		540,000		541,161
CityPlace Florida Community Development District		5.00			5-1-2022		1,000,000		1,083,980
Collier County FL School Board Refunding Bond Certificate of Participation (AGM Insured)		5.25			2-15-2021		1,000,000		1,068,730
Crossings at Fleming Island Florida Community Development District Refunding Bond Senior Lien Series A-1		2.63			5-1-2019		1,285,000		1,286,773
Indigo FL Community Development District Series C ††		7.00			5-1-2030		2,536,248		1,141,312
Lakeside Plantation FL Community Development District Series A		6.95			5-1-2031		1,091,000		1,091,840
Marshall Creek Florida Community Development District ††		5.00			5-1-2032		1,960,000		1,846,928
Marshall Creek Florida Community Development District		6.32			5-1-2045		130,000		120,740
Orlando FL Capital Improvement Special Revenue Series B		5.00			10-1-2033		1,525,000		1,740,040
Orlando FL Capital Improvement Special Revenue Series B		5.00			10-1-2035		1,680,000		1,905,305
Orlando FL Capital Improvement Special Revenue Series B		5.00			10-1-2036		1,765,000		2,000,698
									13,827,507
Resource Recovery Revenue: 0.11%
Florida Development Finance Corporation Solid Waste AMT Pro USA Incorporated 144A		5.00			8-1-2029		4,000,000		4,098,480
Tax Revenue: 1.75%
Florida Board of Education Public Education Refunding Capital Outlay Series D		4.00			6-1-2031		8,000,000		8,355,200
Florida Series B		4.00			7-1-2048		53,365,000		55,068,944
									63,424,144
Transportation Revenue: 0.37%
Miami-Dade County FL Expressway Authority Toll System Series DCL-2012-003 (Dexia Credit Local LOC, Ambac Insured, Dexia Credit Local LIQ) 144Aø		1.96			7-1-2029		13,180,000		13,180,000
Water & Sewer Revenue: 0.27%
Daytona Beach FL Refunding & Improvement Bonds Project (AGM Insured)		5.00			11-1-2031		1,155,000		1,261,953
Daytona Beach FL Refunding & Improvement Bonds Project (AGM Insured)		5.00			11-1-2032		1,465,000		1,597,290
Viera East Florida Community Development District Water Management Project (National Insured)		5.75			5-1-2020		2,020,000		2,095,710
Viera East Florida Community Development District Water Management Project (National Insured)		5.75			5-1-2021		2,140,000		2,275,740
Viera East Florida Community Development District Water Management Project (National Insured)		5.75			5-1-2022		2,265,000		2,468,261
									9,698,954
									264,472,305

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

Portfolio of investments—December 31, 2018 (unaudited) Wells Fargo Municipal Bond Fund 13

Security name	Interest rate			Maturity date		Principal		Value
Georgia: 1.96%
Education Revenue: 0.26%
Cobb County GA Development Authority Charter Learning Center Foundation Central Project Series A ††		4.38	%		7-1-2025	$	1,705,000	$	1,429,216
Georgia Private Colleges & Universities Authority Series A		5.25			10-1-2027		2,655,000		2,825,557
Georgia Private Colleges & Universitities Authority Mercer University Project		5.00			10-1-2040		5,000,000		5,274,550
									9,529,323
Health Revenue: 0.25%
Fulton County GA Development Authority Hospital Revenue Bond Series A		5.00			4-1-2047		2,250,000		2,424,578
Gainesville GA Hospital Authority Series C ø		1.88			2-15-2047		6,645,000		6,645,000
									9,069,578
Transportation Revenue: 0.14%
Georgia Road & Tollway Authority CAB I-75 South Expressway Lanes Project Series A (z)144A		6.86			6-1-2034		3,750,000		1,340,063
Georgia Road & Tollway Authority CCAB I-75 South Expressway Lanes Project Series B (z)144A		1.97			6-1-2049		5,600,000		3,794,504
									5,134,567
Utilities Revenue: 1.31%
Appling County GA Development Authority Oglethorpe Power Corporation Hatch Project		2.40			1-1-2038		16,530,000		16,451,317
Burke County GA Development Authority Oglethorpe Power Corporation Vogtle Project Series F		3.00			11-1-2045		5,000,000		4,960,100
Georgia Municipal Electric Authority Power Series EE (Ambac Insured)		7.25			1-1-2024		400,000		485,336
Main Street Natural Gas Incorporated Georgia Gas Project Series A (Royal Bank of Canada LIQ)		4.00			3-1-2023		1,000,000		1,062,160
Main Street Natural Gas Incorporated Georgia Gas Project Series C		4.00			8-1-2048		15,000,000		15,838,800
Main Street Natural Gas Incorporated Georgia Gas Project Subordinate Bond Series A (Royal Bank of Canada LIQ)		4.00			4-1-2048		8,000,000		8,427,280
									47,224,993
									70,958,461
Guam: 0.09%
Housing Revenue: 0.00%
Guam Housing Corporation Guaranteed Mortgage-Backed Securities Series A (FHLMC Insured)		5.75			9-1-2031		60,000		60,598
Miscellaneous Revenue: 0.09%
Guam Government Limited Obligation Bonds Section 30 Series A		5.38			12-1-2024		3,195,000		3,298,901
									3,359,499
Hawaii: 0.30%
Airport Revenue: 0.22%
Hawaii Airports System Revenue Series A		5.00			7-1-2048		7,000,000		7,752,500

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

14 Wells Fargo Municipal Bond Fund Portfolio of investments—December 31, 2018 (unaudited)

Security name	Interest rate			Maturity date		Principal		Value
GO Revenue: 0.08%
Hawaii Prerefunded Bond Series DZ		5.00	%		12-1-2031	$	1,670,000	$	1,816,409
Hawaii Unrefunded Bond Series DZ		5.00			12-1-2031		1,030,000		1,121,835
									2,938,244
									10,690,744
Idaho: 0.13%
Education Revenue: 0.13%
Idaho Housing & Finance Association Idaho Arts Charter School Incorporated Project Series A		5.75			12-1-2032		500,000		533,610
Idaho Housing & Finance Association Legacy Public Charter School Incorporated Project Series A		5.85			5-1-2033		700,000		700,994
Idaho Housing & Finance Association Legacy Public Charter School Incorporated Project Series A		6.25			5-1-2043		1,365,000		1,372,548
Idaho Housing & Finance Association Liberty Charter School Series A		6.00			6-1-2038		500,000		500,665
Idaho Housing & Finance Association Nonprofit CAB North Star Charter School Series B 144A(z)		0.00			7-1-2049		1,276,564		158,473
Idaho Housing & Finance Association Nonprofit North Star Charter School Series A		6.75			7-1-2048		1,322,876		1,347,653
									4,613,943
Illinois: 14.75%
Airport Revenue: 0.82%
Chicago IL O’Hare International Airport AMT Passenger Facility Charge Series B		5.00			1-1-2026		5,000,000		5,354,000
Chicago IL O’Hare International Airport AMT Senior Lien Series C		5.50			1-1-2044		4,000,000		4,342,400
Chicago IL O’Hare International Airport Customer Facility Charge Senior Lien (AGM Insured)		5.50			1-1-2043		4,530,000		4,969,410
Chicago IL O’Hare International Airport Customer Facility Charge Senior Lien Series D		5.75			1-1-2043		4,500,000		5,005,575
Chicago IL O’Hare International Airport Senior Lien Series B		5.00			1-1-2039		8,000,000		8,865,840
Chicago IL O’Hare International Airport Transportation Infrastructure Properties Obligated Group		5.00			7-1-2038		1,000,000		1,100,760
									29,637,985
Education Revenue: 1.14%
Illinois Finance Authority Charter Schools Project Series A		6.25			9-1-2039		7,955,000		8,719,396
Illinois Finance Authority Charter Schools Refunding & Improvement Bonds Series A		6.88			10-1-2031		1,655,000		1,737,386
Illinois Finance Authority Charter Schools Refunding & Improvement Bonds Series A		7.13			10-1-2041		3,800,000		3,978,486
Illinois Finance Authority Student Housing Illinois State University		6.75			4-1-2031		8,000,000		8,835,200
University of Illinois Auxiliary Facilities Systems CAB Series A (National Insured) (z)		6.01			4-1-2026		2,355,000		1,891,277
University of Illinois Auxiliary Facilities Systems CAB Series A (National Insured) (z)		6.05			4-1-2027		2,435,000		1,877,312
University of Illinois Auxiliary Facilities Systems Series A		5.75			4-1-2038		14,000,000		14,133,700
									41,172,757
GO Revenue: 4.97%
Chicago IL Board of Education CAB City Colleges (National Insured) (z)		4.96			1-1-2025		9,935,000		8,003,139
Chicago IL Board of Education CAB School Reform Series A (National Insured) (z)		5.01			12-1-2020		1,000,000		944,500
Chicago IL Board of Education CAB School Reform Series B-1 (National Insured) (z)		4.59			12-1-2023		2,930,000		2,454,315

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

Portfolio of investments—December 31, 2018 (unaudited) Wells Fargo Municipal Bond Fund 15

Security name	Interest rate			Maturity date		Principal		Value
GO Revenue(continued)
Chicago IL Board of Education CAB School Reform Series B-1 (National Insured) (z)		4.96	%		12-1-2026	$	4,245,000	$	3,103,137
Chicago IL CAB City Colleges (National Insured) (z)		5.30			1-1-2030		5,995,000		3,820,554
Chicago IL CAB Project & Refunding Bond Series C (AGM Insured) (z)		4.77			1-1-2026		7,360,000		5,746,320
Chicago IL Neighborhoods Alive 21 Program Series B		5.50			1-1-2032		1,285,000		1,365,017
Chicago IL Neighborhoods Alive 21 Program Series B		5.50			1-1-2034		1,500,000		1,586,115
Chicago IL Series A (National Insured)		5.00			1-1-2029		3,835,000		3,844,741
Chicago IL Series A		5.50			1-1-2034		7,175,000		7,583,042
Chicago IL Series A		5.50			1-1-2035		1,715,000		1,808,828
Chicago IL Series A (AGM Insured)		5.00			1-1-2028		9,550,000		9,804,890
Chicago IL Series A		5.50			1-1-2033		12,730,000		13,488,326
Cook County IL Series A		5.25			11-15-2022		3,000,000		3,153,960
Cook County IL Series C (AGM Insured)		5.00			11-15-2024		4,240,000		4,647,930
Cook County IL Series C		5.00			11-15-2025		2,140,000		2,308,889
Cook County IL Series C		5.00			11-15-2027		325,000		348,797
Cook County IL Series G		5.00			11-15-2028		27,000,000		28,007,100
DeKalb, Kane & Lasalle Counties IL CAB Kishwaukee Community College District #523 Series B (z)		3.46			2-1-2019		725,000		723,782
Illinois (AGM Insured)		5.00			4-1-2026		3,000,000		3,293,610
Illinois		5.50			1-1-2030		2,900,000		3,229,237
Illinois Series 1 (National Insured)		6.00			11-1-2026		3,200,000		3,646,656
Illinois Series A (AGM Insured)		5.00			4-1-2024		3,000,000		3,254,760
Kane, Cook & DuPage Counties IL Refunding Bond Series D		5.00			1-1-2028		800,000		877,200
Kane, Cook & DuPage Counties IL School District #46 CAB Series B (Ambac Insured) (z)		5.06			1-1-2023		8,215,000		7,518,614
Kane, Cook & DuPage Counties IL School District #46 CAB Series B (Ambac Insured) (z)		4.78			1-1-2023		16,725,000		15,008,179
Kendall, Kane & Will Counties IL CAB School District #308 (AGM Insured) (z)		3.95			2-1-2025		805,000		677,391
Kendall, Kane & Will Counties IL CAB School District #308 (AGM Insured) (z)		5.21			2-1-2026		5,050,000		4,090,349
Kendall, Kane & Will Counties IL CAB School District #308 (AGM Insured) (z)		5.33			2-1-2027		12,050,000		9,383,817
Lake County IL School District #24 Millburn CAB (National Insured) (z)		4.41			1-1-2024		2,000,000		1,699,220
Lake County IL School District #38 Big Hollow CAB (Ambac Insured) (z)		4.95			2-1-2021		1,325,000		1,239,657
Lake County IL School District #38 Big Hollow CAB (Ambac Insured) (z)		5.43			2-1-2020		1,250,000		1,209,363
Lake County IL School District #38 Big Hollow CAB (Ambac Insured) (z)		5.78			2-1-2024		5,385,000		4,497,121
Lake County IL School District #38 Big Hollow CAB (Ambac Insured) (z)		2.53			2-1-2019		675,000		673,488
Lake County IL Township High School District #126 Zion-Benton CAB (National Insured) (z)		9.25			2-1-2020		910,000		887,559
McHenry & Kane Counties IL Community Consolidated School District #158		5.63			1-15-2032		2,500,000		2,742,950
McHenry & Kane Counties IL Community Consolidated School District #158 CAB (National Insured) (z)		0.00			1-1-2019		765,000		765,000
McHenry & Kane Counties IL Community Consolidated School District #158 CAB (AGM/FGIC Insured) (z)		4.08			1-1-2023		1,035,000		928,757
Tazewell County IL School District #51 (National Insured)		9.00			12-1-2023		350,000		448,168
Will & Cook Counties IL Lincoln-Way Community High School District #210 CAB Series B (z)		5.69			1-1-2032		400,000		221,232
Will & Cook Counties IL Lincoln-Way Community High School District #210 Refunding Bond Series A		5.00			1-1-2028		500,000		509,595
Will County IL Community Unit School (National Insured) (z)		2.76			11-1-2020		2,110,000		2,017,055
Will County IL Community Unit School District #201 Crete-Monee Prerefunded Bond CAB (National Insured) (z)		5.35			11-1-2023		430,000		381,758
Will County IL Community Unit School District #201 Crete-Monee Unrefunded Bond CAB (National Insured) (z)		5.35			11-1-2023		1,070,000		932,922

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

16 Wells Fargo Municipal Bond Fund Portfolio of investments—December 31, 2018 (unaudited)

Security name	Interest rate			Maturity date		Principal		Value
GO Revenue(continued)
Will County IL Lincoln-Way Community High School District #210 CAB Series B (z)		6.13	%		1-1-2033	$	2,830,000	$	1,479,213
Will County IL Lincoln-Way Community High School District #210 Unrefunded CAB (AGM Insured) (z)		3.64			1-1-2026		7,000,000		5,461,470
									179,817,723
Health Revenue: 0.23%
Illinois Finance Authority Centegra Health System Project		5.00			9-1-2020		1,465,000		1,537,400
Illinois Finance Authority Friendship Village of Schaumberg		5.00			2-15-2022		1,680,000		1,703,604
Illinois Finance Authority Northwestern Memorial Hospital Project Series A		6.00			8-15-2039		5,000,000		5,128,100
									8,369,104
Housing Revenue: 0.08%
Illinois Housing Development Authority Multifamily Housing Revenue Bonds		1.80			12-1-2020		2,900,000		2,896,781
Miscellaneous Revenue: 1.32%
Chicago IL Board of Education Series C		5.00			12-1-2021		7,240,000		7,517,509
Chicago Illinois Board Education Series C		5.00			12-1-2020		4,600,000		4,734,090
Cook County IL Community Unit School District #401 Elmwood Park Limited Tax Debt Certificates Series A		5.00			12-1-2028		9,000,000		9,039,420
Illinois		5.00			8-1-2024		2,000,000		2,086,320
Illinois		5.00			8-1-2025		6,165,000		6,416,409
Illinois		5.25			7-1-2030		2,500,000		2,621,100
Illinois		5.50			7-1-2025		6,000,000		6,479,520
Illinois		5.50			7-1-2026		4,450,000		4,788,423
Illinois Series 2013		5.50			7-1-2038		4,000,000		4,184,280
									47,867,071
Tax Revenue: 4.84%
Chicago IL Certificate of Participation River Point Plaza Redevelopment Project Series A 144A		4.84			4-15-2028		5,250,000		5,161,013
Chicago IL Motor Fuel Refunding Bond		5.00			1-1-2026		4,000,000		4,194,240
Chicago IL Motor Fuel Refunding Bond		5.00			1-1-2028		1,000,000		1,044,400
Chicago IL Motor Fuel Tax Refunding Bonds Series 2013		5.00			1-1-2024		680,000		719,977
Chicago IL Motor Fuel Tax Refunding Bonds Series 2013		5.00			1-1-2025		2,595,000		2,733,028
Chicago IL Refunding Bonds Series 2002		5.00			1-1-2028		4,430,000		5,136,541
Chicago IL Refunding Bonds Series 2002		5.00			1-1-2029		1,500,000		1,739,235
Chicago IL Series A		5.25			1-1-2038		6,000,000		6,573,180
Chicago IL Transit Authority Sales Tax Receipts Bonds (AGM Insured)		5.00			12-1-2044		4,000,000		4,335,520
Chicago IL Transit Authority Sales Tax Receipts Bonds		5.00			12-1-2046		18,250,000		19,540,458
Illinois Regional Transportation Authority (AGM Insured)		5.75			6-1-2023		400,000		449,044
Illinois Sales Tax Revenue Build Illinois Bond		5.00			6-15-2029		3,000,000		3,106,140
Illinois Sales Tax Revenue Build Illinois Bonds Junior Obligation Series C		4.00			6-15-2029		10,580,000		10,600,102
Illinois Sales Tax Securitization Series C		5.00			1-1-2022		2,000,000		2,132,660
Illinois Sales Tax Securitization Series C		5.00			1-1-2023		2,500,000		2,710,425
Illinois Sales Tax Securitization Series C		5.00			1-1-2024		2,500,000		2,744,900
Illinois Sales Tax Series C		4.00			6-15-2031		5,000,000		4,927,550
Illinois Sports Facilities Authority State Tax Supported CAB (Ambac Insured) (z)		3.26			6-15-2022		2,295,000		2,022,331
Illinois Sports Facilities Authority State Tax Supported CAB (Ambac Insured) (z)		3.99			6-15-2025		2,575,000		2,008,423
Illinois Sports Facilities Authority State Tax Supported CAB (Ambac Insured) (z)		4.12			6-15-2026		2,020,000		1,506,072

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

Portfolio of investments—December 31, 2018 (unaudited) Wells Fargo Municipal Bond Fund 17

Security name	Interest rate			Maturity date		Principal		Value
Tax Revenue(continued)
Illinois Sports Facilities Authority State Tax Supported CAB (Ambac Insured) (z)		4.50	%		6-15-2024	$	17,570,000	$	14,295,831
Illinois Sports Facilities Authority State Tax Supported CAB (Ambac Insured) (z)		4.78			6-15-2021		7,705,000		7,056,701
Illinois Sports Facilities Authority State Tax Supported Refunding Bond (AGM Insured)		5.00			6-15-2025		3,745,000		4,138,787
Illinois Sports Facilities Authority State Tax Supported Refunding Bond (AGM Insured)		5.00			6-15-2026		4,775,000		5,246,770
Illinois Sports Facilities Authority State Tax Supported Refunding Bond (AGM Insured)		5.00			6-15-2027		8,845,000		9,676,961
Illinois Sports Facilities Authority State Tax Supported Refunding Bond (AGM Insured)		5.00			6-15-2028		4,030,000		4,394,312
Illinois Sports Facilities Authority State Tax Supported Refunding Bond (AGM Insured)		5.25			6-15-2032		3,500,000		3,839,640
Metropolitan Pier & Exposition Authority CAB McCormick Place Expansion Project Series A (National Insured) (z)		3.44			12-15-2026		12,245,000		8,916,687
Metropolitan Pier & Exposition Authority CAB McCormick Place Expansion Project Series B (National Insured) (z)		4.25			6-15-2029		8,000,000		5,170,880
Metropolitan Pier & Exposition Authority CAB McCormick Place Expansion Project Series A (National Insured) (z)		4.38			6-15-2031		10,035,000		5,844,083
Metropolitan Pier & Exposition Authority CAB McCormick Place Expansion Project Series A (National Insured) (z)		4.33			12-15-2030		25,700,000		15,385,305
Metropolitan Pier & Exposition Authority CAB McCormick Place Expansion Project Series A (National Insured) (z)		4.38			12-15-2031		9,800,000		5,570,516
Southwestern Illinois Development Authority Local Government Program Collinsville Limited		5.00			3-1-2025		2,400,000		1,918,584
									174,840,296
Tobacco Revenue: 0.09%
Railsplitter IL Tobacco Settlement Authority		5.00			6-1-2024		3,000,000		3,357,960
Transportation Revenue: 0.24%
Chicago IL Public Building Commission Transit Authority (Ambac Insured)		5.25			3-1-2025		2,960,000		3,310,790
Chicago IL Public Building Commission Transit Authority (Ambac Insured)		5.25			3-1-2027		3,400,000		3,831,936
Illinois Toll Highway Authority Toll Senior Series B		5.00			1-1-2039		1,500,000		1,646,940
									8,789,666
Utilities Revenue: 0.47%
Illinois Municipal Electric Agency Power Supply System Series A		5.00			2-1-2030		7,000,000		7,919,170
Illinois Municipal Electric Agency Power Supply System Series A		5.00			2-1-2031		8,000,000		9,024,880
									16,944,050
Water & Sewer Revenue: 0.55%
Chicago IL Second Lien		5.00			11-1-2029		4,600,000		4,916,434
Chicago IL Wastewater Refunding Bond Second Lien Series C		5.00			1-1-2039		5,000,000		5,338,300
Chicago IL Wastewater Transmission Second Lien		5.00			1-1-2027		4,000,000		4,260,560
Chicago IL Waterworks Second Lien		5.00			11-1-2030		5,000,000		5,338,350
									19,853,644
									533,547,037

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

18 Wells Fargo Municipal Bond Fund Portfolio of investments—December 31, 2018 (unaudited)

Security name	Interest rate			Maturity date		Principal		Value
Indiana: 1.23%
Health Revenue: 0.46%
Indiana Finance Authority Health System Revenue Bonds Franciscan Alliance Incorporated Obligated Group Series C		4.00	%		11-1-2033	$	12,885,000	$	13,320,642
Indiana Health Facility Financing Authority Ascension Health Credit Group		5.00			11-15-2034		2,750,000		3,099,828
									16,420,470
Industrial Development Revenue: 0.49%
Indiana Finance Authority Duke Energy Indiana Incorporated Series 2009A-4 (Sumitomo Mitsui Banking LOC) ø		1.32			12-1-2039		900,000		900,000
Indiana Finance Authority Ohio River Bridges East End Crossing Project Series A		5.00			7-1-2035		9,970,000		10,603,992
Indiana Finance Authority Ohio River Bridges East End Crossing Project Series A		5.00			7-1-2040		2,470,000		2,610,222
Valparaiso IN Pratt Paper LLC Project		5.88			1-1-2024		905,000		986,133
Whiting IN		5.00			3-1-2046		2,500,000		2,719,650
									17,819,997
Miscellaneous Revenue: 0.19%
Carmel IN Local Public Impovement Multipurpose Bonds		5.00			7-15-2031		6,000,000		6,926,100
Resource Recovery Revenue: 0.09%
Whiting IN BP Products North America Incorporated Project (SIFMA Municipal Swap +0.75%)±		2.38			12-1-2044		3,155,000		3,158,881
									44,325,448
Iowa: 0.17%
GO Revenue: 0.06%
Altoona IA Annual Appropriation Urban Renewal Series C		5.00			6-1-2031		1,805,000		2,026,672
Industrial Development Revenue: 0.11%
Iowa Finance Authority Midwestern Disaster Area Project (Korea Development Bank LOC) ø		1.96			4-1-2022		4,000,000		4,000,000
									6,026,672
Kansas: 0.40%
Tax Revenue: 0.40%
Wyandotte County & Kansas City KS Special Obligation Vacation Village Project Area 4 Major Multi-Sport Athletic Complex Project CAB Series 2015 144A(z)		6.86			9-1-2034		39,510,000		14,470,933
Kentucky: 1.45%
Health Revenue: 0.31%
Kentucky EDFA Norton Healthcare Incorporated Series B (National Insured) (z)		5.13			10-1-2024		9,260,000		7,746,916
Kentucky EDFA Norton Healthcare Incorporated Series B (National Insured) (z)		6.31			10-1-2028		5,140,000		3,665,437
									11,412,353
Transportation Revenue: 0.18%
Kentucky Public Transportation Infrastructure Authority Downtown Crossing Project CAB Series B (z)		6.60			7-1-2030		2,000,000		1,169,560
Kentucky Public Transportation Infrastructure Authority Downtown Crossing Project CAB Series B (z)		6.70			7-1-2031		2,780,000		1,512,098

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

Portfolio of investments—December 31, 2018 (unaudited) Wells Fargo Municipal Bond Fund 19

Security name	Interest rate			Maturity date		Principal		Value
Transportation Revenue(continued)
Kentucky Public Transportation Infrastructure Authority Downtown Crossing Project CAB Series B (z)		6.76	%		7-1-2032	$	2,500,000	$	1,263,600
Kentucky Public Transportation Infrastructure Authority Downtown Crossing Project CAB Series C		3.12			7-1-2033		1,000,000		977,520
Kentucky Public Transportation Infrastructure Authority Downtown Crossing Project CAB Series C		2.99			7-1-2034		1,505,000		1,465,930
									6,388,708
Utilities Revenue: 0.96%
Kentucky Public Energy Authority Gas Supply Series B		4.00			1-1-2049		15,000,000		15,856,950
Kentucky Public Energy Authority Gas Supply Series C		4.00			12-1-2049		15,000,000		15,731,400
Kentucky Public Energy Gas Supply Series A-2		4.00			4-1-2048		3,000,000		3,135,570
									34,723,920
									52,524,981
Louisiana: 1.23%
Airport Revenue: 0.54%
New Orleans LA Aviation Board AMT Series B (AGM Insured)		5.00			1-1-2033		3,000,000		3,271,920
New Orleans LA Aviation Board AMT Series B		5.00			1-1-2034		4,500,000		4,884,930
New Orleans LA Aviation Board Gulf Opportunity Zone Consolidated Rental Car Project (AGM Insured)		5.00			1-1-2036		1,250,000		1,405,925
New Orleans LA Aviation Board Gulf Opportunity Zone Consolidated Rental Car Project (AGM Insured)		5.00			1-1-2037		1,750,000		1,959,650
New Orleans LA Aviation Board Gulf Opportunity Zone Consolidated Rental Car Project (AGM Insured)		5.00			1-1-2038		1,500,000		1,674,780
New Orleans LA Aviation Board Gulf Opportunity Zone Consolidated Rental Car Series A		6.50			1-1-2040		6,500,000		6,500,000
									19,697,205
GO Revenue: 0.06%
New Orleans LA (FGIC Insured)		5.50			12-1-2021		2,050,000		2,163,898
Industrial Development Revenue: 0.42%
St. James Parish LA Nucor Steel LLC Project Gulf Opportunity Zone Series A-1 ø		1.88			11-1-2040		15,000,000		15,000,000
Miscellaneous Revenue: 0.21%
Louisiana Series D		4.00			9-1-2032		7,005,000		7,451,429
									44,312,532
Maine: 0.03%
Education Revenue: 0.03%
Maine Educational Loan Authority Student Loan Series A-3 Class A (AGC Insured)		5.88			12-1-2039		1,190,000		1,205,292
Maryland: 1.38%
Education Revenue: 0.45%
Prince George’s County MD Chesapeake Lighthouse Charter School Project Series 2016-A		5.75			8-1-2033		1,585,000		1,499,664

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

20 Wells Fargo Municipal Bond Fund Portfolio of investments—December 31, 2018 (unaudited)

Security name	Interest rate			Maturity date		Principal		Value
Education Revenue(continued)
Prince George’s County MD Chesapeake Lighthouse Charter School Project Series 2016-A 144A		6.90	%		8-1-2041	$	8,480,000	$	8,598,381
Prince George’s County MD Chesapeake Lighthouse Charter School Project Series 2016-A		7.00			8-1-2046		6,085,000		6,195,199
									16,293,244
GO Revenue: 0.30%
Montgomery County MD Consolidated Public Improvement Series A		4.00			11-1-2030		10,000,000		10,713,100
Housing Revenue: 0.17%
Maryland CDA Belnor Senior Residences Series D		1.83			6-1-2019		6,200,000		6,175,076
Miscellaneous Revenue: 0.01%
Howard County MD Certificate of Participation Agricultural Land Preservation #90-23 Series A		8.00			8-15-2020		290,000		314,479
Tax Revenue: 0.45%
Maryland Consolidated Department of Transportation		4.00			2-1-2030		15,280,000		16,266,935
									49,762,834
Massachusetts: 1.84%
Education Revenue: 0.30%
Massachusetts Development Finance Agency Sabis International Charter Series A		8.00			4-15-2031		2,150,000		2,252,426
Massachusetts Development Finance Agency Sabis International Charter Series A		8.00			4-15-2039		3,900,000		4,085,796
Massachusetts Educational Financing Authority AMT Issue J		5.00			7-1-2021		3,000,000		3,190,020
Massachusetts Educational Financing Authority AMT Series B		5.38			1-1-2020		110,000		112,530
Massachusetts Educational Financing Authority Series I		6.00			1-1-2028		965,000		989,521
									10,630,293
GO Revenue: 0.29%
Massachusetts		5.00			3-1-2041		7,500,000		8,257,200
Massachusetts Series E		5.25			9-1-2048		1,765,000		2,063,585
									10,320,785
Miscellaneous Revenue: 0.32%
Massachusetts Series A		5.00			12-1-2036		10,850,000		11,632,068
Tax Revenue: 0.73%
Massachusetts Series D		4.00			5-1-2036		15,000,000		15,713,700
Massachusetts Transportation Fund		5.00			6-1-2048		9,425,000		10,752,888
									26,466,588
Transportation Revenue: 0.20%
Massachusetts Transportation Fund Revenue Rail Enhancement & Accelerated Bridge Programs Series A		5.00			6-1-2047		6,485,000		7,324,354
									66,374,088

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

Portfolio of investments—December 31, 2018 (unaudited) Wells Fargo Municipal Bond Fund 21

Security name	Interest rate			Maturity date		Principal		Value
Michigan: 5.86%
Education Revenue: 0.56%
Michigan Finance Authority Limited Obligation Public School Holly Academy		6.50	%		10-1-2020	$	70,000	$	72,070
Michigan Finance Authority Limited Obligation Public School Holly Academy		8.00			10-1-2040		1,350,000		1,440,059
Michigan Finance Authority Public School Academy University Learning		6.25			11-1-2020		190,000		193,823
Michigan Public Educational Facilities Authority Limited Obligation Bradford Academy Project 144A		6.50			9-1-2037		3,565,000		2,629,081
Michigan Public Educational Facilities Authority Limited Obligation Bradford Academy Project		8.50			9-1-2029		1,500,000		1,249,365
Michigan Public Educational Facilities Authority Limited Obligation Bradford Academy Project		8.75			9-1-2039		3,500,000		2,689,925
Michigan Public Educational Facilities Authority Limited Obligation Crescent Academy Project		7.00			10-1-2036		1,082,500		1,082,933
Michigan Public Educational Facilities Authority Limited Obligation Madison Academy Project		8.38			12-1-2030		2,085,000		2,181,410
Michigan Public Educational Facilities Authority Limited Obligation Madison Academy Project		8.63			12-1-2039		4,170,000		4,346,933
Oakland County MI Economic Development Corporation The Academy of The Sacred Heart Project Series A		6.50			12-15-2036		4,350,000		4,367,792
									20,253,391
GO Revenue: 0.45%
Livonia MI Public Schools School District Building & Site Series I		5.00			5-1-2026		1,075,000		1,176,695
Livonia MI Public Schools School District Building & Site Series I		5.00			5-1-2028		1,450,000		1,577,876
Livonia MI Public Schools School District Building & Site Series I		5.00			5-1-2029		1,350,000		1,467,342
Livonia MI Public Schools School District Building & Site Series I		5.00			5-1-2030		1,775,000		1,920,248
Livonia MI Public Schools School District Building & Site Series I		5.00			5-1-2031		1,425,000		1,538,601
Wayne County MI Building Improvement Series A		6.75			11-1-2039		8,345,000		8,428,533
									16,109,295
Health Revenue: 0.73%
Michigan Finance Authority Trinity Health Credit Group Series A		5.00			12-1-2047		24,620,000		26,283,081
Housing Revenue: 0.27%
Michigan Housing Developement Authority Multifamily Housing Revenue Bonds Renaissance Estates of Ecorse Phase II Project		1.78			11-1-2020		9,800,000		9,785,006
Miscellaneous Revenue: 0.43%
Michigan Finance Authority Charter Company Wayne Criminal Justice Center Project		4.00			11-1-2048		6,000,000		6,077,700
Michigan Finance Authority Limited Obligation Public School Madison Academy Project Series A		7.50			12-1-2020		140,000		144,250
Michigan Finance Authority Limited Obligation Public School Madison Academy Project Series A		8.00			12-1-2030		1,135,000		1,179,889
Michigan Finance Authority Limited Obligation Public School Madison Academy Project Series A		8.25			12-1-2039		2,220,000		2,299,432
Michigan Municipal Bond Authority Local Government Loan Program CAB Series G (Ambac Insured) (z)		5.46			5-1-2020		205,000		197,698
Michigan Municipal Bond Authority Local Government Loan Program CAB Series G (Ambac Insured) (z)		7.08			5-1-2019		75,000		74,364
Michigan Municipal Bond Authority Local Government Loan Program Series A (Ambac Insured)		4.00			11-1-2021		80,000		79,998

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

22 Wells Fargo Municipal Bond Fund Portfolio of investments—December 31, 2018 (unaudited)

Security name	Interest rate			Maturity date		Principal		Value
Miscellaneous Revenue(continued)
Michigan Municipal Bond Authority Local Government Loan Program Series B Group A (Ambac Insured)		5.25	%		12-1-2023	$	920,000	$	923,413
Michigan Municipal Bond Authority Local Government Loan Program Series C (Ambac Insured)		4.00			5-1-2019		100,000		100,042
Michigan Municipal Bond Authority Local Government Loan Program Series C (Ambac Insured)		4.75			5-1-2027		4,610,000		4,610,231
									15,687,017
Tax Revenue: 1.36%
Detroit MI Downtown Development Authority CAB (z)		4.44			7-1-2020		2,070,000		1,935,119
Detroit MI Downtown Development Authority CAB (z)		5.36			7-1-2019		3,050,000		2,984,639
Detroit MI Downtown Development Authority Tax Increment Revenue Refunding Bond Catalyst Development Project Series A (AGM Insured)		5.00			7-1-2021		400,000		425,636
Michigan Finance Authority Local Government Loan Program Series H-1		5.00			10-1-2031		1,340,000		1,487,105
Michigan Finance Authority Local Government Loan Program Series H-1		5.00			10-1-2032		2,000,000		2,217,340
Michigan Finance Authority Local Government Loan Program Series H-1		5.00			10-1-2033		2,975,000		3,294,961
Michigan Finance Authority Local Government Loan Program Series H-1		5.00			10-1-2034		6,615,000		7,322,739
Michigan Finance Authority Local Government Loan Program Series H-1		5.00			10-1-2039		7,955,000		8,801,730
Michigan Finance Authority Refunding Bond Local Government Loan Program City of Detroit Financial Recovery Series F		4.50			10-1-2029		7,000,000		7,413,420
Michigan Finance Authority Refunding Bond Local Government Loan Program Public Lighting Authority Series B		5.00			7-1-2044		12,625,000		13,427,824
									49,310,513
Utilities Revenue: 0.03%
Michigan Strategic Fund Limited Obligation Detroit Edison Company Exempt Facilities Project Series KT		5.63			7-1-2020		1,200,000		1,259,736
Water & Sewer Revenue: 2.03%
Detroit MI Water Supply System Second Lien Series B (AGM Insured)		7.00			7-1-2036		9,675,000		9,922,003
Great Lakes Michigan Water Authority Sewage Disposal System Series 2016-C		5.00			7-1-2036		8,500,000		9,458,460
Great Lakes Michigan Water Authority Water Supply System Series 2016-D		4.00			7-1-2032		11,000,000		11,411,290
Great Lakes Michigan Water Authority Water Supply System Series 2016-D (AGM Insured)		4.00			7-1-2033		11,000,000		11,418,660
Michigan Finance Authority Local Government Loan Program Series C (National Insured)		5.00			7-1-2025		2,000,000		2,251,920
Michigan Finance Authority Local Government Loan Program Series C (National Insured)		5.00			7-1-2026		1,945,000		2,180,442
Michigan Finance Authority Local Government Loan Program Series C (National Insured)		5.00			7-1-2027		2,260,000		2,523,765
Michigan Finance Authority Local Government Loan Program Series C (National Insured)		5.00			7-1-2028		3,480,000		3,871,117
Michigan Finance Authority Local Government Loan Program Series C (National Insured)		5.00			7-1-2032		5,750,000		6,313,270
Michigan Finance Authority Local Government Loan Program Series C		5.00			7-1-2035		2,000,000		2,203,440
Michigan Finance Authority Refunding Bond Local Government Loan Program Detroit Series D-4		5.00			7-1-2031		6,500,000		7,167,875
Michigan Finance Authority Refunding Bond Local Government Loan Program Detroit Series D-6 (National Insured)		5.00			7-1-2027		1,000,000		1,116,710

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

Portfolio of investments—December 31, 2018 (unaudited) Wells Fargo Municipal Bond Fund 23

Security name	Interest rate			Maturity date		Principal		Value
Water & Sewer Revenue(continued)
Michigan Finance Authority Refunding Bond Local Government Loan Program Detroit Series D-6 (National Insured)		5.00	%		7-1-2036	$	3,250,000	$	3,525,568
									73,364,520
									212,052,559
Minnesota: 0.12%
Utilities Revenue: 0.12%
Rochester Minnesota Electric Utility Revenue Refunding Bond Series A		5.00			12-1-2042		3,895,000		4,384,368
Mississippi: 0.24%
Miscellaneous Revenue: 0.24%
Mississippi Development Bank Special Obligation Jackson Water & Sewer System Project Series A (AGM Insured)		5.00			9-1-2030		8,155,000		8,795,494
Missouri: 0.92%
Airport Revenue: 0.06%
St. Louis MO Lambert St. Louis International Airport Series A-1		6.25			7-1-2029		2,000,000		2,040,800
GO Revenue: 0.14%
St. Louis MO Special Adminstrative Board of The St. Louis School District		4.00			4-1-2030		4,840,000		5,192,013
Health Revenue: 0.45%
St. Joseph MO IDA Heartland Regional Medical Center Series 2009A (U.S. Bank NA LOC) ø		1.38			11-15-2043		16,075,000		16,075,000
Miscellaneous Revenue: 0.07%
St. Louis MO IDA Convention Center Hotel (Ambac Insured) (z)		6.29			7-15-2019		2,475,000		2,439,829
Tax Revenue: 0.20%
Blue Springs MO Special Obligation Tax Refunding & Improvement Bonds Adams Farm Project Series A		4.00			6-1-2026		7,110,000		6,993,325
Manchester MO Highway 141 Manchester Road Project		6.00			11-1-2025		360,000		356,792
									7,350,117
									33,097,759
Nebraska: 0.61%
Utilities Revenue: 0.61%
Central Plains Energy Project Nebraska Refunding Project #3		5.00			9-1-2027		1,020,000		1,089,829
Central Plains Energy Project Nebraska Refunding Project #3 Series A		5.00			9-1-2033		6,000,000		6,846,960
Omaha NE Public Power District Series B		4.00			2-1-2032		13,675,000		14,171,813
									22,108,602
Nevada: 0.03%
Miscellaneous Revenue: 0.03%
Las Vegas NV Special Improvement District #60 Local Improvement		5.00			6-1-2022		425,000		447,415
Las Vegas NV Special Improvement District #60 Local Improvement		5.00			6-1-2023		335,000		354,802
Las Vegas NV Special Improvement District #60 Local Improvement		5.00			6-1-2024		210,000		221,584
									1,023,801

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

24 Wells Fargo Municipal Bond Fund Portfolio of investments—December 31, 2018 (unaudited)

Security name	Interest rate			Maturity date		Principal		Value
New Jersey: 3.67%
Education Revenue: 0.29%
New Jersey Educational Facilities Authority Higher Education Facilities Trust Fund		5.00	%		6-15-2025	$	5,830,000	$	6,381,460
Rutgers State University Series L		5.00			5-1-2033		3,560,000		3,930,489
									10,311,949
GO Revenue: 0.55%
Bayonne NJ School Refunding Bonds (AGM Insured)		5.00			7-15-2023		2,505,000		2,802,594
Newark NJ Qualified General Improvement Series A		5.00			7-15-2025		5,000,000		5,326,300
Newark NJ Qualified General Improvement Series A		5.00			7-15-2026		2,205,000		2,348,898
Newark NJ Qualified General Improvement Series A		5.00			7-15-2027		6,035,000		6,414,541
Newark NJ Qualified General Improvement Series A		5.25			7-15-2024		1,325,000		1,420,731
Newark NJ Qualified General Improvement Series B		5.00			7-15-2025		385,000		410,125
Newark NJ Qualified General Improvement Series B		5.00			7-15-2026		395,000		420,075
Newark NJ Qualified General Improvement Series B		5.00			7-15-2027		405,000		429,511
Newark NJ Qualified General Improvement Series B		5.25			7-15-2024		375,000		403,061
									19,975,836
Housing Revenue: 0.25%
New Jersey Housing & Mortgage Finance Agency Villa Victoria Apartments Project Series F		2.43			11-1-2021		9,000,000		9,036,720
Miscellaneous Revenue: 1.39%
New Jersey EDA Motor Vehicle Surcharge Revenue Refunding Bond Series A		3.13			7-1-2029		5,905,000		5,905,413
New Jersey EDA School Facilities Construction Refunding Bond Project Series II		5.00			3-1-2026		4,225,000		4,485,725
New Jersey EDA School Facilities Construction Refunding Bond Series NN		5.00			3-1-2026		15,000,000		16,097,850
New Jersey TTFA Series A (National Insured)		5.75			6-15-2023		2,000,000		2,246,980
New Jersey TTFA Series A (National Insured)		5.75			6-15-2025		10,000,000		11,697,500
Newark NJ Housing Authority Port Authority Port Newark Marine Terminal Rental Refunding Bond Newark Redevelopment Project (National Insured)		5.25			1-1-2024		1,000,000		1,114,440
Newark NJ Housing Authority Port Newark Marine Terminal Rental (National Insured)		5.00			1-1-2032		7,620,000		8,813,825
									50,361,733
Transportation Revenue: 1.19%
New Jersey TTFA CAB Series A (z)		4.47			12-15-2026		1,150,000		849,908
New Jersey TTFA CAB Series A (z)		5.42			12-15-2029		11,875,000		7,557,369
New Jersey TTFA CAB Series A (z)		5.85			12-15-2031		4,500,000		2,574,180
New Jersey TTFA Series A		5.00			6-15-2042		5,540,000		5,725,756
New Jersey TTFA Series AA		5.00			6-15-2044		1,000,000		1,044,530
New Jersey TTFA Series AA		5.25			6-15-2033		10,000,000		10,779,300
New Jersey TTFA Series B		5.25			6-15-2036		5,575,000		5,828,774
New Jersey TTFA Series C		5.25			6-15-2032		8,000,000		8,652,240
									43,012,057
									132,698,295
New Mexico: 0.01%
Housing Revenue: 0.01%
New Mexico Mortgage Finance Authority SFMR Class I (GNMA/FNMA/FHLMC Insured)		5.35			3-1-2030		450,000		467,177

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

Portfolio of investments—December 31, 2018 (unaudited) Wells Fargo Municipal Bond Fund 25

Security name	Interest rate			Maturity date		Principal		Value
New York: 8.42%
Education Revenue: 0.51%
Hempstead Town NY Local Development Corporation The Academy Charter School Project Series A		7.65	%		2-1-2044	$	3,500,000	$	3,577,455
Hempstead Town NY Local Development Corporation The Academy Charter School Project Series A		8.25			2-1-2041		9,510,000		9,838,951
Westchester County NY Local Development Pace University Series B ø		2.28			5-1-2044		5,000,000		5,000,000
									18,416,406
GO Revenue: 0.09%
New York NY Series F-1		5.00			3-1-2032		3,000,000		3,295,800
Health Revenue: 0.21%
Nassau County NY Local Economic Catholic Health Services		5.00			7-1-2021		7,000,000		7,471,450
Industrial Development Revenue: 0.15%
New York Transporation Development Corporation Special Facilities Revenue AMT		5.00			1-1-2036		5,000,000		5,489,450
Miscellaneous Revenue: 0.07%
New York NY Transitional Finance Authority Building Aid Fiscal Year 2009 Series S4		5.75			1-15-2039		2,500,000		2,503,450
Tax Revenue: 2.75%
New York City NY Transitional Finance Authority Building Aid Revenue Fiscal 2019 Subordinate Bond Series S 3 A		4.00			7-15-2038		4,500,000		4,651,470
New York City NY Transitional Finance Authority Building Aid Revenue Fiscal Year 2015 Series S1		5.00			7-15-2040		3,155,000		3,477,031
New York City NY Transitional Finance Authority Future Tax Secured Revenue Series A2		5.00			8-1-2037		12,140,000		13,904,792
New York City NY Transitional Future Tax Secured Subordinate Bond Series F 1		5.00			5-1-2042		2,390,000		2,698,477
New York Dormitory Authority Series A		5.00			2-15-2034		3,790,000		4,333,107
New York Dormitory Authority Series B		5.75			3-15-2036		10,000,000		10,081,800
New York Dormitory Authority Series B Group C		5.00			2-15-2045		7,330,000		8,091,734
New York Dormitory Authority Series B Group C		5.00			2-15-2044		14,860,000		16,412,870
New York Dormitory Authority Series E		5.00			2-15-2044		9,600,000		10,603,200
New York NY Transitional Finance Authority Future Tax Secured Revenue Series I		5.00			5-1-2033		5,395,000		5,903,047
New York NY Transitional Finance Authority Future Tax Secured Subordinate Bond Series A		5.00			8-1-2031		17,075,000		19,227,475
									99,385,003
Tobacco Revenue: 0.01%
Suffolk NY Tobacco Securitization Corporation Series B		4.50			6-1-2026		520,000		539,453
Transportation Revenue: 1.32%
New York Metropolitan Transportation Authority Series A		5.00			11-15-2030		11,000,000		11,843,040
New York Metropolitan Transportation Authority Subordinate Bond Series D (1 Month LIBOR +0.65%) ±		2.34			11-1-2035		28,000,000		28,000,000
Niagara Falls NY Bridge Commission (National Insured)		6.25			10-1-2021		7,230,000		8,029,927
									47,872,967
Utilities Revenue: 1.07%
New York NY IDA Brooklyn Navy Yard Cogeneration Partners LP		5.65			10-1-2028		3,350,000		3,382,194
New York NY IDA Brooklyn Navy Yard Cogeneration Partners LP		5.75			10-1-2036		5,000,000		5,048,050

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

26 Wells Fargo Municipal Bond Fund Portfolio of investments—December 31, 2018 (unaudited)

Security name	Interest rate			Maturity date		Principal		Value
Utilities Revenue(continued)
New York Utility Debt Securitization Authority Restructuring Bonds		5.00	%		12-15-2037	$	3,655,000	$	4,137,387
New York Utility Debt Securitization Authority Restructuring Bonds		5.00			12-15-2032		22,785,000		26,209,813
									38,777,444
Water & Sewer Revenue: 2.24%
New York NY Municipal Water Finance Authority 2nd General Resolution Series AA		5.00			6-15-2044		17,400,000		18,732,840
New York NY Municipal Water Finance Authority 2nd General Resolution Series BB		5.00			6-15-2044		30,265,000		32,403,525
New York NY Municipal Water Finance Authority 2nd General Resolution Series BB		5.00			6-15-2047		2,330,000		2,556,965
New York NY Municipal Water Finance Authority 2nd General Resolution Series BB		5.25			6-15-2044		9,800,000		10,614,086
New York NY Municipal Water Finance Authority Water & Sewer System Series DD		5.00			6-15-2026		3,255,000		3,479,237
New York NY Water Finance Authority Series DD		5.25			6-15-2047		11,490,000		13,149,041
									80,935,694
									304,687,117
North Carolina: 1.50%
Health Revenue: 0.91%
Charlotte Mecklenburg NC Hospital Authority Atrium Health Series B		5.00			1-15-2048		10,000,000		10,863,000
Charlotte Mecklenburg NC Hospital Authority Atrium Health Series C		5.00			1-15-2048		20,000,000		22,180,800
									33,043,800
Housing Revenue: 0.50%
Wake County NC Housing Authority Sunnybrook Pointe Apartments		1.86			12-1-2020		18,100,000		18,044,614
Utilities Revenue: 0.09%
North Carolina Eastern Municipal Power Agency Series A		5.50			1-1-2026		1,250,000		1,250,000
North Carolina Eastern Municipal Power Agency Series C		6.75			1-1-2024		2,000,000		2,000,000
									3,250,000
									54,338,414
North Dakota: 0.39%
Education Revenue: 0.27%
University of North Dakota Infrastructure Energy Improvement Project Green Certificares Series A		5.00			4-1-2057		9,000,000		9,834,750
Water & Sewer Revenue: 0.12%
North Dakota PFA Revolving Fund Program Series A		5.00			10-1-2038		3,780,000		4,421,466
									14,256,216
Ohio: 2.84%
Airport Revenue: 0.23%
Cleveland OH Airport System Revenue Series A		5.00			1-1-2025		4,015,000		4,323,312
Cleveland OH Airport System Revenue Series A (AGM Insured)		5.00			1-1-2031		3,600,000		3,855,960
									8,179,272

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

Portfolio of investments—December 31, 2018 (unaudited) Wells Fargo Municipal Bond Fund 27

Security name	Interest rate			Maturity date		Principal		Value
GO Revenue: 0.34%
Highland OH Local School District Medina County School Improvement Series A		5.25	%		12-1-2048	$	9,435,000	$	10,482,945
Highland OH Local School District Medina County School Improvement Series A		5.25			12-1-2054		1,500,000		1,658,685
									12,141,630
Health Revenue: 0.89%
Allen County OH Catholic Healthcare Series B		5.25			9-1-2027		3,825,000		4,030,211
Allen County OH Hospital Facilities Revenue Bonds Series B		5.00			8-1-2047		5,000,000		5,470,150
Cleveland Cuyahoga County OH Facilities Improvement Centers for Dialysis		5.00			12-1-2047		5,205,000		5,294,630
Lucas County Ohio Hospital Revenue Promedica Healthcare Obligation		5.25			11-15-2048		15,000,000		16,110,300
Montgomery County OH Hospital Kettering Medical Center (National Insured)		6.25			4-1-2020		1,330,000		1,362,106
									32,267,397
Miscellaneous Revenue: 0.85%
Ohio Private Activity Bond AMT Portsmouth Bypass Project (AGM Insured)		5.00			12-31-2026		2,030,000		2,289,556
Ohio Private Activity Bond AMT Portsmouth Bypass Project (AGM Insured)		5.00			12-31-2028		1,600,000		1,791,488
Ohio Private Activity Bond AMT Portsmouth Bypass Project (AGM Insured)		5.00			12-31-2030		2,250,000		2,501,033
Ohio Private Activity Bond AMT Portsmouth Bypass Project (AGM Insured)		5.00			12-31-2035		12,000,000		13,183,320
Ohio Private Activity Bond AMT Portsmouth Bypass Project (AGM Insured)		5.00			12-31-2039		2,500,000		2,714,575
Ohio Series A		5.00			2-1-2036		4,265,000		4,848,879
RiverSouth OH Lazarus Building Redevelopment Series A		5.75			12-1-2027		3,415,000		3,421,830
									30,750,681
Resource Recovery Revenue: 0.00%
Ohio Air Quality Development Authority Ohio Valley Electric Corporation Series E		5.63			10-1-2019		100,000		101,453
Transportation Revenue: 0.23%
Ohio Turnpike Commission CAB Series A-4		5.70			2-15-2034		8,500,000		8,500,255
Water & Sewer Revenue: 0.30%
Ohio Water Development Authority Drinking Water Assistance Fund		5.00			12-1-2035		5,390,000		6,234,397
Ohio Water Development Authority Drinking Water Assistance Fund		5.00			12-1-2036		2,000,000		2,304,120
Ohio Water Development Authority Fresh Water Series B		5.00			12-1-2034		1,895,000		2,197,707
									10,736,224
									102,676,912
Oklahoma: 0.98%
Airport Revenue: 0.67%
Oklahoma City OK Airport Trust Series 33		5.00			7-1-2043		5,000,000		5,537,500
Oklahoma City OK Airport Trust Series 33		5.00			7-1-2047		7,500,000		8,287,275
Tulsa OK Airports Improvement Trust AMT Series A (Build America Mutual Assurance Company Insured)		5.00			6-1-2035		1,055,000		1,137,754
Tulsa OK Airports Improvement Trust Series A (AGM Insured)		5.00			6-1-2043		4,485,000		4,948,435
Tulsa OK Airports Improvement Trust Series A (AGM Insured)		5.25			6-1-2048		3,770,000		4,230,732
									24,141,696
Health Revenue: 0.05%
Oklahoma Development Finance Authority Oklahoma University Medicine Project Series B		5.50			8-15-2057		1,750,000		1,916,775

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

28 Wells Fargo Municipal Bond Fund Portfolio of investments—December 31, 2018 (unaudited)

Security name	Interest rate			Maturity date		Principal		Value
Miscellaneous Revenue: 0.10%
Garfield County OK Educational Facilities Authority Enid Public Schools Project Series A		5.00	%		9-1-2030	$	2,000,000	$	2,276,280
Garfield County OK Educational Facilities Authority Enid Public Schools Project Series A		5.00			9-1-2031		1,145,000		1,298,980
									3,575,260
Transportation Revenue: 0.09%
Oklahoma Turnpike Authority Series C		5.00			1-1-2047		3,000,000		3,375,990
Water & Sewer Revenue: 0.07%
McGee Creek Authority Oklahoma Water Revenue (National Insured)		6.00			1-1-2023		2,360,000		2,523,713
									35,533,434
Pennsylvania: 5.78%
Airport Revenue: 0.39%
Philadelphia PA Airport Series A		5.00			7-1-2047		7,300,000		8,003,063
Philadelphia PA Airport Series B		5.00			7-1-2042		5,500,000		6,046,535
									14,049,598
Education Revenue: 0.33%
Montgomery County PA Higher Education & Health Authority Arcadia University		5.00			4-1-2024		1,540,000		1,693,861
Montgomery County PA Higher Education & Health Authority Arcadia University		5.00			4-1-2025		1,625,000		1,804,839
Philadelphia PA IDA 1st Philadelphia Preparatory Charter School Project Series A		7.00			6-15-2033		2,000,000		2,208,740
Philadelphia PA IDA New Foundations Charter School Project		6.00			12-15-2027		280,000		301,431
Philadelphia PA IDA Thomas Jefferson University Series B ø		1.91			9-1-2050		6,000,000		6,000,000
									12,008,871
GO Revenue: 0.44%
Allegheny County PA West Mifflin Area School District (AGM Insured)		5.00			4-1-2025		1,180,000		1,324,857
Allegheny County PA West Mifflin Area School District (AGM Insured)		5.00			4-1-2026		1,200,000		1,361,028
Allegheny County PA West Mifflin Area School District (AGM Insured)		5.00			4-1-2027		1,000,000		1,136,510
Luzerne County PA Series E (AGM Insured)		8.00			11-1-2027		135,000		135,624
Philadelphia PA School District Series A		5.00			9-1-2024		2,075,000		2,330,868
Philadelphia PA School District Series D		5.00			9-1-2021		5,000,000		5,359,800
Philadelphia PA School District Series F		5.00			9-1-2035		3,820,000		4,229,007
									15,877,694
Health Revenue: 0.75%
Allegheny County PA Hospital Development Authority University of Pittsburgh Medical Center Series A		5.63			8-15-2039		5,130,000		5,229,881
Berks County PA Municipal Authority Reading Hospital & Medical Center Project Series B (SIFMA Municipal Swap +1.50%)±		3.13			11-1-2039		20,000,000		20,304,800
Quakertown PA General Authority Health LifeQuest Obligated Group Series C		4.50			7-1-2027		750,000		722,790
Quakertown PA General Authority Health LifeQuest Obligated Group Series C		5.00			7-1-2032		1,000,000		963,870
									27,221,341
Industrial Development Revenue: 0.83%
Montgomery County PA IDA Exelon Generation Company LLC Project Series A		2.55			12-1-2029		11,530,000		11,491,836
Pennsylvania EDFA Bridges Finco LP		5.00			12-31-2030		600,000		659,274

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

Portfolio of investments—December 31, 2018 (unaudited) Wells Fargo Municipal Bond Fund 29

Security name	Interest rate			Maturity date		Principal		Value
Industrial Development Revenue(continued)
Pennsylvania EDFA Bridges Finco LP		5.00	%		12-31-2034	$	14,275,000	$	15,489,232
Pennsylvania EDFA Bridges Finco LP		5.00			12-31-2038		2,100,000		2,250,234
									29,890,576
Miscellaneous Revenue: 1.73%
Delaware Valley PA Regional Finance Authority Local Government Public Improvements Project		5.75			7-1-2032		5,000,000		6,344,200
Delaware Valley PA Regional Finance Authority Local Government Series A (Ambac Insured)		5.50			8-1-2028		16,420,000		19,814,835
Delaware Valley PA Regional Finance Authority Local Government Series C (Ambac Insured)		7.75			7-1-2027		4,025,000		5,460,074
Pennsylvania Finance Authority Pennsylvania Hills Project Series B (National Insured) (z)		4.73			12-1-2025		1,160,000		941,676
Pennsylvania Public School Building Authority Philadelphia School District Project		5.00			4-1-2024		3,960,000		4,239,695
State Public School Building Authority Pennsylvania Philadelphia School District Project		5.00			4-1-2022		2,635,000		2,844,957
State Public School Building Authority Pennsylvania Philadelphia School District Project Series A		5.00			6-1-2024		2,250,000		2,512,463
State Public School Building Authority Pennsylvania Philadelphia School District Project Series A		5.00			6-1-2034		1,915,000		2,125,918
State Public School Building Authority Pennsylvania Philadelphia School District Project Series A		5.00			6-1-2035		16,715,000		18,494,813
									62,778,631
Resource Recovery Revenue: 0.00%
Delaware County PA IDA Resource Recovery Facility Series A		6.20			7-1-2019		80,000		80,192
Tobacco Revenue: 0.06%
Commonwealth Financing Authority Tobacco Master Settlement Payment Revenue Bonds		5.00			6-1-2035		2,000,000		2,242,140
Transportation Revenue: 1.00%
Pennsylvania Turnpike Commission Motor License Series B-1		5.00			12-1-2040		12,410,000		13,140,453
Pennsylvania Turnpike Commission Motor License Series B-2		5.00			12-1-2035		9,900,000		11,084,436
Pennsylvania Turnpike Commission Series A-1		5.00			12-1-2047		1,750,000		1,926,890
Pennsylvania Turnpike Commission Subordinate Bond Series B-1		5.00			6-1-2027		1,000,000		1,156,530
Pennsylvania Turnpike Commission Subordinate Bond Series B-1		5.00			6-1-2028		1,450,000		1,654,871
Pennsylvania Turnpike Commission Subordinate Bond Series B-2		5.00			6-1-2027		1,200,000		1,387,836
Pennsylvania Turnpike Commission Subordinate Bond Series B-2		5.00			6-1-2028		5,000,000		5,706,450
									36,057,466
Water & Sewer Revenue: 0.25%
Philadelphia PA Series B		5.00			7-1-2033		8,000,000		9,013,200
									209,219,709
Puerto Rico: 0.09%
Transportation Revenue: 0.09%
Puerto Rico Highway & Transportation Authority Series AA (National Insured)		5.50			7-1-2020		3,015,000		3,098,516

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

30 Wells Fargo Municipal Bond Fund Portfolio of investments—December 31, 2018 (unaudited)

Security name	Interest rate			Maturity date		Principal		Value
South Carolina: 1.44%
Education Revenue: 0.08%
South Carolina Education Assistance Authority Student Loan Series I		5.10	%		10-1-2029	$	1,200,000	$	1,220,592
South Carolina Jobs EDA York Preparatory Academy Project Series A		7.25			11-1-2045		1,500,000		1,605,330
									2,825,922
Resource Recovery Revenue: 0.13%
South Carolina Jobs EDA Solid Waste Disposal AMT RePower South Berkeley LLC Project Green Bond 144A		6.00			2-1-2035		1,880,000		1,866,502
South Carolina Jobs EDA Solid Waste Disposal AMT RePower South Berkeley LLC Project Green Bond 144A		6.25			2-1-2045		2,750,000		2,755,005
									4,621,507
Utilities Revenue: 0.92%
Patriots Energy Group Financing Agency South Carolina Series A		4.00			10-1-2048		26,000,000		27,466,660
Piedmont SC Municipal Power Agency (FGIC Insured)		6.75			1-1-2019		210,000		210,000
South Carolina Public Service Authority Series C		5.00			12-1-2028		1,230,000		1,381,794
South Carolina Public Service Authority Series C		5.00			12-1-2034		1,825,000		1,998,174
South Carolina Public Service Authority Series C		5.00			12-1-2035		2,000,000		2,184,020
									33,240,648
Water & Sewer Revenue: 0.31%
Columbia SC Waterworks & Sewer System		5.00			2-1-2043		10,380,000		11,274,860
									51,962,937
South Dakota: 0.79%
Airport Revenue: 0.05%
Rapid City SD Series A		6.75			12-1-2031		1,020,000		1,063,126
Rapid City SD Series A		7.00			12-1-2035		750,000		783,323
									1,846,449
Health Revenue: 0.53%
South Dakota HEFA Sanford Health Project		5.50			11-1-2040		5,000,000		5,129,850
South Dakota HEFA Sanford Health Project Series E		5.00			11-1-2042		13,125,000		14,086,669
									19,216,519
Housing Revenue: 0.21%
South Dakota Board of Regents Housing & Auxiliary Facilities System		5.00			4-1-2023		750,000		833,018
South Dakota Board of Regents Housing & Auxiliary Facilities System		5.00			4-1-2024		1,100,000		1,243,000
South Dakota Board of Regents Housing & Auxiliary Facilities System		5.00			4-1-2025		1,000,000		1,147,410
South Dakota Board of Regents Housing & Auxiliary Facilities System		5.00			4-1-2026		1,540,000		1,790,281
South Dakota Board of Regents Housing & Auxiliary Facilities System		5.00			4-1-2032		1,010,000		1,165,995
South Dakota Board of Regents Housing & Auxiliary Facilities System		5.00			4-1-2033		1,250,000		1,438,900
									7,618,604
									28,681,572

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

Portfolio of investments—December 31, 2018 (unaudited) Wells Fargo Municipal Bond Fund 31

Security name	Interest rate			Maturity date		Principal		Value
Tennessee: 1.27%
Utilities Revenue: 1.27%
Tennessee Energy Acquisition Corporation Gas Project		4.00	%		11-1-2049	$	20,000,000	$	20,973,600
Tennessee Energy Acquisition Corporation Series A		4.00			5-1-2048		24,155,000		25,097,770
									46,071,370
Texas: 11.19%
Airport Revenue: 1.48%
Austin TX Airport System AMT		5.00			11-15-2039		8,000,000		8,791,360
Austin TX Airport System AMT		5.00			11-15-2044		3,500,000		3,836,385
Dallas-Fort Worth TX International Airport AMT Series D		5.00			11-1-2038		13,250,000		13,867,450
Dallas-Fort Worth TX International Airport Series H		5.00			11-1-2042		20,765,000		21,692,573
Houston TX Airport System Subordinate Bond Lien AMT Series A		5.00			7-1-2041		4,750,000		5,296,963
									53,484,731
Education Revenue: 1.18%
Beasley TX Higher Education Finance Corporation Focus Learning Academy Series A ††		7.75			8-15-2041		2,000,000		1,320,000
Clifton TX Higher Education Finance Corporation International Leadership Texas Series D		6.00			8-15-2038		6,000,000		6,080,100
Clifton TX Higher Education Finance Corporation International Leadership Texas Series D		6.13			8-15-2048		6,750,000		6,820,605
Clifton TX Higher Educational Finance Corporation International Leadership Series A		5.75			8-15-2038		2,000,000		1,999,860
La Vernia TX Higher Education Finance Corporation Lifeschool of Dallas Series A		6.25			8-15-2021		2,000,000		2,055,920
La Vernia TX Higher Education Finance Corporation Lifeschool of Dallas Series A		7.50			8-15-2041		6,500,000		6,729,320
Newark TX Higher Education Finance Corporation Austin Achieve Public Schools Incorporated		5.00			6-15-2048		750,000		752,303
Southwest Texas Higher Education Authority Incorporated Southern Methodist University Project		5.00			10-1-2030		1,460,000		1,718,697
Southwest Texas Higher Education Authority Incorporated Southern Methodist University Project		5.00			10-1-2032		650,000		759,655
Southwest Texas Higher Education Authority Incorporated Southern Methodist University Project		5.00			10-1-2039		750,000		854,685
Southwest Texas Higher Education Authority Incorporated Southern Methodist University Project		5.00			10-1-2040		1,000,000		1,137,120
Southwest Texas Higher Education Authority Incorporated Southern Methodist University Project		5.00			10-1-2041		900,000		1,021,941
University of Texas Board of Regents Refunding Bonds Series C		5.00			8-15-2024		10,000,000		11,540,100
									42,790,306
GO Revenue: 2.08%
Houston TX Public Improvement Refunding Bonds Series A		4.00			3-1-2034		1,000,000		1,054,820
Houston TX Public Improvement Refunding Bonds Series A		5.00			3-1-2025		3,070,000		3,560,740
Houston TX Public Improvement Refunding Bonds Series A		5.00			3-1-2029		2,000,000		2,354,060
Lewisville TX Independent School District Unlimited Tax Refunding Bonds Series A		5.00			8-15-2021		2,200,000		2,372,656
Lewisville TX Independent School District Unlimited Tax Refunding Bonds Series A		5.00			8-15-2022		2,640,000		2,916,883
Lewisville TX Independent School District Unlimited Tax Refunding Bonds Series A		5.00			8-15-2023		3,000,000		3,386,460
North East Independent School District		4.00			8-1-2048		10,450,000		10,662,971
San Antonio TX Independent School District		5.00			8-15-2048		13,000,000		14,442,350

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

32 Wells Fargo Municipal Bond Fund Portfolio of investments—December 31, 2018 (unaudited)

Security name	Interest rate			Maturity date		Principal		Value
GO Revenue(continued)
Sugar Land TX Refunding Bonds		5.00	%		2-15-2030	$	1,250,000	$	1,463,225
Texas City TX Independent School District		4.00			8-15-2048		5,000,000		5,108,100
Texas Refunding Bond Series B		5.00			10-1-2036		24,500,000		27,952,295
									75,274,560
Health Revenue: 0.06%
New Hope ECFA Children’s Health System of Texas Project Series A		4.00			8-15-2033		2,000,000		2,099,600
Housing Revenue: 0.47%
Alamito TX Public Facility Corporation Cramer Three Apartments Project		2.50			11-1-2021		7,000,000		7,050,470
Austin TX Affordable Public Facility Corporation Incorporated Commons at Goodnight Apartments		1.85			1-1-2021		10,000,000		9,948,400
									16,998,870
Miscellaneous Revenue: 1.84%
Lewisville TX Combination Contract Special Assessment Capital Improvement District #4		6.75			10-1-2032		100,000		100,103
Lewisville TX Combination Contract Castle Hills Public Improvement Bonds District #5 144A		6.50			9-1-2034		6,120,000		6,181,628
Lewisville TX Combination Contract Castle Hills Public Improvement Bonds District #6 144A		6.00			9-1-2037		13,240,000		13,525,454
Lower Colorado TX River Authority Series A		5.00			5-15-2033		2,475,000		2,719,703
Texas Series A		4.00			10-15-2036		5,000,000		5,272,600
Texas Series A		5.00			4-15-2023		16,195,000		18,179,373
Texas Transportation Commission Highway Improvement		5.00			4-1-2028		7,280,000		8,234,117
Texas Water Development Board Series A		4.00			10-15-2037		11,650,000		12,239,723
									66,452,701
Resource Recovery Revenue: 0.51%
Port Arthur TX Navigation District Jefferson County Environmental Facilities Motiva Enterprises LLC Project Series C ø		1.55			4-1-2040		9,300,000		9,300,000
Port Arthur TX Navigation District Jefferson County Environmental Facilities Motiva Enterprises LLC Project Subordinate Bond Series E ø		1.97			11-1-2040		9,100,000		9,100,000
									18,400,000
Tax Revenue: 1.03%
Dallas TX Area Rapid Transit Sales Tax Revenue Series A		5.00			12-1-2048		5,000,000		5,560,500
Dallas TX Area Rapid Transit Sales Tax Revenue Series A		5.00			12-1-2046		28,430,000		31,673,010
									37,233,510
Transportation Revenue: 1.01%
Central Texas Regional Mobility Authority Senior Lien		5.75			1-1-2025		2,000,000		2,077,320
Central Texas Regional Mobility Authority Senior Lien Series A		5.00			1-1-2033		3,740,000		4,023,978
Grand Parkway Transportation Corporation Texas CAB Series B		3.12			10-1-2029		1,015,000		987,189
Grand Parkway Transportation Corporation Texas Series B		5.05			10-1-2030		2,000,000		1,940,940
North Texas Tollway Authority Series A		5.00			1-1-2033		3,600,000		3,992,328
North Texas Tollway Authority Series A		5.00			1-1-2035		4,000,000		4,401,360

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

Portfolio of investments—December 31, 2018 (unaudited) Wells Fargo Municipal Bond Fund 33

Security name	Interest rate			Maturity date		Principal		Value
Transportation Revenue(continued)
Texas Private Activity Bond Surface Transportation Corporation Project NTE Mobility Partners Segments LLC		6.75	%		6-30-2043	$	4,000,000	$	4,565,480
Texas Private Activity Bond Surface Transportation Corporation Project NTE Mobility Partners Segments LLC		7.00			12-31-2038		12,500,000		14,458,875
									36,447,470
Utilities Revenue: 0.61%
San Antonio TX Electric & Gas Systems Junior Lien Refunding Bond		2.75			2-1-2048		11,000,000		11,155,100
Texas Municipal Gas Acquisition & Supply Corporation III		5.00			12-15-2029		5,115,000		5,534,942
Texas Municipal Gas Acquisition & Supply Corporation III		5.00			12-15-2031		5,000,000		5,385,250
									22,075,292
Water & Sewer Revenue: 0.92%
Austin Texas Water & Wastewater Refunding Bond		5.00			11-15-2045		15,065,000		16,925,979
Tarrant TX Regional Water District		5.00			3-1-2049		15,000,000		16,423,950
									33,349,929
									404,606,969
Utah: 0.56%
Airport Revenue: 0.56%
Salt Lake City UT Series A		5.00			7-1-2036		2,500,000		2,826,600
Salt Lake City UT Series A		5.00			7-1-2043		2,500,000		2,781,475
Salt Lake City UT Series A		5.00			7-1-2043		1,500,000		1,701,165
Salt Lake City UT Series A		5.00			7-1-2048		5,500,000		6,095,925
Salt Lake City UT Series A		5.00			7-1-2048		3,000,000		3,389,310
Salt Lake City UT Series A		5.25			7-1-2048		3,000,000		3,397,680
									20,192,155
Vermont: 0.43%
Education Revenue: 0.43%
Vermont Student Assistance Corporation Series B Class B (1 Month LIBOR +1.00%) ±		3.52			6-2-2042		15,750,109		15,673,406
Virginia: 1.21%
GO Revenue: 0.17%
Norfolk VA Series C		4.00			9-1-2032		5,810,000		6,210,251
Housing Revenue: 0.51%
Loudoun County VA EDA Multifamily Housing Revenue Bonds Stone Springs Apartments (GNMA/FHA Insured)		1.84			12-1-2020		16,500,000		16,452,480
Newport News VA Redevelopment & Housing Authority Multifamily Housing Series A		1.82			11-1-2020		2,010,000		2,006,201
									18,458,681
Miscellaneous Revenue: 0.23%
Virginia Resources Authority		4.00			11-1-2035		1,635,000		1,750,202
Virginia Resources Authority		4.00			11-1-2037		2,410,000		2,538,092

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

34 Wells Fargo Municipal Bond Fund Portfolio of investments—December 31, 2018 (unaudited)

Security name	Interest rate			Maturity date		Principal		Value
Miscellaneous Revenue(continued)
Virginia Resources Authority		4.00	%		11-1-2038	$	3,405,000	$	3,556,965
Watkins Centre VA CDA		5.40			3-1-2020		333,000		333,343
									8,178,602
Tax Revenue: 0.03%
Marquis VA CDA CAB Series 2015 144A		7.50			9-1-2045		397,000		278,496
Marquis VA CDA CAB Series C (z)		6.25			9-1-2041		1,824,000		91,492
Marquis VA CDA Series B		5.63			9-1-2041		1,310,000		877,818
									1,247,806
Transportation Revenue: 0.27%
Virginia Commonwealth Transportation Board Refunding Bond Capital Projects Series A		5.00			5-15-2029		4,500,000		5,421,330
Virginia Small Business Financing Authority Senior Lien 95 Express Lanes LLC Project		5.00			7-1-2034		4,000,000		4,168,000
									9,589,330
									43,684,670
Washington: 2.91%
GO Revenue: 1.38%
Clark County WA School District #114 (AGM Insured)		4.00			12-1-2031		9,000,000		9,717,660
Clark County WA School District #114 (AGM Insured)		4.00			12-1-2034		2,500,000		2,669,750
King County WA Public Hospital District #1 Valley Medical Center Refunding Bond		5.00			12-1-2029		8,940,000		10,197,411
King County WA Public Hospital District #1 Valley Medical Center Refunding Bond		5.00			12-1-2035		9,430,000		10,468,620
King County WA School District No. 414 Lake Washington (AGM Insured)		5.00			12-1-2033		570,000		675,176
King County WA School District No. 414 Lake Washington (AGM Insured)		5.00			12-1-2034		1,000,000		1,178,160
Washington Series 2017-A		5.00			8-1-2040		3,500,000		3,951,010
Washington Series 2017-A		5.00			8-1-2041		2,500,000		2,814,950
Washington Series RA		4.00			7-1-2030		7,950,000		8,335,734
									50,008,471
Health Revenue: 0.17%
Spokane WA Housing Finance Commission Riverview Retirement Community Project		5.00			1-1-2023		945,000		984,378
Washington HCFR Central Washington Health Service Association		7.00			7-1-2039		5,000,000		5,125,150
									6,109,528
Miscellaneous Revenue: 0.10%
Washington Certificate of Participation Series A		5.00			7-1-2038		3,265,000		3,657,845
Tax Revenue: 0.50%
Central Puget Sound WA Regional Transportation Authority Series S1		5.00			11-1-2035		9,485,000		10,785,963
Washington Series B		5.00			8-1-2037		6,400,000		7,280,320
									18,066,283

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

Portfolio of investments—December 31, 2018 (unaudited) Wells Fargo Municipal Bond Fund 35

Security name	Interest rate			Maturity date		Principal		Value
Water & Sewer Revenue: 0.76%
King County WA		2.60	%		1-1-2043	$	19,000,000	$	19,115,140
King County WA		5.00			7-1-2047		7,510,000		8,285,107
									27,400,247
									105,242,374
West Virginia: 0.09%
Tax Revenue: 0.09%
Monongalia County WV Commission Refunding & Improvement Bonds University Town Center Series A 144A		5.50			6-1-2037		2,500,000		2,541,925
Monongalia County WV Commission Refunding & Improvement Bonds University Town Center Series A 144A		5.75			6-1-2043		675,000		689,850
									3,231,775
Wisconsin: 3.49%
Education Revenue: 0.46%
Milwaukee WI RDA Science Education Consortium Incorporated Project Series A		6.00			8-1-2033		2,120,000		2,280,993
Milwaukee WI RDA Science Education Consortium Incorporated Project Series A		6.25			8-1-2043		4,650,000		4,996,983
Public Finance Authority Wisland Revenue Northwest Nazarene University		4.25			10-1-2049		5,410,000		4,737,591
Wisconsin PFA Carolina International School Series A 144A		6.00			8-1-2023		375,000		394,166
Wisconsin PFA Carolina International School Series A 144A		6.75			8-1-2033		1,430,000		1,563,562
Wisconsin PFA Carolina International School Series A 144A		7.00			8-1-2043		1,575,000		1,711,096
Wisconsin PFA Carolina International School Series A 144A		7.20			8-1-2048		940,000		1,026,847
									16,711,238
GO Revenue: 0.63%
Verona WI Area School District Building & Improvement Bonds		4.00			4-1-2027		3,385,000		3,710,028
Verona WI Area School District Building & Improvement Bonds		4.00			4-1-2028		1,380,000		1,497,286
Verona WI Area School District Building & Improvement Bonds		5.00			4-1-2026		3,310,000		3,910,401
Wisconsin Series A		4.00			5-1-2032		13,000,000		13,555,100
									22,672,815
Health Revenue: 0.40%
Wisconsin HEFA Ascension Senior Credit Group Series A		5.00			11-15-2035		12,000,000		13,432,200
Wisconsin HEFA Aurora Health Care Incorporated Series A		5.25			4-15-2024		1,025,000		1,069,096
									14,501,296
Housing Revenue: 0.91%
Wisconsin Public Finance Authority Student Housing Revenue (AGM Insured)		4.00			7-1-2023		350,000		372,953
Wisconsin Public Finance Authority Student Housing Revenue (AGM Insured)		4.00			7-1-2024		800,000		858,272
Wisconsin Public Finance Authority Student Housing Revenue (AGM Insured)		4.00			7-1-2025		920,000		991,374
Wisconsin Public Finance Authority Student Housing Revenue (AGM Insured)		5.00			7-1-2026		1,360,000		1,558,043
Wisconsin Public Finance Authority Student Housing Revenue (AGM Insured)		5.00			7-1-2027		1,675,000		1,932,699
Wisconsin Public Finance Authority Student Housing Revenue (AGM Insured)		5.00			7-1-2028		2,025,000		2,346,570
Wisconsin Public Finance Authority Student Housing Revenue (AGM Insured)		5.00			7-1-2029		2,190,000		2,516,376
Wisconsin Public Finance Authority Student Housing Revenue (AGM Insured)		5.00			7-1-2030		2,300,000		2,620,505
Wisconsin Public Finance Authority Student Housing Revenue (AGM Insured)		5.00			7-1-2031		1,415,000		1,604,766
Wisconsin Public Finance Authority Student Housing Revenue (AGM Insured)		5.00			7-1-2048		16,775,000		18,144,511
									32,946,069

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

36 Wells Fargo Municipal Bond Fund Portfolio of investments—December 31, 2018 (unaudited)

Security name	Interest rate			Maturity date		Principal		Value
Miscellaneous Revenue: 0.06%
Wisconsin Series 1		4.50	%		7-1-2033	$	2,085,000	$	2,212,936
Tax Revenue: 1.03%
Mount Pleasant WI Series A		5.00			4-1-2038		5,495,000		6,163,961
Mount Pleasant WI Series A		5.00			4-1-2043		20,205,000		22,478,669
Mount Pleasant WI Series A		5.00			4-1-2048		7,855,000		8,706,325
									37,348,955
									126,393,309
Wyoming: 0.06%
Education Revenue: 0.05%
Wyoming CDA		6.50			7-1-2043		1,600,000		1,676,624
Health Revenue: 0.01%
West Park Hospital District Wyoming Series B		6.50			6-1-2027		500,000		534,135
									2,210,759
Total Municipal Obligations (Cost $3,479,827,691)									3,572,670,518
	Yield					Shares
Short-Term Investments: 0.44%
Investment Companies: 0.40%
Wells Fargo Municipal Cash Management Money Market Fund Institutional Class (l)(u)		1.65					14,419,069		14,424,836
						Principal
U.S. Treasury Securities: 0.04%
U.S. Treasury Bill (z)		2.32			3-14-2019	$	1,445,000		1,438,080
Total Short-Term Investments (Cost $15,863,068)									15,862,916

Total investments in securities (Cost $3,495,690,759)	99.21	%		3,588,533,434
Other assets and liabilities, net	0.79			28,540,808
Total net assets	100.00	%	$	3,617,074,242

(z) Zero coupon security. The rate represents the purchase 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.

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

†† On the last interest date, partial interest was paid.

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

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

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

Portfolio of investments—December 31, 2018 (unaudited) Wells Fargo Municipal Bond Fund 37

Abbreviations:

AGC Assured Guaranty Corporation

AGM Assured Guaranty Municipal

Ambac Ambac Financial Group Incorporated

AMT Alternative minimum tax

BAN Bond anticipation notes

CAB Capital appreciation bond

CCAB Convertible capital appreciation bond

CDA Community Development Authority

ECFA Educational & Cultural Facilities Authority

EDA Economic Development Authority

EDFA Economic Development Finance Authority

FGIC Financial Guaranty Insurance Corporation

FHA Federal Housing Administration

FHLMC Federal Home Loan Mortgage Corporation

FNMA Federal National Mortgage Association

GNMA Government National Mortgage Association

GO General obligation

HCFR Healthcare facilities revenue

HEFA Health & Educational Facilities Authority

IDA Industrial Development Authority

LIBOR London Interbank Offered Rate

LIQ Liquidity agreement

LOC Letter of credit

National National Public Finance Guarantee Corporation

PCFA Pollution Control Financing Authority

PCR Pollution control revenue

PFA Public Finance Authority

RDA Redevelopment Authority

SFMR Single-family mortgage revenue

SIFMA Securities Industry and Financial Markets Association

TTFA Transportation Trust Fund Authority

Investments in Affiliates

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

	Shares, beginning of period		Shares purchased		Shares sold		Shares, end of period		Net realized gains (losses)			Net change in unrealized gains (losses)			Income from affiliated securities		Value, end of period		% of net assets
Short-Term Investments
Investment Companies
Wells Fargo Municipal Cash Management Money Market Fund Institutional Class		10,597,584		518,233,045		514,411,560		14,419,069	$	(10,026	)	$	(172	)	$	150,692	$	14,424,836		0.40	%

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

38 Wells Fargo Municipal Bond Fund Statement of assets and liabilities—December 31, 2018 (unaudited)

Assets
Investments in unaffiliated securities, at value (cost $3,481,265,923)	$	3,574,108,598
Investments in affiliated securities, at value (cost $14,424,836)		14,424,836
Cash		2,327,865
Receivable for investments sold		1,140,326
Receivable for Fund shares sold		11,150,747
Receivable for interest		37,060,074
Prepaid expenses and other assets		407,611
Total assets		3,640,620,057
Liabilities
Payable for Fund shares redeemed		19,911,199
Dividends payable		1,605,165
Management fee payable		1,003,824
Administration fees payable		350,877
Distribution fee payable		80,304
Trustees’ fees and expenses payable		453
Accrued expenses and other liabilities		593,993
Total liabilities		23,545,815
Total net assets	$	3,617,074,242
NET ASSETS CONSIST OF
Paid-in capital	$	3,530,567,248
Total distributable earnings		86,506,994
Total net assets	$	3,617,074,242
COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE PER SHARE
Net assets – Class A	$	1,129,800,032
Shares outstanding – Class A1		110,880,173
Net asset value per share – Class A		$10.19
Maximum offering price per share – Class A2		$10.67
Net assets – Class C	$	121,623,930
Shares outstanding – Class C1		11,939,362
Net asset value per share – Class C		$10.19
Net assets – Class R6	$	43,087,125
Shares outstanding – Class R61		4,227,984
Net asset value per share – Class R6		$10.19
Net assets – Administrator Class	$	745,550,181
Shares outstanding – Administrator Class1		73,145,113
Net asset value per share – Administrator Class		$10.19
Net assets – Institutional Class	$	1,577,012,974
Shares outstanding – Institutional Class1		154,788,380
Net asset value per share – Institutional Class		$10.19

¹  The Fund has an unlimited number of authorized shares.

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

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

Statement of operations—six months ended December 31, 2018 (unaudited) Wells Fargo Municipal Bond Fund 39

Investment income
Interest	$	60,705,000
Income from affiliated securities		150,692
Total investment income		60,855,692
Expenses
Management fee		5,862,466
Administration fees
Class A		929,076
Class C		101,908
Class R6		1,715	1
Administrator Class		226,710
Institutional Class		602,175
Shareholder servicing fees
Class A		1,451,681
Class C		159,231
Administrator Class		566,776
Distribution fee
Class C		477,693
Custody and accounting fees		72,199
Professional fees		46,872
Registration fees		77,815
Shareholder report expenses		84,365
Trustees’ fees and expenses		10,427
Other fees and expenses		19,336
Total expenses		10,690,445
Less: Fee waivers and/or expense reimbursements		(542,653	)
Net expenses		10,147,792
Net investment income		50,707,900
REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS
Net realized gains (losses) on:
Unaffiliated securities		(556,433	)
Affiliated securities		(10,026	)
Futures contracts		1,827,864
Net realized gains on investments		1,261,405
Net change in unrealized gains (losses) on:
Unaffiliated securities		(4,836	)
Affiliated securities		(172	)
Net change in unrealized gains (losses) on investments		(5,008	)
Net realized and unrealized gains (losses) on investments		1,256,397
Net increase in net assets resulting from operations	$	51,964,297

¹  For the period from July 31, 2018 (commencement of class operations) to December 31, 2018

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

40 Wells Fargo Municipal Bond Fund Statement of changes in net assets

	Six months ended December 31, 2018 (unaudited)						Year ended June 30, 20181
Operations
Net investment income				$	50,707,900					$	88,997,373
Net realized gains on investments					1,261,405						1,726,727
Net change in unrealized gains (losses) on investments					(5,008	)					(5,965,184	)
Net increase in net assets resulting from operations					51,964,297						84,758,916
Distributions to shareholders from net investment income and net realized gains
Class A					(17,315,587	)					(40,706,034	)
Class C					(1,422,024	)					(3,631,086	)
Class R6					(188,970	)2					N/A
Administrator Class					(7,128,795	)					(4,561,156	)
Institutional Class					(24,660,552	)					(46,129,775	)
Total distributions to shareholders					(50,715,928	)					(95,028,051	)
Capital share transactions		Shares						Shares
Proceeds from shares sold
Class A		3,545,924			36,018,277			9,607,411			98,713,016
Class C		476,964			4,839,747			1,091,279			11,235,517
Class R6		4,295,038	2		43,224,705	2		N/A			N/A
Administrator Class		56,541,399			569,104,609			14,191,031			144,623,050
Institutional Class		48,766,675			493,888,365			56,339,637			577,870,177
					1,147,075,703						832,441,760
Reinvestment of distributions
Class A		1,485,440			15,063,394			3,487,196			35,780,840
Class C		125,944			1,276,754			317,077			3,252,773
Administrator Class		669,199			6,779,644			402,677			4,127,649
Institutional Class		1,966,938			19,940,385			3,728,548			38,233,492
					43,060,177						81,394,754
Payment for shares redeemed
Class A		(9,711,635	)		(98,332,898	)		(18,978,396	)		(194,665,238	)
Class C		(1,647,874	)		(16,698,099	)		(2,964,994	)		(30,428,033	)
Class R6		(67,054	)2		(680,584	)2		N/A			N/A
Administrator Class		(6,306,150	)		(63,709,286	)		(2,961,504	)		(30,373,516	)
Institutional Class		(35,604,929	)		(360,037,031	)		(32,651,728	)		(334,789,494	)
					(539,457,898	)					(590,256,281	)
Net increase in net assets resulting from capital share transactions					650,677,982						323,580,233
Total increase in net assets					651,926,351						313,311,098
Net assets
Beginning of period					2,965,147,891						2,651,836,793
End of period				$	3,617,074,242					$	2,965,147,891

¹  Effective for all filings after November 4, 2018, the SEC prospectively eliminated the requirement to parenthetically disclose undistributed net investment income at the end of the period and permitted the aggregation of distributions, with the exception of tax basis returns of capital. Overdistributed net investment income at June 30, 2018 was $845,178. The disaggregated distributions information for the year ended June 30, 2018 is included in Note 8,Distributions to Shareholders, in the notes to the financial statements.

²  For the period from July 31, 2018 (commencement of class operations) to December 31, 2018

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

Financial highlights Wells Fargo Municipal Bond Fund 41

(For a share outstanding throughout each period)

	Six months ended December 31, 2018 (unaudited)			Year ended June 30
CLASS A				2018			2017			2016			2015			2014
Net asset value, beginning of period		$10.21			$10.25			$10.70			$10.25			$10.33			$10.00
Net investment income		0.15			0.32			0.33			0.31			0.28			0.33
Net realized and unrealized gains (losses) on investments		(0.02	)		(0.02	)		(0.38	)		0.50			0.01			0.40
Total from investment operations		0.13			0.30			(0.05	)		0.81			0.29			0.73
Distributions to shareholders from
Net investment income		(0.15	)		(0.32	)		(0.33	)		(0.31	)		(0.28	)		(0.33	)
Net realized gains		0.00			(0.02	)		(0.07	)		(0.05	)		(0.09	)		(0.07	)
Total distributions to shareholders		(0.15	)		(0.34	)		(0.40	)		(0.36	)		(0.37	)		(0.40	)
Net asset value, end of period		$10.19			$10.21			$10.25			$10.70			$10.25			$10.33
Total return1		1.31	%		2.97	%		(0.47	)%		8.04	%		2.81	%		7.60	%
Ratios to average net assets (annualized)
Gross expenses		0.79	%		0.79	%		0.79	%		0.79	%		0.80	%		0.80	%2
Net expenses		0.75	%		0.75	%		0.75	%		0.75	%		0.75	%		0.76	%2
Net investment income		2.98	%		3.10	%		3.13	%		2.99	%		2.71	%		3.36	%2
Supplemental data
Portfolio turnover rate		12	%		19	%		24	%		16	%		27	%		37	%
Net assets, end of period (000s omitted)		$1,129,800			$1,179,800			$1,244,267			$1,529,884			$1,612,212			$1,661,362

¹  Total return calculations do not include any sales charges. Returns for periods of less than one year are not annualized.

²  Ratios include 0.01% in interest and fee expense relating to inverse floating-rate obligations.

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

42 Wells Fargo Municipal Bond Fund Financial highlights

(For a share outstanding throughout each period)

	Six months ended December 31, 2018 (unaudited)			Year ended June 30
CLASS C				2018			2017			2016			2015			2014
Net asset value, beginning of period		$10.21			$10.24			$10.69			$10.25			$10.33			$10.00
Net investment income		0.11			0.24			0.25			0.23			0.20			0.26
Net realized and unrealized gains (losses) on investments		(0.02	)		(0.01	)		(0.38	)		0.49			0.01			0.40
Total from investment operations		0.09			0.23			(0.13	)		0.72			0.21			0.66
Distributions to shareholders from
Net investment income		(0.11	)		(0.24	)		(0.25	)		(0.23	)		(0.20	)		(0.26	)
Net realized gains		0.00			(0.02	)		(0.07	)		(0.05	)		(0.09	)		(0.07	)
Total distributions to shareholders		(0.11	)		(0.26	)		(0.32	)		(0.28	)		(0.29	)		(0.33	)
Net asset value, end of period		$10.19			$10.21			$10.24			$10.69			$10.25			$10.33
Total return1		0.93	%		2.30	%		(1.21	)%		7.14	%		2.05	%		6.80	%
Ratios to average net assets (annualized)
Gross expenses		1.54	%		1.54	%		1.54	%		1.54	%		1.55	%		1.55	%2
Net expenses		1.50	%		1.50	%		1.50	%		1.50	%		1.50	%		1.51	%2
Net investment income		2.23	%		2.35	%		2.38	%		2.24	%		1.97	%		2.60	%2
Supplemental data
Portfolio turnover rate		12	%		19	%		24	%		16	%		27	%		37	%
Net assets, end of period (000s omitted)		$121,624			$132,529			$148,944			$186,036			$164,703			$154,863

¹  Total return calculations do not include any sales charges. Returns for periods of less than one year are not annualized.

²  Ratios include 0.01% in interest and fee expense relating to inverse floating-rate obligations.

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

Financial highlights Wells Fargo Municipal Bond Fund 43

(For a share outstanding throughout the period)

CLASS R6	Period ended December 31, 2018 (unaudited)1
Net asset value, beginning of period		$10.21
Net investment income		0.14
Net realized and unrealized gains (losses) on investments		(0.02	)
Total from investment operations		0.12
Distributions to shareholders from
Net investment income		(0.14	)
Net asset value, end of period		$10.19
Total return2		1.21	%
Ratios to average net assets (annualized)
Gross expenses		0.41	%
Net expenses		0.41	%
Net investment income		3.30	%
Supplemental data
Portfolio turnover rate		12	%
Net assets, end of period (000s omitted)		$43,087

¹  For the period from July 31, 2018 (commencement of class operations) to December 31, 2018.

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

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

44 Wells Fargo Municipal Bond Fund Financial highlights

(For a share outstanding throughout each period)

	Six months ended December 31, 2018 (unaudited)			Year ended June 30
ADMINISTRATOR CLASS				2018			2017			2016			2015			2014
Net asset value, beginning of period		$10.21			$10.25			$10.70			$10.26			$10.34			$10.01
Net investment income		0.16	1		0.33	1		0.34			0.33			0.30			0.35
Net realized and unrealized gains (losses) on investments		(0.02	)		(0.02	)		(0.38	)		0.49			0.01			0.40
Total from investment operations		0.14			0.31			(0.04	)		0.82			0.31			0.75
Distributions to shareholders from
Net investment income		(0.16	)		(0.33	)		(0.34	)		(0.33	)		(0.30	)		(0.35	)
Net realized gains		0.00			(0.02	)		(0.07	)		(0.05	)		(0.09	)		(0.07	)
Total distributions to shareholders		(0.16	)		(0.35	)		(0.41	)		(0.38	)		(0.39	)		(0.42	)
Net asset value, end of period		$10.19			$10.21			$10.25			$10.70			$10.26			$10.34
Total return2		1.39	%		3.13	%		(0.32	)%		8.10	%		2.97	%		7.75	%
Ratios to average net assets (annualized)
Gross expenses		0.73	%		0.73	%		0.73	%		0.73	%		0.73	%		0.74	%3
Net expenses		0.60	%		0.60	%		0.60	%		0.60	%		0.60	%		0.61	%3
Net investment income		3.14	%		3.27	%		3.18	%		3.15	%		2.86	%		3.49	%3
Supplemental data
Portfolio turnover rate		12	%		19	%		24	%		16	%		27	%		37	%
Net assets, end of period (000s omitted)		$745,550			$227,116			$108,715			$270,304			$384,884			$362,896

¹  Calculated based upon average shares outstanding

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

³  Ratios include 0.01% in interest and fee expense relating to inverse floating-rate obligations.

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

Financial highlights Wells Fargo Municipal Bond Fund 45

(For a share outstanding throughout each period)

	Six months ended December 31, 2018 (unaudited)			Year ended June 30
INSTITUTIONAL CLASS				2018			2017			2016			2015			2014
Net asset value, beginning of period		$10.21			$10.24			$10.70			$10.25			$10.33			$10.00
Net investment income		0.17			0.35			0.36			0.34			0.31			0.36
Net realized and unrealized gains (losses) on investments		(0.02	)		(0.01	)		(0.39	)		0.50			0.01			0.40
Total from investment operations		0.15			0.34			(0.03	)		0.84			0.32			0.76
Distributions to shareholders from
Net investment income		(0.17	)		(0.35	)		(0.36	)		(0.34	)		(0.31	)		(0.36	)
Net realized gains		0.00			(0.02	)		(0.07	)		(0.05	)		(0.09	)		(0.07	)
Total distributions to shareholders		(0.17	)		(0.37	)		(0.43	)		(0.39	)		(0.40	)		(0.43	)
Net asset value, end of period		$10.19			$10.21			$10.24			$10.70			$10.25			$10.33
Total return1		1.46	%		3.37	%		(0.28	)%		8.35	%		3.11	%		7.90	%
Ratios to average net assets (annualized)
Gross expenses		0.46	%		0.46	%		0.46	%		0.46	%		0.47	%		0.47	%2
Net expenses		0.46	%		0.46	%		0.46	%		0.46	%		0.47	%		0.47	%2
Net investment income		3.28	%		3.40	%		3.44	%		3.27	%		3.02	%		3.58	%2
Supplemental data
Portfolio turnover rate		12	%		19	%		24	%		16	%		27	%		37	%
Net assets, end of period (000s omitted)		$1,577,013			$1,425,703			$1,149,911			$961,289			$523,736			$255,112

¹  Returns for periods of less than one year are not annualized.

²  Ratios include 0.01% in interest and fee expense relating to inverse floating-rate obligations.

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

46 Wells Fargo Municipal Bond Fund Notes to financial statements (unaudited)

1. ORGANIZATION

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

2. SIGNIFICANT ACCOUNTING POLICIES

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

Securities valuation

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

Debt securities are valued at the evaluated bid price provided by an independent pricing service (e.g. taking into account various factors, including yields, maturities, or credit ratings) or, if a reliable price is not available, the quoted bid price from an independent broker-dealer.

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

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

Investments which are not valued using any of the methods discussed above are valued at their fair value, as determined in good faith by the Board of Trustees of the Fund. The Board of Trustees has established a Valuation Committee comprised of the Trustees and has delegated to it the authority to take any actions regarding the valuation of portfolio securities that the Valuation Committee deems necessary or appropriate, including determining the fair value of portfolio securities, unless the determination has been delegated to the Wells Fargo Asset Management Pricing Committee at Wells Fargo Funds Management, LLC (“Funds Management”). The Board of Trustees retains the authority to make or ratify any valuation decisions or approve any changes to the Valuation Procedures as it deems appropriate. On a quarterly basis, the Board of Trustees receives reports on any valuation actions taken by the Valuation Committee or the Wells Fargo Asset Management Pricing Committee which may include items for ratification.

When-issued transactions

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

Futures contracts

The Fund is subject to interest rate risk in the normal course of pursuing its investment objectives. Futures contracts are agreements between the Fund and a counterparty to buy or sell a specific amount of a commodity, financial instrument or currency at specified price and on a specified date. The Fund may buy and sell futures contracts in order to gain exposure to, or protect against, changes in interest rates. The primary risks associated with the use of futures contracts are the imperfect correlation between changes in market values of securities held by the Fund and the prices of futures contracts, and the possibility of an illiquid market. Futures contracts are generally entered into on a regulated futures exchange and cleared through a clearinghouse associated with the exchange. With futures contracts, there is minimal counterparty risk to the Fund since futures contracts are exchange traded and the exchange’s clearinghouse, as counterparty to all exchange traded futures, guarantees the futures contracts against default.

Upon entering into a futures contracts, the Fund is required to deposit either cash or securities (initial margin) with the broker in an amount equal to a certain percentage of the contract value. Subsequent payments (variation margin) are paid to or from the broker each day equal to the daily changes in the contract value. Such payments are recorded as

Notes to financial statements (unaudited) Wells Fargo Municipal Bond Fund 47

unrealized gains or losses and, if any, shown as variation margin receivable (payable) in the Statement of Assets and Liabilities. Should the Fund fail to make requested variation margin payments, the broker can gain access to the initial margin to satisfy the Fund’s payment obligations. When the contracts are closed, a realized gain or loss is recorded in the Statement of Operations.

Swap contracts

Swap contracts are agreements between the Fund and a counterparty to exchange a series of cash flows over a specified period. Swap agreements are privately negotiated contracts between the Fund and a counterparty in the OTC market and may be entered into as a bilateral contract (“OTC swaps”) or centrally cleared (“centrally cleared swaps”) with a central clearinghouse.

For OTC swaps, any upfront premiums paid and any upfront fees received are shown as swap premiums paid and swap premiums received, respectively, in the Statement of Assets and Liabilities and amortized over the term of the contract. The daily fluctuations in market value are recorded as unrealized gains or losses on OTC swaps in the Statement of Assets and Liabilities. Payments received or paid are recorded in the Statement of Operations as realized gains or losses, respectively. When an OTC swap is terminated, a realized gain or loss is recorded in the Statement of Operations equal to the difference between the proceeds from (or cost of) the closing transaction and the Fund’s basis in the contract, if any. Generally, the basis of the contract is the premium received or paid.

In a centrally cleared swap, immediately following execution of the swap contract, the swap contract is novated to a central counterparty (the “CCP”) and the Fund’s counterparty on the swap agreement becomes the CCP. Upon entering into a centrally cleared swap, the Fund is required to deposit an initial margin with the broker in the form of cash or securities. Securities deposited as initial margin are designated in the Portfolio of Investments and cash deposited is shown as cash segregated for centrally cleared swaps in the Statement of Assets and Liabilities. Pursuant to the contract, the Fund agrees to receive from or pay to the broker an amount of cash equal to the daily fluctuation in market value of the contract (“variation margin”). The variation margin is recorded as an unrealized gain (or loss) and shown as variation margin receivable (or payable) on centrally cleared swaps in the Statement of Assets and Liabilities. Payments received from (paid to) the counterparty, including at termination, are recorded as realized gains (losses) in the Statement of Operations.

Credit default swaps

The Fund is subject to credit risk in the normal course of pursuing its investment objectives. The Fund may enter into credit default swaps for hedging or speculative purposes to provide or receive a measure of protection against default on a referenced entity, obligation or index or a basket of single-name issuers or traded indexes. An index credit default swap references all the names in the index, and if a credit event is triggered, the credit event is settled based on that name’s weight in the index. Credit default swaps are agreements in which the protection buyer pays fixed periodic payments to the protection seller in consideration for a promise from the protection seller to make a specific payment should a negative credit event take place with respect to the referenced entity (e.g., bankruptcy, failure to pay, obligation acceleration, repudiation, moratorium or restructuring).

The Fund may enter into credit default swaps as either the seller of protection or the buyer of protection. If the Fund is the buyer of protection and a credit event occurs, the Fund will either receive from the seller an amount equal to the notional amount of the swap and deliver the referenced security or underlying securities comprising the index, or receive a net settlement of cash equal to the notional amount of the swap less the recovery value of the security or underlying securities comprising the index. If the Fund is the seller of protection and a credit event occurs, the Fund will either pay the buyer an amount equal to the notional amount of the swap and take delivery of the referenced security or underlying securities comprising the index or pay a net settlement of cash equal to the notional amount of the swap less the recovery value of the security or underlying securities comprising the index.

As the seller of protection, the Fund is subject to investment exposure on the notional amount of the swap and has assumed the risk of default of the underlying security or index. As the buyer of protection, the Fund could be exposed to risks if the seller of the protection defaults on its obligation to perform, or if there are unfavorable changes in the fluctuation of interest rates.

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

48 Wells Fargo Municipal Bond Fund Notes to financial statements (unaudited)

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 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 December 31, 2018, the aggregate cost of all investments for federal income tax purposes was $3,494,088,799 and the unrealized gains (losses) consisted of:

Gross unrealized gains	$	106,410,982
Gross unrealized losses		(11,966,347	)
Net unrealized gains	$	94,444,635

As of December 31, 2018, the Fund had capital loss carryforwards available to offset future net realized capital gains in the amount of $130,027 which expires in 2019.

As of December 31, 2018, the Fund had current year deferred post-October capital losses consisting of $5,899,085 in net long-term losses which were recognized on the first day of the current fiscal year.

Class allocations

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

3. FAIR VALUATION MEASUREMENTS

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

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

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

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

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

Notes to financial statements (unaudited) Wells Fargo Municipal Bond Fund 49

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

	Quoted prices (Level 1)		Other significant observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total
Assets
Investments in:
Municipal obligations	$	0	$	3,572,670,518	$	0	$	3,572,670,518
Short-term investments
Investment companies		14,424,836		0		0		14,424,836
U.S. Treasury securities		1,438,080		0		0		1,438,080
Total assets	$	15,862,916	$	3,572,670,518	$	0	$	3,588,533,434

Additional sector, industry or geographic detail is included in the Portfolio of Investments.

At December 31, 2018, the Fund did not have any transfers into/out of 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 0.40% and declining to 0.28% as the average daily net assets of the Fund increase. For the six months ended December 31, 2018, the management fee was equivalent to an annual rate of 0.36% of the Fund’s average daily net assets.

Funds Management has retained the services of a subadviser to provide daily portfolio management to the Fund. The fee for subadvisory services is borne by Funds Management. Wells Capital Management Incorporated, an affiliate of Funds Management and an indirect wholly owned subsidiary of Wells Fargo, is the subadviser to the Fund and is entitled to receive a fee from Funds Management at an annual rate starting at 0.20% and declining to 0.10% as the average daily net assets of the Fund increase.

Administration fees

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

	Class-level administration fee
Class A, Class C		0.16	%
Class R6		0.03
Administrator Class		0.10
Institutional Class		0.08

Funds Management has contractually waived and/or reimbursed management and administration fees to the extent necessary to maintain certain net operating expense ratios for the Fund. 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 October 31, 2019 to waive fees and/or reimburse expenses to the extent necessary to cap the Fund’s expenses at 0.75% for Class A shares, 1.50% for Class C shares, 0.43% for Class R6 shares, 0.60% for Administrator Class shares, and 0.48% for Institutional Class shares. After this time, the cap may be increased or the commitment to maintain the cap may be terminated only with the approval of the Board of Trustees.

50 Wells Fargo Municipal Bond Fund Notes to financial statements (unaudited)

Distribution fee

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

In addition, Funds Distributor is entitled to receive the front-end sales charge from the purchase of Class A shares and a contingent deferred sales charge on the redemption of certain Class A shares. Funds Distributor is also entitled to receive the contingent deferred sales charges from redemptions of Class C shares. For the six months ended December 31, 2018, Funds Distributor received $12,041 from the sale of Class A shares and $140 in contingent deferred sales charges from redemptions of Class A shares. No contingent deferred sales were incurred by Class C shares for the six months ended December 31, 2018.

Shareholder servicing fees

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

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

Interfund transactions

The Fund may purchase or sell portfolio investment securities to certain other Wells Fargo affiliates pursuant toRule 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 $359,675,000 and $191,475,000 in interfund purchases and sales, respectively, during the six months ended December 31, 2018.

5. INVESTMENT PORTFOLIO TRANSACTIONS

Purchases and sales of investments, excluding U.S. government obligations (if any) and short-term securities, for the six months ended December 31, 2018 were $1,096,489,428 and $359,719,144, respectively.

6. DERIVATIVE TRANSACTIONS

During the six months ended December 31, 2018, the Fund entered into futures contracts to take advantage of the differences between municipal and treasury yields and to help manage the duration of the portfolio. The Fund had an average notional amount of $108,276,271 in long futures contracts during the six months ended December 31, 2018.

The fair value, realized gains or losses and change in unrealized gains or losses, if any, on derivative instruments are reflected in the corresponding financial statement captions.

7. BANK BORROWINGS

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

For the six months ended December 31, 2018, there were no borrowings by the Fund under the agreement.

8. DISTRIBUTIONS TO SHAREHOLDERS

Effective for all filings after November 4, 2018, the Securities and Exchange Commission eliminated the requirement to separately state the components of distributions to shareholders under U.S. generally accepted accounting principles. The amounts of distributions to shareholders for the year ended June 30, 2018 were as follows:

	Net investment income		Net realized gains
Class A		$37,790,314		$2,915,720
Class C		3,290,591		340,495
Administrator Class		4,313,164		247,992
Institutional Class		43,127,825		3,001,950

Notes to financial statements (unaudited) Wells Fargo Municipal Bond Fund 51

9. INDEMNIFICATION

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

10. NEW ACCOUNTING PRONOUNCEMENT

In August 2018, FASB issued Accounting Standards Update (“ASU”) No. 2018-13, Fair Value Measurement (Topic 820)Disclosure Framework—Changes to the Disclosure Requirements for Fair Value Measurement. ASU 2018-13 updates the disclosure requirements for fair value measurements by modifying or removing certain disclosures and adding certain new disclosures. The amendments are effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019. Early adoption is permitted. Management has adopted the removal and modification of disclosures early, as permitted, and will adopt the additional new disclosures at the effective date.

52 Wells Fargo Municipal Bond Fund Other information (unaudited)

PROXY VOTING INFORMATION

A description of the policies and procedures used to determine how to vote proxies relating to portfolio securities is available, upon request, by calling1-800-222-8222, visiting our website atwellsfargofunds.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 atwellsfargofunds.comor by visiting the SEC website at sec.gov.

PORTFOLIO HOLDINGS INFORMATION

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

Other information (unaudited) Wells Fargo Municipal Bond Fund 53

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 152 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 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.	N/A
Jane A. Freeman (Born 1953)	Trustee, since 2015; Chair Liaison, since 2018	Retired. From 2012 to 2014 and 1999 to 2008, Chief Financial Officer of Scientific Learning Corporation. From 2008 to 2012, Ms. Freeman provided consulting services related to strategic business projects. Prior to 1999, Portfolio Manager at Rockefeller & Co. and Scudder, Stevens & Clark. Board member of the Harding Loevner Funds from 1996 to 2014, serving as both Lead Independent Director and chair of the Audit Committee. Board member of the Russell Exchange Traded Funds Trust from 2011 to 2012 and the chair of the Audit Committee. Ms. Freeman is a Board Member of The Ruth Bancroft Garden (non-profit organization). She is also an inactive Chartered Financial Analyst.	N/A
Isaiah Harris, Jr.3 (Born 1952)	Trustee, since 2009; Audit Committee Chairman, since 2019	Retired. Chairman of the Board of CIGNA Corporation since 2009, and Director since 2005. From 2003 to 2011, Director of Deluxe Corporation. Prior thereto, President and CEO of BellSouth Advertising and Publishing Corp. from 2005 to 2007, President and CEO of BellSouth Enterprises from 2004 to 2005 and President of BellSouth Consumer Services from 2000 to 2003. Emeritus member of the Iowa State University Foundation Board of Governors. Emeritus Member of the Advisory Board of Iowa State University School of Business. Advisory Board Member, Palm Harbor Academy (private school). Advisory Board Member, Child Evangelism Fellowship (non-profit). Mr. Harris is a certified public accountant (inactive status).	CIGNA Corporation
Judith M. Johnson3 (Born 1949)	Trustee, since 2008; Audit Committee Chairman, from 2009 to 2018	Retired. Prior thereto, Chief Executive Officer and Chief Investment Officer of Minneapolis Employees Retirement Fund from 1996 to 2008. Ms. Johnson is an attorney, certified public accountant and a certified managerial accountant.	N/A
David F. Larcker (Born 1950)	Trustee, since 2009	James Irvin Miller Professor of Accounting at the Graduate School of Business, Stanford University, Director of the Corporate Governance Research Initiative and Senior Faculty of The Rock Center for Corporate Governance since 2006. From 2005 to 2008, Professor of Accounting at the Graduate School of Business, Stanford University. Prior thereto, Ernst & Young Professor of Accounting at The Wharton School, University of Pennsylvania from 1985 to 2005.	N/A

54 Wells Fargo Municipal Bond Fund Other information (unaudited)

Name and year of birth	Position held and length of service*	Principal occupations during past five years or longer	Current other public company or investment company directorships
Olivia S. Mitchell (Born 1953)	Trustee, since 2006; Nominating and 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.	N/A
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.	N/A
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.	N/A
Michael S. Scofield4 (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.	N/A
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, Governance 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 from 2010 to 2011, Chairman of the Board from 2009 to 2011 and Board Director from 2003 to 2015. Vice President, Leadership and Community Engagement, Bush Foundation, Saint Paul, Minnesota (a private foundation) from 2009 to 2011. Executive Vice President and Chief Financial Officer, Minnesota Sports and Entertainment from 2004 to 2009 and Senior Vice President from 2002 to 2004. Commissioner of Finance, State of Minnesota, from 1999 to 2002. Currently the Board Chair of the Minnesota Wild Foundation since 2010.	N/A

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

Other information (unaudited) Wells Fargo Municipal Bond Fund 55

Officers

Name and year of birth	Position held and length of service	Principal occupations during past five years or longer
Andrew Owen (Born 1960)	President, since 2017	Executive Vice President of Wells Fargo & Company and Head of Affiliated Managers, Wells Fargo Asset Management, since 2014. In addition, Mr. Owen is currently President, Chief Executive Officer and Director of Wells Fargo Funds Management, LLC since 2017. Prior thereto, Executive Vice President responsible for marketing, investments and product development for Wells Fargo Funds Management, LLC, from 2009 to 2014.
Nancy Wiser1 (Born 1967)	Treasurer, since 2012	Executive Vice President of Wells Fargo Funds Management, LLC since 2011. Chief Operating Officer and Chief Compliance Officer at LightBox Capital Management LLC, from 2008 to 2011.
Alexander Kymn (Born 1973)	Secretary, since 2018; Chief Legal Officer, since 2018	Senior Company Counsel of Wells Fargo Bank, N.A. since 2018 (previously Senior Counsel from 2007 to 2018). Vice President of Wells Fargo Funds Management, LLC from 2008 to 2014.
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 76 funds in the Fund Complex. Jeremy DePalma acts as Treasurer of 76 funds and Assistant Treasurer of 76 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 calling1-800-222-8222 or by visiting the website atwellsfargofunds.com.

³  Mr. Harris replaced Ms. Johnson as the Chairman of the Audit Committee effective January 1, 2019.

⁴  Mr. Scofield retired on December 31, 2018.

56 Wells Fargo Municipal Bond Fund Appendix A (unaudited)

SALES CHARGE REDUCTIONS AND WAIVERS FOR CERTAIN INTERMEDIARIES

Raymond James & Associates, Inc., Raymond James Financial Services & Raymond James affiliates (“Raymond James”)

Effective on or about March 1, 2019, shareholders purchasing Fund shares through a Raymond James platform or account will be eligible only for the following load waivers (front-end sales charge waivers and contingent deferred, or back-end, sales charge waivers) and discounts, which may differ from those disclosed elsewhere in the Fund’s Prospectus or SAI.

Front-end Sales Load Waivers on Class A shares Available at Raymond James

• Shares purchased in an investment advisory program.

• Shares purchased through reinvestment of capital gains distributions and dividend reinvestment when purchasing shares of the same fund (but not any other fund within the fund family).

• Employees and registered representatives of Raymond James or its affiliates and their family members as designated by Raymond James.

• Shares purchased from the proceeds of redemptions within the same fund family, provided (1) the repurchase occurs within 90 days following the redemption, (2) the redemption and purchase occur in the same account, and (3) redeemed shares were subject to a front-end or deferred sales load (known as Rights of Reinstatement).

• A shareholder in the fund’s Class C shares will have their shares automatically exchanged at net asset value to Class A shares (or the appropriate share class) of the fund if the shares are no longer subject to a CDSC and the exchange is in line with the policies and procedures of Raymond James.

CDSC Waivers on Class A and C Shares Available at Raymond James

• Death or disability of the shareholder.

• Shares sold as part of a systematic withdrawal plan as described in the Fund’s Prospectus.

• Return of excess contributions from an IRA Account.

• Shares sold as part of a required minimum distribution for IRA and retirement accounts due to the shareholder reaching age 70½ as described in the Fund’s prospectus.

• Shares sold to pay Raymond James fees but only if the transaction is initiated by Raymond James.

• Shares acquired through a right of reinstatement.

Front-end Load Discounts Available at Raymond James: Breakpoints, and/or Rights of Accumulation

• Breakpoints as described in the Fund’s Prospectus.

• Rights of accumulation which entitle shareholders to breakpoint discounts will be automatically calculated based on the aggregated holding of fund family assets held by accounts within the purchaser’s household at Raymond James. Eligible fund family assets not held at Raymond James may be included in the rights of accumulation calculation only if the shareholder notifies his or her financial advisor about such assets.

For more information

More information about Wells Fargo Funds is available free upon request. To obtain literature, please write, 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, call1-800-222-8222 or visit the Fund’s website atwellsfargofunds.com. Read the prospectus carefully before you invest or send money.

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

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

INVESTMENT PRODUCTS: NOT FDIC INSURED  ◾  NO BANK GUARANTEE  ◾   MAY LOSE VALUE

© 2019 Wells Fargo Funds Management, LLC. All rights reserved.

320448 02-19 SA253/SAR253 12-18

Semi-Annual Report

December 31, 2018

Wells Fargo North Carolina Tax-Free Fund

Beginning on January 1, 2021, as permitted by new regulations adopted by the Securities and Exchange Commission, paper copies of the Wells Fargo Funds’ annual and semi-annual shareholder reports issued after this date will no longer be sent by mail, unless you specifically request paper copies of the reports. Instead, the reports will be made available on the Funds’ website, and you will be notified by mail each time a report is posted and provided with a website address to access the report.

If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from the Fund electronically at any time by contacting your financial intermediary (such as a broker-dealer or bank) or, if you are a direct investor, by calling 1-800-222-8222 or by enrolling at wellsfargo.com/advantagedelivery.

You may elect to receive all future reports in paper free of charge. If you invest through a financial intermediary, you can contact your financial intermediary to request that you continue to receive paper copies of your shareholder reports; if you invest directly with the Fund, you can call 1-800-222-8222. Your election to receive reports in paper will apply to all Wells Fargo Funds held in your account with your financial intermediary or, if you are a direct investor, to all Wells Fargo Funds that you hold.

Reduce clutter. Save trees.

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

Contents

Letter to shareholders	2
Performance highlights	4
Fund expenses	6
Portfolio of investments	7
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	16
Other information	20
Appendix A	24

The views expressed and any forward-looking statements are as of December 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.

INVESTMENT PRODUCTS: NOT FDIC INSURED  ◾  NO BANK GUARANTEE  ◾   MAY LOSE VALUE

2 Wells Fargo North Carolina Tax-Free Fund Letter to shareholders (unaudited)

Andrew Owen

President

Wells Fargo Funds

Global trade tensions escalated during the third quarter of 2018.

Dear Shareholder:

We are pleased to offer you this semi-annual report for the Wells Fargo North Carolina Tax-Free Fund for the six-month period that ended December 31, 2018. During the reporting period, the U.S. generated encouraging economic and business data that was offset by less positive and more inconsistent data from international markets. Investment returns were generally negative as geopolitical tensions and uncertainty tended to distract investors from more favorable underlying trends.

For the period, U.S. stocks, as measured by the S&P 500 Index,¹ fell 6.85% and international stocks, as measured by the MSCI ACWI ex USA Index (Net),² declined 10.84%. Based on the MSCI EM Index (Net),³ emerging market stocks lost 8.48%. For bond investors, the Bloomberg Barclays U.S. Aggregate Bond Index⁴ gained 1.65% while the Bloomberg Barclays Global Aggregate ex-USD Index⁵ fell 0.84%. The Bloomberg Barclays Municipal Bond Index⁶ gained 1.53% while the ICE BofAML U.S. High Yield Index⁷ declined 2.34%.

Global trade tensions prompted investor concerns.

Global trade tensions escalated during the third quarter of 2018. The U.S. imposed tariffs on a wide range of products manufactured overseas. Foreign governments retaliated with tariffs that punished U.S. commodity producers and product manufacturers. Investors wondered about next steps as divergence in global economic policies and growth prospects widened.

During the summer months, the U.S. economy strengthened. Revised second-quarter gross domestic product (GDP) growth data released in August showed the U.S. economy growing at a 4.2% rate. The unemployment rate in the U.S. was 3.7% by the end of September, according to the U.S. Department of Labor. Wages showed more consistent growth, and consumer confidence remained strong. Several U.S. equity market indices reached records during August, with the S&P 500 Index gaining 7.71% for the three-month period that ended September 30, 2018. In contrast, the MSCI ACWI ex USA Index (Net) gained 0.71% while the MSCI EM Index (Net) declined 1.09% during the same three-month period.

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.

Letter to shareholders (unaudited) Wells Fargo North Carolina Tax-Free Fund 3

Economic signals overseas were mixed as the third quarter ended and the fourth quarter began. In particular, signs of slowing economic growth in China created uncertainty for investors. Amid rising trade tensions, the People’s Bank of China cut reserve requirement ratios and accelerated infrastructure spending and tax cuts for business enterprises and individuals. Nevertheless, a strengthening U.S. dollar and trade tensions remained headwinds for investors overseas.

Equity markets were volatile during the fourth quarter.

Negative stock market performance during October and December bracketed a mildly positive November, as measured by the S&P 500 Index and the MSCI ACWI ex USA Index (Net). As interest rates and bond yields gained during October, stock markets struggled. Readings on consumer sentiment and business spending were mixed. Markets rebounded in November. The U.S. and China agreed to halt further increases in tariffs and engage in additional negotiations. While November returns were positive, the loss for the full fourth quarter was substantial for equity investors globally, with the S&P down 13.52% and the MSCI ACWI ex USA Index (Net) down 11.46%. December’s S&P 500 Index performance was the lowest since 1931. Globally, fixed income investments fared better than stocks during the last two months of the year as conflicting signals unsettled investors’ outlooks.

Equity investors confronted a number of changing conditions. In November’s mid-term elections, control of the U.S. House of Representatives shifted from Republicans to Democrats, presaging potential partisan disputes. Progress on Brexit negotiations stalled in the UK. In China, the value of the yuan declined to low levels last seen in 2008. Oil prices continued to fall. The Fed increased the federal funds rate by 25 bps to a target range of between 2.25% and 2.50% in December 2018. A late-December dispute over spending and immigration policy resulted in a partial U.S. government shutdown that continued through the end of the period.

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

Economic signals overseas were mixed as the third quarter ended and the fourth quarter began.

For further information about your Fund, contact your investment professional, visit our website atwellsfargofunds.com, or call us directly at1-800-222-8222.

4 Wells Fargo North Carolina Tax-Free Fund Performance highlights (unaudited)

Investment objective

The Fund seeks current income exempt from federal income tax and North Carolina individual income tax.

Manager

Wells Fargo Funds Management, LLC

Subadviser

Wells Capital Management Incorporated

Portfolio managers

Bruce R. Johns

Robert J. Miller

Average annual total returns (%) as of December 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 (ENCMX)	1-11-1993		-3.42		2.15		3.90		1.14		3.10		4.38		1.01		0.85
Class C (ENCCX)	3-27-2002		-0.62		2.31		3.60		0.38		2.31		3.60		1.76		1.60
Institutional Class (ENCYX)	2-28-1994		–		–		–		1.45		3.40		4.69		0.68		0.54
Bloomberg Barclays Municipal Bond Index4	–		–		–		–		1.28		3.82		4.85		–		–
Bloomberg Barclays North Carolina Municipal Bond Index5	–		–		–		–		1.31		3.16		4.18		–		–

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

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

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

Bond values fluctuate in response to the financial condition of individual issuers, general market and economic conditions, and changes in interest rates. Changes in market conditions and government policies may lead to periods of heightened volatility in the bond market and reduced liquidity for certain bonds held by the Fund. In general, when interest rates rise, bond values fall and investors may lose principal value. Interest rate changes and their impact on the Fund and its share price can be sudden and unpredictable. The use of derivatives may reduce returns and/or increase volatility. Certain investment strategies tend to increase the total risk of an investment (relative to the broader market). The Fund is exposed to North Carolina municipal securities risk, high-yield securities risk, and non-diversification risk. Consult the Fund’s prospectus for additional information on these and other risks. A portion of the Fund’s income may be subject to federal, state, and/or local income taxes or the Alternative Minimum Tax (AMT). Any capital gains distributions may be taxable.

Please see footnotes on page 5.

Performance highlights (unaudited) Wells Fargo North Carolina Tax-Free Fund 5

Effective maturity distribution as of December 31, 2018⁶

Credit quality as of December 31, 2018⁷

¹  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 North Carolina Municipal Bond 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 October 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. The expense ratio paid by an investor is the net expense ratio (the total annual fund operating expenses after fee waivers) as stated in the prospectuses.

⁴  The Bloomberg Barclays Municipal Bond Index is an unmanaged index composed of long-term tax-exempt bonds with a minimum credit rating of Baa. You cannot invest directly in an index.

⁵  The Bloomberg Barclays North Carolina Municipal Bond Index includes investment-grade, tax-exempt, and fixed-rate bonds issued in the state of North Carolina; all securities have long-term maturities (greater than two years) and are selected from issues larger than $50 million. You cannot invest directly in an index.

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

⁷  The credit quality distribution of portfolio holdings reflected in the chart is based on ratings from Standard & Poor’s, Moody’s Investors Service, and/ or Fitch Ratings Ltd. Credit quality ratings apply to the underlying holdings of the Fund and not to the Fund itself. The percentages of the Fund’s portfolio with the ratings depicted in the chart are calculated based on the total market value of fixed income securities held by the Fund. If a security was rated by all three rating agencies, the middle rating was utilized. If rated by two of three rating agencies, the lower rating was utilized, and if rated by one of the rating agencies, that rating was utilized. Standard & Poor’s rates the creditworthiness of bonds, ranging from AAA (highest) to D (lowest). Ratings from A to CCC may be modified by the addition of a plus (+) or minus (-) sign to show relative standing within the rating categories. Standard & Poor’s rates the creditworthiness of short-term notes from SP-1 (highest) to SP-3 (lowest). Moody’s rates the creditworthiness of bonds, ranging from Aaa (highest) to C (lowest). Ratings Aa to B may be modified by the addition of a number 1 (highest) to 3 (lowest) to show relative standing within the ratings categories. Moody’s rates the creditworthiness of short-term U.S. tax-exempt municipal securities from MIG 1/VMIG 1 (highest) to SG (lowest). Fitch rates the creditworthiness of bonds, ranging from AAA (highest) to D (lowest). Credit quality distribution is subject to change and may have changed since the date specified.

6 Wells Fargo North Carolina Tax-Free Fund Fund expenses (unaudited)

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

The example is based on an investment of $1,000 invested at the beginning of the six-month period and held for the entire period from July 1, 2018 to December 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 sales charges (loads) and contingent deferred sales charges. Therefore, the “Hypothetical” line of the table is useful in comparing ongoing costs only and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

	Beginning account value 7-1-2018		Ending account value 12-31-2018		Expenses paid during the period¹		Annualized net expense ratio
Class A
Actual	$	1,000.00	$	1,007.68	$	4.30		0.85	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.92	$	4.33		0.85	%
Class C
Actual	$	1,000.00	$	1,003.89	$	8.08		1.60	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,017.14	$	8.13		1.60	%
Institutional Class
Actual	$	1,000.00	$	1,009.25	$	2.73		0.54	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,022.48	$	2.75		0.54	%

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—December 31, 2018 (unaudited) Wells Fargo North Carolina Tax-Free Fund 7

Security name	Interest rate			Maturity date		Principal		Value
Municipal Obligations: 97.07%
Guam: 2.88%
Airport Revenue: 0.96%
Guam Port Authority Series B		5.00	%		7-1-2030	$	500,000	$	551,220
Water & Sewer Revenue: 1.92%
Guam Government Waterworks Authority Series 2013		5.25			7-1-2023		1,000,000		1,101,460
									1,652,680
Indiana: 1.96%
Water & Sewer Revenue: 1.96%
Indiana Finance Authority First Lien Wastewater Utility Clean Water Project Series A		5.00			10-1-2031		1,000,000		1,126,690
New York: 2.79%
Tax Revenue: 2.79%
New York Dormitory Authority Personal Income Tax Series B		5.00			3-15-2042		1,500,000		1,601,700
North Carolina: 83.69%
Airport Revenue: 18.21%
Charlotte NC Airport Series A		5.50			7-1-2034		2,500,000		2,633,875
Charlotte NC AMT Series B		5.00			7-1-2020		1,480,000		1,543,936
Charlotte NC AMT Series B		5.50			7-1-2024		810,000		850,921
Charlotte NC Douglas Airport Series A		5.00			7-1-2025		1,645,000		1,762,831
North Carolina Port Authority Series B		5.00			2-1-2025		3,540,000		3,660,325
									10,451,888
Education Revenue: 11.24%
North Carolina Capital Facilities Finance Agency Forest University Series 2016		5.00			1-1-2033		1,000,000		1,153,640
North Carolina Capital Facilities Finance Agency Meredith College Series 2018		5.00			6-1-2038		500,000		538,755
University of North Carolina at Ashville Series 2017		5.00			6-1-2042		625,000		691,300
University of North Carolina at Greensboro Series 2014		5.00			4-1-2033		2,000,000		2,252,640
University of North Carolina at Greensboro Series 2014		5.00			4-1-2039		1,620,000		1,813,622
									6,449,957
Health Revenue: 20.43%
Charlotte Mecklenburg Hospital Authority Health Care Refunding Bonds Series 2018		5.00			1-15-2036		500,000		574,860
New Hanover County NC New Hanover Regional Medical Center		5.00			10-1-2047		1,000,000		1,102,600
New Hanover County NC New Hanover Regional Medical Center Series 2011		5.00			10-1-2028		3,000,000		3,214,140
North Carolina Medical Care Commission Baptist Hospital Project Series 2017		5.25			6-1-2029		2,000,000		2,087,680
North Carolina Medical Care Commission Deerfield Episcopal Retirement Community Project Series 2016		5.00			11-1-2031		1,500,000		1,686,690
North Carolina Medical Care Commission Presbyterian Homes Project Series 2016C		4.00			10-1-2031		1,500,000		1,585,905
North Carolina Medical Care Commission Southeastern Regional Medical Center Series 2012		5.00			6-1-2026		385,000		419,304
North Carolina Medical Care Commission Southeastern Regional Medical Center Series 2012		5.00			6-1-2032		500,000		538,750
North Carolina Medical Care Commission Southminster Series 2016		5.00			10-1-2037		500,000		514,515
									11,724,444
Housing Revenue: 5.30%
North Carolina Facilities Finance Agency Series 2015A (AGC Insured)		5.00			6-1-2027		1,000,000		1,133,290
North Carolina Facilities Finance Agency The Arc of North Carolina Project Series 2017A (HUD Insured)		5.00			10-1-2034		1,000,000		1,100,230
North Carolina HFA Series 2		4.25			1-1-2028		795,000		807,227
									3,040,747

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

8 Wells Fargo North Carolina Tax-Free Fund Portfolio of investments—December 31, 2018 (unaudited)

Security name	Interest rate			Maturity date		Principal		Value
Miscellaneous Revenue: 20.28%
Cabarrus County NC Limited Obligation Installment Financing Contract Series 2017		5.00	%		6-1-2031	$	500,000	$	588,470
Charlotte NC Certificate of Participation Series A		5.00			12-1-2026		1,160,000		1,255,862
Charlotte NC Certificate of Participation Series A		5.00			6-1-2030		1,000,000		1,112,180
Charlotte NC Certificate of Participation Series E		5.00			6-1-2023		3,650,000		3,695,881
Cumberland County NC Limited Obligation Series B		5.00			11-1-2025		1,000,000		1,104,180
Cumberland County NC Limited Obligation Series B		5.00			11-1-2026		1,000,000		1,104,180
Henderson County NC Limited Obligation Series A		5.00			10-1-2030		500,000		577,970
Orange County NC Limited Obligation Series 2018		5.00			10-1-2032		215,000		258,338
Orange County NC Limited Obligation Series 2018		5.00			10-1-2033		220,000		263,091
Orange County NC Limited Obligation Series 2018		5.00			10-1-2034		65,000		77,119
Raleigh NC Limited Obligation Series A		5.00			10-1-2033		1,000,000		1,133,540
Wilmington NC Limited Obligation Series A		5.00			6-1-2030		400,000		465,788
									11,636,599
Transportation Revenue: 3.35%
North Carolina Department of Transportation I-77 Hot Lanes Project Series 2015		5.00			6-30-2028		1,275,000		1,387,519
North Carolina Turnpike Authority Monroe Expressway Toll Revenue Bonds Series 2016A		5.00			7-1-2042		500,000		535,445
									1,922,964
Utilities Revenue: 4.88%
North Carolina Municipal Power Agency #1 Catawba Nuclear Power Project Series A		5.00			1-1-2021		2,720,000		2,802,117
									48,028,716
Tennessee: 3.85%
Utilities Revenue: 3.85%
Tennessee Energy Acquisition Corporation Series A		5.25			9-1-2026		1,020,000		1,158,057
Tennessee Energy Acquisition Corporation Series C		5.00			2-1-2021		1,000,000		1,049,250
									2,207,307
Wisconsin: 1.90%
Education Revenue: 1.90%
Wisconsin PFA Carolina International School Series A 144A		6.75			8-1-2033		1,000,000		1,093,400
Total Municipal Obligations (Cost $54,135,856)									55,710,493
	Yield					Shares
Short-Term Investments: 1.54%
Investment Companies: 1.54%
Wells Fargo Municipal Cash Management Money Market Fund Institutional Class (l)(u)		1.65					882,277		882,629
Total Short-Term Investments (Cost $882,629)									882,629

Total investments in securities (Cost $55,018,485)	98.61	%		56,593,122
Other assets and liabilities, net	1.39			798,613
Total net assets	100.00	%	$	57,391,735

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

Portfolio of investments—December 31, 2018 (unaudited) Wells Fargo North Carolina Tax-Free Fund 9

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

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

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

Abbreviations:

AGC Assured Guaranty Corporation

AMT Alternative minimum tax

GO General obligation

HFA Housing Finance Authority

HUD Department of Housing and Urban Development

PFA Public Finance Authority

Investments in Affiliates

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

	Shares, beginning of period		Shares purchased		Shares sold		Shares, end of period		Net realized gains			Net change in unrealized gains		Income from affiliated securities		Value, end of period		% of net assets
Short-Term Investments
Investment Companies
Wells Fargo Municipal Cash Management Money Market Fund Institutional Class		130,501		7,150,826		6,399,050		882,277	$	(354	)	$	0	$	3,276	$	882,629		1.54	%

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

10 Wells Fargo North Carolina Tax-Free Fund Statement of assets and liabilities—December 31, 2018 (unaudited)

Assets
Investments in unaffiliated securities, at value (cost $54,135,856)	$	55,710,493
Investments in affiliated securities, at value (cost $882,629)		882,629
Receivable for investments sold		145,000
Receivable for Fund shares sold		1,557
Receivable for interest		758,177
Prepaid expenses and other assets		53,847
Total assets		57,551,703
Liabilities
Payable for Fund shares redeemed		55,185
Dividends payable		49,698
Due to custodian bank		10,948
Professional fees payable		10,261
Management fee payable		6,707
Administration fee payable		6,081
Distribution fee payable		1,866
Trustees’ fees and expenses payable		753
Accrued expenses and other liabilities		18,469
Total liabilities		159,968
Total net assets	$	57,391,735
NET ASSETS CONSIST OF
Paid-in capital	$	55,947,679
Total distributable earnings		1,444,056
Total net assets	$	57,391,735
COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE PER SHARE
Net assets – Class A	$	24,866,518
Shares outstanding – Class A1		2,492,445
Net asset value per share – Class A		$9.98
Maximum offering price per share – Class A2		$10.45
Net assets – Class C	$	2,839,140
Shares outstanding – Class C1		284,596
Net asset value per share – Class C		$9.98
Net assets – Institutional Class	$	29,686,077
Shares outstanding – Institutional Class1		2,975,501
Net asset value per share – Institutional Class		$9.98

¹  The Fund has an unlimited number of authorized shares.

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

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

Statement of operations—six months ended December 31, 2018 (unaudited) Wells Fargo North Carolina Tax-Free Fund 11

Investment income
Interest	$	1,177,925
Income from affiliated securities		3,276
Total investment income		1,181,201
Expenses
Management fee		125,843
Administration fees
Class A		21,253
Class C		2,491
Institutional Class		13,297
Shareholder servicing fees
Class A		33,208
Class C		3,892
Distribution fee
Class C		11,676
Custody and accounting fees		3,739
Professional fees		25,080
Registration fees		36,370
Shareholder report expenses		13,257
Trustees’ fees and expenses		10,629
Other fees and expenses		4,634
Total expenses		305,369
Less: Fee waivers and/or expense reimbursements		(77,800	)
Net expenses		227,569
Net investment income		953,632
REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS
Net realized gains (losses) on:
Unaffiliated securities		87,013
Affiliated securities		(354	)
Net realized gains on investments		86,659
Net change in unrealized gains (losses) on investments		(571,985	)
Net realized and unrealized gains (losses) on investments		(485,326	)
Net increase in net assets resulting from operations	$	468,306

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

12 Wells Fargo North Carolina Tax-Free Fund Statement of changes in net assets

	Six months ended December 31, 2018 (unaudited)						Year ended June 30, 20181
Operations
Net investment income				$	953,632					$	2,056,460
Net realized gains on investments					86,659						168,714
Net change in unrealized gains (losses) on investments					(571,985	)					(1,106,887	)
Net increase in net assets resulting from operations					468,306						1,118,287
Distributions to shareholders from net investment income and net realized gains
Class A					(386,063	)					(820,342	)
Class C					(33,578	)					(87,164	)
Institutional Class					(534,000	)					(1,148,953	)
Total distributions to shareholders					(953,641	)					(2,056,459	)
Capital share transactions		Shares						Shares
Proceeds from shares sold
Class A		75,756			758,589			93,001			939,364
Class C		12,665			125,686			22,773			232,140
Institutional Class		167,100			1,662,138			277,422			2,801,086
					2,546,413						3,972,590
Reinvestment of distributions
Class A		37,602			374,760			77,623			785,225
Class C		3,084			30,741			8,078			81,751
Institutional Class		21,951			218,781			44,047			445,532
					624,282						1,312,508
Payment for shares redeemed
Class A		(331,621	)		(3,298,805	)		(474,571	)		(4,796,525	)
Class C		(57,660	)		(572,159	)		(192,691	)		(1,951,128	)
Institutional Class		(672,037	)		(6,694,035	)		(730,480	)		(7,407,625	)
					(10,564,999	)					(14,155,278	)
Net decrease in net assets resulting from capital share transactions					(7,394,304	)					(8,870,180	)
Total decrease in net assets					(7,879,639	)					(9,808,352	)
Net assets
Beginning of period					65,271,374						75,079,726
End of period				$	57,391,735					$	65,271,374

¹  Effective for all filings after November 4, 2018, the SEC prospectively eliminated the requirement to parenthetically disclose undistributed net investment income at the end of the period and permitted the aggregation of distributions, with the exception of tax basis returns of capital. Overdistributed net investment income at June 30, 2018 was $59,560. The disaggregated distributions information for the year ended June 30, 2018 is included in Note 7,Distributions to Shareholders, in the notes to the financial statements.

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

Financial highlights Wells Fargo North Carolina Tax-Free Fund 13

(For a share outstanding throughout each period)

	Six months ended December 31, 2018 (unaudited)			Year ended June 30
CLASS A				2018			2017			2016			2015			2014
Net asset value, beginning of period		$10.05			$10.19			$10.60			$10.36			$10.33			$10.08
Net investment income		0.15			0.29			0.30			0.31			0.32			0.33
Net realized and unrealized gains (losses) on investments		(0.07	)		(0.14	)		(0.41	)		0.24			0.03			0.25
Total from investment operations		0.08			0.15			(0.11	)		0.55			0.35			0.58
Distributions to shareholders from
Net investment income		(0.15	)		(0.29	)		(0.30	)		(0.31	)		(0.32	)		(0.33	)
Net asset value, end of period		$9.98			$10.05			$10.19			$10.60			$10.36			$10.33
Total return1		0.77	%		1.46	%		(1.03	)%		5.43	%		3.35	%		5.92	%
Ratios to average net assets (annualized)
Gross expenses		1.11	%		1.01	%		0.97	%		0.96	%		0.94	%		0.94	%
Net expenses		0.85	%		0.85	%		0.85	%		0.85	%		0.85	%		0.85	%
Net investment income		2.91	%		2.83	%		2.91	%		3.00	%		3.01	%		3.32	%
Supplemental data
Portfolio turnover rate		5	%		5	%		11	%		7	%		12	%		15	%
Net assets, end of period (000s omitted)		$24,867			$27,239			$30,710			$36,890			$33,969			$37,067

¹  Total return calculations do not include any sales charges. Returns for periods of less than one year are not annualized.

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

14 Wells Fargo North Carolina Tax-Free Fund Financial highlights

(For a share outstanding throughout each period)

	Six months ended December 31, 2018 (unaudited)			Year ended June 30
CLASS C				2018			2017			2016			2015			2014
Net asset value, beginning of period		$10.05			$10.19			$10.60			$10.36			$10.33			$10.08
Net investment income		0.11			0.21			0.22			0.24			0.24			0.26
Net realized and unrealized gains (losses) on investments		(0.07	)		(0.14	)		(0.41	)		0.24			0.03			0.25
Total from investment operations		0.04			0.07			(0.19	)		0.48			0.27			0.51
Distributions to shareholders from
Net investment income		(0.11	)		(0.21	)		(0.22	)		(0.24	)		(0.24	)		(0.26	)
Net asset value, end of period		$9.98			$10.05			$10.19			$10.60			$10.36			$10.33
Total return1		0.39	%		0.70	%		(1.77	)%		4.65	%		2.58	%		5.13	%
Ratios to average net assets (annualized)
Gross expenses		1.86	%		1.75	%		1.72	%		1.71	%		1.69	%		1.69	%
Net expenses		1.60	%		1.60	%		1.60	%		1.60	%		1.60	%		1.60	%
Net investment income		2.16	%		2.07	%		2.15	%		2.25	%		2.26	%		2.56	%
Supplemental data
Portfolio turnover rate		5	%		5	%		11	%		7	%		12	%		15	%
Net assets, end of period (000s omitted)		$2,839			$3,281			$4,974			$6,121			$4,431			$4,566

¹  Total return calculations do not include any sales charges. Returns for periods of less than one year are not annualized.

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

Financial highlights Wells Fargo North Carolina Tax-Free Fund 15

(For a share outstanding throughout each period)

	Six months ended December 31, 2018 (unaudited)			Year ended June 30
INSTITUTIONAL CLASS				2018			2017			2016			2015			2014
Net asset value, beginning of period		$10.05			$10.19			$10.60			$10.36			$10.33			$10.08
Net investment income		0.16			0.32			0.33			0.35			0.35			0.36
Net realized and unrealized gains (losses) on investments		(0.07	)		(0.14	)		(0.41	)		0.24			0.03			0.26
Total from investment operations		0.09			0.18			(0.08	)		0.59			0.38			0.62
Distributions to shareholders from
Net investment income		(0.16	)		(0.32	)		(0.33	)		(0.35	)		(0.35	)		(0.37	)
Net asset value, end of period		$9.98			$10.05			$10.19			$10.60			$10.36			$10.33
Total return1		0.93	%		1.77	%		(0.72	)%		5.76	%		3.67	%		6.25	%
Ratios to average net assets (annualized)
Gross expenses		0.78	%		0.68	%		0.64	%		0.63	%		0.61	%		0.61	%
Net expenses		0.54	%		0.54	%		0.54	%		0.54	%		0.54	%		0.54	%
Net investment income		3.21	%		3.14	%		3.20	%		3.32	%		3.32	%		3.61	%
Supplemental data
Portfolio turnover rate		5	%		5	%		11	%		7	%		12	%		15	%
Net assets, end of period (000s omitted)		$29,686			$34,752			$39,395			$62,793			$60,844			$72,479

¹  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 North Carolina Tax-Free 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 (“FASB”) Accounting Standards Codification Topic 946, Financial Services – Investment Companies. These financial statements report on the Wells Fargo North Carolina Tax-Free Fund (the “Fund”) which is a non-diversified series of the Trust.

2. SIGNIFICANT ACCOUNTING POLICIES

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

Securities valuation

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

Debt securities are valued at the evaluated bid price provided by an independent pricing service (e.g. taking into account various factors, including yields, maturities, or credit ratings) or, if a reliable price is not available, the quoted bid price from an independent broker-dealer.

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

Investments which are not valued using any of the methods discussed above are valued at their fair value, as determined in good faith by the Board of Trustees of the Fund. The Board of Trustees has established a Valuation Committee comprised of the Trustees and has delegated to it the authority to take any actions regarding the valuation of portfolio securities that the Valuation Committee deems necessary or appropriate, including determining the fair value of portfolio securities, unless the determination has been delegated to the Wells Fargo Asset Management Pricing Committee at Wells Fargo Funds Management, LLC (“Funds Management”). The Board of Trustees retains the authority to make or ratify any valuation decisions or approve any changes to the Valuation Procedures as it deems appropriate. On a quarterly basis, the Board of Trustees receives reports on any valuation actions taken by the Valuation Committee or the Wells Fargo Asset Management Pricing Committee which may include items for ratification.

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 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.

Notes to financial statements (unaudited) Wells Fargo North Carolina Tax-Free Fund 17

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 December 31, 2018, the aggregate cost of all investments for federal income tax purposes was $55,018,485 and the unrealized gains (losses) consisted of:

Gross unrealized gains	$	1,755,918
Gross unrealized losses		(181,281	)
Net unrealized gains	$	1,574,637

As of June 30, 2018, the Fund had capital loss carryforwards which consisted of $113,445 in short-term capital losses.

As of June 30, 2018, the Fund had current year deferred post-October capital losses consisting of $44,225 in net long-term losses which were recognized on the first day of the current fiscal year.

Class allocations

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

3. FAIR VALUATION MEASUREMENTS

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

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

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

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

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

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

	Quoted prices (Level 1)		Other significant observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total
Assets
Investments in:
Municipal obligations	$	0	$	55,710,493	$	0	$	55,710,493
Short-term investments
Investment companies		882,629		0		0		882,629
Total assets	$	882,629	$	55,710,493	$	0	$	56,593,122

Additional sector, industry or geographic detail is included in the Portfolio of Investments.

At December 31, 2018, the Fund did not have any transfers into/out of Level 3.

18 Wells Fargo North Carolina Tax-Free Fund Notes to financial statements (unaudited)

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 0.40% and declining to 0.28% as the average daily net assets of the Fund increase. For the six months ended December 31, 2018, the management fee was equivalent to an annual rate of 0.40% of the Fund’s average daily net assets.

Funds Management has retained the services of a subadviser to provide daily portfolio management to the Fund. The fee for subadvisory services is borne by Funds Management. Wells Capital Management Incorporated, an affiliate of Funds Management and an indirect wholly owned subsidiary of Wells Fargo, is the subadviser to the Fund and is entitled to receive a fee from Funds Management at an annual rate starting at 0.20% and declining to 0.10% as the average daily net assets of the Fund increase.

Administration fees

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

	Class-level administration fee
Class A, Class C		0.16	%
Institutional Class		0.08

Funds Management has contractually waived and/or reimbursed management and administration fees to the extent necessary to maintain certain net operating expense ratios for the Fund. 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 October 31, 2019 to waive fees and/or reimburse expenses to the extent necessary to cap the Fund’s expenses at 0.85% for Class A shares, 1.60% for Class C shares, and 0.54% for Institutional Class shares. After this time, the cap may be increased or the commitment to maintain the cap may be terminated only with the approval of the Board of Trustees.

Distribution fee

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

In addition, Funds Distributor is entitled to receive the front-end sales charge from the purchase of Class A shares and a contingent deferred sales charge on the redemption of certain Class A shares. Funds Distributor is also entitled to receive the contingent deferred sales charges from redemptions of Class C shares. For the six months ended December 31, 2018, Funds Distributor received $1,246 from the sale of Class A shares. No contingent deferred sales charges were incurred by Class A and Class C shares for the six months ended December 31, 2018.

Shareholder servicing fees

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

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 toRule 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 $100,000 in interfund sales during the six months ended December 31, 2018.

Notes to financial statements (unaudited) Wells Fargo North Carolina Tax-Free Fund 19

5. INVESTMENT PORTFOLIO TRANSACTIONS

Purchases and sales of investments, excluding U.S. government obligations (if any) and short-term securities, for the six months ended December 31, 2018 were $2,890,175 and $9,568,469, respectively.

6. BANK BORROWINGS

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

For the six months ended December 31, 2018, there were no borrowings by the Fund under the agreement.

7. DISTRIBUTIONS TO SHAREHOLDERS

Effective for all filings after November 4, 2018, the Securities and Exchange Commission eliminated the requirement to separately state the components of distributions to shareholders under U.S. generally accepted accounting principles. The amounts of distributions to shareholders for the year ended June 30, 2018 were as follows:

	Net investment income
Class A		$   820,342
Class C		87,164
Institutional Class		1,148,953

8. CONCENTRATION RISK

The Fund invests a substantial portion of its assets in issuers of municipal debt securities located in a single state or territories of the U.S. Therefore, it may be more affected by economic and political developments in that state or region than would be a comparable general tax-exempt fund.

9. INDEMNIFICATION

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

10. REORGANIZATION

At a regular meeting of the Board of Trustees held on November 8 and 9, 2018, the Trustees of the Fund approved a Plan of Reorganization (the “Plan”). Under the Plan, Wells Fargo Municipal Bond Fund will acquire the assets and assume the liabilities of the Fund in exchange for shares of Wells Fargo Municipal Bond Fund.

At a Special Meeting of Shareholders of the Fund held on February 19, 2019, the shareholders approved the Plan to merge the Fund into Wells Fargo Municipal Bond Fund. The merger is scheduled to take place on or about March 15, 2019.

11. NEW ACCOUNTING PRONOUNCEMENT

In August 2018, FASB issued Accounting Standards Update (“ASU”) No. 2018-13, Fair Value Measurement (Topic 820)Disclosure Framework—Changes to the Disclosure Requirements for Fair Value Measurement. ASU 2018-13 updates the disclosure requirements for fair value measurements by modifying or removing certain disclosures and adding certain new disclosures. The amendments are effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019. Early adoption is permitted. Management has adopted the removal and modification of disclosures early, as permitted, and will adopt the additional new disclosures at the effective date.

20 Wells Fargo North Carolina Tax-Free Fund Other information (unaudited)

PROXY VOTING INFORMATION

A description of the policies and procedures used to determine how to vote proxies relating to portfolio securities is available, upon request, by calling1-800-222-8222, visiting our website atwellsfargofunds.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 atwellsfargofunds.comor by visiting the SEC website at sec.gov.

PORTFOLIO HOLDINGS INFORMATION

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

Other information (unaudited) Wells Fargo North Carolina Tax-Free Fund 21

BOARD OF TRUSTEES AND OFFICERS

Each of the Trustees and Officers¹ listed in the table below acts in identical capacities for each fund in the Wells Fargo family of funds, which consists of 152 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 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.	N/A
Jane A. Freeman (Born 1953)	Trustee, since 2015; Chair Liaison, since 2018	Retired. From 2012 to 2014 and 1999 to 2008, Chief Financial Officer of Scientific Learning Corporation. From 2008 to 2012, Ms. Freeman provided consulting services related to strategic business projects. Prior to 1999, Portfolio Manager at Rockefeller & Co. and Scudder, Stevens & Clark. Board member of the Harding Loevner Funds from 1996 to 2014, serving as both Lead Independent Director and chair of the Audit Committee. Board member of the Russell Exchange Traded Funds Trust from 2011 to 2012 and the chair of the Audit Committee. Ms. Freeman is a Board Member of The Ruth Bancroft Garden (non-profit organization). She is also an inactive Chartered Financial Analyst.	N/A
Isaiah Harris, Jr.3 (Born 1952)	Trustee, since 2009; Audit Committee Chairman, since 2019	Retired. Chairman of the Board of CIGNA Corporation since 2009, and Director since 2005. From 2003 to 2011, Director of Deluxe Corporation. Prior thereto, President and CEO of BellSouth Advertising and Publishing Corp. from 2005 to 2007, President and CEO of BellSouth Enterprises from 2004 to 2005 and President of BellSouth Consumer Services from 2000 to 2003. Emeritus member of the Iowa State University Foundation Board of Governors. Emeritus Member of the Advisory Board of Iowa State University School of Business. Advisory Board Member, Palm Harbor Academy (private school). Advisory Board Member, Child Evangelism Fellowship (non-profit). Mr. Harris is a certified public accountant (inactive status).	CIGNA Corporation
Judith M. Johnson3 (Born 1949)	Trustee, since 2008; Audit Committee Chairman, from 2009 to 2018	Retired. Prior thereto, Chief Executive Officer and Chief Investment Officer of Minneapolis Employees Retirement Fund from 1996 to 2008. Ms. Johnson is an attorney, certified public accountant and a certified managerial accountant.	N/A
David F. Larcker (Born 1950)	Trustee, since 2009	James Irvin Miller Professor of Accounting at the Graduate School of Business, Stanford University, Director of the Corporate Governance Research Initiative and Senior Faculty of The Rock Center for Corporate Governance since 2006. From 2005 to 2008, Professor of Accounting at the Graduate School of Business, Stanford University. Prior thereto, Ernst & Young Professor of Accounting at The Wharton School, University of Pennsylvania from 1985 to 2005.	N/A

22 Wells Fargo North Carolina Tax-Free 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; Nominating and 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.	N/A
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.	N/A
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.	N/A
Michael S. Scofield4 (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.	N/A
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, Governance 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 from 2010 to 2011, Chairman of the Board from 2009 to 2011 and Board Director from 2003 to 2015. Vice President, Leadership and Community Engagement, Bush Foundation, Saint Paul, Minnesota (a private foundation) from 2009 to 2011. Executive Vice President and Chief Financial Officer, Minnesota Sports and Entertainment from 2004 to 2009 and Senior Vice President from 2002 to 2004. Commissioner of Finance, State of Minnesota, from 1999 to 2002. Currently the Board Chair of the Minnesota Wild Foundation since 2010.	N/A

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

Other information (unaudited) Wells Fargo North Carolina Tax-Free Fund 23

Officers

Name and year of birth	Position held and length of service	Principal occupations during past five years or longer
Andrew Owen (Born 1960)	President, since 2017	Executive Vice President of Wells Fargo & Company and Head of Affiliated Managers, Wells Fargo Asset Management, since 2014. In addition, Mr. Owen is currently President, Chief Executive Officer and Director of Wells Fargo Funds Management, LLC since 2017. Prior thereto, Executive Vice President responsible for marketing, investments and product development for Wells Fargo Funds Management, LLC, from 2009 to 2014.
Nancy Wiser1 (Born 1967)	Treasurer, since 2012	Executive Vice President of Wells Fargo Funds Management, LLC since 2011. Chief Operating Officer and Chief Compliance Officer at LightBox Capital Management LLC, from 2008 to 2011.
Alexander Kymn (Born 1973)	Secretary, since 2018; Chief Legal Officer, since 2018	Senior Company Counsel of Wells Fargo Bank, N.A. since 2018 (previously Senior Counsel from 2007 to 2018). Vice President of Wells Fargo Funds Management, LLC from 2008 to 2014.
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 76 funds in the Fund Complex. Jeremy DePalma acts as Treasurer of 76 funds and Assistant Treasurer of 76 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 calling1-800-222-8222 or by visiting the website atwellsfargofunds.com.

³  Mr. Harris replaced Ms. Johnson as the Chairman of the Audit Committee effective January 1, 2019.

⁴  Mr. Scofield retired on December 31, 2018.

24 Wells Fargo North Carolina Tax-Free Fund Appendix A (unaudited)

SALES CHARGE REDUCTIONS AND WAIVERS FOR CERTAIN INTERMEDIARIES

Raymond James & Associates, Inc., Raymond James Financial Services & Raymond James affiliates (“Raymond James”)

Effective on or about March 1, 2019, shareholders purchasing Fund shares through a Raymond James platform or account will be eligible only for the following load waivers (front-end sales charge waivers and contingent deferred, or back-end, sales charge waivers) and discounts, which may differ from those disclosed elsewhere in the Fund’s Prospectus or SAI.

Front-end Sales Load Waivers on Class A shares Available at Raymond James

• Shares purchased in an investment advisory program.

• Shares purchased through reinvestment of capital gains distributions and dividend reinvestment when purchasing shares of the same fund (but not any other fund within the fund family).

• Employees and registered representatives of Raymond James or its affiliates and their family members as designated by Raymond James.

• Shares purchased from the proceeds of redemptions within the same fund family, provided (1) the repurchase occurs within 90 days following the redemption, (2) the redemption and purchase occur in the same account, and (3) redeemed shares were subject to a front-end or deferred sales load (known as Rights of Reinstatement).

• A shareholder in the fund’s Class C shares will have their shares automatically exchanged at net asset value to Class A shares (or the appropriate share class) of the fund if the shares are no longer subject to a CDSC and the exchange is in line with the policies and procedures of Raymond James.

CDSC Waivers on Class A and C Shares Available at Raymond James

• Death or disability of the shareholder.

• Shares sold as part of a systematic withdrawal plan as described in the Fund’s Prospectus.

• Return of excess contributions from an IRA Account.

• Shares sold as part of a required minimum distribution for IRA and retirement accounts due to the shareholder reaching age 70½ as described in the Fund’s prospectus.

• Shares sold to pay Raymond James fees but only if the transaction is initiated by Raymond James.

• Shares acquired through a right of reinstatement.

Front-end Load Discounts Available at Raymond James: Breakpoints, and/or Rights of Accumulation

• Breakpoints as described in the Fund’s Prospectus.

• Rights of accumulation which entitle shareholders to breakpoint discounts will be automatically calculated based on the aggregated holding of fund family assets held by accounts within the purchaser’s household at Raymond James. Eligible fund family assets not held at Raymond James may be included in the rights of accumulation calculation only if the shareholder notifies his or her financial advisor about such assets.

For more information

More information about Wells Fargo Funds is available free upon request. To obtain literature, please write, 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, call1-800-222-8222 or visit the Fund’s website atwellsfargofunds.com. Read the prospectus carefully before you invest or send money.

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

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

INVESTMENT PRODUCTS: NOT FDIC INSURED  ◾  NO BANK GUARANTEE  ◾   MAY LOSE VALUE

© 2019 Wells Fargo Funds Management, LLC. All rights reserved.

320449 02-19 SA254/SAR254 12-18

Semi-Annual Report

December 31, 2018

Wells Fargo Pennsylvania Tax-Free Fund

Beginning on January 1, 2021, as permitted by new regulations adopted by the Securities and Exchange Commission, paper copies of the Wells Fargo Funds’ annual and semi-annual shareholder reports issued after this date will no longer be sent by mail, unless you specifically request paper copies of the reports. Instead, the reports will be made available on the Funds’ website, and you will be notified by mail each time a report is posted and provided with a website address to access the report.

If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from the Fund electronically at any time by contacting your financial intermediary (such as a broker-dealer or bank) or, if you are a direct investor, by calling 1-800-222-8222 or by enrolling at wellsfargo.com/advantagedelivery.

You may elect to receive all future reports in paper free of charge. If you invest through a financial intermediary, you can contact your financial intermediary to request that you continue to receive paper copies of your shareholder reports; if you invest directly with the Fund, you can call 1-800-222-8222. Your election to receive reports in paper will apply to all Wells Fargo Funds held in your account with your financial intermediary or, if you are a direct investor, to all Wells Fargo Funds that you hold.

Reduce clutter. Save trees.

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

Contents

Letter to shareholders	2
Performance highlights	4
Fund expenses	6
Portfolio of investments	7
Financial statements
Statement of assets and liabilities	11
Statement of operations	12
Statement of changes in net assets	13
Financial highlights	14
Notes to financial statements	17
Other information	22
Appendix A	26

The views expressed and any forward-looking statements are as of December 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.

INVESTMENT PRODUCTS: NOT FDIC INSURED  ◾  NO BANK GUARANTEE  ◾   MAY LOSE VALUE

2 Wells Fargo Pennsylvania Tax-Free Fund Letter to shareholders (unaudited)

Andrew Owen

President

Wells Fargo Funds

Global trade tensions escalated during the third quarter of 2018.

Dear Shareholder:

We are pleased to offer you this semi-annual report for the Wells Fargo PennsylvaniaTax-Free Fund for thesix-month period that ended December 31, 2018. During the reporting period, the U.S. generated encouraging economic and business data that was offset by less positive and more inconsistent data from international markets. Investment returns were generally negative as geopolitical tensions and uncertainty tended to distract investors from more favorable underlying trends.

For the period, U.S. stocks, as measured by the S&P 500 Index,¹ fell 6.85% and international stocks, as measured by the MSCI ACWI ex USA Index (Net),² declined 10.84%. Based on the MSCI EM Index (Net),³ emerging market stocks lost 8.48%. For bond investors, the Bloomberg Barclays U.S. Aggregate Bond Index⁴ gained 1.65% while the Bloomberg Barclays Global Aggregateex-USD Index⁵ fell 0.84%. The Bloomberg Barclays Municipal Bond Index⁶ gained 1.53% while the ICE BofAML U.S. High Yield Index⁷ declined 2.34%.

Global trade tensions prompted investor concerns.

Global trade tensions escalated during the third quarter of 2018. The U.S. imposed tariffs on a wide range of products manufactured overseas. Foreign governments retaliated with tariffs that punished U.S. commodity producers and product manufacturers. Investors wondered about next steps as divergence in global economic policies and growth prospects widened.

During the summer months, the U.S. economy strengthened. Revised second-quarter gross domestic product (GDP) growth data released in August showed the U.S. economy growing at a 4.2% rate. The unemployment rate in the U.S. was 3.7% by the end of September, according to the U.S. Department of Labor. Wages showed more consistent growth, and consumer confidence remained strong. Several U.S. equity market indices reached records during August, with the S&P 500 Index gaining 7.71% for the three-month period that ended September 30, 2018. In contrast, the MSCI ACWI ex USA Index (Net) gained 0.71% while the MSCI EM Index (Net) declined 1.09% during the samethree-month period.

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- andmid-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 Aggregateex-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-termtax-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.

Letter to shareholders (unaudited) Wells Fargo Pennsylvania Tax-Free Fund 3

Economic signals overseas were mixed as the third quarter ended and the fourth quarter began. In particular, signs of slowing economic growth in China created uncertainty for investors. Amid rising trade tensions, the People’s Bank of China cut reserve requirement ratios and accelerated infrastructure spending and tax cuts for business enterprises and individuals. Nevertheless, a strengthening U.S. dollar and trade tensions remained headwinds for investors overseas.

Equity markets were volatile during the fourth quarter.

Negative stock market performance during October and December bracketed a mildly positive November, as measured by the S&P 500 Index and the MSCI ACWI ex USA Index (Net). As interest rates and bond yields gained during October, stock markets struggled. Readings on consumer sentiment and business spending were mixed. Markets rebounded in November. The U.S. and China agreed to halt further increases in tariffs and engage in additional negotiations. While November returns were positive, the loss for the full fourth quarter was substantial for equity investors globally, with the S&P down 13.52% and the MSCI ACWI ex USA Index (Net) down 11.46%. December’s S&P 500 Index performance was the lowest since 1931. Globally, fixed income investments fared better than stocks during the last two months of the year as conflicting signals unsettled investors’ outlooks.

Equity investors confronted a number of changing conditions. In November’smid-term elections, control of the U.S. House of Representatives shifted from Republicans to Democrats, presaging potential partisan disputes. Progress on Brexit negotiations stalled in the UK. In China, the value of the yuan declined to low levels last seen in 2008. Oil prices continued to fall. The Fed increased the federal funds rate by 25 bps to a target range of between 2.25% and 2.50% in December 2018. A late-December dispute over spending and immigration policy resulted in a partial U.S. government shutdown that continued through the end of the period.

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

Economic signals overseas were mixed as the third quarter ended and the fourth quarter began.

For further information about your Fund, contact your investment professional, visit our website atwellsfargofunds.com, or call us directly at1-800-222-8222.

4 Wells Fargo Pennsylvania Tax-Free Fund Performance highlights (unaudited)

Investment objective

The Fund seeks current income exempt from federal income tax and Pennsylvania individual income tax.

Manager

Wells Fargo Funds Management, LLC

Subadviser

Wells Capital Management Incorporated

Portfolio managers

Bruce R. Johns

Robert J. Miller

Average annual total returns (%) as of December 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 (EKVAX)	12-27-1990		-3.29		2.89		5.07		1.26		3.85		5.55		0.91		0.74
Class C (EKVCX)	2-1-1993		-0.50		3.08		4.77		0.50		3.08		4.77		1.66		1.49
Institutional Class (EKVYX)	11-24-1997		–		–		–		1.51		4.11		5.81		0.58		0.49
Bloomberg Barclays Municipal Bond Index4	–		–		–		–		1.28		3.82		4.85		–		–
Bloomberg Barclays Pennsylvania Municipal Bond Index5	–		–		–		–		1.46		4.01		4.88		–		–

Figures quoted represent past performance, which is no guarantee of future results, and do not reflect taxes that a shareholder may pay on fund distributions or the redemption of fund shares. Investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Performance shown without sales charges would be lower if sales charges were reflected. Current performance may be lower or higher than the performance data quoted, which assumes the reinvestment of dividends and capital gains. Currentmonth-end performance is available on the Fund’s website,wellsfargofunds.com.

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

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

Bond values fluctuate in response to the financial condition of individual issuers, general market and economic conditions, and changes in interest rates. Changes in market conditions and government policies may lead to periods of heightened volatility in the bond market and reduced liquidity for certain bonds held by the Fund. In general, when interest rates rise, bond values fall and investors may lose principal value. Interest rate changes and their impact on the Fund and its share price can be sudden and unpredictable. The use of derivatives may reduce returns and/or increase volatility. Certain investment strategies tend to increase the total risk of an investment (relative to the broader market). The Fund is exposed to Pennsylvania municipal securities risk and high-yield securities risk. Consult the Fund’s prospectus for additional information on these and other risks. A portion of the Fund’s income may be subject to federal, state, and/or local income taxes or the Alternative Minimum Tax (AMT). Any capital gains distributions may be taxable.

Please see footnotes on page 5.

Performance highlights (unaudited) Wells Fargo Pennsylvania Tax-Free Fund 5

Effective maturity distribution as of December 31, 2018⁶

Credit quality as of December 31, 2018⁷

¹  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 Pennsylvania Municipal Bond 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 October 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. The expense ratio paid by an investor is the net expense ratio (the total annual fund operating expenses after fee waivers) as stated in the prospectuses.

⁴  The Bloomberg Barclays Municipal Bond Index is an unmanaged index composed of long-termtax-exempt bonds with a minimum credit rating of Baa. You cannot invest directly in an index.

⁵  The Bloomberg Barclays Pennsylvania Municipal Bond Index is a Pennsylvania-specific total return index. The index is composed of Pennsylvania bonds. The bonds are all investment-grade, fixed-rate, long-term maturities (greater than two years) and are selected from issues larger than $50 million dated since January 1984. Bonds are added to the index and weighted and updated monthly, with aone-month lag. You cannot invest directly in an index.

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

⁷  The credit quality distribution of portfolio holdings reflected in the chart is based on ratings from Standard & Poor’s, Moody’s Investors Service, and/or Fitch Ratings Ltd. Credit quality ratings apply to the underlying holdings of the Fund and not to the Fund itself. The percentages of the Fund’s portfolio with the ratings depicted in the chart are calculated based on the total market value of fixed income securities held by the Fund. If a security was rated by all three rating agencies, the middle rating was utilized. If rated by two of three rating agencies, the lower rating was utilized, and if rated by one of the rating agencies, that rating was utilized. Standard & Poor’s rates the creditworthiness of bonds, ranging from AAA (highest) to D (lowest). Ratings from A to CCC may be modified by the addition of a plus (+) or minus (-) sign to show relative standing within the rating categories. Standard & Poor’s rates the creditworthiness of short-term notes fromSP-1 (highest) toSP-3 (lowest). Moody’s rates the creditworthiness of bonds, ranging from Aaa (highest) to C (lowest). Ratings Aa to B may be modified by the addition of a number 1 (highest) to 3 (lowest) to show relative standing within the ratings categories. Moody’s rates the creditworthiness of short-term U.S.tax-exempt municipal securities from MIG 1/VMIG 1 (highest) to SG (lowest). Fitch rates the creditworthiness of bonds, ranging from AAA (highest) to D (lowest). Credit quality distribution is subject to change and may have changed since the date specified.

6 Wells Fargo Pennsylvania Tax-Free Fund Fund expenses (unaudited)

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

The example is based on an investment of $1,000 invested at the beginning of thesix-month period and held for the entire period from July 1, 2018 to December 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 sales charges (loads) and contingent deferred sales charges. Therefore, the “Hypothetical” line of the table is useful in comparing ongoing costs only and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

	Beginning account value 7-1-2018		Ending account value 12-31-2018		Expenses paid during the period¹		Annualized net expense ratio
Class A
Actual	$	1,000.00	$	1,013.18	$	3.75		0.74	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.48	$	3.77		0.74	%
Class C
Actual	$	1,000.00	$	1,010.24	$	7.55		1.49	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,017.69	$	7.58		1.49	%
Institutional Class
Actual	$	1,000.00	$	1,014.45	$	2.49		0.49	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,022.74	$	2.50		0.49	%

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

Portfolio of investments—December 31, 2018 (unaudited) Wells Fargo Pennsylvania Tax-Free Fund 7

Security name	Interest rate			Maturity date		Principal		Value
Municipal Obligations: 99.11%
Florida: 0.78%
Industrial Development Revenue: 0.78%
Jacksonville FL Economic Development AMT Metropolitan Parking Solutions Project (ACA Insured)		5.50	%		10-1-2030	$	1,000,000	$	1,001,470
Guam: 0.47%
Airport Revenue: 0.47%
Guam Port Authority AMT Series B		5.00			7-1-2032		550,000		601,733
Pennsylvania: 97.86%
Airport Revenue: 1.30%
Philadelphia PA Airport Refunding Bond AMT Series A		5.00			6-15-2030		1,500,000		1,670,070
Education Revenue: 33.40%
Allegheny County PA Higher Education Building Authority Refunding Bond Duquesne University of The Holy Spirit Series A		5.00			3-1-2029		1,135,000		1,280,155
Chester County PA IDA Avon Grove Charter School Project Refunding Bond Series A		5.00			12-15-2047		1,160,000		1,181,762
Chester County PA IDA Collegium Charter School Project Refunding Bond Series A		5.00			10-15-2022		1,390,000		1,423,277
Chester County PA IDA Collegium Charter School Project Series A		5.13			10-15-2037		1,000,000		1,011,020
Chester County PA IDA Renaissance Academy Charter School Project		3.75			10-1-2024		705,000		713,636
Delaware County PA IDA Chester Community Charter School Series A		5.00			8-15-2020		1,230,000		1,206,064
General Authority of South Central Pennsylvania Association of Independent Colleges & Universities		6.00			11-1-2031		2,500,000		2,731,050
Lycoming County PA Authority Pennsylvania College of Technology		5.50			7-1-2026		3,000,000		3,242,820
Montgomery County PA Higher Education & Health Authority Refunding Bond Arcadia University		5.00			4-1-2030		1,500,000		1,631,295
North Eastern PA Hospital & Education Authority Refunding Bond Wilkes University Project Series B		5.25			3-1-2037		1,000,000		1,078,990
Pennsylvania HEFAR Shippensburg University Project		5.00			10-1-2020		1,075,000		1,126,385
Pennsylvania HEFAR Shippensburg University Project		6.00			10-1-2031		3,000,000		3,319,650
Pennsylvania HEFAR Temple University First Series		5.00			4-1-2032		1,000,000		1,075,460
Pennsylvania Public School Building Authority Northampton County Area Community College Project		5.50			3-1-2031		5,000,000		5,334,200
Pennsylvania Public School Building Authority Northampton County Area Community College Project Series A (Build America Mutual Assurance Company Insured)		5.00			6-15-2027		1,610,000		1,742,793
Pennsylvania State University Refunding Bond Series B		5.00			9-1-2034		2,175,000		2,517,410
Philadelphia PA Authority for Industrial Louisiana Salle University		5.00			5-1-2036		1,355,000		1,423,983
Philadelphia PA IDA 1st Philadelphia Preparatory Charter School Project Series A		7.00			6-15-2033		1,000,000		1,104,370
Philadelphia PA IDA Charter School Project Series A		5.30			9-15-2027		4,750,000		4,752,850
Philadelphia PA IDA Global Leadership Academy Project		5.13			11-15-2020		525,000		533,416
Philadelphia PA IDA Global Leadership Academy Project		5.75			11-15-2030		1,000,000		1,014,920
Philadelphia PA IDA Tacony Academy Charter School Project		6.88			6-15-2033		1,000,000		1,078,080
Philadelphia PA IDA Temple University 1st Series 2016		5.00			4-1-2029		1,000,000		1,137,470
Philadelphia PA IDA West Philadelphia Achievement Charter Elementary School Project		7.50			5-1-2031		1,285,000		1,371,815
									43,032,871
GO Revenue: 15.31%
Allegheny County PA SeriesC-65		5.50			5-1-2024		2,000,000		2,166,940
Central Dauphin PA School District		5.00			2-1-2037		2,075,000		2,312,505

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

8 Wells Fargo Pennsylvania Tax-Free Fund Portfolio of investments—December 31, 2018 (unaudited)

Security name	Interest rate			Maturity date		Principal		Value
GO Revenue(continued)
Downingtown PA Area School District Series C		5.00	%		8-1-2032	$	1,000,000	$	1,159,610
Philadelphia PA Refunding Bond Series A		5.25			7-15-2033		1,500,000		1,662,480
Philadelphia PA School District Refunding Bond Series A (AGM/FGIC Insured)		5.00			6-1-2024		1,420,000		1,563,420
Philadelphia PA School District Refunding Bond Series C		5.00			9-1-2021		1,395,000		1,495,384
Philadelphia PA School District Series B		5.00			9-1-2043		1,235,000		1,345,495
Philadelphia PA Series A		5.00			8-1-2036		1,250,000		1,381,038
Pittsburgh PA (Build America Mutual Assurance Company Insured)		5.00			9-1-2030		500,000		559,980
Pittsburgh PA Moon Area School District Series A		5.00			11-15-2029		1,445,000		1,607,577
Reading PA School District Series A (AGM Insured)		5.00			2-1-2033		1,500,000		1,671,690
West Mifflin PA Area School District (AGM Insured)		5.00			4-1-2028		1,000,000		1,129,880
West Shore PA School District		5.00			11-15-2048		1,500,000		1,666,515
									19,722,514
Health Revenue: 9.92%
Allegheny County PA Hospital Development Authority Health Center Series B (National Insured)		6.00			7-1-2027		1,800,000		2,252,862
Berks County PA IDA Tower Health Project		5.00			11-1-2037		1,295,000		1,428,942
Cumberland County PA Municipal Authority Diakon Lutheran Ministries Project		5.00			1-1-2028		2,090,000		2,258,203
Dauphin County PA General Authority Pinnacle Health System Project		5.00			6-1-2042		500,000		530,180
Dauphin County PA General Authority Pinnacle Health System Project Series A		5.00			6-1-2035		1,000,000		1,109,540
East Hempfield Township PA IDA Willow Valley Communities Project Refunding Bond		5.00			12-1-2028		450,000		504,297
East Hempfield Township PA IDA Willow Valley Communities Project Refunding Bond		5.00			12-1-2029		375,000		418,268
Montgomery County PA IDA Jefferson Health System Series A		5.00			10-1-2027		1,000,000		1,078,700
Northampton County PA St. Luke’s Hospital of Bethlehem Series A		5.00			8-15-2033		1,435,000		1,540,530
Pennsylvania Higher Educational University Pennsylvania Health System Series A		5.00			8-15-2047		1,500,000		1,655,505
									12,777,027
Housing Revenue: 1.05%
Chester County PA IDA University Student Housing LLC Project Series A		5.00			8-1-2030		555,000		582,966
Pennsylvania Housing Finance Agency SFMR Series 112		5.00			4-1-2028		755,000		776,578
									1,359,544
Miscellaneous Revenue: 18.77%
Delaware County PA Authority Neumann University Refunding Bond		5.00			10-1-2031		1,500,000		1,617,225
Delaware County PA Vocational & Technical School Authority (Build America Mutual Assurance Company Insured)		5.25			11-1-2033		1,000,000		1,107,020
Delaware Valley PA Regional Finance Authority Local Government Series A (Ambac Insured)		5.50			8-1-2028		4,390,000		5,297,633
Pennsylvania Certificate of Participation Series A		5.00			7-1-2038		1,000,000		1,109,170
Pennsylvania Financing Authority Pennsylvania Hills Project CAB Series B (National Insured) (z)		4.37			12-1-2022		1,200,000		1,077,588
Pennsylvania Financing Authority Pennsylvania Hills Project CAB Series B (National Insured) (z)		4.51			12-1-2023		3,790,000		3,296,656
Pennsylvania Public School Building Authority Chester Upland School District Project Series B		5.25			9-15-2030		540,000		612,490
Pennsylvania Public School Building Authority Chester Upland School District Project Series C (AGM Insured)		5.00			9-15-2026		875,000		927,973
Pennsylvania Public School Building Authority SeriesB-2 (Build America Mutual Assurance Company Insured)		5.00			12-1-2027		1,010,000		1,134,351
Pennsylvania Turnpike Commission Series A (AGM Insured)		5.25			7-15-2021		2,000,000		2,161,840

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

Portfolio of investments—December 31, 2018 (unaudited) Wells Fargo Pennsylvania Tax-Free Fund 9

Security name	Interest rate			Maturity date		Principal		Value
Miscellaneous Revenue(continued)
Philadelphia PA Authority for Industrial Development City Agreement Green Bond Museum Art Energy Saving Program Series A		5.00	%		2-15-2038	$	785,000	$	869,097
Philadelphia PA IDA Refunding Bond Cultural & Commercial Corridors Program Series A		5.00			12-1-2028		2,500,000		2,816,575
Southeastern Pennsylvania Transportation Authority		5.00			6-1-2028		2,000,000		2,146,380
									24,173,998
Tax Revenue: 4.93%
Allegheny County PA Port Authority Refunding Bond		5.75			3-1-2029		3,000,000		3,232,710
Pittsburgh & Allegheny Counties PA Sports & Exhibition Authority (AGM Insured)		5.00			2-1-2031		3,000,000		3,120,000
									6,352,710
Transportation Revenue: 5.75%
Delaware River PA Joint Toll Bridge Commission		5.00			7-1-2042		580,000		652,523
Pennsylvania Turnpike Commission SeriesA-1		5.00			12-1-2047		1,000,000		1,101,080
Pennsylvania Turnpike Commission SeriesA-2		5.00			12-1-2048		2,000,000		2,219,280
Pennsylvania Turnpike Commission Subordinate Bond Series A		5.50			12-1-2042		3,000,000		3,435,930
									7,408,813
Water & Sewer Revenue: 7.43%
Capital Region Pennsylvania Water and Sewer System Refunding Bond		5.00			7-15-2037		1,000,000		1,123,940
Lehigh County PA General Purpose Authority CAB Allentown Project (z)		5.91			12-1-2030		2,000,000		1,289,340
McKeesport PA Municipal Authority (AGM Insured)		5.50			12-15-2027		2,405,000		2,652,953
Pennsylvania Commonwealth Financing Authority Series B		5.00			6-1-2026		1,000,000		1,081,580
Philadelphia PA Water & Wastewater Refunding Bond		5.00			10-1-2030		1,000,000		1,152,180
Philadelphia PA Water & Wastewater Refunding Bond Series A		5.00			10-1-2038		2,000,000		2,274,100
									9,574,093
Total Municipal Obligations (Cost $123,109,061)									127,674,843
	Yield					Shares
Short-Term Investments: 0.54%
Investment Companies: 0.54%
Wells Fargo Municipal Cash Management Money Market Fund Institutional Class (l)(u)		1.65					695,856		696,134
Total Short-Term Investments (Cost $696,134)									696,134

Total investments in securities (Cost $123,805,195)	99.65	%		128,370,977
Other assets and liabilities, net	0.35			449,301
Total net assets	100.00	%	$	128,820,278

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

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

(u) The rate represents the7-day annualized yield at period end.

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

10 Wells Fargo Pennsylvania Tax-Free Fund Portfolio of investments—December 31, 2018 (unaudited)

Abbreviations:

ACA ACA Financial Guaranty Corporation

AGM Assured Guaranty Municipal

Ambac Ambac Financial Group Incorporated

AMT Alternative minimum tax

CAB Capital appreciation bond

FGIC Financial Guaranty Insurance Corporation

GO General obligation

HEFAR Higher Education Facilities Authority Revenue

IDA Industrial Development Authority

National National Public Finance Guarantee Corporation

SFMR Single-family mortgage revenue

Investments in Affiliates

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

	Shares, beginning of period		Shares purchased		Shares sold		Shares, end of period		Net realized gains (losses)			Net change in unrealized gains (losses)		Income from affiliated securities		Value, end of period		% of net assets
Short-Term Investments
Investment Companies
Wells Fargo Municipal Cash Management Money Market Fund Institutional Class		610,062		15,370,099		15,284,305		695,856	$	(507	)	$	0	$	5,236	$	696,134		0.54	%

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

Statement of assets and liabilities—December 31, 2018 (unaudited) Wells Fargo Pennsylvania Tax-Free Fund 11

Assets
Investments in unaffiliated securities, at value (cost $123,109,061)	$	127,674,843
Investments in affiliated securities, at value (cost $696,134)		696,134
Cash		103,582
Receivable for Fund shares sold		172,300
Receivable for interest		1,532,164
Prepaid expenses and other assets		63,283
Total assets		130,242,306
Liabilities
Payable for Fund shares redeemed		1,187,225
Dividends payable		157,081
Management fee payable		27,990
Administration fees payable		12,711
Distribution fee payable		7,961
Trustees’ fees and expenses payable		677
Accrued expenses and other liabilities		28,383
Total liabilities		1,422,028
Total net assets	$	128,820,278
NET ASSETS CONSIST OF
Paid-in capital	$	125,272,981
Total distributable earnings		3,547,297
Total net assets	$	128,820,278
COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE PER SHARE
Net assets – Class A	$	37,559,797
Shares outstanding – Class A1		3,282,907
Net asset value per share – Class A		$11.44
Maximum offering price per share – Class A2		$11.98
Net assets – Class C	$	12,087,074
Shares outstanding – Class C1		1,058,422
Net asset value per share – Class C		$11.42
Net assets – Institutional Class	$	79,173,407
Shares outstanding – Institutional Class1		6,920,071
Net asset value per share – Institutional Class		$11.44

¹  The Fund has an unlimited number of authorized shares.

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

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

12 Wells Fargo Pennsylvania Tax-Free Fund Statement of operations—six months ended December 31, 2018 (unaudited)

Investment income
Interest	$	2,757,550
Income from affiliated securities		5,236
Total investment income		2,762,786
Expenses
Management fee		274,133
Administration fees
Class A		31,588
Class C		10,147
Institutional Class		33,959
Shareholder servicing fees
Class A		49,356
Class C		15,855
Distribution fee
Class C		47,566
Custody and accounting fees		5,128
Professional fees		28,169
Registration fees		30,573
Shareholder report expenses		5,671
Trustees’ fees and expenses		10,454
Other fees and expenses		8,326
Total expenses		550,925
Less: Fee waivers and/or expense reimbursements		(102,334	)
Net expenses		448,591
Net investment income		2,314,195
REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS
Net realized gains (losses) on:
Unaffiliated securities		574,997
Affiliated securities		(507	)
Net realized gains on investments		574,490
Net change in unrealized gains (losses) on investments		(1,058,911	)
Net realized and unrealized gains (losses) on investments		(484,421	)
Net increase in net assets resulting from operations	$	1,829,774

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

Statement of changes in net assets Wells Fargo Pennsylvania Tax-Free Fund 13

	Six months ended December 31, 2018 (unaudited)						Year ended June 30, 20181
Operations
Net investment income				$	2,314,195					$	5,180,475
Net realized gains (losses) on investments					574,490						(508,073	)
Net change in unrealized gains (losses) on investments					(1,058,911	)					(2,064,312	)
Net increase in net assets resulting from operations					1,829,774						2,608,090
Distributions to shareholders from net investment income and net realized gains
Class A					(650,193	)					(1,414,368	)
Class C					(161,244	)					(375,013	)
Institutional Class					(1,502,758	)					(3,391,139	)
Total distributions to shareholders					(2,314,195	)					(5,180,520	)
Capital share transactions		Shares						Shares
Proceeds from shares sold
Class A		69,786			795,705			118,953			1,379,864
Class C		29,822			340,437			82,087			955,484
Institutional Class		230,957			2,626,027			744,498			8,653,257
					3,762,169						10,988,605
Reinvestment of distributions
Class A		53,302			607,370			114,924			1,331,480
Class C		13,550			154,126			30,457			352,246
Institutional Class		47,913			545,945			97,749			1,132,476
					1,307,441						2,816,202
Payment for shares redeemed
Class A		(383,657	)		(4,374,252	)		(579,470	)		(6,706,633	)
Class C		(158,256	)		(1,800,367	)		(340,707	)		(3,941,718	)
Institutional Class		(1,084,930	)		(12,357,706	)		(1,914,913	)		(22,193,663	)
					(18,532,325	)					(32,842,014	)
Net decrease in net assets resulting from capital share transactions					(13,462,715	)					(19,037,207	)
Total decrease in net assets					(13,947,136	)					(21,609,637	)
Net assets
Beginning of period					142,767,414						164,377,051
End of period				$	128,820,278					$	142,767,414

¹  Effective for all filings after November 4, 2018, the SEC prospectively eliminated the requirement to parenthetically disclose undistributed net investment income at the end of the period and permitted the aggregation of distributions, with the exception of tax basis returns of capital. Overdistributed net investment income at June 30, 2018 was $200,538. The disaggregated distributions information for the year ended June 30, 2018 is included in Note 7,Distributions to Shareholders,in the notes to the financial statements.

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

14 Wells Fargo Pennsylvania Tax-Free Fund Financial highlights

(For a share outstanding throughout each period)

	Six months ended December 31, 2018 (unaudited)			Year ended June 30
CLASS A				2018			2017			2016			2015			2014
Net asset value, beginning of period		$11.48			$11.67			$12.13			$11.75			$11.65			$11.36
Net investment income		0.19			0.38			0.36			0.38			0.42			0.43
Net realized and unrealized gains (losses) on investments		(0.04	)		(0.19	)		(0.46	)		0.38			0.09			0.29
Total from investment operations		0.15			0.19			(0.10	)		0.76			0.51			0.72
Distributions to shareholders from
Net investment income		(0.19	)		(0.38	)		(0.36	)		(0.38	)		(0.41	)		(0.43	)
Net asset value, end of period		$11.44			$11.48			$11.67			$12.13			$11.75			$11.65
Total return1		1.32	%		1.62	%		(0.83	)%		6.62	%		4.44	%		6.45	%
Ratios to average net assets (annualized)
Gross expenses		0.94	%		0.91	%		0.90	%		0.90	%		0.90	%		0.91	%
Net expenses		0.74	%		0.74	%		0.74	%		0.74	%		0.74	%		0.74	%
Net investment income		3.29	%		3.25	%		3.02	%		3.23	%		3.54	%		3.75	%
Supplemental data
Portfolio turnover rate		4	%		10	%		20	%		13	%		15	%		15	%
Net assets, end of period (000s omitted)		$37,560			$40,664			$45,381			$55,352			$47,323			$44,500

¹  Total return calculations do not include any sales charges. Returns for periods of less than one year are not annualized.

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

Financial highlights Wells Fargo Pennsylvania Tax-Free Fund 15

(For a share outstanding throughout each period)

	Six months ended December 31, 2018 (unaudited)			Year ended June 30
CLASS C				2018			2017			2016			2015			2014
Net asset value, beginning of period		$11.45			$11.65			$12.11			$11.73			$11.63			$11.34
Net investment income		0.15	1		0.29	1		0.27	1		0.29	1		0.33			0.34
Net realized and unrealized gains (losses) on investments		(0.03	)		(0.20	)		(0.46	)		0.38			0.09			0.29
Total from investment operations		0.12			0.09			(0.19	)		0.67			0.42			0.63
Distributions to shareholders from
Net investment income		(0.15	)		(0.29	)		(0.27	)		(0.29	)		(0.32	)		(0.34	)
Net asset value, end of period		$11.42			$11.45			$11.65			$12.11			$11.73			$11.63
Total return2		1.02	%		0.77	%		(1.58	)%		5.83	%		3.66	%		5.67	%
Ratios to average net assets (annualized)
Gross expenses		1.69	%		1.66	%		1.65	%		1.65	%		1.65	%		1.66	%
Net expenses		1.49	%		1.49	%		1.49	%		1.49	%		1.49	%		1.49	%
Net investment income		2.54	%		2.50	%		2.27	%		2.46	%		2.78	%		3.00	%
Supplemental data
Portfolio turnover rate		4	%		10	%		20	%		13	%		15	%		15	%
Net assets, end of period (000s omitted)		$12,087			$13,440			$16,323			$19,493			$13,062			$11,192

¹  Calculated based upon average shares outstanding

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

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

16 Wells Fargo Pennsylvania Tax-Free Fund Financial highlights

(For a share outstanding throughout each period)

	Six months ended December 31, 2018 (unaudited)			Year ended June 30
INSTITUTIONAL CLASS				2018			2017			2016			2015			2014
Net asset value, beginning of period		$11.48			$11.67			$12.13			$11.75			$11.65			$11.36
Net investment income		0.20			0.40			0.39	1		0.41	1		0.44			0.45
Net realized and unrealized gains (losses) on investments		(0.04	)		(0.18	)		(0.46	)		0.38			0.10			0.29
Total from investment operations		0.16			0.22			(0.07	)		0.79			0.54			0.74
Distributions to shareholders from
Net investment income		(0.20	)		(0.41	)		(0.39	)		(0.41	)		(0.44	)		(0.45	)
Net asset value, end of period		$11.44			$11.48			$11.67			$12.13			$11.75			$11.65
Total return2		1.45	%		1.88	%		(0.58	)%		6.88	%		4.70	%		6.72	%
Ratios to average net assets (annualized)
Gross expenses		0.61	%		0.58	%		0.57	%		0.57	%		0.57	%		0.58	%
Net expenses		0.49	%		0.49	%		0.49	%		0.49	%		0.49	%		0.49	%
Net investment income		3.54	%		3.50	%		3.27	%		3.47	%		3.78	%		4.00	%
Supplemental data
Portfolio turnover rate		4	%		10	%		20	%		13	%		15	%		15	%
Net assets, end of period (000s omitted)		$79,173			$88,663			$102,672			$132,844			$106,769			$119,276

¹  Calculated based upon average shares outstanding

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

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

Notes to financial statements (unaudited) Wells Fargo Pennsylvania Tax-Free Fund 17

1. ORGANIZATION

Wells Fargo Funds Trust (the “Trust”), a Delaware statutory trust organized on March 10, 1999, is anopen-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(“FASB”) Accounting Standards Codification Topic 946, Financial Services – Investment Companies. These financial statements report on the Wells Fargo PennsylvaniaTax-Free Fund (the “Fund”) which is a diversified series of the Trust.

2. SIGNIFICANT ACCOUNTING POLICIES

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

Securities valuation

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

Debt securities are valued at the evaluated bid price provided by an independent pricing service (e.g. taking into account various factors, including yields, maturities, or credit ratings) or, if a reliable price is not available, the quoted bid price from an independent broker-dealer.

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

Investments which are not valued using any of the methods discussed above are valued at their fair value, as determined in good faith by the Board of Trustees of the Fund. The Board of Trustees has established a Valuation Committee comprised of the Trustees and has delegated to it the authority to take any actions regarding the valuation of portfolio securities that the Valuation Committee deems necessary or appropriate, including determining the fair value of portfolio securities, unless the determination has been delegated to the Wells Fargo Asset Management Pricing Committee at Wells Fargo Funds Management, LLC (“Funds Management”).The Board of Trustees retains the authority to make or ratify any valuation decisions or approve any changes to the Valuation Procedures as it deems appropriate. On a quarterly basis, the Board of Trustees receives reports on any valuation actions taken by the Valuation Committee or the Wells Fargo Asset Management Pricing Committee which may include items for ratification.

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 aremarked-to-market daily and the Fund begins earning interest on the settlement date. Losses may arise due to changes in the market value of the underlying securities or if the counterparty does not perform under the contract.

Security transactions and income recognition

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

Interest income is accrued daily and bond discounts are accreted and premiums are amortized daily. To the extent debt obligations are placed onnon-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 fromnon-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 theex-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.

18 Wells Fargo Pennsylvania Tax-Free Fund Notes to financial statements (unaudited)

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 andtax-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 December 31, 2018, the aggregate cost of all investments for federal income tax purposes was $123,859,620 and the unrealized gains (losses) consisted of:

Gross unrealized gains	$	4,888,358
Gross unrealized losses		(377,001	)
Net unrealized gains	$	4,511,357

As of June 30, 2018, the Fund had capital loss carryforwards which consisted of $829,419 in short-term capital losses and $491,395 in long-term capital losses.

As of June 30, 2018, the Fund had current year deferred post-October capital losses consisting of $17,197 in short-term losses which were recognized on the first day of the current fiscal year.

Class allocations

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

3. FAIR VALUATION MEASUREMENTS

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

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

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

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

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

Notes to financial statements (unaudited) Wells Fargo Pennsylvania Tax-Free Fund 19

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

	Quoted prices (Level 1)		Other significant observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total
Assets
Investments in:
Municipal obligations	$	0	$	127,674,843	$	0	$	127,674,843
Short-term investments
Investment companies		696,134		0		0		696,134
Total assets	$	696,134	$	127,674,843	$	0	$	128,370,977

Additional sector, industry or geographic detail is included in the Portfolio of Investments.

At December 31, 2018, the Fund did not have any transfers into/out of 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 0.40% and declining to 0.28% as the average daily net assets of the Fund increase. For the six months ended December 31, 2018, the management fee was equivalent to an annual rate of 0.40% of the Fund’s average daily net assets.

Funds Management has retained the services of a subadviser to provide daily portfolio management to the Fund. The fee for subadvisory services is borne by Funds Management. Wells Capital Management Incorporated, an affiliate of Funds Management and an indirect wholly owned subsidiary of Wells Fargo, is the subadviser to the Fund and is entitled to receive a fee from Funds Management at an annual rate starting at 0.20% and declining to 0.10% as the average daily net assets of the Fund increase.

Administration fees

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

	Class-level administration fee
Class A, Class C		0.16	%
Institutional Class		0.08

Funds Management has contractually waived and/or reimbursed management and administration fees to the extent necessary to maintain certain net operating expense ratios for the Fund. 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 October 31, 2019 to waive fees and/or reimburse expenses to the extent necessary to cap the Fund’s expenses at 0.74% for Class A shares, 1.49% for Class C shares, and 0.49% for Institutional Class shares. After this time, the cap may be increased or the commitment to maintain the cap may be terminated only with the approval of the Board of Trustees.

20 Wells Fargo Pennsylvania Tax-Free Fund Notes to financial statements (unaudited)

Distribution fee

The Trust has adopted a distribution plan for Class C shares of the Fund pursuant to Rule12b-1 under the 1940 Act. A distribution fee is charged to Class C shares and paid to Wells Fargo Funds Distributor, LLC (“Funds Distributor”), the principal underwriter, at an annual rate of 0.75% of the average daily net assets of Class C shares.

In addition, Funds Distributor is entitled to receive thefront-end sales charge from the purchase of Class A shares and a contingent deferred sales charge on the redemption of certain Class A shares. Funds Distributor is also entitled to receive the contingent deferred sales charges from redemptions of Class C shares. For the six months ended December 31, 2018, Funds Distributor received $1,316 from the sale of Class A shares. No contingent deferred sales charges were incurred by Class A and Class C shares for the six months ended December 31, 2018.

Shareholder servicing fees

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

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 Rule17a-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 $1,000,000 and $700,000 in interfund purchases and sales, respectively, during the six months ended December 31, 2018.

5. INVESTMENT PORTFOLIO TRANSACTIONS

Purchases and sales of investments, excluding U.S. government obligations (if any) and short-term securities, for the six months ended December 31, 2018 were $5,508,875 and $18,509,930, respectively.

6. BANK BORROWINGS

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

For the six months ended December 31, 2018, there were no borrowings by the Fund under the agreement.

7. DISTRIBUTIONS TO SHAREHOLDERS

Effective for all filings after November 4, 2018, the Securities and Exchange Commission eliminated the requirement to separately state the components of distributions to shareholders under U.S. generally accepted accounting principles. The amounts of distributions to shareholders for the year ended June 30, 2018 were as follows:

	Net investment income
Class A	$	1,414,368
Class C		375,013
Institutional Class		3,391,139

8. CONCENTRATION RISK

The Fund invests a substantial portion of its assets in issuers of municipal debt securities located in a single state or territories of the U.S. Therefore, it may be more affected by economic and political developments in that state or region than would be a comparable generaltax-exempt fund.

9. INDEMNIFICATION

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

Notes to financial statements (unaudited) Wells Fargo Pennsylvania Tax-Free Fund 21

10. NEW ACCOUNTING PRONOUNCEMENT

In August 2018, FASB issued Accounting Standards Update (“ASU”)No. 2018-13, Fair Value Measurement (Topic 820)Disclosure Framework—Changes to the Disclosure Requirements for Fair Value Measurement.ASU2018-13 updates the disclosure requirements for fair value measurements by modifying or removing certain disclosures and adding certain new disclosures. The amendments are effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019. Early adoption is permitted. Management has adopted the removal and modification of disclosures early, as permitted, and will adopt the additional new disclosures at the effective date.

22 Wells Fargo Pennsylvania Tax-Free Fund Other information (unaudited)

PROXY VOTING INFORMATION

A description of the policies and procedures used to determine how to vote proxies relating to portfolio securities is available, upon request, by calling1-800-222-8222, visiting our website atwellsfargofunds.com, or visiting the SEC website at sec.gov. Information regarding how the Fund voted proxies relating to portfolio securities during the most recent12-month period ended June 30 is available on the Fund’s website atwellsfargofunds.comor by visiting the SEC website at sec.gov.

PORTFOLIO HOLDINGS INFORMATION

The complete portfolio holdings for the Fund are publicly available monthly on the Fund’s website (wellsfargofunds.com), on aone-month delayed basis. In addition, top ten holdings information (excluding derivative positions) for the Fund is publicly available on the Fund’s website on a monthly,seven-day or more delayed basis. The Fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on FormN-Q, which is available by visiting the SEC website at sec.gov. In addition, the Fund’s FormN-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 calling1-800-SEC-0330.

Other information (unaudited) Wells Fargo Pennsylvania Tax-Free Fund 23

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 152 mutual funds comprising the Wells Fargo Funds Trust, Wells Fargo Variable Trust, Wells Fargo Master Trust and fourclosed-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 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.	N/A
Jane A. Freeman (Born 1953)	Trustee, since 2015; Chair Liaison, since 2018	Retired. From 2012 to 2014 and 1999 to 2008, Chief Financial Officer of Scientific Learning Corporation. From 2008 to 2012, Ms. Freeman provided consulting services related to strategic business projects. Prior to 1999, Portfolio Manager at Rockefeller & Co. and Scudder, Stevens & Clark. Board member of the Harding Loevner Funds from 1996 to 2014, serving as both Lead Independent Director and chair of the Audit Committee. Board member of the Russell Exchange Traded Funds Trust from 2011 to 2012 and the chair of the Audit Committee. Ms. Freeman is a Board Member of The Ruth Bancroft Garden(non-profit organization). She is also an inactive Chartered Financial Analyst.	N/A
Isaiah Harris, Jr.3 (Born 1952)	Trustee, since 2009; Audit Committee Chairman, since 2019	Retired. Chairman of the Board of CIGNA Corporation since 2009, and Director since 2005. From 2003 to 2011, Director of Deluxe Corporation. Prior thereto, President and CEO of BellSouth Advertising and Publishing Corp. from 2005 to 2007, President and CEO of BellSouth Enterprises from 2004 to 2005 and President of BellSouth Consumer Services from 2000 to 2003. Emeritus member of the Iowa State University Foundation Board of Governors. Emeritus Member of the Advisory Board of Iowa State University School of Business. Advisory Board Member, Palm Harbor Academy (private school). Advisory Board Member, Child Evangelism Fellowship(non-profit). Mr. Harris is a certified public accountant (inactive status).	CIGNA Corporation
Judith M. Johnson3 (Born 1949)	Trustee, since 2008; Audit Committee Chairman, from 2009 to 2018	Retired. Prior thereto, Chief Executive Officer and Chief Investment Officer of Minneapolis Employees Retirement Fund from 1996 to 2008. Ms. Johnson is an attorney, certified public accountant and a certified managerial accountant.	N/A
David F. Larcker (Born 1950)	Trustee, since 2009	James Irvin Miller Professor of Accounting at the Graduate School of Business, Stanford University, Director of the Corporate Governance Research Initiative and Senior Faculty of The Rock Center for Corporate Governance since 2006. From 2005 to 2008, Professor of Accounting at the Graduate School of Business, Stanford University. Prior thereto, Ernst & Young Professor of Accounting at The Wharton School, University of Pennsylvania from 1985 to 2005.	N/A

24 Wells Fargo Pennsylvania Tax-Free 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; Nominating and 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.	N/A
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, anon-profit organization, since 2007. Member of the Board of Trustees of NorthStar Education Finance, Inc., anon-profit organization, since 2007.	N/A
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, anon-profit organization, from 2013 to 2015. Board member of the Russell Exchange Traded Fund Trust from 2011 to 2012. Director of Barclays Global Investors Holdings Deutschland GmbH from 2006 to 2009. Mr. Polisson is an attorney and has a retired status with the Massachusetts and District of Columbia Bar Associations.	N/A
Michael S. Scofield4 (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.	N/A
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, Governance 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 from 2010 to 2011, Chairman of the Board from 2009 to 2011 and Board Director from 2003 to 2015. Vice President, Leadership and Community Engagement, Bush Foundation, Saint Paul, Minnesota (a private foundation) from 2009 to 2011. Executive Vice President and Chief Financial Officer, Minnesota Sports and Entertainment from 2004 to 2009 and Senior Vice President from 2002 to 2004. Commissioner of Finance, State of Minnesota, from 1999 to 2002. Currently the Board Chair of the Minnesota Wild Foundation since 2010.	N/A

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

Other information (unaudited) Wells Fargo Pennsylvania Tax-Free Fund 25

Officers

Name and year of birth	Position held and length of service	Principal occupations during past five years or longer
Andrew Owen (Born 1960)	President, since 2017	Executive Vice President of Wells Fargo & Company and Head of Affiliated Managers, Wells Fargo Asset Management, since 2014. In addition, Mr. Owen is currently President, Chief Executive Officer and Director of Wells Fargo Funds Management, LLC since 2017. Prior thereto, Executive Vice President responsible for marketing, investments and product development for Wells Fargo Funds Management, LLC, from 2009 to 2014.
Nancy Wiser1 (Born 1967)	Treasurer, since 2012	Executive Vice President of Wells Fargo Funds Management, LLC since 2011. Chief Operating Officer and Chief Compliance Officer at LightBox Capital Management LLC, from 2008 to 2011.
Alexander Kymn (Born 1973)	Secretary, since 2018; Chief Legal Officer, since 2018	Senior Company Counsel of Wells Fargo Bank, N.A. since 2018 (previously Senior Counsel from 2007 to 2018). Vice President of Wells Fargo Funds Management, LLC from 2008 to 2014.
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 76 funds in the Fund Complex. Jeremy DePalma acts as Treasurer of 76 funds and Assistant Treasurer of 76 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 calling1-800-222-8222 or by visiting the website atwellsfargofunds.com.

³  Mr. Harris replaced Ms. Johnson as the Chairman of the Audit Committee effective January 1, 2019.

⁴  Mr. Scofield retired on December 31, 2018.

26 Wells Fargo Pennsylvania Tax-Free Fund Appendix A (unaudited)

SALES CHARGE REDUCTIONS AND WAIVERS FOR CERTAIN INTERMEDIARIES

Raymond James & Associates, Inc., Raymond James Financial Services & Raymond James affiliates (“Raymond James”)

Effective on or about March 1, 2019, shareholders purchasing Fund shares through a Raymond James platform or account will be eligible only for the following load waivers(front-end sales charge waivers and contingent deferred, orback-end, sales charge waivers) and discounts, which may differ from those disclosed elsewhere in the Fund’s Prospectus or SAI.

Front-end Sales Load Waivers on Class A shares Available at Raymond James

• Shares purchased in an investment advisory program.

• Shares purchased through reinvestment of capital gains distributions and dividend reinvestment when purchasing shares of the same fund (but not any other fund within the fund family).

• Employees and registered representatives of Raymond James or its affiliates and their family members as designated by Raymond James.

• Shares purchased from the proceeds of redemptions within the same fund family, provided (1) the repurchase occurs within 90 days following the redemption, (2) the redemption and purchase occur in the same account, and (3) redeemed shares were subject to afront-end or deferred sales load (known as Rights of Reinstatement).

• A shareholder in the fund’s Class C shares will have their shares automatically exchanged at net asset value to Class A shares (or the appropriate share class) of the fund if the shares are no longer subject to a CDSC and the exchange is in line with the policies and procedures of Raymond James.

CDSC Waivers on Class A and C Shares Available at Raymond James

• Death or disability of the shareholder.

• Shares sold as part of a systematic withdrawal plan as described in the Fund’s Prospectus.

• Return of excess contributions from an IRA Account.

• Shares sold as part of a required minimum distribution for IRA and retirement accounts due to the shareholder reaching age 70½ as described in the Fund’s prospectus.

• Shares sold to pay Raymond James fees but only if the transaction is initiated by Raymond James.

• Shares acquired through a right of reinstatement.

Front-end Load Discounts Available at Raymond James: Breakpoints, and/or Rights of Accumulation

• Breakpoints as described in the Fund’s Prospectus.

• Rights of accumulation which entitle shareholders to breakpoint discounts will be automatically calculated based on the aggregated holding of fund family assets held by accounts within the purchaser’s household at Raymond James. Eligible fund family assets not held at Raymond James may be included in the rights of accumulation calculation only if the shareholder notifies his or her financial advisor about such assets.

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For more information

More information about Wells Fargo Funds is available free upon request. To obtain literature, please write, 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, call1-800-222-8222 or visit the Fund’s website atwellsfargofunds.com. Read the prospectus carefully before you invest or send money.

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

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

INVESTMENT PRODUCTS: NOT FDIC INSURED  ◾  NO BANK GUARANTEE  ◾   MAY LOSE VALUE

© 2019 Wells Fargo Funds Management, LLC. All rights reserved.

320450 02-19 SA255/SAR255 12-18

Semi-Annual Report

December 31, 2018

Wells Fargo Short-Term Municipal Bond Fund

Beginning on January 1, 2021, as permitted by new regulations adopted by the Securities and Exchange Commission, paper copies of the Wells Fargo Funds’ annual and semi-annual shareholder reports issued after this date will no longer be sent by mail, unless you specifically request paper copies of the reports. Instead, the reports will be made available on the Funds’ website, and you will be notified by mail each time a report is posted and provided with a website address to access the report.

If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from the Fund electronically at any time by contacting your financial intermediary (such as a broker-dealer or bank) or, if you are a direct investor, by calling 1-800-222-8222 or by enrolling at wellsfargo.com/advantagedelivery.

You may elect to receive all future reports in paper free of charge. If you invest through a financial intermediary, you can contact your financial intermediary to request that you continue to receive paper copies of your shareholder reports; if you invest directly with the Fund, you can call 1-800-222-8222. Your election to receive reports in paper will apply to all Wells Fargo Funds held in your account with your financial intermediary or, if you are a direct investor, to all Wells Fargo Funds that you hold.

Reduce clutter. Save trees.

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

Contents

Letter to shareholders	2
Performance highlights	4
Fund expenses	6
Portfolio of investments	7
Financial statements
Statement of assets and liabilities	38
Statement of operations	39
Statement of changes in net assets	40
Financial highlights	41
Notes to financial statements	46
Other information	51
Appendix A	55

The views expressed and any forward-looking statements are as of December 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.

INVESTMENT PRODUCTS: NOT FDIC INSURED  ◾  NO BANK GUARANTEE  ◾   MAY LOSE VALUE

2 Wells Fargo Short-Term Municipal Bond Fund Letter to shareholders (unaudited)

Andrew Owen

President

Wells Fargo Funds

Global trade tensions escalated during the third quarter of 2018.

Dear Shareholder:

We are pleased to offer you this semi-annual report for the Wells Fargo Short-Term Municipal Bond Fund for the six-month period that ended December 31, 2018. During the reporting period, the U.S. generated encouraging economic and business data that was offset by less positive and more inconsistent data from international markets. Investment returns were generally negative as geopolitical tensions and uncertainty tended to distract investors from more favorable underlying trends.

For the period, U.S. stocks, as measured by the S&P 500 Index,¹ fell 6.85% and international stocks, as measured by the MSCI ACWI ex USA Index (Net),² declined 10.84%. Based on the MSCI EM Index (Net),³ emerging market stocks lost 8.48%. For bond investors, the Bloomberg Barclays U.S. Aggregate Bond Index⁴ gained 1.65% while the Bloomberg Barclays Global Aggregate ex-USD Index⁵ fell 0.84%. The Bloomberg Barclays Municipal Bond Index⁶ gained 1.53% while the ICE BofAML U.S. High Yield Index⁷ declined 2.34%.

Global trade tensions prompted investor concerns.

Global trade tensions escalated during the third quarter of 2018. The U.S. imposed tariffs on a wide range of products manufactured overseas. Foreign governments retaliated with tariffs that punished U.S. commodity producers and product manufacturers. Investors wondered about next steps as divergence in global economic policies and growth prospects widened.

During the summer months, the U.S. economy strengthened. Revised second-quarter gross domestic product (GDP) growth data released in August showed the U.S. economy growing at a 4.2% rate. The unemployment rate in the U.S. was 3.7% by the end of September, according to the U.S. Department of Labor. Wages showed more consistent growth, and consumer confidence remained strong. Several U.S. equity market indices reached records during August, with the S&P 500 Index gaining 7.71% for the three-month period that ended September 30, 2018. In contrast, the MSCI ACWI ex USA Index (Net) gained 0.71% while the MSCI EM Index (Net) declined 1.09% during the same three-month period.

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.

Letter to shareholders (unaudited) Wells Fargo Short-Term Municipal Bond Fund 3

Economic signals overseas were mixed as the third quarter ended and the fourth quarter began. In particular, signs of slowing economic growth in China created uncertainty for investors. Amid rising trade tensions, the People’s Bank of China cut reserve requirement ratios and accelerated infrastructure spending and tax cuts for business enterprises and individuals. Nevertheless, a strengthening U.S. dollar and trade tensions remained headwinds for investors overseas.

Equity markets were volatile during the fourth quarter.

Negative stock market performance during October and December bracketed a mildly positive November, as measured by the S&P 500 Index and the MSCI ACWI ex USA Index (Net). As interest rates and bond yields gained during October, stock markets struggled. Readings on consumer sentiment and business spending were mixed. Markets rebounded in November. The U.S. and China agreed to halt further increases in tariffs and engage in additional negotiations. While November returns were positive, the loss for the full fourth quarter was substantial for equity investors globally, with the S&P down 13.52% and the MSCI ACWI ex USA Index (Net) down 11.46%. December’s S&P 500 Index performance was the lowest since 1931. Globally, fixed income investments fared better than stocks during the last two months of the year as conflicting signals unsettled investors’ outlooks.

Equity investors confronted a number of changing conditions. In November’smid-term elections, control of the U.S. House of Representatives shifted from Republicans to Democrats, presaging potential partisan disputes. Progress on Brexit negotiations stalled in the UK. In China, the value of the yuan declined to low levels last seen in 2008. Oil prices continued to fall. The Fed increased the federal funds rate by 25 bps to a target range of between 2.25% and 2.50% in December 2018. A late-December dispute over spending and immigration policy resulted in a partial U.S. government shutdown that continued through the end of the period.

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

Economic signals overseas were mixed as the third quarter ended and the fourth quarter began.

For further information about your Fund, contact your investment professional, visit our website atwellsfargofunds.com, or call us directly at1-800-222-8222.

4 Wells Fargo Short-Term Municipal Bond Fund Performance highlights (unaudited)

Investment objective

The Fund seeks current income exempt from federal income tax consistent with capital preservation.

Manager

Wells Fargo Funds Management, LLC

Subadviser

Wells Capital Management Incorporated

Portfolio managers

Wendy Casetta

Lyle J. Fitterer, CFA^®‡, CPA

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

		Including sales charge						Excluding sales charge						Expense ratios1 (%)
	Inception date	1 year		5 year		10 year		1 year		5 year		10 year		Gross		Net2
Class A (WSMAX)	7-18-2008		-0.60		0.59		2.19		1.43		0.99		2.40		0.77		0.63
Class C (WSSCX)	1-31-2003		-0.33		0.24		1.63		0.67		0.24		1.63		1.52		1.38
Class R63	7-31-2018		–		–		–		1.68		1.22		2.62		0.39		0.35
Administrator Class (WSTMX)4	7-30-2010		–		–		–		1.46		0.98		2.41		0.71		0.60
Institutional Class (WSBIX)	3-31-2008		–		–		–		1.66		1.21		2.62		0.44		0.40
Bloomberg Barclays 1-3 Year Composite Municipal Bond Index5	–		–		–		–		1.75		0.99		1.60		–		–

Figures quoted represent past performance, which is no guarantee of future results, and do not reflect taxes that a shareholder may pay on fund distributions or the redemption of fund shares. Investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Performance shown without sales charges would be lower if sales charges were reflected. Current performance may be lower or higher than the performance data quoted, which assumes the reinvestment of dividends and capital gains. Current month-end performance is available on the Fund’s website, wellsfargofunds.com.

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

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

Bond values fluctuate in response to the financial condition of individual issuers, general market and economic conditions, and changes in interest rates. Changes in market conditions and government policies may lead to periods of heightened volatility in the bond market and reduced liquidity for certain bonds held by the Fund. In general, when interest rates rise, bond values fall and investors may lose principal value. Interest rate changes and their impact on the Fund and its share price can be sudden and unpredictable. The use of derivatives may reduce returns and/or increase volatility. Certain investment strategies tend to increase the total risk of an investment (relative to the broader market). Consult the Fund’s prospectus for additional information on these and other risks. A portion of the Fund’s income may be subject to federal, state, and/or local income taxes or the Alternative Minimum Tax (AMT). Any capital gains distributions may be taxable.

Please see footnotes on page 5.

Performance highlights (unaudited) Wells Fargo Short-Term Municipal Bond Fund 5

Effective maturity distribution as of December 31, 2018⁶

Credit quality as of December 31, 2018⁷

^‡  CFA^® and Chartered Financial Analyst^® are trademarks owned by CFA Institute.

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

³  Historical performance shown for Class R6 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 Class R6 shares would be higher.

⁴  Historical performance shown for Administrator Class shares prior to their inception reflects the performance of Institutional Class shares, adjusted to reflect the higher expenses applicable to Administrator Class shares.

⁵  The Bloomberg Barclays 1-3 Year Composite Municipal Bond Index is a blended index weighted 50% in the Bloomberg Barclays 1-Year Municipal Bond Index and 50% in the Barclays 3-Year Municipal Bond Index. You cannot invest directly in an index.

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

⁷  The credit quality distribution of portfolio holdings reflected in the chart is based on ratings from Standard & Poor’s, Moody’s Investors Service, and/ or Fitch Ratings Ltd. Credit quality ratings apply to the underlying holdings of the Fund and not to the Fund itself. The percentages of the Fund’s portfolio with the ratings depicted in the chart are calculated based on the total market value of fixed income securities held by the Fund. If a security was rated by all three rating agencies, the middle rating was utilized. If rated by two of three rating agencies, the lower rating was utilized, and if rated by one of the rating agencies, that rating was utilized. Standard & Poor’s rates the creditworthiness of bonds, ranging from AAA (highest) to D (lowest). Ratings from A to CCC may be modified by the addition of a plus (+) or minus (-) sign to show relative standing within the rating categories. Standard & Poor’s rates the creditworthiness of short-term notes from SP-1 (highest) to SP-3 (lowest). Moody’s rates the creditworthiness of bonds, ranging from Aaa (highest) to C (lowest). Ratings Aa to B may be modified by the addition of a number 1 (highest) to 3 (lowest) to show relative standing within the ratings categories. Moody’s rates the creditworthiness of short-term U.S. tax-exempt municipal securities from MIG 1/VMIG 1 (highest) to SG (lowest). Fitch rates the creditworthiness of bonds, ranging from AAA (highest) to D (lowest). Credit quality distribution is subject to change and may have changed since the date specified.

6 Wells Fargo Short-Term Municipal Bond Fund Fund expenses (unaudited)

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

The example is based on an investment of $1,000 invested at the beginning of the six-month period and held for the entire period from July 1, 2018 to December 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 sales charges (loads) and contingent deferred sales charges. Therefore, the “Hypothetical” line of the table is useful in comparing ongoing costs only and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

	Beginning account value 7-1-2018		Ending account value 12-31-2018		Expenses paid during the period¹		Annualized net expense ratio
Class A
Actual	$	1,000.00	$	1,007.89	$	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	$	1,004.09	$	6.97		1.38	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,018.25	$	7.02		1.38	%
Class R6
Actual	$	1,000.00	$	1,009.27	$	1.77		0.35	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,023.44	$	1.79		0.35	%
Administrator Class
Actual	$	1,000.00	$	1,008.04	$	3.04		0.60	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,022.18	$	3.06		0.60	%
Institutional Class
Actual	$	1,000.00	$	1,009.05	$	2.03		0.40	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,023.19	$	2.04		0.40	%

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

Portfolio of investments—December 31, 2018 (unaudited) Wells Fargo Short-Term Municipal Bond Fund 7

Security name	Interest rate			Maturity date		Principal		Value
Municipal Obligations: 99.32%
Alabama: 0.43%
GO Revenue: 0.13%
Jefferson County AL Series C		4.90	%		4-1-2021	$	5,290,000	$	5,404,105
Tax Revenue: 0.01%
Board of Education of Shelby County AL Public School Series 2016		4.00			2-1-2020		410,000		419,582
Utilities Revenue: 0.29%
Alabama Black Belt Energy Gas District Series A		4.00			12-1-2048		8,000,000		8,351,440
Alabama Black Belt Energy Gas District Series A (Royal Bank of Canada LIQ)		4.00			8-1-2047		3,880,000		4,036,597
									12,388,037
									18,211,724
Alaska: 0.63%
Health Revenue: 0.53%
Alaska IDA Loan Anticipation YKHC Project		3.50			12-1-2020		22,000,000		22,165,000
Utilities Revenue: 0.04%
Alaska IDA Snettisham Hydroelectric Project		5.00			1-1-2021		1,400,000		1,458,506
Water & Sewer Revenue: 0.06%
North Slope Borough Alaska Service Area Water & Wastewater Facilities		5.25			6-30-2034		2,445,000		2,635,294
									26,258,800
Arizona: 2.46%
Education Revenue: 0.16%
Arizona Board of Regents Certificate of Participation Series A		5.00			6-1-2021		3,000,000		3,215,910
Cochise County AZ Community College District of Cochise County Series 2016A (Build America Mutual Assurance Company Insured)		5.00			7-1-2020		405,000		422,861
Cochise County AZ Community College District of Cochise County Series 2016A (Build America Mutual Assurance Company Insured)		5.00			7-1-2021		425,000		453,624
PIMA County AZ IDA Education Facility Odyssey Preparatory Academy Goodyear Project		7.00			6-1-2034		312,000		348,067
PIMA County AZ IDA Education Facility Odyssey Preparatory Academy Goodyear Project		7.13			6-1-2049		1,950,000		2,181,153
									6,621,615
GO Revenue: 0.05%
Maricopa County AZ Unified School District #89 Refunding Bond Series 2016 (Build America Mutual Assurance Company Insured) ##		2.00			7-1-2019		2,265,000		2,267,106
Health Revenue: 0.36%
Maricopa County AZ IDA Series 2019C (SIFMA Municipal Swap +0.80%) ±%%		2.43			9-1-2048		9,000,000		9,000,000
Tempe AZ IDA Mirabella Arizona State University Project Series B1 144A		4.00			10-1-2023		6,000,000		6,004,740
									15,004,740

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

8 Wells Fargo Short-Term Municipal Bond Fund Portfolio of investments—December 31, 2018 (unaudited)

Security name	Interest rate			Maturity date		Principal		Value
Industrial Development Revenue: 1.17%
Chandler AZ IDA Intel Corporation Project		2.40	%		12-1-2035	$	32,085,000	$	32,336,546
Coconino County AZ Pollution Control Corporation Series A		1.80			9-1-2032		7,100,000		7,045,188
Phoenix AZ IDA Various Republic Services Incorporated Projects øø		2.15			12-1-2035		9,500,000		9,497,815
									48,879,549
Miscellaneous Revenue: 0.29%
Navajo Nation AZ Refunding Bond Series A 144A		2.90			12-1-2020		5,965,000		5,977,049
Navajo Nation AZ Tribal Utility Authority (Municipal Government Guaranty Insured)		4.00			1-1-2021		6,295,000		6,354,991
									12,332,040
Resource Recovery Revenue: 0.14%
Yavapai County AZ IDA Waste Management Incorporated Project Series A2		1.85			3-1-2028		6,000,000		5,994,060
Utilities Revenue: 0.29%
Maricopa County AZ PCR Public Service Company of New Mexico Palo Verde Project Series B		5.20			6-1-2043		2,500,000		2,580,625
Maricopa County AZ PCR Series A		2.40			6-1-2043		9,800,000		9,739,338
									12,319,963
									103,419,073
Arkansas: 0.12%
Housing Revenue: 0.12%
Arkansas Development Finance Authority Multifamily Housing Texarkana Rental Assistance Demonstration Convertible Bond Series A		2.10			6-1-2022		5,100,000		5,101,836
California: 3.38%
Education Revenue: 0.63%
California Infrastructure & Economic Development Bank Series A (SIFMA Municipal Swap +1.00%) ±		2.71			8-1-2037		26,185,000		26,345,776
GO Revenue: 1.18%
California Refunding Bond Series A (SIFMA Municipal Swap +0.25%) ±		1.96			5-1-2033		26,000,000		25,935,780
California Series B (SIFMA Municipal Swap +0.38%) ±		2.09			12-1-2027		20,000,000		19,995,600
Oakland CA Unified School District Alameda County Election of 2012		5.00			8-1-2019		1,000,000		1,019,700
Palomar CA Pomerado Health CAB Election of 2004 Series A (National Insured) (z)##		2.81			8-1-2019		2,215,000		2,188,929
San Ysidro CA School District (AGM Insured) (z)		6.83			8-1-2047		3,610,000		489,985
									49,629,994
Health Revenue: 0.15%
California HFFA Providence St. Joseph Series B1		1.25			10-1-2036		5,755,000		5,695,954
Washington Township CA Health Care District Series B		5.00			7-1-2020		600,000		623,844
									6,319,798
Industrial Development Revenue: 0.09%
California PCFA AMT Calplant I Project 144A		7.00			7-1-2022		3,505,000		3,611,552

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

Portfolio of investments—December 31, 2018 (unaudited) Wells Fargo Short-Term Municipal Bond Fund 9

Security name	Interest rate			Maturity date		Principal		Value
Miscellaneous Revenue: 0.19%
California Infrastructure & Economic Development J. Paul Getty Trust Series B2 (1 Month LIBOR +0.20%) ±		1.84	%		10-1-2047	$	8,000,000	$	7,986,800
Tax Revenue: 0.05%
Commerce CA RDA CAB Project #1 (z)		4.86			8-1-2021		2,245,000		2,002,473
Transportation Revenue: 0.25%
Bay Area CA Toll Authority San Francisco Bay Area Series D		1.88			4-1-2034		10,500,000		10,507,980
Water & Sewer Revenue: 0.84%
California Department of Water Resources Central Valley Project Series AT (SIFMA Municipal Swap +0.37%) ±		2.08			12-1-2035		35,500,000		35,460,240
									141,864,613
Colorado: 1.32%
GO Revenue: 0.26%
Dawson Ridge Metropolitan District # 1 CO (z)		2.22			10-1-2022		8,445,000		7,800,900
Grand River CO Hospital District (AGM Insured)		5.00			12-1-2022		1,450,000		1,604,773
Grand River CO Hospital District (AGM Insured)		5.00			12-1-2024		1,140,000		1,301,071
									10,706,744
Health Revenue: 0.89%
Colorado HCFR Catholic Health Initiatives Series C2 (1 Month LIBOR +1.25%) ±		2.85			10-1-2039		8,500,000		8,526,010
Colorado HCFR Catholic Health Initiatives Series C4 (1 Month LIBOR +1.25%) ±		2.85			10-1-2039		3,495,000		3,505,695
University of Colorado Hospital Authority Series 2017C-1		5.00			11-15-2038		23,630,000		25,336,795
									37,368,500
Housing Revenue: 0.14%
Colorado HSG Finance Authority Multifamily Housing Bonds South Range Crossings Project Series 2017		2.15			1-1-2038		6,000,000		5,998,800
Miscellaneous Revenue: 0.03%
Colorado Bridge Enterprise Central 70 Project		4.00			12-31-2023		1,285,000		1,368,127
									55,442,171
Connecticut: 2.05%
Education Revenue: 0.76%
Connecticut HEFAR Yale University Issue Series A		1.30			7-1-2048		5,105,000		5,069,571
Connecticut HEFAR Yale University Issue Series A		2.05			7-1-2035		25,000,000		25,073,500
Connecticut HEFAR Yale University Issue Series A-1 øø		1.00			7-1-2042		600,000		597,528
Connecticut Higher Education Supplemental Loan Authority Refunding Bonds Chelsea Loan Program Series A		3.60			11-15-2023		1,265,000		1,298,523
									32,039,122
GO Revenue: 0.43%
Connecticut Refunding Bond Series B		4.00			5-15-2021		11,190,000		11,622,829
Hartford CT Series A (AGM Insured) ##		5.00			7-1-2019		700,000		710,073
New Haven CT Prerefunded Bond Series A (AGM Insured) ##		3.00			11-1-2019		80,000		80,745

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

10 Wells Fargo Short-Term Municipal Bond Fund Portfolio of investments—December 31, 2018 (unaudited)

Security name	Interest rate			Maturity date		Principal		Value
GO Revenue(continued)
New Haven CT Series A		5.25	%		8-1-2021	$	1,830,000	$	1,944,942
New Haven CT Unrefunded Balance Refunding Bond Series A (AGM Insured) ##		3.00			11-1-2019		3,325,000		3,350,204
West Haven CT Series A		3.00			11-1-2019		300,000		299,631
West Haven CT Series B ##		3.00			11-1-2019		210,000		209,742
									18,218,166
Health Revenue: 0.24%
Connecticut HEFAR Hartford Healthcare Series G (1 Month LIBOR +0.95%) ±		2.55			7-1-2049		10,000,000		10,023,900
Miscellaneous Revenue: 0.62%
Connecticut Refunding Bond (SIFMA Municipal Swap +1.10%) ##±		2.81			5-15-2019		3,500,000		3,508,540
Connecticut Series A (SIFMA Municipal Swap +0.55%) ##±		2.26			3-1-2019		3,800,000		3,800,912
Connecticut Series A (SIFMA Municipal Swap +0.65%) ±		2.36			3-1-2020		8,385,000		8,395,565
Connecticut Series A (SIFMA Municipal Swap +1.10%) ##±		2.81			4-15-2019		5,600,000		5,611,088
Mohegan Tribe of Indians of Connecticut U.S. Department of Agriculture BAN ##		3.00			6-14-2019		4,466,000		4,466,000
									25,782,105
									86,063,293
District of Columbia: 0.59%
Airport Revenue: 0.09%
Metropolitan Washington DC Airport Authority Series A		5.00			10-1-2024		3,450,000		3,769,263
Housing Revenue: 0.50%
District of Columbia HFA Multifamily Housing Liberty Place Apartments Project		2.13			6-1-2021		9,800,000		9,799,902
District of Columbia HFA Multifamily Housing Maplewood Courts Apartments Project		1.80			2-1-2020		11,310,000		11,292,470
									21,092,372
									24,861,635
Florida: 1.44%
Education Revenue: 0.22%
Florida Gulf Coast University Financing Corporation Housing Project Series A		5.00			8-1-2020		2,055,000		2,144,372
University of North Florida Financing Corporation Capital Housing Project (AGM Insured)		5.00			11-1-2020		3,125,000		3,276,219
University of North Florida Financing Corporation Capital Housing Project (AGM Insured)		5.00			11-1-2021		3,440,000		3,691,808
									9,112,399
Health Revenue: 0.42%
North Broward FL Hospital District Series B		5.00			1-1-2022		1,255,000		1,348,359
North Broward FL Hospital District Series B		5.00			1-1-2023		1,700,000		1,856,553
North Broward FL Hospital District Series B		5.00			1-1-2024		2,000,000		2,214,560
Palm Beach County FL HCFR ACTS Retirement Life Communities Series 2016		5.00			11-15-2021		3,515,000		3,737,464
Tampa FL BayCare Health System Prefunded Bond		5.00			11-15-2023		4,140,000		4,315,660
Tampa FL BayCare Health System Unrefunded Bond		5.00			11-15-2023		3,940,000		4,101,737
									17,574,333

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

Portfolio of investments—December 31, 2018 (unaudited) Wells Fargo Short-Term Municipal Bond Fund 11

Security name	Interest rate			Maturity date		Principal		Value
Housing Revenue: 0.12%
Florida Housing Finance Corporation Logan Heights Apartments Series F %%		1.90	%		2-1-2020	$	5,280,000	$	5,261,520
Miscellaneous Revenue: 0.39%
Manatee County FL School Board Certificate of Participation Series A		5.00			7-1-2020		1,225,000		1,274,417
Miami-Dade County FL School Board Certificate of Participation Series A		5.00			5-1-2031		10,000,000		11,276,700
St. Johns County FL School Board Refunding Bond Certificate of Participation		5.00			7-1-2020		2,010,000		2,100,470
St. Johns County FL School Board Refunding Bond Certificate of Participation		5.00			7-1-2021		1,670,000		1,791,309
									16,442,896
Resource Recovery Revenue: 0.05%
Lee County FL Solid Waste System Refunding Bond		5.00			10-1-2023		1,750,000		1,910,913
Tax Revenue: 0.20%
Florida Department of Environmental Protection Florida Forever Series A		5.00			7-1-2023		7,720,000		8,489,684
Transportation Revenue: 0.04%
Florida Mid-Bay Bridge Authority Series C ##		5.00			10-1-2019		675,000		689,108
Florida Mid-Bay Bridge Authority Series C		5.00			10-1-2020		785,000		821,565
									1,510,673
									60,302,418
Georgia: 4.41%
Education Revenue: 0.17%
Walesa GA Downtown Development Authority Reinhardt University Project ##		2.00			8-1-2019		7,000,000		6,988,730
Health Revenue: 0.86%
Gainesville & Hall Counties GA Development Authority Senior Living Facilities Lanier Village Series B (AGC Insured, TD Bank NA SPA) ø		1.75			11-15-2033		12,825,000		12,825,000
Gainesville & Hall Counties GA Hospital Authority Health System Project Series B (SIFMA Municipal Swap +0.95%) ±		2.66			8-15-2035		23,000,000		23,019,780
									35,844,780
Housing Revenue: 0.63%
Atlanta GA Urban Residential Finance Authority Multifamily Housing City Lights II Family Apartments Project		1.86			12-1-2020		11,500,000		11,478,265
Macon-Bibb County GA Housing Authority Hallmark Portfolio		2.04			4-1-2021		15,000,000		14,992,500
									26,470,765
Industrial Development Revenue: 0.38%
Monroe County GA PCR Georgia Power Company Plant Scherer Project		2.35			10-1-2048		16,000,000		15,867,840
Miscellaneous Revenue: 0.32%
Georgia Road & Tollway Authority Federal Highway Grant Anticipation Bond Series B		5.00			6-1-2020		12,980,000		13,554,105

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

12 Wells Fargo Short-Term Municipal Bond Fund Portfolio of investments—December 31, 2018 (unaudited)

Security name	Interest rate			Maturity date		Principal		Value
Utilities Revenue: 2.05%
Bartow County GA Development Authority Georgia Power Company Bowen Project		2.05	%		9-1-2029	$	4,100,000	$	3,998,853
Burke County GA Development Authority Georgia Power Company Plant Vogtle Project		1.85			12-1-2049		17,300,000		17,248,792
Burke County GA Development Authority Oglethorpe Power Corporation Vogtle Project Series A		2.40			1-1-2040		15,995,000		15,918,864
Burke County GA Development Authority Oglethorpe Power Corporation Vogtle Project Series F		3.00			11-1-2045		22,050,000		21,874,041
Floyd County GA PCR Georgia Power Company Plant Hammond Project		2.35			7-1-2022		11,250,000		11,157,075
Main Street Natural Gas Incorporated Georgia Gas Project Series B		5.00			3-15-2021		2,600,000		2,745,652
Main Street Natural Gas Incorporated Georgia Gas Project Series C		4.00			8-1-2048		6,120,000		6,462,230
Monroe County GA Development Authority PCR Oglethorpe Power Corporation Scherer Project Series A		2.40			1-1-2039		6,755,000		6,722,846
									86,128,353
									184,854,573
Guam: 0.01%
Airport Revenue: 0.01%
Guam International Airport Authority Series A		5.00			10-1-2019		450,000		457,223
Hawaii: 0.47%
GO Revenue: 0.30%
Honolulu HI Rail Transit Project Series H (SIFMA Municipal Swap +0.32%) ±		2.03			9-1-2027		7,600,000		7,597,036
Honolulu HI Rail Transit Project Series H (SIFMA Municipal Swap +0.32%) ±		2.03			9-1-2028		5,000,000		4,998,050
									12,595,086
Housing Revenue: 0.17%
Hawaii Housing Finance & Development Corporation Multifamily Housing Hale Kewalo Apartments Series A (GNMA Insured)		1.90			1-1-2021		7,160,000		7,125,775
									19,720,861
Illinois: 10.81%
Airport Revenue: 0.89%
Chicago IL Midway Airport Refunding Bond Second Lien Series A		5.00			1-1-2022		6,100,000		6,540,969
Chicago IL Midway Airport Refunding Bond Second Lien Series A		5.00			1-1-2025		5,000,000		5,529,050
Chicago IL O’Hare International Airport Customer Facility Series 2013		5.00			1-1-2019		1,000,000		1,000,000
Chicago IL O’Hare International Airport Customer Facility Series 2013		5.00			1-1-2020		890,000		915,178
Chicago IL O’Hare International Airport Refunding Bond General Senior Lien Series B		5.00			1-1-2023		5,000,000		5,380,950
Chicago IL O’Hare International Airport Refunding Bond General Senior Lien Series B		5.00			1-1-2024		1,550,000		1,665,305
Chicago IL O’Hare International Airport Refunding Bond Passenger Facility		5.00			1-1-2023		13,720,000		14,765,327
Chicago IL O’Hare International Airport Refunding Bond Passenger Facility		5.00			1-1-2024		1,335,000		1,480,862
									37,277,641

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

Portfolio of investments—December 31, 2018 (unaudited) Wells Fargo Short-Term Municipal Bond Fund 13

Security name	Interest rate			Maturity date		Principal		Value
Education Revenue: 0.25%
University of Illinois Auxiliary Facilities CAB (z)		2.53	%		4-1-2019	$	7,110,000	$	7,070,255
University of Illinois Board of Trustees Certificate of Participation Series A		4.00			8-15-2019		1,900,000		1,923,484
Western Illinois University Auxiliary Facilities System		4.00			4-1-2020		1,480,000		1,469,122
									10,462,861
GO Revenue: 3.51%
Chicago IL Board Education Refunding Bond Series A (AGM Insured)		5.00			12-1-2022		500,000		539,125
Chicago IL Board Education Refunding Bond Series A (AGM Insured)		5.00			12-1-2023		2,000,000		2,185,160
Chicago IL Board of Education Series A (National Insured)		5.00			12-1-2019		895,000		911,674
Chicago IL City Colleges of Chicago Capital Improvement Project CAB (National Insured) (z)		0.00			1-1-2019		8,555,000		8,555,000
Chicago IL Emergency Telephone System Refunding Bond (National Insured)		5.25			1-1-2020		3,765,000		3,875,842
Chicago IL Emergency Telephone System Refunding Bond (National Insured)		5.50			1-1-2019		2,600,000		2,600,000
Chicago IL Park District Harbor Facility Series C		5.00			1-1-2022		3,155,000		3,306,251
Chicago IL Park District Personal Property Replacement Tax		5.00			1-1-2019		500,000		500,000
Chicago IL Park District Refunding Bonds Series B		5.00			1-1-2019		3,555,000		3,555,000
Chicago IL Park District Refunding Bonds Series D		4.00			1-1-2019		1,990,000		1,990,000
Chicago IL Park District Refunding Bonds Series D		5.00			1-1-2019		1,060,000		1,060,000
Chicago IL Park District Refunding Bonds Series D		5.00			1-1-2020		1,290,000		1,321,218
Chicago IL Park District Refunding Bonds Series D		5.00			1-1-2021		1,000,000		1,044,370
Chicago IL Park District Series A		4.50			1-1-2023		250,000		256,955
Chicago IL Refunding Bond Series B (Ambac Insured)		5.13			1-1-2022		2,610,000		2,665,776
Chicago IL Series C		5.00			1-1-2021		3,000,000		3,098,820
Chicago IL Series C		5.00			1-1-2022		12,780,000		13,357,528
Chicago IL Series C		5.00			1-1-2023		4,750,000		5,009,825
Cook County IL Refunding Bond Series 2016 A		5.00			11-15-2020		5,430,000		5,693,192
Cook County IL Series 2009D		5.00			11-15-2020		2,220,000		2,273,213
Cook County IL Series A		5.00			11-15-2019		2,275,000		2,331,306
Cook County IL Series C		5.00			11-15-2020		21,615,000		22,133,112
Illinois		4.00			2-1-2019		6,300,000		6,308,001
Illinois		4.00			2-1-2020		1,750,000		1,770,055
Illinois		5.00			2-1-2019		1,600,000		1,603,264
Illinois		5.00			2-1-2020		2,520,000		2,575,415
Illinois		5.00			11-1-2021		5,000,000		5,227,450
Illinois		5.00			4-1-2022		3,000,000		3,144,240
Illinois Refunding Bond		5.00			1-1-2019		12,570,000		12,570,000
Illinois Refunding Bond		5.00			1-1-2020		13,515,000		13,795,166
Illinois Series A		5.00			4-1-2019		4,890,000		4,920,416
Kane County IL School District Series B		2.00			2-1-2021		880,000		877,501
Kane County IL School District Series C (AGC Insured)		5.00			6-1-2019		2,110,000		2,115,275
Kendall, Kane, & Will Counties IL Community Unit School District #308 CAB (AGM Insured) (z)		1.87			2-1-2020		1,000,000		976,590
McHenry & Kane Counties IL Community Consolidated School District #158 CAB (National Insured) (z)		2.70			1-1-2021		1,130,000		1,084,958
Waukegan IL Series B (AGM Insured)		4.00			12-30-2023		500,000		533,535
Will County IL Community High School District #210		5.00			1-1-2021		1,165,000		1,166,107
Winnebago Boone County IL Community College District Rock Valley College Series A (AGM Insured)		5.00			1-1-2022		500,000		537,495
									147,468,835

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

14 Wells Fargo Short-Term Municipal Bond Fund Portfolio of investments—December 31, 2018 (unaudited)

Security name	Interest rate			Maturity date		Principal		Value
Health Revenue: 1.93%
Illinois Development Finance Authority St. Vincent De Paul Center Project Series A		1.88	%		11-15-2039	$	5,870,000	$	5,864,893
Illinois Finance Authority Ascension Health Alliance Senior Credit Group Series E-2		1.75			11-15-2042		2,000,000		1,977,340
Illinois Finance Authority Centigram Health System Project		5.00			9-1-2019		2,265,000		2,312,067
Illinois Finance Authority Friendship Village of Schaumburg		4.00			2-15-2019		1,180,000		1,179,917
Illinois Finance Authority Friendship Village of Schaumburg		4.00			2-15-2020		1,230,000		1,226,765
Illinois Finance Authority Lifespace Communities Refunding Bond		4.00			5-15-2019		1,090,000		1,094,883
Illinois Finance Authority OSF Healthcare System Prerefunded Bond Series A		6.00			5-15-2039		14,630,000		15,426,896
Illinois Finance Authority Proven Health Series A		5.75			5-1-2019		3,000,000		3,039,330
Illinois Finance Authority Swedish Covenant Hospital Series A		6.00			8-15-2038		3,460,000		3,615,527
Illinois Finance Authority The Admiral at the Lake Project Series A		7.75			5-15-2030		2,015,000		2,170,639
Illinois Finance Authority The Admiral at the Lake Project Series A		8.00			5-15-2040		20,755,000		22,413,117
Illinois Finance Authority The Admiral at the Lake Project Series A		8.00			5-15-2046		17,295,000		18,676,698
Southwestern IL Development Authority Health Facility Memorial Group Incorporated		6.38			11-1-2023		1,950,000		2,201,960
									81,200,032
Housing Revenue: 0.42%
Chicago IL Multifamily Housing Mark Rwain Apartments Project		2.20			6-1-2021		17,000,000		16,999,830
Illinois Housing Development Authority (GNMA Insured)		5.00			8-1-2028		475,000		486,196
									17,486,026
Miscellaneous Revenue: 0.84%
Chicago IL Board of Education Lease Certificates Refunding Bond Series A (National Insured)		6.00			1-1-2020		3,260,000		3,299,576
Chicago IL Board of Education Series 2018C		5.00			12-1-2019		4,035,000		4,104,321
Illinois Refunding Bond (Build America Mutual Assurance Company Insured)		5.00			8-1-2020		9,175,000		9,523,191
Illinois Refunding Bond		5.00			2-1-2022		4,375,000		4,576,513
Illinois Refunding Bond		5.00			2-1-2023		6,040,000		6,371,958
Illinois Refunding Bonds Series 2012 (AGM Insured)		5.00			8-1-2020		5,000,000		5,193,700
Illinois Series 2014		5.00			5-1-2021		2,000,000		2,078,680
									35,147,939
Tax Revenue: 2.61%
Build Illinois Bonds Junior Obligation Series C		5.00			6-15-2022		1,705,000		1,813,063
Chicago IL Motor Fuel Tax Refunding Bonds Series 2013		5.00			1-1-2020		1,120,000		1,140,014
Chicago IL Motor Fuel Tax Refunding Bonds Series 2013		5.00			1-1-2021		380,000		392,517
Chicago IL Motor Fuel Tax Refunding Bonds Series 2013		5.00			1-1-2022		955,000		998,433
Hillside IL Refunding Bond Series 2018		5.00			1-1-2024		1,475,000		1,512,642
Huntley IL Special Service Area No 6 Special Tax Refunding Bond (Build America Mutual Assurance Company Insured)		2.20			3-1-2024		2,190,000		2,143,725
Illinois Refunding Bond		5.00			1-1-2021		1,760,000		1,817,640
Illinois Regional Transportation Authority Refunding Bond (AGM Insured)		5.75			6-1-2021		3,000,000		3,256,080
Illinois Series A		4.00			1-1-2020		12,265,000		12,399,915
Illinois Series A		4.00			1-1-2021		2,715,000		2,751,924
Illinois Tender Option Bond Trust Receipts/Floater Certificates Series 2017-XG0108 (Barclays Bank plc LOC, Barclays Bank plc LIQ) ø144A		1.89			4-1-2046		29,485,000		29,485,000
Illinois Tender Option Bond Trust Receipts/Floater Certificates Series 2018-XL0093 (Barclays Bank plc LIQ) ø144A		1.88			1-1-2048		10,000,000		10,000,000
Metropolitan Pier & Exposition Authority CAB McCormick Place Project Series A (National Insured) (z)		3.94			12-15-2021		920,000		833,630

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

Portfolio of investments—December 31, 2018 (unaudited) Wells Fargo Short-Term Municipal Bond Fund 15

Security name	Interest rate			Maturity date		Principal		Value
Tax Revenue(continued)
Metropolitan Pier & Exposition Authority McCormick Place Project Series B		5.00	%		12-15-2020	$	1,700,000	$	1,764,226
Metropolitan Pier & Exposition Authority McCormick Place Project Callable Bond Series B		5.00			12-15-2022		1,260,000		1,263,755
Metropolitan Pier & Exposition Authority McCormick Place Project Non-Callable Bond Series B		5.00			12-15-2022		7,000,000		7,418,600
Regional Transportation Authority IL Series B-RMKT 1		1.92			6-1-2025		19,145,000		19,145,000
Sales Tax Securitization Corporation Series A		5.00			1-1-2024		10,200,000		11,199,192
									109,335,356
Tobacco Revenue: 0.31%
Illinois Railsplitter Tobacco Settlement Authority		5.00			6-1-2022		12,000,000		12,983,040
Water & Sewer Revenue: 0.05%
Chicago IL Second Lien		5.00			11-1-2020		740,000		776,356
Chicago IL Second Lien (National Insured)		5.50			1-1-2019		1,460,000		1,460,000
									2,236,356
									453,598,086
Indiana: 2.61%
Health Revenue: 1.06%
Indiana Finance Authority Health System Franciscan Alliance Incorporated Series B		5.00			11-1-2022		1,000,000		1,105,320
Indiana Finance Authority Health System Franciscan Alliance Incorporated Series B		5.00			11-1-2023		1,270,000		1,432,611
Indiana Finance Authority Health System Franciscan Alliance Incorporated Series B		5.00			11-1-2024		3,000,000		3,441,090
Indiana Finance Authority Health System Franciscan Alliance Incorporated Series C		5.00			11-1-2021		1,000,000		1,081,480
Indiana Finance Authority Health System Franciscan Alliance Incorporated Series C		5.00			11-1-2023		800,000		902,432
Indiana Finance Authority Health System Franciscan Alliance Incorporated Series C		5.00			11-1-2024		1,000,000		1,147,030
Indiana Finance Authority Parkview Health Series A %%		5.00			5-1-2021		1,020,000		1,079,323
Indiana Finance Authority Parkview Health Series A %%		5.00			5-1-2023		1,010,000		1,113,747
Indiana Finance Authority Senior Living Series A		5.00			11-15-2022		500,000		534,350
Indiana Finance Authority Senior Living Series A		5.00			11-15-2023		500,000		539,775
Indiana Health & Educational Facility Financing Authority Series 2006B		1.75			11-15-2031		11,915,000		11,736,275
Indiana HFFA Ascension Health Series A1		2.80			11-1-2027		9,095,000		9,129,743
Indiana HFFA Ascension Health Series A7		2.00			10-1-2026		8,100,000		8,093,925
Indiana HFFA Ascension Health Subordinate Credit Group Series 2015 A4		1.50			10-1-2027		2,055,000		2,035,457
Indiana HFFA Ascension Health Subordinate Credit Group Series A-8		1.25			11-1-2027		1,285,000		1,268,603
									44,641,161
Housing Revenue: 0.27%
Evansville IN Multifamily Housing Series A		1.85			6-1-2020		7,400,000		7,382,684
Indianapolis IN Multifamily Housing Bethel Townhomes Project Series A		2.30			3-1-2021		3,795,000		3,801,452
									11,184,136
Miscellaneous Revenue: 0.05%
Indiana Bond Bank Special Program Series A		5.25			10-15-2021		2,000,000		2,158,120

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

16 Wells Fargo Short-Term Municipal Bond Fund Portfolio of investments—December 31, 2018 (unaudited)

Security name	Interest rate			Maturity date		Principal		Value
Resource Recovery Revenue: 1.07%
Whiting IN BP Products North America Incorporated Project (SIFMA Municipal Swap +0.75%) ±		2.46	%		12-1-2044	$	45,000,000	$	45,055,350
Utilities Revenue: 0.16%
Warrick County IN Environment Import Vectra Energy Delivery of Indiana Incorporated		2.38			9-1-2055		6,550,000		6,499,762
									109,538,529
Iowa: 0.23%
Education Revenue: 0.05%
Iowa Student Loan Liquidity Corporation Series 2011A-1		4.63			12-1-2019		2,265,000		2,302,282
Housing Revenue: 0.18%
Iowa Finance Authority SFMR Series D (1 Month LIBOR +0.35%) (GNMA/FNMA/FHLMC Insured) ±		2.10			7-1-2048		7,500,000		7,493,175
									9,795,457
Kansas: 0.25%
Miscellaneous Revenue: 0.25%
Kansas Development Finance Authority Series A		5.00			5-1-2019		10,305,000		10,413,306
Kentucky: 2.32%
Education Revenue: 0.00%
Kentucky Higher Education Student Loan Corporation Series A		3.75			6-1-2026		80,000		80,543
Health Revenue: 0.77%
Ashland KY Ashland Hospital Corporation Medical Center Project Series B		5.00			2-1-2019		1,500,000		1,502,730
Kentucky EDFA Catholic Health Initiative Series B1 (1 Month LIBOR +0.90%) ±		2.50			2-1-2046		10,720,000		10,723,109
Kentucky EDFA Catholic Health Initiative Series B2 (1 Month LIBOR +0.90%) ±		2.50			2-1-2046		11,220,000		11,223,254
Louisville & Jefferson Counties KY Catholic Health Initiatives Series A		5.00			12-1-2021		8,060,000		8,648,058
									32,097,151
Housing Revenue: 0.24%
Kentucky Housing Corporation Jefferson Green Apartments Project		2.20			9-1-2022		10,000,000		9,995,700
Miscellaneous Revenue: 0.05%
Hopkins County KY Public Properties Corporation Judicial Center Project		3.63			6-1-2025		1,000,000		1,022,630
Pendleton County KY School District Finance Corporation		2.00			2-1-2021		1,200,000		1,179,408
									2,202,038
Utilities Revenue: 1.26%
Kentucky Public Energy Authority Gas Supply Series B		4.00			1-1-2049		24,085,000		25,460,976
Kentucky Public Energy Authority Gas Supply Series C		4.00			12-1-2049		20,000,000		20,975,200
Louisville & Jefferson Counties KY Metro Government PCR Series A		2.20			2-1-2035		1,000,000		1,000,050
Louisville & Jefferson Counties KY Metro Government PCR Series B		2.55			11-1-2027		5,500,000		5,522,275
									52,958,501
									97,333,933

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

Portfolio of investments—December 31, 2018 (unaudited) Wells Fargo Short-Term Municipal Bond Fund 17

Security name	Interest rate			Maturity date		Principal		Value
Louisiana: 1.08%
Housing Revenue: 0.07%
Louisiana Housing Corporation Pine Trace Homes I Project		2.40	%		5-1-2021	$	3,000,000	$	3,011,670
Industrial Development Revenue: 0.48%
St. James Parish LA Nucor Steel LLC Project Gulf Opportunity Zone Series A-1 ø		2.00			11-1-2040		20,000,000		20,000,000
Tax Revenue: 0.08%
Louisiana Local Government Environmental Facilities & CDA Series 2015 (Build America Mutual Assurance Company Insured)		5.00			12-1-2020		1,135,000		1,199,616
Louisiana Regional Transit Authority CAB (National Insured) (z)		5.06			12-1-2021		2,360,000		2,070,168
									3,269,784
Utilities Revenue: 0.45%
Desoto Parish LA PCR		1.60			1-1-2019		15,000,000		15,000,000
Lafayette LA Refunding Bond		5.00			11-1-2023		3,680,000		4,083,328
									19,083,328
									45,364,782
Maryland: 2.01%
GO Revenue: 0.62%
Maryland State & Local Facilities Loan of 2015 Series A		5.00			3-1-2024		23,060,000		25,867,094
Health Revenue: 0.02%
Rockville MD Mayor and Council Economic Development Ingleside King Farm Project Series A-1		5.00			11-1-2020		850,000		880,286
Housing Revenue: 1.37%
Maryland CDA Department of Housing & Community Multifamily Development Bethel Gardens Series F		1.80			2-1-2019		8,500,000		8,493,285
Maryland CDA Department of Housing & Community Multifamily Development Lakeview Victoria Park Series H		3.00			11-1-2020		9,000,000		9,045,990
Maryland CDA Department of Housing & Community Multifamily Development Orchard Park Series F		2.52			8-1-2020		15,000,000		14,962,950
Maryland CDA Department of Housing & Community Multifamily Development Park Square Homes Series E		2.53			8-1-2020		7,500,000		7,481,475
Maryland CDA Department of Housing & Community Multifamily Development The Ellerslie Series C		2.00			2-1-2019		7,500,000		7,497,450
Maryland CDA Department of Housing & Community Multifamily Development Zions Towers Series A (FHA Insured)		2.44			3-1-2020		10,000,000		9,974,800
									57,455,950
									84,203,330
Massachusetts: 5.03%
Education Revenue: 0.44%
Massachusetts Educational Financing Authority AMT Issue K Series A		5.00			7-1-2022		1,000,000		1,083,500
Massachusetts Educational Financing Authority AMT Issue J		5.00			7-1-2021		1,280,000		1,361,075
Massachusetts Educational Financing Authority Series A		3.50			1-1-2019		2,500,000		2,500,000
Massachusetts Educational Financing Authority Series A		5.00			1-1-2019		4,000,000		4,000,000

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

18 Wells Fargo Short-Term Municipal Bond Fund Portfolio of investments—December 31, 2018 (unaudited)

Security name	Interest rate			Maturity date		Principal		Value
Education Revenue(continued)
Massachusetts Educational Financing Authority Series A		5.00	%		1-1-2020	$	3,000,000	$	3,080,370
Massachusetts Educational Financing Authority Series A		5.00			1-1-2022		4,115,000		4,418,646
Massachusetts Educational Financing Authority Series K		5.00			7-1-2019		2,000,000		2,027,680
									18,471,271
Health Revenue: 0.26%
Massachusetts Development Finance Agency Partners Healthcare SystemSeries S-5 (SIFMA Municipal Swap +0.42%) ±		2.13			7-1-2044		11,230,000		11,224,722
Housing Revenue: 2.88%
Massachusetts HFA Construction Loan Notes Series A		1.85			6-1-2020		5,750,000		5,734,820
Massachusetts HFA Construction Loan Notes Series B		2.00			6-1-2019		2,720,000		2,720,109
Massachusetts HFA Construction Loan Notes Series B		2.05			12-1-2021		26,875,000		26,874,731
Massachusetts HFA Highland Glen Project Series A		1.22			8-1-2019		10,000,000		9,993,900
Massachusetts HFA Multifamily Conduit Symphony Plaza Project Series A		1.72			2-1-2020		61,000,000		60,986,580
Massachusetts HFA Multifamily Conduit Van Brodie Mill Series A (TD Bank NA LOC)		2.00			7-1-2020		7,000,000		6,981,590
Massachusetts HFA Single Family Series 200 (1 Month LIBOR +0.38%) ±		2.02			12-1-2048		7,500,000		7,493,700
									120,785,430
Miscellaneous Revenue: 1.45%
Massachusetts Consolidated Loan Series D		1.05			8-1-2043		11,500,000		11,324,970
Massachusetts Consolidated Loan Subordinate Bond Series D-2		1.70			8-1-2043		24,550,000		24,188,133
Massachusetts RAN Series C		4.00			6-20-2019		25,000,000		25,260,000
									60,773,103
									211,254,526
Michigan: 3.39%
Airport Revenue: 0.47%
Wayne County MI Airport Authority Refunding Bond Series A		5.00			12-1-2019		19,405,000		19,918,844
Education Revenue: 0.50%
RBC Municipal Products Incorporated Trust Series E-127 (Royal Bank of Canada LOC, Royal Bank of Canada LIQ) 144Aø		1.74			7-1-2020		20,000,000		20,000,000
Western Michigan University Refunding Bond		5.00			11-15-2020		1,000,000		1,055,620
									21,055,620
GO Revenue: 0.93%
Allendale MI Public School District Series A (Qualified School Board Loan Fund Insured)		3.00			11-1-2021		895,000		919,836
Birmingham MI City School District		5.00			11-1-2019		5,970,000		6,128,623
Caledonia MI Community Schools (Qualified School Board Loan Fund Insured)		5.00			5-1-2020		500,000		521,020
Caledonia MI Community Schools (Qualified School Board Loan Fund Insured)		5.00			5-1-2021		1,140,000		1,218,181
Chippewa Hills MI School District (Qualified School Board Loan Fund Insured)		4.00			5-1-2019		1,595,000		1,606,372
Detroit MI Series 2018		5.00			4-1-2021		620,000		642,866
Flushing MI Community Schools School District (Qualified School Board Loan Fund Insured)		4.00			5-1-2021		1,135,000		1,186,620
Forest Hills MI Public Schools		5.00			5-1-2019		1,375,000		1,389,630
Fraser MI Public Schools District (Qualified School Board Loan Fund Insured)		5.00			5-1-2019		1,050,000		1,060,899

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

Portfolio of investments—December 31, 2018 (unaudited) Wells Fargo Short-Term Municipal Bond Fund 19

Security name	Interest rate			Maturity date		Principal		Value
GO Revenue(continued)
Gibraltar MI School District (Qualified School Board Loan Fund Insured)		5.00	%		5-1-2019	$	1,085,000	$	1,096,620
Gibraltar MI School District (Qualified School Board Loan Fund Insured)		5.00			5-1-2020		1,100,000		1,146,541
Gibraltar MI School District (Qualified School Board Loan Fund Insured)		5.00			5-1-2021		1,185,000		1,264,596
Grand Ledge MI Public School District (Qualified School Board Loan Fund Insured)		5.00			5-1-2020		2,680,000		2,790,523
Haslett MI Public Schools (Qualified School Board Loan Fund Insured)		4.00			5-1-2019		515,000		518,672
Haslett MI Public Schools (Qualified School Board Loan Fund Insured)		4.00			5-1-2020		370,000		380,330
Haslett MI Public Schools (Qualified School Board Loan Fund Insured)		5.00			5-1-2021		500,000		535,235
Hudsonville MI Public Schools (Qualified School Board Loan Fund Insured)		5.00			5-1-2019		1,605,000		1,621,756
Lake Orion MI Community School District 2015 Refunding Bond (Qualified School Board Loan Fund Insured)		5.00			5-1-2019		2,325,000		2,349,273
Lake Orion MI Community School District 2015 Refunding Bond (Qualified School Board Loan Fund Insured)		5.00			5-1-2020		1,550,000		1,613,922
Lake Orion MI Community School District 2016 Refunding Bond (Qualified School Board Loan Fund Insured)		5.00			5-1-2019		915,000		924,553
Lake Orion MI Community School District 2016 Refunding Bond (Qualified School Board Loan Fund Insured)		5.00			5-1-2020		1,390,000		1,447,324
Lake Orion MI Community School District 2016 Refunding Bond (Qualified School Board Loan Fund Insured)		5.00			5-1-2021		1,385,000		1,477,698
Rochester MI Community School District (Qualified School Board Loan Fund Insured)		5.00			5-1-2019		900,000		909,576
South Lyon MI Community School District		4.00			5-1-2019		1,860,000		1,873,559
South Lyon MI Community School District		4.00			5-1-2020		1,425,000		1,465,727
Southgate MI Community School District (Build America Mutual Assurance Company Insured)		5.00			5-1-2019		1,000,000		1,010,710
Southgate MI Community School District (Build America Mutual Assurance Company Insured)		5.00			5-1-2020		500,000		521,155
Warren Woods MI Public Schools (Qualified School Board Loan Fund Insured)		5.00			5-1-2020		1,445,000		1,504,592
									39,126,409
Health Revenue: 0.20%
Michigan Finance Authority Crittenden Hospital Medical Center Series A		4.13			6-1-2032		4,290,000		4,592,016
Michigan Hospital Finance Authority Ascension Health Subordinate Credit Group Series 2005 A-4		1.63			11-1-2027		3,660,000		3,643,384
									8,235,400
Housing Revenue: 0.13%
Michigan Housing Development Authority Series A		1.80			4-1-2019		5,405,000		5,402,243
Miscellaneous Revenue: 0.41%
Michigan Finance Authority School District		5.00			7-1-2021		915,000		915,000
Michigan Finance Authority Senior Lien Distributable State Aid Charter County of Wayne Criminal Justice Center Project		5.00			11-1-2022		1,150,000		1,273,798
Michigan Finance Authority Unemployment Obligation Assessment Series B		5.00			1-1-2020		15,000,000		15,240,450
									17,429,248
Tax Revenue: 0.03%
Michigan Finance Authority Local Government Loan Program Series 2014H-1		5.00			10-1-2022		1,075,000		1,149,659

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

20 Wells Fargo Short-Term Municipal Bond Fund Portfolio of investments—December 31, 2018 (unaudited)

Security name	Interest rate			Maturity date		Principal		Value
Water & Sewer Revenue: 0.72%
Detroit MI Sewage Disposal System Series A (AGM Insured)		5.25	%		7-1-2019	$	2,615,000	$	2,655,036
Michigan Finance Authority Refunding Bond Local Government Loan Program Detroit Water & Sewer Series D-3 (National Insured)		5.00			7-1-2019		7,000,000		7,105,560
Michigan Finance Authority Refunding Bond Local Government Loan Program Detroit Water & Sewer Series D-6 (National Insured)		5.00			7-1-2019		1,500,000		1,522,620
Michigan Finance Authority Refunding Bond Local Government Loan Program Detroit Water & Sewer Series D-6 (National Insured)		5.00			7-1-2020		1,800,000		1,877,490
Michigan Finance Authority Refunding Bond Senior Lien Detroit Water & Sewer Series C-5 (National Insured)		5.00			7-1-2019		7,000,000		7,105,560
Michigan Finance Authority Refunding Bond Second Lien Detroit Water & Sewer Series C-7 (National Insured)		5.00			7-1-2019		2,500,000		2,537,700
Michigan Finance Authority Refunding Bond Second Lien Detroit Water & Sewer Series C-7 (National Insured)		5.00			7-1-2020		3,835,000		4,000,097
Michigan Finance Authority Refunding Bond Second Lien Detroit Water & Sewer Series C-7 (National Insured)		5.00			7-1-2021		3,095,000		3,305,770
									30,109,833
									142,427,256
Minnesota: 0.78%
GO Revenue: 0.04%
Hastings MN Independent School District #200 Series A (South Dakota Credit Program Insured) (z)		2.38			2-1-2023		815,000		744,535
Hastings MN Independent School District #200 Series A (South Dakota Credit Program Insured) (z)		2.54			2-1-2024		1,015,000		900,102
									1,644,637
Health Revenue: 0.18%
Kanabec County MN Firstlight Health Kanabec Hospital		2.75			12-1-2019		7,000,000		6,999,300
Minneapolis & St. Paul MN Housing & RDA Allina Health Systems Series B-1 (JPMorgan Chase & Company LOC) ø		1.75			11-15-2035		600,000		600,000
									7,599,300
Housing Revenue: 0.56%
Dakota County Community Development Agency Senior Multifamily Housing West St. Paul Apartments Project Series A		2.25			1-1-2022		6,285,000		6,292,353
Dakota County Community Development Agency Senior Multifamily Housing West St. Paul Apartments Project Series B		3.80			7-1-2022		6,325,000		6,329,554
Minnesota HFA Series D (SIFMA Municipal Swap +0.43%) (GNMA/FNMA/FHLMC Insured) ±		2.14			1-1-2045		11,000,000		11,000,000
									23,621,907
									32,865,844
Mississippi: 0.89%
Housing Revenue: 0.64%
Mississippi Home Corporation Multifamily Housing Deville Manor Apartments Project		1.76			12-1-2020		5,500,000		5,496,425
Mississippi Home Corporation Multifamily Vicksburg Housing Authority Rad Project (GNMA/FNMA/FHLMC Insured)		1.91			12-1-2020		21,500,000		21,459,365
									26,955,790

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

Portfolio of investments—December 31, 2018 (unaudited) Wells Fargo Short-Term Municipal Bond Fund 21

Security name	Interest rate			Maturity date		Principal		Value
Resource Recovery Revenue: 0.09%
Mississippi Business Finance Corporation Waste Management Incorporated Project		1.85	%		3-1-2027	$	3,500,000	$	3,496,535
Utilities Revenue: 0.16%
Mississippi Business Finance Corporation Mississippi Power Company Project Series 2010		2.75			12-1-2040		6,750,000		6,755,603
									37,207,928
Missouri: 1.15%
GO Revenue: 0.19%
Kansas City MO Series A		5.00			2-1-2019		1,000,000		1,002,540
Kansas City MO Series A		5.00			2-1-2020		1,495,000		1,546,308
St. Louis MO Special Administrative Board The Transitional School Direct Deposit Program		4.00			4-1-2022		5,030,000		5,344,375
									7,893,223
Health Revenue: 0.08%
Kirkwood MO IDA Retirement Community Series A		8.25			5-15-2045		3,000,000		3,249,720
Industrial Development Revenue: 0.55%
Missouri Environmental Improvement and Energy Resources Authority Kansas City Power And Light Company Project		2.75			5-1-2038		23,400,000		23,222,628
Tax Revenue: 0.05%
Arnold MO Real Property Arnold Triangle Redevelopment Project Series A		3.75			5-1-2023		1,950,000		1,947,602
Utilities Revenue: 0.28%
Sikeston MO Electric System Refunding Bond		5.00			6-1-2019		11,625,000		11,764,384
									48,077,557
Montana: 0.41%
Miscellaneous Revenue: 0.41%
Montana Board of Investments Intercap Revolving Program		1.65			3-1-2032		4,000,000		3,997,360
Montana Board of Investments Municipal Finance Consolidation		1.65			3-1-2035		11,315,000		11,307,532
Montana Board of Investments Municipal Finance Consolidation		1.65			3-1-2038		1,970,000		1,968,700
									17,273,592
Nebraska: 0.14%
Housing Revenue: 0.12%
Douglas Country NE Housing Authority Sorensen Senior Residences Project Series A		2.05			3-1-2020		5,000,000		4,994,800
Utilities Revenue: 0.02%
Nebraska Public Power Generation Agency Whelan Energy Center Unit 2 Series A		5.00			1-1-2020		1,000,000		1,029,090
									6,023,890

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

22 Wells Fargo Short-Term Municipal Bond Fund Portfolio of investments—December 31, 2018 (unaudited)

Security name	Interest rate			Maturity date		Principal		Value
Nevada: 0.65%
Airport Revenue: 0.05%
Clark County NV Airport Jet Aviation Fuel Tax Series A		5.00	%		7-1-2019	$	1,000,000	$	1,014,190
Clark County NV Airport Jet Aviation Fuel Tax Series A		5.00			7-1-2020		1,000,000		1,041,090
									2,055,280
GO Revenue: 0.57%
Clark County NV School District Series B		5.00			6-15-2019		18,800,000		19,070,720
Clark County NV School District Series C		5.00			6-15-2022		2,000,000		2,181,560
Clark County NV School District Series D		5.00			6-15-2021		2,395,000		2,556,447
									23,808,727
Industrial Development Revenue: 0.02%
Clark County NV PCR		1.88			6-1-2031		880,000		869,466
Utilities Revenue: 0.01%
Washoe County NV Sierra Pacific Power Series B		3.00			3-1-2036		520,000		530,499
									27,263,972
New Hampshire: 0.12%
Health Revenue: 0.06%
New Hampshire HEFA Catholic Medical Center		4.00			7-1-2019		2,635,000		2,656,502
Housing Revenue: 0.06%
New Hampshire HFA Multifamily Housing Series 1 (FHA Insured)		1.75			1-1-2020		2,455,000		2,449,403
									5,105,905
New Jersey: 6.72%
Education Revenue: 0.51%
New Jersey EDA Student Loan Series 1		5.50			12-1-2021		1,000,000		1,082,530
New Jersey Higher Education Assistance Authority Series A1		5.00			12-1-2020		9,775,000		10,235,500
New Jersey Higher Education Series A		5.25			6-1-2021		10,000,000		10,124,700
									21,442,730
GO Revenue: 0.26%
Andover NJ Regional School District Refunding School Bond Series 2014 (Build America Mutual Assurance Company Insured)		3.00			2-15-2020		515,000		521,736
New Jersey TTFA Transit System Series A		5.75			6-15-2020		4,425,000		4,567,529
Trenton City NJ Refunding Bond		4.00			7-15-2019		1,905,000		1,920,945
Trenton City NJ Refunding Bond		4.00			7-15-2020		1,685,000		1,713,594
Trenton City NJ Refunding Bond (Build America Mutual Assurance Company Insured)		5.00			12-1-2020		1,675,000		1,766,790
Winslow Township NJ Board of Education Refunding Bond		4.00			8-1-2019		525,000		531,694
									11,022,288

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

Portfolio of investments—December 31, 2018 (unaudited) Wells Fargo Short-Term Municipal Bond Fund 23

Security name	Interest rate			Maturity date		Principal		Value
Housing Revenue: 2.25%
New Jersey Housing & Mortgage Finance Agency Multifamily Series A		2.00	%		11-1-2021	$	325,000	$	323,931
New Jersey Housing & Mortgage Finance Agency Multifamily Series B		1.25			5-1-2019		6,000,000		5,983,140
New Jersey Housing & Mortgage Finance Agency Multifamily Series B		1.65			5-1-2020		4,605,000		4,585,751
New Jersey Housing & Mortgage Finance Agency Multifamily Series B		2.00			5-1-2021		14,335,000		14,328,406
New Jersey Housing & Mortgage Finance Agency Multifamily Series C		2.41			10-1-2021		27,500,000		27,625,950
New Jersey Housing & Mortgage Finance Agency Single Family Housing Series B		2.60			10-1-2021		6,060,000		6,061,454
New Jersey Housing & Mortgage Finance Agency Single Family Housing Series B		2.70			4-1-2022		6,195,000		6,202,496
New Jersey Housing & Mortgage Finance Agency Single Family Housing Series B		2.80			10-1-2022		5,780,000		5,792,138
New Jersey Housing & Mortgage Finance Agency Single Family Housing Series B		2.90			4-1-2023		6,370,000		6,402,806
New Jersey Housing & Mortgage Finance Agency Single Family Housing Series B		2.95			10-1-2023		5,970,000		6,006,716
New Jersey Housing & Mortgage Finance Agency Single Family Housing Series B		3.10			4-1-2024		2,820,000		2,855,419
New Jersey Housing & Mortgage Finance Agency Single Family Housing Series B		3.25			4-1-2025		3,210,000		3,249,804
New Jersey Housing & Mortgage Finance Agency Villa Victoria Apartments Project Series F		2.43			11-1-2021		5,000,000		5,020,400
									94,438,411
Miscellaneous Revenue: 1.88%
New Jersey EDA School Facilities Construction Bond Series DDD		5.00			6-15-2023		3,000,000		3,269,040
New Jersey EDA School Facilities Construction Bond Series DDD		5.00			6-15-2024		2,605,000		2,863,729
New Jersey EDA School Facilities Construction Bonds Series DD-1		5.00			12-15-2019		1,000,000		1,024,930
New Jersey EDA School Facilities Construction Bonds Series K (National Insured)		5.25			12-15-2021		1,040,000		1,118,073
New Jersey EDA School Facilities Construction Notes Series NN		5.00			3-1-2022		405,000		432,900
New Jersey EDA School Facilities Construction Refunding Bond Series NN		5.00			3-1-2021		5,020,000		5,273,610
New Jersey EDA Series BBB		5.00			6-15-2022		6,000,000		6,447,480
New Jersey EDA Series BBB		5.00			6-15-2023		4,000,000		4,358,720
New Jersey EDA Series XX		5.00			6-15-2022		7,500,000		8,059,350
New Jersey EDA Transportation Project New Jersey Transit Corporation Project Series B		5.00			11-1-2021		2,490,000		2,653,917
New Jersey EDA Transportation Project New Jersey Transit Corporation Project Series B		5.00			11-1-2022		26,000,000		28,110,680
New Jersey HFFA Greystone Park Psychiatric Hospital Project Series B		5.00			9-15-2019		2,135,000		2,176,675
New Jersey School Facilities Construction Prerefunded Bond Series EE		5.00			9-1-2020		1,650,000		1,731,824
New Jersey TTFA Series A		5.00			12-15-2019		3,000,000		3,074,790
New Jersey TTFA Series A		5.00			6-15-2020		1,000,000		1,037,550
Newark NJ Housing Authority Newark Redevelopment Project Refunding Bond (National Insured)		5.25			1-1-2020		2,170,000		2,239,961
Newark NJ Housing Authority Newark Redevelopment Project Refunding Bond (National Insured)		5.25			1-1-2021		4,570,000		4,846,988
									78,720,217
Tax Revenue: 0.05%
New Jersey Casino Reinvestment Development Authority		4.00			11-1-2019		1,425,000		1,442,129
New Jersey EDA School Facilities Construction Unrefunded Bond Series EE		5.00			9-1-2020		610,000		636,065
									2,078,194
Tobacco Revenue: 0.06%
New Jersey EDA		4.00			6-15-2019		2,500,000		2,519,100

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

24 Wells Fargo Short-Term Municipal Bond Fund Portfolio of investments—December 31, 2018 (unaudited)

Security name	Interest rate			Maturity date		Principal		Value
Transportation Revenue: 1.71%
New Jersey TTFA Series A		5.25	%		12-15-2020	$	33,465,000	$	35,290,516
New Jersey TTFA Series A1		5.00			6-15-2020		7,000,000		7,272,020
New Jersey TTFA Series A1		5.00			6-15-2021		5,000,000		5,294,000
New Jersey TTFA Series AA		5.00			6-15-2019		2,070,000		2,095,689
New Jersey Turnpike Authority Series C-6 (1 Month LIBOR +0.75%) ±		2.39			1-1-2030		21,820,000		21,940,883
									71,893,108
									282,114,048
New Mexico: 0.78%
Utilities Revenue: 0.78%
Farmington NM PCR Southern California Edison Company Four Corners Project Series A		1.88			4-1-2029		4,950,000		4,890,749
Farmington NM PCR Southern California Edison Company Four Corners Project Series B		1.88			4-1-2029		6,000,000		5,928,180
New Mexico Municipal Energy Acquisition Authority Gas Supply Subordinate Bond Series B (1 Month LIBOR +0.75%) (Royal Bank of Canada SPA) ±		2.32			11-1-2039		21,725,000		21,728,693
									32,547,622
New York: 8.19%
GO Revenue: 1.11%
Binghamton NY Various Purpose BAN Series B		3.00			4-19-2019		21,000,000		21,063,840
Nassau County NY Prerefunded Bond Series C		5.00			10-1-2020		3,020,000		3,092,661
Nassau County NY Series A		5.00			1-1-2020		4,000,000		4,121,560
Nassau County NY Series F		5.00			10-1-2020		1,780,000		1,822,827
Nassau County NY Unrefunded Bond Series C		5.00			10-1-2020		45,000		46,083
Oyster Bay NY Public Improvement		4.00			2-15-2020		1,000,000		1,017,060
Rockland County NY Public Improvement Series C (AGM Insured)		3.00			5-1-2020		1,390,000		1,411,211
Rockland County NY Refunding Bond (Build America Mutual Assurance Company Insured)		3.00			2-15-2019		1,830,000		1,832,635
Rockland County NY Refunding Bond (Build America Mutual Assurance Company Insured)		3.00			2-15-2020		630,000		638,171
Suffolk County NY Refunding Bond Series A		5.00			4-1-2019		1,385,000		1,395,817
Suffolk County NY TAN		5.00			7-24-2019		10,000,000		10,147,800
									46,589,665
Health Revenue: 0.14%
New York NY Health & Hospital Corporation Health System Series A		5.50			2-15-2020		5,755,000		5,772,380
Housing Revenue: 0.66%
New York HFA Affordable Housing Series L (GNMA/FNMA/FHLMC Insured)		1.65			5-1-2021		6,400,000		6,347,776
New York HFA Affordable Housing Series M-1 (GNMA/FNMA/FHLMC Insured)		1.80			5-1-2020		1,200,000		1,197,324
New York HFA Affordable Housing Series M-1 (GNMA/FNMA/FHLMC Insured)		2.00			5-1-2021		5,000,000		4,986,400
New York NY Housing Development Corporation Sustainable Neighborhood Bonds Series I2B		2.00			5-1-2021		12,000,000		11,990,040
Saratoga County NY Capital Resource Corporation Multifamily Housing Preservation LLC Project		2.00			7-1-2020		3,250,000		3,250,000
									27,771,540

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

Portfolio of investments—December 31, 2018 (unaudited) Wells Fargo Short-Term Municipal Bond Fund 25

Security name	Interest rate			Maturity date		Principal		Value
Industrial Development Revenue: 0.99%
New York Transportation Development Corporation American Airlines Incorporated John F. Kennedy International Airport Project Series 2016		5.00	%		8-1-2019	$	8,000,000	$	8,103,680
New York Transportation Development Corporation Special Facilities Revenue Delta Air lines Incorporated LaGuardia Airport Terminals C&D Redevelopment		5.00			1-1-2024		30,130,000		33,243,936
									41,347,616
Miscellaneous Revenue: 0.14%
Suffolk County NY Judicial Facilities Agency Leases H. Lee Dennison Building		5.00			11-1-2019		2,775,000		2,840,629
Suffolk County NY Judicial Facilities Agency Leases H. Lee Dennison Building		5.00			11-1-2020		2,915,000		3,063,578
									5,904,207
Tax Revenue: 0.61%
New York Metropolitan Transportation Authority Subordinate Bond Series A2A (SIFMA Municipal Swap +0.45%) ±		2.16			11-1-2026		6,980,000		6,937,073
New York NY Transitional Finance Authority (SIFMA Municipal Swap +0.80%) ±		2.51			11-1-2022		18,500,000		18,659,285
									25,596,358
Transportation Revenue: 4.03%
New York Metropolitan Transportation Authority Subordinate Bond Series A-3 (SIFMA Municipal Swap +0.50%) ±		2.21			11-15-2042		39,500,000		39,492,890
New York Metropolitan Transportation Authority Subordinate Bond Series A2 (SIFMA Municipal Swap +0.58%) ±		2.29			11-15-2039		2,000,000		1,999,280
New York Metropolitan Transportation Authority Subordinate Bond Series B4		5.00			11-15-2030		13,835,000		14,188,346
New York Metropolitan Transportation Authority Subordinate Bond Series C2		4.00			11-15-2033		8,330,000		8,573,403
New York Metropolitan Transportation Authority Subordinate Bond Series D-2 (SIFMA Municipal Swap +0.45%) ±		2.16			11-15-2044		22,545,000		22,374,785
New York Metropolitan Transportation Authority Subordinate Bond Series D-2A-1 (1 Month LIBOR +0.57%) (AGM Insured) ±		2.19			11-1-2032		7,500,000		7,510,500
New York Metropolitan Transportation Authority Subordinate Bond Series D-2A-2 (1 Month LIBOR +0.68%) (AGM Insured) ±		2.30			11-1-2032		20,000,000		20,090,600
New York Metropolitan Transportation Authority Subordinate Bond Series D-2B (1 Month LIBOR +0.30%) (AGM Insured) ±		1.92			11-1-2032		6,000,000		5,977,740
New York Metropolitan Transportation Authority Subordinate Bond Series D2		4.00			11-15-2034		14,665,000		14,845,380
Niagara Falls NY Board Community Toll (National Insured)		6.25			10-1-2020		8,685,000		9,329,948
Triborough Bridge & Tunnel Authority New York Series B (United States Secured Overnight Financing Rate +0.43%) ±		2.05			1-1-2032		24,590,000		24,614,590
									168,997,462
Utilities Revenue: 0.49%
Long Island NY Power Authority Electric System Series C (1 Month LIBOR +0.75%) ±		2.39			5-1-2033		20,550,000		20,540,753
Water & Sewer Revenue: 0.02%
New York Environmental Facilities Corporation Municipal Water Series A		5.00			6-15-2019		1,000,000		1,015,080
									343,535,061
North Carolina: 0.19%
Health Revenue: 0.18%
Charlotte Mecklenburg NC Hospital Authority Atrium Health Series B		5.00			1-15-2048		7,000,000		7,604,100

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

26 Wells Fargo Short-Term Municipal Bond Fund Portfolio of investments—December 31, 2018 (unaudited)

Security name	Interest rate			Maturity date		Principal		Value
Utilities Revenue: 0.01%
North Carolina Eastern Municipal Power Agency Series C (AGC Insured)		6.00	%		1-1-2019	$	250,000	$	250,000
									7,854,100
Ohio: 2.10%
GO Revenue: 0.01%
Springfield OH Refunding Bond (AGC Insured)		4.00			12-1-2020		440,000		443,159
Health Revenue: 0.08%
Lake County OH Lake Hospital System Incorporated		5.00			8-15-2020		905,000		945,454
Warren County OH HCFR Otterbein Homes Series A		5.00			7-1-2019		2,215,000		2,246,209
									3,191,663
Housing Revenue: 0.55%
Cuyahoga OH Metropolitan Housing Authority Headquarters Project		1.75			3-1-2020		5,575,000		5,564,742
Lucas OH Metropolitan Housing Authority Certificate of Participation		2.25			11-1-2020		530,000		526,831
Lucas Plaza OH Housing Development Corporation Refunding Bond (FHA Insured) (z)		2.56			6-1-2024		15,800,000		13,856,758
Ohio HFA Cambridge Village Apartments Project (HUD Insured)		2.40			4-1-2021		3,200,000		3,210,496
									23,158,827
Miscellaneous Revenue: 0.06%
Ohio Portsmouth Bypass Project		5.00			12-31-2020		1,320,000		1,380,654
Ohio Portsmouth Bypass Project		5.00			12-31-2021		1,205,000		1,283,494
									2,664,148
Resource Recovery Revenue: 0.24%
Ohio Air Quality Development Authority Ohio Valley Electric Corporation Series E		5.63			10-1-2019		10,000,000		10,145,300
Utilities Revenue: 1.16%
Lancaster OH Port Authority (1 Month LIBOR +0.72%) (Royal Bank of Canada SPA) ±		2.29			5-1-2038		48,500,000		48,504,850
									88,107,947
Oklahoma: 0.75%
Airport Revenue: 0.13%
Tulsa OK Airports Improvement Trust Series 2013A (Build America Mutual Assurance Company Insured)		5.00			6-1-2020		695,000		720,798
Tulsa OK Airports Improvement Trust Series 2015A (Build America Mutual Assurance Company Insured)		5.00			6-1-2019		3,025,000		3,058,759
Tulsa OK Airports Improvement Trust Series 2015A (Build America Mutual Assurance Company Insured)		5.00			6-1-2020		1,710,000		1,773,475
									5,553,032
GO Revenue: 0.35%
Oklahoma County OK Independent School District #52 Series A		2.50			1-1-2021		3,535,000		3,570,067
Oklahoma County OK Independent School District #52 Series A		3.00			1-1-2022		3,535,000		3,637,232
Oklahoma County OK Independent School District #52 Series A		3.00			1-1-2023		3,135,000		3,245,007

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

Portfolio of investments—December 31, 2018 (unaudited) Wells Fargo Short-Term Municipal Bond Fund 27

Security name	Interest rate			Maturity date		Principal		Value
GO Revenue(continued)
Oklahoma County OK Independent School District #52 Series A		3.50	%		1-1-2020	$	2,840,000	$	2,883,424
Woodward County OK Independent School District #1 Board of Education		2.30			6-1-2020		1,435,000		1,435,574
									14,771,304
Health Revenue: 0.05%
Oklahoma City OK Industrial & Cultural Facilities Series B (National Insured) (m)(n)		3.17			6-1-2019		300,000		291,000
Oklahoma Development Finance Authority Oklahoma University Medicine Project Series B		5.00			8-15-2022		500,000		540,255
Oklahoma Development Finance Authority Oklahoma University Medicine Project Series B		5.00			8-15-2023		500,000		548,220
Oklahoma Development Finance Authority Oklahoma University Medicine Project Series B		5.00			8-15-2024		600,000		665,514
									2,044,989
Miscellaneous Revenue: 0.21%
Blaine County OK Educational Facilities Authority Watonga Public Schools Project		5.00			12-1-2020		750,000		788,355
Blaine County OK Educational Facilities Authority Watonga Public Schools Project		5.00			12-1-2021		945,000		1,015,043
Cleveland County OK Educational Facilities Authority Norman Public Schools Project		5.00			7-1-2019		2,000,000		2,030,860
Creek County OK Educational Facilities Authority Sapulpa Public School Project		5.00			9-1-2020		2,550,000		2,673,879
Grady County OK School Finance Authority Tuttle Public School Project		5.00			9-1-2019		1,000,000		1,020,450
Grady County OK School Finance Authority Tuttle Public School Project		5.00			9-1-2021		1,065,000		1,143,927
									8,672,514
Tax Revenue: 0.01%
Cleveland County OK Justice Authority Detention Facility Project		4.00			3-1-2020		500,000		501,625
									31,543,464
Other: 1.04%
Miscellaneous Revenue: 1.04%
Branch Banking & Trust Municipal Investment Trust Various States Class C (SIFMA Municipal Swap +1.05%) (Rabobank LOC) 144A±		2.76			12-31-2019		6,354,027		6,354,154
Branch Banking & Trust Municipal Investment Trust Various States Class D (SIFMA Municipal Swap +0.80%) (Rabobank LOC) 144A±		2.51			11-15-2019		355,305		355,312
FHLMC Multiclass Mortgage Participation Certificates Series M012 Class A1A øø		1.60			8-15-2051		1,000,000		965,740
FHLMC Multiclass Mortgage Participation Certificates Series M012 Class A1B1 øø		2.25			8-15-2051		18,500,000		18,329,060
FHLMC Multifamily Variable Rate Certificates Series M042 Class A ø		1.96			9-15-2033		10,930,000		10,930,000
Public Housing Capital Fund Trust I (HUD Insured) 144A		4.50			7-1-2022		5,001,153		5,001,003
Public Housing Capital Fund Trust II (HUD Insured) 144A		4.50			7-1-2022		1,516,873		1,516,873
									43,452,142
Pennsylvania: 5.17%
GO Revenue: 1.35%
Butler PA Area School District (AGM Insured)		5.00			10-1-2023		1,280,000		1,433,229
Butler PA Area School District (AGM Insured)		5.00			10-1-2024		2,965,000		3,376,275
Butler PA Area School District (AGM Insured)		5.00			10-1-2025		4,695,000		5,419,157
Coatesville PA Area School District (AGM Insured)		5.00			8-1-2023		1,000,000		1,098,850
Lackawanna County PA Riverside School District Project (Build America Mutual Assurance Company Insured)		4.00			10-15-2019		1,400,000		1,420,090

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

28 Wells Fargo Short-Term Municipal Bond Fund Portfolio of investments—December 31, 2018 (unaudited)

Security name	Interest rate			Maturity date		Principal		Value
GO Revenue(continued)
Lackawanna County PA Riverside School District Project (Build America Mutual Assurance Company Insured)		4.00	%		10-15-2020	$	1,455,000	$	1,497,675
Manheim Township PA School District Series A (1 Month LIBOR +0.47%) ±		2.07			5-1-2025		3,760,000		3,776,657
Penn Hills PA School District (Build America Mutual Assurance Company Insured)		5.00			11-15-2020		825,000		870,260
Penn Hills PA School District (Build America Mutual Assurance Company Insured)		5.00			11-15-2021		1,275,000		1,374,361
Philadelphia PA School District Series A		5.00			9-1-2022		1,000,000		1,092,040
Philadelphia PA School District Series A		5.00			9-1-2024		800,000		898,648
Philadelphia PA School District Series C		5.00			9-1-2020		1,125,000		1,176,255
Philadelphia PA School District Series D		5.00			9-1-2020		1,500,000		1,568,340
Philadelphia PA School District Series D		5.00			9-1-2021		1,750,000		1,875,930
Philadelphia PA School District Series E (State Aid Withholding Insured)		5.00			9-1-2020		2,225,000		2,326,371
Philadelphia PA School District Series E		5.25			9-1-2023		7,000,000		7,314,580
Philadelphia PA School District Series F		5.00			9-1-2020		2,750,000		2,875,290
Philadelphia PA School District Series F		5.00			9-1-2021		3,580,000		3,837,617
Philadelphia PA Unrefunded Bond Series A (AGM Insured)		5.00			8-1-2019		3,420,000		3,428,140
Scranton PA 144A		5.00			9-1-2020		2,205,000		2,282,021
Scranton PA School District Series A		5.00			6-1-2021		680,000		715,278
Scranton PA School District Series A		5.00			6-1-2022		730,000		779,187
Scranton PA School District Series A		5.00			6-1-2023		835,000		903,136
Scranton PA School District Series B		5.00			6-1-2021		580,000		610,090
Scranton PA School District Series B (National Insured)		5.00			6-1-2022		870,000		930,082
Scranton PA School District Series B (National Insured)		5.00			6-1-2023		615,000		666,506
Scranton PA School District Series C		5.00			6-1-2020		585,000		604,896
Scranton PA School District Series C		5.00			6-1-2021		590,000		620,609
Warwick PA School District		4.00			2-15-2020		1,000,000		1,023,970
West Mifflin PA School District (AGM Insured)		5.00			10-1-2019		750,000		767,535
									56,563,075
Health Revenue: 0.97%
Allegheny County PA Hospital Development Authority University of Pittsburgh Medical Center Series A-1 (3 Month LIBOR +0.72%) ±		2.42			2-1-2021		1,985,000		1,991,908
Berks County PA IDA Health System Tower Health Project		5.00			11-1-2023		1,000,000		1,118,310
Berks County PA IDA Health System Tower Health Project		5.00			11-1-2024		1,000,000		1,134,180
Franklin County PA IDA Menno-Haven Incorporated Project		4.00			12-1-2019		500,000		504,000
Franklin County PA IDA Menno-Haven Incorporated Project		5.00			12-1-2021		230,000		239,462
Montgomery County PA Higher Education & Health Authority Series 2018D ø		2.01			9-1-2050		12,000,000		12,000,000
Montgomery County PA Higher Education & Health Authority Thomas Jefferson University Series C (SIFMA Municipal Swap +0.72%) ±		2.43			9-1-2051		10,000,000		9,996,400
Montgomery County PA Higher Education & Health Authority Thomas Jefferson University Series A		5.00			9-1-2023		1,050,000		1,176,074
Montgomery County PA IDA Albert Einstein Healthcare Network Issue Series A		5.00			1-15-2020		1,315,000		1,346,692
Pennsylvania Tender Option Bond Trust Receipts/Floater Certificates Berks County IDA Health Series 2018-XM0594 (Barclays Bank plc LIQ) 144Aø		1.83			11-1-2050		4,625,000		4,625,000
Philadelphia PA Hospitals & HEFAR Temple University Health System		5.00			7-1-2021		1,250,000		1,316,125
Philadelphia PA Hospitals & HEFAR Temple University Health System		5.00			7-1-2022		2,000,000		2,140,000
Quakertown PA Health Facilities Authority Series A		3.13			7-1-2021		3,250,000		3,190,688
									40,778,839

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

Portfolio of investments—December 31, 2018 (unaudited) Wells Fargo Short-Term Municipal Bond Fund 29

Security name	Interest rate			Maturity date		Principal		Value
Housing Revenue: 0.58%
Pennsylvania HFA Single Family Series 125A		2.38	%		10-1-2025	$	21,250,000	$	20,994,575
Pittsburgh PA Urban RDA Crawford Square Apartments Project		2.25			12-1-2020		3,300,000		3,302,046
									24,296,621
Industrial Development Revenue: 0.50%
Montgomery County PA IDA Exelon Generation Company LLC		2.50			10-1-2030		15,795,000		15,748,563
Montgomery County PA IDA Peco Energy Company Project Series A		2.60			3-1-2034		2,125,000		2,116,734
Pennsylvania EDFA Bridges Finco LP		5.00			12-31-2020		1,850,000		1,932,806
Pennsylvania EDFA Bridges Finco LP		5.00			12-31-2021		1,095,000		1,163,405
									20,961,508
Miscellaneous Revenue: 0.40%
Bethlehem PA Area School District Authority Bethlehem Area School District Refunding Bond Project (1 Month LIBOR +0.49%) ±		2.24			1-1-2030		4,980,000		4,967,899
Delaware County PA Authority Neumann University		4.00			10-1-2021		2,005,000		2,064,869
Pennsylvania Certificate of Participation (AGM Insured)		2.00			11-1-2019		1,100,000		1,094,423
Pennsylvania Certificate of Participation (AGM Insured)		4.00			11-1-2019		1,005,000		1,017,492
Pennsylvania Public School Building Authority		5.00			4-1-2019		1,220,000		1,228,528
Philadelphia PA RDA Transformation Initiative Series B		5.00			4-15-2019		2,000,000		2,015,980
Philadelphia PA RDA Transformation Initiative Series B		5.00			4-15-2020		1,870,000		1,935,600
Scranton PA RDA Series A (Municipal Government Guaranty Insured)		5.00			11-15-2021		2,580,000		2,637,173
									16,961,964
Resource Recovery Revenue: 0.22%
Delaware County PA IDA Resource Recovery Facility Series A		6.20			7-1-2019		145,000		145,348
Pennsylvania EDFA Solid Waste Disposal Series A		1.70			8-1-2037		9,420,000		9,284,917
									9,430,265
Transportation Revenue: 0.73%
Pennsylvania Turnpike Commission Series B (SIFMA Municipal Swap +1.15%) ±		2.86			12-1-2019		18,150,000		18,203,724
Pennsylvania Turnpike Commission Series B (SIFMA Municipal Swap +1.27%) ±		2.98			12-1-2020		11,300,000		11,425,430
Reading PA Parking Authority CAB (National Insured) (z)		3.61			11-15-2019		1,000,000		976,440
									30,605,594
Utilities Revenue: 0.06%
Philadelphia PA Gas Works Series 1998 General Ordinance (AGM Insured)		5.00			7-1-2019		2,500,000		2,536,950
Water & Sewer Revenue: 0.36%
Pittsburgh PA Water & Sewer Authority Series C (1 Month LIBOR +0.64%) (AGM Insured) ±		2.33			9-1-2040		15,000,000		15,003,900
									217,138,716
Rhode Island: 0.33%
Education Revenue: 0.01%
Rhode Island Student Loan Authority AMT Series A		5.00			12-1-2019		450,000		460,391

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

30 Wells Fargo Short-Term Municipal Bond Fund Portfolio of investments—December 31, 2018 (unaudited)

Security name	Interest rate			Maturity date		Principal		Value
Health Revenue: 0.08%
Rhode Island Health & Educational Building Corporation Tockwotton Home Series 2011		8.38	%		1-1-2046	$	3,000,000	$	3,375,240
Miscellaneous Revenue: 0.24%
Rhode Island & Providence Plantations Consol Capital Series A		5.00			8-1-2023		8,045,000		8,868,325
Rhode Island Health & Educational Building Corporation Providence Public Schools Program Series A		5.00			5-15-2019		1,100,000		1,112,859
									9,981,184
									13,816,815
South Carolina: 0.40%
Education Revenue: 0.08%
South Carolina Jobs EDA East Point Academy Project Series A 144A		2.25			5-1-2019		3,500,000		3,490,795
Health Revenue: 0.19%
South Carolina Jobs EDA Prisma Health Obligated Group Series C ø		2.03			5-1-2048		8,000,000		8,000,000
Utilities Revenue: 0.13%
Piedmont SC Municipal Power Agency (National Insured)		5.38			1-1-2025		4,760,000		5,486,090
									16,976,885
Tennessee: 1.60%
Airport Revenue: 0.07%
Memphis-Shelby County TN Airport Authority Series A1		5.75			7-1-2019		1,500,000		1,527,315
Memphis-Shelby County TN Airport Authority Series B		5.50			7-1-2019		1,505,000		1,530,555
									3,057,870
Health Revenue: 0.04%
Greeneville TN Health and Educational Ballad Health Series A		5.00			7-1-2023		1,600,000		1,774,800
Housing Revenue: 0.16%
Kingsport TN Housing & RDA Collateralized Multifamily Housing Series B		2.22			1-1-2022		6,700,000		6,696,784
Utilities Revenue: 1.33%
Tennessee Energy Acquisition Corporation Gas Project		4.00			11-1-2049		7,500,000		7,865,100
Tennessee Energy Acquisition Corporation Series A		4.00			5-1-2048		39,840,000		41,394,955
Tennessee Energy Acquisition Corporation Series A		5.25			9-1-2019		6,225,000		6,336,303
									55,596,358
									67,125,812
Texas: 15.02%
Airport Revenue: 0.10%
Dallas-Fort Worth TX International Airport Series B		5.00			11-1-2023		500,000		547,835
Houston TX Airport System Refunding Bond Subordinate Lien Series A		5.00			7-1-2024		3,620,000		3,917,238
									4,465,073

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

Portfolio of investments—December 31, 2018 (unaudited) Wells Fargo Short-Term Municipal Bond Fund 31

Security name	Interest rate			Maturity date		Principal		Value
Education Revenue: 0.54%
Clifton TX Higher Education Finance Corporation Education International Leadership Series D		5.00	%		8-15-2021	$	665,000	$	686,513
Clifton TX Higher Education Finance Corporation Education International Leadership Series D		5.00			8-15-2022		1,000,000		1,038,100
Clifton TX Higher Education Finance Corporation Education International Leadership Series D		5.00			8-15-2023		1,510,000		1,571,080
Clifton TX Higher Education Finance Corporation Education International Leadership Series D		5.00			8-15-2024		3,125,000		3,248,781
North Texas Higher Education Authority Incorporated Student Loan Series 2 Class A (3 Month LIBOR +1.00%) ±		3.40			4-1-2037		4,995,000		5,039,306
Texas A&M University System Permanent University Series A		5.00			7-1-2021		4,870,000		5,239,828
Texas PFA Southern University Financing System (Build America Mutual Assurance Company Insured)		5.00			11-1-2019		2,375,000		2,427,606
University of Texas Financing System Refunding Bonds Series C		5.00			8-15-2022		3,000,000		3,321,300
									22,572,514
GO Revenue: 9.24%
Brownsville TX Independent School District Maintenance Tax Notes		4.00			8-15-2019		7,905,000		8,014,484
Clear Creek TX Independent School District Series B		3.00			2-15-2032		4,945,000		4,974,967
Cypress-Fairbanks TX Independent School District Series B-1		3.00			2-15-2036		11,625,000		11,695,796
Cypress-Fairbanks TX Independent School District Series B-2		2.13			2-15-2040		17,000,000		16,980,450
Dallas TX Series A		5.00			2-15-2019		5,000,000		5,018,650
Dallas TX Unrefunded Balance Refunding Bond		5.00			2-15-2021		3,580,000		3,804,502
Denton TX Independent School District Unlimited Tax School Building Bond Series 2013		2.00			8-1-2043		7,000,000		6,992,370
Eagle Mountain & Saginaw TX Independent School District		2.00			8-1-2050		12,150,000		12,149,879
El Paso County TX Hospital District Refunding Bonds		5.00			8-15-2019		4,035,000		4,102,990
Fort Bend TX Independent School District Series C		1.35			8-1-2042		5,630,000		5,567,394
Fort Bend TX independent School District Series D		1.50			8-1-2042		10,770,000		10,576,679
Harris County TX Houston Independent School District Series B		1.45			6-1-2035		11,580,000		11,475,780
Harris County TX Refunding Bonds Series A		5.00			10-1-2021		10,000,000		10,232,300
Hays TX Consolidated Independent School District Building Bonds Series B		2.70			8-15-2042		7,370,000		7,471,632
Houston TX Independent School District Limited Tax Schoolhouse Series B		2.40			6-1-2036		5,000,000		5,029,150
Houston TX Independent School District Series A2		3.00			6-1-2039		1,700,000		1,706,477
Houston TX Public Improvement Series A		5.00			3-1-2019		7,000,000		7,036,540
Houston TX Public Improvement Series A		5.00			3-1-2020		4,000,000		4,146,320
Houston TX Public Improvement Series A		5.00			3-1-2021		4,000,000		4,263,000
Houston TX Public Improvement Series A		5.00			3-1-2022		5,000,000		5,465,200
Houston TX Public Improvement Series A		5.00			3-1-2023		3,500,000		3,912,685
Hurst Euless Bedford TX Independent School District Prerefunded Bond		5.00			8-15-2022		2,140,000		2,245,074
Hutto TX Independent School District Series 2015		3.00			2-1-2055		23,425,000		23,761,149
Lake Travis TX Independent School District Series B		2.63			2-15-2048		10,000,000		10,127,200
Leander TX Independent School District Refunding CAB (z)		2.46			8-15-2023		1,065,000		961,354
Mansfield TX Independent School District		2.50			8-1-2042		8,250,000		8,307,503
McAllen TX Independent School District Series A		5.00			2-15-2024		2,620,000		2,945,640
New Caney TX Independent School District Building Bonds		3.00			2-15-2050		1,100,000		1,122,803
North East TX Independent School District		2.00			8-1-2044		9,320,000		9,319,907
North East TX Independent School District		2.38			8-1-2047		7,135,000		7,158,117
Northside TX Independent School Building Project District Series A		2.00			6-1-2039		4,010,000		4,011,083
Northside TX Independent School District Building Bonds Series 2018		2.75			8-1-2048		16,225,000		16,561,669

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

32 Wells Fargo Short-Term Municipal Bond Fund Portfolio of investments—December 31, 2018 (unaudited)

Security name	Interest rate			Maturity date		Principal		Value
GO Revenue(continued)
Northside TX Independent School District Building Project		1.75	%		6-1-2032	$	6,395,000	$	6,290,506
Northside TX Independent School District Building Project		2.00			8-1-2044		21,330,000		21,329,787
Northside TX Independent School District Building Project		2.00			6-1-2046		8,600,000		8,553,732
Pflugerville TX Independent School District Prerefunded Bond School Building Series 2017		2.00			8-15-2039		7,665,000		7,675,731
Pflugerville TX Independent School District Prerefunded Bond School Building Series A		2.00			8-15-2039		4,830,000		4,836,762
Pflugerville TX Independent School District Unrefunded Bond		2.00			8-15-2039		15,750,000		15,749,843
Spring Branch TX Independent School District		3.00			6-15-2041		650,000		653,153
Texas Anticipation Notes Series 2018		4.00			8-29-2019		50,000,000		50,715,500
Texas Northside Independent School District		1.45			6-1-2047		4,000,000		3,966,760
Texas Transportation Commission Mobility Fund Bonds Series B (SIFMA Municipal Swap +0.30%) ±		2.01			10-1-2041		24,500,000		24,434,585
Tomball TX Independent School District Series B2		2.13			2-15-2039		6,500,000		6,494,150
									387,839,253
Health Revenue: 0.09%
Tarrant County TX ECFA Hendrick Medical Center Group		5.00			9-1-2019		655,000		668,303
Tarrant County TX ECFA Hendrick Medical Center Group		5.00			9-1-2020		920,000		965,154
Tarrant County TX ECFA Hendrick Medical Center Group		5.00			11-15-2020		1,045,000		1,075,524
Travis County TX Health Facilities Development Corporation Longhorn Village Project Series A		7.13			1-1-2046		845,000		929,255
									3,638,236
Housing Revenue: 2.01%
Alamito TX Public Facility Corporation Three Apartments Project		2.50			11-1-2021		20,000,000		20,144,200
Austin TX Affordable PFC Incorporated Multifamily Housing Bridge Cameron Apartments		1.86			12-1-2021		25,000,000		24,946,000
Bexar County TX Housing Finance Corporation Medio Springs Apartments Project		2.00			11-1-2020		26,500,000		26,440,905
New Hope TX Cultural Education Facilities Finance Corporation Student Housing Project Series A		3.25			8-1-2019		13,000,000		12,976,340
									84,507,445
Resource Recovery Revenue: 0.38%
Mission TX Economic Development Corporation Waste Management Project		2.50			8-1-2020		11,000,000		10,986,360
Port Arthur TX Navigation District Jefferson County Environmental Facilities Motiva Enterprises LLC Project Series A ø		2.05			4-1-2040		1,550,000		1,550,000
Port Arthur TX Navigation District Jefferson County Environmental Facilities Motiva Enterprises LLC Project Series B ø		2.05			4-1-2040		3,280,000		3,280,000
									15,816,360
Transportation Revenue: 0.70%
Central Texas Regional Mobility Authority Series B		5.00			1-1-2045		310,000		321,761
Central Texas Regional Mobility Authority Subordinate Lien Bond		4.00			1-1-2022		6,000,000		6,217,800
Central Texas Regional Mobility Authority Subordinate Lien Bond		5.00			1-1-2019		750,000		750,000
North Texas Tollway Authority Series A		5.00			1-1-2020		1,050,000		1,082,235
North Texas Tollway Authority Series A		5.00			1-1-2021		1,860,000		1,965,202
North Texas Tollway Authority Special Projects System Series A		6.00			9-1-2041		3,500,000		3,866,695
North Texas Tollway Authority Special Projects System Series D		5.00			9-1-2024		1,790,000		1,931,338

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

Portfolio of investments—December 31, 2018 (unaudited) Wells Fargo Short-Term Municipal Bond Fund 33

Security name	Interest rate			Maturity date		Principal		Value
Transportation Revenue(continued)
North Texas Tollway Authority Special Projects System Series D		5.00	%		9-1-2028	$	4,335,000	$	4,677,292
North Texas Tollway Authority Special Projects System Series D		5.25			9-1-2025		3,840,000		4,168,013
North Texas Tollway Authority Special Projects System Series D		5.25			9-1-2026		3,980,000		4,319,972
									29,300,308
Utilities Revenue: 1.79%
San Antonio TX Electric & Gas Systems Junior Lien Refunding Bond		2.75			2-1-2048		6,000,000		6,084,600
San Antonio TX Junior Lien Series C		3.00			12-1-2045		13,840,000		13,964,145
San Antonio TX Junior Lien Series D		3.00			12-1-2045		12,325,000		12,527,007
San Antonio TX Series A		2.25			2-1-2033		24,550,000		24,604,992
Texas Municipal Gas Acquisition & Supply Corporation III		5.00			12-15-2019		7,000,000		7,186,550
Texas Municipal Gas Acquisition & Supply Corporation Series A (SIFMA Municipal Swap +0.55%) ±		2.26			9-15-2027		11,135,000		10,939,469
									75,306,763
Water & Sewer Revenue: 0.17%
San Antonio TX Water System Junior Lien Series B		2.00			5-1-2044		5,605,000		5,547,717
Walnut Creek TX Special Utility District (Build America Mutual Assurance Company Insured)		4.00			1-10-2019		1,010,000		1,010,434
Walnut Creek TX Special Utility District (Build America Mutual Assurance Company Insured)		4.00			1-10-2020		500,000		510,805
									7,068,956
									630,514,908
Utah: 0.18%
Airport Revenue: 0.18%
Salt Lake City UT International Airport Series A		5.00			7-1-2023		2,500,000		2,779,875
Salt Lake City UT International Airport Series A		5.00			7-1-2024		2,000,000		2,259,580
Salt Lake City UT International Airport Series A		5.00			7-1-2025		2,300,000		2,632,327
									7,671,782
Virginia: 1.92%
Health Revenue: 0.06%
Lexington VA IDA Residential Care Facility Kendal at Lexington Refunding Bond		3.00			1-1-2019		320,000		320,000
Lexington VA IDA Residential Care Facility Kendal at Lexington Refunding Bond		3.00			1-1-2020		450,000		451,625
Lexington VA IDA Residential Care Facility Kendal at Lexington Refunding Bond		4.00			1-1-2021		440,000		450,344
Lexington VA IDA Residential Care Facility Kendal at Lexington Refunding Bond		4.00			1-1-2022		525,000		540,839
Washington County VA County IDA Mountain States Health Alliance Series C		7.25			7-1-2019		690,000		708,326
									2,471,134
Housing Revenue: 0.58%
Fairfax County VA Redevelopment & Housing Authority Parkwood Project		2.21			2-1-2021		15,000,000		15,009,150
Newport News VA Redevelopment & Housing Authority Multifamily Housing Series A		1.82			11-1-2020		9,500,000		9,482,045
									24,491,195

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

34 Wells Fargo Short-Term Municipal Bond Fund Portfolio of investments—December 31, 2018 (unaudited)

Security name	Interest rate			Maturity date		Principal		Value
Miscellaneous Revenue: 0.07%
Franklin County VA IDA BAN		3.00	%		10-15-2023	$	3,000,000	$	3,039,060
Tax Revenue: 0.11%
Greater Richmond VA Convention Center Authority		5.00			6-15-2019		1,250,000		1,267,600
Greater Richmond VA Convention Center Authority		5.00			6-15-2020		1,000,000		1,044,120
Marquis VA CDA CAB Series 2015 144A(z)		2.81			9-1-2045		680,000		477,020
Marquis VA CDA CAB Series A		5.10			9-1-2036		2,169,000		1,461,017
Marquis VA CDA CAB Series C (z)		6.21			9-1-2041		3,493,000		175,209
									4,424,966
Transportation Revenue: 0.04%
Virginia Commonwealth Transportation Board Refunding Bonds Series A		5.00			5-15-2023		1,500,000		1,690,575
Utilities Revenue: 1.06%
Halifax County VA IDA		2.15			12-1-2041		44,450,000		44,333,986
									80,450,916
Washington: 3.24%
Airport Revenue: 0.27%
Metropolitan Washington Airports Authority Refunding Bond Series 2014A		3.00			10-1-2022		6,500,000		6,624,670
Port of Seattle WA Refunding Bond Series B		5.00			8-1-2023		4,155,000		4,527,662
									11,152,332
GO Revenue: 0.13%
Washington Series A		5.00			8-1-2022		4,800,000		5,310,528
Health Revenue: 0.48%
Washington HCFR Catholic Health Initiatives Series B (SIFMA Municipal Swap +1.00%) ±		2.71			1-1-2035		8,650,000		8,675,345
Washington Health Care Facilities Authority Catholic Health Initiatives Series A		5.00			2-1-2023		1,025,000		1,080,391
Washington Health Care Facilities Authority Fred Hutchinson Cancer Research (1 Month LIBOR +1.10%) ±		2.78			1-1-2042		9,500,000		9,584,740
Washington Health Care Facilities Authority Series 2015		5.00			7-1-2020		850,000		881,365
									20,221,841
Housing Revenue: 0.58%
Washington Housing Finance Commission Multifamily Housing Sanford Hildebrandt Towers Project		2.25			7-1-2021		16,900,000		16,913,182
Washington Housing Finance Commission Multifamily Housing Series A		1.80			7-1-2020		7,350,000		7,320,086
									24,233,268
Tax Revenue: 0.52%
Central Puget Sound WA Regional Transit Authority Sales Series 2015-S Class 2A (SIFMA Municipal Swap +0.30%) ±		2.01			11-1-2045		7,000,000		6,998,110
Central Puget Sound WA Regional Transit Authority Sales Series S2B (SIFMA Municipal Swap +0.45%) ±		2.16			11-1-2045		15,000,000		15,004,500
									22,002,610

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

Portfolio of investments—December 31, 2018 (unaudited) Wells Fargo Short-Term Municipal Bond Fund 35

Security name	Interest rate			Maturity date		Principal		Value
Utilities Revenue: 0.85%
Seattle WA Municipal Light & Power Refunding Bond Series B-2 (SIFMA Municipal Swap +0.29%) ±		2.00	%		5-1-2045	$	12,635,000	$	12,630,072
Seattle WA Municipal Light & Power Refunding Bond Series C-1 (SIFMA Municipal Swap +0.49%) ±		2.20			11-1-2046		23,190,000		23,133,185
									35,763,257
Water & Sewer Revenue: 0.41%
King County WA Junior Lien Series 2011		2.45			1-1-2042		17,000,000		17,060,860
									135,744,696
West Virginia: 0.26%
Resource Recovery Revenue: 0.06%
West Virginia EDA PCR Appalachian Power Company Series D		3.25			5-1-2019		2,745,000		2,747,855
Utilities Revenue: 0.20%
West Virginia Economic Development Refunding Bond Wheeling Power Company		3.00			6-1-2037		8,300,000		8,246,465
									10,994,320
Wisconsin: 2.25%
Airport Revenue: 0.24%
Wisconsin Airport Facilities PFA Senior Obligation Group Series B		5.00			7-1-2022		9,745,000		10,244,041
Education Revenue: 0.13%
Wisconsin PFA Guilford College		5.00			1-1-2021		650,000		672,302
Wisconsin PFA Guilford College		5.00			1-1-2022		625,000		654,875
Wisconsin PFA Loan Anticipation Notes Lake Oconee Academy Foundation Incorporated Project		2.30			10-1-2019		4,000,000		3,980,320
									5,307,497
Health Revenue: 0.48%
Wisconsin HEFA Advocate Aurora Health Credit Group Series C-4 (SIFMA Municipal Swap +0.65%) ±		2.36			8-15-2054		4,200,000		4,189,794
Wisconsin HEFA Ascension Health Alliance Series B		4.00			11-15-2043		13,000,000		13,107,640
Wisconsin HEFA Benevolent Corporation Cedar Community		5.00			6-1-2019		635,000		640,309
Wisconsin HEFA Benevolent Corporation Cedar Community		5.00			6-1-2020		880,000		903,382
Wisconsin HEFA Mercy Alliance Incorporated Project Series A		5.00			6-1-2019		510,000		515,860
Wisconsin HEFA Vernon Memorial Healthcare Incorporated		4.00			3-1-2019		445,000		445,525
Wisconsin HEFA Vernon Memorial Healthcare Incorporated		5.00			3-1-2020		375,000		382,230
									20,184,740
Miscellaneous Revenue: 0.90%
Waukesha County WI Anticipation Notes Series C		3.00			5-1-2022		3,035,000		3,045,968
Waukesha County WI Series B		3.00			5-1-2021		16,725,000		16,740,220
Wisconsin State Refunding Bond Series A %%		5.00			5-1-2022		8,040,000		8,811,679
Wisconsin State Refunding Bond Series A %%		5.00			5-1-2023		8,015,000		8,993,872
									37,591,739

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

36 Wells Fargo Short-Term Municipal Bond Fund Portfolio of investments—December 31, 2018 (unaudited)

Security name	Interest rate			Maturity date		Principal		Value
Resource Recovery Revenue: 0.50%
Wisconsin PFA Series A-2		2.15	%		10-1-2025	$	21,000,000	$	20,995,170
									94,323,187
Total Municipal Obligations (Cost $4,171,234,650)									4,168,218,534
Other: 0.48%
Nuveen California AMT-Free Quality Municipal Income Fund Preferred Shares Series A 144Aøø§		2.01			10-1-2047		20,400,000		20,400,000
Total Other (Cost $20,400,000)									20,400,000
	Yield					Shares
Short-Term Investments: 0.07%
Investment Companies: 0.03%
Wells Fargo Municipal Cash Management Money Market Fund Institutional Class (l)(u)		1.65					1,150,674		1,151,135
						Principal
U.S. Treasury Securities: 0.04%
U.S. Treasury Bill (z)#		2.32			3-14-2019	$	1,780,000		1,771,475
Total Short-Term Investments (Cost $2,922,797)									2,922,610

Total investments in securities (Cost $4,194,557,447)	99.87	%		4,191,541,144
Other assets and liabilities, net	0.13			5,295,967
Total net assets	100.00	%	$	4,196,837,111

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

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

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

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

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.

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

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

(m) The security is an auction-rate security which has an interest rate that resets at predetermined short-term intervals through a Dutch auction. The rate shown is the rate in effect at period end.

(n) The auction to set the interest rate on the security failed at period end due to insufficient investor interest. A failed auction does not itself cause a default.

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

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

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

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

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

Portfolio of investments—December 31, 2018 (unaudited) Wells Fargo Short-Term Municipal Bond Fund 37

Abbreviations:

AGC Assured Guaranty Corporation

AGM Assured Guaranty Municipal

Ambac Ambac Financial Group Incorporated

AMT Alternative minimum tax

BAN Bond anticipation notes

CAB Capital appreciation bond

CDA Community Development Authority

ECFA Educational & Cultural Facilities Authority

EDA Economic Development Authority

EDFA Economic Development Finance Authority

FHA Federal Housing Administration

FHLMC Federal Home Loan Mortgage Corporation

FNMA Federal National Mortgage Association

GNMA Government National Mortgage Association

GO General obligation

HCFR Healthcare facilities revenue

HEFA Health & Educational Facilities Authority

HEFAR Higher Education Facilities Authority Revenue

HFA Housing Finance Authority

HFFA Health Facilities Financing Authority

HUD Department of Housing and Urban Development

IDA Industrial Development Authority

LIBOR London Interbank Offered Rate

LIQ Liquidity agreement

LOC Letter of credit

National National Public Finance Guarantee Corporation

PCFA Pollution Control Financing Authority

PCR Pollution control revenue

PFA Public Finance Authority

RAN Revenue anticipation notes

RDA Redevelopment Authority

SFMR Single-family mortgage revenue

SIFMA Securities Industry and Financial Markets Association

SPA Standby purchase agreement

TAN Tax anticipation notes

TTFA Transportation Trust Fund Authority

Investments in Affiliates

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

	Shares, beginning of period		Shares purchased		Shares sold		Shares, end of period		Net realized gains (losses)			Net change in unrealized gains (losses)		Income from affiliated securities		Value, end of period		% of net assets
Short-Term Investments
Investment Companies
Wells Fargo Municipal Cash Management Money Market Fund Institutional Class		11,091,809		661,742,338		671,683,473		1,150,674	$	(40,369	)	$	0	$	147,612	$	1,151,135		0.03	%

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

38 Wells Fargo Short-Term Municipal Bond Fund Statement of assets and liabilities—December 31, 2018 (unaudited)

Assets
Investments in unaffiliated securities, at value (cost $4,193,406,312)	$	4,190,390,009
Investments in affiliated securities, at value (cost $1,151,135)		1,151,135
Cash		6,780,115
Receivable for investments sold		11,997,185
Receivable for Fund shares sold		12,499,673
Receivable for interest		31,861,908
Total assets		4,254,680,025
Liabilities
Payable for investments purchased		33,972,631
Payable for Fund shares redeemed		20,253,135
Dividends payable		1,223,382
Management fee payable		1,011,254
Administration fees payable		347,004
Distribution fee payable		28,201
Trustees’ fees and expenses payable		415
Accrued expenses and other liabilities		1,006,892
Total liabilities		57,842,914
Total net assets	$	4,196,837,111
NET ASSETS CONSIST OF
Paid-in capital	$	4,241,991,785
Total distributable loss		(45,154,674	)
Total net assets	$	4,196,837,111
COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE PER SHARE
Net assets – Class A	$	1,035,123,196
Shares outstanding – Class A1		105,275,303
Net asset value per share – Class A		$9.83
Maximum offering price per share – Class A2		$10.03
Net assets – Class C	$	43,131,249
Shares outstanding – Class C1		4,386,262
Net asset value per share – Class C		$9.83
Net assets – Class R6	$	622,614,351
Shares outstanding – Class R61		63,200,781
Net asset value per share – Class R6		$9.85
Net assets – Administrator Class	$	38,157,275
Shares outstanding – Administrator Class1		3,878,307
Net asset value per share – Administrator Class		$9.84
Net assets – Institutional Class	$	2,457,811,040
Shares outstanding – Institutional Class1		249,507,436
Net asset value per share – Institutional Class		$9.85

¹  The Fund has an unlimited number of authorized shares.

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

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

Statement of operations—six months ended December 31, 2018 (unaudited) Wells Fargo Short-Term Municipal Bond Fund 39

Investment income
Interest	$	49,587,814
Income from affiliated securities		147,612
Total investment income		49,735,426
Expenses
Management fee		7,533,650
Administration fees
Class A		907,670
Class C		35,825
Class R6		25,210	1
Administrator Class		20,228
Institutional Class		1,268,258
Shareholder servicing fees
Class A		1,418,235
Class C		55,976
Administrator Class		50,270
Distribution fee
Class C		167,929
Custody and accounting fees		70,271
Professional fees		41,118
Registration fees		166,008
Shareholder report expenses		140,283
Trustees’ fees and expenses		10,526
Other fees and expenses		38,797
Total expenses		11,950,254
Less: Fee waivers and/or expense reimbursements		(1,310,537	)
Net expenses		10,639,717
Net investment income		39,095,709
REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS
Net realized gains (losses) on:
Unaffiliated securities		(3,005,471	)
Affiliated securities		(40,369	)
Futures contracts		2,761,205
Net realized losses on investments		(284,635	)
Net change in unrealized gains (losses) on investments		(641,443	)
Net realized and unrealized gains (losses) on investments		(926,078	)
Net increase in net assets resulting from operations	$	38,169,631

¹  For the period from July 31, 2018 (commencement of class operations) to December 31, 2018

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

40 Wells Fargo Short-Term Municipal Bond Fund Statement of changes in net assets

	Six months ended December 31, 2018 (unaudited)						Year ended June 30, 20181
Operations
Net investment income				$	39,095,709					$	76,005,326
Net realized losses on investments					(284,635	)					(37,212,436	)
Net change in unrealized gains (losses) on investments					(641,443	)					26,940,201
Net increase in net assets resulting from operations					38,169,631						65,733,091
Distributions to shareholders from net investment income and net realized gains
Class A					(8,823,177	)					(18,913,250	)
Class C					(180,724	)					(329,883	)
Class R6					(1,626,724	)2					N/A
Administrator Class					(320,665	)					(776,666	)
Institutional Class					(28,153,969	)					(55,986,581	)
Total distributions to shareholders					(39,105,259	)					(76,006,380	)
Capital share transactions		Shares						Shares
Proceeds from shares sold
Class A		7,122,513			69,893,029			18,297,636			180,213,329
Class C		187,609			1,840,919			182,051			1,795,631
Class R6		66,914,399	2		656,135,308	2		N/A			N/A
Administrator Class		813,792			7,987,449			1,971,304			19,431,959
Institutional Class		59,188,640			582,159,535			141,398,279			1,395,926,490
					1,318,016,240						1,597,367,409
Reinvestment of distributions
Class A		846,635			8,309,706			1,836,651			18,081,160
Class C		16,655			163,486			30,273			297,962
Class R6		107,519	2		1,058,083	2		N/A			N/A
Administrator Class		31,681			311,152			77,693			765,617
Institutional Class		2,306,214			22,676,071			4,344,070			42,840,075
					32,518,498						61,984,814
Payment for shares redeemed
Class A		(25,687,858	)		(252,033,311	)		(61,621,053	)		(606,889,814	)
Class C		(710,670	)		(6,976,891	)		(1,695,155	)		(16,694,825	)
Class R6		(3,821,137	)2		(37,580,455	)2		N/A			N/A
Administrator Class		(1,459,024	)		(14,336,069	)		(4,519,762	)		(44,536,175	)
Institutional Class		(159,359,925	)		(1,564,450,196	)		(145,674,086	)		(1,436,794,551	)
					(1,875,376,922	)					(2,104,915,365	)
Net decrease in net assets resulting from capital share transactions					(524,842,184	)					(445,563,142	)
Total decrease in net assets					(525,777,812	)					(455,836,431	)
Net assets
Beginning of period					4,722,614,923						5,178,451,354
End of period				$	4,196,837,111					$	4,722,614,923

¹  Effective for all filings after November 4, 2018, the SEC prospectively eliminated the requirement to parenthetically disclose undistributed net investment income at the end of the period and permitted the aggregation of distributions, with the exception of tax basis returns of capital. Undistributed net investment income at June 30, 2018 was $287,138. The disaggregated distributions information for the year ended June 30, 2018 is included in Note 8,Distributions to Shareholders, in the notes to the financial statements.

²  For the period from July 31, 2018 (commencement of class operations) to December 31, 2018

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

Financial highlights Wells Fargo Short-Term Municipal Bond Fund 41

(For a share outstanding throughout each period)

	Six months ended December 31, 2018 (unaudited)			Year ended June 30
CLASS A				2018			2017			2016			2015			2014
Net asset value, beginning of period		$9.83			$9.85			$9.96			$9.93			$10.00			$9.97
Net investment income		0.08			0.13			0.12			0.11			0.09			0.11
Net realized and unrealized gains (losses) on investments		(0.00	)1		(0.02	)		(0.11	)		0.04			(0.06	)		0.05
Total from investment operations		0.08			0.11			0.01			0.15			0.03			0.16
Distributions to shareholders from
Net investment income		(0.08	)		(0.13	)		(0.12	)		(0.11	)		(0.09	)		(0.11	)
Net realized gains		0.00			0.00			0.00			(0.01	)		(0.01	)		(0.02	)
Total distributions to shareholders		(0.08	)		(0.13	)		(0.12	)		(0.12	)		(0.10	)		(0.13	)
Net asset value, end of period		$9.83			$9.83			$9.85			$9.96			$9.93			$10.00
Total return2		0.79	%		1.15	%		0.14	%		1.49	%		0.27	%		1.55	%
Ratios to average net assets (annualized)
Gross expenses		0.76	%		0.77	%		0.76	%		0.75	%		0.75	%		0.76	%
Net expenses		0.63	%		0.63	%		0.63	%		0.62	%		0.60	%		0.60	%
Net investment income		1.55	%		1.34	%		1.23	%		1.11	%		0.89	%		1.08	%
Supplemental data
Portfolio turnover rate		21	%		31	%		23	%		16	%		24	%		28	%
Net assets, end of period (000s omitted)		$1,035,123			$1,209,079			$1,619,974			$3,362,147			$2,228,977			$2,031,798

¹  Amount is more than $(0.005).

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

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

42 Wells Fargo Short-Term Municipal Bond Fund Financial highlights

(For a share outstanding throughout each period)

	Six months ended December 31, 2018 (unaudited)			Year ended June 30
CLASS C				2018			2017			2016			2015			2014
Net asset value, beginning of period		$9.83			$9.85			$9.96			$9.93			$10.00			$9.97
Net investment income		0.04			0.06			0.05			0.04			0.01			0.03
Net realized and unrealized gains (losses) on investments		(0.00	)1		(0.02	)		(0.11	)		0.04			(0.06	)		0.05
Total from investment operations		0.04			0.04			(0.06	)		0.08			(0.05	)		0.08
Distributions to shareholders from
Net investment income		(0.04	)		(0.06	)		(0.05	)		(0.04	)		(0.01	)		(0.03	)
Net realized gains		0.00			0.00			0.00			(0.01	)		(0.01	)		(0.02	)
Total distributions to shareholders		(0.04	)		(0.06	)		(0.05	)		(0.05	)		(0.02	)		(0.05	)
Net asset value, end of period		$9.83			$9.83			$9.85			$9.96			$9.93			$10.00
Total return2		0.41	%		0.40	%		(0.61	)%		0.73	%		(0.48	)%		0.79	%
Ratios to average net assets (annualized)
Gross expenses		1.51	%		1.52	%		1.51	%		1.50	%		1.50	%		1.51	%
Net expenses		1.38	%		1.38	%		1.38	%		1.37	%		1.35	%		1.35	%
Net investment income		0.81	%		0.59	%		0.49	%		0.35	%		0.14	%		0.34	%
Supplemental data
Portfolio turnover rate		21	%		31	%		23	%		16	%		24	%		28	%
Net assets, end of period (000s omitted)		$43,131			$48,101			$62,796			$82,111			$103,146			$133,463

¹  Amount is more than $(0.005).

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

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

Financial highlights Wells Fargo Short-Term Municipal Bond Fund 43

(For a share outstanding throughout the period)

CLASS R6	Period ended December 31, 20181 (unaudited)
Net asset value, beginning of period		$9.86
Net investment income		0.08
Net realized and unrealized gains (losses) on investments		(0.01	)
Total from investment operations		0.07
Distributions to shareholders from
Net investment income		(0.08	)
Net realized gains		0.00
Total distributions to shareholders		(0.08	)
Net asset value, end of period		$9.85
Total return2		0.68	%
Ratios to average net assets (annualized)
Gross expenses		0.38	%
Net expenses		0.35	%
Net investment income		1.94	%
Supplemental data
Portfolio turnover rate		21	%
Net assets, end of period (000s omitted)		$622,614

¹  For the period from July 31, 2018 (commencement of class operations) to December 31, 2018

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

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

44 Wells Fargo Short-Term Municipal Bond Fund Financial highlights

(For a share outstanding throughout each period)

	Six months ended December 31, 2018 (unaudited)			Year ended June 30
ADMINISTRATOR CLASS				2018			2017			2016			2015			2014
Net asset value, beginning of period		$9.84			$9.86			$9.97			$9.95			$10.03			$9.99
Net investment income		0.08			0.14			0.13			0.11	1		0.09			0.11
Net realized and unrealized gains (losses) on investments		(0.00	)2		(0.02	)		(0.11	)		0.03			(0.07	)		0.06
Total from investment operations		0.08			0.12			0.02			0.14			0.02			0.17
Distributions to shareholders from
Net investment income		(0.08	)		(0.14	)		(0.13	)		(0.11	)		(0.09	)		(0.11	)
Net realized gains		0.00			0.00			0.00			(0.01	)		(0.01	)		(0.02	)
Total distributions to shareholders		(0.08	)		(0.14	)		(0.13	)		(0.12	)		(0.10	)		(0.13	)
Net asset value, end of period		$9.84			$9.84			$9.86			$9.97			$9.95			$10.03
Total return3		0.80	%		1.18	%		0.17	%		1.42	%		0.17	%		1.65	%
Ratios to average net assets (annualized)
Gross expenses		0.70	%		0.71	%		0.70	%		0.66	%		0.68	%		0.70	%
Net expenses		0.60	%		0.60	%		0.60	%		0.59	%		0.60	%		0.60	%
Net investment income		1.58	%		1.36	%		1.27	%		1.08	%		0.89	%		1.08	%
Supplemental data
Portfolio turnover rate		21	%		31	%		23	%		16	%		24	%		28	%
Net assets, end of period (000s omitted)		$38,157			$44,186			$68,621			$95,121			$511,894			$565,737

¹  Calculated based upon average shares outstanding

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 Short-Term Municipal Bond Fund 45

(For a share outstanding throughout each period)

	Six months ended December 31, 2018 (unaudited)			Year ended June 30
INSTITUTIONAL CLASS				2018			2017			2016			2015			2014
Net asset value, beginning of period		$9.85			$9.87			$9.98			$9.95			$10.02			$9.99
Net investment income		0.09			0.16			0.15			0.13			0.11			0.13
Net realized and unrealized gains (losses) on investments		(0.00	)1		(0.02	)		(0.11	)		0.04			(0.06	)		0.05
Total from investment operations		0.09			0.14			0.04			0.17			0.05			0.18
Distributions to shareholders from
Net investment income		(0.09	)		(0.16	)		(0.15	)		(0.13	)		(0.11	)		(0.13	)
Net realized gains		0.00			0.00			0.00			(0.01	)		(0.01	)		(0.02	)
Total distributions to shareholders		(0.09	)		(0.16	)		(0.15	)		(0.14	)		(0.12	)		(0.15	)
Net asset value, end of period		$9.85			$9.85			$9.87			$9.98			$9.95			$10.02
Total return2		0.90	%		1.39	%		0.37	%		1.71	%		0.47	%		1.75	%
Ratios to average net assets (annualized)
Gross expenses		0.43	%		0.44	%		0.43	%		0.42	%		0.42	%		0.43	%
Net expenses		0.40	%		0.40	%		0.40	%		0.40	%		0.40	%		0.40	%
Net investment income		1.78	%		1.58	%		1.48	%		1.33	%		1.09	%		1.29	%
Supplemental data
Portfolio turnover rate		21	%		31	%		23	%		16	%		24	%		28	%
Net assets, end of period (000s omitted)		$2,457,811			$3,421,249			$3,427,060			$2,261,092			$1,895,713			$1,382,576

¹  Amount is more 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.

46 Wells Fargo Short-Term Municipal Bond Fund Notes to financial statements (unaudited)

1. ORGANIZATION

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

2. SIGNIFICANT ACCOUNTING POLICIES

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

Securities valuation

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

Debt securities are valued at the evaluated bid price provided by an independent pricing service (e.g. taking into account various factors, including yields, maturities, or credit ratings) or, if a reliable price is not available, the quoted bid price from an independent broker-dealer.

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

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

Investments which are not valued using any of the methods discussed above are valued at their fair value, as determined in good faith by the Board of Trustees of the Fund. The Board of Trustees has established a Valuation Committee comprised of the Trustees and has delegated to it the authority to take any actions regarding the valuation of portfolio securities that the Valuation Committee deems necessary or appropriate, including determining the fair value of portfolio securities, unless the determination has been delegated to the Wells Fargo Asset Management Pricing Committee at Wells Fargo Funds Management, LLC (“Funds Management”). The Board of Trustees retains the authority to make or ratify any valuation decisions or approve any changes to the Valuation Procedures as it deems appropriate. On a quarterly basis, the Board of Trustees receives reports on any valuation actions taken by the Valuation Committee or the Wells Fargo Asset Management Pricing Committee which may include items for ratification.

When-issued transactions

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

Futures contracts

The Fund is subject to interest rate risk in the normal course of pursuing its investment objectives. Futures contracts are agreements between the Fund and a counterparty to buy or sell a specific amount of a commodity, financial instrument or currency at specified price and on a specified date. The Fund may buy and sell futures contracts in order to gain exposure to, or protect against, changes in interest rates. The primary risks associated with the use of futures contracts are the imperfect correlation between changes in market values of securities held by the Fund and the prices of futures contracts, and the possibility of an illiquid market. Futures contracts are generally entered into on a regulated futures exchange and cleared through a clearinghouse associated with the exchange. With futures contracts, there is minimal counterparty risk to the Fund since futures contracts are exchange traded and the exchange’s clearinghouse, as counterparty to all exchange traded futures, guarantees the futures contracts against default.

Upon entering into a futures contracts, the Fund is required to deposit either cash or securities (initial margin) with the broker in an amount equal to a certain percentage of the contract value. Subsequent payments (variation margin) are paid to or from the broker each day equal to the daily changes in the contract value. Such payments are recorded as unrealized gains or losses and, if any, shown as variation margin receivable (payable) in the Statement of Assets and Liabilities. Should the Fund fail to make

Notes to financial statements (unaudited) Wells Fargo Short-Term Municipal Bond Fund 47

requested variation margin payments, the broker can gain access to the initial margin to satisfy the Fund’s payment obligations. When the contracts are closed, a realized gain or loss is recorded in the Statement of Operations.

Security transactions and income recognition

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

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

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 December 31, 2018, the aggregate cost of all investments for federal income tax purposes was $4,194,186,429 and the unrealized gains (losses) consisted of:

Gross unrealized gains	$	11,308,280
Gross unrealized losses		(13,953,565	)
Net unrealized losses	$	(2,645,285	)

As of June 30, 2018, the Fund had capital loss carryforwards which consisted of $42,091,784 in long-term capital losses.

Class allocations

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

3. FAIR VALUATION MEASUREMENTS

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

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

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

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

48 Wells Fargo Short-Term Municipal Bond Fund Notes to financial statements (unaudited)

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

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

	Quoted prices (Level 1)		Other significant observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total
Assets
Investments in:
Municipal obligations	$	0	$	4,168,218,534	$	0	$	4,168,218,534
Other		0		20,400,000		0		20,400,000
Short-term investments
Investment companies		1,151,135		0		0		1,151,135
U.S. Treasury securities		1,771,475		0		0		1,771,475
Total assets	$	2,922,610	$	4,188,618,534	$	0	$	4,191,541,144

Additional sector, industry or geographic detail is included in the Portfolio of Investments.

At December 31, 2018, the Fund did not have any transfers into/out of 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 0.35% and declining to 0.255% as the average daily net assets of the Fund increase. For the six months ended December 31, 2018, the management fee was equivalent to an annual rate of 0.33% of the Fund’s average daily net assets.

Funds Management has retained the services of a subadviser to provide daily portfolio management to the Fund. The fee for subadvisory services is borne by Funds Management. Wells Capital Management Incorporated, an affiliate of Funds Management and an indirect wholly owned subsidiary of Wells Fargo, is the subadviser to the Fund and is entitled to receive a fee from Funds Management at an annual rate starting at 0.15% and declining to 0.05% as the average daily net assets of the Fund increase.

Administration fee

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

	Class-level administration fee
Class A, Class C		0.16	%
Class R6		0.03
Administrator Class		0.10
Institutional Class		0.08

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

Notes to financial statements (unaudited) Wells Fargo Short-Term Municipal Bond Fund 49

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 October 31, 2019 to waive fees and/or reimburse expenses to the extent necessary to cap the Fund’s expenses at 0.63% for Class A shares, 1.38% for Class C shares, 0.35% for Class R6 shares, 0.60% for Administrator Class shares, and 0.40% for Institutional Class shares. After this time, the cap may be increased or the commitment to maintain the cap may be terminated only with the approval of the Board of Trustees.

Distribution fee

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

In addition, Funds Distributor is entitled to receive the front-end sales charge from the purchase of Class A shares and a contingent deferred sales charge on the redemption of certain Class A shares. Funds Distributor is also entitled to receive the contingent deferred sales charges from redemptions of Class C shares. For the six months ended December 31, 2018, Funds Distributor received $733 from the sale of Class A shares. No contingent deferred sales charges were incurred by Class A and Class C shares for the six months ended December 31, 2018.

Shareholder servicing fees

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

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

Interfund transactions

The Fund may purchase or sell portfolio investment securities to certain other Wells Fargo affiliates pursuant toRule 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 $234,075,000 and $350,875,000 in interfund purchases and sales, respectively, during the six months ended December 31, 2018.

5. INVESTMENT PORTFOLIO TRANSACTIONS

Purchases and sales of investments, excluding U.S. government obligations (if any) and short-term securities, for the six months ended December 31, 2018 were $898,903,320 and $1,035,895,441, respectively.

6. DERIVATIVE TRANSACTIONS

During the six months ended December 31, 2018, the Fund entered into futures contracts to take advantage of the differences between municipal and treasury yields and to help manage the duration of the portfolio. The Fund had an average notional amount of $308,309,362 in long futures contracts during the six months ended December 31, 2018.

The fair value, realized gains or losses and change in unrealized gains or losses, if any, on derivative instruments are reflected in the corresponding financial statement captions.

7. BANK BORROWINGS

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

For the six months ended December 31, 2018, there were no borrowings by the Fund under the agreement.

50 Wells Fargo Short-Term Municipal Bond Fund Notes to financial statements (unaudited)

8. DISTRIBUTIONS TO SHAREHOLDERS

Effective for all filings after November 4, 2018, the Securities and Exchange Commission eliminated the requirement to separately state the components of distributions to shareholders under U.S. generally accounting principles. The amounts of distributions to shareholders for the year ended June 30, 2018 were as follows:

	Net investment income
Class A		$18,913,250
Class C		329,883
Administrator Class		776,666
Institutional Class		55,986,581

9. INDEMNIFICATION

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

10. NEW ACCOUNTING PRONOUNCEMENT

In August 2018, FASB issued Accounting Standards Update (“ASU”) No. 2018-13, Fair Value Measurement (Topic 820) Disclosure Framework—Changes to the Disclosure Requirements for Fair Value Measurement. ASU 2018-13 updates the disclosure requirements for fair value measurements by modifying or removing certain disclosures and adding certain new disclosures. The amendments are effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019. Early adoption is permitted. Management has adopted the removal and modification of disclosures early, as permitted, and will adopt the additional new disclosures at the effective date.

Other information (unaudited) Wells Fargo Short-Term Municipal Bond Fund 51

PROXY VOTING INFORMATION

A description of the policies and procedures used to determine how to vote proxies relating to portfolio securities is available, upon request, by calling1-800-222-8222, visiting our website atwellsfargofunds.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 atwellsfargofunds.com or by visiting the SEC website at sec.gov.

PORTFOLIO HOLDINGS INFORMATION

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

52 Wells Fargo Short-Term Municipal Bond Fund Other information (unaudited)

BOARD OF TRUSTEES AND OFFICERS

Each of the Trustees and Officers¹ listed in the table below acts in identical capacities for each fund in the Wells Fargo family of funds, which consists of 152 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 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.	N/A
Jane A. Freeman (Born 1953)	Trustee, since 2015; Chair Liaison, since 2018	Retired. From 2012 to 2014 and 1999 to 2008, Chief Financial Officer of Scientific Learning Corporation. From 2008 to 2012, Ms. Freeman provided consulting services related to strategic business projects. Prior to 1999, Portfolio Manager at Rockefeller & Co. and Scudder, Stevens & Clark. Board member of the Harding Loevner Funds from 1996 to 2014, serving as both Lead Independent Director and chair of the Audit Committee. Board member of the Russell Exchange Traded Funds Trust from 2011 to 2012 and the chair of the Audit Committee. Ms. Freeman is a Board Member of The Ruth Bancroft Garden (non-profit organization). She is also an inactive Chartered Financial Analyst.	N/A
Isaiah Harris, Jr.3 (Born 1952)	Trustee, since 2009; Audit Committee Chairman, since 2019	Retired. Chairman of the Board of CIGNA Corporation since 2009, and Director since 2005. From 2003 to 2011, Director of Deluxe Corporation. Prior thereto, President and CEO of BellSouth Advertising and Publishing Corp. from 2005 to 2007, President and CEO of BellSouth Enterprises from 2004 to 2005 and President of BellSouth Consumer Services from 2000 to 2003. Emeritus member of the Iowa State University Foundation Board of Governors. Emeritus Member of the Advisory Board of Iowa State University School of Business. Advisory Board Member, Palm Harbor Academy (private school). Advisory Board Member, Child Evangelism Fellowship (non-profit). Mr. Harris is a certified public accountant (inactive status).	CIGNA Corporation
Judith M. Johnson3 (Born 1949)	Trustee, since 2008; Audit Committee Chairman, from 2009 to 2018	Retired. Prior thereto, Chief Executive Officer and Chief Investment Officer of Minneapolis Employees Retirement Fund from 1996 to 2008. Ms. Johnson is an attorney, certified public accountant and a certified managerial accountant.	N/A
David F. Larcker (Born 1950)	Trustee, since 2009	James Irvin Miller Professor of Accounting at the Graduate School of Business, Stanford University, Director of the Corporate Governance Research Initiative and Senior Faculty of The Rock Center for Corporate Governance since 2006. From 2005 to 2008, Professor of Accounting at the Graduate School of Business, Stanford University. Prior thereto, Ernst & Young Professor of Accounting at The Wharton School, University of Pennsylvania from 1985 to 2005.	N/A

Other information (unaudited) Wells Fargo Short-Term Municipal Bond Fund 53

Name and year of birth	Position held and length of service*	Principal occupations during past five years or longer	Current other public company or investment company directorships
Olivia S. Mitchell (Born 1953)	Trustee, since 2006; Nominating and Governance Committee 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.	N/A
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.	N/A
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.	N/A
Michael S. Scofield4 (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.	N/A
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, Governance 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 from 2010 to 2011, Chairman of the Board from 2009 to 2011 and Board Director from 2003 to 2015. Vice President, Leadership and Community Engagement, Bush Foundation, Saint Paul, Minnesota (a private foundation) from 2009 to 2011. Executive Vice President and Chief Financial Officer, Minnesota Sports and Entertainment from 2004 to 2009 and Senior Vice President from 2002 to 2004. Commissioner of Finance, State of Minnesota, from 1999 to 2002. Currently the Board Chair of the Minnesota Wild Foundation since 2010.	N/A

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

54 Wells Fargo Short-Term Municipal Bond Fund Other information (unaudited)

Officers

Name and year of birth	Position held and length of service	Principal occupations during past five years or longer
Andrew Owen (Born 1960)	President, since 2017	Executive Vice President of Wells Fargo & Company and Head of Affiliated Managers, Wells Fargo Asset Management, since 2014. In addition, Mr. Owen is currently President, Chief Executive Officer and Director of Wells Fargo Funds Management, LLC since 2017. Prior thereto, Executive Vice President responsible for marketing, investments and product development for Wells Fargo Funds Management, LLC, from 2009 to 2014.
Nancy Wiser1 (Born 1967)	Treasurer, since 2012	Executive Vice President of Wells Fargo Funds Management, LLC since 2011. Chief Operating Officer and Chief Compliance Officer at LightBox Capital Management LLC, from 2008 to 2011.
Alexander Kymn (Born 1973)	Secretary, since 2018; Chief Legal Officer, since 2018	Senior Company Counsel of Wells Fargo Bank, N.A. since 2018 (previously Senior Counsel from 2007 to 2018). Vice President of Wells Fargo Funds Management, LLC from 2008 to 2014.
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 76 funds in the Fund Complex. Jeremy DePalma acts as Treasurer of 76 funds and Assistant Treasurer of 76 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 calling1-800-222-8222 or by visiting the website atwellsfargofunds.com.

³  Mr. Harris replaced Ms. Johnson as the Chairman of the Audit Committee effective January 1, 2019.

⁴  Mr. Scofield retired on December 31, 2018.

Appendix A (unaudited) Wells Fargo Short-Term Municipal Bond Fund 55

SALES CHARGE REDUCTIONS AND WAIVERS FOR CERTAIN INTERMEDIARIES

Raymond James & Associates, Inc., Raymond James Financial Services & Raymond James affiliates (“Raymond James”)

Effective on or about March 1, 2019, shareholders purchasing Fund shares through a Raymond James platform or account will be eligible only for the following load waivers (front-end sales charge waivers and contingent deferred, or back-end, sales charge waivers) and discounts, which may differ from those disclosed elsewhere in the Fund’s Prospectus or SAI.

Front-end Sales Load Waivers on Class A shares Available at Raymond James

• Shares purchased in an investment advisory program.

• Shares purchased through reinvestment of capital gains distributions and dividend reinvestment when purchasing shares of the same fund (but not any other fund within the fund family).

• Employees and registered representatives of Raymond James or its affiliates and their family members as designated by Raymond James.

• Shares purchased from the proceeds of redemptions within the same fund family, provided (1) the repurchase occurs within 90 days following the redemption, (2) the redemption and purchase occur in the same account, and (3) redeemed shares were subject to a front-end or deferred sales load (known as Rights of Reinstatement).

• A shareholder in the fund’s Class C shares will have their shares automatically exchanged at net asset value to Class A shares (or the appropriate share class) of the fund if the shares are no longer subject to a CDSC and the exchange is in line with the policies and procedures of Raymond James.

CDSC Waivers on Class A and C Shares Available at Raymond James

• Death or disability of the shareholder.

• Shares sold as part of a systematic withdrawal plan as described in the Fund’s Prospectus.

• Return of excess contributions from an IRA Account.

• Shares sold as part of a required minimum distribution for IRA and retirement accounts due to the shareholder reaching age 70½ as described in the Fund’s prospectus.

• Shares sold to pay Raymond James fees but only if the transaction is initiated by Raymond James.

• Shares acquired through a right of reinstatement.

Front-end Load Discounts Available at Raymond James: Breakpoints, and/or Rights of Accumulation

• Breakpoints as described in the Fund’s Prospectus.

• Rights of accumulation which entitle shareholders to breakpoint discounts will be automatically calculated based on the aggregated holding of fund family assets held by accounts within the purchaser’s household at Raymond James. Eligible fund family assets not held at Raymond James may be included in the rights of accumulation calculation only if the shareholder notifies his or her financial advisor about such assets.

This page is intentionally left blank.

For more information

More information about Wells Fargo Funds is available free upon request. To obtain literature, please write, 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, call1-800-222-8222 or visit the Fund’s website atwellsfargofunds.com. Read the prospectus carefully before you invest or send money.

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

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

INVESTMENT PRODUCTS: NOT FDIC INSURED  ◾  NO BANK GUARANTEE  ◾   MAY LOSE VALUE

© 2019 Wells Fargo Funds Management, LLC. All rights reserved.

320451 02-19 SA256/SAR256 12-18

Semi-Annual Report

December 31, 2018

Wells Fargo Strategic Municipal Bond Fund

Beginning on January 1, 2021, as permitted by new regulations adopted by the Securities and Exchange Commission, paper copies of the Wells Fargo Funds’ annual and semi-annual shareholder reports issued after this date will no longer be sent by mail, unless you specifically request paper copies of the reports. Instead, the reports will be made available on the Funds’ website, and you will be notified by mail each time a report is posted and provided with a website address to access the report.

If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from the Fund electronically at any time by contacting your financial intermediary (such as a broker-dealer or bank) or, if you are a direct investor, by calling 1-800-222-8222 or by enrolling at wellsfargo.com/advantagedelivery.

You may elect to receive all future reports in paper free of charge. If you invest through a financial intermediary, you can contact your financial intermediary to request that you continue to receive paper copies of your shareholder reports; if you invest directly with the Fund, you can call 1-800-222-8222. Your election to receive reports in paper will apply to all Wells Fargo Funds held in your account with your financial intermediary or, if you are a direct investor, to all Wells Fargo Funds that you hold.

Reduce clutter. Save trees.

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

Contents

Letter to shareholders	2
Performance highlights	4
Fund expenses	6
Portfolio of investments	7
Financial statements
Statement of assets and liabilities	32
Statement of operations	33
Statement of changes in net assets	34
Financial highlights	35
Notes to financial statements	40
Other information	46
Appendix A	50

The views expressed and any forward-looking statements are as of December 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.

INVESTMENT PRODUCTS: NOT FDIC INSURED  ◾  NO BANK GUARANTEE  ◾   MAY LOSE VALUE

2 Wells Fargo Strategic Municipal Bond Fund Letter to shareholders (unaudited)

Andrew Owen

President

Wells Fargo Funds

Global trade tensions escalated during the third quarter of 2018.

Dear Shareholder:

We are pleased to offer you this semi-annual report for the Wells Fargo Strategic Municipal Bond Fund for the six-month period that ended December 31, 2018. During the reporting period, the U.S. generated encouraging economic and business data that was offset by less positive and more inconsistent data from international markets. Investment returns were generally negative as geopolitical tensions and uncertainty tended to distract investors from more favorable underlying trends.

For the period, U.S. stocks, as measured by the S&P 500 Index,¹ fell 6.85% and international stocks, as measured by the MSCI ACWI ex USA Index (Net),² declined 10.84%. Based on the MSCI EM Index (Net),³ emerging market stocks lost 8.48%. For bond investors, the Bloomberg Barclays U.S. Aggregate Bond Index⁴ gained 1.65% while the Bloomberg Barclays Global Aggregate ex-USD Index⁵ fell 0.84%. The Bloomberg Barclays Municipal Bond Index⁶ gained 1.53% while the ICE BofAML U.S. High Yield Index⁷ declined 2.34%.

Global trade tensions prompted investor concerns.

Global trade tensions escalated during the third quarter of 2018. The U.S. imposed tariffs on a wide range of products manufactured overseas. Foreign governments retaliated with tariffs that punished U.S. commodity producers and product manufacturers. Investors wondered about next steps as divergence in global economic policies and growth prospects widened.

During the summer months, the U.S. economy strengthened. Revised second-quarter gross domestic product (GDP) growth data released in August showed the U.S. economy growing at a 4.2% rate. The unemployment rate in the U.S. was 3.7% by the end of September, according to the U.S. Department of Labor. Wages showed more consistent growth, and consumer confidence remained strong. Several U.S. equity market indices reached records during August, with the S&P 500 Index gaining 7.71% for the three-month period that ended September 30, 2018. In contrast, the MSCI ACWI ex USA Index (Net) gained 0.71% while the MSCI EM Index (Net) declined 1.09% during the same three-month period.

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.

Letter to shareholders (unaudited) Wells Fargo Strategic Municipal Bond Fund 3

Economic signals overseas were mixed as the third quarter ended and the fourth quarter began. In particular, signs of slowing economic growth in China created uncertainty for investors. Amid rising trade tensions, the People’s Bank of China cut reserve requirement ratios and accelerated infrastructure spending and tax cuts for business enterprises and individuals. Nevertheless, a strengthening U.S. dollar and trade tensions remained headwinds for investors overseas.

Equity markets were volatile during the fourth quarter.

Negative stock market performance during October and December bracketed a mildly positive November, as measured by the S&P 500 Index and the MSCI ACWI ex USA Index (Net). As interest rates and bond yields gained during October, stock markets struggled. Readings on consumer sentiment and business spending were mixed. Markets rebounded in November. The U.S. and China agreed to halt further increases in tariffs and engage in additional negotiations. While November returns were positive, the loss for the full fourth quarter was substantial for equity investors globally, with the S&P down 13.52% and the MSCI ACWI ex USA Index (Net) down 11.46%. December’s S&P 500 Index performance was the lowest since 1931. Globally, fixed income investments fared better than stocks during the last two months of the year as conflicting signals unsettled investors’ outlooks.

Equity investors confronted a number of changing conditions. In November’smid-term elections, control of the U.S. House of Representatives shifted from Republicans to Democrats, presaging potential partisan disputes. Progress on Brexit negotiations stalled in the UK. In China, the value of the yuan declined to low levels last seen in 2008. Oil prices continued to fall. The Fed increased the federal funds rate by 25 bps to a target range of between 2.25% and 2.50% in December 2018. A late-December dispute over spending and immigration policy resulted in a partial U.S. government shutdown that continued through the end of the period.

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

Economic signals overseas were mixed as the third quarter ended and the fourth quarter began.

For further information about your Fund, contact your investment professional, visit our website atwellsfargofunds.com, or call us directly at1-800-222-8222.

4 Wells Fargo Strategic Municipal Bond Fund Performance highlights (unaudited)

Investment objective

The Fund seeks current income exempt from regular federal income tax.

Manager

Wells Fargo Funds Management, LLC

Subadviser

Wells Capital Management Incorporated

Portfolio managers

Wendy Casetta

Lyle J. Fitterer, CFA^®‡, CPA

Robert J. Miller

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

		Including sales charge						Excluding sales charge						Expense ratios1 (%)
	Inception date	1 year		5 year		10 year		1 year		5 year		10 year		Gross		Net2
Class A (VMPAX)	12-1-1994		-2.03		1.47		2.65		2.02		2.31		3.07		0.82		0.82
Class C (DHICX)	8-18-1997		0.26		1.54		2.30		1.26		1.54		2.30		1.57		1.57
Class R63	7-31-2018		–		–		–		2.26		2.44		3.23		0.44		0.43
Administrator Class (VMPYX)	10-6-1997		–		–		–		2.15		2.42		3.22		0.76		0.68
Institutional Class (STRIX)4	11-30-2012		–		–		–		2.48		2.65		3.36		0.49		0.48
Bloomberg Barclays Short-Intermediate Municipal Bond Index5	–		–		–		–		1.69		2.12		2.99		–		–

Figures quoted represent past performance, which is no guarantee of future results, and do not reflect taxes that a shareholder may pay on fund distributions or the redemption of fund shares. Investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Performance shown without sales charges would be lower if sales charges were reflected. Current performance may be lower or higher than the performance data quoted, which assumes the reinvestment of dividends and capital gains. Current month-end performance is available on the Fund’s website,wellsfargofunds.com.

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

For Class A shares, the maximum front-end sales charge is 4.00%. For Class C shares, the maximum contingent deferred sales charge is 1.00%. Performance including a contingent deferred sales charge assumes the sales charge for the corresponding time period. Class R6, Administrator Class, and Institutional Class shares are sold without a front-end sales charge or contingent deferred sales charge.

Bond values fluctuate in response to the financial condition of individual issuers, general market and economic conditions, and changes in interest rates. Changes in market conditions and government policies may lead to periods of heightened volatility in the bond market and reduced liquidity for certain bonds held by the Fund. In general, when interest rates rise, bond values fall and investors may lose principal value. Interest rate changes and their impact on the Fund and its share price can be sudden and unpredictable. High-yield securities have a greater risk of default and tend to be more volatile than higher-rated debt securities. The use of derivatives may reduce returns and/or increase volatility. Certain investment strategies tend to increase the total risk of an investment (relative to the broader market). The Fund is exposed to municipal securities risk. Consult the Fund’s prospectus for additional information on these and other risks. A portion of the Fund’s income may be subject to federal, state, and/or local income taxes or the Alternative Minimum Tax (AMT). Any capital gains distributions may be taxable.

Please see footnotes on page 5.

Performance highlights (unaudited) Wells Fargo Strategic Municipal Bond Fund 5

Effective maturity distribution as of December 31, 2018⁶

Credit quality as of December 31, 2018⁷

^‡  CFA^® and Chartered Financial Analyst^® are trademarks owned by CFA Institute.

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

³  Historical performance shown for Class R6 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 Class R6 shares would be higher.

⁴  Historical performance shown for the Institutional Class shares prior to their inception reflects the performance of the Administrator Class shares, and includes the higher expenses applicable to the Administrator Class shares. If these expenses had not been included, returns for Institutional Class shares would be higher.

⁵  The Bloomberg Barclays Short-Intermediate Municipal Bond Index is a rules-based, market-value-weighted index composed of publicly traded municipal bonds that cover the U.S. dollar–denominated short-term tax-exempt bond market, including state and local general obligation bonds, revenue bonds, insured bonds, and prefunded bonds. You cannot invest directly in an index.

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

⁷  The credit quality distribution of portfolio holdings reflected in the chart is based on ratings from Standard & Poor’s, Moody’s Investors Service, and/ or Fitch Ratings Ltd. Credit quality ratings apply to the underlying holdings of the Fund and not to the Fund itself. The percentages of the Fund’s portfolio with the ratings depicted in the chart are calculated based on the total market value of fixed income securities held by the Fund. If a security was rated by all three rating agencies, the middle rating was utilized. If rated by two of three rating agencies, the lower rating was utilized, and if rated by one of the rating agencies, that rating was utilized. Standard & Poor’s rates the creditworthiness of bonds, ranging from AAA (highest) to D (lowest). Ratings from A to CCC may be modified by the addition of a plus (+) or minus (-) sign to show relative standing within the rating categories. Standard & Poor’s rates the creditworthiness of short-term notes from SP-1 (highest) to SP-3 (lowest). Moody’s rates the creditworthiness of bonds, ranging from Aaa (highest) to C (lowest). Ratings Aa to B may be modified by the addition of a number 1 (highest) to 3 (lowest) to show relative standing within the ratings categories. Moody’s rates the creditworthiness of short-term U.S. tax-exempt municipal securities from MIG 1/VMIG 1 (highest) to SG (lowest). Fitch rates the creditworthiness of bonds, ranging from AAA (highest) to D (lowest). Credit quality distribution is subject to change and may have changed since the date specified.

6 Wells Fargo Strategic Municipal Bond Fund Fund expenses (unaudited)

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

The example is based on an investment of $1,000 invested at the beginning of the six-month period and held for the entire period from July 1, 2018 to December 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 sales charges (loads) and contingent deferred sales charges. Therefore, the “Hypothetical” line of the table is useful in comparing ongoing costs only and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

	Beginning account value 7-1-2018		Ending account value 12-31-2018		Expenses paid during the period¹		Annualized net expense ratio
Class A
Actual	$	1,000.00	$	1,013.27	$	4.06		0.80	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.17	$	4.08		0.80	%
Class C
Actual	$	1,000.00	$	1,009.44	$	7.85		1.55	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,017.39	$	7.88		1.55	%
Class R6
Actual	$	1,000.00	$	1,013.80	$	2.13		0.42	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,023.09	$	2.14		0.42	%
Administrator Class
Actual	$	1,000.00	$	1,012.77	$	3.45		0.68	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.78	$	3.47		0.68	%
Institutional Class
Actual	$	1,000.00	$	1,014.96	$	2.39		0.47	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,022.84	$	2.40		0.47	%

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

Portfolio of investments—December 31, 2018 (unaudited) Wells Fargo Strategic Municipal Bond Fund 7

Security name	Interest rate			Maturity date		Principal		Value
Municipal Obligations: 98.00%
Alabama: 1.45%
GO Revenue: 0.05%
Jefferson County AL Series A		4.90	%		4-1-2021	$	1,060,000	$	1,082,864
Health Revenue: 0.25%
Birmingham AL Special Care Facilities Ascension Senior Credit Group Series C-1		1.85			11-15-2046		5,250,000		5,143,058
Utilities Revenue: 1.15%
Alabama Black Belt Energy Gas District Series A		4.00			12-1-2048		2,000,000		2,087,860
Southeast Alabama Gas Supply District Project #2 Series A		4.00			6-1-2049		16,505,000		17,256,143
SouthEast Alabama Gas Supply District Series A		4.00			4-1-2049		4,410,000		4,607,127
									23,951,130
									30,177,052
Alaska: 0.68%
Health Revenue: 0.29%
Alaska IDA Loan Anticipation YKHC Project		3.50			12-1-2020		6,000,000		6,045,000
Industrial Development Revenue: 0.20%
Valdez AK Marine Terminal BP Pipelines Project Series B		5.00			1-1-2021		4,000,000		4,214,960
Utilities Revenue: 0.19%
Alaska Industrial Development & Export Authority Power Refunding Bonds Snettisham Hydroelectric Project Series 2015		5.00			1-1-2022		1,735,000		1,835,717
Alaska Industrial Development & Export Authority Power Refunding Bonds Snettisham Hydroelectric Project Series 2015		5.00			1-1-2023		1,995,000		2,140,256
									3,975,973
									14,235,933
Arizona: 3.53%
Education Revenue: 0.71%
Arizona IDA Agribusiness & Equine Center Incorporated Project Series 2017B 144A		4.00			3-1-2027		1,225,000		1,174,971
Maricopa County AZ IDA Educational Horizon Community Learning Center Project		2.63			7-1-2021		1,605,000		1,567,234
Phoenix AZ IDA BASIS Schools Incorporated Project Series A 144A		3.00			7-1-2020		1,550,000		1,535,476
Phoenix AZ IDA Great Hearts Academies Project		5.20			7-1-2022		450,000		473,342
Phoenix AZ IDA Legacy Traditional School Project Series 2015 144A		3.00			7-1-2020		570,000		564,819
Pima County AZ IDA American Leadership Academy Project Series 2015 144A		4.60			6-15-2025		1,255,000		1,285,220
Pima County AZ IDA Charter Schools Project Series 2013		4.50			7-1-2020		530,000		543,722
Pima County AZ IDA Charter Schools Project Series 2013		4.50			7-1-2021		1,300,000		1,354,808
Pima County AZ IDA Charter Schools Project Series 2013		4.50			7-1-2022		1,355,000		1,427,072
Pima County AZ IDA New Plan Learning Project Series A		7.75			7-1-2035		985,000		986,527
Pima County AZ IDA New Plan Learning Project Series A		8.13			7-1-2041		2,950,000		2,952,272
Pima County AZ IDA Noah Webster Schools Project Series A		5.50			12-15-2023		955,000		972,753
									14,838,216

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

8 Wells Fargo Strategic Municipal Bond Fund Portfolio of investments—December 31, 2018 (unaudited)

Security name	Interest rate			Maturity date		Principal		Value
GO Revenue: 1.41%
Phoenix AZ		5.00	%		7-1-2027	$	22,515,000	$	26,729,133
Verrado AZ Community Facilities District #1 Series A 144A		4.25			7-15-2019		1,320,000		1,326,428
Verrado AZ Community Facilities District #1 Series A 144A		5.00			7-15-2020		700,000		712,600
Verrado AZ Community Facilities District #1 Series A 144A		5.00			7-15-2021		500,000		512,290
									29,280,451
Health Revenue: 0.80%
Arizona Health Facilities Authority Catholic West Series B (Barclays Bank LOC) ø		1.70			7-1-2035		9,260,000		9,260,000
Maricopa County AZ IDA Senior Living Facilities Christian Care Retirement Apartments Incorporated Project		5.00			1-1-2022		1,065,000		1,155,802
Maricopa County AZ IDA Senior Living Facilities Christian Care Retirement Apartments Incorporated Project		5.00			1-1-2023		1,120,000		1,239,291
Maricopa County AZ IDA Senior Living Facilities Christian Care Surprise Incorporated Project 144A		5.00			1-1-2026		3,205,000		3,156,733
Tempe AZ IDA Mirabella Arizona State University Project Series B1 144A		4.00			10-1-2023		1,810,000		1,811,430
									16,623,256
Miscellaneous Revenue: 0.61%
Navajo Nation AZ Series A 144A		4.00			12-1-2022		6,345,000		6,528,942
Navajo Nation AZ Series A 144A		5.00			12-1-2025		4,110,000		4,464,282
Navajo Nation AZ Tribal Utility Authority (Municipal Government Guaranty Insured)		4.00			1-1-2021		1,573,000		1,587,991
									12,581,215
									73,323,138
Arkansas: 0.23%
Health Revenue: 0.23%
Boone County AR Hospital Construction Series 2006 (Bank of Oklahoma Financial NA LOC) ø		3.00			5-1-2037		4,700,000		4,700,000
California: 1.51%
Education Revenue: 0.05%
California Municipal Finance Authority Charter School Nova Academy Project Series 2016A 144A		4.00			6-15-2026		890,000		891,317
California School Finance Authority Charter School Rocketship Education Obligated Group Series 2017A 144A		4.50			6-1-2027		250,000		256,973
									1,148,290
GO Revenue: 0.02%
Delhi CA Unified School District CAB (Ambac Insured) (z)		5.16			8-1-2019		475,000		470,136
Health Revenue: 0.48%
California Statewide CDA Health Facilities Catholic Series D (AGM Insured) (m)		2.01			7-1-2041		8,700,000		8,700,000
Palomar CA Health Refunding Bond Series 2016		4.00			11-1-2019		1,250,000		1,264,513
									9,964,513
Industrial Development Revenue: 0.17%
California PCFA AMT Calplant I Project 144A		7.50			7-1-2032		3,500,000		3,605,910

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

Portfolio of investments—December 31, 2018 (unaudited) Wells Fargo Strategic Municipal Bond Fund 9

Security name	Interest rate			Maturity date		Principal		Value
Miscellaneous Revenue: 0.22%
Compton CA PFA Lease 144A		4.00	%		9-1-2022	$	4,440,000	$	4,503,670
Transportation Revenue: 0.57%
California Bay Area Toll Authority Toll Bridge Series E-3 (SIFMA Municipal Swap +0.70%) ±		2.41			4-1-2047		11,750,000		11,758,813
									31,451,332
Colorado: 1.78%
Education Revenue: 0.56%
Colorado ECFA Eagle Ridge Academy Project 144A		3.63			11-1-2026		2,260,000		2,194,279
Colorado ECFA Rocky Mountain Classical Academy Project		6.38			9-1-2023		1,445,000		1,600,338
Colorado ECFA Vanguard School Project		4.00			6-15-2021		250,000		259,945
Colorado ECFA Vanguard School Project		4.00			6-15-2022		515,000		541,250
Colorado ECFA Windsor Charter Academy 144A		3.88			9-1-2026		1,140,000		1,094,240
Colorado School of Mines Institutional Enterprise Refunding Bonds Series A (1 Month LIBOR +0.50%) ±		2.07			2-1-2023		5,915,000		5,896,486
									11,586,538
GO Revenue: 0.09%
Centennial CO Southglenn Metropolitan District		3.00			12-1-2021		668,000		657,185
Grand River CO Hospital District (AGM Insured)		5.00			12-1-2025		1,000,000		1,154,320
									1,811,505
Health Revenue: 0.96%
Colorado Health Facilities Authority Catholic Health Initiatives Series 2009A		5.50			7-1-2034		10,000,000		10,170,800
Colorado Health Facilities Authority Catholic Health Initiatives Series 2011A		5.00			2-1-2022		3,415,000		3,600,981
Colorado Health Facilities Authority Catholic Health Initiatives Series 2011A		5.25			2-1-2031		5,150,000		5,410,281
Colorado Health Facilities Authority Christian Living Neighborhoods Project		4.00			1-1-2019		385,000		385,000
Colorado Health Facilities Authority Christian Living Neighborhoods Project		4.00			1-1-2020		450,000		454,554
									20,021,616
Tax Revenue: 0.17%
Centerra CO Metropolitan District #1 Series 2017 144A		5.00			12-1-2021		1,440,000		1,514,736
Centerra CO Metropolitan District #1 Series 2017 144A		5.00			12-1-2022		1,940,000		2,062,220
									3,576,956
									36,996,615
Connecticut: 1.90%
Education Revenue: 0.34%
Connecticut HEFAR Yale University Series A		2.05			7-1-2035		7,000,000		7,020,580
GO Revenue: 0.47%
Connecticut Series D (SIFMA Municipal Swap +0.92%) ±		2.63			9-15-2019		3,345,000		3,356,975
Hamden CT Refunding Bond		5.00			8-15-2019		1,835,000		1,870,819
Hartford CT Series A		5.00			4-1-2025		2,500,000		2,723,800
Hartford CT Series A		5.00			4-1-2027		1,650,000		1,780,515
									9,732,109

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

10 Wells Fargo Strategic Municipal Bond Fund Portfolio of investments—December 31, 2018 (unaudited)

Security name	Interest rate			Maturity date		Principal		Value
Health Revenue: 0.03%
Connecticut HEFA Bridgeport Hospital Series D		5.00	%		7-1-2020	$	500,000	$	523,715
Miscellaneous Revenue: 0.13%
Connecticut Series A (SIFMA Municipal Swap +0.75%) ±		2.46			3-1-2021		2,700,000		2,704,590
Tax Revenue: 0.93%
Connecticut State Special Tax Obligation Revenue Transportation Infrastructure Purpose		5.00			10-1-2030		3,000,000		3,451,560
Connecticut State Special Tax Obligation Revenue Transportation Infrastructure Purpose		5.00			10-1-2031		9,000,000		10,281,780
Connecticut State Special Tax Obligation Revenue Transportation Infrastructure Purpose		5.00			10-1-2032		5,000,000		5,698,650
									19,431,990
									39,412,984
Delaware: 0.10%
Education Revenue: 0.10%
Delaware EDA Odyssey Charter School Project Series A 144A		6.25			9-1-2025		1,960,000		2,046,162
District of Columbia: 2.16%
Housing Revenue: 2.16%
District of Columbia HFA Hilltop Apartments Project Series 2017		1.94			1-1-2021		5,850,000		5,841,401
District of Columbia HFA Wah Luck House Apartments Project Series 2017		1.72			2-1-2020		39,000,000		38,991,420
									44,832,821
Florida: 1.07%
Education Revenue: 0.11%
Capital Trust Agency Educational Facilities Renaissance Charter School Projects Series 2017A 144A		4.38			6-15-2027		1,355,000		1,307,141
Miami-Dade County FL IDA Youth Charter Schools Project Series 2015A 144A		5.00			9-15-2025		900,000		907,578
									2,214,719
Health Revenue: 0.30%
Lakeland FL Hospital System Lakeland Regional Health System		5.00			11-15-2022		4,495,000		4,842,688
Sarasota County FL Health Facilities Authority Village on the Isle Project		4.00			1-1-2020		1,485,000		1,497,994
									6,340,682
Housing Revenue: 0.26%
University of West Florida Foundation Incorporated Dormitory Series A		5.00			6-1-2020		1,210,000		1,250,632
University of West Florida Foundation Incorporated Dormitory Series A		5.00			6-1-2021		1,265,000		1,334,271
University of West Florida Foundation Incorporated Dormitory Series A		5.00			6-1-2022		1,325,000		1,424,985
University of West Florida Foundation Incorporated Dormitory Series A		5.00			6-1-2023		1,190,000		1,303,597
									5,313,485
Miscellaneous Revenue: 0.18%
Florida Village Community Development District #10 Special Assignment		5.13			5-1-2024		2,655,000		2,818,442
Wildwood FL Village Community Development District #12 Series 2016		2.88			5-1-2021		985,000		987,896
									3,806,338

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

Portfolio of investments—December 31, 2018 (unaudited) Wells Fargo Strategic Municipal Bond Fund 11

Security name	Interest rate			Maturity date		Principal		Value
Resource Recovery Revenue: 0.17%
Florida Development Finance Corporation Solid Waste AMT Pro USA Incorporated 144A		5.00	%		8-1-2029	$	3,500,000	$	3,586,170
Transportation Revenue: 0.05%
Miami-Dade County FL Expressway Authority Toll System (AGM Insured, Citibank NA LIQ) 144Aø		1.91			2-1-2020		1,000,000		1,000,000
									22,261,394
Georgia: 3.87%
Education Revenue: 0.06%
Georgia Private Colleges & Universities Authority		5.00			10-1-2019		1,325,000		1,350,321
Health Revenue: 1.01%
Gainesville & Hall Counties GA Development Authority Senior Living Facilities Lanier Village Series B (AGC Insured, TD Bank NA SPA) ø		1.75			11-15-2033		15,000,000		15,000,000
Gainesville & Hall Counties GA Hospital Authority Health System Project Series B (SIFMA Municipal Swap +0.95%) ±		2.66			8-15-2035		6,000,000		6,005,160
									21,005,160
Transportation Revenue: 0.09%
Georgia Road & Tollway Authority I-75 S Express Lanes Project Series A 144A (z)		6.34			6-1-2024		2,500,000		1,818,975
Utilities Revenue: 2.71%
Burke County GA Development Authority Georgia Power Company Plant Vogtle Project First Series 2012		1.85			12-1-2049		3,000,000		2,991,120
Burke County GA Development Authority Oglethorpe Power Corporation Vogtle Project Series F		3.00			11-1-2045		14,955,000		14,835,659
Burke County GA PCR Oglethorpe Power Corporation Vogtle Project Series E		3.25			11-1-2045		3,000,000		2,988,450
Floyd County GA PCR Georgia Power Company Plant Hammond Project		2.35			7-1-2022		8,875,000		8,801,693
Main Street Natural Gas Incorporated Georgia Gas Project Series C		4.00			8-1-2048		14,485,000		15,295,001
Main Street Natural Gas Incorporated Georgia Gas Project Subordinate Bond Series A (Royal Bank of Canada LIQ)		4.00			4-1-2048		7,340,000		7,732,029
Monroe County GA Development Authority Pollution Control Gulf Power Company Plant Scherer Project		1.40			6-1-2049		3,750,000		3,725,775
									56,369,727
									80,544,183
Guam: 0.05%
Water & Sewer Revenue: 0.05%
Guam Government Waterworks Authority Water & Wastewater System Series 2014A		5.00			7-1-2020		1,000,000		1,034,360
Hawaii: 0.47%
Health Revenue: 0.47%
Hawaii Department of Budget & Finance Queens Health System Series B (SIFMA Municipal Swap +0.45%) ±		2.16			7-1-2039		9,820,000		9,820,000

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

12 Wells Fargo Strategic Municipal Bond Fund Portfolio of investments—December 31, 2018 (unaudited)

Security name	Interest rate			Maturity date		Principal		Value
Illinois: 17.21%
Airport Revenue: 2.06%
Chicago IL Midway Airport Second Lien Refunding Bonds Series 2014A		5.00	%		1-1-2026	$	7,000,000	$	7,709,730
Chicago IL Midway Airport Second Lien Refunding Bonds Series 2014A		5.00			1-1-2030		4,385,000		4,767,767
Chicago IL Midway Airport Second Lien Refunding Bonds Series A		5.50			1-1-2027		3,925,000		4,340,069
Chicago IL O’Hare International Airport AMT Passenger Facility Charge Refunding Bonds Series B		5.00			1-1-2032		5,125,000		5,440,649
Chicago IL O’Hare International Airport Senior Lien Bonds Series 2015 C		5.00			1-1-2022		695,000		746,076
Chicago IL O’Hare International Airport Senior Lien Bonds Series 2015 D		5.00			1-1-2021		500,000		529,890
Chicago IL O’Hare International Airport Senior Lien Refunding Bonds Series 2013A		5.00			1-1-2026		2,690,000		2,928,119
Chicago IL O’Hare International Airport Senior Lien Refunding Bonds Series 2015A		5.00			1-1-2028		10,000,000		11,101,400
Chicago IL O’Hare International Airport Senior Lien Refunding Bonds Series 2017D		5.00			1-1-2025		1,700,000		1,908,063
Chicago IL O’Hare International Airport Customer Facility Charge		5.25			1-1-2023		1,350,000		1,498,433
Chicago IL O’Hare International Airport Customer Facility Charge		5.25			1-1-2024		1,665,000		1,858,173
									42,828,369
GO Revenue: 5.80%
Chicago IL Board of Education Unlimited Tax General Obligation Refunding Bonds Series 2018A (AGM Insured)		5.00			12-1-2024		3,000,000		3,319,290
Chicago IL CAB City Colleges (National Insured) (z)		4.46			1-1-2027		7,720,000		5,669,105
Chicago IL CAB City Colleges (National Insured) (z)		5.45			1-1-2024		9,800,000		8,269,142
Chicago IL Park District General Obligation Limited Series A		5.00			1-1-2022		400,000		424,872
Chicago IL Park District General Obligation Limited Series A		5.00			1-1-2023		400,000		430,684
Chicago IL Park District General Obligation Limited Series A		5.00			1-1-2024		550,000		600,138
Chicago IL Park District General Obligation Limited Series A		5.00			1-1-2025		625,000		689,869
Chicago IL Park District General Obligation Limited Series C		5.00			1-1-2022		1,000,000		1,062,180
Chicago IL Park District General Obligation Limited Series C		5.00			1-1-2023		1,000,000		1,076,710
Chicago IL Park District General Obligation Limited Series C		5.00			1-1-2024		410,000		447,376
Chicago IL Park District Harbor Facilities Series D		5.00			1-1-2022		1,645,000		1,747,286
Chicago IL Park District Harbor Facilities Series D		5.00			1-1-2023		1,175,000		1,265,134
Chicago IL Park District Limited Tax Series B		5.00			1-1-2022		4,675,000		4,965,692
Chicago IL Park District Unlimited Tax Series E		5.00			11-15-2022		1,235,000		1,328,712
Chicago IL Park District Unlimited Tax Series E		5.00			11-15-2023		1,295,000		1,411,421
Chicago IL Series C		5.00			1-1-2021		1,000,000		1,032,940
Chicago IL Series C		5.00			1-1-2022		2,250,000		2,351,678
Chicago IL Series C		5.00			1-1-2023		2,500,000		2,636,750
Chicago IL Series G (Ambac Insured)		5.00			12-1-2024		910,000		913,221
Cook County IL Refunding Bonds Series 2010 G		5.00			11-15-2026		1,000,000		1,038,780
Cook County IL School District #123 Oak Lawn CAB (National Insured) (z)		3.25			12-1-2021		1,090,000		1,013,362
Cook County IL School District #153 Homewood Series A (AGM Insured) (z)		2.75			12-15-2023		1,225,000		1,069,045
Cook County IL School District #227 Rich Township Refunding School Bonds Series 2015		3.00			12-1-2024		965,000		968,271
Cook County IL Series A		5.00			11-15-2021		2,250,000		2,411,708
Cook County IL Series A		5.25			11-15-2022		10,040,000		10,555,253
Cook County IL Series A		5.25			11-15-2022		1,000,000		1,090,960
De Kalb & Kane Counties IL Community Unit School District #427 Sycamore Prerefunded Balance CAB (AGM Insured) (z)		2.85			1-1-2024		455,000		405,687
De Kalb & Kane Counties IL Community Unit School District #427 Sycamore Unrefunded Balance CAB (AGM Insured) (z)		2.85			1-1-2024		5,175,000		4,462,040
Decatur IL Macon County General Obligation Refunding Bonds Series 2013		5.00			3-1-2024		1,405,000		1,523,835
DuPage County IL Forest Preservation District Series 2015		5.00			1-1-2023		2,455,000		2,720,459

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

Portfolio of investments—December 31, 2018 (unaudited) Wells Fargo Strategic Municipal Bond Fund 13

Security name	Interest rate			Maturity date		Principal		Value
GO Revenue(continued)
Illinois Series A		5.00	%		4-1-2023	$	3,500,000	$	3,698,135
Illinois State Series 2012		5.00			3-1-2028		6,000,000		6,177,960
Kane, Cook & DuPage Counties IL School District #46 Elgin Unrefunded Balance Series 2012B		4.50			1-1-2025		4,295,000		4,564,339
Kane, Cook & DuPage Counties IL School District #46 Prerefunded CAB Series B (Ambac Insured) (z)		2.46			1-1-2021		510,000		489,671
Kane, Cook & DuPage Counties IL School District #46 Unrefunded CAB Series B (Ambac Insured) (z)		2.56			1-1-2021		595,000		566,791
Lake County IL Community Consolidated School District #3 Beach Park CAB (Ambac Insured) (z)		3.80			2-1-2019		1,100,000		1,096,942
Lake County IL School District #38 Big Hollow CAB (Ambac Insured) (z)		2.53			2-1-2019		1,175,000		1,172,368
McHenry & Kane Counties IL Community Consolidated School District #158 CAB (AGM/FGIC Insured) (z)		0.00			1-1-2019		1,185,000		1,185,000
Rockford IL Waterworks System Series B (Build America Mutual Assurance Company Insured)		5.00			12-15-2020		1,000,000		1,051,380
Rockford IL Waterworks System Series B (Build America Mutual Assurance Company Insured)		5.00			12-15-2021		1,015,000		1,084,923
Rockford IL Waterworks System Series B (Build America Mutual Assurance Company Insured)		5.00			12-15-2022		1,065,000		1,159,934
Romeoville IL Series B (AGC Insured) (z)		4.77			12-30-2023		3,410,000		2,634,941
Romeoville IL Series B (AGC Insured) (z)		4.88			12-30-2024		2,840,000		2,073,399
Will County IL Lincoln-Way Community High School District #210		4.00			1-1-2022		1,630,000		1,630,179
Will County IL Lincoln-Way Community High School District #210 Unrefunded CAB (AGM Insured) (z)		4.31			1-1-2021		1,535,000		1,450,191
Will County IL Lincoln-Way Community High School District #210 Unrefunded CAB (AGM Insured) (z)		4.67			1-1-2025		14,385,000		11,738,879
Will County IL Lincoln-Way Community High School District #210 Unrefunded CAB (AGM Insured) (z)		4.81			1-1-2026		8,295,000		6,471,842
Will County IL School District #114 Manhattan CAB Series C (National Insured) (z)		4.24			12-1-2021		1,055,000		971,011
Winnebago & Boone Counties IL School District #205 Series A (z)		2.71			2-1-2021		1,305,000		1,236,553
Winnebago & Boone Counties IL School District #205 Series B (z)		2.71			2-1-2021		3,400,000		3,221,670
									120,577,708
Health Revenue: 0.28%
Illinois Finance Authority Ascension Health Alliance Senior Credit Group Bonds Series A		5.00			11-15-2027		1,000,000		1,077,060
Illinois Finance Authority Friendship Village of Schaumburg Series 2017		5.00			2-15-2021		2,555,000		2,586,580
Illinois Finance Authority Rosalind Franklin University of Medicine & Science Series A		3.25			2-15-2022		500,000		497,495
Illinois State Finance Authority Revenue Bonds Series 2014		5.00			8-1-2038		1,520,000		1,657,910
									5,819,045
Miscellaneous Revenue: 2.24%
Chicago IL Transit Authority Capital Grant Receipts Refunding Bond Series 2011 (AGM Insured)		5.25			6-1-2024		4,450,000		4,738,805
Cook County IL Community Unit School District Number 401 Elmwood Park Limited Tax Debt Certificates Series A		2.38			12-1-2028		5,000,000		5,021,900
Cook County IL School District #63 East Maine 144A		2.38			12-1-2028		12,570,000		12,842,392
Illinois Refunding Bonds Series 2012 (AGM Insured)		5.00			8-1-2020		5,050,000		5,245,637
Illinois Refunding Bonds Series 2016		5.00			2-1-2026		7,000,000		7,485,450

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

14 Wells Fargo Strategic Municipal Bond Fund Portfolio of investments—December 31, 2018 (unaudited)

Security name	Interest rate			Maturity date		Principal		Value
Miscellaneous Revenue(continued)
Illinois State Series 2012		5.00	%		8-1-2021	$	5,620,000	$	5,855,534
Illinois State Series 2013 (AGM Insured)		5.00			7-1-2023		4,875,000		5,305,609
									46,495,327
Tax Revenue: 5.76%
Chicago IL Motor Fuel Tax Refunding Bonds Series 2013		5.00			1-1-2021		1,450,000		1,497,763
Chicago IL Motor Fuel Tax Refunding Bonds Series 2013		5.00			1-1-2022		1,810,000		1,892,319
Chicago IL Motor Fuel Tax Refunding Bonds Series 2013		5.00			1-1-2023		2,400,000		2,531,280
Chicago IL Motor Fuel Tax Refunding Bonds Series 2013		5.00			1-1-2024		2,475,000		2,620,505
Chicago IL Motor Fuel Tax Refunding Bonds Series 2013		5.00			1-1-2025		1,000,000		1,053,190
Chicago lL Series A		5.00			1-1-2022		3,000,000		3,092,400
Chicago IL Series A		5.00			1-1-2029		5,000,000		5,154,000
Chicago IL Tax Increment Bond Pilson Redevelopment Project Series A		5.00			6-1-2022		1,635,000		1,753,407
Chicago IL Transit Authority Sales Tax Receipts Series 2011		5.25			12-1-2036		17,415,000		18,344,787
Illinois Regional Transportation Authority Series A (AGM Insured)		5.25			6-1-2024		9,995,000		11,426,784
Illinois Sales Tax First Series (National Insured)		6.00			6-15-2024		515,000		584,103
Illinois Sales Tax First Series (National Insured)		6.00			6-15-2025		8,165,000		9,405,508
Illinois Sports Facilities Authority Series 2014		5.00			6-15-2022		3,395,000		3,538,880
Illinois Sports Facilities Authority Series 2014		5.00			6-15-2023		3,220,000		3,390,241
Illinois Sports Facilities Authority Series 2014		5.00			6-15-2024		4,130,000		4,367,640
Illinois Sports Facilities Authority State Tax Supported CAB (Ambac Insured) (z)		4.33			6-15-2022		3,795,000		3,344,116
Illinois Sports Facilities Authority State Tax Supported CAB (Ambac Insured) (z)		4.18			6-15-2026		1,740,000		1,297,309
Metropolitan Pier & Exposition Authority CAB McCormick Place Project Series A (National Insured) (z)		3.85			12-15-2022		1,390,000		1,212,914
Metropolitan Pier & Exposition Authority McCormick Place Project Series B		5.00			12-15-2022		11,520,000		11,554,330
Metropolitan Pier & Exposition Authority McCormick Place Project Series B		5.00			12-15-2028		14,090,000		14,576,246
Metropolitan Pier & Exposition Authority Prerefunded Bond (National Insured) (z)		3.21			12-15-2023		20,000		17,877
Metropolitan Pier & Exposition Authority Prerefunded Bond (National Insured)		5.70			6-15-2025		220,000		249,216
Metropolitan Pier & Exposition Authority Unrefunded Bond (National Insured) (z)		3.21			12-15-2023		845,000		708,195
Metropolitan Pier & Exposition Authority Unrefunded Bond (National Insured)		5.70			6-15-2025		780,000		855,293
Sales Tax Securitization Corporation Series 2017A		5.00			1-1-2026		4,815,000		5,395,930
Sales Tax Securitization Corporation Series A		5.00			1-1-2028		4,015,000		4,565,898
St. Charles, Kane & DuPage Counties IL Series 2016		3.00			1-1-2019		300,000		300,000
St. Charles, Kane & DuPage Counties IL Series 2016		4.00			1-1-2020		760,000		763,906
St. Charles, Kane & DuPage Counties IL Series 2016		4.00			1-1-2021		790,000		796,636
St. Charles, Kane & DuPage Counties IL Series 2016		4.00			1-1-2022		820,000		819,541
St. Charles, Kane & DuPage Counties IL Series 2016		4.00			1-1-2023		855,000		850,631
St. Charles, Kane & DuPage Counties IL Series 2016		4.00			1-1-2024		885,000		872,787
St. Charles, Kane & DuPage Counties IL Series 2016		4.00			1-1-2025		925,000		898,092
									119,731,724
Tobacco Revenue: 0.95%
Railsplitter Tobacco Settlement Authority		5.00			6-1-2023		18,000,000		19,836,360
Water & Sewer Revenue: 0.12%
Chicago IL Waterworks Second Lien		5.00			11-1-2028		2,325,000		2,619,531
									357,908,064

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

Portfolio of investments—December 31, 2018 (unaudited) Wells Fargo Strategic Municipal Bond Fund 15

Security name	Interest rate			Maturity date		Principal		Value
Indiana: 1.29%
Health Revenue: 0.27%
Indiana Finance Authority Parkview Health Project Prerefunded Bond		5.50	%		5-1-2024	$	4,345,000	$	4,396,271
Indiana Finance Authority Parkview Health Project Unrefunded Bond		5.50			5-1-2024		910,000		920,738
Indiana HFFA Ancilla System Incorporated (National Insured)		5.25			7-1-2022		325,000		325,787
									5,642,796
Housing Revenue: 0.82%
Indiana Housing and CDA Affordable Assisted Living Project Series 2017		1.80			12-1-2019		17,030,000		17,008,883
Industrial Development Revenue: 0.14%
Whiting IN BP Products North America Incorporated Project		1.85			6-1-2044		3,000,000		2,994,450
Miscellaneous Revenue: 0.06%
Michigan IN City School Building Corporation Series 2016A		5.00			1-15-2025		1,000,000		1,142,520
									26,788,649
Iowa: 0.05%
Industrial Development Revenue: 0.05%
Iowa Finance Authority Midwestern Disaster Area Project (Korea Development Bank LOC) ø		2.07			4-1-2022		1,000,000		1,000,000
Kansas: 0.53%
Tax Revenue: 0.53%
Wyandotte County & Kansas City KS Special Obligation Refunding & Improvement Bonds Plaza Redevelopment Project		4.00			12-1-2028		810,000		799,535
Wyandotte County & Kansas City KS Special Obligation Vacation Village Project Area 4 Major Multi-Sport Athletic Complex Project CAB Series 2015 144A (z)		6.86			9-1-2034		27,905,000		10,220,485
									11,020,020
Kentucky: 0.66%
Health Revenue: 0.15%
Kentucky EDFA Healthcare Facilities Rosedale Green Project Series 2015		3.00			11-15-2019		350,000		348,009
Kentucky EDFA Healthcare Facilities Rosedale Green Project Series 2015		3.35			11-15-2020		335,000		331,643
Kentucky EDFA Healthcare Facilities Rosedale Green Project Series 2015		5.00			11-15-2025		1,500,000		1,527,015
Kentucky EDFA Norton Healthcare Incorporated Series B (National Insured) (z)		4.66			10-1-2022		1,000,000		894,820
									3,101,487
Utilities Revenue: 0.51%
Kentucky Public Energy Authority Gas Supply Series B		4.00			1-1-2049		10,000,000		10,571,300
									13,672,787
Louisiana: 2.08%
Airport Revenue: 0.23%
New Orleans LA Aviation Board General North Terminal Project Series A		5.00			1-1-2032		1,000,000		1,104,940
New Orleans LA Aviation Board Gulf Opportunity Zone Controlled Foreign Corporation Revenue Refunding Consolidated Rental Car Project (AGM Insured)		5.00			1-1-2031		1,250,000		1,434,125
New Orleans LA Aviation Board Gulf Opportunity Zone Controlled Foreign Corporation Revenue Refunding Consolidated Rental Car Project (AGM Insured)		5.00			1-1-2032		2,000,000		2,282,800
									4,821,865

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

16 Wells Fargo Strategic Municipal Bond Fund Portfolio of investments—December 31, 2018 (unaudited)

Security name	Interest rate			Maturity date		Principal		Value
Education Revenue: 0.30%
Louisiana Public Facilities Authority Loyola University Project Series 2011		5.25	%		10-1-2025	$	2,815,000	$	2,982,830
Louisiana Public Facilities Authority Loyola University Project Series 2017 (z)		2.93			10-1-2020		1,000,000		950,200
Louisiana Public Facilities Authority Loyola University Project Series 2017 (z)		3.20			10-1-2021		950,000		873,563
Louisiana Public Facilities Authority Loyola University Project Series 2017 (z)		3.38			10-1-2022		1,500,000		1,332,855
									6,139,448
Housing Revenue: 1.39%
Louisiana Housing Corporation Harmony Gaeden Estates Project Series 2017		1.86			12-1-2020		13,500,000		13,486,095
Louisiana Housing Corporation The Meadows at Nicholson Project Series 2017		1.83			5-1-2020		15,500,000		15,466,985
									28,953,080
Tax Revenue: 0.16%
St. Bernard Parish LA Series 2012		4.00			3-1-2019		3,355,000		3,366,139
									43,280,532
Maryland: 5.13%
Education Revenue: 0.13%
Prince George’s County MD Chesapeake Lighthouse Charter School Project Series 2015 144A		5.25			8-1-2022		1,465,000		1,465,410
Prince George’s County MD Chesapeake Lighthouse Charter School Project Series 2016		5.00			8-1-2026		1,335,000		1,290,024
									2,755,434
GO Revenue: 1.61%
Maryland GO State and Local Facilities Loan of 2015		5.00			8-1-2024		8,905,000		10,080,460
Montgomery County MD Consolidated Public Improvement Series A		4.00			11-1-2030		5,000,000		5,356,550
Prince George’s County MD Consolidated Public Improvement Bonds Series C		4.00			8-1-2027		3,890,000		4,182,723
Prince George’s County MD Consolidated Public Improvement Bonds Series C		4.00			8-1-2028		12,960,000		13,882,752
									33,502,485
Health Revenue: 0.19%
Rockville MD Mayor & Council Economic Development Ingleside King Farm Project #45 Series C-3		2.50			11-1-2024		4,000,000		3,819,200
Housing Revenue: 0.43%
Maryland CDA Department of Housing & Community Multifamily Development Zions Towers Series A (FHA Insured)		2.44			3-1-2020		9,000,000		8,977,320
Miscellaneous Revenue: 1.74%
Maryland Local Facilities Loan of 2013 Series A		4.00			3-1-2026		34,790,000		36,231,350
Tax Revenue: 0.92%
Maryland Consolidated Department of Transportation		4.00			2-1-2030		8,500,000		9,049,015
Maryland State Department of Transportation		4.00			12-15-2027		9,260,000		10,042,100
									19,091,115
Water & Sewer Revenue: 0.11%
Baltimore MD Series A (National Insured)		5.65			7-1-2020		2,150,000		2,230,797
									106,607,701

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

Portfolio of investments—December 31, 2018 (unaudited) Wells Fargo Strategic Municipal Bond Fund 17

Security name	Interest rate			Maturity date		Principal		Value
Massachusetts: 4.98%
Education Revenue: 1.41%
Massachusetts Development Finance Agency Sabis International Charter School Series 2015		5.00	%		4-15-2025	$	1,000,000	$	1,093,930
Massachusetts Educational Financing Authority Series B		5.00			7-1-2023		2,460,000		2,708,903
Massachusetts Development Finance Agency Havard University Series A		5.00			7-15-2033		21,715,000		25,568,110
									29,370,943
Health Revenue: 0.78%
Massachusetts Development Finance Agency Linden Ponds Incorporated Facility 144A		4.00			11-15-2023		1,335,000		1,344,946
Massachusetts Development Finance Agency Partners Healthcare System Issue Series S-3 (SIFMA Municipal Swap +0.50%) ±		2.21			7-1-2038		14,870,000		14,833,271
									16,178,217
Miscellaneous Revenue: 2.35%
Massachusetts Series A (3 Month LIBOR +0.55%) ±		2.25			11-1-2025		15,800,000		15,608,504
Massachusetts Water Pollution Abatement Trust Series 17		5.00			2-1-2031		10,000,000		11,094,400
Massachusetts Water Pollution Abatement Trust Series 17		5.00			2-1-2032		10,000,000		11,053,300
Massachusetts Water Pollution Abatement Trust Series 17		5.00			2-1-2033		10,000,000		11,028,600
									48,784,804
Tax Revenue: 0.44%
Massachusetts Bay Transportation Authority Assessment Bonds Series A		4.00			7-1-2037		9,000,000		9,248,220
									103,582,184
Michigan: 2.53%
Airport Revenue: 0.05%
Wayne County MI Airport Authority AMT Detroit Metropolitan Airport Series C		5.00			12-1-2022		1,000,000		1,058,860
Education Revenue: 0.07%
Michigan Finance Authority Series 25-A		5.00			11-1-2019		1,500,000		1,531,845
GO Revenue: 0.50%
Constantine MI Public Schools (Qualified School Board Loan Fund Insured)		5.00			5-1-2020		350,000		364,434
Constantine MI Public Schools (Qualified School Board Loan Fund Insured)		5.00			5-1-2021		1,200,000		1,282,020
Forest Hills MI Public Schools		5.00			5-1-2020		1,600,000		1,667,264
Forest Hills MI Public Schools		5.00			5-1-2021		1,600,000		1,711,616
Fraser MI Public Schools District (Qualified School Board Loan Fund Insured)		5.00			5-1-2021		1,000,000		1,069,760
Fraser MI Public Schools District (Qualified School Board Loan Fund Insured)		5.00			5-1-2022		610,000		667,791
Hudsonville MI Public Schools (Qualified School Board Loan Fund Insured)		5.00			5-1-2021		1,465,000		1,567,902
Ingham County MI Williamston Community Schools Series A (Qualified School Board Loan Fund Insured)		4.00			5-1-2024		1,025,000		1,090,159
Ingham County MI Williamston Community Schools Series A (Qualified School Board Loan Fund Insured)		4.00			5-1-2025		1,000,000		1,066,720
									10,487,666
Housing Revenue: 0.46%
Michigan Housing Development Authority Series E (3 Month LIBOR +1.00%) ±		2.68			4-1-2042		9,405,000		9,493,877

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

18 Wells Fargo Strategic Municipal Bond Fund Portfolio of investments—December 31, 2018 (unaudited)

Security name	Interest rate			Maturity date		Principal		Value
Miscellaneous Revenue: 0.34%
Michigan Finance Authority Senior Lien Distributable State Aid		5.00	%		11-1-2028	$	865,000	$	1,041,495
Michigan Finance Authority Senior Lien Distributable State Aid		5.00			11-1-2029		1,500,000		1,784,595
Michigan Municipal Bond Authority Local Government Loan Program Series A (Ambac Insured)		4.00			11-1-2019		305,000		305,235
Michigan Municipal Bond Authority Local Government Loan Program Series C (Ambac Insured)		4.13			5-1-2020		500,000		500,270
Michigan Municipal Bond Authority Local Government Loan Program Series C (Ambac Insured)		5.00			5-1-2023		1,900,000		1,901,311
Michigan Public Educational Facilities Authority Chandler Park Academy		6.35			11-1-2028		1,500,000		1,501,905
									7,034,811
Tax Revenue: 0.28%
Michigan Finance Authority Detroit Recovery Project Series 2014F		3.40			10-1-2020		500,000		505,485
Michigan Finance Authority Detroit Recovery Project Series 2014F		3.60			10-1-2021		500,000		510,215
Michigan Finance Authority Detroit Recovery Project Series 2014F		3.80			10-1-2022		500,000		516,200
Michigan Finance Authority Detroit Recovery Project Series 2014F		3.88			10-1-2023		2,500,000		2,602,725
Michigan Finance Authority Series H-1		5.00			10-1-2021		1,565,000		1,636,787
									5,771,412
Water & Sewer Revenue: 0.83%
Detroit MI Water & Sewage Department Series A		5.00			7-1-2022		1,000,000		1,085,950
Michigan Financial Authority Local Government Loan Program Series C7 (National Insured)		5.00			7-1-2022		2,000,000		2,180,320
Michigan Financial Authority Local Government Loan Program Series D1 (AGM Insured)		5.00			7-1-2022		2,700,000		2,962,494
Michigan Financial Authority Local Government Loan Program Series D1 (AGM Insured)		5.00			7-1-2023		2,000,000		2,241,120
Michigan Financial Authority Local Government Loan Program Series D6 (National Insured)		5.00			7-1-2022		2,080,000		2,267,533
Michigan Financial Authority Local Government Loan Program Series D6 (National Insured)		5.00			7-1-2023		3,670,000		4,085,848
Michigan Financial Authority Local Government Loan Program Series D6 (National Insured)		5.00			7-1-2024		2,130,000		2,405,281
									17,228,546
									52,607,017
Minnesota: 0.43%
Education Revenue: 0.11%
Cologne MN Charter School Lease Academy Project Series 2014A		4.00			7-1-2019		170,000		170,612
Cologne MN Charter School Lease Academy Project Series 2014A		4.00			7-1-2023		260,000		263,523
St. Paul MN Housing & RDA Charter School Hmong College Preparatory Academy Project Series A		4.75			9-1-2022		500,000		511,680
St. Paul MN Housing & RDA Charter School Hmong College Preparatory Academy Project Series A		5.00			9-1-2026		1,000,000		1,053,900
St. Paul MN Housing & RDA Great River School Project Series A 144A		4.75			7-1-2029		250,000		253,313
									2,253,028

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

Portfolio of investments—December 31, 2018 (unaudited) Wells Fargo Strategic Municipal Bond Fund 19

Security name	Interest rate			Maturity date		Principal		Value
Health Revenue: 0.32%
Kanabec County MN Firstlight Health Kanabec Hospital		2.75	%		12-1-2019	$	2,000,000	$	1,999,800
St. Paul MN Housing & RDA HealthEast Care System Project Series 2015A		5.25			11-15-2028		1,505,000		1,597,001
St. Paul MN Housing & RDA HealthEast Care System Project Series 2015A		5.25			11-15-2035		2,850,000		3,024,221
									6,621,022
									8,874,050
Mississippi: 0.72%
Health Revenue: 0.24%
Mississippi HFFA Baptist Health System Series A (SIFMA Municipal Swap +1.30%) ±		3.01			8-15-2036		5,000,000		5,033,800
Industrial Development Revenue: 0.48%
Mississippi Business Finance Commission Gulf Opportunity Zone Chevron USA Incorporated Project Series A ø		1.67			12-1-2030		10,000,000		10,000,000
									15,033,800
Missouri: 0.87%
Health Revenue: 0.10%
Lees Summit MO IDA Senior Living Facilities Revenue Series A		5.00			8-15-2019		1,000,000		1,011,240
Lees Summit MO IDA Senior Living Facilities Revenue Series A		5.00			8-15-2020		1,075,000		1,102,133
									2,113,373
Miscellaneous Revenue: 0.41%
Branson MO IDA Branson Shoppes Series A		3.00			11-1-2019		800,000		801,216
Branson MO IDA Branson Shoppes Series A		3.00			11-1-2021		350,000		348,205
Branson MO IDA Branson Shoppes Series A		4.00			11-1-2022		350,000		357,718
Branson MO IDA Branson Shoppes Series A		4.00			11-1-2023		750,000		764,153
Platte County MO Riverside-Quindaro Bend Levee District Project L-385		3.00			3-1-2020		900,000		906,750
Platte County MO Riverside-Quindaro Bend Levee District Project L-385		4.00			3-1-2021		930,000		957,361
Platte County MO Riverside-Quindaro Bend Levee District Project L-385		4.00			3-1-2022		970,000		1,005,842
Platte County MO Riverside-Quindaro Bend Levee District Project L-385		4.00			3-1-2023		1,010,000		1,052,016
Platte County MO Riverside-Quindaro Bend Levee District Project L-385		5.00			3-1-2024		1,000,000		1,087,450
Platte County MO Riverside-Quindaro Bend Levee District Project L-385		5.00			3-1-2025		1,105,000		1,206,329
									8,487,040
Tax Revenue: 0.16%
Arnold MO Real Property Arnold Triangle Redevelopment Project Series A		3.75			5-1-2023		1,300,000		1,298,401
Lees Summit MO Summit Fair Project Series 2017 144A		3.50			11-1-2023		620,000		609,026
Richmond Heights MO Francis Place Redevelopment Project		5.63			11-1-2025		1,500,000		1,499,985
									3,407,412
Water & Sewer Revenue: 0.20%
Kansas City MO Sanitation Sewer System Revenue Series B		5.00			1-1-2020		400,000		412,720
Kansas City MO Sanitation Sewer System Revenue Series B		5.00			1-1-2021		575,000		610,771
Kansas City MO Sanitation Sewer System Revenue Series B		5.00			1-1-2023		805,000		898,581
Kansas City MO Sanitation Sewer System Revenue Series B		5.00			1-1-2025		810,000		941,163

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

20 Wells Fargo Strategic Municipal Bond Fund Portfolio of investments—December 31, 2018 (unaudited)

Security name	Interest rate			Maturity date		Principal		Value
Water & Sewer Revenue(continued)
Kansas City MO Sanitation Sewer System Revenue Series B		5.00	%		1-1-2027	$	700,000	$	837,298
Kansas City MO Sanitation Sewer System Revenue Series B		5.00			1-1-2028		275,000		332,285
									4,032,818
									18,040,643
Nebraska: 0.43%
Utilities Revenue: 0.43%
Central Plains Energy Nebraska Gas Project #3		5.00			9-1-2025		3,290,000		3,661,375
Central Plains Energy Nebraska Gas Project #3		5.00			9-1-2026		3,750,000		4,194,450
Central Plains Energy Nebraska Gas Project #3		5.00			9-1-2027		1,000,000		1,120,720
									8,976,545
New Hampshire: 0.47%
Health Revenue: 0.47%
New Hampshire Covenant Health Systems Series B		5.00			7-1-2028		6,400,000		6,446,080
New Hampshire HEFA Hillside Village Issue Series 2017C 144A		3.50			7-1-2022		3,350,000		3,350,469
									9,796,549
New Jersey: 4.15%
Airport Revenue: 0.26%
South Jersey NJ Port Corporation Marine Terminal Series R		4.00			1-1-2022		1,600,000		1,649,200
South Jersey NJ Port Corporation Marine Terminal Series S-2		5.00			1-1-2023		1,665,000		1,794,021
South Jersey NJ Port Corporation Marine Terminal Series S-2		5.00			1-1-2024		1,750,000		1,910,370
									5,353,591
Education Revenue: 0.19%
New Jersey Higher Education Student Assistance Authority Series 2017-1B		5.00			12-1-2020		2,250,000		2,355,998
New Jersey Higher Education Student Assistance Authority Series 2017-1B		5.00			12-1-2021		1,390,000		1,485,340
									3,841,338
GO Revenue: 0.02%
Paterson NJ General Improvement (AGM Insured)		5.00			6-15-2020		400,000		404,224
Housing Revenue: 0.48%
New Jersey Housing & Mortgage Finance Agency Multifamily Series C		2.41			10-1-2021		10,000,000		10,045,800
Industrial Development Revenue: 0.14%
New Jersey EDA Elite Pharmaceuticals Project Series A		6.50			9-1-2030		375,000		337,354
New Jersey EDA The Goethals Bridge Replacement Project		5.00			7-1-2020		500,000		518,970
New Jersey EDA The Goethals Bridge Replacement Project		5.00			1-1-2021		585,000		613,045
New Jersey EDA The Goethals Bridge Replacement Project		5.00			7-1-2021		900,000		952,515
New Jersey EDA The Goethals Bridge Replacement Project		5.00			1-1-2023		400,000		433,352
									2,855,236
Miscellaneous Revenue: 1.57%
New Jersey EDA Motor Vehicle Surcharge Revenue Refunding Bond Series A		3.13			7-1-2029		6,000,000		6,000,420
New Jersey EDA Motor Vehicle Surcharge Revenue Series A		3.38			7-1-2030		9,705,000		9,618,237

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

Portfolio of investments—December 31, 2018 (unaudited) Wells Fargo Strategic Municipal Bond Fund 21

Security name	Interest rate			Maturity date		Principal		Value
Miscellaneous Revenue(continued)
New Jersey EDA School Facilities Construction Project Prerefunded Bond Series EE		5.50	%		9-1-2021	$	2,025,000	$	2,176,794
New Jersey EDA School Facilities Construction Project Series EE		5.25			9-1-2025		1,800,000		1,890,630
New Jersey EDA School Facilities Construction Project Series K (Ambac Insured)		5.25			12-15-2020		3,000,000		3,163,650
New Jersey EDA School Facilities Construction Project Series NN (AGM Insured)		5.00			3-1-2024		1,645,000		1,794,942
New Jersey TTFA Series A		5.00			6-15-2022		4,815,000		5,086,325
Newark NJ Housing Authority (National Insured)		5.25			1-1-2019		2,995,000		2,995,000
									32,725,998
Tax Revenue: 0.04%
New Jersey EDA School Facilities Construction Project Unrefunded Bond Series EE		5.50			9-1-2021		750,000		795,878
Transportation Revenue: 1.45%
New Jersey TTFA CAB Series A (z)		4.44			12-15-2026		12,000,000		8,868,600
New Jersey TTFA Series A		5.25			12-15-2020		1,900,000		2,003,645
New Jersey TTFA Series A		5.25			6-15-2022		2,785,000		2,958,366
New Jersey TTFA Series AA		5.00			6-15-2023		4,665,000		5,083,357
New Jersey TTFA Series AA		5.00			6-15-2023		1,350,000		1,451,156
New Jersey TTFA Series B		5.00			6-15-2020		2,150,000		2,230,733
New Jersey TTFA Series D		5.00			12-15-2023		6,960,000		7,632,684
									30,228,541
									86,250,606
New Mexico: 0.82%
Utilities Revenue: 0.82%
New Mexico Municipal Energy Acquisition Authority Gas Supply Subordinate Bond Series B (1 Month LIBOR +0.75%) (Royal Bank of Canada SPA) ±		2.32			11-1-2039		17,100,000		17,102,907
New York: 6.55%
Airport Revenue: 1.73%
Port Authority of New York & New Jersey Consolidated Bonds One Hundred Eighty-Fifth Series		5.00			9-1-2028		5,000,000		5,622,150
Port Authority of New York & New Jersey Consolidated Bonds One Hundred Seventy-Second Series		5.00			10-1-2027		5,000,000		5,404,900
Port Authority of New York & New Jersey Consolidated Bonds Two Hundred Seventh Series		5.00			9-15-2027		21,270,000		25,021,815
									36,048,865
Education Revenue: 0.38%
Albany NY IDA Foundation State University Project Series A ø		1.93			7-1-2032		2,675,000		2,675,000
Build New York City Resource Corporation Bronx Charter School for International Cultures & Arts Series A		3.88			4-15-2023		1,000,000		1,006,830
Hempstead Town NY Local Development Corporation Academy Charter School Project Series A		5.45			2-1-2027		2,880,000		2,735,424
Hempstead Town NY Local Development Corporation Academy Charter School Project Series A		6.47			2-1-2033		1,435,000		1,407,678
									7,824,932

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

22 Wells Fargo Strategic Municipal Bond Fund Portfolio of investments—December 31, 2018 (unaudited)

Security name	Interest rate			Maturity date		Principal		Value
Health Revenue: 0.35%
Monroe County NY Industrial Development Corporation Unity Hospital Rochester Project (FHA Insured)		4.20	%		8-15-2025	$	7,195,000	$	7,205,864
Housing Revenue: 0.56%
New York HFA Affordable Housing Project Series M (GNMA/FNMA/FHLMC Insured)		2.00			5-1-2021		11,625,000		11,593,380
Industrial Development Revenue: 0.59%
New York Transportation Development Corporation Special Facilities Bonds Series 2018		5.00			1-1-2025		11,030,000		12,308,929
Tax Revenue: 0.36%
New York Metropolitan Transportation Authority Dedicated Tax Fund (SIFMA Municipal Swap +0.95%) ±		2.66			11-1-2019		7,500,000		7,522,650
Tobacco Revenue: 0.06%
Suffolk County NY Tobacco Asset Securitization Corporation		5.00			6-1-2019		575,000		581,015
Suffolk County NY Tobacco Asset Securitization Corporation		5.00			6-1-2020		625,000		645,194
									1,226,209
Transportation Revenue: 1.56%
New York Metropolitan Transportation Authority Subordinated Bond Series D (1 Month LIBOR +0.65%) ø		2.22			11-1-2035		18,000,000		18,000,000
New York Triborough Bridge & Tunnel Authority Series B (United States Secured Overnight Financing Rate +0.50%) ±		2.12			11-15-2038		14,500,000		14,526,680
									32,526,680
Utilities Revenue: 0.96%
Long Island NY Power Authority Electric System Series C (1 Month LIBOR +0.75%) ±		2.39			5-1-2033		15,000,000		14,993,250
New York NY IDA Brooklyn Navy Yard Cogeneration Partners LP		5.65			10-1-2028		5,000,000		5,048,050
									20,041,300
									136,298,809
Ohio: 0.61%
Education Revenue: 0.10%
Portage County OH Port Authority Northeast Ohio Medical University Project		5.00			12-1-2026		1,980,000		2,088,999
Health Revenue: 0.27%
Akron OH Bath and Copley Joint Township Hospital District		5.00			1-1-2031		2,000,000		2,164,440
Allen County OH Hospital Facilities Revenue Bonds Series B		5.00			8-1-2047		2,500,000		2,735,075
Hamilton County OH Healthcare Series 2017		3.00			1-1-2022		690,000		682,783
									5,582,298
Resource Recovery Revenue: 0.24%
Ohio Air Quality Development Authority Ohio Valley Electric Corporation Series E		5.63			10-1-2019		4,850,000		4,920,471
									12,591,768

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

Portfolio of investments—December 31, 2018 (unaudited) Wells Fargo Strategic Municipal Bond Fund 23

Security name	Interest rate			Maturity date		Principal		Value
Oklahoma: 0.21%
Tax Revenue: 0.21%
Tulsa OK Public Facilities Authority Capital Improvements		4.00	%		10-1-2027	$	4,050,000	$	4,433,373
Other: 0.05%
Miscellaneous Revenue: 0.05%
Public Housing Capital Fund Trust II (HUD Insured) 144A		4.50			7-1-2022		1,103,180		1,103,180
Pennsylvania: 5.15%
Education Revenue: 0.70%
Chester County PA IDA Avon Grove Charter School Project Series 2017A		4.00			12-15-2027		2,110,000		2,094,281
Chester County PA IDA Collegium Charter School Project Series A		3.70			10-15-2022		1,150,000		1,134,958
Montgomery County PA HEFAR Arcadia University		5.00			4-1-2022		1,575,000		1,687,754
Montgomery County PA HEFAR Arcadia University		5.00			4-1-2023		1,605,000		1,745,309
Philadelphia PA IDA Charter School Project A		4.50			8-1-2026		3,365,000		3,397,169
Philadelphia PA IDA Charter School Project Series 2016B		4.88			8-1-2026		2,190,000		2,207,170
Philadelphia PA IDA Tacony Academy Christian School Project Series A-1		6.25			6-15-2023		630,000		670,339
Philadelphia PA IDA University of the Arts Series 2017 144A		5.00			3-15-2019		325,000		325,770
Philadelphia PA IDA University of the Arts Series 2017 144A		5.00			3-15-2021		1,205,000		1,230,064
									14,492,814
GO Revenue: 1.61%
Allegheny County PA Penn Hills Schools District Series 2015 (Build America Mutual Assurance Company Insured)		5.00			11-15-2022		340,000		373,238
Allegheny County PA Penn Hills Schools District Series 2015 (Build America Mutual Assurance Company Insured)		5.00			11-15-2023		1,025,000		1,141,707
Bristol Township PA School District		5.25			6-1-2031		6,990,000		7,717,170
Philadelphia PA School District Series B		3.13			9-1-2020		200,000		203,030
Philadelphia PA School District Series D		5.00			9-1-2021		2,000,000		2,143,920
Philadelphia PA School District Series D		5.00			9-1-2022		3,565,000		3,893,123
Philadelphia PA School District Series E		5.25			9-1-2022		1,525,000		1,594,799
Philadelphia PA School District Series E		5.25			9-1-2023		5,770,000		6,029,304
Philadelphia PA School District Series F		5.00			9-1-2022		5,000,000		5,460,200
Scranton PA School District Series A		5.00			6-1-2024		750,000		821,250
Scranton PA School District Series A		5.00			6-1-2025		1,000,000		1,103,560
Scranton PA School District Series B (National Insured)		5.00			6-1-2024		665,000		728,175
Scranton PA School District Series B (National Insured)		5.00			6-1-2025		710,000		785,693
Scranton PA Series 2017 144A		5.00			9-1-2023		1,355,000		1,456,733
									33,451,902
Health Revenue: 0.75%
Berks County PA Municipal Authority Reading Hospital & Medical Center Project Series B (SIFMA Municipal Swap +1.50%) ±		3.21			11-1-2039		8,850,000		8,984,874
Fulton County PA IDA Medical Center Project		2.40			7-1-2020		1,600,000		1,583,456
Montgomery County PA Higher Education and Thomas Jefferson University (SIFMA Municipal Swap +0.72%) ±		2.43			9-1-2051		3,500,000		3,498,740
Quakertown PA Health Facilities Authority Series A		3.13			7-1-2021		1,500,000		1,472,625
									15,539,695

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

24 Wells Fargo Strategic Municipal Bond Fund Portfolio of investments—December 31, 2018 (unaudited)

Security name	Interest rate			Maturity date		Principal		Value
Industrial Development Revenue: 0.90%
Montgomery County PA IDA Peco Energy Company Project Series A		2.60	%		3-1-2034	$	8,500,000	$	8,466,935
Montgomery County PA IDA Peco Energy Company Project Series B		2.55			6-1-2029		10,340,000		10,305,775
									18,772,710
Miscellaneous Revenue: 0.22%
Pennsylvania Public School Building Authority		5.00			4-1-2019		4,650,000		4,682,504
Transportation Revenue: 0.49%
Pennsylvania Turnpike Commission Series B (SIFMA Municipal Swap +1.27%) ±		2.98			12-1-2020		10,000,000		10,111,000
Water & Sewer Revenue: 0.48%
Pittsburgh PA Water & Sewer Authority Series C (1 Month LIBOR +0.64%) (AGM Insured) ±		2.33			9-1-2040		10,000,000		10,002,600
									107,053,225
Rhode Island: 0.10%
Housing Revenue: 0.00%
Rhode Island Housing & Mortgage Finance		6.50			4-1-2027		15,000		15,071
Miscellaneous Revenue: 0.10%
Providence RI RDA Series A		5.00			4-1-2022		1,940,000		2,083,269
									2,098,340
South Carolina: 0.67%
Education Revenue: 0.15%
South Carolina Jobs EDA East Point Academy Project Series A 144A		2.25			5-1-2019		2,500,000		2,493,425
South Carolina Jobs EDA York Preparatory Academy Project Series A		5.75			11-1-2023		710,000		728,687
									3,222,112
Miscellaneous Revenue: 0.26%
Lee County SC School Facilities Incorporated (AGM Insured)		2.00			6-1-2020		185,000		184,691
Lee County SC School Facilities Incorporated (AGM Insured)		4.00			12-1-2019		560,000		569,542
Lee County SC School Facilities Incorporated (AGM Insured)		4.00			12-1-2020		375,000		387,986
South Carolina Transportation Infrastructure Refunding Bonds Series A		5.00			10-1-2032		4,025,000		4,293,468
									5,435,687
Resource Recovery Revenue: 0.16%
South Carolina Jobs EDA Solid Waste Disposal RePower South Berkeley LLC 144A		5.25			2-1-2027		3,310,000		3,239,596
Utilities Revenue: 0.10%
Patriots Energy Group Financing Agency South Carolina Series A		4.00			10-1-2048		1,895,000		2,001,897
									13,899,292
South Dakota: 0.05%
Health Revenue: 0.05%
South Dakota HEFA		4.50			9-1-2019		990,000		1,007,800

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

Portfolio of investments—December 31, 2018 (unaudited) Wells Fargo Strategic Municipal Bond Fund 25

Security name	Interest rate			Maturity date		Principal		Value
Tennessee: 0.71%
Utilities Revenue: 0.71%
Tennessee Energy Acquisition Corporation Gas Project		4.00	%		11-1-2049	$	2,000,000	$	2,097,360
Tennessee Energy Acquisition Corporation Series A		4.00			5-1-2048		11,140,000		11,574,794
Tennessee Energy Acquisition Corporation Series B		5.63			9-1-2026		925,000		1,063,417
									14,735,571
Texas: 13.81%
Airport Revenue: 1.99%
Dallas Fort Worth TX International Airport AMT Series E		5.00			11-1-2032		1,970,000		2,045,195
Dallas Fort Worth TX International Airport Improvement Bonds AMT Series H		5.00			11-1-2032		9,175,000		9,673,661
Dallas Fort Worth TX International Airport Improvement Bonds AMT Series H		5.00			11-1-2037		22,000,000		23,043,240
Dallas Fort Worth TX International Airport Refunding Bonds AMT Series A		5.00			11-1-2032		3,375,000		3,657,184
Houston TX Airport System Subordinate Refunding Bonds AMT Series A		5.00			7-1-2031		2,750,000		2,948,165
									41,367,445
Education Revenue: 2.05%
Arlington TX Higher Education Finance Corporate Education Series A		4.00			6-15-2026		695,000		684,860
Austin TX Community College District Series A		4.00			2-1-2023		320,000		342,342
Clifton TX Higher Education Finance Corporation International Leadership Series 2015A		4.63			8-15-2025		8,905,000		8,882,025
Clifton TX Higher Education Finance Corporation Uplift Education Series 2018D		5.00			8-15-2025		6,565,000		6,800,093
Clifton TX Higher Education Finance Corporation Uplift Education Series A		4.00			12-1-2025		3,245,000		3,313,437
New Hope TX Cultural Education Facilities Finance Corporation Jubilee Academic Center 144A		3.38			8-15-2021		1,580,000		1,560,282
Newark TX Higher Educational Finance Corporation Charter Schools Incorporated Series 2015 A 144A		4.63			8-15-2025		1,485,000		1,532,327
North Texas Higher Education Authority Incorporated Student Loan Series 2 Class A (3 Month LIBOR +1.00%) ±		3.40			4-1-2037		1,455,000		1,467,906
Texas PFA Southern University Financing System (Build America Mutual Assurance Company Insured)		5.00			11-1-2020		1,715,000		1,797,046
Texas PFA Southern University Financing System (Build America Mutual Assurance Company Insured)		5.00			11-1-2021		1,275,000		1,367,234
University of Texas Board of Regents Series 2017C		5.00			8-15-2025		4,750,000		5,577,450
University of Texas Board of Regents Series 2017C		5.00			8-15-2026		7,780,000		9,275,705
									42,600,707
GO Revenue: 6.89%
Brownsville TX Independent School District Series 2017		4.00			8-15-2021		9,555,000		10,044,694
Dallas TX GO Refunding & Improvement Bond Series 2017		5.00			2-15-2023		7,105,000		7,913,336
Denton TX Independent School District Refunding Bonds Series B		5.00			8-15-2032		5,000,000		5,485,850
Houston TX Public Improvement Refunding Bonds Series A		4.00			3-1-2031		10,110,000		10,639,259
Houston TX Public Improvement Refunding Bonds Series A		5.00			3-1-2020		11,000,000		11,402,380
Houston TX Public Improvement Refunding Bonds Series A		5.00			3-1-2024		3,400,000		3,876,238
Katy TX Independent School District Series 2016A		5.00			2-15-2023		1,415,000		1,578,362
Leander TX Independent School District CAB Bonds Series 2014C (z)		4.18			8-15-2035		2,975,000		1,500,828
Northside TX Independent School District Building Bonds Series 2018		2.75			8-1-2048		11,275,000		11,508,956
Pearland TX Permanent Improvement Series 2015		5.00			3-1-2021		1,000,000		1,063,550
Texas Anticipation Notes Series 2018		4.00			8-29-2019		16,810,000		17,050,551

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

26 Wells Fargo Strategic Municipal Bond Fund Portfolio of investments—December 31, 2018 (unaudited)

Security name	Interest rate			Maturity date		Principal		Value
GO Revenue(continued)
Texas Transportation Commission Mobility Fund Refunding Bonds Series A		5.00	%		10-1-2030	$	40,760,000	$	46,273,175
Texas Transportation Commission Mobility Fund Series B (SIFMA Municipal Swap +0.30%) ±		2.01			10-1-2041		15,000,000		14,959,950
									143,297,129
Health Revenue: 0.60%
Mesquite TX Health Facilities Development Corporation Christian Care Centers Incorporated Project Series 2016		1.95			2-15-2019		500,000		499,145
Mesquite TX Health Facilities Development Corporation Christian Care Centers Incorporated Project Series 2016		5.00			2-15-2020		810,000		822,361
Mesquite TX Health Facilities Development Corporation Christian Care Centers Incorporated Project Series 2016		5.00			2-15-2021		560,000		573,866
New Hope TX Cultural Education Facilities Finance Corporation Hospital Series 2017A		5.00			8-15-2024		1,000,000		1,144,880
New Hope TX Cultural Education Facilities Finance Corporation Hospital Series 2017A		5.00			8-15-2026		2,000,000		2,352,340
New Hope TX Cultural Education Facilities Finance Corporation Presbyterian Village North Project		5.00			10-1-2019		405,000		410,123
New Hope TX Cultural Education Facilities Finance Corporation Presbyterian Village North Project		5.00			10-1-2020		680,000		698,360
New Hope TX Cultural Education Facilities Finance Corporation Presbyterian Village North Project		5.00			10-1-2023		1,570,000		1,644,057
Tarrant County TX Cultural Education Facilities Finance Corporation Buckner Senior Living-Ventana Project		3.88			11-15-2022		4,315,000		4,263,738
									12,408,870
Housing Revenue: 0.43%
New Hope TX Cultural Education Facilities Finance Corporation Student Housing Project Series A		3.25			8-1-2019		5,000,000		4,990,900
New Hope TX Cultural Education Facilities Finance Corporation Student Housing Tarleton State University Project		5.38			4-1-2028		1,845,000		1,963,006
Texas New Hope ECFA Collegiate Housing Tarleton State University Series A		4.00			4-1-2020		185,000		187,486
Texas New Hope ECFA Collegiate Housing Tarleton State University Series A		4.00			4-1-2021		310,000		316,600
Texas New Hope ECFA Collegiate Housing Tarleton State University Series A		4.00			4-1-2022		870,000		892,872
Texas New Hope ECFA Collegiate Housing Tarleton State University Series A		5.00			4-1-2025		480,000		520,046
									8,870,910
Industrial Development Revenue: 0.08%
Austin Convention Enterprises Incorporated Series 2017B		5.00			1-1-2019		600,000		600,000
Austin Convention Enterprises Incorporated Series 2017B		5.00			1-1-2020		500,000		514,345
Austin Convention Enterprises Incorporated Series 2017B		5.00			1-1-2021		500,000		526,670
									1,641,015
Miscellaneous Revenue: 0.11%
Wood Glen TX Housing Finance Corporation Mortgage Copperwood Project Series A (National/FHA Insured)		7.65			7-1-2022		2,125,000		2,369,014
Resource Recovery Revenue: 0.20%
Port Arthur TX Navigation District Jefferson County Environmental Facilities Motiva Enterprises LLC Project Series B ø		2.05			4-1-2040		4,100,000		4,100,000

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

Portfolio of investments—December 31, 2018 (unaudited) Wells Fargo Strategic Municipal Bond Fund 27

Security name	Interest rate			Maturity date		Principal		Value
Transportation Revenue: 0.32%
Central Texas Regional Mobility Authority Senior Lien Series A		5.00	%		1-1-2021	$	1,000,000	$	1,050,340
Central Texas Regional Mobility Authority Senior Lien Series A		5.00			1-1-2023		500,000		546,440
North Texas Tollway Authority System Refunding Bonds Series C (SIFMA Municipal Swap +0.67%) ±		2.38			1-1-2038		3,850,000		3,849,615
Texas Private Activity Bond Surface Transportation Corporation		7.00			6-30-2040		1,250,000		1,327,500
									6,773,895
Utilities Revenue: 0.29%
San Antonio TX Electric & Gas Systems Junior Lien Refunding Bond		2.75			2-1-2048		6,000,000		6,084,600
Water & Sewer Revenue: 0.85%
Dallas TX Waterworks Refunding Bonds Series A		5.00			10-1-2029		15,000,000		17,601,900
									287,115,485
Utah: 0.65%
Airport Revenue: 0.20%
Salt Lake City UT Airport Revenue Bonds AMT Series 2018A		5.00			7-1-2029		1,000,000		1,168,680
Salt Lake City UT Airport Revenue Bonds AMT Series 2018A		5.00			7-1-2031		2,500,000		2,883,650
									4,052,330
Education Revenue: 0.07%
Utah Charter School Finance Authority Ronald Wilson Reagan Academy Project Series A 144A		3.50			2-15-2026		1,565,000		1,490,459
Health Revenue: 0.35%
Utah County UT IHC Health Services Series D (U.S. Bank NA SPA) ø		1.70			5-15-2049		7,275,000		7,275,000
Miscellaneous Revenue: 0.03%
Utah Infrastructure Agency Telecommunications Series 2017		2.00			10-15-2019		625,000		622,050
									13,439,839
Vermont: 0.55%
Education Revenue: 0.55%
Vermont Student Assistance Corporation Series A		5.00			6-15-2021		1,800,000		1,902,744
Vermont Student Assistance Corporation Series A		5.00			6-15-2022		550,000		589,336
Vermont Student Assistance Corporation Series A		5.00			6-15-2023		1,200,000		1,312,872
Vermont Student Assistance Corporation Series B Class B (1 Month LIBOR +1.00%) ±		3.35			6-2-2042		7,757,516		7,719,737
									11,524,689
Virginia: 0.99%
Health Revenue: 0.07%
Prince William County VA IDA Westminster at Lake Ridge Series 2016		2.00			1-1-2019		600,000		600,000
Prince William County VA IDA Westminster at Lake Ridge Series 2016		2.25			1-1-2020		910,000		904,504
									1,504,504
Utilities Revenue: 0.92%
Louisa VA Electric and Power IDA Series 2008B		2.15			11-1-2035		19,050,000		19,000,280
									20,504,784

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

28 Wells Fargo Strategic Municipal Bond Fund Portfolio of investments—December 31, 2018 (unaudited)

Security name	Interest rate			Maturity date		Principal		Value
Washington: 1.23%
Airport Revenue: 0.06%
Port of Seattle WA Intermediate Lien Revenue Bonds AMT Series 2018A		5.00	%		5-1-2036	$	1,210,000	$	1,357,729
Health Revenue: 0.83%
Washington HCFR Catholic Health Initiatives Series B (SIFMA Municipal Swap +1.40%) ±		3.11			1-1-2035		11,000,000		11,186,120
Washington Health Care Facilities Authority Fred Hutchinson Cancer Research (1 Month LIBOR +1.10%) ±		2.78			1-1-2042		6,050,000		6,103,966
									17,290,086
Housing Revenue: 0.22%
Seattle WA Housing Authority Newholly Phase I Series B		1.25			4-1-2019		4,505,000		4,493,242
Resource Recovery Revenue: 0.12%
Washington State EDFA Waste Management 144A		2.13			6-1-2020		2,500,000		2,483,975
									25,625,032
West Virginia: 0.32%
Tax Revenue: 0.06%
Monongalia County WV Commission Special District University Town Center Series A 144A		4.50			6-1-2027		1,250,000		1,231,038
Utilities Revenue: 0.26%
West Virginia Economic Development Authority Solid Waste Disposal Facilities Wheeling Power Company Mitchell Project Refunding Bond Series A øø		3.00			6-1-2037		5,450,000		5,414,848
									6,645,886
Wisconsin: 5.20%
Airport Revenue: 0.11%
Wisconsin PFA Airport Series C		5.00			7-1-2022		2,090,000		2,220,521
Education Revenue: 0.33%
Corvian County WI Community School Revenue 144A		4.25			6-15-2029		1,085,000		1,086,020
Milwaukee WI RDA Milwaukee School of Engineering Project (AGM Insured)		4.10			4-1-2032		1,000,000		1,030,600
Milwaukee WI RDA Science Education Consortium Incorporated Project Series A		4.75			8-1-2023		1,015,000		1,050,200
Pine Lake WI PFA Preparatory Series 2015 144A		4.35			3-1-2025		2,420,000		2,452,525
Wisconsin PFA Roseman University of Health Sciences Project Series 2012		5.00			4-1-2022		1,195,000		1,245,214
									6,864,559
GO Revenue: 1.55%
Eau Claire WI Area School District Refunding Bonds		5.00			4-1-2022		1,245,000		1,358,034
Eau Claire WI Area School District Refunding Bonds		5.00			4-1-2023		1,860,000		2,075,481
Eau Claire WI Area School District Refunding Bonds		5.00			4-1-2024		1,000,000		1,137,410
Wisconsin State Series A		4.00			5-1-2030		12,720,000		13,329,415
Wisconsin State Series B		5.00			5-1-2031		12,230,000		14,238,533
									32,138,873
Health Revenue: 1.06%
Public Finance Authority Senior Living Marylhurst Project Series 2017B 144A		3.00			11-15-2022		2,200,000		2,200,154
Wisconsin HEFA Bellin Memorial Hospital Series 2015		3.00			12-1-2020		745,000		757,345

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

Portfolio of investments—December 31, 2018 (unaudited) Wells Fargo Strategic Municipal Bond Fund 29

Security name	Interest rate			Maturity date		Principal		Value
Health Revenue(continued)
Wisconsin HEFA Bellin Memorial Hospital Series 2015		5.00	%		12-1-2022	$	755,000	$	832,304
Wisconsin HEFA Health Care Series 2010A		5.00			6-1-2030		14,330,000		14,947,480
Wisconsin PFA Bancroft Neurohealth Project Series A 144A		4.00			6-1-2019		1,270,000		1,276,033
Wisconsin PFA Bancroft Neurohealth Project Series A 144A		4.00			6-1-2020		635,000		642,639
Wisconsin PFA Bancroft Neurohealth Project Series A 144A		4.00			6-1-2021		1,370,000		1,389,481
									22,045,436
Housing Revenue: 0.08%
Wisconsin Housing & EDA President House Project (Associated Trust Company NA LOC) ø		1.81			8-1-2046		1,585,000		1,585,000
Miscellaneous Revenue: 0.26%
Monona WI Anticipation Notes Series D		3.63			9-1-2022		1,925,000		1,960,882
Wisconsin State Series 2		5.00			11-1-2029		3,000,000		3,514,590
									5,475,472
Tax Revenue: 1.24%
Wisconsin State General Fund Annual Appropriations Series A %%		5.00			5-1-2028		11,775,000		13,996,118
Wisconsin State General Fund Annual Appropriations Series A %%		5.00			5-1-2029		10,000,000		11,845,300
									25,841,418
Water & Sewer Revenue: 0.57%
Wisconsin Clean Water Refunding Bonds Series 2012		5.00			6-1-2023		310,000		349,072
Wisconsin Clean Water Refunding Bonds Series 2013		5.00			6-1-2024		2,285,000		2,578,166
Wisconsin Clean Water Refunding Bonds Series 2015		5.00			6-1-2023		3,355,000		3,777,864
Wisconsin Clean Water Refunding Bonds Series 2015		5.00			6-1-2025		3,045,000		3,501,111
Wisconsin Clean Water Refunding Bonds Series 2015		5.00			6-1-2026		1,525,000		1,753,430
									11,959,643
									108,130,922
Total Municipal Obligations (Cost $2,023,556,203)									2,037,586,023
Other: 0.48%
Nuveen California AMT-Free Quality Municipal Income Fund Preferred Shares Series A 144A§øø		2.01			10-1-2047		10,000,000		10,000,000
Total Other (Cost $10,000,000)									10,000,000
	Yield					Shares
Short-Term Investments: 1.37%
Investment Companies: 1.31%
Wells Fargo Municipal Cash Management Money Market Fund Institutional Class (l)(u) ##		1.65					27,266,449		27,277,355
						Principal
U.S. Treasury Securities: 0.06%
U.S. Treasury Bill (z)		2.32			3-14-2019	$	1,215,000		1,209,181
Total Short-Term Investments (Cost $28,486,664)									28,486,536

Total investments in securities (Cost $2,062,042,867)	99.85	%		2,076,072,559
Other assets and liabilities, net	0.15			3,215,985
Total net assets	100.00	%	$	2,079,288,544

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

30 Wells Fargo Strategic Municipal Bond Fund Portfolio of investments—December 31, 2018 (unaudited)

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.

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

(m) The security is an auction-rate security which has an interest rate that resets at predetermined short-term intervals through a Dutch auction. The rate shown is the rate in effect at period end.

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

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

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

§ 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.

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

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

Abbreviations:

AGC Assured Guaranty Corporation

AGM Assured Guaranty Municipal

Ambac Ambac Financial Group Incorporated

AMT Alternative minimum tax

CAB Capital appreciation bond

CDA Community Development Authority

ECFA Educational & Cultural Facilities Authority

EDA Economic Development Authority

EDFA Economic Development Finance Authority

FGIC Financial Guaranty Insurance Corporation

FHA Federal Housing Administration

FHLMC Federal Home Loan Mortgage Corporation

FNMA Federal National Mortgage Association

GNMA Government National Mortgage Association

GO General obligation

HCFR Healthcare facilities revenue

HEFA Health & Educational Facilities Authority

HEFAR Higher Education Facilities Authority Revenue

HFA Housing Finance Authority

HFFA Health Facilities Financing Authority

HUD Department of Housing and Urban Development

IDA Industrial Development Authority

LIBOR London Interbank Offered Rate

LIQ Liquidity agreement

LOC Letter of credit

National National Public Finance Guarantee Corporation

PCFA Pollution Control Financing Authority

PCR Pollution control revenue

PFA Public Finance Authority

RDA Redevelopment Authority

SPA Standby purchase agreement

TTFA Transportation Trust Fund Authority

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

Portfolio of investments—December 31, 2018 (unaudited) Wells Fargo Strategic Municipal Bond Fund 31

Investments in Affiliates

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

	Shares, beginning of period		Shares purchased		Shares sold		Shares, end of period		Net realized gains (losses)			Net change in unrealized gains (losses)		Income from affiliated securities		Value, end of period		% of net assets
Short-Term Investments
Investment Companies
Wells Fargo Municipal Cash Management Money Market Fund Institutional Class		10,804,761		299,033,769		282,572,081		27,266,449	$	(11,589	)	$	0	$	99,196	$	27,277,355		1.31	%

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

32 Wells Fargo Strategic Municipal Bond Fund Statement of assets and liabilities—December 31, 2018 (unaudited)

Assets
Investments in unaffiliated securities, at value (cost $2,034,765,512)	$	2,048,795,204
Investments in affiliated securities, at value (cost $27,277,355)		27,277,355
Receivable for investments sold		3,853,388
Receivable for Fund shares sold		17,337,965
Receivable for interest		19,885,095
Total assets		2,117,149,007
Liabilities
Payable for investments purchased		28,046,071
Payable for Fund shares redeemed		5,402,303
Due to custodian bank		2,454,739
Dividends payable		662,010
Management fee payable		643,926
Administration fees payable		184,242
Distribution fee payable		71,573
Trustees’ fees and expenses payable		602
Accrued expenses and other liabilities		394,997
Total liabilities		37,860,463
Total net assets	$	2,079,288,544
NET ASSETS CONSIST OF
Paid-in capital	$	2,067,156,816
Total distributable earnings		12,131,728
Total net assets	$	2,079,288,544
COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE PER SHARE
Net assets – Class A	$	467,218,037
Shares outstanding – Class A1		52,154,493
Net asset value per share – Class A		$8.96
Maximum offering price per share – Class A2		$9.33
Net assets – Class C	$	108,529,220
Shares outstanding – Class C1		12,072,960
Net asset value per share – Class C		$8.99
Net assets – Class R6	$	10,580,169
Shares outstanding – Class R61		1,180,670
Net asset value per share – Class R6		$8.96
Net assets – Administrator Class	$	159,758,888
Shares outstanding – Administrator Class1		17,843,316
Net asset value per share – Administrator Class		$8.95
Net assets – Institutional Class	$	1,333,202,230
Shares outstanding – Institutional Class1		148,860,412
Net asset value per share – Institutional Class		$8.96

¹  The Fund has an unlimited number of authorized shares.

²  Maximum offering price is computed as 100/96 of net asset value. On investments of $50,000 or more, the offering price is reduced.

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

Statement of operations—six months ended December 31, 2018 (unaudited) Wells Fargo Strategic Municipal Bond Fund 33

Investment income
Interest	$	27,927,467
Income from affiliated securities		99,196
Total investment income		28,026,663
Expenses
Management fee		3,745,296
Administration fees
Class A		385,935
Class C		89,862
Class R6		727	1
Administrator Class		87,195
Institutional Class		503,265
Shareholder servicing fees
Class A		603,023
Class C		140,410
Administrator Class		217,512
Distribution fee
Class C		421,229
Custody and accounting fees		48,743
Professional fees		31,155
Registration fees		92,246
Shareholder report expenses		51,463
Trustees’ fees and expenses		12,046
Other fees and expenses		20,094
Total expenses		6,450,201
Less: Fee waivers and/or expense reimbursements		(57,880	)
Net expenses		6,392,321
Net investment income		21,634,342
REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS
Net realized gains (losses) on:
Unaffiliated securities		235,096
Affiliated securities		(11,589	)
Futures contracts		2,023,773
Net realized gains on investments		2,247,280
Net change in unrealized gains (losses) on investments		3,713,124
Net realized and unrealized gains (losses) on investments		5,960,404
Net increase in net assets resulting from operations	$	27,594,746

¹  For the period from July, 31, 2018 (commencement of class operations) to December 31, 2018

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

34 Wells Fargo Strategic Municipal Bond Fund Statement of changes in net assets

	Six months ended December 31, 2018 (unaudited)						Year ended June 30, 20181
Operations
Net investment income				$	21,634,342					$	36,723,411
Net realized gains (losses) on investments					2,247,280						(1,654,315	)
Net change in unrealized gains (losses) on investments					3,713,124						4,181,203
Net increase in net assets resulting from operations					27,594,746						39,250,299
Distributions to shareholders from net investment income and net realized gains
Class A					(4,707,661	)					(10,041,868	)
Class C					(674,601	)					(1,478,818	)
Class R6					(58,256	)2					N/A
Administrator Class					(1,801,595	)					(4,161,841	)
Institutional Class					(14,392,229	)					(25,473,493	)
Total distributions to shareholders					(21,634,342	)					(41,156,020	)
Capital share transactions		Shares						Shares
Proceeds from shares sold
Class A		7,338,452			65,487,134			14,183,216			126,858,667
Class C		754,208			6,750,085			1,262,039			11,336,254
Class R6		1,364,831	2		12,183,299	2		N/A			N/A
Administrator Class		3,967,719			35,405,038			8,016,839			71,728,421
Institutional Class		43,497,069			387,766,007			65,554,521			586,336,407
					507,591,563						796,259,749
Reinvestment of distributions
Class A		481,792			4,295,490			1,025,264			9,170,102
Class C		65,880			589,337			145,058			1,302,030
Administrator Class		196,075			1,746,581			455,559			4,072,557
Institutional Class		1,306,425			11,645,865			2,335,413			20,883,398
					18,277,273						35,428,087
Payment for shares redeemed
Class A		(10,652,828	)		(94,994,979	)		(21,867,476	)		(195,482,366	)
Class C		(1,635,800	)		(14,634,221	)		(3,900,702	)		(35,016,106	)
Class R6		(184,161	)2		(1,635,000	)2		N/A			N/A
Administrator Class		(7,797,523	)		(69,446,896	)		(8,841,309	)		(78,960,801	)
Institutional Class		(33,037,731	)		(294,368,145	)		(46,407,316	)		(414,849,938	)
					(475,079,241	)					(724,309,211	)
Net increase in net assets resulting from capital share transactions					50,789,595						107,378,625
Total increase in net assets					56,749,999						105,472,904
Net assets
Beginning of period					2,022,538,545						1,917,065,641
End of period				$	2,079,288,544					$	2,022,538,545

¹  Effective for all filings after November 4, 2018, the SEC prospectively eliminated the requirement to parenthetically disclose undistributed net investment income at the end of the period and permitted the aggregation of distributions, with the exception of tax basis returns of capital. Overdistributed net investment income at June 30, 2018 was $260,353. The disaggregated distributions information for the year ended June 30, 2018 is included in Note 8,Distributions to Shareholders, in the notes to the financial statements.

²  For the period from July, 31, 2018 (commencement of class operations) to December 31, 2018

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

Financial highlights Wells Fargo Strategic Municipal Bond Fund 35

(For a share outstanding throughout each period)

	Six months ended December 31, 2018 (unaudited)			Year ended June 30
CLASS A				2018			2017			2016			2015			2014
Net asset value, beginning of period		$8.93			$8.94			$9.06			$8.90			$9.03			$8.87
Net investment income		0.09			0.15			0.13			0.14			0.10			0.17
Net realized and unrealized gains (losses) on investments		0.03			0.01			(0.07	)		0.18			(0.05	)		0.21
Total from investment operations		0.12			0.16			0.06			0.32			0.05			0.38
Distributions to shareholders from
Net investment income		(0.09	)		(0.15	)		(0.13	)		(0.14	)		(0.10	)		(0.17	)
Net realized gains		0.00			(0.02	)		(0.05	)		(0.02	)		(0.08	)		(0.05	)
Total distributions to shareholders		(0.09	)		(0.17	)		(0.18	)		(0.16	)		(0.18	)		(0.22	)
Net asset value, end of period		$8.96			$8.93			$8.94			$9.06			$8.90			$9.03
Total return1		1.33	%		1.82	%		0.65	%		3.67	%		0.56	%		4.41	%
Ratios to average net assets (annualized)
Gross expenses		0.80	%		0.82	%		0.81	%		0.81	%		0.81	%		0.83	%
Net expenses		0.80	%		0.82	%		0.81	%		0.81	%		0.81	%		0.82	%
Net investment income		1.95	%		1.69	%		1.45	%		1.53	%		1.16	%		1.91	%
Supplemental data
Portfolio turnover rate		12	%		33	%		31	%		53	%		39	%		51	%
Net assets, end of period (000s omitted)		$467,218			$491,128			$550,965			$726,135			$635,610			$656,256

¹  Total return calculations do not include any sales charges. Returns for periods of less than one year are not annualized.

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

36 Wells Fargo Strategic Municipal Bond Fund Financial highlights

(For a share outstanding throughout each period)

	Six months ended December 31, 2018 (unaudited)			Year ended June 30
CLASS C				2018			2017			2016			2015			2014
Net asset value, beginning of period		$8.96			$8.97			$9.09			$8.94			$9.06			$8.90
Net investment income		0.05			0.08	1		0.07			0.07			0.04			0.10
Net realized and unrealized gains (losses) on investments		0.03			0.01			(0.07	)		0.17			(0.04	)		0.21
Total from investment operations		0.08			0.09			(0.00	)		0.24			0.00			0.31
Distributions to shareholders from
Net investment income		(0.05	)		(0.08	)		(0.07	)		(0.07	)		(0.04	)		(0.10	)
Net realized gains		0.00			(0.02	)		(0.05	)		(0.02	)		(0.08	)		(0.05	)
Total distributions to shareholders		(0.05	)		(0.10	)		(0.12	)		(0.09	)		(0.12	)		(0.15	)
Net asset value, end of period		$8.99			$8.96			$8.97			$9.09			$8.94			$9.06
Total return2		0.94	%		1.06	%		(0.10	)%		2.78	%		(0.08	)%		3.63	%
Ratios to average net assets (annualized)
Gross expenses		1.55	%		1.57	%		1.56	%		1.56	%		1.56	%		1.58	%
Net expenses		1.55	%		1.57	%		1.56	%		1.56	%		1.56	%		1.57	%
Net investment income		1.20	%		0.94	%		0.72	%		0.78	%		0.40	%		1.16	%
Supplemental data
Portfolio turnover rate		12	%		33	%		31	%		53	%		39	%		51	%
Net assets, end of period (000s omitted)		$108,529			$115,518			$137,955			$156,560			$152,882			$146,329

¹  Calculated based upon average shares outstanding

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

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

Financial highlights Wells Fargo Strategic Municipal Bond Fund 37

(For a share outstanding throughout the period)

CLASS R6	Period ended December 31, 2018 (unaudited)1
Net asset value, beginning of period		$8.94
Net investment income		0.09
Net realized and unrealized gains on investments		0.02
Total from investment operations		0.11
Distributions to shareholders from
Net investment income		(0.09	)
Net asset value, end of period		$8.96
Total return2		1.22	%
Ratios to average net assets (annualized)
Gross expenses		0.42	%
Net expenses		0.42	%
Net investment income		2.40	%
Supplemental data
Portfolio turnover rate		12	%
Net assets, end of period (000s omitted)		$10,580

¹  For the period from July, 31, 2018 (commencement of class operations) to December 31, 2018

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

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

38 Wells Fargo Strategic Municipal Bond Fund Financial highlights

(For a share outstanding throughout each period)

	Six months ended December 31, 2018 (unaudited)			Year ended June 30
ADMINISTRATOR CLASS				2018			2017			2016			2015			2014
Net asset value, beginning of period		$8.93			$8.93			$9.06			$8.90			$9.02			$8.87
Net investment income		0.09			0.16			0.14			0.15			0.12			0.18
Net realized and unrealized gains (losses) on investments		0.02			0.02			(0.08	)		0.18			(0.04	)		0.20
Total from investment operations		0.11			0.18			0.06			0.33			0.08			0.38
Distributions to shareholders from
Net investment income		(0.09	)		(0.16	)		(0.14	)		(0.15	)		(0.12	)		(0.18	)
Net realized gains		0.00			(0.02	)		(0.05	)		(0.02	)		(0.08	)		(0.05	)
Total distributions to shareholders		(0.09	)		(0.18	)		(0.19	)		(0.17	)		(0.20	)		(0.23	)
Net asset value, end of period		$8.95			$8.93			$8.93			$9.06			$8.90			$9.02
Total return1		1.28	%		2.07	%		0.67	%		3.80	%		0.80	%		4.44	%
Ratios to average net assets (annualized)
Gross expenses		0.74	%		0.76	%		0.75	%		0.74	%		0.75	%		0.77	%
Net expenses		0.68	%		0.68	%		0.68	%		0.68	%		0.68	%		0.68	%
Net investment income		2.07	%		1.80	%		1.51	%		1.66	%		1.28	%		2.05	%
Supplemental data
Portfolio turnover rate		12	%		33	%		31	%		53	%		39	%		51	%
Net assets, end of period (000s omitted)		$159,759			$191,723			$195,138			$408,846			$529,945			$516,069

¹  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 Strategic Municipal Bond Fund 39

(For a share outstanding throughout each period)

	Six months ended December 31, 2018 (unaudited)			Year ended June 30
INSTITUTIONAL CLASS				2018			2017			2016			2015			2014
Net asset value, beginning of period		$8.93			$8.94			$9.06			$8.90			$9.03			$8.87
Net investment income		0.10			0.18			0.16			0.17			0.13			0.20
Net realized and unrealized gains (losses) on investments		0.03			0.01			(0.07	)		0.18			(0.05	)		0.21
Total from investment operations		0.13			0.19			0.09			0.35			0.08			0.41
Distributions to shareholders from
Net investment income		(0.10	)		(0.18	)		(0.16	)		(0.17	)		(0.13	)		(0.20	)
Net realized gains		0.00			(0.02	)		(0.05	)		(0.02	)		(0.08	)		(0.05	)
Total distributions to shareholders		(0.10	)		(0.20	)		(0.21	)		(0.19	)		(0.21	)		(0.25	)
Net asset value, end of period		$8.96			$8.93			$8.94			$9.06			$8.90			$9.03
Total return1		1.50	%		2.16	%		0.99	%		4.02	%		0.89	%		4.77	%
Ratios to average net assets (annualized)
Gross expenses		0.47	%		0.49	%		0.48	%		0.48	%		0.48	%		0.50	%
Net expenses		0.47	%		0.48	%		0.48	%		0.48	%		0.48	%		0.48	%
Net investment income		2.29	%		2.05	%		1.85	%		1.85	%		1.49	%		2.27	%
Supplemental data
Portfolio turnover rate		12	%		33	%		31	%		53	%		39	%		51	%
Net assets, end of period (000s omitted)		$1,333,202			$1,224,170			$1,033,007			$608,995			$319,313			$29,528

¹  Returns for periods of less than one year are not annualized.

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

40 Wells Fargo Strategic Municipal Bond Fund Notes to financial statements (unaudited)

1. ORGANIZATION

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

2. SIGNIFICANT ACCOUNTING POLICIES

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

Securities valuation

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

Debt securities are valued at the evaluated bid price provided by an independent pricing service (e.g. taking into account various factors, including yields, maturities, or credit ratings) or, if a reliable price is not available, the quoted bid price from an independent broker-dealer.

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

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

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

Investments which are not valued using any of the methods discussed above are valued at their fair value, as determined in good faith by the Board of Trustees of the Fund. The Board of Trustees has established a Valuation Committee comprised of the Trustees and has delegated to it the authority to take any actions regarding the valuation of portfolio securities that the Valuation Committee deems necessary or appropriate, including determining the fair value of portfolio securities, unless the determination has been delegated to the Wells Fargo Asset Management Pricing Committee at Wells Fargo Funds Management, LLC (“Funds Management”). The Board of Trustees retains the authority to make or ratify any valuation decisions or approve any changes to the Valuation Procedures as it deems appropriate. On a quarterly basis, the Board of Trustees receives reports on any valuation actions taken by the Valuation Committee or the Wells Fargo Asset Management Pricing Committee which may include items for ratification.

When-issued transactions

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

Futures contracts

The Fund is subject to interest rate risk in the normal course of pursuing its investment objectives. Futures contracts are agreements between the Fund and a counterparty to buy or sell a specific amount of a commodity, financial instrument or currency at specified price and on a specified date. The Fund may buy and sell futures contracts in order to gain exposure to, or protect against, changes in interest rates. The primary risks associated with the use of futures contracts are the imperfect correlation between changes in market values of securities held by the Fund and the prices of futures contracts, and the possibility of an illiquid market. Futures contracts are generally entered into on a regulated futures exchange and cleared through a clearinghouse associated with the exchange. With futures contracts, there is minimal counterparty risk to the Fund since futures contracts are exchange traded and the exchange’s clearinghouse, as counterparty to all exchange traded futures, guarantees the futures contracts against default.

Notes to financial statements (unaudited) Wells Fargo Strategic Municipal Bond Fund 41

Upon entering into a futures contracts, the Fund is required to deposit either cash or securities (initial margin) with the broker in an amount equal to a certain percentage of the contract value. Subsequent payments (variation margin) are paid to or from the broker each day equal to the daily changes in the contract value. Such payments are recorded as unrealized gains or losses and, if any, shown as variation margin receivable (payable) in the Statement of Assets and Liabilities. Should the Fund fail to make requested variation margin payments, the broker can gain access to the initial margin to satisfy the Fund’s payment obligations. When the contracts are closed, a realized gain or loss is recorded in the Statement of Operations.

Swap contracts

Swap contracts are agreements between the Fund and a counterparty to exchange a series of cash flows over a specified period. Swap agreements are privately negotiated contracts between the Fund and a counterparty in the OTC market and may be entered into as a bilateral contract (“OTC swaps”) or centrally cleared (“centrally cleared swaps”) with a central clearinghouse.

For OTC swaps, any upfront premiums paid and any upfront fees received are shown as swap premiums paid and swap premiums received, respectively, in the Statement of Assets and Liabilities and amortized over the term of the contract. The daily fluctuations in market value are recorded as unrealized gains or losses on OTC swaps in the Statement of Assets and Liabilities. Payments received or paid are recorded in the Statement of Operations as realized gains or losses, respectively. When an OTC swap is terminated, a realized gain or loss is recorded in the Statement of Operations equal to the difference between the proceeds from (or cost of) the closing transaction and the Fund’s basis in the contract, if any. Generally, the basis of the contract is the premium received or paid.

In a centrally cleared swap, immediately following execution of the swap contract, the swap contract is novated to a central counterparty (the “CCP”) and the Fund’s counterparty on the swap agreement becomes the CCP. Upon entering into a centrally cleared swap, the Fund is required to deposit an initial margin with the broker in the form of cash or securities. Securities deposited as initial margin are designated in the Portfolio of Investments and cash deposited is shown as cash segregated for centrally cleared swaps in the Statement of Assets and Liabilities. Pursuant to the contract, the Fund agrees to receive from or pay to the broker an amount of cash equal to the daily fluctuation in market value of the contract (“variation margin”). The variation margin is recorded as an unrealized gain (or loss) and shown as variation margin receivable (or payable) on centrally cleared swaps in the Statement of Assets and Liabilities. Payments received from (paid to) the counterparty, including at termination, are recorded as realized gains (losses) in the Statement of Operations.

Credit default swaps

The Fund is subject to credit risk in the normal course of pursuing its investment objectives. The Fund may enter into credit default swaps for hedging or speculative purposes to provide or receive a measure of protection against default on a referenced entity, obligation or index or a basket of single-name issuers or traded indexes. An index credit default swap references all the names in the index, and if a credit event is triggered, the credit event is settled based on that name’s weight in the index. Credit default swaps are agreements in which the protection buyer pays fixed periodic payments to the protection seller in consideration for a promise from the protection seller to make a specific payment should a negative credit event take place with respect to the referenced entity (e.g., bankruptcy, failure to pay, obligation acceleration, repudiation, moratorium or restructuring).

The Fund may enter into credit default swaps as either the seller of protection or the buyer of protection. If the Fund is the buyer of protection and a credit event occurs, the Fund will either receive from the seller an amount equal to the notional amount of the swap and deliver the referenced security or underlying securities comprising the index, or receive a net settlement of cash equal to the notional amount of the swap less the recovery value of the security or underlying securities comprising the index. If the Fund is the seller of protection and a credit event occurs, the Fund will either pay the buyer an amount equal to the notional amount of the swap and take delivery of the referenced security or underlying securities comprising the index or pay a net settlement of cash equal to the notional amount of the swap less the recovery value of the security or underlying securities comprising the index.

As the seller of protection, the Fund is subject to investment exposure on the notional amount of the swap and has assumed the risk of default of the underlying security or index. As the buyer of protection, the Fund could be exposed to risks if the seller of the protection defaults on its obligation to perform, or if there are unfavorable changes in the fluctuation of interest rates.

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.

42 Wells Fargo Strategic Municipal Bond Fund Notes to financial statements (unaudited)

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 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 December 31, 2018, the aggregate cost of all investments for federal income tax purposes was $2,062,042,867 and the unrealized gains (losses) consisted of:

Gross unrealized gains	$	18,388,572
Gross unrealized losses		(4,358,880	)
Net unrealized gains	$	14,029,692

As of June 30, 2018, the Fund had current year deferred post-October capital losses consisting of $3,884,893 in net long-term losses which were recognized on the first day of the current fiscal year.

Class allocations

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

3. FAIR VALUATION MEASUREMENTS

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

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

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

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

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

Notes to financial statements (unaudited) Wells Fargo Strategic Municipal Bond Fund 43

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

	Quoted prices (Level 1)		Other significant observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total
Assets
Investments in:
Municipal obligations	$	0	$	2,037,586,023	$	0	$	2,037,586,023
Other		0		10,000,000		0		10,000,000
Short-term investments
Investment companies		27,277,355		0		0		27,277,355
U.S. Treasury securities		1,209,181		0		0		1,209,181
Total assets	$	28,486,536	$	2,047,586,023	$	0	$	2,076,072,559

Additional sector, industry or geographic detail is included in the Portfolio of Investments.

At December 31, 2018, the Fund did not have any transfers into/out of 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 0.40% and declining to 0.28% as the average daily net assets of the Fund increase. For the six months ended December 31, 2018, the management fee was equivalent to an annual rate of 0.37% of the Fund’s average daily net assets.

Funds Management has retained the services of a subadviser to provide daily portfolio management to the Fund. The fee for subadvisory services is borne by Funds Management. Wells Capital Management Incorporated, an affiliate of Funds Management and an indirect wholly owned subsidiary of Wells Fargo, is the subadviser to the Fund and is entitled to receive a fee from Funds Management at an annual rate starting at 0.20% and declining to 0.10% as the average daily net assets of the Fund increase.

Administration fees

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

	Class-level administration fee
Class A, Class C		0.16	%
Class R6		0.03
Administrator Class		0.10
Institutional Class		0.08

Funds Management has contractually waived and/or reimbursed management and administration fees to the extent necessary to maintain certain net operating expense ratios for the Fund. 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 October 31, 2019 to waive fees and/or reimburse expenses to the extent necessary to cap the Fund’s expenses at 0.82% for Class A shares, 1.57% for Class C shares, 0.43% for Class R6 shares, 0.68% for Administrator Class shares, and 0.48% for Institutional Class shares. After this time, the cap may be increased or the commitment to maintain the cap may be terminated only with the approval of the Board of Trustees.

44 Wells Fargo Strategic Municipal Bond Fund Notes to financial statements (unaudited)

Distribution fee

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

In addition, Funds Distributor is entitled to receive the front-end sales charge from the purchase of Class A shares and a contingent deferred sales charge on the redemption of certain Class A shares. Funds Distributor is also entitled to receive the contingent deferred sales charges from redemptions of Class C shares. For the six months ended December 31, 2018, Funds Distributor received $4,832 from the sale of Class A shares. No contingent deferred sales charges were incurred by Class A and Class C shares for the six months ended December 31, 2018.

Shareholder servicing fees

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

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

Interfund transactions

The Fund may purchase or sell portfolio investment securities to certain other Wells Fargo affiliates pursuant toRule 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 $284,839,458 and $286,300,000 in interfund purchases and sales, respectively, during the six months ended December 31, 2018.

5. INVESTMENT PORTFOLIO TRANSACTIONS

Purchases and sales of investments, excluding U.S. government obligations (if any) and short-term securities, for the six months ended December 31, 2018 were $643,489,473 and $221,803,283, respectively.

6. DERIVATIVE TRANSACTIONS

During the six months ended December 31, 2018, the Fund entered into futures contracts for to take advantage of the differences between municipal and treasury yields and to help manage the duration of the portfolio. The Fund had an average notional amount of $161,058,882 in long futures contracts during the six months ended December 31, 2018.

The fair value, realized gains or losses and change in unrealized gains or losses, if any, on derivative instruments are reflected in the corresponding financial statement captions.

7. BANK BORROWINGS

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

For the six months ended December 31, 2018, there were no borrowings by the Fund under the agreement.

8. DISTRIBUTIONS TO SHAREHOLDERS

Effective for all filings after November 4, 2018, the Securities and Exchange Commission eliminated the requirement to separately state the components of distributions to shareholders under U.S. generally accepted accounting principles. The amounts of distributions to shareholders for the year ended June 30, 2018 were as follows:

	Net investment income		Net realized gains
Class A		$  8,770,008		$1,271,860
Class C		1,173,934		304,884
Administrator Class		3,668,568		493,273
Institutional Class		22,770,948		2,702,545

Notes to financial statements (unaudited) Wells Fargo Strategic Municipal Bond Fund 45

9. INDEMNIFICATION

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

10. NEW ACCOUNTING PRONOUNCEMENT

In August 2018, FASB issued Accounting Standards Update (“ASU”) No. 2018-13, Fair Value Measurement (Topic 820)Disclosure Framework—Changes to the Disclosure Requirements for Fair Value Measurement. ASU 2018-13 updates the disclosure requirements for fair value measurements by modifying or removing certain disclosures and adding certain new disclosures. The amendments are effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019. Early adoption is permitted. Management has adopted the removal and modification of disclosures early, as permitted, and will adopt the additional new disclosures at the effective date.

46 Wells Fargo Strategic Municipal Bond Fund Other information (unaudited)

PROXY VOTING INFORMATION

A description of the policies and procedures used to determine how to vote proxies relating to portfolio securities is available, upon request, by calling1-800-222-8222, visiting our website atwellsfargofunds.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 atwellsfargofunds.comor by visiting the SEC website at sec.gov.

PORTFOLIO HOLDINGS INFORMATION

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

Other information (unaudited) Wells Fargo Strategic Municipal Bond Fund 47

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 152 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 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.	N/A
Jane A. Freeman (Born 1953)	Trustee, since 2015; Chair Liaison, since 2018	Retired. From 2012 to 2014 and 1999 to 2008, Chief Financial Officer of Scientific Learning Corporation. From 2008 to 2012, Ms. Freeman provided consulting services related to strategic business projects. Prior to 1999, Portfolio Manager at Rockefeller & Co. and Scudder, Stevens & Clark. Board member of the Harding Loevner Funds from 1996 to 2014, serving as both Lead Independent Director and chair of the Audit Committee. Board member of the Russell Exchange Traded Funds Trust from 2011 to 2012 and the chair of the Audit Committee. Ms. Freeman is a Board Member of The Ruth Bancroft Garden (non-profit organization). She is also an inactive Chartered Financial Analyst.	N/A
Isaiah Harris, Jr.3 (Born 1952)	Trustee, since 2009; Audit Committee Chairman, since 2019	Retired. Chairman of the Board of CIGNA Corporation since 2009, and Director since 2005. From 2003 to 2011, Director of Deluxe Corporation. Prior thereto, President and CEO of BellSouth Advertising and Publishing Corp. from 2005 to 2007, President and CEO of BellSouth Enterprises from 2004 to 2005 and President of BellSouth Consumer Services from 2000 to 2003. Emeritus member of the Iowa State University Foundation Board of Governors. Emeritus Member of the Advisory Board of Iowa State University School of Business. Advisory Board Member, Palm Harbor Academy (private school). Advisory Board Member, Child Evangelism Fellowship (non-profit). Mr. Harris is a certified public accountant (inactive status).	CIGNA Corporation
Judith M. Johnson3 (Born 1949)	Trustee, since 2008; Audit Committee Chairman, from 2009 to 2018	Retired. Prior thereto, Chief Executive Officer and Chief Investment Officer of Minneapolis Employees Retirement Fund from 1996 to 2008. Ms. Johnson is an attorney, certified public accountant and a certified managerial accountant.	N/A
David F. Larcker (Born 1950)	Trustee, since 2009	James Irvin Miller Professor of Accounting at the Graduate School of Business, Stanford University, Director of the Corporate Governance Research Initiative and Senior Faculty of The Rock Center for Corporate Governance since 2006. From 2005 to 2008, Professor of Accounting at the Graduate School of Business, Stanford University. Prior thereto, Ernst & Young Professor of Accounting at The Wharton School, University of Pennsylvania from 1985 to 2005.	N/A

48 Wells Fargo Strategic Municipal Bond Fund Other information (unaudited)

Name and year of birth	Position held and length of service*	Principal occupations during past five years or longer	Current other public company or investment company directorships
Olivia S. Mitchell (Born 1953)	Trustee, since 2006; Nominating and 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.	N/A
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.	N/A
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.	N/A
Michael S. Scofield4 (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.	N/A
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, Governance 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 from 2010 to 2011, Chairman of the Board from 2009 to 2011 and Board Director from 2003 to 2015. Vice President, Leadership and Community Engagement, Bush Foundation, Saint Paul, Minnesota (a private foundation) from 2009 to 2011. Executive Vice President and Chief Financial Officer, Minnesota Sports and Entertainment from 2004 to 2009 and Senior Vice President from 2002 to 2004. Commissioner of Finance, State of Minnesota, from 1999 to 2002. Currently the Board Chair of the Minnesota Wild Foundation since 2010.	N/A

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

Other information (unaudited) Wells Fargo Strategic Municipal Bond Fund 49

Officers

Name and year of birth	Position held and length of service	Principal occupations during past five years or longer
Andrew Owen (Born 1960)	President, since 2017	Executive Vice President of Wells Fargo & Company and Head of Affiliated Managers, Wells Fargo Asset Management, since 2014. In addition, Mr. Owen is currently President, Chief Executive Officer and Director of Wells Fargo Funds Management, LLC since 2017. Prior thereto, Executive Vice President responsible for marketing, investments and product development for Wells Fargo Funds Management, LLC, from 2009 to 2014.
Nancy Wiser1 (Born 1967)	Treasurer, since 2012	Executive Vice President of Wells Fargo Funds Management, LLC since 2011. Chief Operating Officer and Chief Compliance Officer at LightBox Capital Management LLC, from 2008 to 2011.
Alexander Kymn (Born 1973)	Secretary, since 2018; Chief Legal Officer, since 2018	Senior Company Counsel of Wells Fargo Bank, N.A. since 2018 (previously Senior Counsel from 2007 to 2018). Vice President of Wells Fargo Funds Management, LLC from 2008 to 2014.
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 76 funds in the Fund Complex. Jeremy DePalma acts as Treasurer of 76 funds and Assistant Treasurer of 76 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 calling1-800-222-8222 or by visiting the website atwellsfargofunds.com.

³  Mr. Harris replaced Ms. Johnson as the Chairman of the Audit Committee effective January 1, 2019.

⁴  Mr. Scofield retired on December 31, 2018.

50 Wells Fargo Strategic Municipal Bond Fund Appendix A (unaudited)

SALES CHARGE REDUCTIONS AND WAIVERS FOR CERTAIN INTERMEDIARIES

Raymond James & Associates, Inc., Raymond James Financial Services & Raymond James affiliates (“Raymond James”)

Effective on or about March 1, 2019, shareholders purchasing Fund shares through a Raymond James platform or account will be eligible only for the following load waivers (front-end sales charge waivers and contingent deferred, or back-end, sales charge waivers) and discounts, which may differ from those disclosed elsewhere in the Fund’s Prospectus or SAI.

Front-end Sales Load Waivers on Class A shares Available at Raymond James

• Shares purchased in an investment advisory program.

• Shares purchased through reinvestment of capital gains distributions and dividend reinvestment when purchasing shares of the same fund (but not any other fund within the fund family).

• Employees and registered representatives of Raymond James or its affiliates and their family members as designated by Raymond James.

• Shares purchased from the proceeds of redemptions within the same fund family, provided (1) the repurchase occurs within 90 days following the redemption, (2) the redemption and purchase occur in the same account, and (3) redeemed shares were subject to a front-end or deferred sales load (known as Rights of Reinstatement).

• A shareholder in the fund’s Class C shares will have their shares automatically exchanged at net asset value to Class A shares (or the appropriate share class) of the fund if the shares are no longer subject to a CDSC and the exchange is in line with the policies and procedures of Raymond James.

CDSC Waivers on Class A and C Shares Available at Raymond James

• Death or disability of the shareholder.

• Shares sold as part of a systematic withdrawal plan as described in the Fund’s Prospectus.

• Return of excess contributions from an IRA Account.

• Shares sold as part of a required minimum distribution for IRA and retirement accounts due to the shareholder reaching age 70½ as described in the Fund’s prospectus.

• Shares sold to pay Raymond James fees but only if the transaction is initiated by Raymond James.

• Shares acquired through a right of reinstatement.

Front-end Load Discounts Available at Raymond James: Breakpoints, and/or Rights of Accumulation

• Breakpoints as described in the Fund’s Prospectus.

• Rights of accumulation which entitle shareholders to breakpoint discounts will be automatically calculated based on the aggregated holding of fund family assets held by accounts within the purchaser’s household at Raymond James. Eligible fund family assets not held at Raymond James may be included in the rights of accumulation calculation only if the shareholder notifies his or her financial advisor about such assets.

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For more information

More information about Wells Fargo Funds is available free upon request. To obtain literature, please write, 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, call1-800-222-8222 or visit the Fund’s website atwellsfargofunds.com. Read the prospectus carefully before you invest or send money.

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

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

INVESTMENT PRODUCTS: NOT FDIC INSURED  ◾  NO BANK GUARANTEE  ◾   MAY LOSE VALUE

© 2019 Wells Fargo Funds Management, LLC. All rights reserved.

320452 02-19 SA257/SAR257 12-18

Semi-Annual Report

December 31, 2018

Wells Fargo

Ultra Short-Term Municipal Income Fund

Beginning on January 1, 2021, as permitted by new regulations adopted by the Securities and Exchange Commission, paper copies of the Wells Fargo Funds’ annual and semi-annual shareholder reports issued after this date will no longer be sent by mail, unless you specifically request paper copies of the reports. Instead, the reports will be made available on the Funds’ website, and you will be notified by mail each time a report is posted and provided with a website address to access the report.

If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from the Fund electronically at any time by contacting your financial intermediary (such as a broker-dealer or bank) or, if you are a direct investor, by calling 1-800-222-8222 or by enrolling at wellsfargo.com/advantagedelivery.

You may elect to receive all future reports in paper free of charge. If you invest through a financial intermediary, you can contact your financial intermediary to request that you continue to receive paper copies of your shareholder reports; if you invest directly with the Fund, you can call 1-800-222-8222. Your election to receive reports in paper will apply to all Wells Fargo Funds held in your account with your financial intermediary or, if you are a direct investor, to all Wells Fargo Funds that you hold.

Reduce clutter. Save trees.

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

Contents

Letter to shareholders	2
Performance highlights	4
Fund expenses	6
Portfolio of investments	7
Financial statements
Statement of assets and liabilities	31
Statement of operations	32
Statement of changes in net assets	33
Financial highlights	34
Notes to financial statements	39
Other information	44
Appendix A	48

The views expressed and any forward-looking statements are as of December 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.

INVESTMENT PRODUCTS: NOT FDIC INSURED  ◾  NO BANK GUARANTEE  ◾   MAY LOSE VALUE

2 Wells Fargo Ultra Short-Term Municipal Income Fund Letter to shareholders (unaudited)

Andrew Owen

President

Wells Fargo Funds

Global trade tensions escalated during the third quarter of 2018.

Dear Shareholder:

We are pleased to offer you this semi-annual report for the Wells Fargo Ultra Short-Term Municipal Income Fund for the six-month period that ended December 31, 2018. During the reporting period, the U.S. generated encouraging economic and business data that was offset by less positive and more inconsistent data from international markets. Investment returns were generally negative as geopolitical tensions and uncertainty tended to distract investors from more favorable underlying trends.

For the period, U.S. stocks, as measured by the S&P 500 Index,¹ fell 6.85% and international stocks, as measured by the MSCI ACWI ex USA Index (Net),² declined 10.84%. Based on the MSCI EM Index (Net),³ emerging market stocks lost 8.48%. For bond investors, the Bloomberg Barclays U.S. Aggregate Bond Index⁴ gained 1.65% while the Bloomberg Barclays Global Aggregate ex-USD Index⁵ fell 0.84%. The Bloomberg Barclays Municipal Bond Index⁶ gained 1.53% while the ICE BofAML U.S. High Yield Index⁷ declined 2.34%.

Global trade tensions prompted investor concerns.

Global trade tensions escalated during the third quarter of 2018. The U.S. imposed tariffs on a wide range of products manufactured overseas. Foreign governments retaliated with tariffs that punished U.S. commodity producers and product manufacturers. Investors wondered about next steps as divergence in global economic policies and growth prospects widened.

During the summer months, the U.S. economy strengthened. Revised second-quarter gross domestic product (GDP) growth data released in August showed the U.S. economy growing at a 4.2% rate. The unemployment rate in the U.S. was 3.7% by the end of September, according to the U.S. Department of Labor. Wages showed more consistent growth, and consumer confidence remained strong. Several U.S. equity market indices reached records during August, with the S&P 500 Index gaining 7.71% for the three-month period that ended September 30, 2018. In contrast, the MSCI ACWI ex USA Index (Net) gained 0.71% while the MSCI EM Index (Net) declined 1.09% during the same three-month period.

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.

Letter to shareholders (unaudited) Wells Fargo Ultra Short-Term Municipal Income Fund 3

Economic signals overseas were mixed as the third quarter ended and the fourth quarter began. In particular, signs of slowing economic growth in China created uncertainty for investors. Amid rising trade tensions, the People’s Bank of China cut reserve requirement ratios and accelerated infrastructure spending and tax cuts for business enterprises and individuals. Nevertheless, a strengthening U.S. dollar and trade tensions remained headwinds for investors overseas.

Equity markets were volatile during the fourth quarter.

Negative stock market performance during October and December bracketed a mildly positive November, as measured by the S&P 500 Index and the MSCI ACWI ex USA Index (Net). As interest rates and bond yields gained during October, stock markets struggled. Readings on consumer sentiment and business spending were mixed. Markets rebounded in November. The U.S. and China agreed to halt further increases in tariffs and engage in additional negotiations. While November returns were positive, the loss for the full fourth quarter was substantial for equity investors globally, with the S&P down 13.52% and the MSCI ACWI ex USA Index (Net) down 11.46%. December’s S&P 500 Index performance was the lowest since 1931. Globally, fixed income investments fared better than stocks during the last two months of the year as conflicting signals unsettled investors’ outlooks.

Equity investors confronted a number of changing conditions. In November’s mid-term elections, control of the U.S. House of Representatives shifted from Republicans to Democrats, presaging potential partisan disputes. Progress on Brexit negotiations stalled in the UK. In China, the value of the yuan declined to low levels last seen in 2008. Oil prices continued to fall. The Fed increased the federal funds rate by 25 bps to a target range of between 2.25% and 2.50% in December 2018. A late-December dispute over spending and immigration policy resulted in a partial U.S. government shutdown that continued through the end of the period.

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

Economic signals overseas were mixed as the third quarter ended and the fourth quarter began.

For further information about your Fund, contact your investment professional, visit our website atwellsfargofunds.com, or call us directly at1-800-222-8222.

4 Wells Fargo Ultra Short-Term Municipal Income Fund Performance highlights (unaudited)

Investment objective

The Fund seeks current income exempt from federal income tax, consistent with capital preservation.

Manager

Wells Fargo Funds Management, LLC

Subadviser

Wells Capital Management Incorporated

Portfolio managers

Wendy Casetta

Lyle J. Fitterer, CFA^®‡, CPA

Bruce R. Johns

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

		Including sales charge						Excluding sales charge						Expense ratios1 (%)
	Inception date	1 year		5 year		10 year		1 year		5 year		10 year		Gross		Net2
Class A (SMAVX)	10-2-2000		-0.88		0.03		0.93		1.14		0.43		1.14		0.77		0.67
Class C (WFUSX)	3-31-2008		-0.61		-0.31		0.37		0.39		-0.31		0.37		1.52		1.42
Class R63	7-31-2018		–		–		–		1.46		0.74		1.44		0.39		0.32
Administrator Class (WUSMX)4	7-30-2010		–		–		–		1.21		0.50		1.21		0.71		0.60
Institutional Class (SMAIX)	7-31-2000		–		–		–		1.44		0.73		1.44		0.44		0.37
Ultra Short-Term Municipal Blended Index5	–		–		–		–		1.55		0.64		0.73		–		–
Bloomberg Barclays 1-Year Municipal Bond Index6	–		–		–		–		1.74		0.83		1.20		–		–
iMoneyNet Tax-Free National Institutional Money Market Funds Average7	–		–		–		–		1.36		0.44		0.26		–		–

Figures quoted represent past performance, which is no guarantee of future results, and do not reflect taxes that a shareholder may pay on fund distributions or the redemption of fund shares. Investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Performance shown without sales charges would be lower if sales charges were reflected. Current performance may be lower or higher than the performance data quoted, which assumes the reinvestment of dividends and capital gains. Current month-end performance is available on the Fund’s website, wellsfargofunds.com.

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

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

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

Please see footnotes on page 5.

Performance highlights (unaudited) Wells Fargo Ultra Short-Term Municipal Income Fund 5

Effective maturity distribution as of December 31, 2018⁸

Credit quality as of December 31, 2018⁹

^‡  CFA^® and Chartered Financial Analyst^® are trademarks owned by CFA Institute.

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

³  Historical performance shown for Class R6 shares prior to their inception reflects the performance of the Institutional Class shares, and includes the higher expenses applicable to Institutional Class shares. If these expenses had not been included, returns for Class R6 shares would be higher.

⁴  Historical performance shown for Administrator Class shares prior to their inception reflects the performance of Institutional Class shares, adjusted to reflect the higher expenses applicable to Administrator Class shares.

⁵  Source: Wells Fargo Funds Management LLC. The Ultra Short-Term Municipal Blended Index is weighted 50% in the Bloomberg Barclays1-Year Municipal Bond Index and 50% in the iMoneyNet Tax-Free National Institutional Money Market Funds Average. You cannot invest directly in an index.

⁶  The Bloomberg Barclays 1-Year Municipal Bond Index is the one-year component of the Bloomberg Barclays Municipal Bond Index, which 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  iMoneyNet Tax-Free National Institutional Money Market Funds Average is the return of an unmanaged group of money market funds. You cannot invest directly in this average.

⁸  Amounts are calculated based on the total long-term investments of the Fund. These amounts are subject to change and may have changed since the date specified.

⁹  The credit quality distribution of portfolio holdings reflected in the chart is based on ratings from Standard & Poor’s, Moody’s Investors Service, and/ or Fitch Ratings Ltd. Credit quality ratings apply to the underlying holdings of the Fund and not to the Fund itself. The percentages of the Fund’s portfolio with the ratings depicted in the chart are calculated based on the total market value of fixed income securities held by the Fund. If a security was rated by all three rating agencies, the middle rating was utilized. If rated by two of three rating agencies, the lower rating was utilized, and if rated by one of the rating agencies, that rating was utilized. Standard & Poor’s rates the creditworthiness of bonds, ranging from AAA (highest) to D (lowest). Ratings from A to CCC may be modified by the addition of a plus (+) or minus (-) sign to show relative standing within the rating categories. Standard & Poor’s rates the creditworthiness of short-term notes from SP-1 (highest) to SP-3 (lowest). Moody’s rates the creditworthiness of bonds, ranging from Aaa (highest) to C (lowest). Ratings Aa to B may be modified by the addition of a number 1 (highest) to 3 (lowest) to show relative standing within the ratings categories. Moody’s rates the creditworthiness of short-term U.S. tax-exempt municipal securities from MIG 1/VMIG 1 (highest) to SG (lowest). Fitch rates the creditworthiness of bonds, ranging from AAA (highest) to D (lowest). Credit quality distribution is subject to change and may have changed since the date specified.

6 Wells Fargo Ultra Short-Term Municipal Income Fund Fund expenses (unaudited)

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

The example is based on an investment of $1,000 invested at the beginning of the six-month period and held for the entire period from July 1, 2018 to December 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 sales charges (loads) and contingent deferred sales charges. Therefore, the “Hypothetical” line of the table is useful in comparing ongoing costs only and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

	Beginning account value 7-1-2018		Ending account value 12-31-2018		Expenses paid during the period¹		Annualized net expense ratio
Class A
Actual	$	1,000.00	$	1,006.14	$	3.39		0.67	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.83	$	3.41		0.67	%
Class C
Actual	$	1,000.00	$	1,001.30	$	7.16		1.42	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,018.05	$	7.22		1.42	%
Class R6
Actual	$	1,000.00	$	1,007.88	$	1.62		0.32	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,023.59	$	1.63		0.32	%
Administrator Class
Actual	$	1,000.00	$	1,006.49	$	3.03		0.60	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,022.18	$	3.06		0.60	%
Institutional Class
Actual	$	1,000.00	$	1,007.66	$	1.87		0.37	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,023.34	$	1.89		0.37	%

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—December 31, 2018 (unaudited) Wells Fargo Ultra Short-Term Municipal Income Fund 7

Security name	Interest rate			Maturity date		Principal		Value
Municipal Obligations: 98.51%
Alabama: 2.62%
GO Revenue: 0.09%
Jefferson County AL Series A		4.90	%		4-1-2021	$	2,595,000	$	2,650,974
Health Revenue: 0.64%
Alabama Health Care Authority for Baptist Health Series B (AGC Insured) (m)		2.15			11-15-2037		5,225,000		5,225,000
Alabama Health Care Authority for Baptist Health Series B ø		2.44			11-1-2042		13,295,000		13,295,000
									18,520,000
Utilities Revenue: 1.89%
Alabama Black Belt Energy Gas District Series A (Royal Bank of Canada LIQ)		4.00			7-1-2046		18,635,000		19,214,176
Alabama Black Belt Energy Gas District Series A (Royal Bank of Canada LIQ)		4.00			8-1-2047		4,280,000		4,452,741
Chatom AL Industrial Development Board Alabama Electric Series A (National Rural Utilities Cooperative Finance SPA) ø		1.65			8-1-2037		6,820,000		6,818,295
Tender Option Bond Trust Receipts/Floater Certificates Series 2016-XM0184 (Morgan Stanley Bank LIQ) 144Aø		2.11			9-1-2046		24,555,000		24,555,000
									55,040,212
									76,211,186
Alaska: 0.07%
Health Revenue: 0.07%
Alaska IDA Loan Anticipation YKHC Project		3.50			12-1-2020		2,000,000		2,015,000
Arizona: 2.12%
Education Revenue: 0.09%
Phoenix AZ IDA BASIS Schools Incorporated Project Series A 144A		3.00			7-1-2020		1,535,000		1,520,617
Pima County AZ IDA Charter Schools Refunding Bond Project Series Q		4.00			7-1-2019		945,000		951,643
									2,472,260
GO Revenue: 0.10%
Maricopa County AZ Gilbert Unified School District #41 (Build America Mutual Assurance Company Insured)		3.00			7-1-2019		3,005,000		3,022,970
Health Revenue: 1.48%
Maricopa County AZ IDA Series A		5.00			1-1-2048		3,910,000		4,309,055
Scottsdale AZ IDA Healthcare Series F (AGM Insured) (m)		1.48			9-1-2045		38,575,000		38,575,000
									42,884,055
Industrial Development Revenue: 0.45%
Chandler AZ IDA Intel Corporation Project		2.70			12-1-2037		3,200,000		3,209,632
Phoenix AZ IDA Various Republic Services Incorporated Projects		2.15			12-1-2035		10,000,000		9,997,700
									13,207,332
									61,586,617

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

8 Wells Fargo Ultra Short-Term Municipal Income Fund Portfolio of investments—December 31, 2018 (unaudited)

Security name	Interest rate			Maturity date		Principal		Value
Arkansas: 0.26%
Housing Revenue: 0.26%
Arkansas Development Finance Authority Pine Bluff Conversion Project		1.69	%		11-1-2021	$	7,430,000	$	7,413,505
California: 8.79%
Airport Revenue: 1.72%
California Tender Option Bond Trust Receipts/Floater Certificates Series 2018-XF0712 (Bank of America NA LOC, Bank of America NA LIQ) 144Aø		1.83			5-1-2043		25,000,000		25,000,000
California Tender Option Bond Trust Receipts/Floater Certificates San Francisco & County Airport Commission (Morgan Stanley Bank LIQ) 144Aø		2.01			5-1-2048		10,000,000		10,000,000
California Tender Option Bond Trust Receipts/Floater Certificates Series 2018-XG0175 (Morgan Stanley Bank LIQ) 144Aø		1.91			5-1-2042		15,000,000		15,000,000
									50,000,000
GO Revenue: 1.55%
California Refunding Bond Series A (SIFMA Municipal Swap +0.25%) ±		1.96			5-1-2033		21,505,000		21,451,883
California Series B (SIFMA Municipal Swap +0.38%) ±		2.09			12-1-2027		6,730,000		6,728,519
California Series D (SIFMA Municipal Swap +0.29%) ±		2.00			12-1-2028		16,910,000		16,902,898
									45,083,300
Health Revenue: 3.43%
California Statewide CDA Health Facilities Catholic Series D (AGM Insured) (m)		2.01			7-1-2041		20,050,000		20,050,000
California Statewide CDA Health Facilities Catholic Series E (AGM Insured) (m)		2.10			7-1-2040		22,200,000		22,200,000
California Statewide CDA Health Facilities Catholic Series F (AGM Insured) (m)		2.04			7-1-2040		18,825,000		18,825,000
California Tender Option Bond Trust Receipts/Floater Certificates Series 2017-013 (Barclays Bank plc LOC, Barclays Bank plc LIQ) 144Aø		1.83			8-15-2051		8,710,000		8,710,000
California Tender Option Bond Trust Receipts/Floater Certificates Series 2018-XG0175 (Bank of America NA LIQ) 144Aø		1.84			3-1-2039		5,300,000		5,300,000
Palomar CA Pomerado Health Care District Certificate of Participation Series A (AGM Insured) (m)		2.59			11-1-2036		11,025,000		11,025,000
Palomar CA Pomerado Health Care District Certificate of Participation Series B (AGM Insured) (m)		2.59			11-1-2036		11,075,000		11,075,000
Palomar CA Pomerado Health Care District Certificate of Participation Series C (AGM Insured) (m)		2.58			11-1-2036		2,500,000		2,500,000
									99,685,000
Housing Revenue: 0.31%
California Development Authority for Westgate Pasadena Apartments LP Project Series B ø		2.14			4-1-2042		9,000,000		9,000,000
Miscellaneous Revenue: 1.06%
California Infrastructure & Economic Development Bank The J. Paul Getty Trust Series A-2 (3 Month LIBOR +0.37%) ±		2.29			4-1-2038		25,640,000		25,684,870
California Infrastructure & Economic Development Bank The J. Paul Getty Trust Series B2 (1 Month LIBOR +0.20%) ±		1.84			10-1-2047		5,000,000		4,991,750
									30,676,620
Transportation Revenue: 0.39%
California Tender Option Bond Trust Receipts/Floater Certificates Series 2017-BAML01 (Bank of America NA LIQ) 144Aø		1.76			4-1-2047		11,445,000		11,445,000

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

Portfolio of investments—December 31, 2018 (unaudited) Wells Fargo Ultra Short-Term Municipal Income Fund 9

Security name	Interest rate			Maturity date		Principal		Value
Water & Sewer Revenue: 0.33%
Tender Option Bond Trust Receipts for Semitropic CA Improvement District Water Storage Series A (JPMorgan Chase & Company LIQ) 144Aø		1.86	%		12-1-2019	$	9,595,000	$	9,595,000
									255,484,920
Colorado: 1.05%
Airport Revenue: 0.44%
Denver CO City & County Airport Subordinate Bond Series F-2 (AGC Insured) (m)		2.10			11-15-2025		2,700,000		2,700,000
Tender Option Bond Trust (Morgan Stanley Bank LIQ) 144Aø		2.01			12-1-2036		10,000,000		10,000,000
									12,700,000
Education Revenue: 0.10%
Colorado RBC Municipal Products Incorporated Trust Series 2018-E123 (Royal Bank of Canada LOC, Royal Bank of Canada LIQ) 144Aø		1.74			4-1-2020		3,000,000		3,000,000
Health Revenue: 0.37%
Colorado Health Facilities Authority Catholic Health Initiatives Series B-3		1.88			7-1-2039		360,000		358,610
Denver CO Health & Hospital Authority Refunding Bond Series A 144A		5.00			12-1-2019		1,355,000		1,388,889
Denver CO Health & Hospital Authority Refunding Bond Series A 144A		5.00			12-1-2020		1,175,000		1,235,089
University of Colorado Hospital Authority Series C-1		4.00			11-15-2047		7,775,000		7,868,766
									10,851,354
Housing Revenue: 0.04%
Colorado HFA Park Terrace Project (HUD Insured)		1.85			4-1-2020		1,250,000		1,246,500
Tax Revenue: 0.02%
Pueblo CO Urban Renewal Authority Regional Tourism Act Project		2.75			6-1-2020		545,000		543,872
Transportation Revenue: 0.08%
Colorado E-470 Public Highway Authority Series A (1 Month LIBOR +0.90%) ±		2.58			9-1-2039		2,150,000		2,151,269
									30,492,995
Connecticut: 1.31%
Education Revenue: 0.83%
Connecticut HEFAR Yale University Issue Series A		1.00			7-1-2042		11,730,000		11,681,672
Connecticut HEFAR Yale University Issue Series A		1.30			7-1-2048		9,395,000		9,329,799
Connecticut HEFAR Yale University Issue Series U-1		1.00			7-1-2033		1,100,000		1,099,175
Connecticut Higher Education Supplemental Loan Authority Chesla Loan Program Series B		4.00			11-15-2019		935,000		946,762
Connecticut Higher Education Supplemental Loan Authority Chesla Loan Program Series B		5.00			11-15-2021		545,000		579,340
Connecticut Higher Education Supplemental Loan Authority Chesla Loan Program Series B		5.00			11-15-2023		440,000		480,181
									24,116,929
GO Revenue: 0.26%
New Haven CT Series A		5.25			8-1-2019		575,000		584,838
New Haven CT TANS		3.00			4-3-2019		7,000,000		7,015,540
									7,600,378

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

10 Wells Fargo Ultra Short-Term Municipal Income Fund Portfolio of investments—December 31, 2018 (unaudited)

Security name	Interest rate			Maturity date		Principal		Value
Housing Revenue: 0.22%
Connecticut HFA Housing Mortgage Finance Program Series A		2.40	%		11-15-2020	$	980,000	$	984,273
Connecticut HFA Housing Mortgage Finance Program Series F		1.55			5-15-2020		800,000		791,544
Connecticut HFA Subordinate Bond Series E-3 (GNMA/FNMA/FHLMC Insured)		1.50			11-15-2047		4,580,000		4,518,353
									6,294,170
									38,011,477
Florida: 2.50%
Airport Revenue: 0.23%
Florida Tender Option Bond Trust Receipts/Certificates Series 2017-XF0577 (Royal Bank of Canada LIQ) 144Aø		1.91			10-1-2025		6,665,000		6,665,000
Education Revenue: 0.09%
University of North Florida Financing Corporation Housing Project (AGM Insured)		5.00			11-1-2019		2,510,000		2,568,307
GO Revenue: 0.28%
Saint Lucie County FL School Board		3.00			6-28-2019		8,000,000		8,044,560
Health Revenue: 0.45%
Escambia County FL HFA ACTS Retirement-Life Communities Incorporated Series B (AGC Insured, TD Bank NA SPA) ø		1.75			11-15-2029		1,475,000		1,475,000
Highlands County FL HFA Adventist Health System Series I5 ø		1.71			11-15-2035		2,350,000		2,350,000
Hillsborough County FL IDA University Community Hospital Series B		8.00			8-15-2032		3,830,000		4,011,504
Miami FL HFFA Miami Jewish Health Systems Incorporate Project		5.00			7-1-2020		390,000		403,981
Miami-Dade County FL Health Facilities Authority Miami Children’s Hospital Project Series A		5.25			8-1-2021		425,000		446,611
North Broward FL Hospital District Series B		5.00			1-1-2020		780,000		800,584
North Broward FL Hospital District Series B		5.00			1-1-2021		925,000		972,305
Palm Beach County FL Health Facilities Authority Lifespace Communities Series C		4.00			5-15-2019		610,000		612,397
Palm Beach County FL Health Facilities Authority Retirement Life Communities Project		4.00			11-15-2019		2,090,000		2,116,292
									13,188,674
Housing Revenue: 0.69%
Florida Housing Finance Corporation Series 1 (GNMA/FNMA/FHLMC Insured)		1.95			1-1-2021		1,620,000		1,619,676
Florida Housing Finance Corporation Series 1 (GNMA/FNMA/FHLMC Insured)		2.00			7-1-2021		1,415,000		1,416,033
Florida Housing Finance Corporation Series 1 (GNMA/FNMA/FHLMC Insured)		2.05			1-1-2022		1,055,000		1,056,530
Jacksonville FL HFA Desert-Silver LLC Project		2.25			12-1-2021		7,250,000		7,247,245
Miami-Dade County FL HFA St. John Plaza Apartments		1.78			8-1-2019		7,625,000		7,619,815
Pinellas County FL HFA		1.85			1-1-2022		1,120,000		1,116,931
									20,076,230
Miscellaneous Revenue: 0.34%
Pasco County FL School Board Certificate of Participation Series B (Ambac Insured) (m)		2.10			8-1-2030		9,825,000		9,825,000
Resource Recovery Revenue: 0.02%
Lee County FL Solid Waste System		5.00			10-1-2020		470,000		489,590

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

Portfolio of investments—December 31, 2018 (unaudited) Wells Fargo Ultra Short-Term Municipal Income Fund 11

Security name	Interest rate			Maturity date		Principal		Value
Transportation Revenue: 0.40%
Miami-Dade County FL Expressway Authority Toll System (Dexia Credit Local LOC, Dexia Credit Local LIQ) 144A		2.04	%		7-1-2026	$	11,775,000	$	11,775,000
									72,632,361
Georgia: 3.71%
Housing Revenue: 2.50%
Atlanta GA Urban Residential Finance Authority Bethel Towers I LP Apartments Project		2.07			7-1-2021		3,500,000		3,498,075
Augusta GA Housing Authority Richmond Villas Apartments Project		1.20			9-1-2019		5,470,000		5,460,974
Clayton County GA Housing Authority Renaissance at Garden Walk Apartments Project		2.30			6-1-2022		13,000,000		13,018,070
DeKalb County GA Housing Authority Sterling at Candler Village Project		1.75			1-1-2021		5,630,000		5,629,606
Douglas County GA Housing Authority Douglas Village Apartments Project		2.25			12-1-2021		9,500,000		9,508,740
East Point GA Housing Authority HSG-Hillcrest Senior Apartments Project (FHA Insured)		2.25			6-1-2022		15,000,000		14,999,850
Fulton County GA Housing Authority Residences Maggie Capitol Series A		2.00			3-1-2021		8,735,000		8,730,895
Macon-Bibb County GA Housing Authority Hallmark Portfolio		2.04			4-1-2021		11,765,000		11,759,118
									72,605,328
Industrial Development Revenue: 0.25%
Monroe County GA PCR Georgia Power Company Plant Scherer Project		2.35			10-1-2048		7,430,000		7,368,628
Utilities Revenue: 0.96%
Burke County GA Development Authority Georgia Power Company Plant Vogtle Project Fifth Series 1995		2.05			10-1-2032		1,350,000		1,316,696
Burke County GA Development Authority Georgia Power Company Plant Vogtle Project First Series 1996		2.35			10-1-2032		5,315,000		5,299,958
Burke County GA Development Authority Georgia Power Company Plant Vogtle Project First Series 2008		1.65			11-1-2048		1,755,000		1,696,013
Burke County GA Development Authority Georgia Power Company Plant Vogtle Project First Series 2012		1.85			12-1-2049		12,120,000		12,084,125
Maine Street National Gas Incorporated GA Series A		5.00			3-15-2019		5,000,000		5,029,200
Monroe County GA Development Authority Power Company Plant Scherer Project		2.05			7-1-2049		2,545,000		2,482,215
									27,908,207
									107,882,163
Hawaii: 0.69%
GO Revenue: 0.62%
Honolulu HI Rail Transit Project Series H (SIFMA Municipal Swap +0.31%) ±		2.02			9-1-2024		7,820,000		7,816,872
Honolulu HI Rail Transit Project Series H (SIFMA Municipal Swap +0.32%) ±		2.03			9-1-2025		7,035,000		7,032,256
Honolulu HI Rail Transit Project Series H (SIFMA Municipal Swap +0.32%) ±		2.03			9-1-2026		3,125,000		3,123,781
									17,972,909
Health Revenue: 0.07%
Hawaii Department of Budget & Finance Queens Health System Series B (SIFMA Municipal Swap +0.45%) ±		2.16			7-1-2039		2,180,000		2,180,000
									20,152,909

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

12 Wells Fargo Ultra Short-Term Municipal Income Fund Portfolio of investments—December 31, 2018 (unaudited)

Security name	Interest rate			Maturity date		Principal		Value
Idaho: 0.23%
Housing Revenue: 0.23%
Idaho Housing & Finance Association Series A (FNMA LOC) ø		1.89	%		1-1-2038	$	6,745,000	$	6,745,000
Illinois: 7.65%
Education Revenue: 0.52%
Illinois Tender Option Bond Trust Receipts/Floater Certificates Series 2018-XF1077 (Deutsche Bank LOC, Deutsche Bank LIQ) 144Aø		2.08			4-1-2058		15,000,000		15,000,000
GO Revenue: 1.99%
Chicago IL Neighborhoods Alive 21 Program Series B		5.00			1-1-2019		1,505,000		1,505,000
Chicago Il Park District Series F		5.50			1-1-2023		1,000,000		1,000,000
Chicago IL Refunding Bond Emergency System (AGM/FGIC Insured)		5.50			1-1-2019		2,345,000		2,345,000
Chicago IL Refunding Bond Project Series A		4.00			1-1-2019		980,000		980,000
Chicago IL Refunding Bond Project Series B		5.00			1-1-2019		2,505,000		2,505,000
Chicago IL Refunding Bond Project Series B		5.00			1-1-2020		2,575,000		2,621,015
Chicago IL Series A		4.00			1-1-2019		1,045,000		1,045,000
Chicago IL Series A		5.00			12-1-2019		780,000		793,120
Chicago IL Series C		5.00			1-1-2020		1,005,000		1,022,567
Chicago IL Series C		5.00			1-1-2021		1,565,000		1,615,941
Grundy, Kendall & Will Counties IL Community School District #201 (AGC Insured)		5.75			10-15-2019		420,000		421,340
Illinois		5.00			1-1-2020		6,315,000		6,445,910
Illinois		5.00			2-1-2020		2,375,000		2,427,226
Illinois		5.00			2-1-2021		3,115,000		3,225,489
Illinois		5.00			11-1-2021		5,380,000		5,624,736
Illinois		5.00			1-1-2022		5,915,000		6,180,584
JPMorgan Chase Putters/Drivers Trust Series 5021 (JPMorgan Chase & Company LOC, JPMorgan Chase & Company LIQ) 144Aø		1.78			3-29-2019		8,000,000		8,000,000
Lake County IL Water Sewerage System Grainger Incorporated Project (Northern Trust Company LIQ) ø		1.89			4-1-2021		1,500,000		1,500,000
Waukegan IL Series 2018B (AGM Insured)		3.00			12-30-2020		2,340,000		2,379,031
Waukegan IL Series 2018B (AGM Insured)		4.00			12-30-2021		800,000		840,048
Will County IL High School District 210 Lincoln-Way (AGM Insured)		5.00			1-1-2019		3,080,000		3,080,000
Winnebago, Boone & Ogle Counties IL Rockford Park District Series 2018B		2.31			12-15-2019		2,280,000		2,280,616
									57,837,623
Health Revenue: 1.27%
Illinois Finance Authority Presbyterian Homes Obligated Group Series A		4.00			5-1-2019		390,000		392,188
Illinois Finance Authority Presbyterian Homes Obligated Group Series A		4.00			11-1-2019		390,000		395,522
Illinois Finance Authority Presbyterian Homes Obligated Group Series B (1 Month LIBOR +1.35%) ±		2.99			5-1-2036		3,910,000		3,922,512
Illinois State Finance Authority Northwestern Memorial Hospital Series A-1 (JPMorgan Chase & Company SPA) ø		1.75			8-15-2042		32,100,000		32,100,000
									36,810,222
Housing Revenue: 0.36%
Chicago IL Multifamily Housing Mark Twain Apartments Project		2.20			6-1-2021		10,325,000		10,324,897

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

Portfolio of investments—December 31, 2018 (unaudited) Wells Fargo Ultra Short-Term Municipal Income Fund 13

Security name	Interest rate			Maturity date		Principal		Value
Miscellaneous Revenue: 0.72%
Illinois		5.00	%		8-1-2019	$	7,925,000	$	8,040,071
Illinois Refunding Bond		5.00			8-1-2022		2,290,000		2,409,240
Illinois Series 2014		5.00			5-1-2019		1,955,000		1,971,266
Illinois Series D		5.00			11-1-2021		7,820,000		8,175,732
Minooka IL Special Assessment Refunding & Improvement Bond (AGM Insured)		3.50			12-1-2019		433,000		436,871
									21,033,180
Tax Revenue: 2.72%
Chicago IL Refunding Bond		5.00			1-1-2019		625,000		625,000
Illinois		5.00			6-15-2019		2,385,000		2,413,954
Illinois Series A		5.00			6-1-2021		1,455,000		1,514,233
Illinois Tender Option Bond Trust Receipts/Floater Certificates Series 2018-XM0683 (Bank of America NA LIQ) 144Aø		1.88			1-1-2048		2,000,000		2,000,000
Illinois Tender Option Bond Trust Receipts/Floater Certificates Series 2017-XG0108 (Barclays Bank plc LOC, Barclays Bank plc LIQ) 144Aø		1.89			4-1-2046		18,725,000		18,725,000
Illinois Tender Option Bond Trust Receipts/Floater Certificates Series 2018-XM0713 (Morgan Stanley Bank LIQ) 144Aø		1.83			1-1-2043		17,000,000		17,000,000
Illinois Tender Option Bond Trust Receipts/Floater Certificates Series 2018-XF0603 (Royal Bank of Canada LIQ) 144Aø		1.86			1-1-2026		2,265,000		2,265,000
Metropolitan Pier & Exposition Authority McCormick Place Project Series B		5.00			12-15-2022		5,925,000		6,279,315
Regional Transportation Authority IL Series B-RMKT 1		1.92			6-1-2025		28,380,000		28,380,000
									79,202,502
Water & Sewer Revenue: 0.07%
Chicago IL Refunding Bond		5.00			11-1-2019		1,955,000		2,000,747
									222,209,171
Indiana: 1.74%
Education Revenue: 0.03%
Trustees of Purdue University Series AA		5.00			7-1-2027		895,000		984,554
GO Revenue: 0.15%
Hammond IN Local Public Improvement Bond Bank Series A %%		3.00			6-30-2019		4,460,000		4,468,206
Health Revenue: 1.03%
Indiana Finance Authority Parkview Health Project Prerefunded Bond		5.50			5-1-2024		4,495,000		4,548,041
Indiana Finance Authority Parkview Health System Obligated Group Series A %%		4.00			5-1-2019		1,910,000		1,918,920
Indiana HFFA Ascension Health Subordinate Bond Credit Group Series A-3		1.35			11-1-2027		655,000		645,457
Indiana HFFA Ascension Health Subordinate Bond Credit Group Series A-5		1.35			11-1-2027		6,590,000		6,493,984
Indiana HFFA Ascension Health Subordinate Bond Credit Group Series A-8		1.25			11-1-2027		945,000		932,942
Indiana HFFA Ascension Health Subordinate Bond Credit Group Series E-7		1.75			11-15-2033		11,870,000		11,870,000
Indiana HFFA Unrefunded-Ascension Health Subordinate Bond Credit Series A-9		1.38			10-1-2027		3,530,000		3,490,711
									29,900,055
Housing Revenue: 0.16%
Anderson IN EDA Cottages of Anderson Apartments Project		1.70			7-1-2019		1,290,000		1,290,000
Indiana Housing Authority Cass Plaza Apartments Project		1.85			3-1-2020		3,400,000		3,394,424
									4,684,424

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

14 Wells Fargo Ultra Short-Term Municipal Income Fund Portfolio of investments—December 31, 2018 (unaudited)

Security name	Interest rate			Maturity date		Principal		Value
Industrial Development Revenue: 0.11%
Jasper County IN Poll Control (National Insured)		5.85	%		4-1-2019	$	3,000,000	$	3,026,520
Resource Recovery Revenue: 0.14%
Whiting IN BP Products North America Incorporated Project (SIFMA Municipal Swap +0.75%) ±		2.46			12-1-2044		3,910,000		3,914,809
Utilities Revenue: 0.12%
Tender Option Bond Trust Receipts/Floater Certificates Series 2015-XF0115 (JPMorgan Chase & Company LIQ) 144Aø		1.98			10-15-2019		3,500,000		3,500,000
									50,478,568
Iowa: 1.60%
Health Revenue: 0.70%
Iowa Finance Authority UnityPoint Health Project Series B-1 (Union Bank NA LOC) ø		1.70			2-15-2039		16,150,000		16,150,000
Iowa Finance Authority Health Care Genesis Health System Obligated Group		5.00			7-1-2019		4,075,000		4,133,517
									20,283,517
Industrial Development Revenue: 0.90%
Iowa Finance Authority Midwestern Disaster Area Project (Korea Development Bank LOC) ø		2.07			4-1-2022		26,300,000		26,300,000
									46,583,517
Kansas: 0.42%
Health Revenue: 0.05%
Wichita KS HCFR Series I		3.75			5-15-2023		1,500,000		1,500,240
Tax Revenue: 0.16%
Kansas Department of Transportation Highway Libor Index Series B-5 (1 Month LIBOR +0.40%) ±		1.97			9-1-2019		4,690,000		4,695,300
Utilities Revenue: 0.21%
Burlington KS Environmental Impact Series A ø		2.00			9-1-2035		3,000,000		3,000,000
Burlington KS Environmental Impact Series B ø		2.00			9-1-2035		3,000,000		3,000,000
									6,000,000
									12,195,540
Kentucky: 1.05%
Health Revenue: 0.25%
Kentucky EDFA Catholic Health Initiative Series B1 (1 Month LIBOR +0.90%) ±		2.50			2-1-2046		5,470,000		5,471,586
Kentucky EDFA Owensboro Health Incorporated Series A		5.00			6-1-2020		890,000		917,759
Kentucky EDFA Owensboro Health Incorporated Series A		5.00			6-1-2021		825,000		866,819
									7,256,164
Housing Revenue: 0.12%
Kentucky Housing Corporation Parkway Manor Project		1.45			3-1-2020		3,655,000		3,652,186

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

Portfolio of investments—December 31, 2018 (unaudited) Wells Fargo Ultra Short-Term Municipal Income Fund 15

Security name	Interest rate			Maturity date		Principal		Value
Tax Revenue: 0.19%
Kentucky Tender Option Bond Trust Receipts/Floater Certificates Series 2018-XG0161 (AGM Insured, Bank of America NA LIQ) 144Aø		1.87	%		12-1-2041	$	5,460,000	$	5,460,000
Utilities Revenue: 0.49%
Louisville & Jefferson Counties KY Environmental Facilities Series A		1.25			6-1-2033		7,125,000		7,097,854
Louisville & Jefferson Counties KY Metro Government PCR Series A		2.20			2-1-2035		1,000,000		1,000,050
Louisville & Jefferson Counties KY Metro Government PCR Series B		2.55			11-1-2027		6,000,000		6,024,300
									14,122,204
									30,490,554
Louisiana: 0.78%
Airport Revenue: 0.19%
Louisiana Offshore Terminal Authority Deepwater Loop LLC Project Series B-1A		2.00			10-1-2040		2,935,000		2,901,453
New Orleans LA Aviation Board Series D-1		5.00			1-1-2019		470,000		470,000
New Orleans LA Aviation Board Series D-1		5.00			1-1-2020		780,000		803,860
New Orleans LA Aviation Board Series D-2		5.00			1-1-2019		780,000		780,000
New Orleans LA Aviation Board Series D-2		5.00			1-1-2021		590,000		621,471
									5,576,784
Health Revenue: 0.35%
Louisiana Tender Option Bond Trust Receipts/Floater Certificates Series 2018-BAML7002 (Bank of America NA LOC, Bank of America NA LIQ) 144Aø		1.76			9-1-2057		10,000,000		10,000,000
Housing Revenue: 0.10%
Louisiana Housing Corporation Pine Trace Homes I Project		2.40			5-1-2021		3,000,000		3,011,670
Industrial Development Revenue: 0.02%
St. James Parish LA Nucor Steel LLC Project Gulf Opportunity Zone Series A-1 ø		2.00			11-1-2040		550,000		550,000
Miscellaneous Revenue: 0.12%
Louisiana PFFA Department of Public Safety Project		4.00			8-1-2019		3,375,000		3,415,095
									22,553,549
Maine: 0.41%
Resource Recovery Revenue: 0.41%
Old Town ME Georgia-Pacific Corporation Project 144Aø		1.93			12-1-2024		11,930,000		11,930,000
Maryland: 2.13%
Housing Revenue: 1.97%
Maryland CDA Belnor Senior Residences Series D		1.83			6-1-2019		5,240,000		5,218,935
Maryland CDA Department of Housing & Community Multifamily Development Orchard Park Series F		2.52			8-1-2020		6,000,000		5,985,180
Maryland CDA Department of Housing & Community Multifamily Development The Ellerslie Series C		2.00			2-1-2019		4,690,000		4,688,405
Maryland CDA Department of Housing & Community Multifamily Development Zions Towers Series A (FHA Insured)		2.44			3-1-2020		6,000,000		5,984,880
Maryland Community Development Administration Heritage Crossing II Series G		2.93			11-1-2020		7,600,000		7,632,148

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

16 Wells Fargo Ultra Short-Term Municipal Income Fund Portfolio of investments—December 31, 2018 (unaudited)

Security name	Interest rate			Maturity date		Principal		Value
Housing Revenue(continued)
Maryland Community Development Administration Village at Lakeview Series 2018C 144A		2.76	%		5-1-2020	$	17,700,000	$	17,720,355
Maryland Community Development Administration Willow Manor at Fairland Series I		2.93			11-1-2020		10,000,000		10,042,300
									57,272,203
Water & Sewer Revenue: 0.16%
Baltimore MD Series A (National Insured)		5.65			7-1-2020		4,560,000		4,731,365
									62,003,568
Massachusetts: 1.75%
Health Revenue: 0.20%
Massachusetts HEFA Partners Healthcare Series G-2 (AGM Insured) (m)		2.10			7-1-2042		5,910,000		5,910,000
Housing Revenue: 0.56%
Massachusetts HFA Conduit-Oaks Woods Project		2.40			6-1-2021		4,660,000		4,674,120
Massachusetts HFA Highland Glen Project Series A		1.22			8-1-2019		10,280,000		10,273,729
Massachusetts HFA Series 187 (FNMA Insured)		1.50			12-1-2047		1,210,000		1,200,078
									16,147,927
Miscellaneous Revenue: 0.99%
Commonwealth of Massachusetts Series A (SIFMA Municipal Swap +0.47%) ±		2.18			2-1-2019		3,185,000		3,185,191
Massachusetts Series B		4.00			5-23-2019		25,360,000		25,582,154
									28,767,345
									50,825,272
Michigan: 1.93%
Education Revenue: 1.30%
RBC Municipal Products Incorporated Trust Series E-127 (Royal Bank of Canada LOC, Royal Bank of Canada LIQ) 144Aø		1.74			7-1-2020		17,000,000		17,000,000
University of Michigan SIFMA Series E (SIFMA Municipal Swap +0.27%) ±		1.96			4-1-2033		20,940,000		20,892,257
									37,892,257
GO Revenue: 0.07%
Charlotte MI Public School District (Qualified School Board Loan Fund Insured)		5.00			5-1-2019		1,185,000		1,197,300
Rockford MI Public School District (Qualified School Board Loan Fund Insured)		5.00			5-1-2019		780,000		788,096
									1,985,396
Health Revenue: 0.16%
Michigan Hospital Finance Authority Ascension Health Group Project Series A-2		1.50			11-1-2027		1,210,000		1,198,493
Michigan Hospital Finance Authority Ascension Health Group Project Series E-1		1.10			11-15-2046		3,325,000		3,304,119
									4,502,612

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

Portfolio of investments—December 31, 2018 (unaudited) Wells Fargo Ultra Short-Term Municipal Income Fund 17

Security name	Interest rate			Maturity date		Principal		Value
Housing Revenue: 0.40%
Michigan Housing Development Authority Newman Court Apartments Project (FHA Insured)		1.46	%		11-1-2019	$	7,740,000	$	7,719,257
Michigan Housing Development Authority Series A		2.30			10-1-2021		4,000,000		4,004,040
									11,723,297
									56,103,562
Minnesota: 1.08%
Health Revenue: 0.26%
Apple Valley MN Senior Living LLC Project Series B		3.00			1-1-2019		505,000		505,000
Apple Valley MN Senior Living LLC Project Series B		3.00			1-1-2020		525,000		525,819
Apple Valley MN Senior Living LLC Project Series B		4.00			1-1-2021		545,000		555,153
Apple Valley MN Senior Living LLC Project Series B		4.00			1-1-2022		565,000		577,645
Kanabec County MN Firstlight Health Kanabec Hospital		2.75			12-1-2019		3,125,000		3,124,688
Minneapolis & St. Paul MN Housing & RDA Allina Health Systems Series B-2 (JPMorgan Chase & Company LOC) ø		1.75			11-15-2035		500,000		500,000
Minnesota HCFR Maple Grove Hospital Corporation		4.00			5-1-2020		390,000		399,282
Minnesota HCFR Maple Grove Hospital Corporation		4.00			5-1-2021		390,000		405,655
Minnesota HCFR Maple Grove Hospital Corporation		4.00			5-1-2022		390,000		411,115
Minnesota HCFR Maple Grove Hospital Corporation		5.00			5-1-2023		390,000		431,773
									7,436,130
Housing Revenue: 0.12%
Minneapolis & St. Paul MN Housing & RDA Union Flats Apartments Project Series B		2.75			2-1-2022		3,520,000		3,469,066
Miscellaneous Revenue: 0.70%
Minneapolis & St. Paul MN Housing & RDA Children’s Hospital Clinics Series A (AGM Insured, U.S. Bank NA SPA)		1.65			8-15-2037		12,275,000		12,275,000
Minneapolis & St. Paul MN Housing & RDA Children’s Hospital Clinics Series A (AGM Insured, U.S. Bank NA SPA) ø		1.65			8-15-2037		8,100,000		8,100,000
									20,375,000
									31,280,196
Mississippi: 0.38%
Housing Revenue: 0.38%
Mississippi Home Corporation Jackson Housing Authority Project (HUD Insured)		2.21			2-1-2022		11,000,000		11,011,770
Missouri: 0.65%
Airport Revenue: 0.29%
St. Louis MO Series 004 (Dexia Credit Local LOC, AGM Insured, Dexia Credit Local LIQ) 144Aø		1.94			7-1-2026		8,550,000		8,550,000
Health Revenue: 0.02%
Cape Girardeau County MO IDA South Eastern Health Series A		5.00			3-1-2019		480,000		481,963
Housing Revenue: 0.26%
Kansas City MO IDA Gothan Apartments Project		1.81			2-1-2021		7,500,000		7,493,550

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

18 Wells Fargo Ultra Short-Term Municipal Income Fund Portfolio of investments—December 31, 2018 (unaudited)

Security name	Interest rate			Maturity date		Principal		Value
Miscellaneous Revenue: 0.08%
Bridgeton MO IDA Mestek Machinery Incorporated (Santander Bank NA LOC) ø		2.35	%		7-1-2030	$	2,425,000	$	2,425,000
									18,950,513
Montana: 0.31%
Miscellaneous Revenue: 0.31%
Montana Board of Investments Intercap Revolving Program		1.65			3-1-2032		8,905,000		8,899,123
Nebraska: 0.32%
Housing Revenue: 0.28%
Douglas Country NE Housing Authority Sorensen Senior Residences Project Series A		2.05			3-1-2020		4,000,000		3,995,840
Nebraska Investment Finance Authority Series D (GNMA/FNMA/FHLMC Insured)		3.30			9-1-2020		1,345,000		1,367,435
Nebraska Investment Finance Authority Series D (GNMA/FNMA/FHLMC Insured)		3.65			3-1-2021		1,265,000		1,299,699
Nebraska Investment Finance Authority Series D (GNMA/FNMA/FHLMC Insured)		3.65			9-1-2021		1,390,000		1,435,953
									8,098,927
Utilities Revenue: 0.04%
Nebraska Central Plains Energy Project Refunding Bond (Royal Bank of Canada SPA)		5.00			8-1-2039		1,130,000		1,157,742
									9,256,669
Nevada: 0.34%
GO Revenue: 0.32%
Clark County Refunding Bond Series C		5.00			6-15-2020		3,325,000		3,471,699
Clark County Refunding Bond Series D		5.00			6-15-2020		810,000		845,737
Tender Option Bond Trust Receipts/Certificates Nevada Water District (JPMorgan Chase & Company LIQ) 144Aø		1.89			6-1-2020		5,000,000		5,000,000
									9,317,436
Utilities Revenue: 0.02%
Washoe County NV Sierra Pacific Power Company Project Series A		1.50			8-1-2031		665,000		662,739
									9,980,175
New Jersey: 4.81%
Education Revenue: 0.07%
New Jersey Higher Education Assistance Authority Series B		5.00			12-1-2021		2,000,000		2,137,180
GO Revenue: 0.81%
Lyndhurst Township NJ BAN		2.75			9-12-2019		9,000,000		9,048,690
New Providence NJ BAN		3.00			10-30-2019		5,400,000		5,441,796
Sea Isle City NJ		3.50			9-12-2019		9,015,000		9,111,370
									23,601,856
Health Revenue: 0.77%
New Jersey HFFA St. Joseph’s Healthcare System Group		4.00			7-1-2019		935,000		941,891
New Jersey HFFA St. Joseph’s Healthcare System Group		4.00			7-1-2020		1,540,000		1,572,309
New Jersey HFFA St. Joseph’s Healthcare System Group		5.00			7-1-2021		780,000		824,733
Tender Option Bond Trust Receipts/Floater Certificates Series 2016-XG0047 (AGC Insured, Deutsche Bank LIQ) 144Aø		1.81			7-1-2038		18,906,373		18,906,373
									22,245,306

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

Portfolio of investments—December 31, 2018 (unaudited) Wells Fargo Ultra Short-Term Municipal Income Fund 19

Security name	Interest rate			Maturity date		Principal		Value
Housing Revenue: 0.77%
New Jersey Housing & Mortgage Finance Agency Camden Townhouses Project Series F		1.35	%		2-1-2020	$	2,265,000	$	2,263,935
New Jersey Housing & Mortgage Finance Agency Series A		1.50			11-1-2019		470,000		468,228
New Jersey Housing & Mortgage Finance Agency Series A		1.75			11-1-2020		6,455,000		6,426,146
New Jersey Housing & Mortgage Finance Agency Series E		2.05			5-1-2019		370,000		369,907
New Jersey Housing & Mortgage Finance Agency Series E		2.15			11-1-2019		520,000		519,740
New Jersey Housing & Mortgage Finance Agency Series E		2.20			5-1-2020		1,200,000		1,199,364
New Jersey Housing & Mortgage Finance Agency Series E		2.30			11-1-2020		1,040,000		1,039,615
New Jersey Housing & Mortgage Finance Agency Villa Victoria Apartments Project Series F		2.43			11-1-2021		10,000,000		10,040,800
									22,327,735
Miscellaneous Revenue: 1.56%
New Jersey Building Authority Unrefunded Bond Series A		5.00			6-15-2019		515,000		521,391
New Jersey EDA School Facilities Construction Notes Series BBB		5.00			6-15-2021		3,910,000		4,132,244
New Jersey EDA School Facilities Construction Notes Series DDD		5.00			6-15-2022		780,000		838,172
New Jersey EDA School Facilities Construction Notes Series PP		5.00			6-15-2019		9,940,000		10,063,355
New Jersey EDA School Facilities Construction Notes Series XX		5.00			6-15-2019		11,730,000		11,875,569
New Jersey EDA Transportation Project Series B		5.00			11-1-2019		3,910,000		3,996,607
New Jersey EDA Transportation Project Series B		5.00			11-1-2020		7,820,000		8,185,507
New Jersey EDA Unrefunded Bond Series NN		5.00			3-1-2020		895,000		922,190
New Jersey TTFA Series A		5.00			12-15-2019		3,445,000		3,530,884
New Jersey TTFA Series AA		5.00			6-15-2020		1,250,000		1,296,937
									45,362,856
Transportation Revenue: 0.83%
New Jersey TTFA Series A-1		5.00			6-15-2019		3,720,000		3,767,653
New Jersey Turnpike Authority Series C-5 (1 Month LIBOR +0.46%) ±		2.10			1-1-2028		20,330,000		20,330,000
									24,097,653
									139,772,586
New Mexico: 0.73%
Housing Revenue: 0.04%
New Mexico Mortgage Finance Authority South Shiprock Homes Project		1.35			6-1-2020		1,095,000		1,091,551
Utilities Revenue: 0.69%
Farmington NM Public Service Company of New Mexico San Juan Project Series A		5.20			6-1-2040		780,000		805,155
New Mexico Municipal Energy Acquisition Authority Gas Supply Subordinate Bond Series B (1 Month LIBOR +0.75%) (Royal Bank of Canada SPA) ±		2.32			11-1-2039		19,430,000		19,433,303
									20,238,458
									21,330,009
New York: 11.66%
GO Revenue: 5.63%
Binghamton NY Various Purpose BAN Series B		3.00			4-19-2019		12,825,156		12,864,144
Hempstead NY Union Free School District		2.75			6-27-2019		4,150,000		4,158,964
New York NY Adjusted Fiscal 2008 Subordinate Bond Series A-3 (AGM Insured) (m)		2.04			8-1-2026		2,925,000		2,925,000
New York NY Adjusted Fiscal 2008 Subordinate Bond Series A-4 (AGM Insured) (m)		2.00			8-1-2026		15,075,000		15,075,000

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

20 Wells Fargo Ultra Short-Term Municipal Income Fund Portfolio of investments—December 31, 2018 (unaudited)

Security name	Interest rate			Maturity date		Principal		Value
GO Revenue(continued)
New York NY Adjusted Fiscal 2008 Subordinate Bond Series C-4 (AGC Insured) (m)		2.04	%		10-1-2027	$	50,650,000	$	50,650,000
New York NY Fiscal Series 2013F-3 (Bank of America NA SPA) ø		1.68			3-1-2042		3,000,000		3,000,000
New York NY Series I (State Street Bank & Trust Company SPA) ø		1.73			4-1-2036		4,100,000		4,100,000
New York NY Series J Subordinate Bond Series J-2 (AGM Insured) (m)		1.95			6-1-2036		12,875,000		12,875,000
New York NY Series J Subordinate Bond Series J-3 (AGM Insured) (m)		2.04			6-1-2036		26,500,000		26,500,000
New York NY Subordinate Bond Series C-4 (AGM Insured) (m)		2.04			1-1-2032		800,000		800,000
Oyster Bay NY		2.00			2-15-2019		4,260,000		4,257,146
Rome NY Series C		2.75			5-31-2019		5,269,600		5,284,197
Suffolk County NY Public Improvement Serial Bonds Series B (Build America Mutual Assurance Company Insured)		2.00			10-15-2019		685,000		685,897
Suffolk County NY RAN Series 2018		2.00			3-21-2019		7,250,000		7,249,855
Suffolk County NY TRAN		5.00			7-24-2019		8,500,000		8,625,630
Yonkers NY Series A		3.50			5-15-2019		4,500,000		4,519,935
									163,570,768
Health Revenue: 0.07%
New York Dormitory Authority Orange Regional Medical Center 144A		4.00			12-1-2019		1,200,000		1,216,740
New York Dormitory Authority Orange Regional Medical Center 144A		4.00			12-1-2020		800,000		822,544
									2,039,284
Housing Revenue: 1.37%
East Rochester NY Housing Authority Home Good Shepherd Project Series A (Royal Bank of Scotland LOC) ø		1.86			12-1-2036		2,480,000		2,480,000
Ilion NY Housing Authority John Guy Prindle Apartments Project		2.00			7-1-2020		2,545,000		2,545,000
New York City NY Housing Development Corporation Bond Series A		1.15			11-1-2019		5,000,000		4,950,250
New York Mortgage Agency Homeowner Revenue Series 183		2.30			10-1-2019		2,535,000		2,537,560
New York Mortgage Agency Homeowner Revenue Series 183		3.50			4-1-2022		1,200,000		1,236,000
New York NY Housing Development Corporation Series G		1.50			11-1-2048		3,655,000		3,654,306
New York NY Housing Development Corporation Series G-2		2.00			11-1-2057		7,970,000		7,926,324
New York NY Housing Development Corporation Series I-2-B		1.85			5-1-2021		12,550,000		12,537,450
New York ST Mortgage Agency Homeowner AMT Series 170		2.70			4-1-2019		1,820,000		1,820,000
									39,686,890
Industrial Development Revenue: 0.78%
New York Energy R&D Authority PCR Keyspan Generation Series A (Ambac Insured) (m)		2.64			10-1-2028		900,000		900,000
New York Transportation Development Corporation Series 2018		5.00			1-1-2022		2,000,000		2,140,400
New York Transportation Development Corporation Series 2018		5.00			1-1-2023		18,000,000		19,550,520
									22,590,920
Miscellaneous Revenue: 0.69%
BB&T Municipal Trust Class A (SIFMA Municipal Swap +0.40%) (Rabobank LOC) 144A±		2.11			5-31-2019		3,649,354		3,649,354
BB&T Municipal Trust Class B (SIFMA Municipal Swap +0.55%) (Rabobank LOC) 144A±		2.26			11-30-2019		4,000,000		4,000,000
Greater Southern Tier NY Board of Cooperative Educational Services District		3.25			6-28-2019		12,500,000		12,559,125
									20,208,479
Tax Revenue: 0.45%
New York NY Transitional Finance Authority (SIFMA Municipal Swap +0.80%) ±		2.51			11-1-2022		13,100,000		13,212,791

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

Portfolio of investments—December 31, 2018 (unaudited) Wells Fargo Ultra Short-Term Municipal Income Fund 21

Security name	Interest rate			Maturity date		Principal		Value
Transportation Revenue: 2.09%
New York Metropolitan Transportation Authority Series B (1 Month LIBOR +0.55%) ±		2.12	%		11-1-2041	$	6,255,000	$	6,221,849
New York Metropolitan Transportation Authority Subordinate Bond Series A-3 (SIFMA Municipal Swap +0.50%) ±		2.21			11-15-2042		7,820,000		7,818,592
New York Metropolitan Transportation Authority Subordinate Bond Series D-2 (SIFMA Municipal Swap +0.45%) ±		2.16			11-15-2044		18,460,000		18,320,627
New York Metropolitan Transportation Authority Subordinate Bond Series G-1F (1 Month LIBOR +0.65%) ±		2.22			11-1-2026		28,270,000		28,270,000
									60,631,068
Water & Sewer Revenue: 0.58%
RBC Municipal Products Incorporated Trust Series 2018 (Royal Bank of Canada LOC, Royal Bank of Canada LIQ) 144A		1.74			11-15-2022		17,000,000		17,000,000
									338,940,200
North Carolina: 3.35%
Health Revenue: 1.21%
Charlotte Mecklenburg NC Hospital Authority Carolinas Healthcare Systems Series H (JPMorgan Chase & Company SPA) ø		1.70			1-15-2048		18,800,000		18,800,000
North Carolina Medical Care Commission FirstHealth of the Carolinas Series A (Branch Banking & Trust SPA) ø		1.73			10-1-2028		16,240,000		16,240,000
									35,040,000
Housing Revenue: 1.19%
Charlotte NC Housing Authority West Tyvola Seniors LLC		2.23			12-1-2021		6,000,000		6,001,080
Durham NC Housing Authority Morreene Road Apartments Project		1.85			1-1-2021		3,125,000		3,118,875
Gastonia NC Housing Authority Cameron Courts & Weldon Heights Apartments		1.78			11-1-2020		8,215,000		8,194,134
Gastonia NC Housing Authority Linwood Terrace Apartments		1.78			11-1-2020		3,910,000		3,900,069
Gastonia NC Housing Authority Mountain View Apartments		1.78			11-1-2020		3,715,000		3,705,564
Raleigh NC Housing Authority Sir Walter Apartments Project Series A		2.15			7-1-2021		9,600,000		9,600,000
									34,519,722
Resource Recovery Revenue: 0.31%
North Carolina Capital Finance Republic Services Incorporated Project Series 2013		1.40			6-1-2038		9,000,000		8,998,200
Tax Revenue: 0.64%
Montgomery County NC BAN		3.00			9-1-2020		18,500,000		18,706,645
									97,264,567
North Dakota: 0.10%
Housing Revenue: 0.10%
North Dakota HFA Community Homes (HUD Insured)		2.13			8-1-2020		3,000,000		3,000,450
Ohio: 1.94%
GO Revenue: 0.68%
East Clinton OH Local School District BAN		2.80			12-3-2019		2,000,000		2,009,940
Fairborn OH		2.75			9-6-2019		2,795,000		2,809,562
Firelands OH Local School District BAN		3.00			8-22-2019		2,460,000		2,474,096

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

22 Wells Fargo Ultra Short-Term Municipal Income Fund Portfolio of investments—December 31, 2018 (unaudited)

Security name	Interest rate			Maturity date		Principal		Value
GO Revenue(continued)
Mahoning County OH		3.00	%		9-19-2019	$	5,245,000	$	5,286,750
Newark OH BAN Church Street Area Improvement Series 2018		3.00			4-17-2019		1,125,000		1,127,599
Newark OH BAN		3.50			4-25-2019		5,000,000		5,020,200
Newark OH BAN Street Sidewalk & Parking Lot Improvement		3.00			8-13-2019		1,120,000		1,125,006
									19,853,153
Health Revenue: 0.51%
Allen County OH Mercy Health Hospital Series A		5.00			8-1-2021		2,795,000		2,981,343
Ohio Tender Option Bond Trust Receipts/Floater Certificates Series 2018-BAML5002 (Bank of America NA LOC, National Insured, Bank of America NA LIQ) 144Aø		1.76			4-1-2026		11,925,000		11,925,000
									14,906,343
Housing Revenue: 0.07%
Franklin County OH Sawyer & Trevitt Project		1.30			6-1-2020		2,125,000		2,119,263
Miscellaneous Revenue: 0.09%
Orange Village OH Recreational Trail Special Assessment		3.00			8-29-2019		2,500,000		2,514,600
Tax Revenue: 0.22%
Lakewood OH Income Tax Revenue		2.50			3-28-2019		6,500,000		6,508,775
Utilities Revenue: 0.26%
Lancaster OH Port Authority (1 Month LIBOR +0.72%) (Royal Bank of Canada SPA) ±		2.29			5-1-2038		7,520,000		7,520,752
Water & Sewer Revenue: 0.11%
Ohio Water Development Authority Series B (SIFMA Municipal Swap +0.22%) ±		1.93			12-1-2020		3,090,000		3,074,581
									56,497,467
Oklahoma: 0.31%
GO Revenue: 0.14%
Oklahoma County OK Independent School District		1.75			7-1-2019		870,000		866,964
Oklahoma County OK Independent School District		1.75			7-1-2020		950,000		938,334
Oklahoma Independent School District #52 Series A		2.50			1-1-2020		2,375,000		2,388,039
									4,193,337
Miscellaneous Revenue: 0.13%
Oklahoma Metro Technology Centers School District No. 22		1.90			6-28-2019		3,725,000		3,721,201
Tax Revenue: 0.04%
Cleveland County OK Detention Facilities Project		3.00			3-1-2019		1,175,000		1,177,174
									9,091,712
Oregon: 0.69%
Industrial Development Revenue: 0.69%
Oregon Business Development Commission Intel Corporation Project Series 232		2.40			12-1-2040		20,000,000		20,086,800

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

Portfolio of investments—December 31, 2018 (unaudited) Wells Fargo Ultra Short-Term Municipal Income Fund 23

Security name	Interest rate			Maturity date		Principal		Value
Other: 0.08%
Miscellaneous Revenue: 0.08%
Branch Banking & Trust Municipal Investment Trust Various States Class C (SIFMA Municipal Swap +1.05%) (Rabobank LOC) 144A±		2.76	%		12-31-2019	$	2,409,765	$	2,409,813
Pennsylvania: 5.31%
Education Revenue: 1.41%
Chester County PA HEFA Immaculata University Project		4.00			11-1-2019		510,000		511,586
Chester County PA HEFA Immaculata University Project		5.00			11-1-2020		550,000		562,105
Chester County PA HEFA Immaculata University Project		5.00			11-1-2021		580,000		597,522
Cumberland County PA Authority Association of Independent Colleges & Universities of Pennsylvania Financing Program Series T-1 ø		2.00			5-1-2044		1,200,000		1,187,580
Lycoming County PA Authority Association of Independent Colleges & Universities of Pennsylvania Financing Program		1.85			11-1-2035		1,565,000		1,565,000
Pennsylvania HEFA Association of Independent Colleges & Universities of Pennsylvania Financing Program Series T-3 ø		2.25			5-1-2033		3,745,000		3,756,684
Pennsylvania HEFA Independent Colleges Series I4		2.72			11-1-2031		3,000,000		3,000,660
Pennsylvania HEFA Thomas Jefferson University Series B ø		2.01			9-1-2045		9,440,000		9,440,000
Pennsylvania HEFA Wilkes University Project Series A		4.00			3-1-2020		575,000		583,539
Pennsylvania HEFA Wilkes University Project Series A		5.00			3-1-2021		390,000		407,605
Philadelphia PA IDA Thomas Jefferson University Series B ø		2.01			9-1-2050		19,210,000		19,210,000
									40,822,281
GO Revenue: 0.76%
Allentown PA School District TRAN Series 2018		2.20			1-2-2019		3,250,000		3,250,000
Pennsylvania		5.00			1-15-2020		12,845,000		13,251,801
Philadelphia PA School District Series D		5.00			9-1-2019		980,000		998,208
Philadelphia PA School District Series F		5.00			9-1-2019		780,000		794,492
Scranton PA 144A		5.00			9-1-2019		1,640,000		1,663,518
Scranton PA School District Series A		5.00			6-1-2019		390,000		393,997
Scranton PA School District Series A		5.00			6-1-2020		500,000		517,005
Scranton PA School District Series B		5.00			6-1-2020		420,000		434,284
Warwick PA School District		4.00			2-15-2019		805,000		807,093
									22,110,398
Health Revenue: 0.55%
Montgomery County PA Higher Education & Health Authority Presbytery Homes Incorporated Project		2.00			12-1-2019		575,000		571,906
Montgomery County PA Higher Education & Health Authority Presbytery Homes Incorporated Project		2.00			12-1-2020		505,000		497,526
Montgomery County PA Higher Education & Health Authority Presbytery Homes Incorporated Project		3.00			12-1-2021		560,000		559,989
Montgomery County PA Higher Education & Health Authority Series 2018A		5.00			9-1-2022		1,250,000		1,371,513
Montgomery County PA Higher Education & Health Authority Series 2018D ø		2.01			9-1-2050		9,000,000		9,000,000
Philadelphia PA Hospital & Higher Education Facilities Authority		5.00			7-1-2019		780,000		789,017
Philadelphia PA Hospital & Higher Education Facilities Authority		5.00			7-1-2020		780,000		805,756
Quakertown PA Health Facilities Authority Series A		3.13			7-1-2021		2,545,000		2,498,554
									16,094,261

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

24 Wells Fargo Ultra Short-Term Municipal Income Fund Portfolio of investments—December 31, 2018 (unaudited)

Security name	Interest rate			Maturity date		Principal		Value
Housing Revenue: 0.55%
Indiana County PA IDA Residential Revival Indiana Student Housing Project at University of Pennsylvania Series A		1.55	%		4-1-2019	$	7,820,000	$	7,809,990
Pennsylvania HFA Series 114A		2.90			10-1-2021		3,000,000		3,031,560
Pennsylvania Housing Finance Agency Sharpsburg Towers Series B		2.40			12-1-2021		2,500,000		2,507,875
Pittsburgh PA Housing Authority East Liberty Phase II Apartments		1.40			10-1-2021		2,735,000		2,719,110
									16,068,535
Industrial Development Revenue: 0.26%
Beaver County PA IDA Pollution Control FirstEnergy Generation Project Series B		4.25			10-1-2047		3,910,000		3,792,700
Montgomery County PA IDA Peco Energy Company Project Series A		2.60			3-1-2034		3,910,000		3,894,790
									7,687,490
Miscellaneous Revenue: 0.52%
Bethlehem PA School District Revenue (1 Month LIBOR +0.48%) ±		2.23			7-1-2031		9,995,000		9,968,113
Pennsylvania Public School Building Authority Series A (AGM Insured, Citibank NA LIQ) 144Aø		1.86			12-1-2023		5,000,000		5,000,000
									14,968,113
Resource Recovery Revenue: 0.69%
Pennsylvania EDFA Solid Waste Disposal Republic Services Incorporated Project		2.05			6-1-2044		20,000,000		20,000,000
Water & Sewer Revenue: 0.57%
North Pennsylvania Water Authority (1 Month LIBOR +0.41%) ±		1.98			11-1-2019		780,000		779,594
North Pennsylvania Water Authority (1 Month LIBOR +0.50%) ±		2.07			11-1-2024		3,910,000		3,910,469
Pittsburgh PA Water & Sewer Authority Series C (1 Month LIBOR +0.64%) (AGM Insured) ±		2.33			9-1-2040		11,730,000		11,733,050
									16,423,113
									154,174,191
Rhode Island: 0.10%
Education Revenue: 0.02%
Rhode Island Student Loan Authority AMT Program Senior Series A		5.00			12-1-2019		590,000		603,623
Housing Revenue: 0.08%
Rhode Island Housing & Mortgage Finance Corporation Series 4-A		1.85			4-1-2056		2,155,000		2,154,634
									2,758,257
South Carolina: 0.71%
Health Revenue: 0.45%
South Carolina Jobs Economics Development Authority Residential Facilities Revenue Refunding Bond Episcopal Home Still Hopes Series A		5.00			4-1-2019		225,000		226,094
South Carolina Jobs Economics Development Authority Residential Facilities Revenue Refunding Bond Episcopal Home Still Hopes Series A		5.00			4-1-2021		425,000		441,422
South Carolina Jobs Economics Development Authority Residential Facilities Revenue Refunding Bond Episcopal Home Still Hopes Series A		5.00			4-1-2022		455,000		478,451
South Carolina Jobs EDA Prisma Health Obligated Group Series C ø		2.03			5-1-2048		12,000,000		12,000,000
									13,145,967

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

Portfolio of investments—December 31, 2018 (unaudited) Wells Fargo Ultra Short-Term Municipal Income Fund 25

Security name	Interest rate			Maturity date		Principal		Value
Housing Revenue: 0.26%
South Carolina Housing Finance & Development Authority Lorick Place Apartments Project		2.43	%		11-1-2021	$	7,500,000	$	7,530,600
									20,676,567
Tennessee: 0.54%
Health Revenue: 0.05%
Greeneville TN HEFA Board Series 2018A		5.00			7-1-2022		1,280,000		1,393,600
Housing Revenue: 0.49%
Memphis TN Health Educational & Housing Facility Board Keystone Landing & Pendleton Place Apartments		2.03			8-1-2021		8,000,000		7,986,400
Murfreesboro TN Housing Authority Westbrook Towers II LP Project		2.13			9-1-2021		5,000,000		4,988,200
Nashville & Davidson County TN HEFA Twelfth & Wedgewood Apartments Project (HUD Insured)		1.80			12-1-2020		1,175,000		1,173,308
									14,147,908
									15,541,508
Texas: 14.97%
Airport Revenue: 0.08%
Houston TX Airport System Revenue Series A		5.00			7-1-2019		1,000,000		1,014,830
Houston TX Airport System Revenue Series B		5.00			7-1-2019		1,250,000		1,269,162
									2,283,992
Education Revenue: 0.51%
Alamo TX Community College District		3.00			11-1-2046		3,200,000		3,222,144
University of Texas Board of Regents Series C		5.00			8-15-2020		3,910,000		4,110,348
University of Texas Board of Regents Series C		5.00			8-15-2021		6,980,000		7,535,259
									14,867,751
GO Revenue: 7.87%
Burleson TX Independent School District		2.50			2-1-2047		7,885,000		7,938,776
Cypress-Fairbanks TX Independent School District Series A-1		2.13			2-15-2027		5,000,000		4,985,400
Cypress-Fairbanks TX Independent School District Series A-2		2.50			2-15-2036		13,295,000		13,335,417
Cypress-Fairbanks TX Independent School District Series A-3		3.00			2-15-2043		2,470,000		2,506,433
Cypress-Fairbanks TX Independent School District Series B-2		2.13			2-15-2040		7,015,000		7,006,933
Dallas TX Refunding Bond		5.00			2-15-2019		4,800,000		4,817,904
Denton TX Independent School District Unlimited Tax School Building Bond Series 2013		2.00			8-1-2043		1,980,000		1,977,842
Fort Bend TX Independent School District Series A		1.75			8-1-2040		12,000,000		11,982,840
Fort Bend TX Independent School District Series B		1.35			8-1-2040		1,520,000		1,514,346
Galveston TX Dickinson Independent High School District		1.35			8-1-2037		3,585,000		3,571,664
Goose Creek TX Independent School District Series B		1.18			2-15-2035		7,820,000		7,780,822
Grapevine-Colleyville TX Independent School District Series B		2.00			8-1-2036		6,645,000		6,662,476
Harlandale TX Independent School District		3.00			8-15-2045		8,775,000		8,877,404
Harris County TX Cypress-Fairbanks Independent High School Series 2014B-2		1.40			2-15-2040		4,070,000		4,026,695
Harris County TX Cypress-Fairbanks Independent High School Series 2014B-3		1.40			2-15-2044		8,405,000		8,315,571
Houston TX Independent School District		1.45			6-1-2029		16,305,000		16,158,255
Houston TX Independent School District Series 2014A-1B		2.20			6-1-2039		9,000,000		9,012,330

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

26 Wells Fargo Ultra Short-Term Municipal Income Fund Portfolio of investments—December 31, 2018 (unaudited)

Security name	Interest rate			Maturity date		Principal		Value
GO Revenue(continued)
Houston TX Independent School District Series A2		3.00	%		6-1-2039	$	6,000,000	$	6,022,860
North East TX Independent School District Series B		1.42			8-1-2040		1,090,000		1,069,072
Northside TX Independent School Building Project District Series A		2.00			6-1-2039		20,615,000		20,620,566
Northside TX Independent School District Building Project		2.00			8-1-2044		2,820,000		2,819,972
Northside TX Independent School District Building Project		2.00			6-1-2046		2,135,000		2,123,514
Northside TX Independent School District Building Project		2.13			8-1-2040		1,425,000		1,425,442
Sherman TX Independent School District Series B		3.00			8-1-2048		14,000,000		14,200,900
Spring Branch TX Independent School District		3.00			6-15-2041		14,095,000		14,163,361
Texas Anticipation Notes Series 2018		4.00			8-29-2019		40,000,000		40,572,400
Texas Northside Independent School District		1.45			6-1-2047		3,825,000		3,793,214
Williamson County TX		1.85			8-15-2034		1,340,000		1,337,695
									228,620,104
Health Revenue: 1.07%
Coastal Bend TX Health Facilities Development Corporation (AGM Insured) (m)		2.00			7-1-2031		13,600,000		13,600,000
Harris County TX Health Facilities Development Corporation Series A3 (AGM Insured) (m)		2.00			7-1-2031		16,375,000		16,375,000
Tarrant County TX Cultural Education Facilities Finance Corporation Edgemere Project Refunding Bond Series A		4.00			11-15-2019		400,000		402,940
Tarrant County TX Cultural Education Facilities Finance Corporation Edgemere Project Series B		4.00			11-15-2019		705,000		710,182
									31,088,122
Housing Revenue: 2.15%
Alamito TX Public Facilities Corporation Multifamily Housing Series 2018		2.25			6-1-2021		16,300,000		16,317,930
Alamito TX Public Facilities Corporation Cramer Three Apartments Project		2.50			11-1-2021		2,000,000		2,014,420
Capital Area Housing Finance Corporation TX Hills Leander Apartments		2.05			8-1-2021		7,000,000		6,993,490
Del Rio TX Housing Facility Corporation		1.35			6-1-2021		1,955,000		1,950,992
New Hope TX Cultural Education Facilities Finance Corporation Student Housing Project Series A		3.25			8-1-2019		12,295,000		12,272,623
Southeast Texas Housing Finance Corporation Bayshore Towers Apartments (HUD Insured)		2.20			1-1-2022		8,025,000		8,029,654
Texas Affordable Housing Corporation Palladium Glenn Heights Apartments		1.90			12-1-2020		935,000		933,654
Texas Department of Housing & Community Affairs Multifamily Housing		1.80			12-1-2020		1,955,000		1,949,018
Texas Department of Housing & Community Affairs Multifamily Housing		2.20			5-1-2021		8,500,000		8,503,230
Texas Department of Housing & Community Affairs Multifamily Housing Series 2018 (FHA Insured)		2.23			5-1-2021		3,500,000		3,496,780
									62,461,791
Industrial Development Revenue: 0.35%
Matagorda County TX Navigation District Central Power & Light Company Project		1.75			5-1-2030		5,280,000		5,207,453
Port of Port Arthur TX Navigation District Emerald Renewable Diesel LLC Project 144A		2.40			6-1-2049		5,000,000		5,000,000
									10,207,453
Resource Recovery Revenue: 1.24%
Harris County TX Industrial Development Corporation Solid Waste Disposal Series 2006		5.00			2-1-2023		13,500,000		13,884,750
Port Arthur TX Navigation District Jefferson County Environmental Facilities Motiva Enterprises LLC Project Series A ø		2.05			4-1-2040		2,555,000		2,555,000

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

Portfolio of investments—December 31, 2018 (unaudited) Wells Fargo Ultra Short-Term Municipal Income Fund 27

Security name	Interest rate			Maturity date		Principal		Value
Resource Recovery Revenue(continued)
Port Arthur TX Navigation District Jefferson County Environmental Facilities Motiva Enterprises LLC Project Series C ø		2.05	%		4-1-2040	$	2,500,000	$	2,500,000
Port Arthur TX Navigation District Jefferson County Environmental Facilities Motiva Enterprises LLC Project Subordinate Bond Series D ø		2.10			11-1-2040		7,000,000		7,000,000
Port Arthur TX Navigation District Jefferson County Environmental Facilities Motiva Enterprises LLC Project Subordinate Bond Series E ø		2.03			11-1-2040		10,000,000		10,000,000
									35,939,750
Transportation Revenue: 0.64%
Texas Tender Option Bond Trust Receipts/Floater Certificates Series 2015-XM0085 (Barclays Bank plc LIQ) 144Aø		1.91			7-1-2021		17,500,000		17,500,000
Texas Tollway Authority Series C		1.95			1-1-2038		1,200,000		1,200,000
									18,700,000
Utilities Revenue: 0.92%
San Antonio TX Electric & Gas Systems Refunding Bond Series B		2.00			2-1-2033		11,265,000		11,170,261
San Antonio TX Series A		2.25			2-1-2033		15,640,000		15,675,034
									26,845,295
Water & Sewer Revenue: 0.14%
Houston TX Combined Utility System Revenue Series C (1 Month LIBOR +0.36%) ±		2.11			5-15-2034		4,000,000		3,976,120
									434,990,378
Virginia: 2.66%
Housing Revenue: 1.31%
Colonial Heights VA EDA Colonial Ridge Apartments Series A		1.80			1-1-2020		7,820,000		7,809,678
Fairfax County VA Redevelopment & Housing Authority Murraygate Village Apartment Project		2.26			2-1-2021		12,500,000		12,507,625
Fairfax County VA Redevelopment & Housing Authority Parkwood Project		2.21			2-1-2021		5,500,000		5,503,355
Newport News VA Redevelopment & Housing Authority Soundview Townhouses		2.05			8-1-2021		2,690,000		2,688,332
Prince William County VA IDA Glen Arbor Apartments Project Series A		1.35			7-1-2019		8,215,000		8,215,000
Prince William County VA IDA Glen Arbor Apartments Project Series B		1.30			7-1-2019		1,250,000		1,250,000
									37,973,990
Utilities Revenue: 0.94%
Chesapeake VA EDA Electric & Power Company Series 2008A		1.75			2-1-2032		23,460,000		23,421,760
Halifax County VA IDA		2.15			12-1-2041		2,000,000		1,994,780
Wise County IDA Waste & Sewage Disposal Revenue		1.88			11-1-2040		2,000,000		1,987,980
									27,404,520
Water & Sewer Revenue: 0.41%
Virginia Tender Option Bond Trust Receipts/Floater Certificates Series 2018-XS0003 144Aø		2.09			11-1-2024		11,985,000		11,985,000
									77,363,510

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

28 Wells Fargo Ultra Short-Term Municipal Income Fund Portfolio of investments—December 31, 2018 (unaudited)

Security name	Interest rate			Maturity date		Principal		Value
Washington: 2.07%
Health Revenue: 0.68%
Grays Harbor County WA Public Hospital District #1		3.00	%		8-1-2019	$	5,965,000	$	5,953,368
Washington HCFR Central Washington Health Service Association		7.00			7-1-2039		2,345,000		2,403,695
Washington HCFR Series XF2035 (Morgan Stanley Bank LIQ) 144Aø		2.11			10-1-2036		11,280,000		11,280,000
									19,637,063
Housing Revenue: 0.21%
Washington Housing Finance Commission SAG Portfolio Project		2.55			7-1-2022		6,250,000		6,260,500
Tax Revenue: 0.76%
Central Puget Sound WA Regional Transit Authority Series 2015-S Class 2A (SIFMA Municipal Swap +0.30%) ±		2.01			11-1-2045		22,150,000		22,144,019
Utilities Revenue: 0.42%
Seattle WA Municipal Light & Power Refunding Bond Series B2 (SIFMA Municipal Swap +0.29%) ±		2.00			5-1-2045		10,000,000		9,996,100
Seattle WA Municipal Light & Power Series C1 (SIFMA Municipal Swap +0.25%) ±		1.96			11-1-2021		1,055,000		1,053,185
Seattle WA Municipal Light & Power Series C2 (SIFMA Municipal Swap +0.25%) ±		1.96			11-1-2021		1,055,000		1,053,185
									12,102,470
									60,144,052
West Virginia: 0.20%
Utilities Revenue: 0.20%
West Virginia EDA Solid Waste Disposal Facilities Appalachian Power Company Series A		1.70			1-1-2041		3,520,000		3,449,142
West Virginia EDA Solid Waste Disposal Facilities Appalachian Power Company Series A		1.90			3-1-2040		2,485,000		2,482,590
									5,931,732
Wisconsin: 2.34%
Education Revenue: 0.07%
Wisconsin PFA Gardner Webb University 144A		5.00			7-1-2021		1,360,000		1,398,162
Wisconsin PFA Guilford College		5.00			1-1-2020		490,000		499,045
									1,897,207
GO Revenue: 0.10%
Dane County WI AMT Promissory Notes Apartment Project Series D		2.50			6-1-2022		445,000		446,135
Dane County WI AMT Promissory Notes Apartment Project Series D		2.63			6-1-2023		980,000		983,067
Dane County WI AMT Promissory Notes Apartment Project Series D		3.50			6-1-2020		600,000		613,380
Dane County WI AMT Promissory Notes Apartment Project Series D		3.50			6-1-2021		735,000		758,711
									2,801,293
Health Revenue: 0.84%
Wisconsin HEFA Advocate Aurora Health Credit Group Series C3 (SIFMA Municipal Swap +0.55%) ±		2.26			8-15-2054		20,065,000		19,989,154
Wisconsin HEFA Ascension Senior Credit Group Series B-5		1.38			11-15-2038		1,220,000		1,211,131
Wisconsin HEFA Tomah Memorial Hospital Series A		2.65			11-1-2020		3,125,000		3,119,969
									24,320,254

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

Portfolio of investments—December 31, 2018 (unaudited) Wells Fargo Ultra Short-Term Municipal Income Fund 29

Security name	Interest rate			Maturity date		Principal		Value
Housing Revenue: 0.20%
Wisconsin Housing & Economic Development Authority Series A		1.95	%		11-1-2047	$	4,865,000	$	4,852,886
Wisconsin Housing & Economic Development Authority Series A		2.80			3-1-2022		1,070,000		1,079,352
									5,932,238
Miscellaneous Revenue: 0.10%
Shawano County WI BAN		3.00			9-1-2019		3,000,000		3,011,040
Resource Recovery Revenue: 0.96%
Wisconsin PFA Series A-2		2.15			10-1-2025		28,000,000		27,993,560
Tax Revenue: 0.07%
Oconto Falls WI Public School District		3.00			10-1-2019		2,150,000		2,163,911
									68,119,503
Wyoming: 0.05%
Utilities Revenue: 0.05%
Converse County WY Pollution Control PacifiCorp Projects ø		1.85			12-1-2020		1,485,000		1,485,000
Total Municipal Obligations (Cost $2,865,240,887)									2,862,958,182
Other: 1.37%
Nuveen California AMT-Free Quality Municipal Income Fund Preferred Shares Series A 144Aøø§		2.01			10-1-2047		15,600,000		15,600,000
Nuveen New York Quality Municipal Income Fund Institutional MuniFund Term Preferred Shares 144Aøø§		2.01			5-1-2047		24,200,000		24,200,000
Total Other (Cost $39,800,000)									39,800,000
	Yield					Shares
Short-Term Investments: 0.69%
Investment Companies: 0.69%
Wells Fargo Municipal Cash Management Money Market Fund Institutional Class (l)(u) ##		1.65					19,890,349		19,898,305
Total Short-Term Investments (Cost $19,898,305)									19,898,305

Total investments in securities (Cost $2,924,939,192)	100.57	%		2,922,656,487
Other assets and liabilities, net	(0.57	)		(16,512,141	)
Total net assets	100.00	%	$	2,906,144,346

(m) The security is an auction-rate security which has an interest rate that resets at predetermined short-term intervals through a Dutch auction. The rate shown is the rate in effect at period end.

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.

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

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

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.

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

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

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

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

30 Wells Fargo Ultra Short-Term Municipal Income Fund Portfolio of investments—December 31, 2018 (unaudited)

Abbreviations:

AGC Assured Guaranty Corporation

AGM Assured Guaranty Municipal

Ambac Ambac Financial Group Incorporated

AMT Alternative minimum tax

BAN Bond anticipation notes

CDA Community Development Authority

DRIVER Derivative inverse tax-exempt receipts

EDA Economic Development Authority

EDFA Economic Development Finance Authority

FGIC Financial Guaranty Insurance Corporation

FHA Federal Housing Administration

FHLMC Federal Home Loan Mortgage Corporation

FNMA Federal National Mortgage Association

GNMA Government National Mortgage Association

GO General obligation

HCFR Healthcare facilities revenue

HEFA Health & Educational Facilities Authority

HEFAR Higher Education Facilities Authority Revenue

HFA Housing Finance Authority

HFFA Health Facilities Financing Authority

HUD Department of Housing and Urban Development

IDA Industrial Development Authority

LIBOR London Interbank Offered Rate

LIQ Liquidity agreement

LOC Letter of credit

National National Public Finance Guarantee Corporation

PCR Pollution control revenue

PFA Public Finance Authority

PFFA Public Facilities Financing Authority

PUTTER Puttable tax-exempt receipts

RAN Revenue anticipation notes

R&D Research & development

RDA Redevelopment Authority

SIFMA Securities Industry and Financial Markets Association

SPA Standby purchase agreement

TRAN Tax revenue anticipation notes

TTFA Transportation Trust Fund Authority

Investments in Affiliates

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

	Shares, beginning of period		Shares purchased		Shares sold		Shares, end of period		Net realized gains (losses)			Net change in unrealized gains (losses)		Income from affiliated securities		Value, end of period		% of net assets
Short-Term Investments
Investment Companies
Wells Fargo Municipal Cash Management Money Market Fund Institutional Class		48,291,197		612,993,052		641,393,900		19,890,349	$	(44,463	)	$	0	$	180,381	$	19,898,305		0.69	%

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

Statement of assets and liabilities—December 31, 2018 (unaudited) Wells Fargo Ultra Short-Term Municipal Income Fund 31

Assets
Investments in unaffiliated securities, at value (cost $2,905,040,887)	$	2,902,758,182
Investments in affiliated securities, at value (cost $19,898,305)		19,898,305
Receivable for Fund shares sold		12,601,192
Receivable for interest		14,831,561
Receivable for investments sold		2,746,734
Total assets		2,952,835,974
Liabilities
Payable for investments purchased		20,994,611
Due to custodian bank		12,549,488
Payable for Fund shares redeemed		10,082,659
Dividends payable		1,438,478
Management fee payable		634,543
Administration fees payable		199,057
Distribution fee payable		11,773
Trustees’ fees and expenses payable		1,389
Accrued expenses and other liabilities		779,630
Total liabilities		46,691,628
Total net assets	$	2,906,144,346
NET ASSETS CONSIST OF
Paid-in capital	$	2,935,481,052
Total distributable loss		(29,336,706	)
Total net assets	$	2,906,144,346
COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE PER SHARE
Net assets – Class A	$	548,288,659
Shares outstanding – Class A1		57,311,878
Net asset value per share – Class A		$9.57
Maximum offering price per share – Class A2		$9.77
Net assets – Class C	$	18,781,662
Shares outstanding – Class C1		1,999,639
Net asset value per share – Class C		$9.39
Net assets – Class R6	$	958,817,308
Shares outstanding – Class R61		100,231,556
Net asset value per share – Class R6		$9.57
Net assets – Administrator Class	$	38,010,191
Shares outstanding – Administrator Class1		3,972,651
Net asset value per share – Administrator Class		$9.57
Net assets – Institutional Class	$	1,342,246,526
Shares outstanding – Institutional Class1		140,261,977
Net asset value per share – Institutional Class		$9.57

¹  The Fund has an unlimited number of authorized shares.

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

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

32 Wells Fargo Ultra Short-Term Municipal Income Fund Statement of operations—six months ended December 31, 2018 (unaudited)

Investment income
Interest	$	26,315,326
Income from affiliated securities		180,381
Total investment income		26,495,707
Expenses
Management fee		4,701,478
Administration fees
Class A		514,229
Class C		13,456
Class R6		32,852	1
Administrator Class		21,713
Institutional Class		757,446
Shareholder servicing fees
Class A		803,484
Class C		21,025
Administrator Class		53,939
Distribution fee
Class C		63,075
Custody and accounting fees		98,088
Professional fees		29,492
Registration fees		66,410
Shareholder report expenses		88,423
Trustees’ fees and expenses		11,293
Other fees and expenses		50,511
Total expenses		7,326,914
Less: Fee waivers and/or expense reimbursements		(1,070,270	)
Net expenses		6,256,644
Net investment income		20,239,063
REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS
Net realized losses on:
Unaffiliated securities		(419,435	)
Affiliated securities		(44,463	)
Net realized losses on investments		(463,898	)
Net change in unrealized gains (losses) on investments		(705,599	)
Net realized and unrealized gains (losses) on investments		(1,169,497	)
Net increase in net assets resulting from operations	$	19,069,566

¹  For the period from July 31, 2018 (commencement of class operations) to December 31, 2018

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

Statement of changes in net assets Wells Fargo Ultra Short-Term Municipal Income Fund 33

	Six months ended December 31, 2018 (unaudited)						Year ended June 30, 2018¹
Operations
Net investment income				$	20,239,063					$	45,974,475
Net realized losses on investments					(463,898	)					(18,767,051	)
Net change in unrealized gains (losses) on investments					(705,599	)					15,359,294
Net increase in net assets resulting from operations					19,069,566						42,566,718
Distributions to shareholders from net investment income and net realized gains
Class A					(3,877,107	)					(7,085,882	)
Class C					(39,629	)					(29,395	)
Class R6					(1,881,789	)2					N/A
Administrator Class					(275,625	)					(10,119,588	)
Institutional Class					(14,187,468	)					(28,738,290	)
Total distributions to shareholders					(20,261,618	)					(45,973,155	)
Capital share transactions		Shares						Shares
Proceeds from shares sold
Class A		3,468,622			33,164,195			20,676,172			197,898,705
Class C		387,374			3,635,092			46,196			434,035
Class R6		114,182,842	2		1,090,851,294	2		N/A			N/A
Administrator Class		474,380			4,538,092			180,310,370			1,725,053,645
Institutional Class		89,306,379			854,223,311			236,575,489			2,265,282,906
					1,986,411,984						4,188,669,291
Reinvestment of distributions
Class A		386,812			3,699,154			714,776			6,840,532
Class C		3,536			33,203			2,611			24,514
Class R6		2,374	2		22,715	2		N/A			N/A
Administrator Class		27,885			266,724			1,054,198			10,092,519
Institutional Class		909,655			8,700,545			1,693,421			16,209,226
					12,722,341						33,166,791
Payment for shares redeemed
Class A		(19,956,041	)		(190,768,621	)		(49,417,914	)		(473,112,170	)
Class C		(216,969	)		(2,036,606	)		(738,395	)		(6,941,123	)
Class R6		(13,953,660	)2		(133,397,144	)2		N/A			N/A
Administrator Class		(2,145,289	)		(20,523,021	)		(379,152,798	)		(3,626,561,750	)
Institutional Class		(173,662,606	)		(1,659,739,340	)		(297,934,058	)		(2,852,291,197	)
					(2,006,464,732	)					(6,958,906,240	)
Net decrease in net assets resulting from capital share transactions					(7,330,407	)					(2,737,070,158	)
Total decrease in net assets					(8,522,459	)					(2,740,476,595	)
Net assets
Beginning of period					2,914,666,805						5,655,143,400
End of period				$	2,906,144,346					$	2,914,666,805

¹  Effective for all filings after November 4, 2018, the SEC prospectively eliminated the requirement to parenthetically disclose undistributed net investment income at the end of the period and permitted the aggregation of distributions, with the exception of tax basis returns of capital. Overdistributed net investment income at June 30, 2018 was $484,384. The disaggregated distributions information for the year ended June 30, 2018 is included in Note 7,Distributions to Shareholders,in the notes to the financial statements.

²  For the period from July 31, 2018 (commencement of class operations) to December 31, 2018

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

34 Wells Fargo Ultra Short-Term Municipal Income Fund Financial highlights

(For a share outstanding throughout each period)

	Six months ended December 31, 2018 (unaudited)			Year ended June 30
CLASS A				2018			2017			2016			20151			20141
Net asset value, beginning of period		$9.57			$9.57			$9.63			$9.61			$9.64			$9.64
Net investment income		0.06			0.08			0.06			0.04			0.02			0.04
Net realized and unrealized gains (losses) on investments		0.00	2		0.00	2		(0.06	)		0.02			(0.03	)		0.00	2
Total from investment operations		0.06			0.08			0.00			0.06			(0.01	)		0.04
Distributions to shareholders from
Net investment income		(0.06	)		(0.08	)		(0.06	)		(0.04	)		(0.02	)		(0.04	)
Net realized gains		0.00			0.00			(0.00	)2		(0.00	)2		(0.00	)2		(0.00	)2
Total distributions to shareholders		(0.06	)		(0.08	)		(0.06	)		(0.04	)		(0.02	)		(0.04	)
Net asset value, end of period		$9.57			$9.57			$9.57			$9.63			$9.61			$9.64
Total return3		0.61	%		0.88	%		(0.04	)%		0.61	%		(0.07	)%		0.35	%
Ratios to average net assets (annualized)
Gross expenses		0.77	%		0.77	%		0.75	%		0.75	%		0.75	%		0.75	%
Net expenses		0.67	%		0.67	%		0.67	%		0.67	%		0.67	%		0.67	%
Net investment income		1.20	%		0.86	%		0.57	%		0.38	%		0.23	%		0.34	%
Supplemental data
Portfolio turnover rate		28	%		50	%		56	%		41	%		44	%		51	%
Net assets, end of period (000s omitted)		$548,289			$702,570			$971,189			$1,209,818			$961,485			$1,582,112

¹  A one-for-two share split took place after the close of business on June 12, 2015 for all classes of the Fund. The per share information has been adjusted to give effect to this transaction.

²  Amount is less than $0.005.

³  Total return calculations do not include any sales charges. Returns for periods of less than one year are not annualized.

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

Financial highlights Wells Fargo Ultra Short-Term Municipal Income Fund 35

(For a share outstanding throughout each period)

	Six months ended December 31, 2018 (unaudited)			Year ended June 30
CLASS C				2018			2017			2016			20151			20141
Net asset value, beginning of period		$9.40			$9.40			$9.47			$9.49			$9.58			$9.62
Net investment income (loss)		0.02	2		0.01	2		(0.02	)2		(0.04	)2		(0.11	)		(0.04	)2
Net realized and unrealized gains (losses) on investments		(0.01	)		0.00	3		(0.05	)		0.02			0.02			0.00	3
Total from investment operations		0.01			0.01			(0.07	)		(0.02	)		(0.09	)		(0.04	)
Distributions to shareholders from
Net investment income		(0.02	)		(0.01	)		(0.00	)3		0.00			0.00			0.00
Net realized gains		0.00			0.00			(0.00	)3		(0.00	)3		(0.00	)3		(0.00	)3
Total distributions to shareholders		(0.02	)		(0.01	)		(0.00	)3		(0.00	)3		(0.00	)3		(0.00	)3
Net asset value, end of period		$9.39			$9.40			$9.40			$9.47			$9.49			$9.58
Total return4		0.13	%		0.16	%		(0.73	)%		(0.19	)%		(0.93	)%		(0.40	)%
Ratios to average net assets (annualized)
Gross expenses		1.52	%		1.52	%		1.50	%		1.50	%		1.50	%		1.50	%
Net expenses		1.42	%		1.42	%		1.42	%		1.42	%		1.42	%		1.42	%
Net investment income (loss)		0.47	%		0.11	%		(0.18	)%		(0.37	)%		(0.52	)%		(0.41	)%
Supplemental data
Portfolio turnover rate		28	%		50	%		56	%		41	%		44	%		51	%
Net assets, end of period (000s omitted)		$18,782			$17,154			$23,650			$31,837			$42,289			$59,352

¹  A one-for-two share split took place after the close of business on June 12, 2015 for all classes of the Fund. The per share information has been adjusted to give effect to this transaction.

²  Calculated based upon average shares outstanding

³  Amount is less than $0.005.

⁴  Total return calculations do not include any sales charges. Returns for periods of less than one year are not annualized.

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

36 Wells Fargo Ultra Short-Term Municipal Income Fund Financial highlights

(For a share outstanding throughout the period)

CLASS R6	Period ended December 31, 2018¹ (unaudited)
Net asset value, beginning of period		$9.58
Net investment income		0.07	2
Net realized and unrealized gains (losses) on investments		(0.01	)
Total from investment operations		0.06
Distributions to shareholders from
Net investment income		(0.07	)
Net asset value, end of period		$9.57
Total return3		0.57	%
Ratios to average net assets (annualized)
Gross expenses		0.39	%
Net expenses		0.32	%
Net investment income		1.71	%
Supplemental data
Portfolio turnover rate		28	%
Net assets, end of period (000s omitted)		$958,817

¹  For the period from July 31, 2018 (commencement of class operations) to December 31, 2018

²  Calculated based upon average shares outstanding

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

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

Financial highlights Wells Fargo Ultra Short-Term Municipal Income Fund 37

(For a share outstanding throughout each period)

	Six months ended December 31, 2018 (unaudited)			Year ended June 30
ADMINISTRATOR CLASS				2018			2017			2016			20151			20141
Net asset value, beginning of period		$9.57			$9.57			$9.63			$9.61			$9.64			$9.64
Net investment income		0.06	2		0.08	2		0.06			0.04			0.03			0.04
Net realized and unrealized gains (losses) on investments		0.00	3		0.01			(0.06	)		0.02			(0.03	)		0.00	3
Total from investment operations		0.06			0.09			0.00			0.06			0.00			0.04
Distributions to shareholders from
Net investment income		(0.06	)		(0.09	)		(0.06	)		(0.04	)		(0.03	)		(0.04	)
Net realized gains		0.00			0.00			(0.00	)3		(0.00	)3		(0.00	)3		(0.00	)3
Total distributions to shareholders		(0.06	)		(0.09	)		(0.06	)		(0.04	)		(0.03	)		(0.04	)
Net asset value, end of period		$9.57			$9.57			$9.57			$9.63			$9.61			$9.64
Total return4		0.65	%		0.95	%		0.03	%		0.68	%		0.00	%		0.42	%
Ratios to average net assets (annualized)
Gross expenses		0.71	%		0.70	%		0.70	%		0.68	%		0.69	%		0.69	%
Net expenses		0.60	%		0.60	%		0.60	%		0.60	%		0.60	%		0.60	%
Net investment income		1.27	%		0.82	%		0.69	%		0.45	%		0.30	%		0.41	%
Supplemental data
Portfolio turnover rate		28	%		50	%		56	%		41	%		44	%		51	%
Net assets, end of period (000s omitted)		$38,010			$53,746			$1,946,987			$226,125			$328,134			$407,791

¹  A one-for-two share split took place after the close of business on June 12, 2015 for all classes of the Fund. The per share information has been adjusted to give effect to this transaction.

²  Calculated based upon average shares outstanding

³  Amount is less 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.

38 Wells Fargo Ultra Short-Term Municipal Income Fund Financial highlights

(For a share outstanding throughout each period)

	Six months ended December 31, 2018 (unaudited)			Year ended June 30
INSTITUTIONAL CLASS				2018			2017			2016			20151			20141
Net asset value, beginning of period		$9.57			$9.58			$9.63			$9.61			$9.64			$9.64
Net investment income		0.07			0.11			0.08	2		0.07			0.05			0.06
Net realized and unrealized gains (losses) on investments		0.00	3		(0.01	)		(0.05	)		0.02			(0.03	)		0.00	3
Total from investment operations		0.07			0.10			0.03			0.09			0.02			0.06
Distributions to shareholders from
Net investment income		(0.07	)		(0.11	)		(0.08	)		(0.07	)		(0.05	)		(0.06	)
Net realized gains		0.00			0.00			(0.00	)3		(0.00	)3		(0.00	)3		(0.00	)3
Total distributions to shareholders		(0.07	)		(0.11	)		(0.08	)		(0.07	)		(0.05	)		(0.06	)
Net asset value, end of period		$9.57			$9.57			$9.58			$9.63			$9.61			$9.64
Total return4		0.77	%		1.07	%		0.36	%		0.91	%		0.23	%		0.65	%
Ratios to average net assets (annualized)
Gross expenses		0.44	%		0.44	%		0.42	%		0.42	%		0.42	%		0.42	%
Net expenses		0.37	%		0.37	%		0.37	%		0.37	%		0.37	%		0.37	%
Net investment income		1.49	%		1.16	%		0.86	%		0.68	%		0.54	%		0.64	%
Supplemental data
Portfolio turnover rate		28	%		50	%		56	%		41	%		44	%		51	%
Net assets, end of period (000s omitted)		$1,342,247			$2,141,197			$2,713,317			$4,061,647			$3,930,234			$3,403,244

¹  A one-for-two share split took place after the close of business on June 12, 2015 for all classes of the Fund. The per share information has been adjusted to give effect to this transaction.

²  Calculated based upon average shares outstanding

³  Amount is less 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.

Notes to financial statements (unaudited) Wells Fargo Ultra Short-Term Municipal Income Fund 39

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 (“FASB”) Accounting Standards Codification Topic 946, Financial Services – Investment Companies. These financial statements report on the Wells Fargo Ultra Short-Term Municipal Income Fund (the “Fund”) which is a diversified series of the Trust.

2. SIGNIFICANT ACCOUNTING POLICIES

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

Securities valuation

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

Debt securities are valued at the evaluated bid price provided by an independent pricing service (e.g. taking into account various factors, including yields, maturities, or credit ratings) or, if a reliable price is not available, the quoted bid price from an independent broker-dealer.

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

Investments which are not valued using any of the methods discussed above are valued at their fair value, as determined in good faith by the Board of Trustees of the Fund. The Board of Trustees has established a Valuation Committee comprised of the Trustees and has delegated to it the authority to take any actions regarding the valuation of portfolio securities that the Valuation Committee deems necessary or appropriate, including determining the fair value of portfolio securities, unless the determination has been delegated to the Wells Fargo Asset Management Pricing Committee at Wells Fargo Funds Management, LLC (“Funds Management”).The Board of Trustees retains the authority to make or ratify any valuation decisions or approve any changes to the Valuation Procedures as it deems appropriate. On a quarterly basis, the Board of Trustees receives reports on any valuation actions taken by the Valuation Committee or the Wells Fargo Asset Management Pricing Committee which may include items for ratification.

When-issued transactions

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

Security transactions and income recognition

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

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

40 Wells Fargo Ultra Short-Term Municipal Income Fund Notes to financial statements (unaudited)

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 December 31, 2018, the aggregate cost of all investments for federal income tax purposes was $2,924,892,070 and the unrealized gains (losses) consisted of:

Gross unrealized gains	$	1,966,369
Gross unrealized losses		(4,201,952	)
Net unrealized losses	$	(2,235,583	)

As of June 30, 2018, the Fund had capital loss carryforwards which consisted of $2,986,678 in short-term capital losses and $5,235,390 in long-term capital losses.

As of June 30, 2018, the Fund had current year deferred post-October capital losses consisting of $161,994 in short-term losses and $17,648,790 in long-term losses which were recognized on the first day of the current fiscal year.

Class allocations

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

3. FAIR VALUATION MEASUREMENTS

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

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

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

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

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

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

	Quoted prices (Level 1)		Other significant observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total
Assets
Investments in:
Municipal obligations	$	0	$	2,862,958,182	$	0	$	2,862,958,182
Other		0		39,800,000		0		39,800,000
Short-term investments
Investment companies		19,898,305		0		0		19,898,305
Total assets	$	19,898,305	$	2,902,758,182	$	0	$	2,922,656,487

Notes to financial statements (unaudited) Wells Fargo Ultra Short-Term Municipal Income Fund 41

Additional sector, industry or geographic detail is included in the Portfolio of Investments.

At December 31, 2018, the Fund did not have any transfers into/out of 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 0.35% and declining to 0.255% as the average daily net assets of the Fund increase. For the six months ended December 31, 2018, the management fee was equivalent to an annual rate of 0.33% of the Fund’s average daily net assets.

Funds Management has retained the services of a subadviser to provide daily portfolio management to the Fund. The fee for subadvisory services is borne by Funds Management. Wells Capital Management Incorporated, an affiliate of Funds Management and an indirect wholly owned subsidiary of Wells Fargo, is the subadviser to the Fund and is entitled to receive a fee from Funds Management at an annual rate starting at 0.15% and declining to 0.05% as the average daily net assets of the Fund increase.

Administration fees

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

	Class-level administration fee
Class A, Class C		0.16	%
Class R6		0.03
Administrator Class		0.10
Institutional Class		0.08

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 October 31, 2019 to waive fees and/or reimburse expenses to the extent necessary to cap the Fund’s expenses at 0.67% for Class A shares, 1.42% for Class C shares, 0.32% for Class R6 shares, 0.60% for Administrator Class shares, and 0.37% for Institutional Class shares. After this time, the cap may be increased or the commitment to maintain the cap may be terminated only with the approval of the Board of Trustees.

Distribution fee

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

In addition, Funds Distributor is entitled to receive the front-end sales charge from the purchase of Class A shares and a contingent deferred sales charge on the redemption of certain Class A shares. Funds Distributor is also entitled to receive the contingent deferred sales charges from redemptions of Class C shares. For the six months ended December 31, 2018, Funds Distributor received $777 from the sale of Class A shares. No contingent deferred sales charges were incurred by Class A and Class C shares for the six months ended December 31, 2018.

Shareholder servicing fees

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

42 Wells Fargo Ultra Short-Term Municipal Income Fund Notes to financial statements (unaudited)

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

Interfund transactions

The Fund may purchase or sell portfolio investment securities to certain other Wells Fargo affiliates pursuant toRule 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 $419,060,000 and $546,320,000 in interfund purchases and sales, respectively, during the six months ended December 31, 2018.

5. INVESTMENT PORTFOLIO TRANSACTIONS

Purchases and sales of investments, excluding U.S. government obligations (if any) and short-term securities, for the six months ended December 31, 2018 were $892,901,859 and $648,889,836, respectively.

6. BANK BORROWINGS

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

For the six months ended December 31, 2018, there were no borrowings by the Fund under the agreement.

7. DISTRIBUTIONS TO SHAREHOLDERS

Effective for all filings after November 4, 2018, the Securities and Exchange Commission eliminated the requirement to separately state the components of distributions to shareholders under U.S. generally accepted accounting principles. The amounts of distributions to shareholders for the year ended June 30, 2018 were as follows:

	Net investment income
Class A		$7,085,882
Class C		29,395
Administrator Class		10,119,588
Institutional Class		28,738,290

8. INDEMNIFICATION

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

9. REDEMPTIONS IN-KIND

After the close of business on February 2, 2018, the Fund redeemed assets through an in-kind redemption. In the redemption transaction, the Fund issued securities with a value of $579,567,077 and cash in the amount of $20,646,313. The Fund recognized losses in the amount of $907,398 which are reflected on the Statement of Changes in Net Assets. The redemption in-kind by a shareholder of Administrator Class represented 13% of the Fund and are reflected on the Statement of Changes in Net Assets.

After the close of business on February 9, 2018, the Fund redeemed assets through an in-kind redemption. In the redemption transaction, the Fund issued securities with a value of $404,757,400 and cash in the amount of $13,121,572. The Fund recognized losses in the amount of $645,597 which are reflected on the Statement of Changes in Net Assets. The redemption in-kind by a shareholder of Administrator Class represented 10% of the Fund and are reflected on the Statement of Changes in Net Assets.

Notes to financial statements (unaudited) Wells Fargo Ultra Short-Term Municipal Income Fund 43

10. NEW ACCOUNTING PRONOUNCEMENT

In August 2018, FASB issued Accounting Standards Update (“ASU”) No. 2018-13, Fair Value Measurement (Topic 820)Disclosure Framework—Changes to the Disclosure Requirements for Fair Value Measurement. ASU 2018-13 updates the disclosure requirements for fair value measurements by modifying or removing certain disclosures and adding certain new disclosures. The amendments are effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019. Early adoption is permitted. Management has adopted the removal and modification of disclosures early, as permitted, and will adopt the additional new disclosures at the effective date.

44 Wells Fargo Ultra Short-Term Municipal Income Fund Other information (unaudited)

PROXY VOTING INFORMATION

A description of the policies and procedures used to determine how to vote proxies relating to portfolio securities is available, upon request, by calling1-800-222-8222, visiting our website atwellsfargofunds.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 atwellsfargofunds.comor by visiting the SEC website at sec.gov.

PORTFOLIO HOLDINGS INFORMATION

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

Other information (unaudited) Wells Fargo Ultra Short-Term Municipal Income Fund 45

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 152 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 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.	N/A
Jane A. Freeman (Born 1953)	Trustee, since 2015; Chair Liaison, since 2018	Retired. From 2012 to 2014 and 1999 to 2008, Chief Financial Officer of Scientific Learning Corporation. From 2008 to 2012, Ms. Freeman provided consulting services related to strategic business projects. Prior to 1999, Portfolio Manager at Rockefeller & Co. and Scudder, Stevens & Clark. Board member of the Harding Loevner Funds from 1996 to 2014, serving as both Lead Independent Director and chair of the Audit Committee. Board member of the Russell Exchange Traded Funds Trust from 2011 to 2012 and the chair of the Audit Committee. Ms. Freeman is a Board Member of The Ruth Bancroft Garden (non-profit organization). She is also an inactive Chartered Financial Analyst.	N/A
Isaiah Harris, Jr.3 (Born 1952)	Trustee, since 2009; Audit Committee Chairman, since 2019	Retired. Chairman of the Board of CIGNA Corporation since 2009, and Director since 2005. From 2003 to 2011, Director of Deluxe Corporation. Prior thereto, President and CEO of BellSouth Advertising and Publishing Corp. from 2005 to 2007, President and CEO of BellSouth Enterprises from 2004 to 2005 and President of BellSouth Consumer Services from 2000 to 2003. Emeritus member of the Iowa State University Foundation Board of Governors. Emeritus Member of the Advisory Board of Iowa State University School of Business. Advisory Board Member, Palm Harbor Academy (private school). Advisory Board Member, Child Evangelism Fellowship (non-profit). Mr. Harris is a certified public accountant (inactive status).	CIGNA Corporation
Judith M. Johnson3 (Born 1949)	Trustee, since 2008; Audit Committee Chairman, from 2009 to 2018	Retired. Prior thereto, Chief Executive Officer and Chief Investment Officer of Minneapolis Employees Retirement Fund from 1996 to 2008. Ms. Johnson is an attorney, certified public accountant and a certified managerial accountant.	N/A
David F. Larcker (Born 1950)	Trustee, since 2009	James Irvin Miller Professor of Accounting at the Graduate School of Business, Stanford University, Director of the Corporate Governance Research Initiative and Senior Faculty of The Rock Center for Corporate Governance since 2006. From 2005 to 2008, Professor of Accounting at the Graduate School of Business, Stanford University. Prior thereto, Ernst & Young Professor of Accounting at The Wharton School, University of Pennsylvania from 1985 to 2005.	N/A

46 Wells Fargo Ultra Short-Term Municipal Income 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; Nominating and 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.	N/A
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.	N/A
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.	N/A
Michael S. Scofield4 (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.	N/A
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, Governance 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 from 2010 to 2011, Chairman of the Board from 2009 to 2011 and Board Director from 2003 to 2015. Vice President, Leadership and Community Engagement, Bush Foundation, Saint Paul, Minnesota (a private foundation) from 2009 to 2011. Executive Vice President and Chief Financial Officer, Minnesota Sports and Entertainment from 2004 to 2009 and Senior Vice President from 2002 to 2004. Commissioner of Finance, State of Minnesota, from 1999 to 2002. Currently the Board Chair of the Minnesota Wild Foundation since 2010.	N/A

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

Other information (unaudited) Wells Fargo Ultra Short-Term Municipal Income Fund 47

Officers

Name and year of birth	Position held and length of service	Principal occupations during past five years or longer
Andrew Owen (Born 1960)	President, since 2017	Executive Vice President of Wells Fargo & Company and Head of Affiliated Managers, Wells Fargo Asset Management, since 2014. In addition, Mr. Owen is currently President, Chief Executive Officer and Director of Wells Fargo Funds Management, LLC since 2017. Prior thereto, Executive Vice President responsible for marketing, investments and product development for Wells Fargo Funds Management, LLC, from 2009 to 2014.
Nancy Wiser1 (Born 1967)	Treasurer, since 2012	Executive Vice President of Wells Fargo Funds Management, LLC since 2011. Chief Operating Officer and Chief Compliance Officer at LightBox Capital Management LLC, from 2008 to 2011.
Alexander Kymn (Born 1973)	Secretary, since 2018; Chief Legal Officer, since 2018	Senior Company Counsel of Wells Fargo Bank, N.A. since 2018 (previously Senior Counsel from 2007 to 2018). Vice President of Wells Fargo Funds Management, LLC from 2008 to 2014.
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 76 funds in the Fund Complex. Jeremy DePalma acts as Treasurer of 76 funds and Assistant Treasurer of 76 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 calling1-800-222-8222 or by visiting the website atwellsfargofunds.com.

³  Mr. Harris replaced Ms. Johnson as the Chairman of the Audit Committee effective January 1, 2019.

⁴  Mr. Scofield retired on December 31, 2018.

48 Wells Fargo Ultra Short-Term Municipal Income Fund Appendix A (unaudited)

SALES CHARGE REDUCTIONS AND WAIVERS FOR CERTAIN INTERMEDIARIES

Raymond James & Associates, Inc., Raymond James Financial Services & Raymond James affiliates (“Raymond James”)

Effective on or about March 1, 2019, shareholders purchasing Fund shares through a Raymond James platform or account will be eligible only for the following load waivers (front-end sales charge waivers and contingent deferred, or back-end, sales charge waivers) and discounts, which may differ from those disclosed elsewhere in the Fund’s Prospectus or SAI.

Front-end Sales Load Waivers on Class A shares Available at Raymond James

• Shares purchased in an investment advisory program.

• Shares purchased through reinvestment of capital gains distributions and dividend reinvestment when purchasing shares of the same fund (but not any other fund within the fund family).

• Employees and registered representatives of Raymond James or its affiliates and their family members as designated by Raymond James.

• Shares purchased from the proceeds of redemptions within the same fund family, provided (1) the repurchase occurs within 90 days following the redemption, (2) the redemption and purchase occur in the same account, and (3) redeemed shares were subject to a front-end or deferred sales load (known as Rights of Reinstatement).

• A shareholder in the fund’s Class C shares will have their shares automatically exchanged at net asset value to Class A shares (or the appropriate share class) of the fund if the shares are no longer subject to a CDSC and the exchange is in line with the policies and procedures of Raymond James.

CDSC Waivers on Class A and C Shares Available at Raymond James

• Death or disability of the shareholder.

• Shares sold as part of a systematic withdrawal plan as described in the Fund’s Prospectus.

• Return of excess contributions from an IRA Account.

• Shares sold as part of a required minimum distribution for IRA and retirement accounts due to the shareholder reaching age 70½ as described in the Fund’s prospectus.

• Shares sold to pay Raymond James fees but only if the transaction is initiated by Raymond James.

• Shares acquired through a right of reinstatement.

Front-end Load Discounts Available at Raymond James: Breakpoints, and/or Rights of Accumulation

• Breakpoints as described in the Fund’s Prospectus.

• Rights of accumulation which entitle shareholders to breakpoint discounts will be automatically calculated based on the aggregated holding of fund family assets held by accounts within the purchaser’s household at Raymond James. Eligible fund family assets not held at Raymond James may be included in the rights of accumulation calculation only if the shareholder notifies his or her financial advisor about such assets.

For more information

More information about Wells Fargo Funds is available free upon request. To obtain literature, please write, 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, call1-800-222-8222 or visit the Fund’s website atwellsfargofunds.com. Read the prospectus carefully before you invest or send money.

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

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

INVESTMENT PRODUCTS: NOT FDIC INSURED  ◾  NO BANK GUARANTEE  ◾   MAY LOSE VALUE

© 2019 Wells Fargo Funds Management, LLC. All rights reserved.

320453 02-19 SA258/SAR258 12-18

Semi-Annual Report

December 31, 2018

Wells Fargo Wisconsin Tax-Free Fund

Beginning on January 1, 2021, as permitted by new regulations adopted by the Securities and Exchange Commission, paper copies of the Wells Fargo Funds’ annual and semi-annual shareholder reports issued after this date will no longer be sent by mail, unless you specifically request paper copies of the reports. Instead, the reports will be made available on the Funds’ website, and you will be notified by mail each time a report is posted and provided with a website address to access the report.

If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from the Fund electronically at any time by contacting your financial intermediary (such as a broker-dealer or bank) or, if you are a direct investor, by calling 1-800-222-8222 or by enrolling at wellsfargo.com/advantagedelivery.

You may elect to receive all future reports in paper free of charge. If you invest through a financial intermediary, you can contact your financial intermediary to request that you continue to receive paper copies of your shareholder reports; if you invest directly with the Fund, you can call 1-800-222-8222. Your election to receive reports in paper will apply to all Wells Fargo Funds held in your account with your financial intermediary or, if you are a direct investor, to all Wells Fargo Funds that you hold.

Reduce clutter. Save trees.

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

Contents

Letter to shareholders	2
Performance highlights	4
Fund expenses	6
Portfolio of investments	7
Financial statements
Statement of assets and liabilities	12
Statement of operations	13
Statement of changes in net assets	14
Financial highlights	15
Notes to financial statements	18
Other information	23
Appendix A	27

The views expressed and any forward-looking statements are as of December 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.

INVESTMENT PRODUCTS: NOT FDIC INSURED  ◾  NO BANK GUARANTEE  ◾   MAY LOSE VALUE

2 Wells Fargo Wisconsin Tax-Free Fund Letter to shareholders (unaudited)

Andrew Owen

President

Wells Fargo Funds

Global trade tensions escalated during the third quarter of 2018.

Dear Shareholder:

We are pleased to offer you this semi-annual report for the Wells Fargo Wisconsin Tax-Free Fund for the six-month period that ended December 31, 2018. During the reporting period, the U.S. generated encouraging economic and business data that was offset by less positive and more inconsistent data from international markets. Investment returns were generally negative as geopolitical tensions and uncertainty tended to distract investors from more favorable underlying trends.

For the period, U.S. stocks, as measured by the S&P 500 Index,¹ fell 6.85% and international stocks, as measured by the MSCI ACWI ex USA Index (Net),² declined 10.84%. Based on the MSCI EM Index (Net),³ emerging market stocks lost 8.48%. For bond investors, the Bloomberg Barclays U.S. Aggregate Bond Index⁴ gained 1.65% while the Bloomberg Barclays Global Aggregate ex-USD Index⁵ fell 0.84%. The Bloomberg Barclays Municipal Bond Index⁶ gained 1.53% while the ICE BofAML U.S. High Yield Index⁷ declined 2.34%.

Global trade tensions prompted investor concerns.

Global trade tensions escalated during the third quarter of 2018. The U.S. imposed tariffs on a wide range of products manufactured overseas. Foreign governments retaliated with tariffs that punished U.S. commodity producers and product manufacturers. Investors wondered about next steps as divergence in global economic policies and growth prospects widened.

During the summer months, the U.S. economy strengthened. Revised second-quarter gross domestic product (GDP) growth data released in August showed the U.S. economy growing at a 4.2% rate. The unemployment rate in the U.S. was 3.7% by the end of September, according to the U.S. Department of Labor. Wages showed more consistent growth, and consumer confidence remained strong. Several U.S. equity market indices reached records during August, with the S&P 500 Index gaining 7.71% for the three-month period that ended September 30, 2018. In contrast, the MSCI ACWI ex USA Index (Net) gained 0.71% while the MSCI EM Index (Net) declined 1.09% during the same three-month period.

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.

Letter to shareholders (unaudited) Wells Fargo Wisconsin Tax-Free Fund 3

Economic signals overseas were mixed as the third quarter ended and the fourth quarter began. In particular, signs of slowing economic growth in China created uncertainty for investors. Amid rising trade tensions, the People’s Bank of China cut reserve requirement ratios and accelerated infrastructure spending and tax cuts for business enterprises and individuals. Nevertheless, a strengthening U.S. dollar and trade tensions remained headwinds for investors overseas.

Equity markets were volatile during the fourth quarter.

Negative stock market performance during October and December bracketed a mildly positive November, as measured by the S&P 500 Index and the MSCI ACWI ex USA Index (Net). As interest rates and bond yields gained during October, stock markets struggled. Readings on consumer sentiment and business spending were mixed. Markets rebounded in November. The U.S. and China agreed to halt further increases in tariffs and engage in additional negotiations. While November returns were positive, the loss for the full fourth quarter was substantial for equity investors globally, with the S&P down 13.52% and the MSCI ACWI ex USA Index (Net) down 11.46%. December’s S&P 500 Index performance was the lowest since 1931. Globally, fixed income investments fared better than stocks during the last two months of the year as conflicting signals unsettled investors’ outlooks.

Equity investors confronted a number of changing conditions. In November’s mid-term elections, control of the U.S. House of Representatives shifted from Republicans to Democrats, presaging potential partisan disputes. Progress on Brexit negotiations stalled in the UK. In China, the value of the yuan declined to low levels last seen in 2008. Oil prices continued to fall. The Fed increased the federal funds rate by 25 bps to a target range of between 2.25% and 2.50% in December 2018. A late-December dispute over spending and immigration policy resulted in a partial U.S. government shutdown that continued through the end of the period.

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

Economic signals overseas were mixed as the third quarter ended and the fourth quarter began.

For further information about your Fund, contact your investment professional, visit our website atwellsfargofunds.com, or call us directly at1-800-222-8222.

4 Wells Fargo Wisconsin Tax-Free Fund Performance highlights (unaudited)

Investment objective

The Fund seeks current income exempt from federal income tax and Wisconsin individual income tax.

Manager

Wells Fargo Funds Management, LLC

Subadviser

Wells Capital Management Incorporated

Portfolio managers

Lyle J. Fitterer, CFA^®‡, CPA

Bruce R. Johns

Thomas Stoeckmann

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

		Including sales charge						Excluding sales charge						Expense ratios1 (%)
	Inception date	1 year		5 year		10 year		1 year		5 year		10 year		Gross		Net2
Class A (WWTFX)	3-31-2008		-3.06		2.06		3.43		1.49		3.00		3.91		0.88		0.70
Class C (WWTCX)	12-26-2002		-0.27		2.23		3.12		0.73		2.23		3.12		1.63		1.45
Institutional Class (WWTIX)3	10-31-2016		–		–		–		1.67		3.08		3.95		0.55		0.52
Bloomberg Barclays Municipal Bond Index4	–		–		–		–		1.28		3.82		4.85		–		–
Bloomberg Barclays Wisconsin Municipal Bond Index5	–		–		–		–		1.32		3.45		4.73		–		–

Figures quoted represent past performance, which is no guarantee of future results, and do not reflect taxes that a shareholder may pay on fund distributions or the redemption of fund shares. Investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Performance shown without sales charges would be lower if sales charges were reflected. Current performance may be lower or higher than the performance data quoted, which assumes the reinvestment of dividends and capital gains. Current month-end performance is available on the Fund’s website, wellsfargofunds.com.

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

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

Bond values fluctuate in response to the financial condition of individual issuers, general market and economic conditions, and changes in interest rates. Changes in market conditions and government policies may lead to periods of heightened volatility in the bond market and reduced liquidity for certain bonds held by the Fund. In general, when interest rates rise, bond values fall and investors may lose principal value. Interest rate changes and their impact on the Fund and its share price can be sudden and unpredictable. The use of derivatives may reduce returns and/or increase volatility. Certain investment strategies tend to increase the total risk of an investment (relative to the broader market). The Fund is exposed to Wisconsin and Puerto Rico municipal securities risk and high-yield securities, and non-diversification risk. Consult the Fund’s prospectus for additional information on these and other risks. A portion of the Fund’s income may be subject to federal, state, and/or local income taxes or the Alternative Minimum Tax (AMT). Any capital gains distributions may be taxable.

Please see footnotes on page 5.

Performance highlights (unaudited) Wells Fargo Wisconsin Tax-Free Fund 5

Effective maturity distribution as of December 31, 2018⁶

Credit quality as of December 31, 2018⁷

^‡  CFA^® and Chartered Financial Analyst^® are trademarks owned by CFA Institute.

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

³  Historical performance shown for the Institutional Class shares prior to their inception reflects the performance of the Class A shares, and is not adjusted to reflect Institutional Class expenses. If these expenses had been included, returns for Institutional Class would be higher.

⁴  The Bloomberg Barclays Municipal Bond Index is an unmanaged index composed of long-term tax-exempt bonds with a minimum credit rating of Baa. You cannot invest directly in an index.

⁵  The Bloomberg Barclays Wisconsin Municipal Bond Index is the Wisconsin component of the Bloomberg Barclays Municipal Bond Index. You cannot invest directly in an index.

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

⁷  The credit quality distribution of portfolio holdings reflected in the chart is based on ratings from Standard & Poor’s, Moody’s Investors Service, and/ or Fitch Ratings Ltd. Credit quality ratings apply to the underlying holdings of the Fund and not to the Fund itself. The percentages of the Fund’s portfolio with the ratings depicted in the chart are calculated based on the total market value of fixed income securities held by the Fund. If a security was rated by all three rating agencies, the middle rating was utilized. If rated by two of three rating agencies, the lower rating was utilized, and if rated by one of the rating agencies, that rating was utilized. Standard & Poor’s rates the creditworthiness of bonds, ranging from AAA (highest) to D (lowest). Ratings from A to CCC may be modified by the addition of a plus (+) or minus (-) sign to show relative standing within the rating categories. Standard & Poor’s rates the creditworthiness of short-term notes from SP-1 (highest) to SP-3 (lowest). Moody’s rates the creditworthiness of bonds, ranging from Aaa (highest) to C (lowest). Ratings Aa to B may be modified by the addition of a number 1 (highest) to 3 (lowest) to show relative standing within the ratings categories. Moody’s rates the creditworthiness of short-term U.S. tax-exempt municipal securities from MIG 1/VMIG 1 (highest) to SG (lowest). Fitch rates the creditworthiness of bonds, ranging from AAA (highest) to D (lowest). Credit quality distribution is subject to change and may have changed since the date specified.

6 Wells Fargo Wisconsin Tax-Free Fund Fund expenses (unaudited)

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

The example is based on an investment of $1,000 invested at the beginning of the six-month period and held for the entire period from July 1, 2018 to December 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 sales charges (loads) and contingent deferred sales charges. Therefore, the “Hypothetical” line of the table is useful in comparing ongoing costs only and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

	Beginning account value 7-1-2018		Ending account value 12-31-2018		Expenses paid during the period¹		Annualized net expense ratio
Class A
Actual	$	1,000.00	$	1,014.52	$	3.55		0.70	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.68	$	3.57		0.70	%
Class C
Actual	$	1,000.00	$	1,010.70	$	7.35		1.45	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,017.90	$	7.38		1.45	%
Institutional Class
Actual	$	1,000.00	$	1,015.44	$	2.64		0.52	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,022.58	$	2.65		0.52	%

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—December 31, 2018 (unaudited) Wells Fargo Wisconsin Tax-Free Fund 7

Security name	Interest rate			Maturity date		Principal		Value
Municipal Obligations: 98.20%
Guam: 4.57%
Airport Revenue: 2.55%
Guam International Airport Authority Series C (AGM Insured)		6.13	%		10-1-2043	$	1,500,000	$	1,715,753
Guam Port Authority AMT Series A		5.00			7-1-2048		1,000,000		1,087,410
Guam Port Authority AMT Series B		5.00			7-1-2034		445,000		482,794
									3,285,957
Miscellaneous Revenue: 1.61%
Guam Government Limited Obligation Bonds Section 30 Series A		5.38			12-1-2024		1,000,000		1,032,520
Guam Government Limited Obligation Bonds Section 30 Series A		5.50			12-1-2019		1,000,000		1,033,640
									2,066,160
Utilities Revenue: 0.41%
Guam Power Authority Series A (AGM Insured)		5.00			10-1-2020		500,000		524,515
									5,876,632
Illinois: 4.28%
GO Revenue: 3.22%
Chicago IL CAB City Colleges (National Insured) (z)		4.46			1-1-2027		1,000,000		734,340
Chicago IL Park District Special Recreation Activity Series E		5.00			11-15-2027		1,000,000		1,118,370
Chicago IL Series A		5.00			1-1-2027		1,700,000		1,770,805
Illinois Refunding Bond Series 2018A		5.00			10-1-2021		500,000		522,105
									4,145,620
Miscellaneous Revenue: 0.21%
Illinois		5.50			7-1-2026		250,000		269,013
Tax Revenue: 0.78%
Metropolitan Pier & Exposition Authority McCormick Place Expansion Project Series B		5.00			12-15-2028		970,000		1,003,475
Water & Sewer Revenue: 0.07%
Chicago IL Waterworks Unrefunded Bond (AGM Insured)		5.00			11-1-2020		95,000		95,254
									5,513,362
Michigan: 0.09%
Miscellaneous Revenue: 0.09%
Michigan Municipal Bond Authority Local Government Loan Program Series A (Ambac Insured)		4.00			11-1-2021		110,000		109,998
New Jersey: 1.76%
Miscellaneous Revenue: 0.87%
New Jersey EDA Series EE		5.00			9-1-2023		1,070,000		1,121,521
Transportation Revenue: 0.89%
New Jersey TTFA CAB Series A (z)		5.85			12-15-2031		2,000,000		1,144,080
									2,265,601

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

8 Wells Fargo Wisconsin Tax-Free Fund Portfolio of investments—December 31, 2018 (unaudited)

Security name	Interest rate			Maturity date		Principal		Value
New York: 0.70%
Education Revenue: 0.70%
Hempstead NY Local Development Corporation The Academy Charter School Project Series A		6.24	%		2-1-2047	$	1,000,000	$	905,960
Puerto Rico: 1.04%
Transportation Revenue: 1.04%
Puerto Rico Highway & Transportation Authority Refunding Bond Series L (AGC Insured)		5.25			7-1-2019		1,000,000		1,011,900
Puerto Rico Highway & Transportation Authority Refunding Bond Series L (BHAC/FGIC Insured)		5.25			7-1-2021		300,000		321,714
									1,333,614
Texas: 1.59%
GO Revenue: 1.59%
Denton Texas Independent School District School Building		4.00			8-15-2048		2,000,000		2,044,860
Virgin Islands: 3.88%
Miscellaneous Revenue: 2.29%
Virgin Islands PFA 144A		5.00			9-1-2020		750,000		774,473
Virgin Islands PFA Gross Receipts Taxes Loan Notes (National Insured)		4.00			10-1-2020		450,000		452,709
Virgin Islands PFA Gross Receipts Taxes Loan Notes (AGM Insured)		4.00			10-1-2022		1,690,000		1,719,051
									2,946,233
Tax Revenue: 1.59%
Virgin Islands PFA Matching Fund Loan Notes Senior Lien Series B (AGM Insured)		5.00			10-1-2025		2,000,000		2,044,060
									4,990,293
Wisconsin: 80.29%
Education Revenue: 11.61%
Green Bay WI Housing Authority University Village Housing Incorporated		4.38			4-1-2022		200,000		202,328
Green Bay WI Housing Authority University Village Housing Incorporated		5.00			4-1-2030		1,410,000		1,438,792
Madison WI CDA Wisconsin Alumni Research Foundation		5.00			10-1-2023		150,000		153,473
Madison WI CDA Wisconsin Alumni Research Foundation		5.00			10-1-2025		475,000		485,996
Madison WI CDA Wisconsin Alumni Research Foundation		5.00			10-1-2039		5,000,000		5,106,400
Milwaukee WI RDA Milwaukee School of Engineering Project (AGM Insured)		2.75			4-1-2021		1,080,000		1,094,580
Milwaukee WI RDA Milwaukee School of Engineering Project (AGM Insured)		4.10			4-1-2032		1,500,000		1,545,900
Milwaukee WI RDA Science Education Consortium Incorporated Project Series A		6.25			8-1-2043		2,100,000		2,256,702
Platteville WI RDA University of Wisconsin Platteville Real Estate Foundation Incorporated		5.00			7-1-2022		1,065,000		1,104,671
Platteville WI RDA University of Wisconsin Platteville Real Estate Foundation Incorporated		5.00			7-1-2032		1,500,000		1,545,015
									14,933,857
GO Revenue: 1.90%
Milwaukee WI Series B6		2.00			4-1-2021		175,000		175,382
Milwaukee WI Series B6		3.00			4-1-2024		570,000		595,052
Milwaukee WI Series B6		5.00			4-1-2022		350,000		383,509
Milwaukee WI Series B6		5.00			4-1-2023		580,000		650,453
Milwaukee WI Series B6		5.00			4-1-2025		550,000		641,119
									2,445,515

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

Portfolio of investments—December 31, 2018 (unaudited) Wells Fargo Wisconsin Tax-Free Fund 9

Security name	Interest rate			Maturity date		Principal		Value
Health Revenue: 13.98%
University Wisconsin Hospital and Clinics Authority Revenue Various Refunding Bond Series B (JPMorgan Chase & Company SPA) ø		1.72	%		4-1-2048	$	1,000,000	$	1,000,000
University Wisconsin Hospital and Clinics Authority Revenue Various Refunding Bond Series C (BMO Harris Bank NA SPA) ø		1.70			4-1-2048		2,000,000		2,000,000
Wisconsin HEFA Bellin Memorial Hospital Obligated Group		4.00			12-1-2035		1,000,000		1,034,410
Wisconsin HEFA Bellin Memorial Hospital Obligated Group		5.00			12-1-2025		1,500,000		1,687,035
Wisconsin HEFA Bellin Memorial Hospital Obligated Group		5.00			12-1-2026		1,740,000		1,955,099
Wisconsin HEFA Bellin Memorial Hospital Obligated Group (Ambac Insured)		5.50			2-15-2019		15,000		15,062
Wisconsin HEFA Marshfield Clinic Health System Obligated Group Series C		5.00			2-15-2020		850,000		877,617
Wisconsin HEFA Marshfield Clinic Health System Obligated Group Series C		5.00			2-15-2027		400,000		462,228
Wisconsin HEFA Marshfield Clinic Health System Obligated Group Series C		5.00			2-15-2028		650,000		747,559
Wisconsin HEFA Marshfield Clinic Health System Obligated Group Series C		5.00			2-15-2029		500,000		570,005
Wisconsin HEFA Monroe Clinic Incorporated		3.00			2-15-2035		520,000		540,914
Wisconsin HEFA Monroe Clinic Incorporated		4.00			2-15-2031		900,000		992,808
Wisconsin HEFA Monroe Clinic Incorporated		4.00			2-15-2033		550,000		606,716
Wisconsin HEFA Monroe Clinic Incorporated		5.00			2-15-2028		880,000		1,024,452
Wisconsin HEFA Monroe Clinic Incorporated		5.00			2-15-2029		575,000		669,386
Wisconsin HEFA Monroe Clinic Incorporated		5.00			2-15-2030		300,000		349,245
Wisconsin HEFA Rogers Memorial Hospital Incorporated Series B		5.00			7-1-2044		3,250,000		3,458,325
									17,990,861
Housing Revenue: 11.81%
Wisconsin Housing & EDA AMT Series A		4.63			11-1-2037		25,000		25,014
Wisconsin Housing & EDA Madison Pool Project Series A		4.55			7-1-2037		165,000		171,843
Wisconsin Housing & EDA Madison Pool Project Series A		4.70			7-1-2047		2,300,000		2,379,787
Wisconsin Housing & EDA Madison Pool Project Series A		4.85			7-1-2052		3,000,000		3,088,380
Wisconsin Housing & EDA Series A		1.55			12-1-2019		55,000		54,847
Wisconsin Housing & EDA Series A		1.95			12-1-2020		55,000		55,020
Wisconsin Housing & EDA Series A		3.00			5-1-2022		100,000		102,293
Wisconsin Housing & EDA Series A		3.00			11-1-2022		125,000		128,140
Wisconsin Housing & EDA Series A		3.40			11-1-2032		2,450,000		2,453,259
Wisconsin Housing & EDA Series A		3.95			11-1-2038		2,000,000		2,008,800
Wisconsin Housing & EDA Series A		4.05			12-1-2049		800,000		802,808
Wisconsin Housing & EDA Series A		5.75			11-1-2043		2,835,000		2,906,867
Wisconsin Housing & EDA Series C		3.88			11-1-2035		1,000,000		1,016,530
									15,193,588
Miscellaneous Revenue: 22.14%
Brookfield WI Community Development & RDA Series A		1.35			6-1-2019		750,000		747,045
Cudahy WI CDA Series A		1.75			6-1-2019		300,000		299,553
Cudahy WI CDA Series A		1.95			6-1-2019		145,000		145,004
Cudahy WI CDA Series C		1.05			6-1-2019		125,000		124,305
Glendale WI CDA Bayshore Public Parking		1.50			10-1-2019		375,000		373,020
Kaukauna WI RDA		3.75			6-1-2032		850,000		864,535
Kaukauna WI RDA		4.00			6-1-2019		50,000		50,431
Kaukauna WI RDA		4.00			6-1-2020		100,000		102,852
Kaukauna WI RDA		4.00			6-1-2021		310,000		322,657
Kaukauna WI RDA		4.00			6-1-2022		235,000		247,714
Kaukauna WI RDA		4.00			6-1-2023		200,000		213,314

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

10 Wells Fargo Wisconsin Tax-Free Fund Portfolio of investments—December 31, 2018 (unaudited)

Security name	Interest rate			Maturity date		Principal		Value
Miscellaneous Revenue(continued)
Kaukauna WI RDA		4.00	%		6-1-2025	$	425,000	$	459,136
Kaukauna WI RDA		4.00			6-1-2028		425,000		451,397
Kaukauna WI RDA		4.00			6-1-2035		900,000		931,905
Milwaukee WI RDA Lease Public Schools Series		5.00			11-15-2033		750,000		848,775
Milwaukee WI RDA Lease Public Schools Series A		5.00			11-15-2026		220,000		259,222
Milwaukee WI RDA Milwaukee Public Schools		5.00			11-15-2034		675,000		760,887
Milwaukee WI RDA Milwaukee Public Schools		5.00			11-15-2035		1,000,000		1,125,010
Milwaukee WI RDA Milwaukee Public Schools		5.00			11-15-2036		500,000		560,660
Milwaukee WI RDA Milwaukee Public Schools Series A		5.00			11-15-2027		1,020,000		1,186,025
Milwaukee WI RDA Milwaukee Public Schools Series A		5.00			11-15-2028		1,000,000		1,156,630
Milwaukee WI RDA Milwaukee Public Schools Series A		5.00			11-15-2031		750,000		853,260
Milwaukee WI RDA Public Schools Series A		5.00			8-1-2019		915,000		931,424
Milwaukee WI RDA Public Schools Series A		5.00			8-1-2020		1,100,000		1,152,569
Milwaukee WI RDA Public Schools Series A		5.00			8-1-2021		3,330,000		3,573,623
Milwaukee WI RDA Summer Festival Project		4.60			8-1-2024		870,000		880,649
Milwaukee WI RDA Summer Festival Project		4.70			8-1-2025		110,000		111,397
Milwaukee WI RDA Summer Festival Project		5.00			8-1-2030		5,000,000		5,072,300
Prairie du Chien WI RDA Series B		1.65			9-1-2020		200,000		198,034
Warrens WI CDA Economic Improvements		5.10			11-1-2020		70,000		65,712
Weston WI CDA Series A		1.40			10-1-2019		625,000		619,769
Weston WI CDA Series A		1.50			10-1-2020		500,000		491,180
Weston WI CDA Series A		1.60			10-1-2021		340,000		331,371
Weston WI CDA Series A		1.75			10-1-2022		200,000		193,876
Weston WI CDA Series A		1.90			10-1-2023		100,000		97,179
Weston WI CDA Series A		2.00			10-1-2024		625,000		606,088
Weston WI CDA Series A		2.15			10-1-2025		615,000		598,026
Weston WI CDA Series A		2.25			10-1-2026		940,000		928,109
Weston WI CDA Series A		2.40			10-1-2027		570,000		561,125
									28,495,768
Tax Revenue: 18.85%
Mount Pleasant WI Tax Increment Series 2018A		4.00			4-1-2035		1,295,000		1,333,319
Mount Pleasant WI Tax Increment Series 2018A		5.00			4-1-2034		1,000,000		1,127,650
Southeast Wisconsin Professional Baseball Park District Series A (National Insured)		5.50			12-15-2019		100,000		103,507
Southeast Wisconsin Professional Baseball Park District Series A (National Insured)		5.50			12-15-2021		2,000,000		2,206,200
Southeast Wisconsin Professional Baseball Park District Series A (National Insured)		5.50			12-15-2023		1,600,000		1,845,520
Southeast Wisconsin Professional Baseball Park District Series A (National Insured)		5.50			12-15-2026		2,435,000		2,892,342
Warrens WI CDA Interim Workout Extension		3.70			11-1-2029		155,045		94,221
Wisconsin Center District CAB (AGM Insured) (z)		4.83			12-15-2030		295,000		203,057
Wisconsin Center District CAB Senior Dedicated Milwaukee Arena Project Series A (Build America Mutual Assurance Company Insured) (z)		4.04			12-15-2033		2,985,000		1,735,628
Wisconsin Center District CAB Series A (National Insured) (z)		2.59			12-15-2019		275,000		269,343
Wisconsin Center District CAB Series A (National Insured) (z)		3.09			12-15-2027		100,000		76,876
Wisconsin Center District Junior Dedicated Bond (AGM Insured)		5.25			12-15-2019		500,000		515,355
Wisconsin Center District Junior Dedicated Bond (AGM Insured)		5.25			12-15-2023		2,150,000		2,362,850
Wisconsin Center District Junior Dedicated Bond (AGM Insured)		5.25			12-15-2027		1,005,000		1,159,760
Wisconsin Center District Junior Dedicated Bond Series A		5.00			12-15-2022		730,000		800,825
Wisconsin Center District Junior Dedicated Bond Series A		5.00			12-15-2030		2,100,000		2,284,716
Wisconsin Center District Milwaukee Arena Project		4.00			12-15-2032		1,100,000		1,172,941

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

Portfolio of investments—December 31, 2018 (unaudited) Wells Fargo Wisconsin Tax-Free Fund 11

Security name	Interest rate			Maturity date		Principal		Value
Tax Revenue(continued)
Wisconsin Center District Milwaukee Arena Project		4.00	%		12-15-2033	$	920,000	$	976,580
Wisconsin Center District Milwaukee Arena Project		4.00			12-15-2034		2,000,000		2,109,360
Wisconsin Oneida Tribe of Indians 144A		5.50			2-1-2021		965,000		986,384
									24,256,434
									103,316,023
Total Municipal Obligations (Cost $124,343,082)									126,356,343
	Yield
Short-Term Investments: 0.04%
U.S. Treasury Securities: 0.04%
U.S. Treasury Bill (z)#		2.32			3-14-2019		50,000		49,761
Total Short-Term Investments (Cost $49,766)									49,761

Total investments in securities (Cost $124,392,848)	98.24	%		126,406,104
Other assets and liabilities, net	1.76			2,269,359
Total net assets	100.00	%	$	128,675,463

(z) Zero coupon security. The rate represents the purchase 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.

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

Abbreviations:

AGC Assured Guaranty Corporation

AGM Assured Guaranty Municipal

Ambac Ambac Financial Group Incorporated

AMT Alternative minimum tax

BHAC Berkshire Hathaway Assurance Corporation

CAB Capital appreciation bond

CDA Community Development Authority

EDA Economic Development Authority

FGIC Financial Guaranty Insurance Corporation

GO General obligation

HEFA Health & Educational Facilities Authority

National National Public Finance Guarantee Corporation

PFA Public Finance Authority

RDA Redevelopment Authority

TTFA Transportation Trust Fund Authority

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

12 Wells Fargo Wisconsin Tax-Free Fund Statement of assets and liabilities—December 31, 2018 (unaudited)

Assets
Investments in unaffiliated securities, at value (cost $124,392,848)	$	126,406,104
Cash		453,348
Receivable for investments sold		445,000
Receivable for Fund shares sold		103,289
Receivable for interest		1,368,781
Prepaid expenses and other assets		88,305
Total assets		128,864,827
Liabilities
Payable for Fund shares redeemed		91,610
Dividends payable		39,463
Management fee payable		24,629
Administration fees payable		15,187
Distribution fee payable		4,998
Trustees’ fees and expenses payable		919
Shareholder servicing fees payable		12,558
Total liabilities		189,364
Total net assets	$	128,675,463
NET ASSETS CONSIST OF
Paid-in capital	$	126,753,779
Total distributable earnings		1,921,684
Total net assets	$	128,675,463
COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE PER SHARE
Net assets – Class A	$	80,930,912
Shares outstanding – Class A1		7,527,457
Net asset value per share – Class A		$10.75
Maximum offering price per share – Class A2		$11.26
Net assets – Class C	$	7,553,785
Shares outstanding – Class C1		702,600
Net asset value per share – Class C		$10.75
Net assets – Institutional Class	$	40,190,766
Shares outstanding – Institutional Class1		3,737,899
Net asset value per share – Institutional Class		$10.75

¹  The Fund has an unlimited number of authorized shares.

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

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

Statement of operations—six months ended December 31, 2018 (unaudited) Wells Fargo Wisconsin Tax-Free Fund 13

Investment income
Interest	$	2,230,678
Expenses
Management fee		264,193
Administration fees
Class A		68,496
Class C		6,448
Institutional Class		15,367
Shareholder servicing fees
Class A		107,025
Class C		10,074
Distribution fee
Class C		30,223
Custody and accounting fees		2,059
Professional fees		26,181
Registration fees		29,504
Trustees’ fees and expenses		10,608
Other fees and expenses		6,092
Total expenses		576,270
Less: Fee waivers and/or expense reimbursements		(118,284	)
Net expenses		457,986
Net investment income		1,772,692
REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS
Net realized gains (losses) on:
Unaffiliated securities		(56,586	)
Futures contracts		129,518
Net realized gains on investments		72,932
Net change in unrealized gains (losses) on investments		(5,194	)
Net realized and unrealized gains (losses) on investments		67,738
Net increase in net assets resulting from operations	$	1,840,430

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

14 Wells Fargo Wisconsin Tax-Free Fund Statement of changes in net assets

	Six months ended December 31, 2018 (unaudited)						Year ended June 30, 20181
Operations
Net investment income				$	1,772,692					$	3,599,283
Net realized gains on investments					72,932						438,289
Net change in unrealized gains (losses) on investments					(5,194	)					(1,547,565	)
Net increase in net assets resulting from operations					1,840,430						2,490,007
Distributions to shareholders from net investment income and net realized gains
Class A					(1,144,887	)					(2,888,504	)
Class C					(77,729	)					(159,161	)
Institutional Class					(549,649	)					(551,618	)
Total distributions to shareholders					(1,772,265	)					(3,599,283	)
Capital share transactions		Shares						Shares
Proceeds from shares sold
Class A		473,262			5,066,032			1,129,437			12,227,348
Class C		54,763			585,050			97,473			1,053,625
Institutional Class		974,223			10,365,775			2,428,890			26,124,983
					16,016,857						39,405,956
Reinvestment of distributions
Class A		88,349			943,947			237,522			2,567,343
Class C		7,228			77,215			14,637			158,123
Institutional Class		50,854			543,348			51,060			550,646
					1,564,510						3,276,112
Payment for shares redeemed
Class A		(1,208,392	)		(12,852,095	)		(5,332,606	)		(57,620,587	)
Class C		(114,052	)		(1,215,338	)		(229,697	)		(2,483,639	)
Institutional Class		(655,688	)		(6,983,505	)		(364,389	)		(3,932,185	)
					(21,050,938	)					(64,036,411	)
Net decrease in net assets resulting from capital share transactions					(3,469,571	)					(21,354,343	)
Total decrease in net assets					(3,401,406	)					(22,463,619	)
Net assets
Beginning of period					132,076,869						154,540,488
End of period				$	128,675,463					$	132,076,869

¹  Effective for all filings after November 4, 2018, the SEC prospectively eliminated the requirement to parenthetically disclose undistributed net investment income at the end of the period and permitted the aggregation of distributions, with the exception of tax basis returns of capital. Overdistributed net investment income at June 30, 2018 was $10,724. The disaggregated distributions information for the year ended June 30, 2018 is included in Note 8,Distributions to Shareholders, in the notes to the financial statements.

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

Financial highlights Wells Fargo Wisconsin Tax-Free Fund 15

(For a share outstanding throughout each period)

	Six months ended December 31, 2018 (unaudited)			Year ended June 30
CLASS A				2018			2017			2016			2015			2014
Net asset value, beginning of period		$10.74			$10.83			$11.16			$10.83			$10.96			$10.86
Net investment income		0.14			0.28			0.26			0.25			0.24			0.33
Net realized and unrealized gains (losses) on investments		0.01			(0.09	)		(0.32	)		0.33			(0.02	)		0.18
Total from investment operations		0.15			0.19			(0.06	)		0.58			0.22			0.51
Distributions to shareholders from
Net investment income		(0.14	)		(0.28	)		(0.26	)		(0.25	)		(0.24	)		(0.33	)
Net realized gains		0.00			0.00			(0.01	)		(0.00	)1		(0.11	)		(0.08	)
Total distributions to shareholders		(0.14	)		(0.28	)		(0.27	)		(0.25	)		(0.35	)		(0.41	)
Net asset value, end of period		$10.75			$10.74			$10.83			$11.16			$10.83			$10.96
Total return2		1.45	%		1.76	%		(0.48	)%		5.44	%		2.07	%		4.80	%
Ratios to average net assets (annualized)
Gross expenses		0.92	%		0.88	%		0.93	%		0.94	%		0.90	%		0.92	%
Net expenses		0.70	%		0.70	%		0.70	%		0.70	%		0.70	%		0.70	%
Net investment income		2.67	%		2.57	%		2.41	%		2.26	%		2.22	%		3.02	%
Supplemental data
Portfolio turnover rate		4	%		11	%		27	%		16	%		28	%		25	%
Net assets, end of period (000s omitted)		$80,931			$87,790			$131,518			$160,480			$23,824			$19,825

¹  Amount is less than $0.005.

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

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

16 Wells Fargo Wisconsin Tax-Free Fund Financial highlights

(For a share outstanding throughout each period)

	Six months ended December 31, 2018 (unaudited)			Year ended June 30
CLASS C				2018			2017			2016			2015			2014
Net asset value, beginning of period		$10.74			$10.83			$11.16			$10.83			$10.96			$10.86
Net investment income		0.10			0.20			0.18			0.17			0.16			0.25
Net realized and unrealized gains (losses) on investments		0.01			(0.09	)		(0.32	)		0.33			(0.02	)		0.18
Total from investment operations		0.11			0.11			(0.14	)		0.50			0.14			0.43
Distributions to shareholders from
Net investment income		(0.10	)		(0.20	)		(0.18	)		(0.17	)		(0.16	)		(0.25	)
Net realized gains		0.00			0.00			(0.01	)		(0.00	)1		(0.11	)		(0.08	)
Total distributions to shareholders		(0.10	)		(0.20	)		(0.19	)		(0.17	)		(0.27	)		(0.33	)
Net asset value, end of period		$10.75			$10.74			$10.83			$11.16			$10.83			$10.96
Total return2		1.07	%		1.01	%		(1.22	)%		4.66	%		1.31	%		4.02	%
Ratios to average net assets (annualized)
Gross expenses		1.67	%		1.63	%		1.68	%		1.68	%		1.65	%		1.67	%
Net expenses		1.45	%		1.45	%		1.45	%		1.45	%		1.45	%		1.45	%
Net investment income		1.93	%		1.83	%		1.67	%		1.52	%		1.47	%		2.28	%
Supplemental data
Portfolio turnover rate		4	%		11	%		27	%		16	%		28	%		25	%
Net assets, end of period (000s omitted)		$7,554			$8,105			$9,449			$10,949			$10,923			$10,431

¹  Amount is less than $0.005.

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

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

Financial highlights Wells Fargo Wisconsin Tax-Free Fund 17

(For a share outstanding throughout each period)

	Six months ended December 31, 2018 (unaudited)			Year ended June 30
INSTITUTIONAL CLASS				2018			20171
Net asset value, beginning of period		$10.74			$10.83			$10.99
Net investment income		0.15			0.30			0.20
Net realized and unrealized gains (losses) on investments		0.01			(0.09	)		(0.15	)
Total from investment operations		0.16			0.21			0.05
Distributions to shareholders from
Net investment income		(0.15	)		(0.30	)		(0.20	)
Net realized gains		0.00			0.00			(0.01	)
Total distributions to shareholders		(0.15	)		(0.30	)		(0.21	)
Net asset value, end of period		$10.75			$10.74			$10.83
Total return2		1.54	%		1.95	%		0.44	%
Ratios to average net assets (annualized)
Gross expenses		0.59	%		0.55	%		0.54	%
Net expenses		0.52	%		0.52	%		0.52	%
Net investment income		2.86	%		2.79	%		2.74	%
Supplemental data
Portfolio turnover rate		4	%		11	%		27	%
Net assets, end of period (000s omitted)		$40,191			$36,181			$13,573

¹  For the period from October 31, 2016 (commencement of class operations) to June 30, 2017

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

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

18 Wells Fargo Wisconsin Tax-Free 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 (“FASB”) Accounting Standards Codification Topic 946, Financial Services – Investment Companies. These financial statements report on the Wells Fargo Wisconsin Tax-Free Fund (the “Fund”) which is a non-diversified series of the Trust.

2. SIGNIFICANT ACCOUNTING POLICIES

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

Securities valuation

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

Debt securities are valued at the evaluated bid price provided by an independent pricing service (e.g. taking into account various factors, including yields, maturities, or credit ratings) or, if a reliable price is not available, the quoted bid price from an independent broker-dealer.

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

Investments which are not valued using any of the methods discussed above are valued at their fair value, as determined in good faith by the Board of Trustees 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.

When-issued transactions

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

Futures contracts

The Fund is subject to interest rate risk in the normal course of pursuing its investment objectives. Futures contracts are agreements between the Fund and a counterparty to buy or sell a specific amount of a commodity, financial instrument or currency at specified price and on a specified date. The Fund may buy and sell futures contracts in order to gain exposure to, or protect against, changes in interest rates. The primary risks associated with the use of futures contracts are the imperfect correlation between changes in market values of securities held by the Fund and the prices of futures contracts, and the possibility of an illiquid market. Futures contracts are generally entered into on a regulated futures exchange and cleared through a clearinghouse associated with the exchange. With futures contracts, there is minimal counterparty risk to the Fund since futures contracts are exchange traded and the exchange’s clearinghouse, as counterparty to all exchange traded futures, guarantees the futures contracts against default.

Upon entering into a futures contracts, the Fund is required to deposit either cash or securities (initial margin) with the broker in an amount equal to a certain percentage of the contract value. Subsequent payments (variation margin) are paid to or from the broker each day equal to the daily changes in the contract value. Such payments are recorded as unrealized gains or losses and, if any, shown as variation margin receivable (payable) in the Statement of Assets and Liabilities. Should the Fund fail to make requested variation margin payments, the broker can gain access to the initial margin to satisfy the Fund’s payment obligations. When the contracts are closed, a realized gain or loss is recorded in the Statement of Operations.

Notes to financial statements (unaudited) Wells Fargo Wisconsin Tax-Free Fund 19

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 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 December 31, 2018, the aggregate cost of all investments for federal income tax purposes was $124,392,363 and the unrealized gains (losses) consisted of:

Gross unrealized gains	$	2,534,844
Gross unrealized losses		(521,103	)
Net unrealized gains	$	2,013,741

As of June 30, 2018, the Fund had capital loss carryforwards which consisted of $97,612 in short-term capital losses.

As of June 30, 2018, the Fund had current year deferred post-October capital losses consisting of $52,909 in short-term losses and $4,165 in long-term losses which were recognized on the first day of the current fiscal year.

Class allocations

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

3. FAIR VALUATION MEASUREMENTS

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

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

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

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

20 Wells Fargo Wisconsin Tax-Free Fund Notes to financial statements (unaudited)

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

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

	Quoted prices (Level 1)		Other significant observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total
Assets
Investments in:
Municipal obligations	$	0	$	126,356,343	$	0	$	126,356,343
Short-term investments
U.S. Treasury securities		49,761		0		0		49,761
Total assets	$	49,761	$	126,356,343	$	0	$	126,406,104

Additional sector, industry or geographic detail is included in the Portfolio of Investments.

At December 31, 2018, the Fund did not have any transfers into/out of 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 0.40% and declining to 0.28% as the average daily net assets of the Fund increase. For the six months ended December 31, 2018, the management fee was equivalent to an annual rate of 0.40% of the Fund’s average daily net assets.

Funds Management has retained the services of a subadviser to provide daily portfolio management to the Fund. The fee for subadvisory services is borne by Funds Management. Wells Capital Management Incorporated, an affiliate of Funds Management and an indirect wholly owned subsidiary of Wells Fargo, is the subadviser to the Fund and is entitled to receive a fee from Funds Management at an annual rate starting at 0.20% and declining to 0.10% as the average daily net assets of the Fund increase.

Administration fees

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

	Class-level administration fee
Class A, Class C		0.16	%
Institutional Class		0.08

Funds Management has contractually waived and/or reimbursed management and administration fees to the extent necessary to maintain certain net operating expense ratios for the Fund. 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 October 31, 2019 to waive fees and/or reimburse expenses to the extent necessary to cap the Fund’s expenses at 0.70% for Class A shares, 1.45% for Class C shares, and 0.52% for Institutional Class shares. After this time, the cap may be increased or the commitment to maintain the cap may be terminated only with the approval of the Board of Trustees.

Notes to financial statements (unaudited) Wells Fargo Wisconsin Tax-Free Fund 21

Distribution fee

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

In addition, Funds Distributor is entitled to receive the front-end sales charge from the purchase of Class A shares and a contingent deferred sales charge on the redemption of certain Class A shares. Funds Distributor is also entitled to receive the contingent deferred sales charges from redemptions of Class C shares. For the six months ended December 31, 2018, Funds Distributor received $4,336 from the sale of Class A shares. No contingent deferred sales charges were incurred by Class A and Class C shares for the six months ended December 31, 2018.

Shareholder servicing fees

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

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 $3,600,000 and $9,685,000 in interfund purchases and sales, respectively, during the six months ended December 31, 2018.

5. INVESTMENT PORTFOLIO TRANSACTIONS

Purchases and sales of investments, excluding U.S. government obligations (if any) and short-term securities, for the six months ended December 31, 2018 were $5,574,527 and $15,031,204, respectively.

6. DERIVATIVE TRANSACTIONS

During the six months ended December 31, 2018, the Fund entered into futures contracts to gain market exposure. The Fund had an average notional amount of $3,076,750 in long futures contracts during the six months ended December 31, 2018.

The fair value, realized gains or losses and change in unrealized gains or losses, if any, on derivative instruments are reflected in the corresponding financial statement captions.

7. BANK BORROWINGS

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

For the six months ended December 31, 2018, there were no borrowings by the Fund under the agreement.

8. DISTRIBUTIONS TO SHAREHOLDERS

Effective for all filings after November 4, 2018, the Securities and Exchange Commission eliminated the requirement to separately state the components of distributions to shareholders under U.S. generally accepted accounting principles. The amounts of distributions to shareholders for the year ended June 30, 2018 were as follows:

	Net investment income
Class A	$	2,888,504
Class C		159,161
Institutional Class		551,618

22 Wells Fargo Wisconsin Tax-Free Fund Notes to financial statements (unaudited)

9. CONCENTRATION RISK

The Fund invests a substantial portion of its assets in issuers of municipal debt securities located in a single state or territories of the U.S. Therefore, it may be more affected by economic and political developments in that state or region than would be a comparable general tax-exempt fund.

10. 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.

11. NEW ACCOUNTING PRONOUNCEMENT

In August 2018, FASB issued Accounting Standards Update (“ASU”) No. 2018-13, Fair Value Measurement (Topic 820)Disclosure Framework—Changes to the Disclosure Requirements for Fair Value Measurement. ASU 2018-13 updates the disclosure requirements for fair value measurements by modifying or removing certain disclosures and adding certain new disclosures. The amendments are effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019. Early adoption is permitted. Management has adopted the removal and modification of disclosures early, as permitted, and will adopt the additional new disclosures at the effective date.

Other information (unaudited) Wells Fargo Wisconsin Tax-Free Fund 23

PROXY VOTING INFORMATION

A description of the policies and procedures used to determine how to vote proxies relating to portfolio securities is available, upon request, by calling1-800-222-8222, 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 atwellsfargofunds.comor by visiting the SEC website at sec.gov.

PORTFOLIO HOLDINGS INFORMATION

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

24 Wells Fargo Wisconsin Tax-Free 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 152 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 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.	N/A
Jane A. Freeman (Born 1953)	Trustee, since 2015; Chair Liaison, since 2018	Retired. From 2012 to 2014 and 1999 to 2008, Chief Financial Officer of Scientific Learning Corporation. From 2008 to 2012, Ms. Freeman provided consulting services related to strategic business projects. Prior to 1999, Portfolio Manager at Rockefeller & Co. and Scudder, Stevens & Clark. Board member of the Harding Loevner Funds from 1996 to 2014, serving as both Lead Independent Director and chair of the Audit Committee. Board member of the Russell Exchange Traded Funds Trust from 2011 to 2012 and the chair of the Audit Committee. Ms. Freeman is a Board Member of The Ruth Bancroft Garden (non-profit organization). She is also an inactive Chartered Financial Analyst.	N/A
Isaiah Harris, Jr.3 (Born 1952)	Trustee, since 2009; Audit Committee Chairman, since 2019	Retired. Chairman of the Board of CIGNA Corporation since 2009, and Director since 2005. From 2003 to 2011, Director of Deluxe Corporation. Prior thereto, President and CEO of BellSouth Advertising and Publishing Corp. from 2005 to 2007, President and CEO of BellSouth Enterprises from 2004 to 2005 and President of BellSouth Consumer Services from 2000 to 2003. Emeritus member of the Iowa State University Foundation Board of Governors. Emeritus Member of the Advisory Board of Iowa State University School of Business. Advisory Board Member, Palm Harbor Academy (private school). Advisory Board Member, Child Evangelism Fellowship (non-profit). Mr. Harris is a certified public accountant (inactive status).	CIGNA Corporation
Judith M. Johnson3 (Born 1949)	Trustee, since 2008; Audit Committee Chairman, from 2009 to 2018	Retired. Prior thereto, Chief Executive Officer and Chief Investment Officer of Minneapolis Employees Retirement Fund from 1996 to 2008. Ms. Johnson is an attorney, certified public accountant and a certified managerial accountant.	N/A
David F. Larcker (Born 1950)	Trustee, since 2009	James Irvin Miller Professor of Accounting at the Graduate School of Business, Stanford University, Director of the Corporate Governance Research Initiative and Senior Faculty of The Rock Center for Corporate Governance since 2006. From 2005 to 2008, Professor of Accounting at the Graduate School of Business, Stanford University. Prior thereto, Ernst & Young Professor of Accounting at The Wharton School, University of Pennsylvania from 1985 to 2005.	N/A

Other information (unaudited) Wells Fargo Wisconsin Tax-Free Fund 25

Name and year of birth	Position held and length of service*	Principal occupations during past five years or longer	Current other public company or investment company directorships
Olivia S. Mitchell (Born 1953)	Trustee, since 2006; Nominating and 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.	N/A
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.	N/A
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.	N/A
Michael S. Scofield4 (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.	N/A
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, Governance 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 from 2010 to 2011, Chairman of the Board from 2009 to 2011 and Board Director from 2003 to 2015. Vice President, Leadership and Community Engagement, Bush Foundation, Saint Paul, Minnesota (a private foundation) from 2009 to 2011. Executive Vice President and Chief Financial Officer, Minnesota Sports and Entertainment from 2004 to 2009 and Senior Vice President from 2002 to 2004. Commissioner of Finance, State of Minnesota, from 1999 to 2002. Currently the Board Chair of the Minnesota Wild Foundation since 2010.	N/A

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

26 Wells Fargo Wisconsin Tax-Free Fund Other information (unaudited)

Officers

Name and year of birth	Position held and length of service	Principal occupations during past five years or longer
Andrew Owen (Born 1960)	President, since 2017	Executive Vice President of Wells Fargo & Company and Head of Affiliated Managers, Wells Fargo Asset Management, since 2014. In addition, Mr. Owen is currently President, Chief Executive Officer and Director of Wells Fargo Funds Management, LLC since 2017. Prior thereto, Executive Vice President responsible for marketing, investments and product development for Wells Fargo Funds Management, LLC, from 2009 to 2014.
Nancy Wiser1 (Born 1967)	Treasurer, since 2012	Executive Vice President of Wells Fargo Funds Management, LLC since 2011. Chief Operating Officer and Chief Compliance Officer at LightBox Capital Management LLC, from 2008 to 2011.
Alexander Kymn (Born 1973)	Secretary, since 2018; Chief Legal Officer, since 2018	Senior Company Counsel of Wells Fargo Bank, N.A. since 2018 (previously Senior Counsel from 2007 to 2018). Vice President of Wells Fargo Funds Management, LLC from 2008 to 2014.
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 76 funds in the Fund Complex. Jeremy DePalma acts as Treasurer of 76 funds and Assistant Treasurer of 76 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 atwellsfargofunds.com.

³  Mr. Harris replaced Ms. Johnson as the Chairman of the Audit Committee effective January 1, 2019.

⁴  Mr. Scofield retired on December 31, 2018.

Appendix A (unaudited) Wells Fargo Wisconsin Tax-Free Fund 27

SALES CHARGE REDUCTIONS AND WAIVERS FOR CERTAIN INTERMEDIARIES

Raymond James & Associates, Inc., Raymond James Financial Services & Raymond James affiliates (“Raymond James”)

Effective on or about March 1, 2019, shareholders purchasing Fund shares through a Raymond James platform or account will be eligible only for the following load waivers (front-end sales charge waivers and contingent deferred, or back-end, sales charge waivers) and discounts, which may differ from those disclosed elsewhere in the Fund’s Prospectus or SAI.

Front-end Sales Load Waivers on Class A shares Available at Raymond James

• Shares purchased in an investment advisory program.

• Shares purchased through reinvestment of capital gains distributions and dividend reinvestment when purchasing shares of the same fund (but not any other fund within the fund family).

• Employees and registered representatives of Raymond James or its affiliates and their family members as designated by Raymond James.

• Shares purchased from the proceeds of redemptions within the same fund family, provided (1) the repurchase occurs within 90 days following the redemption, (2) the redemption and purchase occur in the same account, and (3) redeemed shares were subject to a front-end or deferred sales load (known as Rights of Reinstatement).

• A shareholder in the fund’s Class C shares will have their shares automatically exchanged at net asset value to Class A shares (or the appropriate share class) of the fund if the shares are no longer subject to a CDSC and the exchange is in line with the policies and procedures of Raymond James.

CDSC Waivers on Class A and C Shares Available at Raymond James

• Death or disability of the shareholder.

• Shares sold as part of a systematic withdrawal plan as described in the Fund’s Prospectus.

• Return of excess contributions from an IRA Account.

• Shares sold as part of a required minimum distribution for IRA and retirement accounts due to the shareholder reaching age 70½ as described in the Fund’s prospectus.

• Shares sold to pay Raymond James fees but only if the transaction is initiated by Raymond James.

• Shares acquired through a right of reinstatement.

Front-end Load Discounts Available at Raymond James: Breakpoints, and/or Rights of Accumulation

• Breakpoints as described in the Fund’s Prospectus.

• Rights of accumulation which entitle shareholders to breakpoint discounts will be automatically calculated based on the aggregated holding of fund family assets held by accounts within the purchaser’s household at Raymond James. Eligible fund family assets not held at Raymond James may be included in the rights of accumulation calculation only if the shareholder notifies his or her financial advisor about such assets.

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For more information

More information about Wells Fargo Funds is available free upon request. To obtain literature, please write, 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, call1-800-222-8222 or visit the Fund’s website atwellsfargofunds.com. Read the prospectus carefully before you invest or send money.

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

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

INVESTMENT PRODUCTS: NOT FDIC INSURED  ◾  NO BANK GUARANTEE  ◾   MAY LOSE VALUE

© 2019 Wells Fargo Funds Management, LLC. All rights reserved.

320454 02-19 SA259/SAR259 12-18

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 FORCLOSED-END MANAGEMENT INVESTMENT COMPANIES

Not applicable.

ITEM 8. PORTFOLIO MANAGERS OFCLOSED-END MANAGEMENT INVESTMENT COMPANIES

Not applicable.

ITEM 9. PURCHASES OF EQUITY SECURITIES BYCLOSED-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 inRule 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 inRule 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. DISCLOSURES OF SECURITIES LENDING ACTIVITIES FORCLOSED-END MANAGEMENT INVESTMENT COMPANIES

Not applicable.

ITEM 13. EXHIBITS

(a)(1) Not applicable.

(a)(2) Certification pursuant to Rule30a-2(a) under the Investment Company Act of 1940 (17 CFR270.30a-2(a)) is filed and attached hereto as Exhibit 99.CERT.

(a)(3) Not applicable.

(b) Certification pursuant to Rule30a-2(b) under the Investment Company Act of 1940 (17 CFR270.30a-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:	February 22, 2019

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:	February 22, 2019
By:
	/s/ Nancy Wiser
	Nancy Wiser
	Treasurer
Date:	February 22, 2019