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)

Catherine Kennedy

Wells Fargo Funds Management, LLC

525 Market St., San Francisco, CA 94105

(Name and address of agent for service)

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

Date of fiscal year end: August 31

Registrant is making a filing for 9 of its series:

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

Date of reporting period: February 29, 2020

ITEM 1. REPORT TO STOCKHOLDERS

Semi-Annual Report

February 29, 2020

Wells Fargo Core Plus 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 calling1-800-222-8222 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.

Contents

Letter to shareholders	2
Performance highlights	4
Fund expenses	6
Portfolio of investments	7
Financial statements
Statement of assets and liabilities	24
Statement of operations	25
Statement of changes in net assets	26
Financial highlights	27
Notes to financial statements	32
Other information	42
Appendix I	46
Appendix II	47

The views expressed and any forward-looking statements are as of February 29, 2020, unless otherwise noted, and are those of the Fund managers and/or Wells Fargo Asset Management. 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 Asset Management 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

Wells Fargo Core Plus Bond Fund  |  1

Letter to shareholders (unaudited)

Andrew Owen

President

Wells Fargo Funds

“The fourth quarter started on a strong note, with U.S.-China trade tensions relaxing in October along with renewed optimism for a U.K. Brexit deal and positive macroeconomic data.”

Dear Shareholder:

We are pleased to offer you this semi-annual report for the Wells Fargo Core Plus Bond Fund for thesix-month period that ended February 29, 2020. As market volatility increased, returns for the period were more restrained after strong results in previous recent periods. However, supportive central banks addressed concerns over slowing global economic growth and international trade tensions.

Fixed-income and equity investors had mixed semi-annual returns. For the period, U.S. stocks, based on the S&P 500 Index,¹ gained 1.92% and international stocks, as measured by the MSCI ACWI ex USA Index (Net),² returned 0.13%. The MSCI EM Index (Net)³ gained 2.93%. For bond investors, the Bloomberg Barclays U.S. Aggregate Bond Index⁴ added 3.39%, the Bloomberg Barclays Global Aggregateex-USD Index⁵ returned-0.21%, the Bloomberg Barclays Municipal Bond Index⁶ gained 3.04%, and the ICE BofA U.S. High Yield Index⁷ added 1.34%.

The period began with uncertainty, leading to central bank support.

In September, as the period began, the U.S. Federal Reserve (Fed) cut interest rates a second time in the third quarter. U.S. manufacturing data disappointed investors. The U.S. Congress announced it would pursue an impeachment investigation of President Trump. Meanwhile, the Brexit impasse showed no signs of resolution. Officials in China warned it would be difficult to reach the country’s annual economic growth goals considering the weight of tariffs and trade restrictions. Although the S&P 500 Index finished the third quarter with the bestyear-to-date returns in more than 20 years, concerns about future returns remained.

The fourth quarter started on a strong note, with U.S.-China trade tensions relaxing in October along with renewed optimism for a U.K. Brexit deal and positive macroeconomic data. The initial estimate of U.S. third-quarter gross domestic product growth was a resilient 1.9% annualized rate, while the U.S. unemployment rate fell to a50-year low of 3.5% in September. However, despite resilience among U.S. consumers, business confidence declined while manufacturing activity contracted. Concerned with a potential economic slowdown, the Fed lowered interest rates another quarter point in late October—its third rate cut in four months. This helped push the S&P 500 Index to anall-time high, while emerging market equities rallied and global bonds declined overall, reflecting a broad pickup in risk appetite.

Equity markets continued to rally in November despite ongoing geopolitical risks. Hopes for a U.S.-China trade deal buoyed investor confidence. U.S. business sentiment improved

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. 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 equity market performance of emerging markets. 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 BofA 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 2020. ICE Data Indices, LLC. All rights reserved.

2  |  Wells Fargo Core Plus Bond Fund

Letter to shareholders (unaudited)

slightly, and manufacturing and services activity picked up. With that positive backdrop, developed market equities outpaced those in emerging markets, and U.S. stocks, as reflected by the S&P 500 Index, outperformednon-U.S. stocks overall. While consumer confidence and purchasing manager activity rose in the eurozone, China reported weakening manufacturing and consumer data. Bond yields rose marginally, leading to slightly negative returns for global government and investment-grade corporate bonds.

Financial markets ended 2019 with a boost from the U.S. and China accord on a Phase One trade deal. That, along with the landslide win by thepro-Brexit U.K. Conservative Party in a national election and ongoing central bank support, gave investors greater confidence. U.S. economic indicators were generally positive, with the exception of manufacturing activity and business confidence. Consumer confidence was resilient, fed by a robust labor market, tame inflation, and lower interest rates, which boosted housing affordability and stimulated homebuyer activity. The impeachment of U.S. President Donald Trump had little impact on markets. Meanwhile, slowing Chinese economic activity, partly attributable to the trade war, led to further government stimulus atyear-end through lower reserve ratios, allowing banks to lend more money.

Theyear-end rally continued in early January 2020. However, capital market volatility picked up sharply in late January on concerns over the unknown impact of the novel coronavirus(COVID-19) on the global economy and stock markets. With sentiment somewhat souring, perceived safe havens did well in January. The U.S. dollar and Japanese yen both rose and government bonds outperformed equities. While the S&P 500 Index held its ground, emerging market equities tumbled, including those in Asia that are most exposed to viruses—physical or economic—originating in China.

In February, the coronavirus became the major market focus. Fears of the virus’s impact on global growth led to expectations of increased global central bank monetary policy support. That led the10-year Treasury yield to fall to anall-time low of 1.1% by the end of the month. Although equity markets initially shrugged off concerns about the outbreak, focusing instead on strong fourth-quarter earnings and improving business confidence in January, market sentiment turned sharply lower towardmonth-end and the S&P 500 Index lost 8.2% for the month. Oil prices tumbled as Russia and the Organization of the Petroleum Exporting Countries compounded a major decline in oil demand with a brutal price war, partly aimed at dissuading further U.S. shale production. As a result, the price of West Texas Intermediate crude oil fell 13% in February and 27% for 2020 year to date.

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. 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

“Capital market volatility picked up sharply in late January on concerns over the unknown impact of the novel coronavirus(COVID-19) on the global economy and stock markets.”

For further information about your Fund, contact your investment professional, visit our website at wfam.com,

or call us directly at1-800-222-8222.

Wells Fargo Core Plus Bond Fund  |  3

Performance highlights (unaudited)

Investment objective

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

Manager

Wells Fargo Funds Management, LLC

Subadviser

Wells Capital Management Incorporated

Portfolio managers

Christopher Y. Kauffman, CFA^®‡

Jay N. Mueller, CFA^®‡

Janet S. Rilling, CFA^®‡, CPA

Michael J. Schueller, CFA^®‡

Noah M. Wise, CFA^®‡

Average annual total returns (%) as of February 29, 2020

		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 (STYAX)	7-13-1998		5.47		3.19		4.13		10.41		4.14		4.61		0.91		0.74
Class C (WFIPX)	7-13-1998		8.60		3.36		3.84		9.60		3.36		3.84		1.66		1.49
Class R6 (STYJX)3	10-31-2016		–		–		–		10.80		4.50		4.95		0.53		0.36
Administrator Class (WIPDX)4	7-30-2010		–		–		–		10.55		4.26		4.74		0.85		0.63
Institutional Class (WIPIX)	7-18-2008		–		–		–		10.84		4.47		4.94		0.58		0.41
Bloomberg Barclays U.S. Aggregate Bond Index5	–		–		–		–		11.68		3.58		3.93		–		–

Figures quoted represent past performance, which is no guarantee of future results, and do not reflect taxes that a shareholder may pay on an investment in a fund. 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,wfam.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. Loans are subject to risks similar to those associated with other below-investment-grade bond investments, such as risk of greater volatility in value, credit risk (for example, risk of issuer default), and risk that the loan may become illiquid or difficult to price. The use of derivatives may reduce returns and/or increase volatility. Certain investment strategies tend to increase the total risk of an investment (relative to the broader market). The Fund is exposed to foreign investment risk, high-yield securities risk, and mortgage and asset-backed securities risk. High-yield securities have a greater risk of default and tend to be more volatile than higher rated debt securities. Consult the Fund’s prospectus for additional information on these and other risks.

Please see footnotes on page 5.

4  |  Wells Fargo Core Plus Bond Fund

Performance highlights (unaudited)

Ten largest holdings (%) as of February 29, 20206
FNMA, 3.50%,8-1-2049	1.73
FHLMC, 3.50%,10-1-2049	1.52
U.S. Treasury Note, 1.75%,11-15-2029	1.48
U.S. Treasury Bond, 0.13%,1-15-2030	1.06
FNMA, 3.50%,3-1-2048	1.06
U.S. Treasury Bond, 3.00%,5-15-2045	0.89
Bonos y Obligaciones del Estado,0.25%, 7-30-2024	0.86
TVA, 5.88%,4-1-2036	0.85
U.S. Treasury Bond, 3.00%,11-15-2044	0.82
Private Export Funding Corporation,2.80%, 5-15-2022	0.80

Portfolio allocation as of February 29, 2020⁷

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

¹  Reflects the expense ratios as stated in the most recent prospectuses, which include the impact of 0.01% in acquired fund fees and expenses. The expense ratios shown are subject to change and may differ from the annualized expense ratios shown in the financial highlights of this report, which do not include acquired fund fees and expenses.

²  The manager has contractually committed through December 31, 2020, to waive fees and/or reimburse expenses to the extent necessary to cap total annual fund operating expenses after fee waivers at 0.73% for Class A, 1.48% for Class C, 0.35% for Class R6, 0.62% for Administrator Class, and 0.40% for Institutional Class. Brokerage commissions, stamp duty fees, interest, taxes, acquired fund fees and expenses (if any), and extraordinary expenses are excluded from the expense cap. Prior to or after the commitment expiration date, the cap may be increased or the commitment to maintain the cap may be terminated only with the approval of the Board of Trustees. 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 Class R6 shares prior to their inception reflects the performance of the Institutional Class shares, and includes the higher expenses applicable to the Institutional Class shares. If these expenses had not been included, returns for the Class R6 shares would be higher.

⁴  Historical performance shown for the Administrator Class shares prior to their inception reflects the performance of the Institutional Class shares and has been adjusted to include the higher expenses applicable to the Administrator Class shares.

⁵  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.

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

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

Wells Fargo Core Plus Bond Fund  |  5

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 September 1, 2019 to February 29, 2020.

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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

	Beginning account  value 9-1-2019		Ending account value 2-29-2020		Expenses paid during the period¹		Annualized net expense ratio
Class A
Actual	$	1,000.00	$	1,029.21	$	3.58		0.71	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.33	$	3.57		0.71	%
Class C
Actual	$	1,000.00	$	1,025.48	$	7.45		1.48	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,017.50	$	7.42		1.48	%
Class R6
Actual	$	1,000.00	$	1,030.98	$	1.77		0.35	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,023.12	$	1.76		0.35	%
Administrator Class
Actual	$	1,000.00	$	1,029.75	$	3.13		0.62	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.78	$	3.12		0.62	%
Institutional Class
Actual	$	1,000.00	$	1,030.74	$	2.02		0.40	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,022.87	$	2.01		0.40	%

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

6  |  Wells Fargo Core Plus Bond Fund

Portfolio of investments—February 29, 2020 (unaudited)

	Interest rate			Maturity date		Principal		Value
Agency Securities: 20.16%
FHLB		3.00	%		9-1-2034	$	1,535,186	$	1,591,004
FHLMC		3.50			10-1-2049		17,010,824		17,672,360
FHLMC		4.00			5-1-2049		8,443,162		8,911,419
FHLMC		3.00			12-1-2049		8,238,813		8,490,132
FHLMC		3.50			6-15-2042		2,853,992		2,956,375
FHLMC		3.50			12-1-2045		2,846,097		3,012,908
FHLMC		3.50			12-1-2045		915,328		968,473
FHLMC (12 Month LIBOR +1.33%)±		3.52			1-1-2036		13,158		13,613
FHLMC		4.00			6-1-2044		2,086,820		2,258,802
FHLMC		5.00			6-1-2036		199,928		226,222
FHLMC		5.00			8-1-2040		187,560		210,217
FHLMC		5.50			8-1-2038		45,959		52,840
FHLMC		5.50			12-1-2038		432,633		497,340
FHLMC		5.50			6-1-2040		686,412		776,648
FHLMC		6.75			9-15-2029		5,910,000		8,733,824
FHLMC		8.00			2-1-2030		168		197
FHLMC Series 2015-SC01 Class 1A		3.50			5-25-2045		678,847		692,599
FHLMC Series 3774 Class AB		3.50			12-15-2020		16,215		16,306
FHLMC Series K020 Class X1±±(c)		1.37			5-25-2022		12,621,381		325,232
FHLMC SeriesT-42 Class A5		7.50			2-25-2042		1,305,170		1,619,910
FHLMC SeriesT-57 Class 2A1±±		4.04			7-25-2043		38,590		42,541
FHLMC SeriesT-59 Class 2A1±±		3.89			10-25-2043		198,856		233,421
FNMA		3.50			3-1-2048		11,685,345		12,299,197
FNMA (12 Month LIBOR +1.61%)±		2.49			5-1-2046		1,174,831		1,208,387
FNMA (12 Month LIBOR +1.61%)±		2.53			3-1-2046		1,034,108		1,065,303
FNMA		3.00			11-1-2045		1,793,422		1,875,993
FNMA		3.00			12-1-2045		4,484,307		4,690,947
FNMA		3.00			12-1-2046		2,123,302		2,216,355
FNMA		3.00			11-1-2047		7,535,477		7,813,405
FNMA		3.00			4-1-2048		5,234,489		5,411,466
FNMA %%		3.00			3-12-2050		8,000,000		8,239,062
FNMA		3.02			2-1-2026		3,127,689		3,364,213
FNMA		3.27			7-1-2022		1,174,220		1,221,110
FNMA		3.48			3-1-2029		987,090		1,113,798
FNMA		3.50			10-1-2043		961,048		1,019,052
FNMA		3.50			4-1-2045		232,202		245,591
FNMA		3.50			8-1-2045		5,125,352		5,420,911
FNMA		3.50			8-1-2049		19,361,918		20,099,987
FNMA		3.62			3-1-2029		443,000		506,348
FNMA		3.63			3-1-2029		1,250,000		1,426,109
FNMA		3.77			3-1-2029		988,519		1,136,800
FNMA		3.77			3-1-2029		1,077,784		1,238,444
FNMA (1 Year Treasury Constant Maturity +2.27%)±		3.90			1-1-2036		37,907		40,277
FNMA		3.95			9-1-2021		392,658		403,818
FNMA (12 Month LIBOR +1.73%)±		3.99			9-1-2036		12,800		13,394
FNMA		4.00			2-1-2046		419,594		450,092
FNMA		4.00			4-1-2046		2,234,376		2,399,293
FNMA		4.00			6-1-2048		5,293,390		5,616,972
FNMA %%		4.00			3-12-2050		6,165,000		6,494,178
FNMA (12 Month LIBOR +1.78%)±		4.23			8-1-2036		20,033		21,149
FNMA (1 Year Treasury Constant Maturity +2.26%)±		4.39			8-1-2036		587,112		622,466
FNMA		4.50			11-1-2048		4,914,144		5,257,691
FNMA		5.00			1-1-2024		38,176		40,376
FNMA		5.00			2-1-2036		21,227		24,007
FNMA		5.00			6-1-2040		72,584		81,660
FNMA		5.00			8-1-2040		1,274,465		1,433,818

Wells Fargo Core Plus Bond Fund  |  7

Portfolio of investments—February 29, 2020 (unaudited)

	Interest rate			Maturity date		Principal		Value
Agency Securities (continued)
FNMA		5.50	%		11-1-2023	$	28,071	$	29,535
FNMA		5.50			8-1-2034		76,199		87,129
FNMA		5.50			2-1-2035		22,984		26,295
FNMA		5.50			8-1-2038		99,415		108,146
FNMA		5.50			8-1-2038		180,263		196,047
FNMA		6.00			10-1-2037		423,203		495,501
FNMA		6.00			11-1-2037		27,205		31,972
FNMA		6.50			7-1-2036		19,201		22,427
FNMA		6.50			7-1-2036		10,139		11,960
FNMA		6.50			11-1-2036		4,455		5,155
FNMA		6.63			11-15-2030		5,015,000		7,572,291
FNMA		7.00			12-1-2022		72,684		74,403
FNMA		7.00			7-1-2036		10,384		11,347
FNMA		7.00			11-1-2037		4,266		4,834
FNMA		7.50			5-1-2038		1,882		1,903
FNMA Series2002-T12 Class A3		7.50			5-25-2042		5,543		6,762
FNMA Series2003-W08 Class 4A±±		4.27			11-25-2042		113,974		119,944
FNMA Series2003-W14 Class 2A±±		4.00			6-25-2045		78,920		83,809
FNMA Series2003-W14 Class 2A±±		4.42			1-25-2043		198,309		208,200
FNMA Series2004-W11 Class 1A3		7.00			5-25-2044		957,044		1,091,994
FNMA Series2004-W15 Class 1A3		7.00			8-25-2044		469,587		563,152
GNMA		3.00			11-20-2045		3,543,604		3,698,295
GNMA %%		3.00			3-23-2050		8,420,000		8,699,570
GNMA		3.50			9-20-2047		2,738,044		2,881,824
GNMA		3.50			12-20-2047		5,784,797		6,056,694
GNMA		4.00			12-20-2047		3,143,837		3,326,649
GNMA		4.50			8-20-2049		1,544,114		1,625,468
GNMA		5.00			7-20-2040		502,722		561,992
GNMA		7.50			12-15-2029		608		685
GNMA Series2008-22 Class XM±±(c)		1.11			2-16-2050		832,744		21,996
Overseas Private Investment Corporation		2.12			3-20-2024		4,635,000		4,744,604
STRIPS ¤		0.00			5-15-2039		4,670,000		3,418,777
STRIPS ¤		0.00			8-15-2039		12,360,000		9,005,797
STRIPS ¤		0.00			5-15-2044		9,270,000		6,017,953
TVA		5.88			4-1-2036		6,400,000		9,887,248
Total Agency Securities (Cost $223,625,860)									234,514,410
Asset-Backed Securities: 9.20%
Ally Auto Receivables Trust Series2019-1 Class A3		2.91			9-15-2023		4,945,000		5,044,842
California Republic Auto Receivables Trust Series2017-1 Class A4		2.28			6-15-2022		2,805,661		2,812,131
Daimler Trucks Retail Trust Series2018-1 Class A3 144A		2.85			7-15-2021		1,386,724		1,390,884
Daimler Trucks Retail Trust Series2018-1 Class A4 144A		3.03			11-15-2024		5,000,000		5,059,583
Dell Equipment Finance Trust Series2018-1 Class A2A 144A		2.97			10-22-2020		1,540,133		1,541,739
Drive Auto Receivables Trust Series2018-3 Class B		3.37			9-15-2022		382,428		382,758
Educational Services of America Series2015-1 Class A (1 Month LIBOR +0.80%) 144A±		2.43			10-25-2056		895,643		891,330
Enterprise Fleet Financing Trust Series2017-2 Class A2 144A		1.97			1-20-2023		1,522,405		1,523,252
Exeter Automobile Receivables Trust Series2018-1A Class C1 144A		3.03			1-17-2023		3,250,000		3,271,381
Five Guys Funding LLC Series17-1A Class A2 144A		4.60			7-25-2047		1,597,925		1,700,560
Flagship Credit Auto Trust Series2019-4 Class A 144A		2.17			6-17-2024		4,530,701		4,563,515
Ford Credit Auto Owner Trust Series2017-A Class A4		1.92			4-15-2022		2,600,000		2,606,416
GM Financial Consumer Automobile Receivables Trust Series2017-2A Class A3 144A		1.86			12-16-2021		2,471,237		2,473,738
Hertz Vehicle Financing LLC Series2015-1A Class A 144A		2.73			3-25-2021		5,000,000		5,003,302
Hertz Vehicle Financing LLC Series2018-2A Class A 144A		3.65			6-27-2022		1,800,000		1,846,519

8  |  Wells Fargo Core Plus Bond Fund

Portfolio of investments—February 29, 2020 (unaudited)

	Interest rate			Maturity date		Principal		Value
Asset-Backed Securities (continued)
Hertz Vehicle Financing LLC Series2019-1A Class A 144A		3.71	%		3-25-2023	$	3,308,000	$	3,450,575
Honda Auto Receivables Owner Trust Series2016-4 Class A4		1.36			1-18-2023		4,998,000		4,997,306
Honda Auto Receivables Owner Trust Series2017-1 Class A4		2.05			6-21-2023		4,634,000		4,650,432
MMAF Equipment Finance LLC Series2017-AA Class A4 144A		2.41			8-16-2024		1,975,000		2,004,760
MMAF Equipment Finance LLC Series2019-A Class A2 144A		2.84			1-10-2022		1,641,222		1,651,751
Oscar US Funding Trust Series2016-2A Class A4 144A		2.99			12-15-2023		4,140,018		4,163,358
SLM Student Loan Trust Series2004-1 Class A4 (3 Month LIBOR +0.26%)±		2.05			10-27-2025		1,139,468		1,136,380
South Carolina Student Loan Corporation Series2014-1 Class A1 (1 Month LIBOR +0.75%)±		2.41			5-1-2030		2,746,969		2,749,356
Student Loan Consolidation Center Series2011-1 Class A (1 Month LIBOR +1.22%) 144A±		2.85			10-25-2027		1,161,697		1,165,192
TCF Auto Receivables Owner Trust Series2016-1A Class A4 144A		2.03			2-15-2022		764,382		764,595
Towd Point Asset Funding LLC Series2019-HE1 Class A1 (1 Month LIBOR +0.90%) 144A±		2.53			4-25-2048		2,667,511		2,674,902
Towd Point Asset Trust Series2018-SL1 Class A (1 Month LIBOR +0.60%) 144A±		2.23			1-25-2046		2,408,546		2,398,079
Toyota Auto Receivables Owner Trust Series2017-D Class A4		2.12			2-15-2023		8,088,000		8,175,456
Toyota Auto Receivables Owner Trust Series2018-D Class A3		3.18			3-15-2023		5,995,000		6,119,094
Toyota Auto Receivables Owner Trust Series 2019- B Class A2A		2.59			2-15-2022		6,121,136		6,149,838
Volvo Financial Equipment LLC Series2018-AA Class A (1 Month LIBOR +0.52%) 144A±		2.18			7-17-2023		2,590,000		2,597,961
Westlake Automobile Receivables Trust Series2019-1A Class A2A 144A		3.06			5-16-2022		1,161,021		1,166,345
Westlake Automobile Receivables Trust Series2019-2A A2A 144A		2.57			2-15-2023		5,348,385		5,381,407
Wheels SPV LLC Series2018-1A Class A2 144A		3.06			4-20-2027		822,079		828,015
World Omni Automobiles Lease Securitization Trust Series2018-B Class A3		3.19			12-15-2021		4,516,000		4,586,689
Total Asset-Backed Securities (Cost $106,206,309)									106,923,441
Corporate Bonds and Notes: 22.18%
Communication Services: 1.98%
Diversified Telecommunication Services: 0.32%
AT&T Incorporated		4.75			5-15-2046		1,975,000		2,328,617
AT&T Incorporated		5.65			2-15-2047		1,050,000		1,384,835
									3,713,452
Media: 0.84%
Charter Communications Operating LLC		5.38			4-1-2038		705,000		809,888
Charter Communications Operating LLC		6.48			10-23-2045		655,000		842,383
Comcast Corporation		4.70			10-15-2048		1,800,000		2,361,898
Diamond Sports Group LLC 144A		5.38			8-15-2026		70,000		64,541
Diamond Sports Group LLC 144A		6.63			8-15-2027		70,000		56,700
Discovery Incorporated		5.30			5-15-2049		735,000		890,491
Discovery Incorporated		6.35			6-1-2040		1,550,000		2,059,895
Nexstar Broadcasting Incorporated 144A		5.63			7-15-2027		45,000		46,577
Ziggo Bond Company BV 144A		3.38			2-28-2030		2,500,000		2,659,140
									9,791,513
Wireless Telecommunication Services: 0.82%
Crown Castle Towers LLC 144A		3.22			5-15-2042		2,600,000		2,660,895
SBA Tower Trust 144A		3.72			4-9-2048		1,968,000		2,043,556
Sprint Spectrum Company 144A		4.74			9-20-2029		3,930,000		4,204,904
Sprint Spectrum Company 144A		5.15			9-20-2029		530,000		596,544
									9,505,899

Wells Fargo Core Plus Bond Fund  |  9

Portfolio of investments—February 29, 2020 (unaudited)

	Interest rate			Maturity date		Principal		Value
Consumer Discretionary: 1.45%
Automobiles: 0.70%
General Motors Company		5.95	%		4-1-2049	$	1,985,000	$	2,172,762
Hyundai Capital America 144A		2.65			2-10-2025		5,810,000		5,919,695
									8,092,457
Hotels, Restaurants & Leisure: 0.27%
Las Vegas Sands Corporation		3.90			8-8-2029		3,000,000		3,170,104
Multiline Retail: 0.34%
Macy’s Retail Holdings Incorporated		3.45			1-15-2021		3,940,000		3,980,058
Specialty Retail: 0.14%
Asbury Automotive Group Incorporated 144A		4.50			3-1-2028		84,000		84,168
Asbury Automotive Group Incorporated 144A		4.75			3-1-2030		1,522,000		1,548,635
									1,632,803
Consumer Staples: 0.77%
Beverages: 0.19%
Anheuser-Busch InBev Worldwide Incorporated		4.60			4-15-2048		1,810,000		2,164,116
Food & Staples Retailing: 0.16%
Kroger Company		5.40			1-15-2049		1,500,000		1,903,439
Food Products: 0.12%
Kraft Heinz Foods Company 144A		4.88			10-1-2049		1,430,000		1,401,599
Tobacco: 0.30%
Altria Group Incorporated		5.95			2-14-2049		1,090,000		1,383,879
BAT Capital Corporation		3.56			8-15-2027		1,510,000		1,594,069
Reynolds American Incorporated		7.00			8-4-2041		450,000		570,486
									3,548,434
Energy: 3.45%
Energy Equipment & Services: 0.19%
Diamond Offshore Drilling Incorporated		7.88			8-15-2025		1,250,000		876,563
Hilcorp Energy Company 144A		6.25			11-1-2028		1,900,000		1,382,288
									2,258,851
Oil, Gas & Consumable Fuels: 3.26%
Antero Midstream Partners LP 144A		5.75			1-15-2028		1,300,000		892,385
Antero Resources Corporation		5.38			11-1-2021		1,900,000		1,584,125
Apache Corporation «		5.35			7-1-2049		2,250,000		2,290,469
Archrock Partners LP 144A		6.88			4-1-2027		1,300,000		1,320,371
Baker Hughes LLC		2.77			12-15-2022		1,870,000		1,911,943
Boardwalk Pipelines LP		4.80			5-3-2029		1,620,000		1,721,149
Buckeye Partners LP		4.13			12-1-2027		1,300,000		1,254,110
Carrizo Oil & Gas Incorporated		6.25			4-15-2023		1,300,000		1,098,526
Cheniere Energy Partners LP 144A		4.50			10-1-2029		220,000		210,386
Crestwood Midstream Partners LP 144A		5.63			5-1-2027		1,300,000		1,202,435
Denbury Resources Incorporated 144A		9.25			3-31-2022		1,250,000		1,000,000
Energy Transfer Operating Partners LP		5.25			4-15-2029		905,000		1,016,378
Energy Transfer Operating Partners LP		6.13			12-15-2045		1,330,000		1,500,402
EnLink Midstream Partners LP		5.45			6-1-2047		1,100,000		797,170

10  |  Wells Fargo Core Plus Bond Fund

Portfolio of investments—February 29, 2020 (unaudited)

	Interest rate			Maturity date		Principal		Value
Oil, Gas & Consumable Fuels (continued)
Enterprise Products Operating LLC		2.80	%		1-31-2030	$	2,960,000	$	3,023,094
Enviva Partners LP 144A		6.50			1-15-2026		575,000		598,012
EQT Corporation		3.90			10-1-2027		4,955,000		3,233,138
EQT Corporation		7.00			2-1-2030		1,750,000		1,303,750
Gulfport Energy Corporation		6.38			5-15-2025		1,250,000		396,875
Indigo Natural Resources LLC 144A		6.88			2-15-2026		1,225,000		1,044,313
Murphy Oil Corporation		5.88			12-1-2027		1,300,000		1,268,904
Nabors Industries Incorporated		4.63			9-15-2021		198,000		197,010
Oasis Petroleum Incorporated 144A		6.25			5-1-2026		1,250,000		768,750
Occidental Petroleum Corporation «		4.40			8-15-2049		1,570,000		1,493,711
QEP Resources Incorporated		5.38			10-1-2022		650,000		592,719
Rockies Express Pipeline LLC 144A		5.63			4-15-2020		2,250,000		2,256,908
Southern Star Central Corporation 144A		5.13			7-15-2022		1,189,000		1,204,732
Southwestern Energy Company «		7.75			10-1-2027		1,250,000		946,875
Whiting Petroleum Corporation		1.25			4-1-2020		2,000,000		1,785,000
									37,913,640
Financials: 7.04%
Banks: 2.16%
Bank of America Corporation		2.02			2-13-2026		5,000,000		5,038,550
Bank of America Corporation (3 Month LIBOR +0.94%)±		3.86			7-23-2024		1,310,000		1,401,624
Bank of America Corporation		3.95			4-21-2025		1,170,000		1,277,014
Bank of America Corporation (3 Month LIBOR +3.90%)±		6.10			12-29-2049		2,590,000		2,871,300
Citigroup Incorporated (U.S. SOFR +1.15%)±		2.67			1-29-2031		5,250,000		5,383,472
Citigroup Incorporated (3 Month LIBOR +4.52%)±		6.25			12-29-2049		1,030,000		1,144,155
JPMorgan Chase & Company		2.97			1-15-2023		2,550,000		2,617,953
JPMorgan Chase & Company (3 Month LIBOR +3.25%)±		5.15			12-29-2049		3,625,000		3,641,313
PNC Financial Services (3 Month LIBOR +3.30%)±		5.00			12-29-2049		565,000		597,488
Santander Holdings USA Incorporated		3.24			10-5-2026		1,125,000		1,168,151
									25,141,020
Capital Markets: 1.08%
Blackstone Holdings Finance Company LLC 144A		2.50			1-10-2030		5,500,000		5,760,901
Blackstone Holdings Finance Company LLC 144A		5.00			6-15-2044		1,015,000		1,313,313
Goldman Sachs Group Incorporated (3 Month LIBOR +0.82%)±		2.88			10-31-2022		1,910,000		1,947,817
Morgan Stanley		3.70			10-23-2024		3,235,000		3,517,712
									12,539,743
Consumer Finance: 0.99%
ERAC USA Finance LLC 144A		4.50			2-15-2045		1,695,000		2,009,368
Ford Motor Credit Company LLC		3.20			1-15-2021		2,890,000		2,909,139
General Motors Financial Company Incorporated		5.65			1-17-2029		1,330,000		1,516,591
PACCAR Financial Corporation		2.30			8-10-2022		3,000,000		3,069,745
Synchrony Financial		2.85			7-25-2022		2,000,000		2,045,226
									11,550,069
Diversified Financial Services: 1.01%
Private Export Funding Corporation		2.80			5-15-2022		9,000,000		9,326,205
WEA Finance LLC 144A		2.88			1-15-2027		2,390,000		2,468,006
									11,794,211
Insurance: 1.80%
Athene Global Funding 144A		2.95			11-12-2026		3,550,000		3,738,820

Wells Fargo Core Plus Bond Fund  |  11

Portfolio of investments—February 29, 2020 (unaudited)

	Interest rate			Maturity date		Principal		Value
Insurance (continued)
Axis Specialty Finance LLC		4.90	%		1-15-2040	$	5,105,000	$	5,053,950
Brighthouse Financial Incorporated		4.70			6-22-2047		1,955,000		1,977,198
Guardian Life Insurance Company 144A		3.70			1-22-2070		1,500,000		1,692,583
Guardian Life Insurance Company 144A		4.85			1-24-2077		1,045,000		1,421,438
National Life Global Insurance Company (3 Month LIBOR +3.31%) 144A±		5.25			7-19-2068		1,668,000		2,016,786
PartnerRe Finance II Incorporated (3 Month LIBOR +2.33%)±		3.91			12-1-2066		1,345,000		1,156,297
Transatlantic Holdings Incorporated		8.00			11-30-2039		2,329,000		3,879,209
									20,936,281
Health Care: 1.68%
Biotechnology: 0.33%
AbbVie Incorporated 144A		2.95			11-21-2026		3,625,000		3,800,429
Health Care Providers & Services: 1.35%
Anthem Incorporated		3.70			9-15-2049		1,000,000		1,026,545
CommonSpirit Health		2.95			11-1-2022		1,250,000		1,283,408
CommonSpirit Health		3.82			10-1-2049		1,810,000		1,943,899
CVS Health Corporation		4.78			3-25-2038		1,375,000		1,621,617
Dignity Health		3.81			11-1-2024		2,000,000		2,177,997
Highmark Incorporated 144A		6.13			5-15-2041		710,000		947,676
Magellan Health Incorporated		4.90			9-22-2024		2,710,000		2,777,750
WellPoint Incorporated		3.13			5-15-2022		3,804,000		3,927,459
									15,706,351
Industrials: 1.29%
Airlines: 0.20%
Delta Airlines Pass-Through Certificates Series2015-B		4.25			1-30-2025		2,169,243		2,339,228
Building Products: 0.09%
Builders Firstsource Incorporated 144A		5.00			3-1-2030		1,000,000		1,000,480
Industrial Conglomerates: 0.33%
Carlisle Companies Incorporated		2.75			3-1-2030		2,750,000		2,750,618
General Electric Company		4.63			1-7-2021		1,060,000		1,087,768
									3,838,386
Machinery: 0.00%
Harsco Corporation 144A		5.75			7-31-2027		20,000		19,700
Trading Companies & Distributors: 0.13%
Fortress Transportation & Infrastructure Investors LLC 144A		6.50			10-1-2025		1,500,000		1,571,250
Transportation Infrastructure: 0.54%
Toll Road Investors Partnership II LP 144A¤		0.00			2-15-2027		1,050,000		796,004
Toll Road Investors Partnership II LP 144A¤		0.00			2-15-2026		5,630,000		4,594,188
Toll Road Investors Partnership II LP 144A¤		0.00			2-15-2028		1,150,000		836,863
									6,227,055
Information Technology: 1.74%
Communications Equipment: 0.19%
Motorola Solutions Incorporated		4.60			2-23-2028		2,000,000		2,258,665

12  |  Wells Fargo Core Plus Bond Fund

Portfolio of investments—February 29, 2020 (unaudited)

	Interest rate			Maturity date		Principal		Value
Electronic Equipment, Instruments & Components: 0.32%
Arrow Electronics Incorporated		3.88	%		1-12-2028	$	1,000,000	$	1,055,015
Corning Incorporated		3.90			11-15-2049		2,500,000		2,639,202
									3,694,217
Semiconductors & Semiconductor Equipment: 0.46%
Broadcom Corporation		3.88			1-15-2027		1,500,000		1,573,058
Qualcomm Incorporated		3.00			5-20-2022		3,700,000		3,833,567
									5,406,625
Software: 0.40%
Citrix Systems Incorporated		3.30			3-1-2030		2,425,000		2,438,568
Symantec Corporation		4.20			9-15-2020		2,145,000		2,154,657
									4,593,225
Technology Hardware, Storage & Peripherals: 0.37%
Apple Incorporated		2.95			9-11-2049		1,270,000		1,334,431
Apple Incorporated		4.65			2-23-2046		990,000		1,316,809
Diamond 1 Finance Corporation 144A		8.35			7-15-2046		1,175,000		1,596,480
									4,247,720
Materials: 0.37%
Containers & Packaging: 0.37%
Flex Acquisition Company Incorporated 144A		6.88			1-15-2025		1,000,000		972,520
WRKCo Incorporated		3.90			6-1-2028		3,000,000		3,304,157
									4,276,677
Real Estate: 1.61%
Equity REITs: 1.61%
Federal Realty Investment Trust		3.63			8-1-2046		915,000		974,701
Highwoods Realty LP		3.05			2-15-2030		4,420,000		4,602,830
Omega Healthcare Investors Incorporated		4.50			1-15-2025		2,130,000		2,321,798
Omega Healthcare Investors Incorporated		5.25			1-15-2026		1,700,000		1,951,138
Sabra Health Care LP / Sabra Capital Corporation		4.80			6-1-2024		2,000,000		2,162,820
Tanger Properties LP		3.75			12-1-2024		1,600,000		1,689,160
Welltower Incorporated		4.25			4-1-2026		4,465,000		5,022,295
									18,724,742
Utilities: 0.80%
Electric Utilities: 0.80%
Basin Electric Power Cooperative 144A		4.75			4-26-2047		1,315,000		1,612,139
Firstenergy Corporation		2.05			3-1-2025		5,590,000		5,667,854
ITC Holdings Corporation		2.70			11-15-2022		673,000		694,161
Oglethorpe Power Corporation		5.05			10-1-2048		1,060,000		1,345,859
									9,320,013
Total Corporate Bonds and Notes (Cost $249,353,172)									258,062,452

Wells Fargo Core Plus Bond Fund  |  13

Portfolio of investments—February 29, 2020 (unaudited)

	Interest rate			Maturity date		Principal		Value
Foreign Corporate Bonds and Notes: 2.63%
Consumer Discretionary: 0.28%
Auto Components: 0.10%
HP Pelzer Holding GmbH 144A		4.13	%		4-1-2024	EUR	1,200,000	$	1,152,524
Automobiles: 0.18%
Peugeot SA Company		2.00			3-20-2025	EUR	1,800,000		2,107,509
Consumer Staples: 0.69%
Food & Staples Retailing: 0.15%
Tasty Bondco 1 SA 144A		6.25			5-15-2026	EUR	1,600,000		1,726,578
Food Products: 0.38%
Danone SA (5 Year EUR Swap +1.43%)±		1.75			12-31-2099	EUR	2,600,000		2,884,622
Sigma Holdings Company BV 144A«		5.75			5-15-2026	EUR	1,500,000		1,540,838
									4,425,460
Household Products: 0.16%
Energizer Gamma Acquisition BV 144A		4.63			7-15-2026	EUR	1,600,000		1,832,557
Energy: 0.63%
Oil, Gas & Consumable Fuels: 0.63%
Eni SpA		1.13			9-19-2028	EUR	3,200,000		3,786,856
Petroleos Mexicanos		3.75			2-21-2024	EUR	1,000,000		1,157,509
Total SA (5 Year EUR Swap +3.78%)±		3.88			12-29-2049	EUR	2,000,000		2,349,096
									7,293,461
Financials: 0.48%
Banks: 0.31%
Bankia SA (5 Year EUR Swap +5.82%)±		6.00			12-31-2099	EUR	1,200,000		1,364,800
Caixa Geral de Depositos SA (5 Year EUR Swap +10.93%)±		10.75			12-31-2099	EUR	1,800,000		2,293,050
									3,657,850
Diversified Financial Services: 0.17%
LKQ European Holdings BV Company 144A		3.63			4-1-2026	EUR	1,800,000		1,996,843
Industrials: 0.25%
Commercial Services & Supplies: 0.10%
Paprec Holding SA 144A		4.00			3-31-2025	EUR	1,200,000		1,199,950
Road & Rail: 0.15%
Europcar Groupe SA 144A		4.13			11-15-2024	EUR	1,800,000		1,756,804
Real Estate: 0.30%
Real Estate Management & Development: 0.30%
Akelius Residential Property AB (EUR ICE Swap +3.49%)±		3.88			10-5-2078	EUR	2,500,000		2,884,070
ATF Netherlands BV		1.50			7-15-2024	EUR	500,000		579,678
									3,463,748
Total Foreign Corporate Bonds and Notes (Cost $32,100,991)									30,613,284
Foreign Government Bonds: 1.99%
Bonos y Obligaciones del Estado 144A		0.25			7-30-2024	EUR	8,850,000		9,958,589

14  |  Wells Fargo Core Plus Bond Fund

Portfolio of investments—February 29, 2020 (unaudited)

	Interest rate			Maturity date		Principal		Value
Foreign Government Bonds (continued)
Brazil		10.00	%		1-1-2025	BRL	8,600,000	$	2,219,363
Italy Buoni Poliennali del Tesoro		0.05			4-15-2021	EUR	3,500,000		3,870,031
Nota do Tesouro Nacional Notes		10.00			1-1-2029	BRL	8,000,000		2,155,319
Spain		0.75			7-30-2021	EUR	4,430,000		4,974,655
Total Foreign Government Bonds (Cost $23,903,996)									23,177,957
Loans: 0.33%
Communication Services: 0.23%
Media: 0.23%
Ancestry.com Incorporated (1 Month LIBOR +3.75%)±‡		5.36			10-19-2023	$	1,209,533		1,112,771
Diamond Sports Group LLC (1 Month LIBOR +3.25%)±		4.88			8-24-2026		1,695,750		1,543,133
									2,655,904
Health Care: 0.10%
Health Care Providers & Services: 0.10%
Surgery Center Holdings Incorporated (1 Month LIBOR +3.25%)±		4.86			9-2-2024		1,221,875		1,179,109
Total Loans (Cost $4,137,373)									3,835,013
Municipal Obligations: 1.79%
California: 0.33%
Airport Revenue: 0.18%
San Jose CA Series B (AGM Insured)		6.60			3-1-2041		2,000,000		2,097,780
Transportation Revenue: 0.15%
Alameda CA Corridor Transportation Authority CAB Refunding Bond Subordinated Series B (Ambac Insured) ¤		0.00			10-1-2028		2,115,000		1,704,986
									3,802,766
Illinois: 0.98%
GO Revenue: 0.66%
Cook County IL Series B (BAM Insured)		6.36			11-15-2033		1,745,000		2,524,404
Illinois Taxable Pension «		5.10			6-1-2033		3,040,000		3,556,800
Will County ILLincoln-Way Community High School District #210 Unrefunded CAB (AGM Insured) ¤		0.00			1-1-2025		1,820,000		1,664,991
									7,746,195
Tax Revenue: 0.32%
Chicago IL Transit Authority Taxable Pension Funding Series A		6.90			12-1-2040		1,075,000		1,573,736
Metropolitan Pier & Exposition Authority Illinois CAB McCormick Place Expansion Project Series2010-B1 (AGM Insured) ¤		0.00			6-15-2026		1,975,000		1,804,044
Metropolitan Pier & Exposition Authority Illinois CAB McCormick Place Expansion Project Series2012-B ¤		0.00			12-15-2051		765,000		295,772
									3,673,552
									11,419,747
Maryland: 0.08%
Education Revenue: 0.08%
Maryland Health & HEFAR Green Street Academy Series B 144A		6.75			7-1-2023		975,000		987,149

Wells Fargo Core Plus Bond Fund  |  15

Portfolio of investments—February 29, 2020 (unaudited)

	Interest rate			Maturity date		Principal		Value
Michigan: 0.12%
Miscellaneous Revenue: 0.12%
Michigan Finance Authority Local Government Loan Program Project Series E		7.19	%		11-1-2022	$	1,235,000	$	1,344,816
Pennsylvania: 0.28%
Health Revenue: 0.07%
Quakertown PA General Authority USDA Loan Anticipation NotesSeries 2017-B		3.80			7-1-2021		900,000		900,288
Miscellaneous Revenue: 0.21%
Commonwealth of Pennsylvania Financing Authority Series A		4.14			6-1-2038		1,995,000		2,414,708
									3,314,996
Total Municipal Obligations (Cost $17,577,554)									20,869,474
Non-Agency Mortgage-Backed Securities: 19.05%
Agate Bay Mortgage Loan Trust Series2015-3 Class B3 144A±±		3.62			4-25-2045		2,106,257		2,179,338
ALM Loan Funding Series2015-16A Class AAR2 (3 Month LIBOR +0.90%) 144A±		2.73			7-15-2027		1,850,000		1,850,339
American Money Management Corporation Series2015-16A Class AR (3 Month LIBOR +1.26%) 144A±		3.10			4-14-2029		3,000,000		3,000,336
American Money Management Corporation Series2016-19A Class AR (3 Month LIBOR +1.14%) 144A±		2.97			10-16-2028		2,750,000		2,750,176
Angel Oak Mortgage Trust I LLC Series2019-3 Class A1 144A±±		2.93			5-25-2059		1,074,509		1,081,801
Banc of America Funding Corporation Series2016-R1 Class A1 144A±±		2.50			3-25-2040		517,540		521,242
BDS Limited Series2018-FL2 Class A (1 Month LIBOR +0.95%) 144A±		2.61			8-15-2035		1,326,686		1,325,030
Benefit Street Partners CLO Limited Series2014-IVA Class A1RR (3 Month LIBOR +1.25%) 144A±		3.07			1-20-2029		1,000,000		1,000,375
Benefit Street Partners CLO Limited Series2016-10A Class A1R (3 Month LIBOR +1.14%) 144A±		2.97			1-15-2029		3,500,000		3,502,828
BlueMountain CLO Limited Series2012-2A Class AR2 (3 Month LIBOR +1.05%) 144A±		2.74			11-20-2028		935,000		935,229
BlueMountain CLO Limited Series2013-1A Class A1R2 (3 Month LIBOR +1.23%) 144A±		3.05			1-20-2029		1,935,000		1,935,726
Bunker Hill Loan Depositary Trust Series2019-3 Class A1 144A		2.72			11-25-2059		3,698,321		3,737,221
BX Trust Series 2019-OC11 Class A 144A		3.20			12-9-2041		4,975,000		5,446,205
Cascade Funding Mortgage Trust Series 2018- RM2 Class A 144A±±		4.00			10-25-2068		526,920		550,118
CD Commercial Mortgage Trust Series2017-6 Class A5		3.46			11-13-2050		1,035,000		1,147,040
CIFC Funding Limited Series2012-2RA Class A1 (3 Month LIBOR +0.80%) 144A±		2.62			1-20-2028		2,525,000		2,525,045
Citigroup Commercial Mortgage Trust 2017-MDRA Class A 144A		3.66			7-10-2030		2,000,000		2,062,848
CNH Equipment Trust Series2019-A Class A2		2.96			5-16-2022		2,505,423		2,521,533
Colt Funding LLC Series2018-3 Class A1 144A±±		3.69			10-26-2048		1,361,360		1,367,583
Colt Funding LLC Series2019-1 Class A1 144A±±		3.71			3-25-2049		1,534,412		1,561,686
Commercial Mortgage Trust Series 2014-CR15 Class A2		2.93			2-10-2047		295,009		295,388
Credit Suisse Mortgage Trust Series 2013 Class B4 144A±±		3.42			4-25-2043		4,122,101		4,211,780
Credit Suisse Mortgage Trust Series 2018 Class A1 144A±±		4.13			7-25-2058		1,614,535		1,628,350
Crown Point Limited Series2015-3A Class A1AR (3 Month LIBOR +0.91%) 144A±		2.74			12-31-2027		1,969,190		1,969,731
Crown Point Limited Series2018-6A Class A1 (3 Month LIBOR +1.17%) 144A±		2.99			10-20-2028		3,500,000		3,500,406
CSAIL Commercial Mortgage Trust Series2015-C4 Class A1		2.01			11-15-2048		75,548		75,490
CSMLT Trust Series2015-1 Class B4 144A±±		3.88			5-25-2045		4,686,162		4,875,119
Deephaven Residential Mortgage Series2019-2A Class A1 144A±±		3.56			4-25-2059		1,950,218		1,971,218
Deephaven Residential Mortgage Series2019-4A Class A1 144A±±		2.79			10-25-2059		2,846,381		2,863,618
DLL Securitization Trust Series2019-MT3 Class A1 144A		2.06			10-20-2020		3,916,039		3,920,335
Dryden Senior Loan Fund Series2013-28A Class A2LR (3 Month LIBOR +1.65%) 144A±		3.34			8-15-2030		4,000,000		4,000,652

16  |  Wells Fargo Core Plus Bond Fund

Portfolio of investments—February 29, 2020 (unaudited)

	Interest rate			Maturity date		Principal		Value
Non-Agency Mortgage-Backed Securities (continued)
Financial Asset Securitization Incorporated Series 1997-NAM2 Class B2 †		8.00	%		7-25-2027	$	17,926	$	931
FirstKey Mortgage Trust Series2014-1 Class A2 144A±±		3.00			11-25-2044		193,659		193,308
GCAT Series 2019-NQM1 Class A1 144A		2.99			2-25-2059		3,280,188		3,313,536
GCAT Series 2019-NQM2 Class A1 144A		2.86			9-25-2059		4,342,547		4,388,452
GCAT Series 2019-RPl1 Class A1 144A±±		2.65			10-25-2068		4,654,188		4,719,086
Gilbert Park CLO Series2017-1A Class B (3 Month LIBOR +1.60%) 144A±		3.43			10-15-2030		3,000,000		3,000,060
Great Wolf Trust Series 2019-WOLF Class A (1 Month LIBOR +1.03%) 144A±		2.69			12-15-2036		2,350,000		2,350,004
Goldman Sachs Mortgage Securities Trust Series 2019-GSA1 Class C±±		3.81			11-10-2052		500,000		534,233
Goldman Sachs Mortgage Securities Trust Series 2019- PJ1 Class A6 144A±±		4.00			8-25-2049		691,359		699,073
Homeward Opportunities Fund I Trust Series2019-1 Class A1 144A±±		3.45			1-25-2059		1,915,764		1,937,099
Hospitality Mortgage Trust Series 2019 Class A (1 Month LIBOR +1.00%) 144A±		2.66			11-15-2036		2,718,220		2,714,954
JPMorgan Mortgage Trust Series2014-2 Class B4 144A±±		3.40			6-25-2029		1,215,000		1,265,679
JPMorgan Mortgage Trust Series2020-1 Class A15 144A±±		3.50			6-25-2050		5,560,973		5,691,172
JPMorgan Chase Commercial Mortgage Securities Trust Series2012-C8 Class ASB		2.38			10-15-2045		2,070,793		2,099,092
JPMorgan Chase Commercial Mortgage Securities Trust Series2019-MFP Class A (1 Month LIBOR +0.96%) 144A±		2.62			7-15-2036		5,000,000		4,999,995
Lendmark Funding Trust Series2018-1A Class A 144A		3.81			12-21-2026		2,685,000		2,755,504
Lendmark Funding Trust Series2018-2A Class A 144A		4.23			4-20-2027		600,000		627,106
LoanCore Limited Series 2018-CRE1 Class A (1 Month LIBOR +1.13%) 144A±		2.79			5-15-2028		3,000,000		3,002,814
Mach One Trust Commercial Mortgage Backed Series2004-1 Class X 144A ±±(c)		0.78			5-28-2040		62,017		0
Mello Warehouse Securitization Series2019-1 Class A (1 Month LIBOR +0.80%) 144A±		2.43			6-25-2052		3,115,000		3,117,080
Metlife Securitization Trust2019-1A Class A1A 144A±±		3.75			4-25-2058		2,417,373		2,548,267
Mill City Mortgage Trust Series 2019 Class M2 144A±±		3.25			7-25-2059		4,592,000		4,756,362
Morgan Stanley Bank of America Merrill Lynch Trust Series2016-C30 Class B ±±		3.31			9-15-2049		610,000		639,996
Morgan Stanley Capital I Series2004-RR2 Class X 144A±±(c)		0.35			10-28-2033		3,349		12
Neuberger Berman Limited Series2015-20A Class AR (3 Month LIBOR +0.80%) 144A±		2.63			1-15-2028		1,575,000		1,575,187
New Residential Mortgage Loan Trust Series 2018-NQM1 Class A1 144A±±		3.99			11-25-2048		2,068,789		2,105,984
New Residential Mortgage Loan Trust Series 2019-RPL3 Class M1 144A±±		3.25			7-25-2059		5,000,000		5,177,146
Octagon Investment Partners Series2017-1A Class B1 (3 Month LIBOR +1.70%) 144A±		3.52			7-20-2030		1,000,000		1,000,053
Ondeck Asset Securitization Trust LLC Series2018-1A Class A 144A		3.50			4-18-2022		5,020,000		5,035,789
Onslow Bay Financial LLC Series 2020 Class A21 144A±±		3.50			12-25-2049		4,347,209		4,459,967
OZLM Funding Limited Series2014-8A Class A2RR (3 Month LIBOR +1.80%) 144A±		3.64			10-17-2029		5,400,000		5,380,771
Palmer Square Loan Funding Limited Series2019-2A Class A1 (3 Month LIBOR +0.97%) 144A±		2.79			4-20-2027		2,586,103		2,586,931
Residential Mortgage Loan Trust Series2020-1 Class M1 144A±±		3.24			2-25-2024		5,000,000		5,074,920
Shellpoint Company Originator Trust Series2016-1 Class B2 144A±±		3.62			11-25-2046		6,089,664		6,401,493
Sound Point CLO Limited Series2013-2RA Class A1 (3 Month LIBOR +0.95%) 144A±		2.78			4-15-2029		2,825,000		2,798,007
Starwood Mortgage Residential Trust Series2019-1 Class A1 144A±±		2.94			6-25-2049		2,831,384		2,864,401
Starwood Mortgage Residential Trust Series 2019-INV1 Class A1 144A±±		2.61			9-27-2049		3,225,687		3,234,024
TCW CLO2017-1 Limited Series2017-1A Class BR (3 Month LIBOR +1.55%) 144A%%±		3.30			7-29-2029		5,545,000		5,536,677
TCW CLO2019-1 AMR Limited Series2019-1A Class A (3 Month LIBOR +1.44%) 144A±		3.13			2-15-2029		4,210,000		4,213,153
Towd Point Mortgage Trust Series2015-1 Class A3 144A±±		3.25			10-25-2053		5,000,000		5,133,518
Towd Point Mortgage Trust Series2015-4 Class A2 144A±±		3.75			4-25-2055		2,675,000		2,773,421
Towd Point Mortgage Trust Series2017-4 Class A1 144A±±		2.75			6-25-2057		2,357,508		2,415,140
Towd Point Mortgage Trust Series 2019- MH1 Class A1 144A±±		3.00			11-25-2058		1,986,684		2,016,107

Wells Fargo Core Plus Bond Fund  |  17

Portfolio of investments—February 29, 2020 (unaudited)

	Interest rate			Maturity date		Principal		Value
Non-Agency Mortgage-Backed Securities (continued)
Towd Point Mortgage Trust Series2019-4 Class M1 144A±±		3.50	%		10-25-2059	$	4,000,000	$	4,260,032
Towd Point Mortgage Trust Series2019-SJ3 Class A1 144A±±		3.00			11-25-2059		4,602,415		4,635,908
UBS Commercial Mortgage Trust Series2017-C5 Class A5		3.47			11-15-2050		1,140,000		1,263,914
UBS Commercial Mortgage Trust Series 2018-NYCH Class A (1 Month LIBOR +0.85%) 144A±		2.51			2-15-2032		2,930,000		2,923,609
Venture Limited Series 2018 Class 35A 144A		4.40			10-22-2031		2,000,000		2,023,510
Verus Securitization Trust Series2019-1 Class A1 144A±±		3.40			12-25-2059		1,994,300		2,015,948
Verus Securitization Trust Series2019-2 Class A1 144A±±		3.21			5-25-2059		3,692,321		3,731,085
Voya CLO Limited Series2015-2A Class AR (3 Month LIBOR +0.97%) 144A±		2.78			7-23-2027		2,900,000		2,900,142
West CLO Limited Series2014-2A Class A1 (3 Month LIBOR +0.87%) 144A±		2.71			1-16-2027		1,423,776		1,423,212
Whitehorse Limited Series2014-1A Class AR (3 Month LIBOR +0.90%) 144A ±		2.66			5-1-2026		1,025,202		1,025,594
TotalNon-Agency Mortgage-Backed Securities (Cost $219,663,869)									221,653,244
U.S. Treasury Securities: 7.20%
TIPS		1.38			2-15-2044		3,098,334		4,011,402
U.S. Treasury Bond		1.50			2-15-2030		1,100,000		1,137,469
U.S. Treasury Bond ¤		0.00			11-15-2027		1,795,000		1,643,122
U.S. Treasury Bond		0.13			1-15-2030		11,895,708		12,370,414
U.S. Treasury Bond		2.00			2-15-2050		5,015,000		5,415,021
U.S. Treasury Bond		2.25			8-15-2049		600,000		682,008
U.S. Treasury Bond		2.38			11-15-2049		3,745,000		4,371,556
U.S. Treasury Bond		2.88			8-15-2045		2,495,000		3,115,631
U.S. Treasury Bond		3.00			11-15-2044		7,545,000		9,583,918
U.S. Treasury Bond		3.00			5-15-2045		8,145,000		10,373,739
U.S. Treasury Bond		3.00			2-15-2047		5,555,000		7,167,686
U.S. Treasury Bond		4.25			11-15-2040		4,560,000		6,771,778
U.S. Treasury Note		1.75			11-15-2029		16,265,000		17,173,553
Total U.S. Treasury Securities (Cost $77,794,492)									83,817,297
Yankee Corporate Bonds and Notes: 10.41%
Communication Services: 0.66%
Diversified Telecommunication Services: 0.16%
Telefonica Emisiones SAU		5.21			3-8-2047		1,485,000		1,823,694
Interactive Media & Services: 0.29%
Tencent Holdings Limited 144A		3.98			4-11-2029		3,000,000		3,399,885
Wireless Telecommunication Services: 0.21%
Vodafone Group plc		4.25			9-17-2050		2,270,000		2,511,063
Consumer Discretionary: 0.43%
Automobiles: 0.43%
Fiat Chrysler Automobiles NV		4.50			4-15-2020		4,945,000		4,950,538
Consumer Staples: 0.65%
Beverages: 0.28%
Fomento Economico SA		3.50			1-16-2050		3,080,000		3,254,706
Tobacco: 0.37%
Imperial Brands Finance plc 144A		3.50			7-26-2026		4,055,000		4,256,139
Energy: 0.91%
Energy Equipment & Services: 0.04%
Valaris plc		5.75			10-1-2044		1,500,000		458,445

18  |  Wells Fargo Core Plus Bond Fund

Portfolio of investments—February 29, 2020 (unaudited)

	Interest rate			Maturity date		Principal		Value
Oil, Gas & Consumable Fuels: 0.87%
Aker BP ASA 144A		3.00	%		1-15-2025	$	3,500,000	$	3,543,944
Baytex Energy Corporation 144A		5.63			6-1-2024		2,000,000		1,800,000
Comision Federal de Electricidad 144A		4.75			2-23-2027		1,140,000		1,231,211
EnCana Corporation		6.50			2-1-2038		836,000		918,021
Petroleos Mexicanos Company 144A		6.84			1-23-2030		1,870,000		1,954,150
Transocean Incorporated		7.50			4-15-2031		1,250,000		743,750
									10,191,076
Financials: 6.63%
Banks: 4.17%
ABN AMRO Bank NV 144A		4.75			7-28-2025		1,800,000		2,003,381
Banco Bradesco 144A		2.85			1-27-2023		3,205,000		3,189,937
Banco de Bogota SA 144A		4.38			8-3-2027		1,110,000		1,181,884
Banco del Estado de Chile 144A		2.70			1-9-2025		4,165,000		4,210,815
Banco do Brasil SA 144A		4.63			1-15-2025		1,615,000		1,709,881
Banco General SA 144A		4.13			8-7-2027		1,035,000		1,097,411
Banco Internacional del Peru 144A		3.25			10-4-2026		1,600,000		1,620,320
Banco Mercantil del Norte SA (5 Year Treasury Constant Maturity +4.97%) 144A±		6.75			12-31-2099		1,565,000		1,655,003
Banco Safra SA 144A		4.13			2-8-2023		1,695,000		1,733,138
Banco Santander Mexico (5 Year Treasury Constant Maturity +3.00%) 144A±		5.95			10-1-2028		1,700,000		1,838,142
Banco Santander SA		4.25			4-11-2027		1,600,000		1,780,344
Bancolombia SA		3.00			1-29-2025		5,700,000		5,697,150
Banistmo SA 144A		3.65			9-19-2022		1,160,000		1,165,812
Bank of New Zealand 144A		2.00			2-21-2025		4,000,000		4,054,747
Banque Ouest Africaine de Developpement 144A		5.00			7-27-2027		2,520,000		2,731,630
BBVA Bancomer SA 144A		7.25			4-22-2020		283,000		284,064
BPCE SA 144A		5.15			7-21-2024		1,725,000		1,903,512
Danske Bank 144A		5.38			1-12-2024		1,705,000		1,910,994
Deutsche Bank AG (5 Year USD Swap +2.55%)±		4.88			12-1-2032		1,750,000		1,665,948
Itau Unibanco Holding SA 144A		3.25			1-24-2025		3,510,000		3,486,132
Perrigo Finance plc		4.90			12-15-2044		1,500,000		1,614,931
Perrigo Finance Unlimited Company		4.38			3-15-2026		1,365,000		1,488,455
Sumitomo Mitsui Financial Group Incorporated		2.44			10-19-2021		500,000		507,685
									48,531,316
Capital Markets: 0.13%
Credit Suisse Group Funding Limited (3 Month LIBOR +1.20%) 144A±		3.00			12-14-2023		1,485,000		1,529,635
Diversified Financial Services: 1.33%
AerCap Ireland Limited		2.88			8-14-2024		3,655,000		3,723,250
Banco Nacional de Comercio Exterior SNC 144A		4.38			10-14-2025		2,350,000		2,517,461
Brookfield Finance Incorporated		3.90			1-25-2028		2,475,000		2,741,993
Corporacion Financiera de Desarrollo SA (3 Month LIBOR +5.61%) 144A±		5.25			7-15-2029		1,185,000		1,267,962
UBS Group Funding Switzerland AG 144A		3.49			5-23-2023		1,165,000		1,211,008
UBS Group Funding Switzerland AG (5 Year USD Swap +4.87%)±		7.00			12-29-2049		1,650,000		1,834,394
WPP Finance Limited 2010		3.75			9-19-2024		2,054,000		2,209,457
									15,505,525
Insurance: 0.77%
Fairfax Financials Holdings Limited		4.85			4-17-2028		2,780,000		3,121,474
Sompo International Holdings Limited		7.00			7-15-2034		1,330,000		1,922,694

Wells Fargo Core Plus Bond Fund  |  19

Portfolio of investments—February 29, 2020 (unaudited)

	Interest rate			Maturity date		Principal		Value
Insurance (continued)
Swiss Re Finance (Luxembourg) SA (5 Year Treasury Constant Maturity +3.58%) 144A±		5.00	%		4-2-2049	$	1,600,000	$	1,810,400
Validus Holdings Limited		8.88			1-26-2040		1,210,000		2,078,131
									8,932,699
Thrifts & Mortgage Finance: 0.23%
Nationwide Building Society (5 Year USD Swap +1.85%) 144A±		4.13			10-18-2032		2,500,000		2,648,401
Health Care: 0.47%
Pharmaceuticals: 0.47%
Perrigo Finance Unlimited Company		3.50			3-15-2021		1,305,000		1,328,108
Shire Acquisitions Investment Ireland Limited		2.40			9-23-2021		2,550,000		2,582,793
Teva Pharmaceutical Finance BV		2.20			7-21-2021		1,600,000		1,552,160
									5,463,061
Industrials: 0.05%
Transportation Infrastructure: 0.05%
Mexico City Airport Trust 144A		5.50			7-31-2047		570,000		622,013
Utilities: 0.61%
Electric Utilities: 0.61%
Enel Finance International SA 144A		4.63			9-14-2025		3,635,000		4,082,715
Western Power Distributions Holdings Limited 144A		7.38			12-15-2028		2,265,000		2,960,513
									7,043,228
Total Yankee Corporate Bonds and Notes (Cost $115,017,471)									121,121,424
Yankee Government Bonds: 1.53%
Bermuda 144A		3.72			1-25-2027		995,000		1,070,879
Bermuda 144A		4.14			1-3-2023		1,210,000		1,276,562
Federative Republic of Brazil		4.50			5-30-2029		1,495,000		1,631,045
Federative Republic of Brazil		4.63			1-13-2028		1,795,000		1,981,698
Hashemite Kingdom of Jordan		3.00			6-30-2025		3,000,000		3,249,426
Provincia de Cordoba 144A		7.13			6-10-2021		1,750,000		1,296,768
Provincia de Santa Fe 144A		7.00			3-23-2023		2,000,000		1,600,000
Republic of Argentina		6.88			4-22-2021		1,280,000		636,800
Republic of Argentina		6.88			1-11-2048		1,000,000		393,010
Republic of Argentina		7.50			4-22-2026		1,350,000		583,889
Republic of Kenya 144A		8.25			2-28-2048		750,000		801,113
Republic of Paraguay 144A		5.40			3-30-2050		1,000,000		1,202,510
Republic of Senegal 144A		6.25			5-23-2033		750,000		786,300
Ukraine 144A		7.38			9-25-2032		1,200,000		1,284,782
Total Yankee Government Bonds (Cost $19,272,148)									17,794,782

20  |  Wells Fargo Core Plus Bond Fund

Portfolio of investments—February 29, 2020 (unaudited)

	Yield			Shares		Value
Short-Term Investments: 6.68%
Investment Companies: 6.68%
Securities Lending Cash Investments LLC (l)(r)(u)		1.66	%		7,831,543	$	7,832,326
Wells Fargo Government Money Market Fund Select Class (l)(u)##		1.52			69,840,344		69,840,344
Total Short-Term Investments (Cost $77,672,607)							77,672,670

Total investments in securities (Cost $1,166,325,842)	103.15	%		1,200,055,448
Other assets and liabilities, net	(3.15	)		(36,668,718	)
Total net assets	100.00	%	$	1,163,386,730

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

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

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

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

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

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

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

‡ Security is valued using significant unobservable inputs.

† Non-income-earning security

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

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

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

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

Abbreviations:

AGM Assured Guaranty Municipal

Ambac Ambac Financial Group Incorporated

BAM Build America Mutual Assurance Company

BRL Brazilian real

CAB Capital appreciation bond

EUR Euro

FHLB Federal Home Loan Bank

FHLMC Federal Home Loan Mortgage Corporation

FNMA Federal National Mortgage Association

GNMA Government National Mortgage Association

GO General obligation

HEFAR Higher Education Facilities Authority Revenue

LIBOR London Interbank Offered Rate

REIT Real estate investment trust

SOFR Secured Overnight Financing Rate

STRIPS Separate trading of registered interest and principal securities

TIPS Treasury Inflation-Protected Securities

TVA Tennessee Valley Authority

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

Wells Fargo Core Plus Bond Fund  |  21

Portfolio of investments—February 29, 2020 (unaudited)

Futures Contracts

Description	Number of contracts		Expiration date		Notional cost			Notional value			Unrealized gains		Unrealized losses
Long
U.S. Long Term Bond		85		6-19-2020	$	14,129,672		$	14,471,250		$	341,578	$	0
10-Year U.S. Treasury Notes		106		6-19-2020		14,065,883			14,283,500			217,617		0
U.S. Ultra Bond		144		6-19-2020		29,229,934			29,880,000			650,066		0
10-Year Canadian Treasury Bonds		165		6-19-2020		17,426,434			17,544,273			117,839		0
5-Year U.S. Treasury Notes		528		6-30-2020		64,106,641			64,812,000			705,359		0
2-Year U.S. Treasury Notes		608		6-30-2020		131,962,305			132,743,501			781,196		0
Short
Euro-Bund Futures		(21)		3-6-2020		(3,996,709	)		(4,114,047	)		0		(117,338	)
Euro-Schatz Futures		(67)		3-6-2020		(8,282,459	)		(8,307,341	)		0		(24,882	)
Euro-BOBL Futures		(135)		3-6-2020		(20,003,037	)		(20,217,854	)		0		(214,817	)
10-Year Ultra Futures		(248)		6-19-2020		(36,668,270	)		(37,254,250	)		0		(585,980	)
											$	2,813,655	$	(943,017	)

Forward Foreign Currency Contracts

Currency to be received	Currency to be delivered	Counterparty	Settlement date	Unrealized gains		Unrealized losses
2,250,000 EUR	9,639,450 PLN	Citibank	3-31-2020	$	30,262	$	0
2,834,128 USD	43,500,000 ZAR	Citibank	3-31-2020		57,418		0
2,832,233 USD	43,500,000 ZAR	Citibank	3-31-2020		55,523		0
1,655,078 USD	1,500,000 EUR	Citibank	3-31-2020		0		(3,736	)
1,103,210 USD	1,000,000 EUR	Citibank	3-31-2020		0		(2,666	)
9,696,611 PLN	2,250,000 EUR	Citibank	3-31-2020		0		(15,687	)
1,684,985 USD	1,525,000 EUR	Citibank	3-31-2020		0		(1,476	)
47,485,627 USD	42,294,034 EUR	Citibank	3-31-2020		713,664		0
2,996,653 USD	2,700,000 EUR	Citibank	3-31-2020		10,788		0
				$	867,655	$	(23,565	)

Centrally Cleared Credit Default Swaps

Reference index	Fixed rate received			Payment frequency		Maturity date		Notional amount		Value			Premiums received / paid			Unrealized gains		Unrealized losses
Buy protection
Markit CDX North American High Yield Index		5.00	%		Quarterly		12-20-2024		USD 7,425,000	$	(381,100	)	$	(594,660	)	$	213,560	$	0
Markit CDX North American Investment Grade Index		1.00			Quarterly		12-20-2024		USD 10,000,000		(150,700	)		(204,551	)		53,851		0
														(799,211	)		267,411		0
Sell protection
Markit iTraxx Europe Index		1.00			Quarterly		12-20-2023		EUR 4,000,000		77,234			56,644			20,590		0

22  |  Wells Fargo Core Plus Bond Fund

Portfolio of investments—February 29, 2020 (unaudited)

Investments in Affiliates

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

	Shares, beginning of period		Shares purchased		Shares sold			Shares, end of period		Net realized gains (losses)		Net change in unrealized gains (losses)		Income from affiliated securities			Value, end of period		% of net assets
Short-Term Investments
Investment Companies
Securities Lending Cash Investments LLC		5,226,857		87,296,436		(84,691,750	)		7,831,543	$	3,117	$	1	$	132,053	#	$	7,832,326
Wells Fargo Government Money Market Fund Select Class		86,371,118		311,531,498		(328,062,272	)		69,840,344		0		0		465,327			69,840,344
										$	3,117	$	1	$	597,380		$	77,672,670		6.68	%

^#  Amount shown represents income before fees and rebates.

Wells Fargo Core Plus Bond Fund  |  23

Statement of assets and liabilities—February 29, 2020 (unaudited)

Assets
Investments in unaffiliated securities (including $7,569,312 of securities loaned), at value (cost $1,088,653,235)	$	1,122,382,778
Investments in affiliated securities, at value (cost $77,672,607)		77,672,670
Cash		306,827
Cash at broker segregated for centrally cleared swaps		552,038
Cash at broker segregated for open futures contracts		2,134,647
Foreign currency, at value (cost $40,459)		39,518
Principal paydown receivable		58
Receivable for investments sold		17,594,415
Receivable for Fund shares sold		6,074,657
Receivable for interest		6,502,693
Receivable for daily variation margin on open futures contracts		1,574,807
Receivable for securities lending income, net		6,915
Unrealized gains on forward foreign currency contracts		867,655
Prepaid expenses and other assets		299,371
Total assets		1,236,009,049
Liabilities
Payable for investments purchased		57,385,879
Payable for Fund shares redeemed		5,191,279
Payable upon receipt of securities loaned		7,827,494
Unrealized losses on forward foreign currency contracts		23,565
Cash collateral due to broker for forward foreign currency contracts		1,630,000
Payable for daily variation margin on centrally cleared swaps		23,026
Management fee payable		268,163
Administration fees payable		91,407
Distribution fee payable		13,207
Trustees’ fees and expenses payable		6,026
Accrued expenses and other liabilities		162,273
Total liabilities		72,622,319
Total net assets	$	1,163,386,730
Net assets consist of
Paid-in capital	$	1,110,898,382
Total distributable earnings		52,488,348
Total net assets	$	1,163,386,730
Computation of net asset value and offering price per share
Net assets – Class A	$	257,102,347
Shares outstanding – Class A1		19,462,642
Net asset value per share – Class A		$13.21
Maximum offering price per share – Class A2		$13.83
Net assets – Class C	$	22,374,991
Shares outstanding – Class C1		1,694,481
Net asset value per share – Class C		$13.20
Net assets – Class R6	$	67,561,160
Shares outstanding – Class R61		5,106,258
Net asset value per share – Class R6		$13.23
Net assets – Administrator Class	$	63,807,766
Shares outstanding – Administrator Class1		4,838,413
Net asset value per share – Administrator Class		$13.19
Net assets – Institutional Class	$	752,540,466
Shares outstanding – Institutional Class1		56,898,317
Net asset value per share – Institutional Class		$13.23

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.

24  |  Wells Fargo Core Plus Bond Fund

Statement of operations—six months ended February 29, 2020 (unaudited)

Investment income
Interest	$	15,623,173
Income from affiliated securities		514,576
Dividends		301,395
Total investment income		16,439,144
Expenses
Management fee		2,177,086
Administration fees
Class A		195,934
Class C		15,451
Class R6		9,470
Administrator Class		30,486
Institutional Class		243,708
Shareholder servicing fees
Class A		306,147
Class C		24,143
Administrator Class		76,216
Distribution fee
Class C		72,428
Custody and accounting fees		29,753
Professional fees		33,795
Registration fees		49,589
Shareholder report expenses		45,125
Trustees’ fees and expenses		10,909
Other fees and expenses		6,938
Total expenses		3,327,178
Less: Fee waivers and/or expense reimbursements
Fund-level		(757,541	)
Administrator Class		(14,721	)
Net expenses		2,554,916
Net investment income		13,884,228
Realized and unrealized gains (losses) on investments
Net realized gains on
Unaffiliated securities		10,619,251
Affiliated securities		3,117
Futures contracts		2,148,162
Forward foreign currency contracts		1,023,325
Credit default swap contracts		102,362
Net realized gains on investments		13,896,217
Net change in unrealized gains (losses) on
Unaffiliated securities		4,257,198
Affiliated securities		1
Futures contracts		1,630,480
Forward foreign currency contracts		(619,480	)
Credit default swap contracts		244,040
Net change in unrealized gains (losses) on investments		5,512,239
Net realized and unrealized gains (losses) on investments		19,408,456
Net increase in net assets resulting from operations	$	33,292,684

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

Wells Fargo Core Plus Bond Fund  |  25

Statement of changes in net assets

	Six months ended February 29, 2020 (unaudited)						Year ended August 31, 2019
Operations
Net investment income				$	13,884,228					$	20,538,054
Net realized gains on investments					13,896,217						8,587,464
Net change in unrealized gains (losses) on investments					5,512,239						37,270,326
Net increase in net assets resulting from operations					33,292,684						66,395,844
Distributions to shareholders from net investment income and net realized gains
Class A					(4,851,653	)					(6,574,947	)
Class C					(309,867	)					(370,804	)
Class R6					(1,358,549	)					(1,715,047	)
Administrator Class					(1,259,912	)					(771,693	)
Institutional Class					(12,814,948	)					(10,270,164	)
Total distributions to shareholders					(20,594,929	)					(19,702,655	)
		Shares						Shares
Capital share transactions
Proceeds from shares sold
Class A		1,654,622			21,492,323			2,680,470			33,438,451
Class C		469,311			6,091,087			481,331			6,064,332
Class R6		431,525			5,610,093			1,501,220			18,804,815
Administrator Class		957,877			12,421,129			3,315,239			42,606,846
Institutional Class		23,515,191			305,417,955			29,266,462			369,237,004
					351,032,587						470,151,448
Reinvestment of distributions
Class A		347,476			4,495,414			489,790			6,110,716
Class C		21,314			275,538			27,365			340,533
Class R6		84,658			1,097,186			108,554			1,359,721
Administrator Class		97,362			1,257,381			61,503			767,914
Institutional Class		843,049			10,921,242			744,184			9,339,392
					18,046,761						17,918,276
Payment for shares redeemed
Class A		(1,317,235	)		(17,099,678	)		(3,117,801	)		(38,772,694	)
Class C		(186,034	)		(2,414,731	)		(794,733	)		(9,880,274	)
Class R6		(177,413	)		(2,306,760	)		(518,426	)		(6,649,954	)
Administrator Class		(601,109	)		(7,766,527	)		(1,625,234	)		(20,018,219	)
Institutional Class		(7,488,476	)		(97,457,615	)		(11,506,592	)		(142,716,810	)
					(127,045,311	)					(218,037,951	)
Net increase in net assets resulting from capital share transactions					242,034,037						270,031,773
Total increase in net assets					254,731,792						316,724,962
Net assets
Beginning of period					908,654,938						591,929,976
End of period				$	1,163,386,730					$	908,654,938

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

26  |  Wells Fargo Core Plus Bond Fund

Financial highlights

(For a share outstanding throughout each period)

	Six months ended February 29,  2020 (unaudited)			Year ended August 31
CLASS A				2019			2018			2017			2016			2015
Net asset value, beginning of period		$13.09			$12.27			$12.71			$12.70			$12.14			$12.24
Net investment income		0.16			0.37			0.34			0.36	1		0.33			0.21	1
Net realized and unrealized gains (losses) on investments		0.21			0.80			(0.45	)		(0.01	)		0.60			(0.08	)
Total from investment operations		0.37			1.17			(0.11	)		0.35			0.93			0.13
Distributions to shareholders from
Net investment income		(0.18	)		(0.35	)		(0.33	)		(0.33	)		(0.33	)		(0.21	)
Net realized gains		(0.07	)		0.00			0.00			(0.01	)		(0.04	)		(0.02	)
Total distributions to shareholders		(0.25	)		(0.35	)		(0.33	)		(0.34	)		(0.37	)		(0.23	)
Net asset value, end of period		$13.21			$13.09			$12.27			$12.71			$12.70			$12.14
Total return2		2.92	%		9.74	%		(0.84	)%		2.78	%		7.78	%		1.04	%
Ratios to average net assets (annualized)
Gross expenses		0.88	%		0.91	%		0.92	%		0.93	%		0.93	%		0.91	%
Net expenses		0.71	%		0.73	%		0.73	%		0.76	%		0.84	%		0.84	%
Net investment income		2.58	%		2.99	%		2.63	%		2.88	%		2.76	%		1.69	%
Supplemental data
Portfolio turnover rate		52	%		89	%		148	%		199	%		288	%		322	%
Net assets, end of period (000s omitted)		$257,102			$245,879			$229,688			$255,668			$349,852			$223,755

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.

Wells Fargo Core Plus Bond Fund  |  27

Financial highlights

(For a share outstanding throughout each period)

	Six months ended February 29,  2020 (unaudited)			Year ended August 31
CLASS C				2019			2018			2017			2016			2015
Net asset value, beginning of period		$13.09			$12.26			$12.71			$12.70			$12.14			$12.23
Net investment income		0.11			0.28			0.23			0.26			0.24	1		0.12	1
Net realized and unrealized gains (losses) on investments		0.20			0.81			(0.44	)		(0.01	)		0.59			(0.08	)
Total from investment operations		0.31			1.09			(0.21	)		0.25			0.83			0.04
Distributions to shareholders from
Net investment income		(0.13	)		(0.26	)		(0.24	)		(0.23	)		(0.23	)		(0.11	)
Net realized gains		(0.07	)		0.00			0.00			(0.01	)		(0.04	)		(0.02	)
Total distributions to shareholders		(0.20	)		(0.26	)		(0.24	)		(0.24	)		(0.27	)		(0.13	)
Net asset value, end of period		$13.20			$13.09			$12.26			$12.71			$12.70			$12.14
Total return2		2.55	%		8.91	%		(1.66	)%		2.01	%		6.99	%		0.35	%
Ratios to average net assets (annualized)
Gross expenses		1.63	%		1.66	%		1.67	%		1.68	%		1.68	%		1.66	%
Net expenses		1.48	%		1.48	%		1.48	%		1.51	%		1.59	%		1.59	%
Net investment income		1.81	%		2.25	%		1.89	%		2.12	%		2.00	%		0.95	%
Supplemental data
Portfolio turnover rate		52	%		89	%		148	%		199	%		288	%		322	%
Net assets, end of period (000s omitted)		$22,375			$18,195			$20,550			$19,036			$21,216			$20,381

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.

28  |  Wells Fargo Core Plus Bond Fund

Financial highlights

(For a share outstanding throughout each period)

	Six months ended February 29,  2020 (unaudited)			Year ended August 31
CLASS R6				2019			2018			20171
Net asset value, beginning of period		$13.11			$12.28			$12.73			$12.59
Net investment income		0.19			0.41			0.39			0.33	2
Net realized and unrealized gains (losses) on investments		0.20			0.82			(0.46	)		0.12
Total from investment operations		0.39			1.23			(0.07	)		0.45
Distributions to shareholders from
Net investment income		(0.20	)		(0.40	)		(0.38	)		(0.30	)
Net realized gains		(0.07	)		0.00			0.00			(0.01	)
Total distributions to shareholders		(0.27	)		(0.40	)		(0.38	)		(0.31	)
Net asset value, end of period		$13.23			$13.11			$12.28			$12.73
Total return3		3.10	%		10.14	%		(0.55	)%		3.64	%
Ratios to average net assets (annualized)
Gross expenses		0.50	%		0.53	%		0.54	%		0.55	%
Net expenses		0.35	%		0.35	%		0.35	%		0.35	%
Net investment income		2.94	%		3.36	%		3.05	%		3.12	%
Supplemental data
Portfolio turnover rate		52	%		89	%		148	%		199	%
Net assets, end of period (000s omitted)		$67,561			$62,522			$45,159			$31,451

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

²  Calculated based upon average shares outstanding

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

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

Wells Fargo Core Plus Bond Fund  |  29

Financial highlights

(For a share outstanding throughout each period)

	Six months ended February 29,  2020 (unaudited)			Year ended August 31
ADMINISTRATOR CLASS				2019			2018			2017			2016			2015
Net asset value, beginning of period		$13.07			$12.25			$12.69			$12.68			$12.12			$12.22
Net investment income		0.17			0.38			0.35			0.37			0.34			0.22
Net realized and unrealized gains (losses) on investments		0.21			0.81			(0.44	)		(0.01	)		0.60			(0.08	)
Total from investment operations		0.38			1.19			(0.09	)		0.36			0.94			0.14
Distributions to shareholders from
Net investment income		(0.19	)		(0.37	)		(0.35	)		(0.34	)		(0.34	)		(0.22	)
Net realized gains		(0.07	)		0.00			0.00			(0.01	)		(0.04	)		(0.02	)
Total distributions to shareholders		(0.26	)		(0.37	)		(0.35	)		(0.35	)		(0.38	)		(0.24	)
Net asset value, end of period		$13.19			$13.07			$12.25			$12.69			$12.68			$12.12
Total return1		2.98	%		9.88	%		(0.74	)%		2.90	%		7.92	%		1.15	%
Ratios to average net assets (annualized)
Gross expenses		0.82	%		0.85	%		0.86	%		0.87	%		0.87	%		0.85	%
Net expenses		0.62	%		0.62	%		0.62	%		0.66	%		0.72	%		0.72	%
Net investment income		2.67	%		3.07	%		2.74	%		2.97	%		2.84	%		1.82	%
Supplemental data
Portfolio turnover rate		52	%		89	%		148	%		199	%		288	%		322	%
Net assets, end of period (000s omitted)		$63,808			$57,316			$32,241			$41,806			$71,133			$85,431

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

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

30  |  Wells Fargo Core Plus Bond Fund

Financial highlights

(For a share outstanding throughout each period)

	Six months ended February 29,  2020 (unaudited)			Year ended August 31
INSTITUTIONAL CLASS				2019			2018			2017			2016			2015
Net asset value, beginning of period		$13.11			$12.28			$12.72			$12.71			$12.15			$12.24
Net investment income		0.18			0.39			0.37	1		0.38			0.36			0.24	1
Net realized and unrealized gains (losses) on investments		0.21			0.83			(0.44	)		0.01			0.60			(0.07	)
Total from investment operations		0.39			1.22			(0.07	)		0.39			0.96			0.17
Distributions to shareholders from
Net investment income		(0.20	)		(0.39	)		(0.37	)		(0.37	)		(0.36	)		(0.24	)
Net realized gains		(0.07	)		0.00			0.00			(0.01	)		(0.04	)		(0.02	)
Total distributions to shareholders		(0.27	)		(0.39	)		(0.37	)		(0.38	)		(0.40	)		(0.26	)
Net asset value, end of period		$13.23			$13.11			$12.28			$12.72			$12.71			$12.15
Total return2		3.07	%		10.17	%		(0.52	)%		3.10	%		8.05	%		1.37	%
Ratios to average net assets (annualized)
Gross expenses		0.55	%		0.58	%		0.59	%		0.60	%		0.60	%		0.58	%
Net expenses		0.40	%		0.40	%		0.40	%		0.44	%		0.58	%		0.58	%
Net investment income		2.89	%		3.29	%		3.00	%		3.17	%		3.04	%		1.95	%
Supplemental data
Portfolio turnover rate		52	%		89	%		148	%		199	%		288	%		322	%
Net assets, end of period (000s omitted)		$752,540			$524,743			$264,292			$163,387			$79,687			$54,419

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.

Wells Fargo Core Plus Bond Fund  |  31

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 Core Plus 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.

Equity securities and 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. If no sale occurs on the principal exchange or market that day, a fair value price will be determined in accordance with the Fund’s Valuation Procedures.

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.

Forward foreign currency contracts are recorded at the forward rate provided by an independent foreign currency pricing source at a time each business day specified by the Wells Fargo Asset Management Pricing Committee at Wells Fargo Funds Management, LLC (“Funds Management”).

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

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

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

Foreign currency translation

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

32  |  Wells Fargo Core Plus Bond Fund

Notes to financial statements (unaudited)

Forward foreign currency contracts

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

Securities lending

The Fund may lend its securities from time to time in order to earn additional income in the form of fees or interest on securities received as collateral or the investment of any cash received as collateral. When securities are on loan, the Fund receives interest or dividends on those securities. Cash collateral received in connection with its securities lending transactions is invested in Securities Lending Cash Investments, LLC (the “Securities Lending Fund”). Investments in Securities Lending Fund are valued at the evaluated bid price provided by an independent pricing service. Income earned from investment in the Securities Lending Fund (net of fees and rebates), if any, is included in income from affiliated securities on the Statement of Operations.

In a securities lending transaction, the net asset value of the Fund is affected by an increase or decrease in the value of the securities loaned and by an increase or decrease in the value of the instrument in which collateral is invested. The amount of securities lending activity undertaken by the Fund fluctuates from time to time. The Fund has the right under the lending agreement to recover the securities from the borrower on demand. In the event of default or bankruptcy by the borrower, the Fund may be prevented from recovering the loaned securities or gaining access to the collateral or may experience delays or costs in doing so. In such an event, the terms of the agreement allows the unaffiliated securities lending agent to use the collateral to purchase replacement securities on behalf of the Fund or pay the Fund the market value of the loaned securities. The Fund bears the risk of loss with respect to depreciation of its investment of the cash collateral.

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.

Loans

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

Futures contracts

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 a 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 and foreign exchange rates and is subject to interest rate risk and foreign currency risk. 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 the counterparty to all exchange traded futures, guarantees the futures contracts against default.

Wells Fargo Core Plus Bond Fund  |  33

Notes to financial statements (unaudited)

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 that are entered into as bilateral contracts in the OTC market (“OTC swaps”) or centrally cleared (“centrally cleared swaps”) with a central clearinghouse.

The Fund entered into centrally cleared swaps. 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 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.

By entering into credit default swap contracts, the Fund is exposed to credit risk. In addition, certain credit default swap contracts entered into by the Fund provide for conditions that result in events of default or termination that enable the counterparty to the agreement to cause an early termination of the transactions under those agreements.

Security transactions and income recognition

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

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

Income dividends and capital gain distributions from investment companies are recorded on the ex-dividend date. Capital gain distributions from investment companies are treated as realized gains.

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

34  |  Wells Fargo Core Plus Bond Fund

Notes to financial statements (unaudited)

Distributions to shareholders

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

Federal and other taxes

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

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

As of February 29, 2020, the aggregate cost of all investments for federal income tax purposes was $1,166,005,539 and the unrealized gains (losses) consisted of:

Gross unrealized gains	$	52,151,181
Gross unrealized losses		(15,098,543	)
Net unrealized gains	$	37,052,638

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 fund-level 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.

Wells Fargo Core Plus Bond Fund  |  35

Notes to financial statements (unaudited)

The following is a summary of the inputs used in valuing the Fund’s assets and liabilities as of February 29, 2020:

	Quoted prices (Level 1)		Other significant observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total
Assets
Investments in:
Agency securities	$	0	$	234,514,410	$	0	$	234,514,410
Asset-backed securities		0		106,923,441		0		106,923,441
Corporate bonds and notes		0		258,062,452		0		258,062,452
Foreign corporate bonds and notes		0		30,613,284		0		30,613,284
Foreign government bonds		0		23,177,957		0		23,177,957
Loans		0		2,722,242		1,112,771		3,835,013
Municipal obligations		0		20,869,474		0		20,869,474
Non-agency mortgage-backed securities		0		221,653,244		0		221,653,244
U.S. Treasury securities		83,817,297		0		0		83,817,297
Yankee corporate bonds and notes		0		121,121,424		0		121,121,424
Yankee government bonds		0		17,794,782		0		17,794,782
Short-term investments
Investment companies		77,672,670		0		0		77,672,670
		161,489,967		1,037,452,710		1,112,771		1,200,055,448
Futures contracts		2,813,655		0		0		2,813,655
Forward foreign currency contracts		0		867,655		0		867,655
Credit default swap contracts		0		288,001		0		288,001
Total assets	$	164,303,622	$	1,038,608,366	$	1,112,771	$	1,204,024,759
Liabilities
Futures contracts	$	943,017	$	0	$	0	$	943,017
Forward foreign currency contracts		0		23,565		0		23,565
Total liabilities	$	943,017	$	23,565	$	0	$	966,582

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

Futures contracts, forward foreign currency contracts and swap contracts are reported at their cumulative unrealized gains (losses) at measurement date as reported in the tables following the Portfolio of Investments. For futures contracts and centrally cleared swaps, the current day’s variation margin is reported on the Statement of Assets and Liabilities. All other assets and liabilities are reported at their market value at measurement date.

For the six months ended February 29, 2020, the Fund had no material 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

36  |  Wells Fargo Core Plus Bond Fund

Notes to financial statements (unaudited)

connection with the Fund’s operations. As compensation for its services under the investment management agreement, Funds Management is entitled to receive a management fee at the following annual rate based on the Fund’s average daily net assets:

Average daily net assets	Management fee
First $500 million		0.450	%
Next $500 million		0.425
Next $2 billion		0.400
Next $2 billion		0.375
Next $5 billion		0.340
Over $10 billion		0.320

For the six months ended February 29, 2020, the management fee was equivalent to an annual rate of 0.44% of the Fund’s average daily net assets.

Funds Management has retained the services of a subadviser to provide daily portfolio management to the Fund. The fee for subadvisory services is borne by Funds Management. Wells Capital Management Incorporated (“WellsCap”), an affiliate of Funds Management and an indirect wholly owned subsidiary of Wells Fargo, is the subadviser to the Fund and is entitled to receive a fee from Funds Management at an annual rate starting at 0.20% 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

Waivers and/or expense reimbursements

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. When only certain classes exceed their expense caps, waivers and/or reimbursements are applied against class specific expenses before fund-level expenses. Funds Management has committed through December 31, 2020 to waive fees and/or reimburse expenses to the extent necessary to cap the Fund’s expenses at 0.73% for Class A shares, 1.48% for Class C shares, 0.35% for Class R6 shares, 0.62% for Administrator Class shares, and 0.40% for Institutional Class shares. Prior to or after the commitment expiration date, 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 February 29, 2020, Funds Distributor received $8,513 from the sale of Class A shares. No contingent deferred sales charges were incurred by Class A and Class C shares for the six months ended February 29, 2020.

Wells Fargo Core Plus Bond Fund  |  37

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 $605,669 and $0 in interfund purchases and sales, respectively, during the six months ended February 29, 2020.

5. INVESTMENT PORTFOLIO TRANSACTIONS

Purchases and sales of investments, excluding short-term securities, for the six months ended February 29, 2020 were as follows:

Purchases at cost		Sales proceeds
U.S. government	Non-U.S. government	U.S. government	Non-U.S. government
$368,787,969	$521,566,454	$308,962,208	$188,172,464

6. SECURITIES LENDING TRANSACTIONS

The Fund lends its securities through an unaffiliated securities lending agent and receives collateral in the form of cash or securities with a value at least equal to the value of the securities on loan. The value of the loaned securities is determined at the close of each business day and any increases or decreases in the required collateral are exchanged between the Fund and the counterparty on the next business day. Cash collateral received is invested in the Securities Lending Fund which seeks to provide a positive return compared to the daily Fed Funds Open Rate by investing in high-quality, U.S. dollar-denominated short-term money market instruments and is exempt from registration under Section 3(c)(7) of the 1940 Act. Securities Lending Fund is managed by Funds Management and is subadvised by WellsCap. Funds Management receives an advisory fee starting at 0.05% and declining to 0.01% as the average daily net assets of the Securities Lending Fund increase. All of the fees received by Funds Management are paid to WellsCap for its services as subadviser.

In the event of counterparty default or the failure of a borrower to return a loaned security, the Fund has the right to use the collateral to offset any losses incurred. As of February 29, 2020, the Fund had securities lending transactions with the following counterparties which are subject to offset:

Counterparty	Value of securities on loan		Collateral received1			Net amount
Citigroup Global Markets Inc.	$	4,652,076	$	(4,652,076	)��	$	0
Barclays Capital Inc.		2,809,976		(2,809,976	)		0
JPMorgan Securities LLC		107,260		(107,260	)		0

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

7. DERIVATIVE TRANSACTIONS

During the six months ended February 29, 2020, the Fund entered into futures contracts to speculate on interest rates and to help manage the duration of the portfolio. The Fund also entered into forward foreign currency contracts for economic hedging purposes and entered into credit default swap contracts to hedge risks and/or enhance total returns.

38  |  Wells Fargo Core Plus Bond Fund

Notes to financial statements (unaudited)

The volume of the Fund’s derivative activity during the six months ended February 29, 2020 was as follows:

Futures contracts
Average notional balance on long futures	$	258,598,821
Average notional balance on short futures		47,477,171
Forward foreign currency contracts
Average contract amounts to buy		14,076,793
Average contract amounts to sell		62,702,219
Credit default swap contracts
Average notional balance		13,402,747

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

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

The fair value of derivative instruments as of February 29, 2020 by risk type was as follows for the Fund:

	Asset derivatives				Liability derivatives
	Statement of Assets and Liabilities location	Fair value			Statement of Assets and Liabilities location	Fair value
Interest rate risk	Unrealized gains on futures contracts	$	2,695,816	*	Unrealized losses on futures contracts	$	585,980	*
Foreign currency risk	Unrealized gains on futures contracts		117,839	*	Unrealized losses on futures contracts		357,037	*
Foreign currency risk	Unrealized gains on forward foreign currency contracts		867,655		Unrealized losses on forward foreign currency contracts		23,565
Credit risk	Net unrealized gains on swap contracts		288,001	*	Net unrealized losses on swap contracts		0	*
		$	3,969,311			$	966,582

* Amount represents cumulative unrealized gains (losses) as reported in the tables following the Portfolio of Investments. Only the current day’s variation margin as of February 29, 2020 is reported separately on the Statement of Assets and Liabilities.

The effect of derivative instruments on the Statement of Operations for the six months ended February 29, 2020 was as follows for the Fund:

	Amount of realized gains (losses) on derivatives
	Futures contracts			Forward foreign currency contracts			Swap contracts		Total
Interest rate risk	$	2,212,693		$	0		$	0	$	2,212,693
Foreign currency risk		(64,531	)		1,023,325			0		958,794
Credit risk		0			0			102,362		102,362
	$	2,148,162		$	1,023,325		$	102,362	$	3,273,849
	Change in unrealized gains (losses) on derivatives
	Futures contracts			Forward foreign currency contracts			Swap contracts		Total
Interest rate risk	$	1,223,140		$	0		$	0	$	1,223,140
Foreign currency risk		407,340			(619,480	)		0		(212,140	)
Credit risk		0			0			244,040		244,040
	$	1,630,480		$	(619,480	)	$	244,040	$	1,255,040

Wells Fargo Core Plus Bond Fund  |  39

Notes to financial statements (unaudited)

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

Counterparty	Gross amounts of assets in the Statement of Assets  and Liabilities	Amounts subject to netting agreements	Collateral received		Net amount of assets
Citibank	$867,655	$(23,565)	$	0	$	844,090

Counterparty	Gross amounts of liabilities in the Statement of Assets  and Liabilities	Amounts subject to netting agreements	Collateral pledged		Net amount of liabilities
Citibank	$23,565	$(23,565)	$	0	$	0

8. 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 February 29, 2020, there were no borrowings by the Fund under the agreement.

9. INDEMNIFICATION

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

10. NEW ACCOUNTING PRONOUNCEMENTS

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.

In March 2017, FASB issued ASUNo. 2017-08,Premium Amortization on Purchased Callable Debt Securities. ASU2017-08 shortens the amortization period for certain callable debt securities held at a premium and requires the premium to be amortized to the earliest call date. The amendments do not require an accounting change for securities held at a discount and discounts will continue to be accreted to the maturity date of the security. ASU2017-08 is effective for fiscal years beginning

40  |  Wells Fargo Core Plus Bond Fund

Notes to financial statements (unaudited)

after December 15, 2018 and for interim periods within those fiscal years. During the current reporting period, management of the Fund adopted the change in accounting policy which did not have a material impact to the Fund’s financial statements.

11. SUBSEQUENT EVENT

On March 11, 2020, the World Health Organization announced that it had made the assessment that coronavirus disease 2019(“COVID-19”) is a pandemic. The impacts ofCOVID-19 is adversely affecting the entire global economy, individual companies and investment products, and the market in general. There is significant uncertainty around the extent and duration of business disruptions related toCOVID-19 and the impact may be short term or may last for an extended period of time. The risk of further spreading ofCOVID-19 has led to significant uncertainty and volatility in the financial markets and the value of the Fund and the securities in which the Fund invests have generally been adversely affected by impacts caused byCOVID-19.

Wells Fargo Core Plus Bond Fund  |  41

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 atwfam.com, or visiting the SEC website at sec.gov. Information regarding how the proxies related to portfolio securities were voted during the most recent12-month period ended June 30 is available on the website atwfam.comor by visiting the SEC website at sec.gov.

QUARTERLY PORTFOLIO HOLDINGS INFORMATION

The Fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year as an exhibit to its reports on FormN-PORT. Shareholders may view the filed FormN-PORT by visiting the SEC website at sec.gov.

42  |  Wells Fargo Core Plus 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 146 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. Audit Committee Chair and Investment Committee Chair of the Vincent Memorial Hospital Endowment(non-profit organization). 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. (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. Johnson (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

Wells Fargo Core Plus Bond Fund  |  43

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
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
Olivia S. Mitchell (Born 1953)	Trustee, since 2006; Nominating and Governance Committee Chair, 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	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	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
Pamela Wheelock3 (Born 1959)	Trustee, since January 2020; previously Trustee from January 2018 to July 2019	Board member of the Destination Medical Center Economic Development Agency, Rochester, Minnesota since 2019. Acting Commissioner, Minnesota Department of Human Services, July 2019 through September 2019. Human Services Manager (part-time), Minnesota Department of Human Services, October 2019 through December 2019. Chief Operating Officer, Twin Cities Habitat for Humanity from 2017 to 2019. Vice President of University Services, University of Minnesota from 2012 to 2016. 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 Chief Executive Officer of Blue Cross Blue Shield of Minnesota from 2011 to 2012, Chairman of the Board from 2009 to 2012 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. Executive Vice President of the Minnesota Wild Foundation from 2004 to 2008. Commissioner of Finance, State of Minnesota, from 1999 to 2002. Currently 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.

44  |  Wells Fargo Core Plus 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.
Michelle Rhee (Born 1966)	Chief Legal Officer, since 2019	Secretary of Wells Fargo Funds Management, LLC, Chief Legal Counsel of Wells Fargo Asset Management and Assistant General Counsel of Wells Fargo Bank, N.A. since 2018. Associate General Counsel and Managing Director of Bank of America Corporation from 2004 to 2018.
Catherine Kennedy (Born 1969)	Secretary, since 2019	Vice President of Wells Fargo Funds Management, LLC and Senior Counsel of the Wells Fargo Legal Department since 2010. Vice President and Senior Counsel of Evergreen Investment Management Company, LLC from 1998 to 2010.
Michael H. Whitaker(Born 1967)	Chief Compliance Officer, since 2016	Chief Compliance Officer of Wells Fargo Asset Management 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 64 funds in the Fund Complex. Jeremy DePalma acts as Treasurer of 82 funds and Assistant Treasurer of 64 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 atwfam.com.

³  Pamela Wheelock wasre-appointed to the Board effective January 1, 2020.

Wells Fargo Core Plus Bond Fund  |  45

Appendix I (unaudited)

Effective on or about May 1, 2020, if you purchase Fund shares through a Janney Montgomery Scott LLC (“Janney”) brokerage account, you will be eligible for the following load waivers(front-end sales charge waivers and contingent deferred sales charge (“CDSC”), orback-end sales charge, waivers) and discounts, which may differ from those disclosed elsewhere in the Fund’s Prospectus or SAI.

Front-end sales charge* waivers on Class A shares available at Janney

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).

Shares purchased by employees and registered representatives of Janney or its affiliates and their family members as designated by Janney.

Shares purchased from the proceeds of redemptions within the same fund family, provided (1) the repurchase occurs within ninety (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 (i.e., right of reinstatement).

Employer-sponsored retirement plans (e.g., 401(k) plans, 457 plans, employer-sponsored 403(b) plans, profit sharing and money purchase pension plans and defined benefit plans). For purposes of this provision, employer-sponsored retirement plans do not include SEP IRAs, Simple IRAs,SAR-SEPs or Keogh plans.

Shares acquired through a right of reinstatement.

Class C shares that are no longer subject to a contingent deferred sales charge and are converted to Class A shares of the same fund pursuant to Janney’s policies and procedures.

CDSC waivers on Class A and Class C shares available at Janney

Shares sold upon the death or disability of the shareholder.

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

Shares purchased in connection with a return of excess contributions from an IRA account.

Shares sold as part of a required minimum distribution for IRA and retirement accounts if the redemption is taken in or after the year the shareholder reaches qualified age based on applicable IRS regulations.

Shares sold to pay Janney fees but only if the transaction is initiated by Janney.

Shares acquired through a right of reinstatement.

Shares exchanged into the same share class of a different fund.

Front-end sales charge* discounts available at Janney; breakpoints, rights of accumulation and/or letters of intent

Breakpoints as described in the Fund’s Prospectus.

Rights of accumulation (“ROA”), 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 Janney. Eligible fund family assets not held at Janney may be included in the ROA calculation only if the shareholder notifies his or her financial advisor about such assets.

Letters of intent which allow for breakpoint discounts based on anticipated purchases within a fund family, over a13-month time period. Eligible fund family assets not held at Janney Montgomery Scott may be included in the calculation of letters of intent only if the shareholder notifies his or her financial advisor about such assets.

* Also referred to as an “initial sales charge.”

46  |  Wells Fargo Core Plus Bond Fund

Appendix II (unaudited)

Effective on or after May 1, 2020, clients of Edward Jones (also referred to as “shareholders”) purchasing Fund shares on the Edward Jones commission andfee-based platforms are eligible only for the following sales charge discounts (also referred to as “breakpoints”) and waivers, which can differ from breakpoints and waivers described elsewhere in this Prospectus or SAI or through another broker-dealer. In all instances, it is the shareholder’s responsibility to inform Edward Jones at the time of purchase of any relationship, holdings of Wells Fargo Funds or other facts qualifying the purchaser for breakpoints or waivers. Edward Jones can ask for documentation of such circumstance.

Breakpoints available at Edward Jones

Rights of Accumulation (ROA)

The applicable sales charge on a purchase of Class A shares is determined by taking into account all share classes (except any money market funds and retirement plan share classes) of Wells Fargo Funds held by the shareholder or in an account grouped by Edward Jones with other accounts for the purpose of providing certain pricing considerations (“pricing groups”). This includes all share classes held on the Edward Jones platform and/or held on another platform. The inclusion of eligible fund family assets in the rights of accumulation calculation is dependent on the shareholder notifying his or her financial advisor of such assets at the time of calculation.

ROA is determined by calculating the higher of cost or market value (current shares x NAV).

Letter of Intent (LOI)

Through a LOI, shareholders can receive the sales charge and breakpoint discounts for purchases shareholders intend to makeover a13-month period from the date Edward Jones receives the LOI. The LOI is determined by calculating the higher of cost or market value of qualifying holdings at LOI initiation in combination with the value that the shareholder intends to buy over a13-month period to calculate thefront-end sales charge and any breakpoint discounts. Each purchase the shareholder makes during that13-month period will receive the sales charge and breakpoint discount that applies to the total amount. The inclusion of eligible fund family assets in the LOI calculation is dependent on the shareholder notifying his or her financial advisor of such assets at the time of calculation. Purchases made before the LOI is received by Edward Jones are not covered under the LOI and will not reduce the sales charge previously paid. Sales charges will be adjusted if LOI is not met.

Sales charges are waived for the following shareholders and in the following situations at Edward Jones:

●   Associates of Edward Jones and its affiliates and their family members who are in the same pricing group (as determined by Edward Jones under its policies and procedures) as the associate. This waiver will continue for the remainder of the associate’s life if the associate retires from Edward Jones in good-standing.

●   Shares purchased in an Edward Jonesfee-based program.

●   Shares purchased through reinvestment of capital gains distributions and dividend reinvestment.

●   Shares purchased from the proceeds of redeemed shares of the same fund family so long as the following conditions are met: 1)the proceeds are from the sale of shares within 60 days of the purchase, and 2) the sale and purchase are made in the same share class and the same account or the purchase is made in an individual retirement account with proceeds from liquidations in anon-retirement account.

●   Shares exchanged into Class A shares from another share class so long as the exchange is into the same fund and was initiated at the discretion of Edward Jones. Edward Jones is responsible for any remaining CDSC due to the fund company, if applicable. Any future purchases are subject to the applicable sales charge as disclosed in the prospectus.

●   Exchanges from Class C shares to Class A shares of the same fund, generally, in the 84th month following the anniversary of the purchase date or earlier at the discretion of Edward Jones.

If the shareholder purchases shares that are subject to a CDSC and those shares are redeemed before the CDSC is expired, the shareholder is
responsible to pay the CDSC except in the following conditions available at Edward Jones:

●   The death or disability of the shareholder.

●   Systematic withdrawals with up to 10% per year of the account value.

●   Return of excess contributions from an Individual Retirement Account (IRA).

●   Shares sold as part of a required minimum distribution for IRA and retirement accounts if the redemption is taken in or after the year the shareholder reaches qualified age based on applicable IRS regulation.

●   Shares sold to pay Edward Jones fees or costs in such cases where the transaction is initiated by Edward Jones.

●   Shares exchanged in an Edward Jonesfee-based program.

●   Shares acquired through NAV reinstatement.

Wells Fargo Core Plus Bond Fund  |  47

Appendix II (unaudited)

Other Important Information for accounts at Edward Jones:

Minimum Purchase Amounts

●   $250 initial purchase minimum

●   $50 subsequent purchase minimum

Minimum Balances

Edward Jones has the right to redeem at its discretion fund holdings with a balance of $250 or less. The following are examples of accounts that are not included in this policy:

●   Afee-based account held on an Edward Jones platform

●   A 529 account held on an Edward Jones platform

●   An account with an active systematic investment plan or letter of intent (LOI)

Changing Share Classes

At any time it deems necessary, Edward Jones has the authority to exchange at NAV a shareholder’s holdings in a fund to Class A shares.

48  |  Wells Fargo Core Plus Bond Fund

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:wfam.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 atwfam.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

© 2020 Wells Fargo & Company. All rights reserved

PAR-0220-04692 04-20

SA219/SAR219 02-20

Semi-Annual Report

February 29, 2020

Wells Fargo

Short Duration Government 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.

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Contents

Letter to shareholders	2
Performance highlights	4
Fund expenses	6
Portfolio of investments	7
Financial statements
Statement of assets and liabilities	11
Statement of operations	12
Statement of changes in net assets	13
Financial highlights	14
Notes to financial statements	19
Other information	24
Appendix I	28
Appendix II	29

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The views expressed and any forward-looking statements are as of February 29, 2020, unless otherwise noted, and are those of the Fund managers and/or Wells Fargo Asset Management. 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 Asset Management 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

Wells Fargo Short Duration Government Bond Fund  |  1

Letter to shareholders (unaudited)

Andrew Owen

President

Wells Fargo Funds

“The fourth quarter started on a strong note, with U.S.-China trade tensions relaxing in October along with renewed optimism for a U.K. Brexit deal and positive macroeconomic data.”

Dear Shareholder:

We are pleased to offer you this semi-annual report for the Wells Fargo Short Duration Government Bond Fund for thesix-month period that ended February 29, 2020. As market volatility increased, returns for the period were more restrained after strong results in previous recent periods. However, supportive central banks addressed concerns over slowing global economic growth and international trade tensions.

Fixed-income and equity investors had mixed semi-annual returns. For the period, U.S. stocks, based on the S&P 500 Index,¹ gained 1.92% and international stocks, as measured by the MSCI ACWI ex USA Index (Net),² returned 0.13%. The MSCI EM Index (Net)³ gained 2.93%. For bond investors, the Bloomberg Barclays U.S. Aggregate Bond Index⁴ added 3.39%, the Bloomberg Barclays Global Aggregateex-USD Index⁵ returned-0.21%, the Bloomberg Barclays Municipal Bond Index⁶ gained 3.04%, and the ICE BofA U.S. High Yield Index⁷ added 1.34%.

The period began with uncertainty, leading to central bank support.

In September, as the period began, the U.S. Federal Reserve (Fed) cut interest rates a second time in the third quarter. U.S. manufacturing data disappointed investors. The U.S. Congress announced it would pursue an impeachment investigation of President Trump. Meanwhile, the Brexit impasse showed no signs of resolution. Officials in China warned it would be difficult to reach the country’s annual economic growth goals considering the weight of tariffs and trade restrictions. Although the S&P 500 Index finished the third quarter with the bestyear-to-date returns in more than 20 years, concerns about future returns remained.

The fourth quarter started on a strong note, with U.S.-China trade tensions relaxing in October along with renewed optimism for a U.K. Brexit deal and positive macroeconomic data. The initial estimate of U.S. third-quarter gross domestic product growth was a resilient 1.9% annualized rate, while the U.S. unemployment rate fell to a50-year low of 3.5% in September. However, despite resilience among U.S. consumers, business confidence declined while manufacturing activity contracted. Concerned with a potential economic slowdown, the Fed lowered interest rates another quarter point in late October—its third rate cut in four months. This helped push the S&P 500 Index to anall-time high, while emerging market equities rallied and global bonds declined overall, reflecting a broad pickup in risk appetite.

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. 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 equity market performance of emerging markets. 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 BofA 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 2020. ICE Data Indices, LLC. All rights reserved.

2  |  Wells Fargo Short Duration Government Bond Fund

Letter to shareholders (unaudited)

Equity markets continued to rally in November despite ongoing geopolitical risks. Hopes for a U.S.-China trade deal buoyed investor confidence. U.S. business sentiment improved slightly, and manufacturing and services activity picked up. With that positive backdrop, developed market equities outpaced those in emerging markets, and U.S. stocks, as reflected by the S&P 500 Index, outperformednon-U.S. stocks overall. While consumer confidence and purchasing manager activity rose in the eurozone, China reported weakening manufacturing and consumer data. Bond yields rose marginally, leading to slightly negative returns for global government and investment-grade corporate bonds.

Financial markets ended 2019 with a boost from the U.S. and China accord on a Phase One trade deal. That, along with the landslide win by thepro-Brexit U.K. Conservative Party in a national election and ongoing central bank support, gave investors greater confidence. U.S. economic indicators were generally positive, with the exception of manufacturing activity and business confidence. Consumer confidence was resilient, fed by a robust labor market, tame inflation, and lower interest rates, which boosted housing affordability and stimulated homebuyer activity. The impeachment of U.S. President Donald Trump had little impact on markets. Meanwhile, slowing Chinese economic activity, partly attributable to the trade war, led to further government stimulus atyear-end through lower reserve ratios, allowing banks to lend more money.

Theyear-end rally continued in early January 2020. However, capital market volatility picked up sharply in late January on concerns over the unknown impact of the novel coronavirus(COVID-19) on the global economy and stock markets. With sentiment somewhat souring, perceived safe havens did well in January. The U.S. dollar and Japanese yen both rose and government bonds outperformed equities. While the S&P 500 Index held its ground, emerging market equities tumbled, including those in Asia that are most exposed to viruses—physical or economic—originating in China.

In February, the coronavirus became the major market focus. Fears of the virus’s impact on global growth led to expectations of increased global central bank monetary policy support. That led the10-year Treasury yield to fall to anall-time low of 1.1% by the end of the month. Although equity markets initially shrugged off concerns about the outbreak, focusing instead on strong fourth-quarter earnings and improving business confidence in January, market sentiment turned sharply lower towardmonth-end and the S&P 500 Index lost 8.2% for the month. Oil prices tumbled as Russia and the Organization of the Petroleum Exporting Countries compounded a major decline in oil demand with a brutal price war, partly aimed at dissuading further U.S. shale production. As a result, the price of West Texas Intermediate crude oil fell 13% in February and 27% for 2020 year to date.

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. 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

“Capital market volatility picked up sharply in late January on concerns over the unknown impact of the novel coronavirus(COVID-19) on the global economy and stock markets.”

For further information about your Fund, contact your investment professional, visit our website at wfam.com,

or call us directly at1-800-222-8222.

Wells Fargo Short Duration Government Bond Fund  |  3

Performance highlights (unaudited)

Investment objective

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

Manager

Wells Fargo Funds Management, LLC

Subadviser

Wells Capital Management Incorporated

Portfolio managers

Maulik Bhansali, CFA^®‡

Thomas O’Connor, CFA^®‡

Jarad Vasquez

Average annual total returns (%) as of February 29, 2020

		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 (MSDAX)	3-11-1996		2.53		0.92		1.16		4.62		1.33		1.36		0.81		0.78
Class C (MSDCX)	5-31-2002		2.83		0.58		0.61		3.83		0.58		0.61		1.56		1.53
Class R6 (MSDRX)3	11-30-2012		–		–		–		5.04		1.77		1.80		0.43		0.37
Administrator Class (MNSGX)	12-18-1992		–		–		–		4.80		1.51		1.56		0.75		0.60
Institutional Class (WSGIX)	4-8-2005		–		–		–		4.99		1.70		1.74		0.48		0.42
Bloomberg Barclays U.S.1-3 Year Government Bond Index4	–		–		–		–		4.70		1.63		1.30		–		–

Figures quoted represent past performance, which is no guarantee of future results,and do not reflect taxes that a shareholder may pay on an investment in a fund. 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, wfam.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 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 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. Securities issued by U.S. government agencies or government sponsored entities may not be guaranteed by the U.S. Treasury. Certain investment strategies tend to increase the total risk of an investment (relative to the broader market). The Fund is exposed to mortgage- and asset-backed securities risk. The U.S. government guarantee applies to certain underlying securities and not to shares of the Fund. Consult the Fund’s prospectus for additional information on these and other risks.

Please see footnotes on page 5.

4  |  Wells Fargo Short Duration Government Bond Fund

Performance highlights (unaudited)

Ten largest holdings (%) as of February 29, 20205
FHLMC, 2.50%,11-1-2028	7.69
FNMA Series2019-33 Class MA, 3.50%,7-25-2055	3.60
FHLMC Series 4940 Class AG, 3.00%,5-15-2040	3.56
U.S. Treasury Note, 1.13%,2-28-2022	2.97
FNMA, 4.50%,10-1-2048	2.70
U.S. Treasury Note, 1.50%,9-30-2021	2.37
FNMA, 5.00%,1-1-2049	2.24
U.S. Treasury Note, 1.38%,2-15-2023	1.96
GNMA, 4.50%,6-20-2048	1.65
FNMA, 2.89%,7-1-2046	1.62

Portfolio allocation as of February 29, 2020⁶

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 December 31, 2020, to waive fees and/or reimburse expenses to the extent necessary to cap total annual fund operating expenses after fee waivers at 0.78% for Class A, 1.53% for Class C, 0.37% for Class R6, 0.60% for Administrator Class, and 0.42% for Institutional Class. Brokerage commissions, stamp duty fees, interest, taxes, acquired fund fees and expenses (if any), and extraordinary expenses are excluded from the expense cap. Prior to or after the commitment expiration date, the cap may be increased or the commitment to maintain the cap may be terminated only with the approval of the Board of Trustees. 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 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 U.S. 1–3 Year Government Bond Index is composed of all publicly issued, nonconvertible domestic debt of the U.S. government and its agencies. The index also includes corporate debt guaranteed by the U.S. government. Only notes and bonds with a minimum maturity of one year up to a maximum maturity of 2.9 years are included. You cannot invest directly in an index.

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

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

Wells Fargo Short Duration Government Bond Fund  |  5

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 September 1, 2019 to February 29, 2020.

Actual expenses

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

Hypothetical example for comparison purposes

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

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

	Beginning account  value 9-1-2019		Ending account value 2-29-2020		Expenses paid during the period¹		Annualized net expense ratio
Class A
Actual	$	1,000.00	$	1,018.70	$	3.91		0.78	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.98	$	3.92		0.78	%
Class C
Actual	$	1,000.00	$	1,014.89	$	7.66		1.53	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,017.26	$	7.67		1.53	%
Class R6
Actual	$	1,000.00	$	1,020.74	$	1.86		0.37	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,023.02	$	1.86		0.37	%
Administrator Class
Actual	$	1,000.00	$	1,019.59	$	3.01		0.60	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.88	$	3.02		0.60	%
Institutional Class
Actual	$	1,000.00	$	1,020.51	$	2.11		0.42	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,022.77	$	2.11		0.42	%

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

6  |  Wells Fargo Short Duration Government Bond Fund

Portfolio of investments—February 29, 2020 (unaudited)

	Interest rate			Maturity date		Principal		Value
Agency Securities: 70.23%
FHLMC (12 Month LIBOR +1.65%)±		2.35	%		3-1-2043	$	1,524,448	$	1,560,647
FHLMC		2.50			11-1-2028		40,659,869		42,036,656
FHLMC		2.50			11-1-2028		6,363,523		6,622,989
FHLMC±±		2.58			12-1-2042		2,335,340		2,407,303
FHLMC (12 Month LIBOR +1.64%)±		2.89			7-1-2047		5,952,455		6,172,402
FHLMC (12 Month LIBOR +1.84%)±		3.42			5-1-2042		1,744,485		1,813,080
FHLMC		4.00			10-1-2033		626,986		686,823
FHLMC		4.00			1-1-2034		598,124		655,158
FHLMC		4.00			5-15-2039		989,473		1,008,383
FHLMC		4.50			4-1-2031		1,296,285		1,410,306
FHLMC Multifamily Structured Pass-Through Certificates Series KI02 Class A (1 Month LIBOR +0.20%)±		1.86			2-25-2023		1,008,743		1,008,656
FHLMC Series 3107 Class FC (1 Month LIBOR +0.30%)±		1.96			6-15-2035		1,162,845		1,163,509
FHLMC Series 3632 Class PK		5.00			2-15-2040		3,367,341		3,733,656
FHLMC Series 3653 Class AU		4.00			4-15-2040		1,138,382		1,258,432
FHLMC Series 3738 Class BP		4.00			12-15-2038		1,108,720		1,130,918
FHLMC Series 4239 Class AB		4.00			12-15-2039		872,550		893,947
FHLMC Series 4426 Class QC		1.75			7-15-2037		5,486,639		5,535,987
FHLMC Series 4891 Class PA		3.50			7-15-2048		3,641,636		3,767,761
FHLMC Series 4897 Class F (1 Month LIBOR +0.40%)±		2.06			7-15-2049		1,326,547		1,319,045
FHLMC Series 4940 Class AG		3.00			5-15-2040		18,506,191		19,480,423
FNMA (12 Month LIBOR +1.69%)±		2.42			11-1-2042		2,849,077		2,922,959
FNMA (12 Month LIBOR +1.57%)±		2.47			9-1-2045		2,351,322		2,416,522
FNMA		2.50			5-1-2028		4,430,717		4,578,899
FNMA		2.50			1-1-2030		2,341,080		2,413,165
FNMA		2.50			11-1-2031		6,290,465		6,484,160
FNMA (12 Month LIBOR +1.60%)±		2.54			10-1-2046		4,291,080		4,418,879
FNMA (12 Month LIBOR +1.59%)±		2.66			1-1-2046		3,032,588		3,122,870
FNMA (12 Month LIBOR +1.58%)±		2.69			2-1-2046		4,187,045		4,319,581
FNMA (12 Month LIBOR +1.61%)±		2.69			3-1-2047		5,572,934		5,756,275
FNMA (12 Month LIBOR +1.60%)±		2.72			1-1-2045		1,108,309		1,138,216
FNMA (12 Month LIBOR +1.58%)±		2.75			6-1-2045		1,821,307		1,865,774
FNMA (12 Month LIBOR +1.57%)±		2.76			3-1-2045		1,638,128		1,688,635
FNMA (12 Month LIBOR +1.60%)±		2.89			7-1-2046		8,591,800		8,871,875
FNMA (12 Month LIBOR +1.60%)±		2.96			8-1-2047		3,451,469		3,586,229
FNMA (12 Month LIBOR +1.61%)±		3.05			6-1-2047		3,559,955		3,698,420
FNMA±±		3.97			3-1-2049		3,455,548		3,672,794
FNMA		4.00			4-1-2032		521,728		571,151
FNMA		4.00			10-1-2033		888,245		967,702
FNMA		4.00			2-1-2034		5,044,574		5,435,370
FNMA		4.00			7-1-2034		1,120,454		1,215,463
FNMA		4.50			10-1-2048		13,333,810		14,736,938
FNMA		4.50			3-1-2049		4,113,089		4,460,766
FNMA		5.00			10-1-2040		1,153,460		1,309,273
FNMA		5.00			5-1-2046		455,716		516,914
FNMA		5.00			8-1-2048		3,003,913		3,328,235
FNMA		5.00			1-1-2049		11,083,257		12,251,185
FNMA		5.00			1-1-2049		5,165,061		5,771,481
FNMA		5.00			2-1-2049		263,871		291,787
FNMA		5.00			3-1-2049		532,039		589,541
FNMA		5.00			3-1-2049		1,962,203		2,160,697
FNMA		5.00			8-1-2049		7,146,215		8,004,862
FNMA		5.00			12-1-2049		2,460,000		2,803,504
FNMA		5.50			6-1-2049		6,855,737		7,844,294
FNMA Series2009-20 Class DT		4.50			4-25-2039		1,810,896		2,050,949
FNMA Series2011-14 Class GD		4.00			4-25-2040		2,323,693		2,425,545

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

Wells Fargo Short Duration Government Bond Fund  |  7

Portfolio of investments—February 29, 2020 (unaudited)

	Interest rate			Maturity date		Principal		Value
Agency Securities (continued)
FNMA Series2013-103 Class H		4.50	%		3-25-2038	$	1,706,368	$	1,767,725
FNMA Series2013-90 Class A		4.00			11-25-2038		2,045,576		2,078,383
FNMA Series2015-40 Class TC		1.75			5-25-2037		3,852,788		3,891,517
FNMA Series2015-57 Class AB		3.00			8-25-2045		2,843,265		3,010,587
FNMA Series2018-86 Class MF (1 Month LIBOR +0.30%)±		1.93			12-25-2048		6,488,179		6,445,005
FNMA Series2019-13 Class FG (1 Month LIBOR +0.40%)±		2.03			4-25-2049		2,735,608		2,725,997
FNMA Series2019-18 Class FA (1 Month LIBOR +0.45%)±		2.08			5-25-2049		2,103,707		2,098,467
FNMA Series2019-18 Class FB (1 Month LIBOR +0.45%)±		2.08			5-25-2049		2,537,810		2,530,007
FNMA Series2019-18 Class FE (1 Month LIBOR +0.35%)±		1.98			5-25-2049		5,023,758		5,002,485
FNMA Series2019-33 Class MA		3.50			7-25-2055		18,686,916		19,654,188
FNMA Series2019-6 Class FA (1 Month LIBOR +0.40%)±		2.03			3-25-2049		4,139,611		4,133,851
FNMA Series2019-60 Class BF (1 Month LIBOR +0.45%)±		2.08			10-25-2049		5,162,763		5,142,838
FNMA Series 4853 Class FG (1 Month LIBOR +0.40%)±		2.06			4-15-2038		1,719,367		1,718,605
GNMA		4.00			9-20-2044		2,058,628		2,206,956
GNMA		4.00			12-20-2044		2,474,321		2,652,507
GNMA		4.00			1-20-2045		1,649,419		1,768,058
GNMA		4.00			4-20-2048		7,914,267		8,352,988
GNMA		4.50			3-20-2048		2,113,994		2,260,343
GNMA		4.50			6-20-2048		8,483,232		9,003,988
GNMA		4.50			6-20-2048		2,855,617		3,045,532
GNMA		4.50			8-20-2048		2,864,037		3,068,156
GNMA		4.50			2-20-2049		4,440,128		4,755,590
GNMA		4.50			4-20-2049		1,030,501		1,103,755
GNMA		5.00			10-15-2039		976,232		1,085,665
GNMA		5.00			3-20-2048		2,065,891		2,239,323
GNMA		5.00			6-20-2048		327,626		364,146
GNMA		5.00			6-20-2048		223,860		246,813
GNMA		5.00			7-20-2048		230,684		253,809
GNMA		5.00			9-20-2048		1,754,807		1,929,905
GNMA		5.00			3-20-2049		457,610		501,972
GNMA		5.00			3-20-2049		2,117,473		2,306,858
GNMA		5.00			4-20-2049		3,697,134		4,062,231
GNMA		5.00			5-20-2049		3,076,512		3,377,463
GNMA		5.50			8-20-2049		6,236,552		6,655,845
GNMA		5.50			10-20-2049		415,620		445,576
GNMA Series2011-137 Class WA±±		5.56			7-20-2040		2,523,745		2,960,902
GNMA Series2012-141 Class WD±±		4.96			7-20-2040		2,329,472		2,650,296
GNMA Series2017-99 Class DE		2.50			7-20-2045		3,214,947		3,275,928
GNMA Series2018-154 Class WP		3.50			11-20-2048		668,135		702,320
GNMA Series2018-36 Class KC		3.00			2-20-2046		2,530,640		2,610,197
GNMA Series2019-132 Class NA		3.50			9-20-2049		1,034,612		1,087,662
GNMA Series2020-11 Class ME		2.50			2-20-2049		7,203,871		7,401,854
Total Agency Securities (Cost $377,106,543)									383,933,284
Asset-Backed Securities: 10.73%
Avis Budget Rental Car Funding LLC Series2019-1A Class A 144A		3.45			3-20-2023		5,965,000		6,179,973
Ford Credit Auto Owner Trust Series2017-1 Class A 144A		2.62			8-15-2028		6,085,000		6,243,596
Hertz Vehicle Financing LLC Series2016-4A Class A 144A		2.65			7-25-2022		2,651,000		2,686,308
Hertz Vehicle Financing LLC Series2019-1A Class A 144A		3.71			3-25-2023		4,550,000		4,746,106
Navient Student Loan Trust Series2014-CTA Class A (1 Month LIBOR +0.70%) 144A±		2.36			9-16-2024		307,431		307,487
Navient Student Loan Trust Series2019-GA Class A 144A		2.40			10-15-2068		6,802,170		6,965,545
Nelnet Student Loan Trust Series2004-4 Class A5 (3 Month LIBOR +0.16%)±		1.95			1-25-2037		3,554,203		3,477,608
Nelnet Student Loan Trust Series2012-1A Class A (1 Month LIBOR +0.80%) 144A±		2.43			12-27-2039		2,205,144		2,202,233
Nelnet Student Loan Trust Series2016-1A Class A (1 Month LIBOR +0.80%) 144A±		2.43			9-25-2065		5,156,786		5,163,272

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

8  |  Wells Fargo Short Duration Government Bond Fund

Portfolio of investments—February 29, 2020 (unaudited)

	Interest rate			Maturity date		Principal		Value
Asset-Backed Securities (continued)
SLC Student Loan Trust Series2010-1 Class A (3 Month LIBOR +0.88%)±		2.55	%		11-25-2042	$	1,096,751	$	1,100,635
SLM Student Loan Trust Series2005-6 Class A6 (3 Month LIBOR +0.14%)±		1.93			10-27-2031		2,546,510		2,508,166
SLM Student Loan Trust Series2012-3 Class A (1 Month LIBOR +0.65%)±		2.28			12-27-2038		5,248,718		5,220,141
SMB Private Education Loan Trust Series2015-A Class A2A 144A		2.49			6-15-2027		1,891,659		1,904,928
SMB Private Education Loan Trust Series2015-C Class A2A 144A		2.75			7-15-2027		1,995,317		2,023,497
SMB Private Education Loan Trust Series2016-B Class A2B (1 Month LIBOR +1.45%) 144A±		3.11			2-17-2032		1,759,604		1,775,336
SoFi Professional Loan Program LLC Series2016-C Class A1 (1 Month LIBOR +1.10%) 144A±		2.73			10-27-2036		785,193		788,747
SoFi Professional Loan Program LLC Series2016-D Class A1 (1 Month LIBOR +0.95%) 144A±		2.58			1-25-2039		1,699,391		1,708,575
SoFi Professional Loan Program LLC Series2016-E Class A1 (1 Month LIBOR +0.85%) 144A±		2.48			7-25-2039		640,627		641,153
SoFi Professional Loan Program LLC Series2017-A Class A1 (1 Month LIBOR +0.70%) 144A±		2.33			3-26-2040		906,698		910,220
SoFi Professional Loan Program LLC Series2017-C Class A1 (1 Month LIBOR +0.60%) 144A±		2.23			7-25-2040		902,085		904,216
SoFi Professional Loan Program LLC Series2017-E Class A2B 144A		2.72			11-26-2040		1,183,000		1,212,924
Total Asset-Backed Securities (Cost $58,104,936)									58,670,666
Non-Agency Mortgage-Backed Securities: 5.89%
Angel Oak Mortgage Trust Series2019-2 Class A1 144A±±		3.63			3-25-2049		1,513,989		1,538,045
Bunker Hill Loan Depositary Trust Series2019-1 Class A1 144A		3.61			10-26-2048		1,686,997		1,706,836
Bunker Hill Loan Depositary Trust Series2019-2 Class A1 144A		2.88			7-25-2049		1,912,185		1,942,741
Bunker Hill Loan Depositary Trust Series2019-3 Class A1 144A		2.72			11-25-2059		2,000,219		2,021,258
Colt Funding LLC Series2018-4 Class A1 144A±±		4.01			12-28-2048		910,277		922,164
Colt Funding LLC Series2019-1 Class A1 144A±±		3.71			3-25-2049		588,734		599,198
Credit Suisse Mortgage Trust Series 2020-AFC1 Class A1 144A±±		2.24			2-25-2050		3,558,291		3,592,209
DBUBS Mortgage Trust Series 2011-LC2A Class A1 144A		3.53			7-10-2044		134,312		135,134
GCAT Series 2019-NQM1 Class A1 144A		2.99			2-25-2059		1,720,011		1,737,498
GS Mortgage Securities Trust Series2010-C2 Class A1 144A		3.85			12-10-2043		177,407		178,316
GS Mortgage Securities Trust Series 2012-GCJ7 Class AAB		2.94			5-10-2045		646,448		648,689
Morgan Stanley Capital I Trust Series2011-C2 Class A3 144A		4.21			6-15-2044		24,601		24,612
New Residential Mortgage Loan Trust Series 2019-NQM2 Class A1 144A±±		3.60			4-25-2049		1,552,624		1,571,558
Verus Securitization Trust Series2018-2 Class A1 144A±±		3.68			6-1-2058		1,954,059		1,973,882
Verus Securitization Trust Series2019-3 Class A1 144A±±		2.69			11-25-2059		2,067,933		2,083,025
Verus Securitization Trust Series2019-1 Class A1 144A±±		3.84			2-25-2059		1,996,992		2,026,878
Verus Securitization Trust Series2019-2 Class A1 144A±±		2.91			7-25-2059		2,732,362		2,762,779
Verus Securitization Trust Series2019-2 Class A1 144A±±		3.21			5-25-2059		2,244,931		2,268,500
Verus Securitization Trust Series2019-3 Class A1 144A		2.78			7-25-2059		2,534,149		2,546,760
Verus Securitization Trust Series2019-4 Class A1 144A		2.64			11-25-2059		1,889,645		1,905,625
TotalNon-Agency Mortgage-Backed Securities (Cost $31,910,306)									32,185,707
U.S. Treasury Securities: 11.60%
U.S. Treasury Note		1.13			9-30-2021		8,424,000		8,444,073
U.S. Treasury Note %%		1.13			2-28-2022		16,154,000		16,228,460
U.S. Treasury Note		1.38			2-15-2023		10,543,000		10,696,615
U.S. Treasury Note		1.50			9-30-2021		12,859,000		12,964,986
U.S. Treasury Note		1.50			11-30-2021		4,357,000		4,399,379
U.S. Treasury Note		2.00			10-31-2021		5,661,000		5,758,298
U.S. Treasury Note		2.13			5-15-2022		1,244,000		1,277,044
U.S. Treasury Note		2.50			1-15-2022		1,253,000		1,289,366
U.S. Treasury Note		2.88			11-15-2021		2,265,000		2,338,347
Total U.S. Treasury Securities (Cost $62,880,814)									63,396,568

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

Wells Fargo Short Duration Government Bond Fund  |  9

Portfolio of investments—February 29, 2020 (unaudited)

	Yield			Shares		Value
Short-Term Investments: 7.40%
Investment Companies: 7.40%
Wells Fargo Government Money Market Fund Select Class (l)(u)##		1.52	%		40,472,132	$	40,472,132
Total Short-Term Investments (Cost $40,472,132)							40,472,132

Total investments in securities (Cost $570,474,731)	105.85	%		578,658,357
Other assets and liabilities, net	(5.85	)		(31,992,284	)
Total net assets	100.00	%	$	546,666,073

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

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

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

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

(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.

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

Abbreviations:

FHLMC Federal Home Loan Mortgage Corporation

FNMA Federal National Mortgage Association

GNMA Government National Mortgage Association

LIBOR London Interbank Offered Rate

Futures Contracts

Description	Number of contracts		Expiration date		Notional cost			Notional value			Unrealized gains		Unrealized losses
Long
2-Year U.S. Treasury Notes		1,119		6-30-2020	$	243,306,870		$	244,309,173		$	1,002,303	$	0
Short
10-Year Ultra Futures		(95)		6-19-2020		(14,058,252	)		(14,270,781	)		0		(212,529	)
5-Year U.S. Treasury Notes		(403)		6-30-2020		(49,020,406	)		(49,468,250	)		0		(447,844	)
											$	1,002,303	$	(660,373	)

Investments in Affiliates

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

	Shares, beginning of period		Shares purchased		Shares sold			Shares, end of period		Net realized gains (losses)		Net change in unrealized gains (losses)		Income from affiliated securities		Value, end of period		% of net assets
Short-Term Investments
Investment Companies
Wells Fargo Government Money Market Fund Select Class		7,563,717		319,845,738		(286,937,323	)		40,472,132	$	0	$	0	$	107,536	$	40,472,132		7.40	%

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

10  |  Wells Fargo Short Duration Government Bond Fund

Statement of assets and liabilities—February 29, 2020 (unaudited)

Assets
Investments in unaffiliated securities, at value (cost $530,002,599)	$	538,186,225
Investments in affiliated securities, at value (cost $40,472,132)		40,472,132
Cash		18,165
Cash segregated for future contracts		539,331
Receivable for investments sold		14,483,575
Principal paydown receivable		143,161
Receivable for Fund shares sold		2,338,706
Receivable for interest		1,407,332
Receivable for daily variation margin on open futures contracts		205,353
Prepaid expenses and other assets		102,936
Total assets		597,896,916
Liabilities
Payable for investments purchased		50,173,986
Payable for Fund shares redeemed		675,895
Management fee payable		120,847
Dividends payable		51,078
Administration fees payable		36,313
Distribution fee payable		4,921
Trustees’ fees and expenses payable		5,766
Accrued expenses and other liabilities		162,037
Total liabilities		51,230,843
Total net assets	$	546,666,073
Net assets consist of
Paid-in capital	$	615,931,924
Total distributable loss		(69,265,851	)
Total net assets	$	546,666,073
Computation of net asset value and offering price per share
Net assets – Class A	$	27,198,732
Shares outstanding – Class A1		2,774,116
Net asset value per share – Class A		$9.80
Maximum offering price per share – Class A2		$10.00
Net assets – Class C	$	8,018,496
Shares outstanding – Class C1		816,439
Net asset value per share – Class C		$9.82
Net assets – Class R6	$	39,649,559
Shares outstanding – Class R61		4,028,729
Net asset value per share – Class R6		$9.84
Net assets – Administrator Class	$	37,664,135
Shares outstanding – Administrator Class1		3,833,604
Net asset value per share – Administrator Class		$9.82
Net assets – Institutional Class	$	434,135,151
Shares outstanding – Institutional Class1		44,203,808
Net asset value per share – Institutional Class		$9.82

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.

Wells Fargo Short Duration Government Bond Fund  |  11

Statement of operations—six months ended February 29, 2020 (unaudited)

Investment income
Interest	$	6,830,604
Income from affiliated securities		107,536
Total investment income		6,938,140
Expenses
Management fee		968,622
Administration fees
Class A		23,190
Class C		7,021
Class R6		5,849
Administrator Class		18,578
Institutional Class		175,836
Shareholder servicing fees
Class A		36,234
Class C		10,969
Administrator Class		46,445
Distribution fee
Class C		32,843
Custody and accounting fees		33,704
Professional fees		26,775
Registration fees		39,670
Shareholder report expenses		34,712
Trustees’ fees and expenses		10,909
Other fees and expenses		9,917
Total expenses		1,481,274
Less: Fee waivers and/or expense reimbursements
Fund-level		(103,904	)
Class A		(262	)
Class R6		(5,849	)
Administrator Class		(14,499	)
Institutional Class		(69,840	)
Net expenses		1,286,920
Net investment income		5,651,220
Realized and unrealized gains (losses) on investments
Net realized gains (losses) on
Unaffiliated securities		1,967,047
Futures contracts		(231,579	)
Net realized gains on investments		1,735,468
Net change in unrealized gains (losses) on
Unaffiliated securities		3,417,299
Futures contracts		332,355
Net change in unrealized gains (losses) on investments		3,749,654
Net realized and unrealized gains (losses) on investments		5,485,122
Net increase in net assets resulting from operations	$	11,136,342

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

12  |  Wells Fargo Short Duration Government Bond Fund

Statement of changes in net assets

	Six months ended February 29, 2020 (unaudited)						Year ended August 31, 2019
Operations
Net investment income				$	5,651,220					$	14,884,157
Net realized gains on investments					1,735,468						50,123
Net change in unrealized gains (losses) on investments					3,749,654						9,018,055
Net increase in net assets resulting from operations					11,136,342						23,952,335
Distributions to shareholders from net investment income and net realized gains
Class A					(331,847	)					(753,979	)
Class C					(67,476	)					(226,983	)
Class R6					(527,580	)					(1,078,024	)
Administrator Class					(458,838	)					(1,529,339	)
Institutional Class					(5,827,232	)					(12,903,892	)
Total distributions to shareholders					(7,212,973	)					(16,492,217	)
Capital share transactions		Shares						Shares
Proceeds from shares sold
Class A		317,775			3,086,221			617,334			5,934,764
Class C		65,831			640,406			106,035			1,018,014
Class R6		661,536			6,454,854			2,188,387			21,183,601
Administrator Class		149,612			1,458,249			238,230			2,291,607
Institutional Class		9,685,505			94,255,751			10,430,140			100,435,708
					105,895,481						130,863,694
Reinvestment of distributions
Class A		32,517			315,994			74,715			719,348
Class C		6,370			62,005			21,609			208,280
Class R6		46,831			456,860			93,340			902,462
Administrator Class		46,702			454,809			157,806			1,521,378
Institutional Class		576,061			5,605,728			1,279,269			12,338,544
					6,895,396						15,690,012
Payment for shares redeemed
Class A		(619,205	)		(6,011,588	)		(829,358	)		(7,984,256	)
Class C		(284,667	)		(2,769,548	)		(667,791	)		(6,437,263	)
Class R6		(977,222	)		(9,511,431	)		(1,664,571	)		(16,097,185	)
Administrator Class		(342,745	)		(3,334,281	)		(3,899,844	)		(37,590,853	)
Institutional Class		(11,725,988	)		(114,084,390	)		(17,338,426	)		(166,712,595	)
					(135,711,238	)					(234,822,152	)
Net decrease in net assets resulting from capital share transactions					(22,920,361	)					(88,268,446	)
Total decrease in net assets					(18,996,992	)					(80,808,328	)
Net assets
Beginning of period					565,663,065						646,471,393
End of period				$	546,666,073					$	565,663,065

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

Wells Fargo Short Duration Government Bond Fund  |  13

Financial highlights

(For a share outstanding throughout each period)

	Six months ended February 29, 2020 (unaudited)			Year ended August 31
CLASS A				2019			2018			2017			2016			2015
Net asset value, beginning of period		$9.73			$9.60			$9.85			$9.96			$10.02			$10.08
Net investment income		0.09			0.21			0.14			0.07			0.07			0.04
Net realized and unrealized gains (losses) on investments		0.09			0.16			(0.20	)		(0.03	)		0.02			0.02
Total from investment operations		0.18			0.37			(0.06	)		0.04			0.09			0.06
Distributions to shareholders from
Net investment income		(0.11	)		(0.24	)		(0.19	)		(0.15	)		(0.15	)		(0.12	)
Net asset value, end of period		$9.80			$9.73			$9.60			$9.85			$9.96			$10.02
Total return1		1.87	%		3.92	%		(0.56	)%		0.45	%		0.90	%		0.55	%
Ratios to average net assets (annualized)
Gross expenses		0.82	%		0.81	%		0.80	%		0.79	%		0.78	%		0.78	%
Net expenses		0.78	%		0.78	%		0.78	%		0.78	%		0.78	%		0.78	%
Net investment income		1.73	%		2.22	%		1.36	%		0.79	%		0.70	%		0.55	%
Supplemental data
Portfolio turnover rate		242	%		635	%		331	%		348	%		284	%		500	%
Net assets, end of period (000s omitted)		$27,199			$29,618			$30,538			$51,890			$57,976			$62,504

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 Short Duration Government Bond Fund

Financial highlights

(For a share outstanding throughout each period)

	Six months ended February 29, 2020 (unaudited)			Year ended August 31
CLASS C				2019			2018			2017			2016			2015
Net asset value, beginning of period		$9.75			$9.62			$9.87			$9.98			$10.03			$10.10
Net investment income (loss)		0.05			0.14	1		0.06	1		(0.00	)1,2		(0.01	)		(0.03	)
Net realized and unrealized gains (losses) on investments		0.09			0.16			(0.19	)		(0.03	)		0.03			0.00	2
Total from investment operations		0.14			0.30			(0.13	)		(0.03	)		0.02			(0.03	)
Distributions to shareholders from
Net investment income		(0.07	)		(0.17	)		(0.12	)		(0.08	)		(0.07	)		(0.04	)
Net asset value, end of period		$9.82			$9.75			$9.62			$9.87			$9.98			$10.03
Total return3		1.49	%		3.14	%		(1.30	)%		(0.30	)%		0.25	%		(0.30	)%
Ratios to average net assets (annualized)
Gross expenses		1.56	%		1.56	%		1.55	%		1.54	%		1.53	%		1.53	%
Net expenses		1.53	%		1.53	%		1.53	%		1.53	%		1.53	%		1.53	%
Net investment income (loss)		0.98	%		1.49	%		0.62	%		0.04	%		(0.05	)%		(0.20	)%
Supplemental data
Portfolio turnover rate		242	%		635	%		331	%		348	%		284	%		500	%
Net assets, end of period (000s omitted)		$8,018			$10,032			$15,093			$20,026			$27,454			$31,910

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.

Wells Fargo Short Duration Government Bond Fund  |  15

Financial highlights

(For a share outstanding throughout each period)

	Six months ended February 29, 2020 (unaudited)			Year ended August 31
CLASS R6				2019			2018			2017			2016			2015
Net asset value, beginning of period		$9.77			$9.64			$9.89			$9.99			$10.05			$10.11
Net investment income		0.11	1		0.25	1		0.16	1		0.12	1		0.12			0.09	1
Net realized and unrealized gains (losses) on investments		0.09			0.16			(0.17	)		(0.02	)		0.01			0.01
Total from investment operations		0.20			0.41			(0.01	)		0.10			0.13			0.10
Distributions to shareholders from
Net investment income		(0.13	)		(0.28	)		(0.24	)		(0.20	)		(0.19	)		(0.16	)
Net asset value, end of period		$9.84			$9.77			$9.64			$9.89			$9.99			$10.05
Total return2		2.07	%		4.34	%		(0.14	)%		0.96	%		1.32	%		0.96	%
Ratios to average net assets (annualized)
Gross expenses		0.44	%		0.43	%		0.42	%		0.41	%		0.40	%		0.40	%
Net expenses		0.37	%		0.37	%		0.37	%		0.37	%		0.37	%		0.37	%
Net investment income		2.15	%		2.62	%		1.64	%		1.19	%		1.11	%		0.88	%
Supplemental data
Portfolio turnover rate		242	%		635	%		331	%		348	%		284	%		500	%
Net assets, end of period (000s omitted)		$39,650			$41,987			$35,472			$172,106			$233,993			$231,878

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.

16  |  Wells Fargo Short Duration Government Bond Fund

Financial highlights

(For a share outstanding throughout each period)

	Six months ended February 29, 2020 (unaudited)			Year ended August 31
ADMINISTRATOR CLASS				2019			2018			2017			2016			2015
Net asset value, beginning of period		$9.75			$9.62			$9.87			$9.98			$10.03			$10.10
Net investment income		0.09			0.23	1		0.15	1		0.08			0.08			0.06
Net realized and unrealized gains (losses) on investments		0.10			0.16			(0.19	)		(0.02	)		0.04			0.00	2
Total from investment operations		0.19			0.39			(0.04	)		0.06			0.12			0.06
Distributions to shareholders from
Net investment income		(0.12	)		(0.26	)		(0.21	)		(0.17	)		(0.17	)		(0.13	)
Net asset value, end of period		$9.82			$9.75			$9.62			$9.87			$9.98			$10.03
Total return2		1.96	%		4.10	%		(0.37	)%		0.63	%		1.18	%		0.63	%
Ratios to average net assets (annualized)
Gross expenses		0.76	%		0.75	%		0.74	%		0.73	%		0.72	%		0.72	%
Net expenses		0.60	%		0.60	%		0.60	%		0.60	%		0.60	%		0.60	%
Net investment income		1.91	%		2.41	%		1.56	%		0.96	%		0.87	%		0.73	%
Supplemental data
Portfolio turnover rate		242	%		635	%		331	%		348	%		284	%		500	%
Net assets, end of period (000s omitted)		$37,664			$38,816			$71,997			$89,743			$121,576			$156,669

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.

Wells Fargo Short Duration Government Bond Fund  |  17

Financial highlights

(For a share outstanding throughout each period)

	Six months ended February 29, 2020 (unaudited)			Year ended August 31
INSTITUTIONAL CLASS				2019			2018			2017			2016			2015
Net asset value, beginning of period		$9.75			$9.62			$9.87			$9.98			$10.03			$10.10
Net investment income		0.10			0.25			0.17			0.11			0.11			0.09	1
Net realized and unrealized gains (losses) on investments		0.10			0.16			(0.19	)		(0.03	)		0.03			(0.01	)
Total from investment operations		0.20			0.41			(0.02	)		0.08			0.14			0.08
Distributions to shareholders from
Net investment income		(0.13	)		(0.28	)		(0.23	)		(0.19	)		(0.19	)		(0.15	)
Net asset value, end of period		$9.82			$9.75			$9.62			$9.87			$9.98			$10.03
Total return1		2.05	%		4.29	%		(0.20	)%		0.81	%		1.37	%		0.81	%
Ratios to average net assets (annualized)
Gross expenses		0.49	%		0.48	%		0.47	%		0.46	%		0.45	%		0.45	%
Net expenses		0.42	%		0.42	%		0.42	%		0.42	%		0.42	%		0.42	%
Net investment income		2.09	%		2.58	%		1.75	%		1.15	%		1.06	%		0.92	%
Supplemental data
Portfolio turnover rate		242	%		635	%		331	%		348	%		284	%		500	%
Net assets, end of period (000s omitted)		$434,135			$445,211			$493,372			$579,690			$664,047			$587,835

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

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

18  |  Wells Fargo Short Duration Government Bond Fund

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 Short Duration Government 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 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.

Futures contracts

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 a 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 and is subject to interest rate risk. 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 the 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

Wells Fargo Short Duration Government Bond Fund  |  19

Notes to financial statements (unaudited)

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.

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. Paydown gains and losses are included in interest income.

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.

Federal and other taxes

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

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

As of February 29, 2020, the aggregate cost of all investments for federal income tax purposes was $570,544,528 and the unrealized gains (losses) consisted of:

Gross unrealized gains	$	9,548,200
Gross unrealized losses		(1,092,441	)
Net unrealized gains	$	8,455,759

As of August 31, 2019, the Fund had capital loss carryforwards which consist of $42,276,451 in short-term capital losses and $36,146,102 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 fund-level 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.

20  |  Wells Fargo Short Duration Government Bond Fund

Notes to financial statements (unaudited)

The following is a summary of the inputs used in valuing the Fund’s assets and liabilities as of February 29, 2020:

	Quoted prices (Level 1)		Other significant observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total
Assets
Investments in:
Agency securities	$	0	$	383,933,284	$	0	$	383,933,284
Asset-backed securities		0		58,670,666		0		58,670,666
Non-agency mortgage-backed securities		0		32,185,707		0		32,185,707
U.S. Treasury securities		63,396,568		0		0		63,396,568
Short-term investments
Investment companies		40,472,132		0		0		40,472,132
		103,868,700		474,789,657		0		578,658,357
Futures contracts		1,002,303		0		0		1,002,303
Total assets	$	104,871,003	$	474,789,657	$	0	$	579,660,660
Liabilities
Futures contracts	$	660,373	$	0	$	0	$	660,373
Total liabilities	$	660,373	$	0	$	0	$	660,373

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

Futures contracts are reported at their cumulative unrealized gains (losses) at measurement date as reported in the table following the Portfolio of Investments. For futures contracts, the current day’s variation margin is reported on the Statement of Assets and Liabilities. All other assets and liabilities are reported at their market value at measurement date.

For the six months ended February 29, 2020, 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 a management fee at the following annual rate based on the Fund’s average daily net assets:

Average daily net assets	Management fee
First $1 billion		0.350	%
Next $4 billion		0.325
Next $3 billion		0.290
Next $2 billion		0.265
Over $10 billion		0.255

For the six months ended February 29, 2020, the management fee was equivalent to an annual rate of 0.35% of the Fund’s average daily net assets.

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

Wells Fargo Short Duration Government Bond Fund  |  21

Notes to financial statements (unaudited)

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

Waivers and/or expense reimbursements

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. When only certain classes exceed their expense caps, waivers and/or reimbursements are applied against class specific expenses before fund-level expenses. Funds Management has committed through December 31, 2020 to waive fees and/or reimburse expenses to the extent necessary to cap the Fund’s expenses at 0.78% for Class A shares, 1.53% for Class C shares, 0.37% for Class R6 shares, 0.60% for Administrator Class shares, and 0.42% for Institutional Class shares. Prior to or after the commitment expiration date, 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 February 29, 2020, Funds Distributor received $351 from the sale of Class A shares. No contingent deferred sales charges were incurred by Class A and Class C shares for the six months ended February 29, 2020.

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.

5. INVESTMENT PORTFOLIO TRANSACTIONS

Purchases and sales of investments, excluding short-term securities, for the six months ended February 29, 2020 were as follows:

Purchases at cost		Sales proceeds
U.S. government	Non-U.S. government	U.S. government	Non-U.S. government
$1,321,676,478	$44,920,378	$1,354,001,081	$40,053,806

22  |  Wells Fargo Short Duration Government Bond Fund

Notes to financial statements (unaudited)

6. DERIVATIVE TRANSACTIONS

During the six months ended February 29, 2020, the Fund entered into futures contracts to speculate on interest rates and to help manage the duration of the portfolio. The Fund had an average notional amount of $176,535,843 in long futures contracts and $60,195,905 in short futures contracts during the six months ended February 29, 2020.

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 February 29, 2020, there were no borrowings by the Fund under the agreement.

8. INDEMNIFICATION

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

9. NEW ACCOUNTING PRONOUNCEMENTS

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.

In March 2017, FASB issued ASUNo. 2017-08,Premium Amortization on Purchased Callable Debt Securities. ASU2017-08 shortens the amortization period for certain callable debt securities held at a premium and requires the premium to be amortized to the earliest call date. The amendments do not require an accounting change for securities held at a discount and discounts will continue to be accreted to the maturity date of the security. ASU2017-08 is effective for fiscal years beginning after December 15, 2018 and for interim periods within those fiscal years. During the current reporting period, management of the Fund adopted the change in accounting policy which did not have a material impact to the Fund’s financial statements.

10. SUBSEQUENT EVENT

On March 11, 2020, the World Health Organization announced that it had made the assessment that coronavirus disease 2019(“COVID-19”) is a pandemic. The impacts ofCOVID-19 is adversely affecting the entire global economy, individual companies and investment products, and the market in general. There is significant uncertainty around the extent and duration of business disruptions related toCOVID-19 and the impact may be short term or may last for an extended period of time. The risk of further spreading ofCOVID-19 has led to significant uncertainty and volatility in the financial markets and the value of the Fund and the securities in which the Fund invests have generally been adversely affected by impacts caused byCOVID-19.

Wells Fargo Short Duration Government Bond Fund  |  23

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 atwfam.com, or visiting the SEC website at sec.gov. Information regarding how the proxies related to portfolio securities were voted during the most recent12-month period ended June 30 is available on the website atwfam.comor by visiting the SEC website at sec.gov.

QUARTERLY PORTFOLIO HOLDINGS INFORMATION

The Fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year as an exhibit to its reports on FormN-PORT. Shareholders may view the filed FormN-PORT by visiting the SEC website at sec.gov.

24  |  Wells Fargo Short Duration Government Bond Fund

Other information (unaudited)

BOARD OF TRUSTEES AND OFFICERS

Each of the Trustees and Officers¹ listed in the table below acts in identical capacities for each fund in the Wells Fargo family of funds, which consists of 146 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. Audit Committee Chair and Investment Committee Chair of the Vincent Memorial Hospital Endowment(non-profit organization). 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. (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. Johnson (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

Wells Fargo Short Duration Government Bond Fund  |  25

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
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
Olivia S. Mitchell (Born 1953)	Trustee, since 2006; Nominating and Governance Committee Chair, 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	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	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
Pamela Wheelock3 (Born 1959)	Trustee, since January 2020; previously Trustee from January 2018 to July 2019	Board member of the Destination Medical Center Economic Development Agency, Rochester, Minnesota since 2019. Acting Commissioner, Minnesota Department of Human Services, July 2019 through September 2019. Human Services Manager (part-time), Minnesota Department of Human Services, October 2019 through December 2019. Chief Operating Officer, Twin Cities Habitat for Humanity from 2017 to 2019. Vice President of University Services, University of Minnesota from 2012 to 2016. 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 Chief Executive Officer of Blue Cross Blue Shield of Minnesota from 2011 to 2012, Chairman of the Board from 2009 to 2012 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. Executive Vice President of the Minnesota Wild Foundation from 2004 to 2008. Commissioner of Finance, State of Minnesota, from 1999 to 2002. Currently 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 Short Duration Government Bond Fund

Other information (unaudited)

Officers

Name and year of birth	Position held and length of service	Principal occupations during past five years or longer
Andrew Owen (Born 1960)	President, since 2017	Executive Vice President of Wells Fargo & Company and Head of Affiliated Managers, Wells Fargo Asset Management, since 2014. In addition, Mr. Owen is currently President, Chief Executive Officer and Director of Wells Fargo Funds Management, LLC since 2017. Prior thereto, Executive Vice President responsible for marketing, investments and product development for Wells Fargo Funds Management, LLC, from 2009 to 2014.
Nancy Wiser1 (Born 1967)	Treasurer, since 2012	Executive Vice President of Wells Fargo Funds Management, LLC since 2011. Chief Operating Officer and Chief Compliance Officer at LightBox Capital Management LLC, from 2008 to 2011.
Michelle Rhee (Born 1966)	Chief Legal Officer, since 2019	Secretary of Wells Fargo Funds Management, LLC, Chief Legal Counsel of Wells Fargo Asset Management and Assistant General Counsel of Wells Fargo Bank, N.A. since 2018. Associate General Counsel and Managing Director of Bank of America Corporation from 2004 to 2018.
Catherine Kennedy (Born 1969)	Secretary, since 2019	Vice President of Wells Fargo Funds Management, LLC and Senior Counsel of the Wells Fargo Legal Department since 2010. Vice President and Senior Counsel of Evergreen Investment Management Company, LLC from 1998 to 2010.
Michael H. Whitaker(Born 1967)	Chief Compliance Officer, since 2016	Chief Compliance Officer of Wells Fargo Asset Management 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 64 funds in the Fund Complex. Jeremy DePalma acts as Treasurer of 82 funds and Assistant Treasurer of 64 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 atwfam.com.

³  Pamela Wheelock wasre-appointed to the Board effective January 1, 2020.

Wells Fargo Short Duration Government Bond Fund  |  27

Appendix I (unaudited)

Effective on or about May 1, 2020, if you purchase Fund shares through a Janney Montgomery Scott LLC (“Janney”) brokerage account, you will be eligible for the following load waivers(front-end sales charge waivers and contingent deferred sales charge (“CDSC”), orback-end sales charge, waivers) and discounts, which may differ from those disclosed elsewhere in the Fund’s Prospectus or SAI.

Front-end sales charge* waivers on Class A shares available at Janney

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).

Shares purchased by employees and registered representatives of Janney or its affiliates and their family members as designated by Janney.

Shares purchased from the proceeds of redemptions within the same fund family, provided (1) the repurchase occurs within ninety (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 (i.e., right of reinstatement).

Employer-sponsored retirement plans (e.g., 401(k) plans, 457 plans, employer-sponsored 403(b) plans, profit sharing and money purchase pension plans and defined benefit plans). For purposes of this provision, employer-sponsored retirement plans do not include SEP IRAs, Simple IRAs,SAR-SEPs or Keogh plans.

Shares acquired through a right of reinstatement.

Class C shares that are no longer subject to a contingent deferred sales charge and are converted to Class A shares of the same fund pursuant to Janney’s policies and procedures.

CDSC waivers on Class A and Class C shares available at Janney

Shares sold upon the death or disability of the shareholder.

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

Shares purchased in connection with a return of excess contributions from an IRA account.

Shares sold as part of a required minimum distribution for IRA and retirement accounts if the redemption is taken in or after the year the shareholder reaches qualified age based on applicable IRS regulations.

Shares sold to pay Janney fees but only if the transaction is initiated by Janney.

Shares acquired through a right of reinstatement.

Shares exchanged into the same share class of a different fund.

Front-end sales charge* discounts available at Janney; breakpoints, rights of accumulation and/or letters of intent

Breakpoints as described in the Fund’s Prospectus.

Rights of accumulation (“ROA”), 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 Janney. Eligible fund family assets not held at Janney may be included in the ROA calculation only if the shareholder notifies his or her financial advisor about such assets.

Letters of intent which allow for breakpoint discounts based on anticipated purchases within a fund family, over a13-month time period. Eligible fund family assets not held at Janney Montgomery Scott may be included in the calculation of letters of intent only if the shareholder notifies his or her financial advisor about such assets.

* Also referred to as an “initial sales charge.”

28  |  Wells Fargo Short Duration Government Bond Fund

Appendix II (unaudited)

Effective on or after May 1, 2020, clients of Edward Jones (also referred to as “shareholders”) purchasing Fund shares on the Edward Jones commission andfee-based platforms are eligible only for the following sales charge discounts (also referred to as “breakpoints”) and waivers, which can differ from breakpoints and waivers described elsewhere in this Prospectus or SAI or through another broker-dealer. In all instances, it is the shareholder’s responsibility to inform Edward Jones at the time of purchase of any relationship, holdings of Wells Fargo Funds or other facts qualifying the purchaser for breakpoints or waivers. Edward Jones can ask for documentation of such circumstance.

Breakpoints available at Edward Jones

Rights of Accumulation (ROA)

The applicable sales charge on a purchase of Class A shares is determined by taking into account all share classes (except any money market funds and retirement plan share classes) of Wells Fargo Funds held by the shareholder or in an account grouped by Edward Jones with other accounts for the purpose of providing certain pricing considerations (“pricing groups”). This includes all share classes held on the Edward Jones platform and/or held on another platform. The inclusion of eligible fund family assets in the rights of accumulation calculation is dependent on the shareholder notifying his or her financial advisor of such assets at the time of calculation.

ROA is determined by calculating the higher of cost or market value (current shares x NAV).

Letter of Intent (LOI)

Through a LOI, shareholders can receive the sales charge and breakpoint discounts for purchases shareholders intend to makeover a13-month period from the date Edward Jones receives the LOI. The LOI is determined by calculating the higher of cost or market value of qualifying holdings at LOI initiation in combination with the value that the shareholder intends to buy over a13-month period to calculate thefront-end sales charge and any breakpoint discounts. Each purchase the shareholder makes during that13-month period will receive the sales charge and breakpoint discount that applies to the total amount. The inclusion of eligible fund family assets in the LOI calculation is dependent on the shareholder notifying his or her financial advisor of such assets at the time of calculation. Purchases made before the LOI is received by Edward Jones are not covered under the LOI and will not reduce the sales charge previously paid. Sales charges will be adjusted if LOI is not met.

Sales charges are waived for the following shareholders and in the following situations at Edward Jones:

●   Associates of Edward Jones and its affiliates and their family members who are in the same pricing group (as determined by Edward Jones under its policies and procedures) as the associate. This waiver will continue for the remainder of the associate’s life if the associate retires from Edward Jones in good-standing.

●   Shares purchased in an Edward Jonesfee-based program.

●   Shares purchased through reinvestment of capital gains distributions and dividend reinvestment.

●   Shares purchased from the proceeds of redeemed shares of the same fund family so long as the following conditions are met: 1)the proceeds are from the sale of shares within 60 days of the purchase, and 2) the sale and purchase are made in the same share class and the same account or the purchase is made in an individual retirement account with proceeds from liquidations in anon-retirement account.

●   Shares exchanged into Class A shares from another share class so long as the exchange is into the same fund and was initiated at the discretion of Edward Jones. Edward Jones is responsible for any remaining CDSC due to the fund company, if applicable. Any future purchases are subject to the applicable sales charge as disclosed in the prospectus.

●   Exchanges from Class C shares to Class A shares of the same fund, generally, in the 84th month following the anniversary of the purchase date or earlier at the discretion of Edward Jones.

If the shareholder purchases shares that are subject to a CDSC and those shares are redeemed before the CDSC is expired, the shareholder is
responsible to pay the CDSC except in the following conditions available at Edward Jones:

●   The death or disability of the shareholder.

●   Systematic withdrawals with up to 10% per year of the account value.

●   Return of excess contributions from an Individual Retirement Account (IRA).

●   Shares sold as part of a required minimum distribution for IRA and retirement accounts if the redemption is taken in or after the year the shareholder reaches qualified age based on applicable IRS regulation.

●   Shares sold to pay Edward Jones fees or costs in such cases where the transaction is initiated by Edward Jones.

●   Shares exchanged in an Edward Jonesfee-based program.

●   Shares acquired through NAV reinstatement.

Wells Fargo Short Duration Government Bond Fund  |  29

Appendix II (unaudited)

Other Important Information for accounts at Edward Jones:

Minimum Purchase Amounts

●   $250 initial purchase minimum

●   $50 subsequent purchase minimum

Minimum Balances

Edward Jones has the right to redeem at its discretion fund holdings with a balance of $250 or less. The following are examples of accounts that are not included in this policy:

●   Afee-based account held on an Edward Jones platform

●   A 529 account held on an Edward Jones platform

●   An account with an active systematic investment plan or letter of intent (LOI)

Changing Share Classes

At any time it deems necessary, Edward Jones has the authority to exchange at NAV a shareholder’s holdings in a fund to Class A shares.

30  |  Wells Fargo Short Duration Government Bond Fund

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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:wfam.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 atwfam.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

© 2020 Wells Fargo & Company. All rights reserved

PAR-0320-04743 04-20

SA220/SAR220 02-20

Semi-Annual Report

February 29, 2020

Wells Fargo

Government Securities 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 calling1-800-222-8222 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.

Contents

Letter to shareholders	2
Performance highlights	4
Fund expenses	6
Portfolio of investments	7
Financial statements
Statement of assets and liabilities	15
Statement of operations	16
Statement of changes in net assets	17
Financial highlights	18
Notes to financial statements	22
Other information	27
Appendix I	31
Appendix II	32

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The views expressed and any forward-looking statements are as of February 29, 2020, unless otherwise noted, and are those of the Fund managers and/or Wells Fargo Asset Management. 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 Asset Management 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

Wells Fargo Government Securities Fund  |  1

Letter to shareholders (unaudited)

Andrew Owen

President

Wells Fargo Funds

“The fourth quarter started on a strong note, with U.S.-China trade tensions relaxing in October along with renewed optimism for a U.K. Brexit deal and positive macroeconomic data.”

Dear Shareholder:

We are pleased to offer you this semi-annual report for the Wells Fargo Government Securities Fund for thesix-month period that ended February 29, 2020. As market volatility increased, returns for the period were more restrained after strong results in previous recent periods. However, supportive central banks addressed concerns over slowing global economic growth and international trade tensions.

Fixed-income and equity investors had mixed semi-annual returns. For the period, U.S. stocks, based on the S&P 500 Index,¹ gained 1.92% and international stocks, as measured by the MSCI ACWI ex USA Index (Net),² returned 0.13%. The MSCI EM Index (Net)³ gained 2.93%. For bond investors, the Bloomberg Barclays U.S. Aggregate Bond Index⁴ added 3.39%, the Bloomberg Barclays Global Aggregateex-USD Index⁵ returned-0.21%, the Bloomberg Barclays Municipal Bond Index⁶ gained 3.04%, and the ICE BofA U.S. High Yield Index⁷ added 1.34%.

The period began with uncertainty, leading to central bank support.

In September, as the period began, the U.S. Federal Reserve (Fed) cut interest rates a second time in the third quarter. U.S. manufacturing data disappointed investors. The U.S. Congress announced it would pursue an impeachment investigation of President Trump. Meanwhile, the Brexit impasse showed no signs of resolution. Officials in China warned it would be difficult to reach the country’s annual economic growth goals considering the weight of tariffs and trade restrictions. Although the S&P 500 Index finished the third quarter with the bestyear-to-date returns in more than 20 years, concerns about future returns remained.

The fourth quarter started on a strong note, with U.S.-China trade tensions relaxing in October along with renewed optimism for a U.K. Brexit deal and positive macroeconomic data. The initial estimate of U.S. third-quarter gross domestic product growth was a resilient 1.9% annualized rate, while the U.S. unemployment rate fell to a50-year low of 3.5% in September. However, despite resilience among U.S. consumers, business confidence declined while manufacturing activity contracted. Concerned with a potential economic slowdown, the Fed lowered interest rates another quarter point in late October—its third rate cut in four months. This helped push the S&P 500 Index to anall-time high, while emerging market equities rallied and global bonds declined overall, reflecting a broad pickup in risk appetite.

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. 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 equity market performance of emerging markets. 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 BofA 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 2020. ICE Data Indices, LLC. All rights reserved.

2  |  Wells Fargo Government Securities Fund

Letter to shareholders (unaudited)

Equity markets continued to rally in November despite ongoing geopolitical risks. Hopes for a U.S.-China trade deal buoyed investor confidence. U.S. business sentiment improved slightly, and manufacturing and services activity picked up. With that positive backdrop, developed market equities outpaced those in emerging markets, and U.S. stocks, as reflected by the S&P 500 Index, outperformednon-U.S. stocks overall. While consumer confidence and purchasing manager activity rose in the eurozone, China reported weakening manufacturing and consumer data. Bond yields rose marginally, leading to slightly negative returns for global government and investment-grade corporate bonds.

Financial markets ended 2019 with a boost from the U.S. and China accord on a Phase One trade deal. That, along with the landslide win by thepro-Brexit U.K. Conservative Party in a national election and ongoing central bank support, gave investors greater confidence. U.S. economic indicators were generally positive, with the exception of manufacturing activity and business confidence. Consumer confidence was resilient, fed by a robust labor market, tame inflation, and lower interest rates, which boosted housing affordability and stimulated homebuyer activity. The impeachment of U.S. President Donald Trump had little impact on markets. Meanwhile, slowing Chinese economic activity, partly attributable to the trade war, led to further government stimulus atyear-end through lower reserve ratios, allowing banks to lend more money.

Theyear-end rally continued in early January 2020. However, capital market volatility picked up sharply in late January on concerns over the unknown impact of the novel coronavirus(COVID-19) on the global economy and stock markets. With sentiment somewhat souring, perceived safe havens did well in January. The U.S. dollar and Japanese yen both rose and government bonds outperformed equities. While the S&P 500 Index held its ground, emerging market equities tumbled, including those in Asia that are most exposed to viruses—physical or economic—originating in China.

In February, the coronavirus became the major market focus. Fears of the virus’s impact on global growth led to expectations of increased global central bank monetary policy support. That led the10-year Treasury yield to fall to anall-time low of 1.1% by the end of the month. Although equity markets initially shrugged off concerns about the outbreak, focusing instead on strong fourth-quarter earnings and improving business confidence in January, market sentiment turned sharply lower towardmonth-end and the S&P 500 Index lost 8.2% for the month. Oil prices tumbled as Russia and the Organization of the Petroleum Exporting Countries compounded a major decline in oil demand with a brutal price war, partly aimed at dissuading further U.S. shale production. As a result, the price of West Texas Intermediate crude oil fell 13% in February and 27% for 2020 year to date.

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. 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

“Capital market volatility picked up sharply in late January on concerns over the unknown impact of the novel coronavirus(COVID-19) on the global economy and stock markets.”

For further information about your Fund, contact your investment professional, visit our website at wfam.com,

or call us directly at1-800-222-8222.

Wells Fargo Government Securities Fund  |  3

Performance highlights (unaudited)

Investment objective

The Fund seeks current income.

Manager

Wells Fargo Funds Management, LLC

Subadviser

Wells Capital Management Incorporated

Portfolio managers

Christopher Y. Kauffman, CFA^®‡

Jay N. Mueller, CFA^®

Michal Stanczyk

Average annual total returns (%) as of February 29, 2020

		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 (SGVDX)	8-31-1999		4.67		1.61		2.42		9.60		2.55		2.89		0.91		0.85
Class C (WGSCX)	12-26-2002		7.79		1.79		2.12		8.79		1.79		2.12		1.66		1.60
Administrator Class (WGSDX)	4-8-2005		–		–		–		9.84		2.77		3.11		0.85		0.64
Institutional Class (SGVIX)	8-31-1999		–		–		–		10.01		2.95		3.28		0.58		0.48
Bloomberg Barclays U.S. Aggregate ex Credit Index3	–		–		–		–		10.20		3.06		3.34		–		–
Bloomberg Barclays Intermediate U.S. Government Bond Index4	–		–		–		–		8.05		2.46		2.52		–		–

Figures quoted represent past performance, which is no guarantee of future results, and do not reflect taxes that a shareholder may pay on an investment in a fund. 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,wfam.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. Securities issued by U.S. government agencies or government sponsored entities may not be guaranteed by the U.S. Treasury. Certain investment strategies tend to increase the total risk of an investment (relative to the broader market). The Fund is exposed to mortgage- and asset-backed securities risk. The U.S. government guarantee applies to certain underlying securities and not to shares of the Fund. Consult the Fund’s prospectus for additional information on these and other risks.

Please see footnotes on page 5.

4  |  Wells Fargo Government Securities Fund

Performance highlights (unaudited)

Ten largest holdings (%) as of February 29, 20205
FNMA, 3.00%,12-1-2045	3.35
U.S. Treasury Bond, 3.00%,2-15-2047	2.44
U.S. Treasury Bond, 4.25%,11-15-2040	2.44
FHLMC, 4.50%,9-1-2049	2.23
U.S. Treasury Bond, 3.75%,11-15-2043	2.09
FNMA, 4.00%,4-1-2046	2.08
FNMA, 3.00%,6-1-2034	2.07
TVA, 4.63%,9-15-2060	1.92
FNMA, 3.50%,4-1-2034	1.89
FHLMC, 3.50%,10-1-2049	1.87

Portfolio composition as of February 29, 2020⁶

^‡ 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 December 31, 2020, to waive fees and/or reimburse expenses to the extent necessary to cap total annual fund operating expenses after fee waivers at 0.85% for Class A, 1.60% for Class C, 0.64% for Administrator Class, and 0.48% for Institutional Class. Brokerage commissions, stamp duty fees, interest, taxes, acquired fund fees and expenses (if any), and extraordinary expenses are excluded from the expense cap. Prior to or after the commitment expiration date, the cap may be increased or the commitment to maintain the cap may be terminated only with the approval of the Board of Trustees. 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  The Bloomberg Barclays U.S. Aggregate ex Credit Index is composed of the Bloomberg Barclays U.S. Government Bond Index and the Bloomberg Barclays U.S. Mortgage-Backed Securities Index and includes Treasury issues, agency issues, and mortgage-backed securities. You cannot invest directly in an index.

⁴  The Bloomberg Barclays Intermediate U.S. Government Bond Index is an unmanaged index composed of U.S. government securities with maturities in the one to10-year range, including securities issued by the U.S. Treasury and U.S. government agencies. You cannot invest directly in an index.

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

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

Wells Fargo Government Securities Fund  |  5

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 September 1, 2019 to February 29, 2020.

Actual expenses

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

Hypothetical example for comparison purposes

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

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

	Beginning account  value 9-1-2019		Ending account value 2-29-2020		Expenses paid during the period¹		Annualized net expense ratio
Class A
Actual	$	1,000.00	$	1,026.55	$	4.28		0.85	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.64	$	4.27		0.85	%
Class C
Actual	$	1,000.00	$	1,022.74	$	8.05		1.60	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,016.91	$	8.02		1.60	%
Administrator Class
Actual	$	1,000.00	$	1,028.52	$	3.23		0.64	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.68	$	3.22		0.64	%
Institutional Class
Actual	$	1,000.00	$	1,029.34	$	2.42		0.48	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,022.48	$	2.41		0.48	%

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

6  |  Wells Fargo Government Securities Fund

Portfolio of investments—February 29, 2020 (unaudited)

	Interest rate			Maturity date		Principal			Value
Agency Securities: 70.82%
FDIC Series2013-R1 Class A 144A		1.15	%		3-25-2033	$	301,583		$	301,025
FHLB		5.63			3-14-2036		6,020,000			9,108,049
FHLMC		4.00			5-1-2049		5,579,125			5,888,543
FHLMC		3.50			10-1-2049		11,355,002			11,796,588
FHLMC		5.00			6-1-2026		1,067,930			1,129,875
FHLMC		2.38			4-25-2023		482,768			486,687
FHLMC		2.46			3-25-2022		262,493			264,136
FHLMC		2.62			12-25-2026		3,904,480			4,075,660
FHLMC		2.75			3-25-2027		5,378,081			5,621,642
FHLMC (1 Month LIBOR +1.18%)±		2.84			12-15-2036		320,968			330,287
FHLMC		2.90			4-25-2026		5,894,738			6,205,577
FHLMC		3.00			5-15-2026		510,853			524,053
FHLMC		3.00			12-1-2049		5,807,202			5,984,346
FHLMC		3.00			1-15-2054		120,940			123,943
FHLMC (11th District Cost of Funds +1.25%)±		3.42			7-1-2032		305,467			308,032
FHLMC		3.50			9-15-2043		3,744,619			3,872,781
FHLMC		3.50			8-1-2045		4,522,683			4,784,129
FHLMC		3.50			11-1-2045		8,198,043			8,678,026
FHLMC		3.50			12-1-2045		5,776,445			6,115,006
FHLMC		3.50			12-1-2045		1,665,634			1,762,342
FHLMC (3 Year Treasury Constant Maturity +2.21%)±		3.83			5-1-2026		23,247			23,712
FHLMC		4.00			12-15-2024		1,400,980			1,463,447
FHLMC		4.00			6-1-2044		3,927,256			4,250,915
FHLMC		4.00			9-1-2049		1,333,450			1,403,814
FHLMC (12 Month LIBOR +2.05%)±		4.05			1-1-2038		562,076	��		598,307
FHLMC (12 Month LIBOR +1.91%)±		4.16			9-1-2031		3,058			3,081
FHLMC (12 Month LIBOR +1.91%)±		4.16			9-1-2031		41,472			41,944
FHLMC (12 Month LIBOR +1.74%)±		4.22			7-1-2038		1,228,825			1,297,618
FHLMC (1 Year Treasury Constant Maturity +2.14%)±		4.29			10-1-2026		111,789			115,748
FHLMC		4.50			3-1-2042		303,683			331,026
FHLMC		4.50			9-1-2044		3,055,124			3,335,131
FHLMC		4.50			9-1-2049		13,185,076			14,058,319
FHLMC (1 Year Treasury Constant Maturity +2.25%)±		4.67			6-1-2032		19,387			20,083
FHLMC (1 Year Treasury Constant Maturity +0.00%)±		4.90			7-1-2029		24,928			25,615
FHLMC		5.00			8-1-2040		876,386			982,251
FHLMC		5.50			7-1-2035		2,700,178			3,025,575
FHLMC		5.50			12-1-2038		1,731,709			1,990,712
FHLMC		6.00			10-1-2032		22,564			26,226
FHLMC		6.00			5-25-2043		3,880,852			4,576,833
FHLMC (1 Year Treasury Constant Maturity +2.13%)±		6.38			1-1-2026		46,171			45,915
FHLMC		6.50			4-1-2021		525			528
FHLMC		6.50			4-1-2022		17,886			19,964
FHLMC		6.50			9-1-2028		12,780			14,266
FHLMC		6.50			7-1-2031		2			2
FHLMC		6.75			9-15-2029		5,360,000			7,921,031
FHLMC		7.00			12-1-2023		1,577			1,686
FHLMC		7.00			12-1-2026		340			369
FHLMC		7.00			4-1-2029		1,102			1,279
FHLMC		7.00			5-1-2029		6,724			7,894
FHLMC		7.00			4-1-2032		72,559			85,745
FHLMC		7.50			11-1-2031		141,082			161,676
FHLMC		7.50			4-1-2032		143,104			167,538
FHLMC		8.00			8-1-2023		4,956			5,180
FHLMC		8.00			6-1-2024		2,605			2,809
FHLMC		8.00			6-1-2024		2,172			2,193
FHLMC		8.00			6-1-2024		4,038			4,153
FHLMC		8.00			8-1-2026		11,160			12,772

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

Wells Fargo Government Securities Fund  |  7

Portfolio of investments—February 29, 2020 (unaudited)

	Interest rate			Maturity date		Principal		Value
Agency Securities (continued)
FHLMC		8.00	%		11-1-2026	$	10,573	$	12,079
FHLMC		8.00			11-1-2028		5,606		6,077
FHLMC		8.50			12-1-2025		6,653		7,279
FHLMC		8.50			5-1-2026		948		991
FHLMC		8.50			8-1-2026		4,190		4,232
FHLMC		8.50			8-1-2026		13,988		14,037
FHLMC		9.00			4-1-2021		3		3
FHLMC		9.00			4-1-2021		29		30
FHLMC		9.00			8-1-2021		37		39
FHLMC		9.00			7-1-2022		22		22
FHLMC		9.00			9-1-2024		107		108
FHLMC		9.50			6-1-2020		1		1
FHLMC		9.50			8-1-2020		8		8
FHLMC		9.50			9-1-2020		2		2
FHLMC		9.50			9-1-2020		36		36
FHLMC		9.50			9-1-2020		2		2
FHLMC		9.50			10-1-2020		1		1
FHLMC		9.50			11-1-2020		6		6
FHLMC		9.50			5-1-2021		36		37
FHLMC		9.50			9-17-2022		7,883		7,920
FHLMC		9.50			4-1-2025		10,888		11,023
FHLMC		10.00			8-1-2020		2		2
FHLMC		10.00			10-1-2021		37		37
FHLMC		10.00			8-17-2022		169		171
FHLMC		10.00			2-17-2025		14,118		14,111
FHLMC Multifamily Structured Pass-through Series K075 Class A2±±		3.65			2-25-2028		4,370,000		4,989,989
FHLMC Series 2015-SC01 Class 1A		3.50			5-25-2045		1,761,916		1,797,609
FHLMC Series 2882 Class TF (1 Month LIBOR +0.25%)±		1.91			10-15-2034		63,611		63,629
FHLMC Series 4218 Class DF (1 Month LIBOR +0.25%)±		1.91			7-15-2042		554,284		550,162
FHLMC Series K020 Class X1±±(c)		1.37			5-25-2022		42,007,135		1,082,452
FHLMC Series K032 Class A2±±		3.31			5-25-2023		2,800,000		2,969,277
FHLMC Series K039 Class A2		3.30			7-25-2024		325,000		350,022
FHLMC Series K153 Class A3±±		3.12			10-25-2031		160,000		180,359
FHLMC Series KF15 Class A (1 Month LIBOR +0.67%)±		2.33			2-25-2023		196,607		196,391
FHLMC Series KJ14 Class A1		2.20			11-25-2023		1,413,770		1,447,119
FHLMC Series M036 Class A		4.16			12-15-2029		3,440,000		3,760,264
FHLMC SeriesT-15 Class A6 (1 Month LIBOR +0.00%)±		2.03			11-25-2028		162,777		163,821
FHLMC SeriesT-23 Class A (1 Month LIBOR +0.14%)±		1.94			5-25-2030		529,579		528,311
FHLMC SeriesT-35 Class A (1 Month LIBOR +0.14%)±		1.94			9-25-2031		634,574		628,594
FHLMC SeriesT-42 Class A6		9.50			2-25-2042		699,599		880,301
FHLMC SeriesT-55 Class 2A1±±		3.80			3-25-2043		354,599		360,554
FHLMC SeriesT-57 Class 1A1		6.50			7-25-2043		903,163		1,109,442
FHLMC SeriesT-57 Class 2A1±±		4.04			7-25-2043		1,711,012		1,886,196
FHLMC SeriesT-62 Class 1A1 (12 Month Treasury Average +0.00%)±		3.25			10-25-2044		893,418		894,725
FHLMC SeriesT-67 Class 1A1C±±		3.69			3-25-2036		574,795		589,530
FHLMC SeriesT-67 Class 2A1C±±		3.70			3-25-2036		1,206,333		1,235,127
FNMA		2.32			1-1-2026		6,336,291		6,623,173
FNMA ¤		0.00			5-15-2030		7,700,000		6,506,144
FNMA (1 Month LIBOR +0.25%)±		1.73			6-27-2036		79,447		78,093
FNMA (1 Month LIBOR +0.35%)±		2.01			2-25-2032		413,226		413,625
FNMA (11th District Cost of Funds +1.25%)±		2.41			5-1-2036		948,464		945,350
FNMA (12 Month LIBOR +1.61%)±		2.49			5-1-2046		4,400,924		4,526,626
FNMA		2.50			4-25-2039		2,308		2,304
FNMA (11th District Cost of Funds +1.54%)±		2.65			5-1-2023		15,131		15,103
FNMA (11th District Cost of Funds +1.25%)±		2.78			9-1-2027		146,342		147,454
FNMA±±		2.80			2-25-2027		10,000,000		10,821,462

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

8  |  Wells Fargo Government Securities Fund

Portfolio of investments—February 29, 2020 (unaudited)

	Interest rate			Maturity date		Principal		Value
Agency Securities (continued)
FNMA		2.86	%		11-1-2021	$	2,489,722	$	2,558,366
FNMA		3.00			5-1-2027		1,029,955		1,068,858
FNMA		3.00			6-1-2034		12,554,048		13,002,788
FNMA		3.00			4-1-2045		109,116		114,144
FNMA		3.00			11-1-2045		8,883,554		9,292,563
FNMA		3.00			12-1-2045		20,164,109		21,093,284
FNMA		3.00			12-1-2046		696,228		726,739
FNMA		3.02			2-1-2026		6,098,271		6,559,438
FNMA±±		3.05			1-1-2024		24,886		25,440
FNMA		3.31			9-25-2020		1,589,999		1,599,194
FNMA (11th District Cost of Funds +1.25%)±		3.38			5-1-2036		333,060		342,528
FNMA		3.48			3-1-2029		917,993		1,035,832
FNMA		3.50			4-1-2034		11,379,307		11,920,047
FNMA		3.50			2-1-2043		46,233		49,188
FNMA		3.50			2-1-2045		1,570,201		1,660,737
FNMA		3.50			4-1-2045		4,649,559		4,917,654
FNMA		3.50			8-1-2045		583,538		617,188
FNMA		3.50			12-1-2045		2,272,275		2,403,311
FNMA		3.50			2-1-2046		2,153,409		2,277,623
FNMA		3.50			8-1-2049		8,360,932		8,679,647
FNMA (12 Month LIBOR +1.54%)±		3.55			1-1-2043		148,639		153,112
FNMA		3.63			3-1-2029		390,000		444,946
FNMA		3.77			3-1-2029		988,519		1,136,800
FNMA		3.86			3-1-2029		837,622		968,098
FNMA (12 Month LIBOR +1.73%)±		3.99			9-1-2036		348,644		364,821
FNMA		4.00			10-25-2025		41,553		352
FNMA		4.00			4-1-2046		12,206,315		13,107,262
FNMA		4.00			3-1-2047		1,483,459		1,616,876
FNMA (1 Year Treasury Constant Maturity +2.19%)±		4.03			11-1-2031		114,385		120,452
FNMA (1 Year Treasury Constant Maturity +2.22%)±		4.08			12-1-2034		251,649		259,376
FNMA (12 Month LIBOR +1.78%)±		4.23			8-1-2036		523,756		552,930
FNMA (1 Year Treasury Constant Maturity +2.42%)±		4.45			10-1-2027		101,971		105,701
FNMA (1 Year Treasury Constant Maturity +2.23%)±		4.48			12-1-2040		23,449		24,717
FNMA		4.50			1-1-2026		63,917		66,367
FNMA		4.50			10-1-2046		337,649		368,470
FNMA		4.50			9-1-2049		4,512,693		4,831,775
FNMA (1 Year Treasury Constant Maturity +2.21%)±		4.52			9-1-2031		27,755		29,182
FNMA (12 Month LIBOR +1.63%)±		4.63			4-1-2032		59,045		59,265
FNMA (1 Year Treasury Constant Maturity +2.26%)±		4.64			9-1-2031		105,930		109,733
FNMA (1 Year Treasury Constant Maturity +2.30%)±		4.67			6-1-2034		274,791		285,313
FNMA (1 Year Treasury Constant Maturity +2.22%)±		4.72			6-1-2032		83,525		86,599
FNMA (1 Year Treasury Constant Maturity +2.31%)±		4.73			7-1-2026		71,222		73,846
FNMA		5.00			4-1-2023		103,975		109,967
FNMA		5.00			6-1-2023		232,901		246,323
FNMA		5.00			3-1-2034		386,657		433,337
FNMA		5.00			8-1-2040		4,854,883		5,461,916
FNMA		5.00			10-1-2040		625,457		703,664
FNMA		5.00			1-1-2042		439,438		493,749
FNMA		5.00			11-1-2048		1,537,955		1,665,937
FNMA		5.00			12-1-2048		1,236,922		1,339,954
FNMA		5.50			6-1-2020		15,408		15,417
FNMA		5.50			11-1-2023		41,568		43,736
FNMA		5.50			1-1-2025		17,413		18,101
FNMA		5.50			1-1-2025		83,969		86,874
FNMA		5.50			9-1-2033		1,622,447		1,855,075
FNMA		5.50			9-1-2033		612,880		700,570

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

Wells Fargo Government Securities Fund  |  9

Portfolio of investments—February 29, 2020 (unaudited)

	Interest rate			Maturity date		Principal		Value
Agency Securities (continued)
FNMA		5.50	%		8-1-2035	$	469,991	$	540,095
FNMA		5.50			1-1-2037		459,017		527,711
FNMA		5.50			4-1-2040		1,208,803		1,388,108
FNMA (6 Month LIBOR +2.86%)±		5.61			4-1-2033		11,180		11,602
FNMA		5.61			2-1-2021		486,787		492,013
FNMA (6 Month LIBOR +3.13%)±		5.61			7-1-2033		134,262		135,819
FNMA		5.95			6-1-2024		1,532,557		1,771,948
FNMA		6.00			3-1-2024		43,392		48,021
FNMA		6.00			1-1-2028		689,713		763,289
FNMA		6.00			2-1-2035		994,936		1,111,264
FNMA		6.00			11-1-2037		351,139		412,663
FNMA		6.00			7-1-2038		129,026		151,931
FNMA		6.50			1-1-2024		9,792		10,925
FNMA		6.50			3-1-2028		11,908		12,859
FNMA		6.50			12-1-2029		159,457		178,111
FNMA		6.50			11-1-2031		34,461		38,449
FNMA		6.50			7-1-2036		292,363		341,484
FNMA		6.50			7-1-2036		282,226		332,910
FNMA		6.50			7-25-2042		1,262,664		1,504,037
FNMA		6.63			11-15-2030		3,220,000		4,861,969
FNMA		7.00			11-1-2026		3,936		4,229
FNMA		7.00			9-1-2031		2,692		2,697
FNMA		7.00			1-1-2032		1,948		2,211
FNMA		7.00			2-1-2032		68,064		80,741
FNMA		7.00			10-1-2032		162,727		196,153
FNMA		7.00			2-1-2034		1,803		2,090
FNMA		7.00			4-1-2034		102,213		119,422
FNMA		7.00			1-1-2036		6,103		6,585
FNMA		7.50			9-1-2031		68,444		81,864
FNMA		7.50			11-25-2031		288,091		347,860
FNMA		7.50			2-1-2032		25,858		30,510
FNMA		7.50			10-1-2037		681,847		829,970
FNMA		8.00			5-1-2027		24,339		24,556
FNMA		8.00			6-1-2028		3,756		4,121
FNMA		8.00			2-1-2030		28,446		28,815
FNMA		8.00			7-1-2031		756,700		868,987
FNMA		8.50			8-1-2024		4,092		4,104
FNMA		8.50			5-1-2026		72,027		78,809
FNMA		8.50			7-1-2026		17,757		18,295
FNMA		8.50			10-1-2026		47		47
FNMA		8.50			10-1-2026		1,888		1,893
FNMA		8.50			11-1-2026		23,856		24,165
FNMA		8.50			11-1-2026		5,563		5,702
FNMA		8.50			12-1-2026		97,658		109,262
FNMA		8.50			12-1-2026		12,577		13,902
FNMA		8.50			12-1-2026		225		225
FNMA		8.50			2-1-2027		151		167
FNMA		8.50			2-1-2027		5,186		5,202
FNMA		8.50			3-1-2027		667		710
FNMA		8.50			6-1-2027		51,060		52,899
FNMA		9.00			3-1-2021		1,446		1,455
FNMA		9.00			6-1-2021		20		20
FNMA		9.00			8-1-2021		26		27
FNMA		9.00			10-1-2021		296		299
FNMA		9.00			1-1-2025		12,327		13,423
FNMA		9.00			3-1-2025		1,556		1,562

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

10  |  Wells Fargo Government Securities Fund

Portfolio of investments—February 29, 2020 (unaudited)

	Interest rate			Maturity date		Principal		Value
Agency Securities (continued)
FNMA		9.00	%		3-1-2025	$	701	$	704
FNMA		9.00			7-1-2028		3,201		3,231
FNMA		9.50			11-1-2020		7		7
FNMA		9.50			12-15-2020		185		185
FNMA		9.50			6-1-2022		195		196
FNMA		9.50			7-1-2028		4,617		4,635
FNMA Series1990-144 Class W		9.50			12-25-2020		4,121		4,214
FNMA Series1990-75 Class Z		9.50			7-25-2020		193		193
FNMA Series1990-84 Class Y		9.00			7-25-2020		302		303
FNMA Series1990-96 Class Z		9.67			8-25-2020		4,039		4,074
FNMA Series1991-85 Class Z		8.00			6-25-2021		6,077		6,277
FNMA Series1992-45 Class Z		8.00			4-25-2022		23,843		25,039
FNMA Series2000-T6 Class A2		9.50			11-25-2040		588,998		678,094
FNMA Series2001-T10 Class A3		9.50			12-25-2041		659,808		792,148
FNMA Series2001-T12 Class A3		9.50			8-25-2041		187,711		229,660
FNMA Series2002-T12 Class A5±±		4.84			10-25-2041		742,651		785,555
FNMA Series2002-T19 Class A1		6.50			7-25-2042		3,348,870		4,019,694
FNMA Series2002-T5 Class A1 (1 Month LIBOR +0.24%)±		1.87			5-25-2032		387,669		384,118
FNMA Series2002-W4 Class A4		6.25			5-25-2042		484,159		563,996
FNMA Series2003-T2 Class A1 (1 Month LIBOR +0.14%)±		2.01			3-25-2033		894,536		877,479
FNMA Series2003-W09 Class A (1 Month LIBOR +0.12%)±		1.90			6-25-2033		75,708		74,416
FNMA Series2003-W1 Class 1A1±±		5.27			12-25-2042		638,368		715,197
FNMA Series2003-W11 Class A1±±		4.79			6-25-2033		39,389		41,197
FNMA Series2003-W3 Class 1A4±±		4.08			8-25-2042		1,997,005		2,144,831
FNMA Series2003-W5 Class A (1 Month LIBOR +0.11%)±		1.88			4-25-2033		249,771		244,456
FNMA Series2003-W6 Class 6A±±		4.17			8-25-2042		1,093,386		1,137,039
FNMA Series2003-W6 Class PT4±±		8.29			10-25-2042		1,155,471		1,425,295
FNMA Series2003-W8 Class PT1±±		9.20			12-25-2042		428,972		501,138
FNMA Series2004-T1 Class 1A2		6.50			1-25-2044		346,095		404,960
FNMA Series2004-W01 Class 2A2		7.00			12-25-2033		932,114		1,095,002
FNMA Series2004-W15 Class 1A3		7.00			8-25-2044		596,595		715,466
FNMA Series2005-71 Class DB		4.50			8-25-2025		357,179		367,810
FNMA Series2007-W10 Class 2A±±		6.32			8-25-2047		288,253		329,601
FNMA Series2011-15 Class HI (c)		5.50			3-25-2026		72,541		1,456
FNMA Series2013-17 Class PC		2.00			3-25-2039		989,671		998,401
FNMA Series2014-20 Class TM±±		5.16			4-25-2044		982,699		1,144,674
FNMA Series2018-M13 Class A2±±		3.70			9-25-2030		460,000		539,589
FNMA Series 265 Class 2		9.00			3-25-2024		39,076		43,166
FNMA SeriesG-8 Class E		9.00			4-25-2021		2,743		2,768
FNMA SeriesG92-30 Class Z		7.00			6-25-2022		10,892		11,234
FNMA SeriesG93-39 Class ZQ		6.50			12-25-2023		627,730		669,975
GNMA		3.50			12-20-2049		8,066,281		8,403,015
GNMA±±		1.68			4-20-2069		8,035,097		382,472
GNMA		3.00			11-20-2045		9,063,753		9,459,420
GNMA %%		3.00			3-23-2050		6,870,000		7,098,105
GNMA (1 Year Treasury Constant Maturity +1.50%)±		3.13			11-20-2020		5,770		5,793
GNMA (1 Year Treasury Constant Maturity +1.50%)±		3.25			8-20-2020		4,769		4,776
GNMA		3.50			12-20-2047		10,969,907		11,485,512
GNMA		4.00			11-15-2024		969,869		1,017,153
GNMA		4.00			12-20-2047		7,505,335		7,941,766
GNMA		4.25			6-20-2036		388,660		412,495
GNMA		4.50			8-20-2049		2,429,848		2,557,868
GNMA		5.00			7-20-2040		986,273		1,102,552
GNMA		6.00			8-20-2034		83,467		92,510
GNMA		6.50			12-15-2025		6,204		6,885
GNMA		6.50			5-15-2029		559		620

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

Wells Fargo Government Securities Fund  |  11

Portfolio of investments—February 29, 2020 (unaudited)

	Interest rate			Maturity date			Principal		Value
Agency Securities (continued)
GNMA		6.50	%		5-15-2031		$	676	$	750
GNMA		6.50			9-20-2033			41,633		48,585
GNMA		7.00			12-15-2022			6,574		6,819
GNMA		7.00			5-15-2026			1,483		1,588
GNMA		7.00			3-15-2028			19,256		19,531
GNMA		7.00			4-15-2031			832		847
GNMA		7.00			8-15-2031			17,969		18,740
GNMA		7.00			3-15-2032			13,501		13,794
GNMA		7.34			10-20-2021			11,044		11,128
GNMA		7.34			9-20-2022			4,333		4,343
GNMA		8.00			6-15-2023			2,150		2,272
GNMA		8.00			12-15-2023			110,781		118,691
GNMA		8.00			2-15-2024			454		486
GNMA		8.00			9-15-2024			2,256		2,285
GNMA		8.00			6-15-2025			44		44
GNMA Series2002-53 Class IO±±(c)		0.60			4-16-2042			202,040		3
GNMA Series2005-23 Class IO±±(c)		0.00			6-17-2045			1,673,594		177
GNMA Series2006-32 Class XM±±(c)		0.05			11-16-2045			5,267,791		6,168
GNMA Series2007-69 Class D±±		5.25			6-16-2041			266,657		275,570
GNMA Series2008-22 Class XM±±(c)		1.11			2-16-2050			11,393,388		300,950
GNMA Series2010-158 Class EI (c)		4.00			12-16-2025			6,718,886		480,122
GNMA Series2012-12 Class HD		2.00			5-20-2062			87,501		88,115
Overseas Private Investment Corporation		2.12			3-20-2024			5,770,000		5,906,444
Resolution Funding Corporation STRIPS ¤		0.00			4-15-2030			6,100,000		5,187,771
Resolution Funding Corporation STRIPS ¤		0.00			5-15-2039			8,275,000		6,057,898
Resolution Funding Corporation STRIPS ¤		0.00			11-15-2039			5,865,000		4,244,370
TVA ¤		0.00			11-1-2025			5,000,000		4,624,158
TVA		4.25			9-15-2065			2,600,000		3,955,429
TVA		4.63			9-15-2060			7,550,000		12,096,865
TVA		5.88			4-1-2036			4,380,000		6,766,585
Total Agency Securities (Cost $418,985,288)										445,889,858
						��
Asset-Backed Securities: 1.86%
Hertz Vehicle Financing LLC Series2015-1A Class A 144A		2.73			3-25-2021			6,000,000		6,003,962
MMAF Equipment Finance LLC Series2017-AA Class A4 144A		2.41			8-16-2024			4,445,000		4,511,979
Tesla Auto Lease Trust Series2018-B Class A 144A		3.71			8-20-2021			1,143,116		1,161,618
Total Asset-Backed Securities (Cost $11,591,886)										11,677,559
Corporate Bonds and Notes: 0.70%
Financials: 0.70%
Mortgage REITs: 0.70%
American Tower Trust I 144A		3.65			3-15-2048			4,000,000		4,394,888
Total Corporate Bonds and Notes (Cost $4,000,000)										4,394,888
Municipal Obligations: 0.92%
Texas: 0.92%
Miscellaneous Revenue: 0.92%
San Antonio TX Retama Development Corporation		10.00			12-15-2020			5,405,000		5,787,458
Total Municipal Obligations (Cost $5,599,133)										5,787,458

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

12  |  Wells Fargo Government Securities Fund

Portfolio of investments—February 29, 2020 (unaudited)

	Interest rate			Maturity date		Principal		Value
Non-Agency Mortgage-Backed Securities: 7.10%
Benchmark Mortgage Trust Series2018-B1 Class A4		3.40	%		1-15-2051	$	305,000	$	337,217
BX Trust Series 2019-OC11 Class A 144A		3.20			12-9-2041		3,030,000		3,316,985
CD Commercial Mortgage Trust Series2017-6 Class A5		3.46			11-13-2050		2,340,000		2,593,307
CD Commercial Mortgage Trust Series 2014-CR16 Class A3		3.78			4-10-2047		2,641,699		2,857,872
Goldman Sachs Mortgage Securities Trust Series2013-G1 Class A2 144A±±		3.56			4-10-2031		5,349,842		5,540,011
Goldman Sachs Mortgage Securities Trust Series 2014-GC24 Class A4		3.67			9-10-2047		4,165,000		4,505,116
Goldmand Sachs Mortgage Securities Trust Series 2019- PJ1 Class A6 144A±±		4.00			8-25-2049		671,025		678,512
JPMorgan Chase Commercial Mortgage Securities Corporation Series2015-C28 Class A4		3.23			10-15-2048		5,000,000		5,356,088
Mello Warehouse Securitization Series2019-1 Class A (1 Month LIBOR +0.80%) 144A±		2.43			6-25-2052		3,000,000		3,002,003
Morgan Stanley Capital I Trust Series2011-C2 Class A4 144A		4.66			6-15-2044		4,900,000		5,024,270
Starwood Mortgage Residential Trust Series2019-1 Class A1 144A±±		2.94			6-25-2049		2,134,742		2,159,635
Towd Point Mortgage Trust Series2019-SJ3 Class A1 144A±±		3.00			11-25-2059		2,805,238		2,825,653
UBS Commercial Mortgage Trust Series2017-C5 Class A5		3.47			11-15-2050		2,581,000		2,861,546
Vendee Mortgage Trust Series1995-1 Class 4±±		8.23			2-15-2025		113,403		126,194
Vendee Mortgage Trust Series1995-2C Class 3A		8.79			6-15-2025		146,417		167,073
Vendee Mortgage Trust Series2011-1 Class DA		3.75			2-15-2035		754,147		767,534
Verus Securitization Trust Series2019-2 Class A1 144A±±		3.21			5-25-2059		2,584,625		2,611,759
TotalNon-Agency Mortgage-Backed Securities (Cost $43,397,481)									44,730,775
U.S. Treasury Securities: 11.15%
TIPS		1.38			2-15-2044		3,026,664		3,918,612
U.S. Treasury Bond		1.50			2-15-2030		640,000		661,800
U.S. Treasury Bond		0.13			1-15-2030		4,514,576		4,694,733
U.S. Treasury Bond		1.50			1-31-2027		2,470,000		2,544,679
U.S. Treasury Bond		2.00			2-15-2050		3,960,000		4,275,872
U.S. Treasury Bond		3.00			11-15-2044		1,665,000		2,114,940
U.S. Treasury Bond ##		3.00			5-15-2045		3,190,000		4,062,889
U.S. Treasury Bond		3.00			2-15-2047		11,920,000		15,380,525
U.S. Treasury Bond		3.75			11-15-2043		9,295,000		13,172,758
U.S. Treasury Bond		4.25			11-15-2040		10,330,000		15,340,453
U.S. Treasury Note		1.75			11-15-2029		2,580,000		2,724,117
U.S. Treasury Note		1.88			7-31-2026		1,260,000		1,326,593
Total U.S. Treasury Securities (Cost $62,376,528)									70,217,971
Yankee Government Bonds: 3.50%
Hashemite Kingdom of Jordan		3.00			6-30-2025		10,636,000		11,520,297
Inter-American Development Bank		7.00			6-15-2025		2,000,000		2,562,733
U.S. International Development Finance Corporation		2.82			3-20-2024		7,605,000		7,941,951
Total Yankee Government Bonds (Cost $21,361,874)									22,024,981
	Yield					Shares
Short-Term Investments: 5.29%
Investment Companies: 5.29%
Wells Fargo Government Money Market Fund Select Class (l)(u)##		1.52					33,311,967		33,311,967
Total Short-Term Investments (Cost $33,311,967)									33,311,967

Total investments in securities (Cost $600,624,157)	101.34	%		638,035,457
Other assets and liabilities, net	(1.34	)		(8,411,224	)
Total net assets	100.00	%	$	629,624,233

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

Wells Fargo Government Securities Fund  |  13

Portfolio of investments—February 29, 2020 (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.

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

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

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

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

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

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

(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.

Futures Contracts

Description	Number of contracts		Expiration date		Notional cost			Notional value			Unrealized gains		Unrealized losses
Long
2-Year U.S. Treasury Notes		392		6-30-2020	$	85,080,959		$	85,584,625		$	503,666	$	0
5-Year U.S. Treasury Notes		215		6-30-2020		26,084,212			26,391,250			307,038		0
10-Year U.S. Treasury Notes		125		6-19-2020		16,587,127			16,843,750			256,623		0
Short
U.S. Long Term Bonds		(150)		6-19-2020		(24,986,382	)		(25,537,500	)		0		(551,118	)
U.S. Ultra Bond		(28)		6-19-2020		(5,666,450	)		(5,810,000	)		0		(143,550	)
10-Year Ultra Futures		(113)		6-19-2020		(16,707,720	)		(16,974,719	)		0		(266,999	)
											$	1,067,327	$	(961,667	)

Investments in Affiliates

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

	Shares, beginning of period		Shares purchased		Shares sold			Shares, end of period		Net realized gains (losses)		Net change in unrealized gains (losses)		Income from affiliated securities		Value, end of period		% of net assets
Short-Term Investments
Investment Companies
Wells Fargo Government Money Market Fund Select Class		21,461,781		136,727,468		(124,877,282	)		33,311,967	$	0	$	0	$	136,727	$	33,311,967		5.29	%

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

14  |  Wells Fargo Government Securities Fund

Statement of assets and liabilities—February 29, 2020 (unaudited)

Assets
Investments in unaffiliated securities, at value (cost $567,312,190)	$	604,723,490
Investments in affiliated securities, at value (cost $33,311,967)		33,311,967
Cash		961,613
Cash segregated for futures contracts		2,232,371
Receivable for investments sold		542,745
Principal paydown receivable		47,141
Receivable for Fund shares sold		4,002,953
Receivable for interest		2,658,279
Prepaid expenses and other assets		49,754
Total assets		648,530,313
Liabilities
Payable for investments purchased		17,044,798
Payable for Fund shares redeemed		1,165,614
Payable for daily variation margin on open futures contracts		44,041
Management fee payable		167,237
Dividends payable		171,514
Administration fees payable		59,431
Distribution fee payable		6,043
Trustees’ fees and expenses payable		5,910
Accrued expenses and other liabilities		241,492
Total liabilities		18,906,080
Total net assets	$	629,624,233
Net assets consist of
Paid-in capital	$	622,589,776
Total distributable earnings		7,034,457
Total net assets	$	629,624,233
Computation of net asset value and offering price per share
Net assets – Class A	$	267,370,591
Shares outstanding – Class A1		23,266,871
Net asset value per share – Class A		$11.49
Maximum offering price per share – Class A2		$12.03
Net assets – Class C	$	10,058,613
Shares outstanding – Class C1		875,422
Net asset value per share – Class C		$11.49
Net assets – Administrator Class	$	112,346,541
Shares outstanding – Administrator Class1		9,780,663
Net asset value per share – Administrator Class		$11.49
Net assets – Institutional Class	$	239,848,488
Shares outstanding – Institutional Class1		20,879,633
Net asset value per share – Institutional Class		$11.49

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.

Wells Fargo Government Securities Fund  |  15

Statement of operations—six months ended February 29, 2020 (unaudited)

Investment income
Interest		$	7,926,406
Income from affiliated securities			136,727
Total investment income			8,063,133
Expenses	��
Management fee			1,318,139
Administration fees
Class A			209,512
Class C			8,165
Administrator Class			53,033
Institutional Class			85,219
Shareholder servicing fees
Class A			327,363
Class C			12,757
Administrator Class			132,584
Distribution fee
Class C			38,236
Custody and accounting fees			37,813
Professional fees			40,166
Registration fees			32,232
Shareholder report expenses			57,028
Trustees’ fees and expenses			10,909
Other fees and expenses			8,563
Total expenses			2,371,719
Less: Fee waivers and/or expense reimbursements
Fund-level			(282,890	)
Administrator Class			(43,420	)
Net expenses			2,045,409
Net investment income			6,017,724
Realized and unrealized gains (losses) on investments
Net realized gains (losses) on
Unaffiliated securities			4,561,113
Futures contracts			(281,412	)
Net realized gains on investments			4,279,701
Net change in unrealized gains (losses) on
Unaffiliated securities			6,680,816
Futures contracts			(506,816	)
Net change in unrealized gains (losses) on investments			6,174,000
Net realized and unrealized gains (losses) on investments			10,453,701
Net increase in net assets resulting from operations		$	16,471,425

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

16  |  Wells Fargo Government Securities Fund

Statement of changes in net assets

	Six months ended February 29, 2020 (unaudited)						Year ended August 31, 2019
Operations
Net investment income				$	6,017,724					$	15,143,454
Net realized gains (losses) on investments					4,279,701						(1,925,071	)
Net change in unrealized gains (losses) on investments					6,174,000						39,126,909
Net increase in net assets resulting from operations					16,471,425						52,345,292
Distributions to shareholders from net investment income and net realized gains
Class A					(2,719,826	)					(6,313,196	)
Class C					(67,678	)					(195,136	)
Administrator Class					(1,212,429	)					(2,239,507	)
Institutional Class					(2,605,855	)					(7,084,150	)
Total distributions to shareholders					(6,605,788	)					(15,831,989	)
Capital share transactions		Shares						Shares
Proceeds from shares sold
Class A		1,498,996			16,849,033			2,998,141			32,247,697
Class C		74,452			838,272			130,403			1,399,972
Administrator Class		1,663,329			18,651,618			3,748,099			40,844,711
Institutional Class		4,626,895			52,003,093			10,629,768			114,197,617
					88,342,016						188,689,997
Reinvestment of distributions
Class A		215,625			2,425,569			514,113			5,557,375
Class C		2,109			23,717			6,968			75,010
Administrator Class		105,652			1,188,238			202,767			2,194,061
Institutional Class		165,742			1,864,450			527,779			5,677,579
					5,501,974						13,504,025
Payment for shares redeemed
Class A		(2,495,612	)		(27,993,940	)		(6,931,745	)		(74,634,484	)
Class C		(176,127	)		(1,972,382	)		(618,596	)		(6,623,742	)
Administrator Class		(1,395,647	)		(15,615,510	)		(3,152,863	)		(33,929,729	)
Institutional Class		(2,524,894	)		(28,294,711	)		(21,756,178	)		(234,422,675	)
					(73,876,543	)					(349,610,630	)
Net increase (decrease) in net assets resulting from capital share transactions					19,967,447						(147,416,608	)
Total increase (decrease) in net assets					29,833,084						(110,903,305	)
Net assets
Beginning of period					599,791,149						710,694,454
End of period				$	629,624,233					$	599,791,149

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

Wells Fargo Government Securities Fund  |  17

Financial highlights

(For a share outstanding throughout each period)

	Six months ended February 29, 2020 (unaudited)			Year ended August 31
CLASS A				2019			2018			2017			2016			2015
Net asset value, beginning of period		$11.31			$10.65			$11.01			$11.51			$11.22			$11.11
Net investment income		0.10			0.23			0.19			0.15			0.11	1		0.07	1
Net realized and unrealized gains (losses) on investments		0.20			0.68			(0.35	)		(0.22	)		0.34		��	0.13
Total from investment operations		0.30			0.91			(0.16	)		(0.07	)		0.45			0.20
Distributions to shareholders from
Net investment income		(0.12	)		(0.25	)		(0.20	)		(0.16	)		(0.10	)		(0.09	)
Net realized gains		0.00			0.00			0.00			(0.27	)		(0.06	)		0.00
Total distributions to shareholders		(0.12	)		(0.25	)		(0.20	)		(0.43	)		(0.16	)		(0.09	)
Net asset value, end of period		$11.49			$11.31			$10.65			$11.01			$11.51			$11.22
Total return2		2.65	%		8.65	%		(1.44	)%		(0.52	)%		4.03	%		1.84	%
Ratios to average net assets (annualized)
Gross expenses		0.92	%		0.91	%		0.90	%		0.88	%		0.87	%		0.87	%
Net expenses		0.85	%		0.85	%		0.85	%		0.85	%		0.85	%		0.85	%
Net investment income		1.88	%		2.20	%		1.86	%		1.38	%		0.94	%		0.59	%
Supplemental data
Portfolio turnover rate		43	%		178	%		197	%		299	%		397	%		349	%
Net assets, end of period (000s omitted)		$267,371			$271,986			$292,550			$394,645			$483,112			$232,545

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.

18  |  Wells Fargo Government Securities Fund

Financial highlights

(For a share outstanding throughout each period)

	Six months ended February 29, 2020 (unaudited)			Year ended August 31
CLASS C				2019			2018			2017			2016			2015
Net asset value, beginning of period		$11.31			$10.65			$11.01			$11.51			$11.21			$11.11
Net investment income (loss)		0.06	1		0.15	1		0.12	1		0.07	1		0.02	1		(0.01	)1
Net realized and unrealized gains (losses) on investments		0.19			0.68			(0.36	)		(0.23	)		0.36			0.12
Total from investment operations		0.25			0.83			(0.24	)		(0.16	)		0.38			0.11
Distributions to shareholders from
Net investment income		(0.07	)		(0.17	)		(0.12	)		(0.07	)		(0.02	)		(0.01	)
Net realized gains		0.00			0.00			0.00			(0.27	)		(0.06	)		0.00
Total distributions to shareholders		(0.07	)		(0.17	)		(0.12	)		(0.34	)		(0.08	)		(0.01	)
Net asset value, end of period		$11.49			$11.31			$10.65			$11.01			$11.51			$11.21
Total return2		2.27	%		7.84	%		(2.18	)%		(1.26	)%		3.25	%		1.08	%
Ratios to average net assets (annualized)
Gross expenses		1.67	%		1.66	%		1.65	%		1.61	%		1.62	%		1.62	%
Net expenses		1.60	%		1.60	%		1.60	%		1.60	%		1.60	%		1.60	%
Net investment income (loss)		1.13	%		1.44	%		1.12	%		0.63	%		0.16	%		(0.13	)%
Supplemental data
Portfolio turnover rate		43	%		178	%		197	%		299	%		397	%		349	%
Net assets, end of period (000s omitted)		$10,059			$11,026			$15,508			$20,132			$27,085			$26,981

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.

Wells Fargo Government Securities Fund  |  19

Financial highlights

(For a share outstanding throughout each period)

	Six months ended February 29, 2020 (unaudited)			Year ended August 31
ADMINISTRATOR CLASS				2019			2018			2017			2016			2015
Net asset value, beginning of period		$11.31			$10.65			$11.01			$11.51			$11.21			$11.11
Net investment income		0.13			0.26	1		0.22	1		0.18	1		0.13			0.10
Net realized and unrealized gains (losses) on investments		0.18			0.67			(0.35	)		(0.23	)		0.36			0.12
Total from investment operations		0.31			0.93			(0.13	)		(0.05	)		0.49			0.22
Distributions to shareholders from
Net investment income		(0.13	)		(0.27	)		(0.23	)		(0.18	)		(0.13	)		(0.12	)
Net realized gains		0.00			0.00			0.00			(0.27	)		(0.06	)		0.00
Total distributions to shareholders		(0.13	)		(0.27	)		(0.23	)		(0.45	)		(0.19	)		(0.12	)
Net asset value, end of period		$11.49			$11.31			$10.65			$11.01			$11.51			$11.21
Total return2		2.85	%		8.88	%		(1.23	)%		(0.31	)%		4.34	%		1.97	%
Ratios to average net assets (annualized)
Gross expenses		0.86	%		0.85	%		0.84	%		0.82	%		0.81	%		0.80	%
Net expenses		0.64	%		0.64	%		0.64	%		0.64	%		0.64	%		0.64	%
Net investment income		2.22	%		2.42	%		2.07	%		1.60	%		1.13	%		0.82	%
Supplemental data
Portfolio turnover rate		43	%		178	%		197	%		299	%		397	%		349	%
Net assets, end of period (000s omitted)		$112,347			$106,355			$91,671			$198,520			$229,169			$216,428

¹  Calculated based upon average shares outstanding

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

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

20  |  Wells Fargo Government Securities Fund

Financial highlights

(For a share outstanding throughout each period)

	Six months ended February 29, 2020 (unaudited)			Year ended August 31
INSTITUTIONAL CLASS				2019			2018			2017			2016			2015
Net asset value, beginning of period		$11.31			$10.65			$11.00			$11.50			$11.21			$11.10
Net investment income		0.16			0.27	1		0.24	1		0.19	1		0.15			0.11	1
Net realized and unrealized gains (losses) on investments		0.16			0.68			(0.35	)		(0.22	)		0.35			0.14
Total from investment operations		0.32			0.95			(0.11	)		(0.03	)		0.50			0.25
Distributions to shareholders from
Net investment income		(0.14	)		(0.29	)		(0.24	)		(0.20	)		(0.15	)		(0.14	)
Net realized gains		0.00			0.00			0.00			(0.27	)		(0.06	)		0.00
Total distributions to shareholders		(0.14	)		(0.29	)		(0.24	)		(0.47	)		(0.21	)		(0.14	)
Net asset value, end of period		$11.49			$11.31			$10.65			$11.00			$11.50			$11.21
Total return2		2.93	%		9.05	%		(0.99	)%		(0.15	)%		4.42	%		2.22	%
Ratios to average net assets (annualized)
Gross expenses		0.59	%		0.58	%		0.57	%		0.55	%		0.54	%		0.54	%
Net expenses		0.48	%		0.48	%		0.48	%		0.48	%		0.48	%		0.48	%
Net investment income		2.25	%		2.56	%		2.22	%		1.75	%		1.28	%		0.99	%
Supplemental data
Portfolio turnover rate		43	%		178	%		197	%		299	%		397	%		349	%
Net assets, end of period (000s omitted)		$239,848			$210,424			$310,966			$416,834			$487,113			$468,859

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.

Wells Fargo Government Securities Fund  |  21

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 Government Securities 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 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.

Futures contracts

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 a 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 and is subject to interest rate risk. 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 the 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.

22  |  Wells Fargo Government Securities 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 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. .

Federal and other taxes

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

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

As of February 29, 2020, the aggregate cost of all investments for federal income tax purposes was $614,990,785 and the unrealized gains (losses) consisted of:

Gross unrealized gains	$	39,280,829
Gross unrealized losses		(16,130,497	)
Net unrealized gains	$	23,150,332

As of August 31, 2019, the Fund had capital loss carryforwards which consisted of $14,573,374 in short-term capital losses and $5,297,260 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 fund-level 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.

Wells Fargo Government Securities Fund  |  23

Notes to financial statements (unaudited)

The following is a summary of the inputs used in valuing the Fund’s assets and liabilities as of February 29, 2020:

	Quoted prices (Level 1)		Other significant observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total
Assets
Investments in:
Agency securities	$	0	$	445,889,858	$	0	$	445,889,858
Asset-backed securities		0		11,677,559		0		11,677,559
Corporate bonds and notes		0		4,394,888		0		4,394,888
Municipal obligations		0		5,787,458		0		5,787,458
Non-agency mortgage-backed securities		0		44,730,775		0		44,730,775
U.S. Treasury securities		70,217,971		0		0		70,217,971
Yankee government bonds		0		22,024,981		0		22,024,981
Short-term investments
Investment companies		33,311,967		0		0		33,311,967
		103,529,938		534,505,519		0		638,035,457
Futures contracts		1,067,327		0		0		1,067,327
Total assets	$	104,597,265	$	534,505,519	$	0	$	639,102,784
Liabilities
Futures contracts	$	961,667	$	0	$	0	$	961,667
Total liabilities	$	961,667	$	0	$	0	$	961,667

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

Futures contracts are reported at their cumulative unrealized gains (losses) at measurement date as reported in the table following the Portfolio of Investments. For futures contracts, the current day’s variation margin is reported on the Statement of Assets and Liabilities. All other assets and liabilities are reported at their market value at measurement date.

For the six months ended February 29, 2020, 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 a management fee at the following annual rate based on the Fund’s average daily net assets:

Average daily net assets	Management fee
First $500 million		0.450	%
Next $500 million		0.425
Next $2 billion		0.400
Next $2 billion		0.375
Next $5 billion		0.340
Over $10 billion		0.320

24  |  Wells Fargo Government Securities Fund

Notes to financial statements (unaudited)

For the six months ended February 29, 2020, the management fee was equivalent to an annual rate of 0.45% of the Fund’s average daily net assets.

Funds Management has retained the services of a subadviser to provide daily portfolio management to the Fund. The fee for subadvisory services is borne by Funds Management. 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

Waivers and/or expense reimbursements

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. When only certain classes exceed their expense caps, waivers and/or reimbursements are applied against class specific expenses before fund-level expenses. Funds Management has committed through December 31, 2020 to waive fees and/or reimburse expenses to the extent necessary to cap the Fund’s expenses at 0.85% for Class A shares, 1.60% for Class C shares, 0.64% for Administrator Class shares, and 0.48% for Institutional Class shares. Prior to or after the commitment expiration date, 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 February 29, 2020, Funds Distributor received $2,935 from the sale of Class A shares. No contingent deferred sales charges were incurred by Class A and Class C shares for the six months ended February 29, 2020.

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.

Wells Fargo Government Securities Fund  |  25

Notes to financial statements (unaudited)

5. INVESTMENT PORTFOLIO TRANSACTIONS

Purchases and sales of investments, excluding short-term securities, for the six months ended February 29, 2020 were as follows:

Purchases at cost		Sales proceeds
U.S. government	Non-U.S. government	U.S. government	Non-U.S. government
$238,421,277	$51,483,461	$193,894,937	$61,210,702

6. DERIVATIVE TRANSACTIONS

During the six months ended February 29, 2020, the Fund entered into futures contracts to speculate on interest rates and to help manage the duration of the portfolio. The Fund had an average notional amount of $105,626,799 in long futures contracts and $42,794,104 in short futures contracts during the six months ended February 29, 2020.

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 February 29, 2020, there were no borrowings by the Fund under the agreement.

8. INDEMNIFICATION

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

9. NEW ACCOUNTING PRONOUNCEMENTS

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.

In March 2017, FASB issued ASUNo. 2017-08,Premium Amortization on Purchased Callable Debt Securities. ASU2017-08 shortens the amortization period for certain callable debt securities held at a premium and requires the premium to be amortized to the earliest call date. The amendments do not require an accounting change for securities held at a discount and discounts will continue to be accreted to the maturity date of the security. ASU2017-08 is effective for fiscal years beginning after December 15, 2018 and for interim periods within those fiscal years. During the current reporting period, management of the Fund adopted the change in accounting policy which did not have a material impact to the Fund’s financial statements.

10. SUBSEQUENT EVENT

On March 11, 2020, the World Health Organization announced that it had made the assessment that coronavirus disease 2019

(“COVID-19”) is a pandemic. The impacts ofCOVID-19 is adversely affecting the entire global economy, individual companies and investment products, and the market in general. There is significant uncertainty around the extent and duration of business disruptions related toCOVID-19 and the impact may be short term or may last for an extended period of time. The risk of further spreading ofCOVID-19 has led to significant uncertainty and volatility in the financial markets and the value of the Fund and the securities in which the Fund invests have generally been adversely affected by impacts caused byCOVID-19.

26  |  Wells Fargo Government Securities 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 atwfam.com, or visiting the SEC website at sec.gov. Information regarding how the proxies related to portfolio securities were voted during the most recent12-month period ended June 30 is available on the website atwfam.comor by visiting the SEC website at sec.gov.

QUARTERLY PORTFOLIO HOLDINGS INFORMATION

The Fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year as an exhibit to its reports on FormN-PORT. Shareholders may view the filed FormN-PORT by visiting the SEC website at sec.gov.

Wells Fargo Government Securities Fund  |  27

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 146 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. Audit Committee Chair and Investment Committee Chair of the Vincent Memorial Hospital Endowment(non-profit organization). 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. (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. Johnson (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

28  |  Wells Fargo Government Securities Fund

Other information (unaudited)

Name and year of birth	Position held and length of service*	Principal occupations during past five years or longer	Current other public company or investment company directorships
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
Olivia S. Mitchell (Born 1953)	Trustee, since 2006; Nominating and Governance Committee Chair, 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	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	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
Pamela Wheelock3 (Born 1959)	Trustee, since January 2020; previously Trustee from January 2018 to July 2019	Board member of the Destination Medical Center Economic Development Agency, Rochester, Minnesota since 2019. Acting Commissioner, Minnesota Department of Human Services, July 2019 through September 2019. Human Services Manager (part-time), Minnesota Department of Human Services, October 2019 through December 2019. Chief Operating Officer, Twin Cities Habitat for Humanity from 2017 to 2019. Vice President of University Services, University of Minnesota from 2012 to 2016. 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 Chief Executive Officer of Blue Cross Blue Shield of Minnesota from 2011 to 2012, Chairman of the Board from 2009 to 2012 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. Executive Vice President of the Minnesota Wild Foundation from 2004 to 2008. Commissioner of Finance, State of Minnesota, from 1999 to 2002. Currently 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.

Wells Fargo Government Securities Fund  |  29

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.
Michelle Rhee (Born 1966)	Chief Legal Officer, since 2019	Secretary of Wells Fargo Funds Management, LLC, Chief Legal Counsel of Wells Fargo Asset Management and Assistant General Counsel of Wells Fargo Bank, N.A. since 2018. Associate General Counsel and Managing Director of Bank of America Corporation from 2004 to 2018.
Catherine Kennedy (Born 1969)	Secretary, since 2019	Vice President of Wells Fargo Funds Management, LLC and Senior Counsel of the Wells Fargo Legal Department since 2010. Vice President and Senior Counsel of Evergreen Investment Management Company, LLC from 1998 to 2010.
Michael H. Whitaker(Born 1967)	Chief Compliance Officer, since 2016	Chief Compliance Officer of Wells Fargo Asset Management 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 64 funds in the Fund Complex. Jeremy DePalma acts as Treasurer of 82 funds and Assistant Treasurer of 64 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 atwfam.com.

³  Pamela Wheelock wasre-appointed to the Board effective January 1, 2020.

30  |  Wells Fargo Government Securities Fund

Appendix I (unaudited)

Effective on or about May 1, 2020, if you purchase Fund shares through a Janney Montgomery Scott LLC (“Janney”) brokerage account, you will be eligible for the following load waivers(front-end sales charge waivers and contingent deferred sales charge (“CDSC”), orback-end sales charge, waivers) and discounts, which may differ from those disclosed elsewhere in the Fund’s Prospectus or SAI.

Front-end sales charge* waivers on Class A shares available at Janney

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).

Shares purchased by employees and registered representatives of Janney or its affiliates and their family members as designated by Janney.

Shares purchased from the proceeds of redemptions within the same fund family, provided (1) the repurchase occurs within ninety (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 (i.e., right of reinstatement).

Employer-sponsored retirement plans (e.g., 401(k) plans, 457 plans, employer-sponsored 403(b) plans, profit sharing and money purchase pension plans and defined benefit plans). For purposes of this provision, employer-sponsored retirement plans do not include SEP IRAs, Simple IRAs,SAR-SEPs or Keogh plans.

Shares acquired through a right of reinstatement.

Class C shares that are no longer subject to a contingent deferred sales charge and are converted to Class A shares of the same fund pursuant to Janney’s policies and procedures.

CDSC waivers on Class A and Class C shares available at Janney

Shares sold upon the death or disability of the shareholder.

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

Shares purchased in connection with a return of excess contributions from an IRA account.

Shares sold as part of a required minimum distribution for IRA and retirement accounts if the redemption is taken in or after the year the shareholder reaches qualified age based on applicable IRS regulations.

Shares sold to pay Janney fees but only if the transaction is initiated by Janney.

Shares acquired through a right of reinstatement.

Shares exchanged into the same share class of a different fund.

Front-end sales charge* discounts available at Janney; breakpoints, rights of accumulation and/or letters of intent

Breakpoints as described in the Fund’s Prospectus.

Rights of accumulation (“ROA”), 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 Janney. Eligible fund family assets not held at Janney may be included in the ROA calculation only if the shareholder notifies his or her financial advisor about such assets.

Letters of intent which allow for breakpoint discounts based on anticipated purchases within a fund family, over a13-month time period. Eligible fund family assets not held at Janney

Montgomery Scott may be included in the calculation of letters of intent only if the shareholder notifies his or her financial advisor about such assets.

* Also referred to as an “initial sales charge.”

Wells Fargo Government Securities Fund  |  31

Appendix II (unaudited)

Effective on or after May 1, 2020, clients of Edward Jones (also referred to as “shareholders”) purchasing Fund shares on the Edward Jones commission andfee-based platforms are eligible only for the following sales charge discounts (also referred to as “breakpoints”) and waivers, which can differ from breakpoints and waivers described elsewhere in this Prospectus or SAI or through another broker-dealer. In all instances, it is the shareholder’s responsibility to inform Edward Jones at the time of purchase of any relationship, holdings of Wells Fargo Funds or other facts qualifying the purchaser for breakpoints or waivers. Edward Jones can ask for documentation of such circumstance.

Breakpoints available at Edward Jones

Rights of Accumulation (ROA)

The applicable sales charge on a purchase of Class A shares is determined by taking into account all share classes (except any money market funds and retirement plan share classes) of Wells Fargo Funds held by the shareholder or in an account grouped by Edward Jones with other accounts for the purpose of providing certain pricing considerations (“pricing groups”). This includes all share classes held on the Edward Jones platform and/or held on another platform. The inclusion of eligible fund family assets in the rights of accumulation calculation is dependent on the shareholder notifying his or her financial advisor of such assets at the time of calculation.

ROA is determined by calculating the higher of cost or market value (current shares x NAV).

Letter of Intent (LOI)

Through a LOI, shareholders can receive the sales charge and breakpoint discounts for purchases shareholders intend to makeover a13-month period from the date Edward Jones receives the LOI. The LOI is determined by calculating the higher of cost or market value of qualifying holdings at LOI initiation in combination with the value that the shareholder intends to buy over a13-month period to calculate thefront-end sales charge and any breakpoint discounts. Each purchase the shareholder makes during that13-month period will receive the sales charge and breakpoint discount that applies to the total amount. The inclusion of eligible fund family assets in the LOI calculation is dependent on the shareholder notifying his or her financial advisor of such assets at the time of calculation. Purchases made before the LOI is received by Edward Jones are not covered under the LOI and will not reduce the sales charge previously paid. Sales charges will be adjusted if LOI is not met.

Sales charges are waived for the following shareholders and in the following situations at Edward Jones:

●   Associates of Edward Jones and its affiliates and their family members who are in the same pricing group (as determined by Edward Jones under its policies and procedures) as the associate. This waiver will continue for the remainder of the associate’s life if the associate retires from Edward Jones in good-standing.

●   Shares purchased in an Edward Jonesfee-based program.

●   Shares purchased through reinvestment of capital gains distributions and dividend reinvestment.

●   Shares purchased from the proceeds of redeemed shares of the same fund family so long as the following conditions are met: 1) the proceeds are from the sale of shares within 60 days of the purchase, and 2) the sale and purchase are made in the same share class and the same account or the purchase is made in an individual retirement account with proceeds from liquidations in anon-retirement account.

●   Shares exchanged into Class A shares from another share class so long as the exchange is into the same fund and was initiated at the discretion of Edward Jones. Edward Jones is responsible for any remaining CDSC due to the fund company, if applicable. Any future purchases are subject to the applicable sales charge as disclosed in the prospectus.

●   Exchanges from Class C shares to Class A shares of the same fund, generally, in the 84th month following the anniversary of the purchase date or earlier at the discretion of Edward Jones.

If the shareholder purchases shares that are subject to a CDSC and those shares are redeemed before the CDSC is expired, the shareholder is
responsible to pay the CDSC except in the following conditions available at Edward Jones:

●   The death or disability of the shareholder.

●   Systematic withdrawals with up to 10% per year of the account value.

●   Return of excess contributions from an Individual Retirement Account (IRA).

●   Shares sold as part of a required minimum distribution for IRA and retirement accounts if the redemption is taken in or after the year the shareholder reaches qualified age based on applicable IRS regulation.

●   Shares sold to pay Edward Jones fees or costs in such cases where the transaction is initiated by Edward Jones.

●   Shares exchanged in an Edward Jonesfee-based program.

●   Shares acquired through NAV reinstatement.

32  |  Wells Fargo Government Securities Fund

Appendix II (unaudited)

Other Important Information for accounts at Edward Jones:

Minimum Purchase Amounts

●   $250 initial purchase minimum

●   $50 subsequent purchase minimum

Minimum Balances

Edward Jones has the right to redeem at its discretion fund holdings with a balance of $250 or less. The following are examples of accounts that are not included in this policy:

●   Afee-based account held on an Edward Jones platform

●   A 529 account held on an Edward Jones platform

●   An account with an active systematic investment plan or letter of intent (LOI)

Changing Share Classes

At any time it deems necessary, Edward Jones has the authority to exchange at NAV a shareholder’s holdings in a fund to Class A shares.

Wells Fargo Government Securities Fund  |  33

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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:wfam.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 atwfam.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

© 2020 Wells Fargo & Company. All rights reserved

PAR-0320-04740 04-20

SA216/SAR216 02-20

Semi-Annual Report

February 29, 2020

Wells Fargo Short-Term 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 calling1-800-222-8222 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.

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	31
Appendix I	35
Appendix II	36

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The views expressed and any forward-looking statements are as of February 29, 2020, unless otherwise noted, and are those of the Fund managers and/or Wells Fargo Asset Management. 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 Asset Management 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

Wells Fargo Short-Term Bond Fund  |  1

Letter to shareholders (unaudited)

Andrew Owen

President

Wells Fargo Funds

“The fourth quarter started on a strong note, with U.S.-China trade tensions relaxing in October along with renewed optimism for a U.K. Brexit deal and positive macroeconomic data.”

Dear Shareholder:

We are pleased to offer you this semi-annual report for the Wells Fargo Short-Term Bond Fund for thesix-month period that ended February 29, 2020. As market volatility increased, returns for the period were more restrained after strong results in previous recent periods. However, supportive central banks addressed concerns over slowing global economic growth and international trade tensions.

Fixed-income and equity investors had mixed semi-annual returns. For the period, U.S. stocks, based on the S&P 500 Index,¹ gained 1.92% and international stocks, as measured by the MSCI ACWI ex USA Index (Net),² returned 0.13%. The MSCI EM Index (Net)³ gained 2.93%. For bond investors, the Bloomberg Barclays U.S. Aggregate Bond Index⁴ added 3.39%, the Bloomberg Barclays Global Aggregateex-USD Index⁵ returned-0.21%, the Bloomberg Barclays Municipal Bond Index⁶ gained 3.04%, and the ICE BofA U.S. High Yield Index⁷ added 1.34%.

The period began with uncertainty, leading to central bank support.

In September, as the period began, the U.S. Federal Reserve (Fed) cut interest rates a second time in the third quarter. U.S. manufacturing data disappointed investors. The U.S. Congress announced it would pursue an impeachment investigation of President Trump. Meanwhile, the Brexit impasse showed no signs of resolution. Officials in China warned it would be difficult to reach the country’s annual economic growth goals considering the weight of tariffs and trade restrictions. Although the S&P 500 Index finished the third quarter with the bestyear-to-date returns in more than 20 years, concerns about future returns remained.

The fourth quarter started on a strong note, with U.S.-China trade tensions relaxing in October along with renewed optimism for a U.K. Brexit deal and positive macroeconomic data. The initial estimate of U.S. third-quarter gross domestic product growth was a resilient 1.9% annualized rate, while the U.S. unemployment rate fell to a50-year low of 3.5% in September. However, despite resilience among U.S. consumers, business confidence declined while manufacturing activity contracted. Concerned with a potential economic slowdown, the Fed lowered interest rates another quarter point in late October—its third rate cut in four months. This helped push the S&P 500 Index to anall-time high, while emerging market equities rallied and global bonds declined overall, reflecting a broad pickup in risk appetite.

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. 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 equity market performance of emerging markets. 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 BofA 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 2020. ICE Data Indices, LLC. All rights reserved.

2  |  Wells Fargo Short-Term Bond Fund

Letter to shareholders (unaudited)

Equity markets continued to rally in November despite ongoing geopolitical risks. Hopes for a U.S.-China trade deal buoyed investor confidence. U.S. business sentiment improved slightly, and manufacturing and services activity picked up. With that positive backdrop, developed market equities outpaced those in emerging markets, and U.S. stocks, as reflected by the S&P 500 Index, outperformednon-U.S. stocks overall. While consumer confidence and purchasing manager activity rose in the eurozone, China reported weakening manufacturing and consumer data. Bond yields rose marginally, leading to slightly negative returns for global government and investment-grade corporate bonds.

Financial markets ended 2019 with a boost from the U.S. and China accord on a Phase One trade deal. That, along with the landslide win by thepro-Brexit U.K. Conservative Party in a national election and ongoing central bank support, gave investors greater confidence. U.S. economic indicators were generally positive, with the exception of manufacturing activity and business confidence. Consumer confidence was resilient, fed by a robust labor market, tame inflation, and lower interest rates, which boosted housing affordability and stimulated homebuyer activity. The impeachment of U.S. President Donald Trump had little impact on markets. Meanwhile, slowing Chinese economic activity, partly attributable to the trade war, led to further government stimulus atyear-end through lower reserve ratios, allowing banks to lend more money.

Theyear-end rally continued in early January 2020. However, capital market volatility picked up sharply in late January on concerns over the unknown impact of the novel coronavirus(COVID-19) on the global economy and stock markets. With sentiment somewhat souring, perceived safe havens did well in January. The U.S. dollar and Japanese yen both rose and government bonds outperformed equities. While the S&P 500 Index held its ground, emerging market equities tumbled, including those in Asia that are most exposed to viruses—physical or economic—originating in China.

In February, the coronavirus became the major market focus. Fears of the virus’s impact on global growth led to expectations of increased global central bank monetary policy support. That led the10-year Treasury yield to fall to anall-time low of 1.1% by the end of the month. Although equity markets initially shrugged off concerns about the outbreak, focusing instead on strong fourth-quarter earnings and improving business confidence in January, market sentiment turned sharply lower towardmonth-end and the S&P 500 Index lost 8.2% for the month. Oil prices tumbled as Russia and the Organization of the Petroleum Exporting Countries compounded a major decline in oil demand with a brutal price war, partly aimed at dissuading further U.S. shale production. As a result, the price of West Texas Intermediate crude oil fell 13% in February and 27% for 2020 year to date.

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. 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

“ Capital market volatility picked up sharply in late January on concerns over the unknown impact of the novel coronavirus(COVID-19) on the global economy and stock markets.”

For further information about your Fund, contact your investment professional, visit our website at wfam.com,

or call us directly at1-800-222-8222.

Wells Fargo Short-Term Bond Fund  |  3

Performance highlights (unaudited)

Investment objective    

The Fund seeks current income consistent with capital preservation.    

Manager    

Wells Fargo Funds Management, LLC    

Subadviser    

Wells Capital Management Incorporated    

Portfolio managers    

Christopher Y. Kauffman, CFA^®‡    

Jay N. Mueller, CFA^®‡    

Michael J. Schueller, CFA^®‡    

Noah M. Wise, CFA^®‡    

Average annual total returns (%) as of February 29, 2020    

		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 (SSTVX)	8-31-1999		2.71		1.58		1.74		4.81		2.00		1.94		0.82		0.72
Class C (WFSHX)	3-31-2008		3.03		1.23		1.18		4.03		1.23		1.18		1.57		1.47
Class R6 (SSTYX)3	7-31-2018		–		–		–		5.02		2.25		2.23		0.44		0.40
Institutional Class (SSHIX)	8-31-1999		–		–		–		4.97		2.26		2.23		0.49		0.45
Bloomberg Barclays U.S.1-3 Year Government/Credit Bond Index4	–		–		–		–		4.88		1.88		1.58		–		–

Figures quoted represent past performance, which is no guarantee of future results, and do not reflect taxes that a shareholder may pay on an investment in a fund. 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, wfam.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 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 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. Loans are subject to risks similar to those associated with other below-investment-grade bond investments, such as credit risk (for example, risk of issuer default), below investment- grade bond risk (for example, risk of greater volatility in value), and risk that the loan may become illiquid or difficult to price. The use of derivatives may reduce returns and/or increase volatility. Certain investment strategies tend to increase the total risk of an investment (relative to the broader market). Foreign investments are especially volatile and can rise or fall dramatically due to differences in the political and economic conditions of the host country. These risks are generally intensified in emerging markets. The Fund is exposed to high-yield securities risk and mortgage- and asset-backed securities risk. Consult the Fund’s prospectus for additional information on these and other risks.

Please see footnotes on page 5.

4  |  Wells Fargo Short-Term Bond Fund

Performance highlights (unaudited)

Ten largest holdings (%) as of February 29, 20205
Jackson National Life Global Company, 2.50%, 6-27-2022	1.07
Hertz Vehicle Financing LLC Series 2015-1A Class A, 2.73%, 3-25-2021	1.06
World Omni Automobiles Lease Securitization Trust Series 2018-B Class A3, 3.19%,12-15-2021	0.94
Morgan Stanley, 2.75%, 5-19-2022	0.87
Bank of America NA, 3.34%, 1-25-2023	0.87
Honda Auto Receivables Owner Trust Series 2018-4 Class A3, 3.16%, 1-17-2023	0.77
Ford Credit Auto Owner Trust Series 2017-A Class A4, 1.92%, 4-15-2022	0.76
Westlake Automobile Receivables Trust Series 2019-2A Class A2A, 2.57%, 2-15-2023	0.76
Honda Auto Receivables Owner Trust Series 2016-4 Class A4, 1.36%, 1-18-2023	0.72
Hyundai Capital America Company, 2.38%, 2-10-2023	0.72

Portfolio allocation as of February 29, 2020⁶

^‡  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 December 31, 2020, to waive fees and/or reimburse expenses to the extent necessary to cap total annual fund operating expenses after fee waivers at 0.72% for Class A, 1.47% for Class C, 0.40% for Class R6, and 0.45% for Institutional Class. Brokerage commissions, stamp duty fees, interest, taxes, acquired fund fees and expenses (if any), and extraordinary expenses are excluded from the expense cap. Prior to or after the commitment expiration date, the cap may be increased or the commitment to maintain the cap may be terminated only with the approval of the Board of Trustees. 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 Class R6 shares prior to their inception reflects the performance of the Institutional Class shares and includes the higher expenses applicable to the Institutional Class shares. If these expenses had not been included, returns for the Class R6 shares would be higher.

⁴  The Bloomberg Barclays U.S. 1-3 Year Government/Credit Bond Index is the one- to three-year component of the Bloomberg Barclays U.S. Government/Credit Bond Index that includes securities in the Government and Credit Indexes. The Government Index includes Treasuries (that is, public obligations of the U.S. Treasury that have remaining maturities of more than one year) and agencies (that is, publicly issued debt of U.S. government agencies, quasi-federal corporations, and corporate or foreign debt guaranteed by the U.S. government). The Credit Index includes publicly issued U.S. corporate and foreign debentures and secured notes that meet specified maturity, liquidity, and quality requirements. You cannot invest directly in an index.

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

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

Wells Fargo Short-Term Bond Fund  |  5

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 September 1, 2019 to February 29, 2020.

Actual expenses

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

Hypothetical example for comparison purposes

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

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

	Beginning account  value 9-1-2019		Ending account value 2-29-2020		Expenses paid during the period¹		Annualized net expense ratio
Class A
Actual	$	1,000.00	$	1,018.01	$	3.61		0.72	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.28	$	3.62		0.72	%
Class C
Actual	$	1,000.00	$	1,014.24	$	7.36		1.47	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,017.55	$	7.37		1.47	%
Class R6
Actual	$	1,000.00	$	1,019.63	$	2.01		0.40	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,022.87	$	2.01		0.40	%
Institutional Class
Actual	$	1,000.00	$	1,019.38	$	2.26		0.45	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,022.63	$	2.26		0.45	%

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

6  |  Wells Fargo Short-Term Bond Fund

Portfolio of investments—February 29, 2020 (unaudited)

	Interest rate			Maturity date		Principal		Value
Agency Securities: 3.43%
FDIC Series2013-R1 Class A 144A		1.15	%		3-25-2033	$	94,245	$	94,070
FHLMC		3.50			10-15-2025		342,529		359,181
FHLMC		3.50			6-15-2038		38,622		38,630
FHLMC (3 Year Treasury Constant Maturity +2.21%)±		3.83			5-1-2026		20,365		20,772
FHLMC		4.00			5-1-2025		606,173		636,392
FHLMC (1 Year Treasury Constant Maturity +2.25%)±		4.06			4-1-2038		174,724		185,558
FHLMC (12 Month LIBOR +1.91%)±		4.16			9-1-2031		2,293		2,311
FHLMC (1 Year Treasury Constant Maturity +2.25%)±		4.76			4-1-2032		33,262		35,048
FHLMC (1 Year Treasury Constant Maturity +2.40%)±		4.90			7-1-2029		604		620
FHLMC		6.00			10-1-2021		46,414		47,426
FHLMC		9.50			12-1-2022		775		781
FHLMC Series 2597 Class AE		5.50			4-15-2033		37,608		40,835
FHLMC Series 2642 Class AR		4.50			7-15-2023		137,457		141,923
FHLMC Series 3266 Class D		5.00			1-15-2022		1		1
FHLMC Series 3609 Class LA		4.00			12-15-2024		1,609		1,615
FHLMC Series 3855 Class HL		3.50			2-15-2026		3,776		3,773
FHLMC Series 3920 Class AB		3.00			9-15-2025		113,653		114,499
FHLMC Series KI01 Class A (1 Month LIBOR +0.16%)±		1.82			9-25-2022		12,951		12,939
FHLMC Series QO04 Class AFL (12 Month Treasury Average +0.74%)±		2.79			5-25-2044		819,466		820,238
FHLMC SeriesT-42 Class A6		9.50			2-25-2042		282,841		355,897
FHLMC SeriesT-57 Class 2A1±±		4.04			7-25-2043		66,568		73,383
FHLMC SeriesT-59 Class 2A1±±		3.89			10-25-2043		781,985		917,909
FHMLC Series 4358 Class DA		3.00			6-15-2040		1,647,069		1,692,851
FNMA		2.02			6-1-2021		1,969,664		1,979,281
FNMA (1 Year Treasury Constant Maturity +1.27%)±		3.15			8-1-2034		194,205		197,905
FNMA		4.00			6-25-2026		358,613		383,435
FNMA		4.00			8-25-2037		255,639		265,846
FNMA (1 Year Treasury Constant Maturity +2.19%)±		4.03			11-1-2031		38,128		40,151
FNMA (12 Month LIBOR +1.82%)±		4.36			9-1-2040		545,804		578,737
FNMA (1 Year Treasury Constant Maturity +2.26%)±		4.39			8-1-2036		880,668		933,699
FNMA (12 Month Treasury Average +2.29%)±		4.45			10-1-2036		684,200		718,558
FNMA (12 Month Treasury Average +2.42%)±		4.53			7-1-2036		644,653		679,630
FNMA		5.50			3-1-2023		231,704		240,970
FNMA		6.00			4-1-2021		10,816		10,940
FNMA		6.00			3-1-2033		297,051		332,189
FNMA		6.50			8-1-2031		157,558		186,672
FNMA		8.00			9-1-2023		553		557
FNMA		9.00			11-1-2024		26,763		28,939
FNMA Grantor Trust Series2002-T12 Class A4		9.50			5-25-2042		459,180		544,488
FNMA Series2002-T1 Class A4		9.50			11-25-2031		26,751		32,670
FNMA Series2003-41 Class PE		5.50			5-25-2023		141,600		147,678
FNMA Series2003-W11 Class A1±±		4.79			6-25-2033		5,410		5,659
FNMA Series2003-W6 Class 6A±±		4.17			8-25-2042		511,795		532,229
FNMA Series2003-W6 Class PT4±±		8.29			10-25-2042		52,582		64,861
FNMA Series2005-84 Class MB		5.75			10-25-2035		272,992		305,358
FNMA Series2006-W1 Class 2AF2 (1 Month LIBOR +0.19%)±		1.82			2-25-2046		1,029,555		1,013,209
FNMA Series2008-53 Class CA		5.00			7-25-2023		66		66
FNMA Series2010-37 Class A1		5.41			5-25-2035		1,209,955		1,272,203
GNMA		4.50			4-20-2035		69,910		74,268
GNMA		8.00			12-15-2023		8,509		9,117
GNMA		9.00			11-15-2024		1,059		1,063
GNMA Series2017-H13 Class FJ (1 Month LIBOR +0.20%)±		1.93			5-20-2067		21,521		21,506
GNMA Series2017-H16 Class FD (1 Month LIBOR +0.20%)±		1.93			8-20-2067		66,833		66,819
Total Agency Securities (Cost $15,593,720)									16,265,355

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

Wells Fargo Short-Term Bond Fund  |  7

Portfolio of investments—February 29, 2020 (unaudited)

	Interest rate			Maturity date		Principal		Value
Asset-Backed Securities: 15.30%
California Republic Auto Receivables Trust Series2017-1 Class A4		2.28	%		6-15-2022	$	1,774,242	$	1,778,334
Chesapeake Funding II LLC Series2017-3A Class A1 144A		1.91			8-15-2029		1,007,900		1,009,591
CPS Auto Trust Series2018-C Class A 144A		2.87			9-15-2021		78,928		78,965
Dell Equipment Finance Trust Series2018-1 Class A2A 144A		2.97			10-22-2020		735,447		736,213
Drive Auto Receivables Trust Series2018-3 Class C		3.72			9-16-2024		1,000,000		1,007,731
DT Auto Owner Trust Series2017-2A Class D 144A		3.89			1-15-2023		410,310		413,833
Education Loan Asset-Backed Trust Series2013-1 Class A1 (1 Month LIBOR +0.80%) 144A±		2.43			6-25-2026		384,169		384,775
Educational Services of America Incorporated Series2015-2 Class A (1 Month LIBOR +1.00%) 144A±		2.63			12-25-2056		891,007		893,283
Enterprise Fleet Financing Trust Series2017-1 Class A2 144A		2.13			7-20-2022		164,464		164,554
Enterprise Fleet Financing Trust Series2017-2 Class A2 144A		1.97			1-20-2023		1,027,816		1,028,388
Fifth Third Auto Trust Series2019-1 Class A2A		2.66			5-16-2022		1,376,960		1,383,736
Flagship Credit Auto Trust Series2018-2 Class A 144A		2.97			10-17-2022		673,282		676,378
Ford Credit Auto Owner Trust Series2017-A Class A4		1.92			4-15-2022		3,610,000		3,618,908
Ford Credit Floorplan Master Owner Trust LLC Series2017-1 Class A1		2.07			5-15-2022		2,995,000		2,997,696
GM Financial Consumer Automobile Receivables Trust Series2017-2A Class A3 144A		1.86			12-16-2021		1,494,806		1,496,319
GM Financial Securitized Term Trust Series2018-4 Class C		3.62			6-17-2024		300,000		315,955
Hertz Vehicle Financing LLC Series2015-1A Class A 144A		2.73			3-25-2021		5,000,000		5,003,302
Hertz Vehicle Financing LLC Series2019-1A Class A 144A		3.71			3-25-2023		2,280,000		2,378,268
Hertz Vehicle Financing LLC Series2019-1A Class B 144A		4.10			3-25-2023		1,500,000		1,557,999
Home Equity Asset Trust Series2003-6 Class M1 (1 Month LIBOR +1.05%)±		2.68			2-25-2034		827,169		823,144
Honda Auto Receivables Owner Trust Series2016-4 Class A4		1.36			1-18-2023		3,435,000		3,434,523
Honda Auto Receivables Owner Trust Series2018-4 Class A3		3.16			1-17-2023		3,565,000		3,639,112
Hyundai Auto Lease Securitization Trust Series2020-A Class A2 144A		1.90			5-16-2022		2,000,000		2,011,359
Jimmy John’s Funding LLC Series2017-1A Class A2I 144A		3.61			7-30-2047		1,218,750		1,232,120
MMAF Equipment Finance LLC Series2019-A Class A2 144A		2.84			1-10-2022		1,538,645		1,548,516
Santander Drive Auto Receivables Trust Series2017-1 Class D		3.17			4-17-2023		2,470,000		2,501,567
SLC Student Loan Trust Series2006-2 Class A5 (3 Month LIBOR +0.10%)±		1.99			9-15-2026		737,905		737,197
SLM Student Loan Trust Series 2007- 4 Class B1 (3 Month LIBOR +0.14%)±		1.93			7-25-2025		648,448		646,567
SLM Student Loan Trust Series2011-1 Class A1 (1 Month LIBOR +0.52%)±		2.15			3-25-2026		74,330		74,354
SLM Student Loan Trust Series2011-2 Class A1 (1 Month LIBOR +0.60%)±		2.23			11-25-2027		178,075		178,394
SLM Student Loan Trust Series2012-3 Class A (1 Month LIBOR +0.65%)±		2.28			12-27-2038		1,737,678		1,728,216
SLM Student Loan Trust Series2013-1 Class A3 (1 Month LIBOR +0.55%)±		2.18			5-26-2055		884,813		879,854
SLM Student Loan Trust Series2014-A Class B 144A		3.50			11-15-2044		2,500,000		2,549,543
SOFI Professional Loan Program LLC Series 2016- A Class A1 (1 Month LIBOR +1.75%) 144A±		3.38			8-25-2036		1,451,850		1,476,979
Student Loan Consolidation Center Series2011-1 Class A (1 Month LIBOR +1.22%) 144A±		2.85			10-25-2027		1,163,784		1,167,285
Tesla Auto Lease Trust Series2018-B Class A 144A		3.71			8-20-2021		664,839		675,600
Towd Point Asset Trust Series2018-SL1 Class A (1 Month LIBOR +0.60%) 144A±		2.23			1-25-2046		1,806,409		1,798,559
Toyota Auto Receivables Owner Trust Series2018-D Class A3		3.18			3-15-2023		1,365,000		1,393,255
Toyota Auto Receivables Owner Trust Series 2019- B Class A2A		2.59			2-15-2022		2,813,782		2,826,976
Verizon Owner Trust Series2017-1A Class A 144A		2.06			9-20-2021		212,227		212,350
Volvo Financial Equipment LLC Series2018-AA Class A (1 Month LIBOR +0.52%) 144A±		2.18			7-17-2023		2,240,000		2,246,885
Westlake Automobile Receivables Trust Series2018-2A Class B 144A		3.20			1-16-2024		1,300,000		1,304,101
Westlake Automobile Receivables Trust Series2019-2A Class A2A 144A		2.57			2-15-2023		3,565,590		3,587,605
Wheels SPV LLC Series2018-1A Class A2 144A		3.06			4-20-2027		706,474		711,575
World Omni Automobile Lease Southeast Series2019-A Class A4		3.01			7-15-2024		1,710,000		1,753,254
World Omni Automobiles Lease Securitization Trust Series2018-B Class A3		3.19			12-15-2021		4,395,000		4,463,795
Total Asset-Backed Securities (Cost $72,141,520)									72,526,913

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

8  |  Wells Fargo Short-Term Bond Fund

Portfolio of investments—February 29, 2020 (unaudited)

	Interest rate			Maturity date		Principal		Value
Corporate Bonds and Notes: 34.97%
Communication Services: 3.57%
Diversified Telecommunication Services: 1.27%
AT&T Incorporated		2.80	%		2-17-2021	$	1,910,000	$	1,925,651
Broadcom Corporation		3.00			1-15-2022		1,415,000		1,442,842
CyrusOne LP		2.90			11-15-2024		2,630,000		2,664,690
									6,033,183
Media: 2.14%
Charter Communications Operating LLC		3.58			7-23-2020		3,000,000		3,016,732
Discovery Communications LLC		3.50			6-15-2022		2,025,000		2,098,532
Fox Corporation 144A		4.03			1-25-2024		1,070,000		1,157,150
Interpublic Group Companies		3.75			2-15-2023		2,025,000		2,151,435
NBCUniversal Enterprise Incorporated 144A		5.25			3-19-2021		1,655,000		1,702,168
									10,126,017
Wireless Telecommunication Services: 0.16%
Sprint Spectrum Company LLC 144A		3.36			3-20-2023		770,000		776,237
Consumer Discretionary: 1.46%
Household Durables: 0.51%
D.R. Horton Incorporated		4.75			2-15-2023		2,000,000		2,165,053
Lennar Corporation		4.75			11-15-2022		251,000		262,656
									2,427,709
Internet & Direct Marketing Retail: 0.16%
Amazon.com Incorporated		1.90			8-21-2020		765,000		765,948
Multiline Retail: 0.51%
Macy’s Retail Holdings Incorporated		3.45			1-15-2021		2,405,000		2,429,452
Specialty Retail: 0.28%
Group 1 Automotive Incorporated		5.00			6-1-2022		1,300,000		1,295,143
Consumer Staples: 2.28%
Food Products: 1.16%
Conagra Brands Incorporated		3.80			10-22-2021		1,440,000		1,496,864
General Mills Incorporated		3.20			4-16-2021		1,800,000		1,841,713
Land O’Lakes Incorporated 144A		6.00			11-15-2022		2,000,000		2,145,876
									5,484,453
Tobacco: 1.12%
Altria Group Incorporated		2.85			8-9-2022		2,805,000		2,881,787
BAT Capital Corporation		2.79			9-6-2024		2,350,000		2,416,287
									5,298,074
Energy: 1.95%
Oil, Gas & Consumable Fuels: 1.95%
Baker Hughes LLC		2.77			12-15-2022		1,360,000		1,390,504
Energy Transfer Partners LP		5.20			2-1-2022		2,060,000		2,168,843
EQT Corporation «		3.00			10-1-2022		1,155,000		967,313
Occidental Petroleum Corporation		2.90			8-15-2024		2,365,000		2,396,967
Rockies Express Pipeline LLC 144A		5.63			4-15-2020		2,300,000		2,307,062
									9,230,689

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

Wells Fargo Short-Term Bond Fund  |  9

Portfolio of investments—February 29, 2020 (unaudited)

	Interest rate			Maturity date		Principal		Value
Financials: 14.67%
Banks: 4.26%
Bank of America NA (3 Month LIBOR +0.65%)±		3.34	%		1-25-2023	$	4,000,000	$	4,132,619
Citibank NA		3.40			7-23-2021		2,000,000		2,047,553
Citibank NA (3 Month LIBOR +0.60%)±		2.84			5-20-2022		2,000,000		2,028,308
Citizens Bank		2.20			5-26-2020		2,000,000		2,001,695
Credit Suisse New York		2.10			11-12-2021		1,115,000		1,126,102
HSBC Bank USA NA		4.88			8-24-2020		3,000,000		3,045,329
JPMorgan Chase & Company (3 Month LIBOR +0.70%)±		3.21			4-1-2023		1,080,000		1,114,575
JPMorgan Chase & Company (3 Month LIBOR +0.61%)±		3.51			6-18-2022		1,000,000		1,024,475
Synchrony Bank		3.65			5-24-2021		1,075,000		1,101,478
US Bank NA		2.05			10-23-2020		2,540,000		2,547,918
									20,170,052
Capital Markets: 1.50%
Goldman Sachs Group Incorporated (3 Month LIBOR +0.82%)±		2.88			10-31-2022		2,900,000		2,957,418
Morgan Stanley		2.75			5-19-2022		4,023,000		4,133,325
									7,090,743
Consumer Finance: 4.57%
American Express Company		3.40			2-27-2023		1,120,000		1,178,740
Capital One Financial Corporation		2.50			5-12-2020		3,000,000		3,002,220
Daimler Finance North America LLC 144A		2.20			5-5-2020		520,000		520,327
Daimler Finance North America LLC 144A		3.00			2-22-2021		2,850,000		2,881,369
Ford Motor Credit Company LLC (3 Month LIBOR +0.88%)±		2.73			10-12-2021		1,160,000		1,147,136
Ford Motor Credit Company LLC		3.20			1-15-2021		1,335,000		1,343,841
General Motors Financial Company		3.45			4-10-2022		3,000,000		3,075,781
Hyundai Capital America Company 144A		2.38			2-10-2023		3,385,000		3,414,020
Nissan Motor Acceptance Corporation 144A		3.88			9-21-2023		2,030,000		2,164,408
Volkswagen Group of America Finance LLC 144A		2.70			9-26-2022		1,600,000		1,636,276
Western Union Company		2.85			1-10-2025		1,285,000		1,321,351
									21,685,469
Diversified Financial Services: 1.02%
IBM Credit LLC		3.45			11-30-2020		2,590,000		2,630,363
WEA Finance LLC 144A		3.25			10-5-2020		2,205,000		2,221,246
									4,851,609
Insurance: 3.32%
Athene Global Funding 144A		2.50			1-14-2025		2,705,000		2,775,443
Axis Specialty Finance LLC		5.88			6-1-2020		1,794,000		1,813,393
Jackson National Life Global Company 144A		3.30			6-11-2021		2,340,000		2,396,829
Jackson National Life Global Company 144A		2.50			6-27-2022		5,000,000		5,088,354
OneBeacon US Holdings Incorporated		4.60			11-9-2022		2,075,000		2,216,044
Protective Life Global Funding 144A		2.26			4-8-2020		1,450,000		1,451,110
									15,741,173
Health Care: 3.84%
Biotechnology: 1.07%
AbbVie Incorporated 144A		2.30			11-21-2022		2,905,000		2,953,492
AbbVie Incorporated		3.38			11-14-2021		2,065,000		2,127,433
									5,080,925

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

10  |  Wells Fargo Short-Term Bond Fund

Portfolio of investments—February 29, 2020 (unaudited)

	Interest rate			Maturity date		Principal		Value
Health Care Providers & Services: 2.05%
Anthem Incorporated		2.50	%		11-21-2020	$	1,235,000	$	1,241,257
Cigna Corporation 144A		4.00			2-15-2022		2,095,000		2,173,291
CVS Health Corporation		2.63			8-15-2024		1,520,000		1,569,966
CVS Health Corporation		2.80			7-20-2020		2,360,000		2,366,851
Dignity Health		3.13			11-1-2022		2,255,000		2,344,554
									9,695,919
Pharmaceuticals: 0.72%
EMD Finance LLC 144A		2.40			3-19-2020		1,925,000		1,925,481
Teva Pharmaceutical Finance LLC		2.25			3-18-2020		1,500,000		1,496,250
									3,421,731
Industrials: 2.61%
Aerospace & Defense: 1.31%
Boeing Capital Corporation		1.88			6-15-2023		3,000,000		3,006,012
Spirit AeroSystems Incorporated (3 Month LIBOR +0.80%)±		2.69			6-15-2021		2,500,000		2,475,328
The Boeing Company		2.70			5-1-2022		710,000		726,285
									6,207,625
Airlines: 0.43%
Delta Air Lines Incorporated		3.40			4-19-2021		1,000,000		1,018,369
Delta Air Lines Incorporated		4.75			11-7-2021		1,021,371		1,027,351
									2,045,720
Industrial Conglomerates: 0.76%
General Electric Company		2.50			3-28-2020		3,000,000		2,997,900
General Electric Company		4.63			1-7-2021		605,000		620,849
									3,618,749
Professional Services: 0.11%
Equifax Incorporated		3.60			8-15-2021		500,000		513,597
Information Technology: 0.65%
Technology Hardware, Storage & Peripherals: 0.65%
Apple Incorporated		2.15			2-9-2022		3,000,000		3,055,409
Materials: 0.71%
Chemicals: 0.46%
DowDuPont Incorporated		4.21			11-15-2023		2,010,000		2,183,454
Metals & Mining: 0.25%
Freeport-McMoRan Incorporated		3.55			3-1-2022		1,155,000		1,165,280
Real Estate: 0.87%
Equity REITs: 0.44%
DDR Corporation		4.63			7-15-2022		739,000		787,022
Omega Healthcare Investors Incorporated		4.95			4-1-2024		1,160,000		1,288,373
									2,075,395
Real Estate Management & Development: 0.43%
Washington Prime Group Incorporated «		3.85			4-1-2020		2,065,000		2,065,000

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

Wells Fargo Short-Term Bond Fund  |  11

Portfolio of investments—February 29, 2020 (unaudited)

	Interest rate			Maturity date		Principal		Value
Utilities: 2.36%
Electric Utilities: 1.54%
DPL Incorporated		7.25	%		10-15-2021	$	855,000	$	884,925
Exelon Corporation		3.50			6-1-2022		1,895,000		1,966,617
Georgia Power Company		2.10			7-30-2023		2,350,000		2,392,308
NV Energy Incorporated		6.25			11-15-2020		2,000,000		2,062,638
									7,306,488
Independent Power & Renewable Electricity Producers: 0.27%
The AES Corporation		4.50			3-15-2023		1,300,000		1,293,526
Multi-Utilities: 0.55%
Dominion Energy Incorporated		2.72			8-15-2021		1,170,000		1,188,687
DTE Energy Company		2.53			10-1-2024		1,360,000		1,403,325
									2,592,012
Total Corporate Bonds and Notes (Cost $162,545,329)									165,726,781
Municipal Obligations: 1.37%
Georgia: 0.23%
Health Revenue: 0.23%
Georgia Medical Center Hospital Authority Taxable Refunding Bond		4.88			8-1-2022		1,000,000		1,064,790
Illinois: 0.13%
Tax Revenue: 0.13%
Chicago IL Retiree Health Series B		6.30			12-1-2021		600,000		633,858
Indiana: 0.29%
Education Revenue: 0.29%
Indiana Secondary Market for Education Loans Incorporated (1 Month LIBOR +0.80%)±		2.43			2-25-2044		1,355,589		1,353,407
New Jersey: 0.43%
Miscellaneous Revenue: 0.43%
New Jersey Transportation Trust Fund Authority System Series B		2.55			6-15-2023		2,000,000		2,056,540
Pennsylvania: 0.20%
Miscellaneous Revenue: 0.20%
Philadelphia PA IDA Pension Funding Series B (Ambac Insured) ¤		0.00			4-15-2021		970,000		952,123
Rhode Island: 0.09%
Industrial Development Revenue: 0.09%
Rhode Island EDA (AGM Insured)		7.75			11-1-2020		400,000		412,432
Total Municipal Obligations (Cost $6,328,268)									6,473,150
Non-Agency Mortgage-Backed Securities: 25.36%
Angel Oak Mortgage Trust I LLC Series2019-3 Class A1 144A±±		2.93			5-25-2059		776,663		781,933
Barclays Commercial Mortgage Trust Series2015-STP Class A 144A		3.32			9-10-2028		1,426,788		1,433,455
BDS Limited Series2018-FL2 Class A (1 Month LIBOR +0.95%) 144A±		2.61			8-15-2035		868,308		867,225
Benefit Street Partners CLO Limited Series2014-IVA Class A1RR (3 Month LIBOR +1.25%) 144A±		3.07			1-20-2029		2,300,000		2,300,863
BlueMountain CLO Limited Series2012-2A Class AR2 (3 Month LIBOR +1.05%) 144A±		2.74			11-20-2028		1,400,000		1,400,343

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

12  |  Wells Fargo Short-Term Bond Fund

Portfolio of investments—February 29, 2020 (unaudited)

	Interest rate			Maturity date		Principal		Value
Non-Agency Mortgage-Backed Securities (continued)
Bunker Hill Loan Depositary Trust Series2019-3 Class A1 144A		2.72	%		11-25-2059	$	1,699,996	$	1,717,878
Cascade Funding Mortgage Trust Series 2018-RM2 Class A 144A±±		4.00			10-25-2068		452,239		472,149
CCG Receivables Trust LLC Series2018-1 Class A2 144A		2.50			6-16-2025		576,582		579,181
CD Commercial Mortgage Trust Series2017-CD3 Class A1		1.97			2-10-2050		756,578		758,738
CGDBB Commercial Mortgage Trust Series 2017-BIOC Class A (1 Month LIBOR +0.79%) 144A±		2.45			7-15-2032		2,603,599		2,603,596
CIFC Funding Limited Series2012-2RA Class A1 (3 Month LIBOR +0.80%) 144A±		2.62			1-20-2028		2,440,000		2,440,044
Citigroup Commercial Mortgage Trust Series2016-P5 Class A2		2.40			10-10-2049		128,000		129,496
Citigroup Commercial Mortgage Trust Series 2017-MDRB Class A (1 Month LIBOR +1.10%) 144A±		2.76			7-15-2030		805,175		799,323
CNH Equipment Trust Series2019-A Class A2		2.96			5-16-2022		1,740,639		1,751,831
Colt Funding LLC Series2018-3 Class A1 144A±±		3.69			10-26-2048		774,413		777,953
Colt Funding LLC Series2019-1 Class A1 144A±±		3.71			3-25-2049		1,403,084		1,428,023
Commercial Mortgage Trust Series2012-CR1 Class ASB		3.05			5-15-2045		1,325,968		1,343,382
Commercial Mortgage Trust Series2012-CR4 Class A		3.25			10-15-2045		2,000,000		2,031,609
Commercial Mortgage Trust Series 2014-CR14 Class B±±		4.63			2-10-2047		680,000		751,275
Commercial Mortgage Trust Series 2014-LC17 Class A2		3.16			10-10-2047		211,612		212,127
Commercial Mortgage Trust Series 2015-CR27 Class A1		1.58			10-10-2048		425,357		424,926
Commercial Mortgage Trust Series2015-DC1 Class A3		3.22			2-10-2048		1,500,000		1,537,741
ContiMortgage Home Equity Trust Series1996-2 Class IO±±(c)		0.00			7-15-2027		564,910		10,559
Countrywide Home Loans Mortgage Pass-Through Trust Series 2001-HYB1 Class 2A1±±		3.60			6-19-2031		94,754		95,509
Credit Suisse Mortgage Trust Series 2019-SKLZ Class A (1 Month LIBOR +1.25%) 144A±		2.91			1-15-2034		1,400,000		1,400,410
Credit Suisse Mortgage Trust Series 2020-AFC1 Class A3 144A±±		2.51			2-25-2050		2,770,106		2,796,332
Crown Point Limited Series2018-6A Class A1 (3 Month LIBOR +1.17%) 144A±		2.99			10-20-2028		2,350,000		2,350,273
CSAIL Commercial Mortgage Trust Series2016-C5 Class A4		3.49			11-15-2048		2,430,000		2,561,782
CSAIL Commercial Mortgage Trust Series2019-C15 Class A1		2.99			3-15-2052		368,842		380,494
Deephaven Residential Mortgage Series2019-4A Class A1 144A±±		2.79			10-25-2059		1,327,690		1,335,730
Deutsche Bank UBS Securities Mortgage Trust Series 2011-LC2A Class A4 144A		4.54			7-10-2044		704,369		721,280
DLL Securitization Trust Series2019-MT3 Class A1 144A		2.06			10-20-2020		534,005		534,591
EquiFirst Mortgage Loan Trust Series2003-2 Class 3A3 (1 Month LIBOR +1.13%)±		2.78			9-25-2033		237,634		234,804
FWD Securitization Trust Class 2020-INV1 Class A3 144A±±		2.44			1-25-2050		2,835,136		2,842,849
GCAT Series 2019-NQM1 Class A1 144A		2.99			2-25-2059		2,290,168		2,313,451
GCAT Series 2019-NQM2 Class A1 144A		2.86			9-25-2059		1,991,085		2,012,132
Golden National Mortgage Asset-Backed Certificates Series1998-GN1 Class M2		1.00			2-25-2027		34,322		34,535
Great Wolf Trust Series 2019-WOLF Class A (1 Month LIBOR +1.03%) 144A±		2.69			12-15-2036		2,150,000		2,150,004
GS Mortgage Securities Trust Series2011-GC5 Class A3		3.82			8-10-2044		1,119,400		1,130,799
GS Mortgage Securities Trust Series2010-C1 Class A2 144A		4.59			8-10-2043		2,370,223		2,379,906
GS Mortgage Securities Trust Series 2012-ALOH Class A 144A		3.55			4-10-2034		2,414,000		2,494,820
GS Mortgage Securities Trust Series2013-G1 Class A2 144A±±		3.56			4-10-2031		530,140		548,985
GS Mortgage Securities Trust Series 2014-GC22 Class A3		3.52			6-10-2047		3,031,556		3,082,427
GS Mortgage Securities Trust Series2016-GS3 Class A1		1.43			10-10-2049		764,175		763,348
GS Mortgage Securities Trust Series 2019- PJ1 Class A6 144A±±		4.00			8-25-2049		516,825		522,591
GSMPS Mortgage Loan Trust Series1998-1 Class A 144A±±		8.00			9-19-2027		144,640		145,721
Homeward Opportunities Fund I Trust Series2019-1 Class A1 144A±±		3.45			1-25-2059		1,536,746		1,553,860
Hospitality Mortgage Trust Series 2019 Class A (1 Month LIBOR +1.00%) 144A±		2.66			11-15-2036		1,976,887		1,974,512
JPMorgan Chase Commercial Mortgage Securities Trust Series2012-C8 Class A3		2.83			10-15-2045		2,272,322		2,340,801
JPMorgan Chase Commercial Mortgage Securities Trust Series 2013-LC11 Class A4		2.69			4-15-2046		1,608,504		1,663,624
JPMorgan Chase Commercial Mortgage Securities Trust Series2018-PHH Class A (1 Month LIBOR +0.91%) 144A±		2.57			6-15-2035		1,051,458		1,050,712

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

Wells Fargo Short-Term Bond Fund  |  13

Portfolio of investments—February 29, 2020 (unaudited)

	Interest rate			Maturity date		Principal		Value
Non-Agency Mortgage-Backed Securities (continued)
JPMorgan Chase Commercial Mortgage Securities Trust Series2019-MFP Class A (1 Month LIBOR +0.96%) 144A±		2.62	%		7-15-2036	$	2,500,000	$	2,499,997
KKR Financial Holdings LLC (3 Month LIBOR +1.34%) 144A±		3.17			4-15-2029		2,250,000		2,250,257
Lendmark Funding Trust Series2018-1A Class A 144A		3.81			12-21-2026		1,855,000		1,903,709
Lendmark Funding Trust Series2018-2A Class A 144A		4.23			4-20-2027		160,000		167,228
Lendmark Funding Trust Series2019-2A Class A 144A		2.78			4-20-2028		3,000,000		3,066,853
LoanCore Limited Series 2018-CRE1 Class A (1 Month LIBOR +1.13%) 144A±		2.79			5-15-2028		2,000,000		2,001,876
Master Mortgages Trust Series2002-3 Class 4A1±±		4.98			10-25-2032		1,035		1,058
Mello Warehouse Securitization Series2018-W1 Class A (1 Month LIBOR +0.85%) 144A±		2.48			11-25-2051		1,333,333		1,334,812
Mello Warehouse Securitization Series2019-1 Class A (1 Month LIBOR +0.80%) 144A±		2.43			6-25-2052		2,240,000		2,241,496
Morgan Stanley Capital I Trust Series2016-C30 Class A1		1.39			9-15-2049		836,203		834,658
Neuberger Berman Limited Series2015-20A Class AR (3 Month LIBOR +0.80%) 144A±		2.63			1-15-2028		1,340,000		1,340,159
New Residential Mortgage Loan Trust Series 2018-NQM1 Class A1 144A±±		3.99			11-25-2048		1,185,002		1,206,308
Oaktree CLO Limited Series15-1A Class A1R (3 Month LIBOR +0.87%) 144A±		2.69			10-20-2027		1,500,000		1,500,221
Ondeck Asset Securitization Trust LLC Series2018-1A Class A 144A		3.50			4-18-2022		2,320,000		2,327,297
Palmer Square Loan Funding Limited Series2018-4A Class A1 (3 Month LIBOR +0.90%) 144A±		2.59			11-15-2026		1,111,415		1,112,073
ReadyCap Commercial Mortgage Trust Series2019-5 Class A 144A		3.78			2-25-2052		1,287,150		1,353,966
Regatta II Funding LP Series2013-2A Class A1R2 (3 Month LIBOR +1.25%) 144A±		3.08			1-15-2029		2,925,000		2,925,796
Salem Fields CLO Limited Series2016-2A Class A (3 Month LIBOR +1.15%) 144A±		2.94			10-25-2028		1,800,000		1,800,241
Shackleton CLO Limited Series2019-15A Class A (3 Month LIBOR +1.25%) 144A±		3.15			1-15-2030		1,160,000		1,161,344
Starwood Mortgage Residential Trust Series2019-1 Class A1 144A±±		2.94			6-25-2049		1,580,687		1,599,119
Starwood Mortgage Residential Trust Series2020-1 Class A3 144A±±		2.56			2-25-2050		1,542,041		1,553,412
TCW CLO2017-1 Limited Series2017-1A Class BR (3 Month LIBOR +1.55%) 144A%%±		3.30			7-29-2029		2,255,000		2,251,615
TCW CLO2019-1 AMR Limited Series2019-1A Class A (3 Month LIBOR +1.44%) 144A±		3.13			2-15-2029		1,715,000		1,716,285
THL Credit Wind River CLO Limited Series2012-1A Class AR2 (3 Month LIBOR +0.88%) 144A±		2.71			1-15-2026		1,200,945		1,201,354
Towd Point Asset Funding LLC Series2019-HE1 Class A1 (1 Month LIBOR +0.90%) 144A±		2.53			4-25-2048		1,247,937		1,251,395
Towd Point Mortgage Trust Series2015-4 Class A2 144A±±		3.75			4-25-2055		1,245,000		1,290,807
Towd Point Mortgage Trust Series2017-1 Class A1 144A±±		2.75			10-25-2056		1,930,715		1,970,620
Towd Point Mortgage Trust Series2017-4 Class A1 144A±±		2.75			6-25-2057		1,099,048		1,125,915
Towd Point Mortgage Trust Series 2019-MH1 Class A1 144A±±		3.00			11-25-2058		882,971		896,048
Towd Point Mortgage Trust Series2019-SJ3 Class A1 144A±±		3.00			11-25-2059		2,111,911		2,127,280
UBS Commercial Mortgage Trust Series 2018-NYCH Class A (1 Month LIBOR +0.85%) 144A±		2.51			2-15-2032		1,680,000		1,676,335
Vendee Mortgage Trust Series2011-1 Class DA		3.75			2-15-2035		641,182		652,564
Verus Securitization Trust Series2019-1 Class A1 144A±±		3.40			12-25-2059		1,685,427		1,703,722
Wilshire Funding Corporation Series1996-3 Class M2±±		7.08			8-25-2032		79,782		83,499
Wilshire Funding Corporation Series1996-3 Class M3±±		7.08			8-25-2032		77,754		76,043
Wilshire Funding Corporation Series1998-2 Class M1±±		2.00			12-28-2037		8,099		8,228
TotalNon-Agency Mortgage-Backed Securities (Cost $119,458,873)									120,183,522

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

14  |  Wells Fargo Short-Term Bond Fund

Portfolio of investments—February 29, 2020 (unaudited)

	Interest rate			Maturity date		Principal		Value
U.S. Treasury Securities: 0.41%
U.S. Treasury Note		1.38	%		1-31-2025	$	325,000	$	332,071
U.S. Treasury Note		2.50			1-15-2022		1,545,000		1,589,841
Total U.S. Treasury Securities (Cost $1,869,521)									1,921,912
Yankee Corporate Bonds and Notes: 14.50%
Communication Services: 0.52%
Interactive Media & Services: 0.52%
Tencent Holdings Limited 144A		3.28			4-11-2024		2,310,000		2,444,354
Consumer Discretionary: 1.59%
Auto Components: 0.54%
Toyota Industries Corporation 144A		3.11			3-12-2022		2,460,000		2,532,798
Automobiles: 0.49%
Fiat Chrysler Automobiles NV		4.50			4-15-2020		2,335,000		2,337,615
Household Durables: 0.56%
Panasonic Corporation 144A		2.54			7-19-2022		2,600,000		2,652,435
Energy: 0.35%
Oil, Gas & Consumable Fuels: 0.35%
Aker BP ASA 144A		3.00			1-15-2025		1,660,000		1,680,842
Financials: 9.79%
Banks: 8.93%
ANZ New Zealand International Company 144A		1.90			2-13-2023		2,200,000		2,227,174
Australia & New Zealand Banking Group Limited		2.25			11-9-2020		2,210,000		2,219,802
Banco Bradesco (Cayman) 144A		2.85			1-27-2023		745,000		741,499
Banco Internacional del Peru SAA Interbank 144A		3.38			1-18-2023		1,305,000		1,337,625
Banco Santander SA 144A		4.13			11-9-2022		2,095,000		2,176,181
Bank of New Zealand 144A		2.00			2-21-2025		1,835,000		1,860,115
Banque Federative du Credit Mutuel SA 144A		2.13			11-21-2022		3,135,000		3,186,920
BBVA Bancomer SA 144A		7.25			4-22-2020		634,000		636,384
Cooperatieve Rabobank U.A.		2.75			1-10-2022		3,000,000		3,069,352
Corporación Andina de Fomento		2.13			9-27-2021		3,000,000		3,022,080
Credit Suisse Group Funding Limited		3.13			12-10-2020		2,110,000		2,131,571
Danske Bank AS 144A		5.00			1-12-2022		1,405,000		1,488,132
Global Bank Corporation 144A		4.50			10-20-2021		470,000		481,750
Lloyds Banking Group plc (3 Month LIBOR +1.25%)±		2.86			3-17-2023		2,000,000		2,040,022
Macquarie Bank Limited 144A		2.85			7-29-2020		3,000,000		3,014,319
Mizuho Financial Group 144A		2.63			4-12-2021		1,000,000		1,012,160
Nordea Bank AB 144A		3.75			8-30-2023		2,000,000		2,129,214
Sumitomo Mitsui Financial Group (3 Month LIBOR +0.80%)±		2.64			10-16-2023		2,000,000		2,021,660
Sumitomo Mitsui Financial Group		2.70			7-16-2024		2,510,000		2,609,331
Svenska Handelsbanken AB		1.88			9-7-2021		2,500,000		2,519,398
UniCredit SpA 144A		6.57			1-14-2022		2,220,000		2,384,360
									42,309,049
Diversified Financial Services: 0.27%
UBS AG 144A		2.20			6-8-2020		1,275,000		1,276,010
Insurance: 0.59%
Sompo International Holdings Limited		4.70			10-15-2022		2,628,000		2,825,219

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

Wells Fargo Short-Term Bond Fund  |  15

Portfolio of investments—February 29, 2020 (unaudited)

	Interest rate			Maturity date		Principal		Value
Health Care: 0.51%
Pharmaceuticals: 0.51%
Perrigo Company plc		4.00	%		11-15-2023	$	323,000	$	340,186
Perrigo Finance Unlimited Company		3.50			3-15-2021		1,065,000		1,083,859
Shire Acquisitions Investment Ireland Limited		2.40			9-23-2021		980,000		992,603
									2,416,648
Industrials: 0.52%
Semiconductors & Semiconductor Equipment: 0.13%
NXP BV 144A		4.13			6-1-2021		585,000		601,294
Transportation Infrastructure: 0.39%
Asciano Finance Limited 144A		4.63			9-23-2020		1,821,000		1,848,154
Materials: 0.65%
Chemicals: 0.65%
Park Aerospace Holdings Company 144A		5.25			8-15-2022		885,000		941,592
Syngenta Finance NV 144A		4.44			4-24-2023		2,000,000		2,126,926
									3,068,518
Utilities: 0.57%
Electric Utilities: 0.57%
Enel Finance International NV 144A		4.25			9-14-2023		2,500,000		2,705,924
Total Yankee Corporate Bonds and Notes (Cost $66,752,399)									68,698,860
	Yield					Shares
Short-Term Investments: 6.25%
Investment Companies: 6.25%
Securities Lending Cash Investments LLC (l)(r)(u)		1.66					2,516,719		2,516,971
Wells Fargo Government Money Market Fund Select Class (l)(u)##		1.52					27,098,720		27,098,720
Total Short-Term Investments (Cost $29,615,691)									29,615,691

Total investments in securities (Cost $474,305,321)	101.59	%		481,412,184
Other assets and liabilities, net	(1.59	)		(7,518,585	)
Total net assets	100.00	%	$	473,893,599

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

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

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

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

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

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

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

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

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

(u) The rate represents the7-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.

16  |  Wells Fargo Short-Term Bond Fund

Portfolio of investments—February 29, 2020 (unaudited)

Abbreviations:

AGM Assured Guaranty Municipal

Ambac Ambac Financial Group Incorporated

EDA Economic Development Authority

FDIC Federal Deposit Insurance Corporation

FHLMC Federal Home Loan Mortgage Corporation

FNMA Federal National Mortgage Association

GNMA Government National Mortgage Association

IDA Industrial Development Authority

LIBOR London Interbank Offered Rate

REIT Real Estate Investment Trust

Futures Contracts

Description	Number of contracts		Expiration date		Notional cost			Notional value			Unrealized gains		Unrealized losses
Long
2-Year U.S. Treasury Notes		1,150		6-30-2020	$	249,610,248		$	251,077,344		$	1,467,096	$	0
Short
5-Year U.S. Treasury Notes		(321)		6-30-2020		(39,002,959	)		(39,402,750	)		0		(399,791	)
											$	1,467,096	$	(399,791	)

Investments in Affiliates

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

	Shares, beginning of period		Shares purchased		Shares sold			Shares, end of period		Net realized gains (losses)			Net change in unrealized gains (losses)		Income from affiliated securities			Value, end of period		% of net assets
Short-Term Investments
Investment Companies
Securities Lending Cash Investments LLC		1,285,334		10,956,575		(9,725,190	)		2,516,719	($	69	)	$	0	$	11,173	#	$	2,516,971
Wells Fargo Government Money Market Fund Select Class		9,958,213		149,159,943		(132,019,436	)		27,098,720		0			0		157,683			27,098,720
										($	69	)	$	0	$	168,856		$	29,615,691		6.25	%

^#  Amount shown represents income before fees and rebates.

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

Wells Fargo Short-Term Bond Fund  |  17

Statement of assets and liabilities—February 29, 2020 (unaudited)

Assets
Investments in unaffiliated securities (including $2,465,465 of securities loaned), at value (cost $444,689,630)	$	451,796,493
Investments in affiliated securities, at value (cost $29,615,691)		29,615,691
Cash		87,234
Cash at broker segregated for futures contracts		627,148
Principal paydown receivable		5,721
Receivable for Fund shares sold		2,380,305
Receivable for interest		2,327,750
Receivable for daily variation margin on open futures contracts		529,043
Receivable for securities lending income, net		574
Prepaid expenses and other assets		35,721
Total assets		487,405,680
Liabilities
Payable upon receipt of securities loaned		2,516,966
Payable for investments purchased		8,976,861
Payable for Fund shares redeemed		1,526,973
Management fee payable		110,901
Dividends payable		219,617
Administration fees payable		39,935
Distribution fee payable		2,979
Trustees’ fees and expenses payable		5,837
Accrued expenses and other liabilities		112,012
Total liabilities		13,512,081
Total net assets	$	473,893,599
Net assets consist of
Paid-in capital	$	467,028,212
Total distributable earnings		6,865,387
Total net assets	$	473,893,599
Computation of net asset value and offering price per share
Net assets – Class A	$	162,151,411
Shares outstanding – Class A1		18,220,608
Net asset value per share – Class A		$8.90
Maximum offering price per share – Class A2		$9.08
Net assets – Class C	$	4,827,199
Shares outstanding – Class C1		543,018
Net asset value per share – Class C		$8.89
Net assets – Class R6	$	28,154,537
Shares outstanding – Class R61		3,165,264
Net asset value per share – Class R6		$8.89
Net assets – Institutional Class	$	278,760,452
Shares outstanding – Institutional Class1		31,310,159
Net asset value per share – Institutional Class		$8.90

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.

18  |  Wells Fargo Short-Term Bond Fund

Statement of operations—six months ended February 29, 2020 (unaudited)

Investment income
Interest	$	6,436,413
Income from affiliated securities		160,654
Total investment income		6,597,067
Expenses
Management fee		778,365
Administration fees
Class A		130,057
Class C		4,960
Class R6		4,644
Institutional Class		98,020
Shareholder servicing fees
Class A		203,214
Class C		7,750
Distribution fee
Class C		23,242
Custody and accounting fees		20,779
Professional fees		27,053
Registration fees		34,712
Shareholder report expenses		27,769
Trustees’ fees and expenses		10,909
Other fees and expenses		5,456
Total expenses		1,376,930
Less: Fee waivers and/or expense reimbursements
Fund-level		(92,064	)
Class A		(39,264	)
Class C		(1,495	)
Net expenses		1,244,107
Net investment income		5,352,960
Realized and unrealized gains (losses) on investments
Net realized gains (losses) on
Unaffiliated securities		661,203
Affiliated securities		(69	)
Futures contracts		83,582
Net realized gains on investments		744,716
Net change in unrealized gains (losses) on
Unaffiliated securities		1,716,124
Futures contracts		836,151
Net change in unrealized gains (losses) on investments		2,552,275
Net realized and unrealized gains (losses) on investments		3,296,991
Net increase in net assets resulting from operations	$	8,649,951

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

Wells Fargo Short-Term Bond Fund  |  19

Statement of changes in net assets

	Six months ended February 29, 2020 (unaudited)						Year ended August 31, 2019
Operations
Net investment income				$	5,352,960					$	10,469,332
Net realized gains on investments					744,716						988,172
Net change in unrealized gains (losses) on investments					2,552,275						8,268,897
Net increase in net assets resulting from operations					8,649,951						19,726,401
Distributions to shareholders from net investment income and net realized gains
Class A					(1,814,762	)					(3,992,982	)
Class C					(46,035	)					(120,972	)
Class R6					(395,159	)					(713,351	)
Institutional Class					(3,069,177	)					(5,643,042	)
Total distributions to shareholders					(5,325,133	)					(10,470,347	)
Capital share transactions		Shares						Shares
Proceeds from shares sold
Class A		1,013,824			8,954,531			2,223,647			19,328,602
Class C		103,645			914,087			271,321			2,363,056
Class R6		747,511			6,597,074			5,013,680			43,272,366
Institutional Class		9,725,081			85,943,667			10,058,620			87,525,507
					102,409,359						152,489,531
Reinvestment of distributions
Class A		193,481			1,710,541			431,307			3,760,725
Class C		4,662			41,156			11,990			104,366
Class R6		224			1,980			421			3,677
Institutional Class		251,370			2,223,486			465,911			4,065,263
					3,977,163						7,934,031
Payment for shares redeemed
Class A		(2,261,307	)		(19,979,196	)		(4,443,303	)		(38,566,762	)
Class C		(374,806	)		(3,305,518	)		(467,871	)		(4,067,578	)
Class R6		(1,045,120	)		(9,228,917	)		(1,846,341	)		(16,085,357	)
Institutional Class		(4,285,846	)		(37,897,683	)		(11,098,501	)		(96,341,169	)
					(70,411,314	)					(155,060,866	)
Net increase in net assets resulting from capital share transactions					35,975,208						5,362,696
Total increase in net assets					39,300,026						14,618,750
Net assets
Beginning of period					434,593,573						419,974,823
End of period				$	473,893,599					$	434,593,573

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

20  |  Wells Fargo Short-Term Bond Fund

Financial highlights

(For a share outstanding throughout each period)

	Six months ended February 29, 2020 (unaudited)			Year ended August 31
CLASS A				2019			2018			2017			2016			2015
Net asset value, beginning of period		$8.84			$8.65			$8.77			$8.78			$8.77			$8.82
Net investment income		0.10			0.20			0.15			0.12			0.11			0.09
Net realized and unrealized gains (losses) on investments		0.06			0.19			(0.12	)		(0.01	)		0.04			(0.03	)
Total from investment operations		0.16			0.39			0.03			0.11			0.15			0.06
Distributions to shareholders from
Net investment income		(0.10	)		(0.20	)		(0.15	)		(0.12	)		(0.11	)		(0.09	)
Net realized gains		0.00			0.00			0.00			0.00			(0.03	)		(0.02	)
Total distributions to shareholders		(0.10	)		(0.20	)		(0.15	)		(0.12	)		(0.14	)		(0.11	)
Net asset value, end of period		$8.90			$8.84			$8.65			$8.77			$8.78			$8.77
Total return1		1.80	%		4.60	%		0.31	%		1.25	%		1.77	%		0.66	%
Ratios to average net assets (annualized)
Gross expenses		0.82	%		0.82	%		0.82	%		0.81	%		0.81	%		0.80	%
Net expenses		0.72	%		0.72	%		0.72	%		0.72	%		0.72	%		0.74	%
Net investment income		2.24	%		2.33	%		1.68	%		1.35	%		1.29	%		1.00	%
Supplemental data
Portfolio turnover rate		23	%		43	%		43	%		50	%		59	%		57	%
Net assets, end of period (000s omitted)		$162,151			$170,345			$182,179			$225,797			$278,802			$65,454

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.

Wells Fargo Short-Term Bond Fund  |  21

Financial highlights

(For a share outstanding throughout each period)

	Six months ended February 29, 2020 (unaudited)			Year ended August 31
CLASS C				2019			2018			2017			2016			2015
Net asset value, beginning of period		$8.83			$8.64			$8.76			$8.77			$8.76			$8.81
Net investment income		0.06			0.14			0.08			0.05			0.05			0.02
Net realized and unrealized gains (losses) on investments		0.06			0.19			(0.12	)		(0.01	)		0.04			(0.03	)
Total from investment operations		0.12			0.33			(0.04	)		0.04			0.09			(0.01	)
Distributions to shareholders from
Net investment income		(0.06	)		(0.14	)		(0.08	)		(0.05	)		(0.05	)		(0.02	)
Net realized gains		0.00			0.00			0.00			0.00			(0.03	)		(0.02	)
Total distributions to shareholders		(0.06	)		(0.14	)		(0.08	)		(0.05	)		(0.08	)		(0.04	)
Net asset value, end of period		$8.89			$8.83			$8.64			$8.76			$8.77			$8.76
Total return1		1.42	%		3.82	%		(0.44	)%		0.49	%		1.01	%		(0.09	)%
Ratios to average net assets (annualized)
Gross expenses		1.57	%		1.57	%		1.57	%		1.56	%		1.56	%		1.55	%
Net expenses		1.47	%		1.47	%		1.47	%		1.47	%		1.47	%		1.49	%
Net investment income		1.49	%		1.57	%		0.93	%		0.61	%		0.53	%		0.25	%
Supplemental data
Portfolio turnover rate		23	%		43	%		43	%		50	%		59	%		57	%
Net assets, end of period (000s omitted)		$4,827			$7,146			$8,588			$11,361			$14,204			$11,508

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

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

22  |  Wells Fargo Short-Term Bond Fund

Financial highlights

(For a share outstanding throughout each period)

	Six months ended February 29, 2020 (unaudited)			Year ended August 31
CLASS R6				2019			20181
Net asset value, beginning of period		$8.83			$8.66			$8.64
Net investment income		0.11			0.23			0.02	2
Net realized and unrealized gains (losses) on investments		0.06			0.17			0.02
Total from investment operations		0.17			0.40			0.04
Distributions to shareholders from
Net investment income		(0.11	)		(0.23	)		(0.02	)
Net asset value, end of period		$8.89			$8.83			$8.66
Total return3		1.96	%		4.69	%		0.42	%
Ratios to average net assets (annualized)
Gross expenses		0.44	%		0.44	%		0.44	%
Net expenses		0.40	%		0.40	%		0.40	%
Net investment income		2.56	%		2.71	%		2.24	%
Supplemental data
Portfolio turnover rate		23	%		43	%		43	%
Net assets, end of period (000s omitted)		$28,155			$30,585			$2,553

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

Wells Fargo Short-Term Bond Fund  |  23

Financial highlights

(For a share outstanding throughout each period)

	Six months ended February 29, 2020 (unaudited)			Year ended August 31
INSTITUTIONAL CLASS				2019			2018			2017			2016			2015
Net asset value, beginning of period		$8.84			$8.65			$8.78			$8.79			$8.77			$8.83
Net investment income		0.11			0.23			0.17			0.14			0.13			0.11
Net realized and unrealized gains (losses) on investments		0.06			0.19			(0.13	)		(0.01	)		0.05			(0.04	)
Total from investment operations		0.17			0.42			0.04			0.13			0.18			0.07
Distributions to shareholders from
Net investment income		(0.11	)		(0.23	)		(0.17	)		(0.14	)		(0.13	)		(0.11	)
Net realized gains		0.00			0.00			0.00			0.00			(0.03	)		(0.02	)
Total distributions to shareholders		(0.11	)		(0.23	)		(0.17	)		(0.14	)		(0.16	)		(0.13	)
Net asset value, end of period		$8.90			$8.84			$8.65			$8.78			$8.79			$8.77
Total return1		1.94	%		4.88	%		0.46	%		1.49	%		2.14	%		0.82	%
Ratios to average net assets (annualized)
Gross expenses		0.49	%		0.49	%		0.49	%		0.48	%		0.48	%		0.47	%
Net expenses		0.45	%		0.45	%		0.46	%		0.48	%		0.48	%		0.47	%
Net investment income		2.52	%		2.60	%		1.95	%		1.59	%		1.51	%		1.26	%
Supplemental data
Portfolio turnover rate		23	%		43	%		43	%		50	%		59	%		57	%
Net assets, end of period (000s omitted)		$278,760			$226,517			$226,655			$230,549			$252,961			$306,832

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

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

24  |  Wells Fargo Short-Term Bond Fund

Notes to financial statements (unaudited)

1. ORGANIZATION

Wells Fargo Funds Trust (the “Trust”), a Delaware statutory trust organized on March 10, 1999, is 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 Short-Term Bond Fund (the “Fund”) which is a diversified series of the Trust.

2. SIGNIFICANT ACCOUNTING POLICIES

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

Securities valuation

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

Debt securities are valued at the evaluated bid price provided by an independent pricing service (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 registeredopen-end investment companies are valued at net asset value. Interests innon-registered investment companies that are redeemable at net asset value are fair valued normally at net asset value.

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

Securities lending

The Fund may lend its securities from time to time in order to earn additional income in the form of fees or interest on securities received as collateral or the investment of any cash received as collateral. When securities are on loan, the Fund receives interest or dividends on those securities. Cash collateral received in connection with its securities lending transactions is invested in Securities Lending Cash Investments, LLC (the “Securities Lending Fund”). Investments in Securities Lending Fund are valued at the evaluated bid price provided by an independent pricing service. Income earned from investment in the Securities Lending Fund (net of fees and rebates), if any, is included in income from affiliated securities on the Statement of Operations.

In a securities lending transaction, the net asset value of the Fund is affected by an increase or decrease in the value of the securities loaned and by an increase or decrease in the value of the instrument in which collateral is invested. The amount of securities lending activity undertaken by the Fund fluctuates from time to time. The Fund has the right under the lending agreement to recover the securities from the borrower on demand. In the event of default or bankruptcy by the borrower, the Fund may be prevented from recovering the loaned securities or gaining access to the collateral or may experience delays or costs in doing so. In such an event, the terms of the agreement allows the unaffiliated securities lending agent to use the collateral to purchase replacement securities on behalf of the Fund or pay the Fund the market value of the loaned securities. The Fund bears the risk of loss with respect to depreciation of its investment of the cash collateral.

Futures contracts

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 a 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 and is subject to interest rate risk. The primary risks associated with the

Wells Fargo Short-Term Bond Fund  |  25

Notes to financial statements (unaudited)

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 the 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.

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.

Federal and other taxes

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

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

As of February 29, 2020, the aggregate cost of all investments for federal income tax purposes was $474,591,381 and the unrealized gains (losses) consisted of:

Gross unrealized gains	$	8,315,576
Gross unrealized losses		(427,468	)
Net unrealized gains	$	7,888,108

As of August 31, 2019, the Fund had capital loss carryforwards which consisted of $209,263 in short-term capital losses and $1,720,034 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 fund-level 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.

26  |  Wells Fargo Short-Term Bond Fund

Notes to financial statements (unaudited)

3. FAIR VALUATION MEASUREMENTS

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

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

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

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

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

The following is a summary of the inputs used in valuing the Fund’s assets and liabilities as of February 29, 2020:

	Quoted prices (Level 1)		Other significant observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total
Assets
Investments in:
Agency securities	$	0	$	16,265,355	$	0	$	16,265,355
Asset-backed securities		0		72,526,913		0		72,526,913
Corporate bonds and notes		0		165,726,781		0		165,726,781
Municipal obligations		0		6,473,150		0		6,473,150
Non-agency mortgage-backed securities		0		120,183,522		0		120,183,522
U.S. Treasury securities		1,921,912		0		0		1,921,912
Yankee corporate bonds and notes		0		68,698,860		0		68,698,860
Short-term investments
Investment companies		29,615,691		0		0		29,615,691
		31,537,603		449,874,581		0		481,412,184
Futures contracts		1,467,096		0		0		1,467,096
Total assets	$	33,004,699	$	449,874,581	$	0	$	482,879,280
Liabilities
Futures contracts	$	399,791	$	0	$	0	$	399,791
Total liabilities	$	399,791	$	0	$	0	$	399,791

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

Futures contracts are reported at their cumulative unrealized gains (losses) at measurement date as reported in the table following the Portfolio of Investments. For futures contracts, the current day’s variation margin is reported on the Statement of Assets and Liabilities. All other assets and liabilities are reported at their market value at measurement date.

For the six months ended February 29, 2020, 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

Wells Fargo Short-Term Bond Fund  |  27

Notes to financial statements (unaudited)

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 a management fee at the following annual rate based on the Fund’s average daily net assets:

Average daily net assets	Management fee
First $1 billion		0.350	%
Next $4 billion		0.325
Next $3 billion		0.290
Next $2 billion		0.265
Over $10 billion		0.255

For the six months ended February 29, 2020, the management fee was equivalent to an annual rate of 0.35% of the Fund’s average daily net assets.

Funds Management has retained the services of a subadviser to provide daily portfolio management to the Fund. The fee for subadvisory services is borne by Funds Management. Wells Capital Management Incorporated (“WellsCap”), an affiliate of Funds Management and an indirect wholly owned subsidiary of Wells Fargo, is the subadviser to the Fund and is entitled to receive a fee from Funds Management at an annual rate starting at 0.15% 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
Institutional Class		0.08

Waivers and/or expense reimbursements

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. When only certain classes exceed their expense caps, waivers and/or reimbursements are applied against class specific expenses before fund-level expenses. Funds Management has committed through December 31, 2020 to waive fees and/or reimburse expenses to the extent necessary to cap the Fund’s expenses at 0.72% for Class A shares, 1.47% for Class C shares, 0.40% for Class R6 shares, and 0.45% for Institutional Class shares. Prior to or after the commitment expiration date, 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 February 29, 2020, Funds Distributor received $68 from the sale of Class A shares and $26 in contingent deferred sales charges from redemptions of Class C shares. No contingent deferred sales charges were incurred by Class A shares for the six months ended February 29, 2020.

28  |  Wells Fargo Short-Term Bond Fund

Notes to financial statements (unaudited)

Shareholder servicing fees

The Trust has entered into contracts with one or more shareholder servicing agents, whereby Class A 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.

5. INVESTMENT PORTFOLIO TRANSACTIONS

Purchases and sales of investments, excluding short-term securities, for the six months ended February 29, 2020 were as follows:

Purchases at cost		Sales proceeds
U.S. government	Non-U.S. government	U.S. government	Non-U.S. government
$4,682,154	$170,506,421	$4,404,471	$93,329,757

6. SECURITIES LENDING TRANSACTIONS

The Fund lends its securities through an unaffiliated securities lending agent and receives collateral in the form of cash or securities with a value at least equal to the value of the securities on loan. The value of the loaned securities is determined at the close of each business day and any increases or decreases in the required collateral are exchanged between the Fund and the counterparty on the next business day. Cash collateral received is invested in the Securities Lending Fund which seeks to provide a positive return compared to the daily Fed Funds Open Rate by investing in high-quality, U.S. dollar-denominated short-term money market instruments and is exempt from registration under Section 3(c)(7) of the 1940 Act. Securities Lending Fund is managed by Funds Management and is subadvised by WellsCap. Funds Management receives an advisory fee starting at 0.05% and declining to 0.01% as the average daily net assets of the Securities Lending Fund increase. All of the fees received by Funds Management are paid to WellsCap for its services as subadviser.

In the event of counterparty default or the failure of a borrower to return a loaned security, the Fund has the right to use the collateral to offset any losses incurred. As of February 29, 2020, the Fund had securities lending transactions with the following counterparties which are subject to offset:

Counterparty	Value of securities on loan		Collateral received1			Net amount
Barclays Capital Inc.	$	1,525,612	$	(1,525,612	)	$	0
Citigroup Global Markets Inc.		939,853		(939,853	)		0

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

7. DERIVATIVE TRANSACTIONS

During the six months ended February 29, 2020, the Fund entered into futures contracts to speculate on interest rates and to help manage the duration of the portfolio. The Fund had an average notional amount of $208,986,386 in long futures contracts and $36,918,272 in short futures contracts during the six months ended February 29, 2020.

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.

8. 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 February 29, 2020, there were no borrowings by the Fund under the agreement.

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Notes to financial statements (unaudited)

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 PRONOUNCEMENTS

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.

In March 2017, FASB issued ASUNo. 2017-08,Premium Amortization on Purchased Callable Debt Securities. ASU2017-08

shortens the amortization period for certain callable debt securities held at a premium and requires the premium to be amortized to the earliest call date. The amendments do not require an accounting change for securities held at a discount and discounts will continue to be accreted to the maturity date of the security. ASU2017-08 is effective for fiscal years beginning after December 15, 2018 and for interim periods within those fiscal years. During the current reporting period, management of the Fund adopted the change in accounting policy which did not have a material impact to the Fund’s financial statements.

11. SUBSEQUENT EVENT

On March 11, 2020, the World Health Organization announced that it had made the assessment that coronavirus disease 2019(“COVID-19”) is a pandemic. The impacts ofCOVID-19 is adversely affecting the entire global economy, individual companies and investment products, and the market in general. There is significant uncertainty around the extent and duration of business disruptions related toCOVID-19 and the impact may be short term or may last for an extended period of time. The risk of further spreading ofCOVID-19 has led to significant uncertainty and volatility in the financial markets and the value of the Fund and the securities in which the Fund invests have generally been adversely affected by impacts caused byCOVID-19.

30  |  Wells Fargo Short-Term 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 atwfam.com, or visiting the SEC website at sec.gov. Information regarding how the proxies related to portfolio securities were voted during the most recent12-month period ended June 30 is available on the website atwfam.comor by visiting the SEC website at sec.gov.

QUARTERLY PORTFOLIO HOLDINGS INFORMATION

The Fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year as an exhibit to its reports on FormN-PORT. Shareholders may view the filed FormN-PORT by visiting the SEC website at sec.gov.

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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 146 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. Audit Committee Chair and Investment Committee Chair of the Vincent Memorial Hospital Endowment(non-profit organization). 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. (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. Johnson (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

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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
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
Olivia S. Mitchell (Born 1953)	Trustee, since 2006; Nominating and Governance Committee Chair, 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	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	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
Pamela Wheelock3 (Born 1959)	Trustee, since January 2020; previously Trustee from January 2018 to July 2019	Board member of the Destination Medical Center Economic Development Agency, Rochester, Minnesota since 2019. Acting Commissioner, Minnesota Department of Human Services, July 2019 through September 2019. Human Services Manager (part-time), Minnesota Department of Human Services, October 2019 through December 2019. Chief Operating Officer, Twin Cities Habitat for Humanity from 2017 to 2019. Vice President of University Services, University of Minnesota from 2012 to 2016. 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 Chief Executive Officer of Blue Cross Blue Shield of Minnesota from 2011 to 2012, Chairman of the Board from 2009 to 2012 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. Executive Vice President of the Minnesota Wild Foundation from 2004 to 2008. Commissioner of Finance, State of Minnesota, from 1999 to 2002. Currently 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.    

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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.
Michelle Rhee (Born 1966)	Chief Legal Officer, since 2019	Secretary of Wells Fargo Funds Management, LLC, Chief Legal Counsel of Wells Fargo Asset Management and Assistant General Counsel of Wells Fargo Bank, N.A. since 2018. Associate General Counsel and Managing Director of Bank of America Corporation from 2004 to 2018.
Catherine Kennedy (Born 1969)	Secretary, since 2019	Vice President of Wells Fargo Funds Management, LLC and Senior Counsel of the Wells Fargo Legal Department since 2010. Vice President and Senior Counsel of Evergreen Investment Management Company, LLC from 1998 to 2010.
Michael H. Whitaker (Born 1967)	Chief Compliance Officer, since 2016	Chief Compliance Officer of Wells Fargo Asset Management 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 64 funds in the Fund Complex. Jeremy DePalma acts as Treasurer of 82 funds and Assistant Treasurer of 64 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 atwfam.com.

³  Pamela Wheelock wasre-appointed to the Board effective January 1, 2020.

34  |  Wells Fargo Short-Term Bond Fund

Appendix I (unaudited)

Effective on or about May 1, 2020, if you purchase Fund shares through a Janney Montgomery Scott LLC (“Janney”) brokerage account, you will be eligible for the following load waivers(front-end sales charge waivers and contingent deferred sales charge (“CDSC”), orback-end sales charge, waivers) and discounts, which may differ from those disclosed elsewhere in the Fund’s Prospectus or SAI.

Front-end sales charge* waivers on Class A shares available at Janney

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).

Shares purchased by employees and registered representatives of Janney or its affiliates and their family members as designated by Janney.

Shares purchased from the proceeds of redemptions within the same fund family, provided (1) the repurchase occurs within ninety (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 (i.e., right of reinstatement).

Employer-sponsored retirement plans (e.g., 401(k) plans, 457 plans, employer-sponsored 403(b) plans, profit sharing and money purchase pension plans and defined benefit plans). For purposes of this provision, employer-sponsored retirement plans do not include SEP IRAs, Simple IRAs,SAR-SEPs or Keogh plans.

Shares acquired through a right of reinstatement.

Class C shares that are no longer subject to a contingent deferred sales charge and are converted to Class A shares of the same fund pursuant to Janney’s policies and procedures.

CDSC waivers on Class A and Class C shares available at Janney

Shares sold upon the death or disability of the shareholder.

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

Shares purchased in connection with a return of excess contributions from an IRA account.

Shares sold as part of a required minimum distribution for IRA and retirement accounts if the redemption is taken in or after the year the shareholder reaches qualified age based on applicable IRS regulations.

Shares sold to pay Janney fees but only if the transaction is initiated by Janney.

Shares acquired through a right of reinstatement.

Shares exchanged into the same share class of a different fund.

Front-end sales charge* discounts available at Janney; breakpoints, rights of accumulation and/or letters of intent

Breakpoints as described in the Fund’s Prospectus.

Rights of accumulation (“ROA”), 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 Janney. Eligible fund family assets not held at Janney may be included in the ROA calculation only if the shareholder notifies his or her financial advisor about such assets.

Letters of intent which allow for breakpoint discounts based on anticipated purchases within a fund family, over a13-month time period. Eligible fund family assets not held at Janney Montgomery Scott may be included in the calculation of letters of intent only if the shareholder notifies his or her financial advisor about such assets.

* Also referred to as an “initial sales charge.”

Wells Fargo Short-Term Bond Fund  |  35

Appendix II (unaudited)

Effective on or after May 1, 2020, clients of Edward Jones (also referred to as “shareholders”) purchasing Fund shares on the Edward Jones commission andfee-based platforms are eligible only for the following sales charge discounts (also referred to as “breakpoints”) and waivers, which can differ from breakpoints and waivers described elsewhere in this Prospectus or SAI or through another broker-dealer. In all instances, it is the shareholder’s responsibility to inform Edward Jones at the time of purchase of any relationship, holdings of Wells Fargo Funds or other facts qualifying the purchaser for breakpoints or waivers. Edward Jones can ask for documentation of such circumstance.

Breakpoints available at Edward Jones

Rights of Accumulation (ROA)

The applicable sales charge on a purchase of Class A shares is determined by taking into account all share classes (except any money market funds and retirement plan share classes) of Wells Fargo Funds held by the shareholder or in an account grouped by Edward Jones with other accounts for the purpose of providing certain pricing considerations (“pricing groups”). This includes all share classes held on the Edward Jones platform and/or held on another platform. The inclusion of eligible fund family assets in the rights of accumulation calculation is dependent on the shareholder notifying his or her financial advisor of such assets at the time of calculation.

ROA is determined by calculating the higher of cost or market value (current shares x NAV).

Letter of Intent (LOI)

Through a LOI, shareholders can receive the sales charge and breakpoint discounts for purchases shareholders intend to makeover a13-month period from the date Edward Jones receives the LOI. The LOI is determined by calculating the higher of cost or market value of qualifying holdings at LOI initiation in combination with the value that the shareholder intends to buy over a13-month period to calculate thefront-end sales charge and any breakpoint discounts. Each purchase the shareholder makes during that13-month period will receive the sales charge and breakpoint discount that applies to the total amount. The inclusion of eligible fund family assets in the LOI calculation is dependent on the shareholder notifying his or her financial advisor of such assets at the time of calculation. Purchases made before the LOI is received by Edward Jones are not covered under the LOI and will not reduce the sales charge previously paid. Sales charges will be adjusted if LOI is not met.

Sales charges are waived for the following shareholders and in the following situations at Edward Jones:

●   Associates of Edward Jones and its affiliates and their family members who are in the same pricing group (as determined by Edward Jones under its policies and procedures) as the associate. This waiver will continue for the remainder of the associate’s life if the associate retires from Edward Jones in good-standing.

●   Shares purchased in an Edward Jonesfee-based program.

●   Shares purchased through reinvestment of capital gains distributions and dividend reinvestment.

●   Shares purchased from the proceeds of redeemed shares of the same fund family so long as the following conditions are met: 1) the proceeds are from the sale of shares within 60 days of the purchase, and 2) the sale and purchase are made in the same share class and the same account or the purchase is made in an individual retirement account with proceeds from liquidations in anon-retirement account.

●   Shares exchanged into Class A shares from another share class so long as the exchange is into the same fund and was initiated at the discretion of Edward Jones. Edward Jones is responsible for any remaining CDSC due to the fund company, if applicable. Any future purchases are subject to the applicable sales charge as disclosed in the prospectus.

●   Exchanges from Class C shares to Class A shares of the same fund, generally, in the 84th month following the anniversary of the purchase date or earlier at the discretion of Edward Jones.

If the shareholder purchases shares that are subject to a CDSC and those shares are redeemed before the CDSC is expired, the shareholder is
responsible to pay the CDSC except in the following conditions available at Edward Jones:

●   The death or disability of the shareholder.

●   Systematic withdrawals with up to 10% per year of the account value.

●   Return of excess contributions from an Individual Retirement Account (IRA).

●   Shares sold as part of a required minimum distribution for IRA and retirement accounts if the redemption is taken in or after the year the shareholder reaches qualified age based on applicable IRS regulation.

●   Shares sold to pay Edward Jones fees or costs in such cases where the transaction is initiated by Edward Jones.

●   Shares exchanged in an Edward Jonesfee-based program.

●   Shares acquired through NAV reinstatement.

36  |  Wells Fargo Short-Term Bond Fund

Appendix II (unaudited)

Other Important Information for accounts at Edward Jones:

Minimum Purchase Amounts

●   $250 initial purchase minimum

●   $50 subsequent purchase minimum

Minimum Balances

Edward Jones has the right to redeem at its discretion fund holdings with a balance of $250 or less. The following are examples of accounts that are not included in this policy:

●   Afee-based account held on an Edward Jones platform

●   A 529 account held on an Edward Jones platform

●   An account with an active systematic investment plan or letter of intent (LOI)

Changing Share Classes

At any time it deems necessary, Edward Jones has the authority to exchange at NAV a shareholder’s holdings in a fund to Class A shares.

Wells Fargo Short-Term Bond Fund  |  37

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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:wfam.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 atwfam.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

© 2020 Wells Fargo & Company. All rights reserved

PAR-0320-04744 04-20

SA221/SAR221 02-20

Semi-Annual Report

February 29, 2020

Wells Fargo

Short-Term High Yield 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 calling1-800-222-8222 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.

Contents

Letter to shareholders	2
Performance highlights	4
Fund expenses	6
Portfolio of investments	7
Financial statements
Statement of assets and liabilities	14
Statement of operations	15
Statement of changes in net assets	16
Financial highlights	17
Notes to financial statements	21
Other information	27
Appendix I	31
Appendix II	32

Reduce clutter.

Save trees.

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

The views expressed and any forward-looking statements are as of February 29, 2020, unless otherwise noted, and are those of the Fund managers and/or Wells Fargo Asset Management. 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 Asset Management 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

Wells Fargo Short-Term High Yield Bond Fund  |  1

Letter to shareholders (unaudited)

Andrew Owen

President

Wells Fargo Funds

“The fourth quarter started on a strong note, with U.S.-China trade tensions relaxing in October along with renewed optimism for a U.K. Brexit deal and positive macroeconomic data.”

Dear Shareholder:

We are pleased to offer you this semi-annual report for the Wells Fargo Short-Term High Yield Bond Fund for thesix-month period that ended February 29, 2020. As market volatility increased, returns for the period were more restrained after strong results in previous recent periods. However, supportive central banks addressed concerns over slowing global economic growth and international trade tensions.

Fixed-income and equity investors hadmixed semi-annual returns. For the period, U.S. stocks, based on the S&P 500 Index,¹ gained 1.92% and international stocks, as measured by the MSCI ACWI ex USA Index (Net),² returned 0.13%. The MSCI EM Index (Net)³ gained 2.93%. For bond investors, the Bloomberg Barclays U.S. Aggregate Bond Index⁴ added 3.39%, the Bloomberg Barclays Global Aggregateex-USD Index⁵ returned-0.21%, the Bloomberg Barclays Municipal Bond Index⁶ gained 3.04%, and the ICE BofA U.S. High Yield Index⁷ added 1.34%.

The period began with uncertainty, leading to central bank support.

In September, as the period began, the U.S. Federal Reserve (Fed) cut interest rates a second time in the third quarter. U.S. manufacturing data disappointed investors. The U.S. Congress announced it would pursue an impeachment investigation of President Trump. Meanwhile, the Brexit impasse showed no signs of resolution. Officials in China warned it would be difficult to reach the country’s annual economic growth goals considering the weight of tariffs and trade restrictions. Although the S&P 500 Index finished the third quarter with the bestyear-to-date returns in more than 20 years, concerns about future returns remained.

The fourth quarter started on a strong note, with U.S.-China trade tensions relaxing in October along with renewed optimism for a U.K. Brexit deal and positive macroeconomic data. The initial estimate of U.S. third-quarter gross domestic product growth was a resilient 1.9% annualized rate, while the U.S. unemployment rate fell to a50-year low of 3.5% in September. However, despite resilience among U.S. consumers, business confidence declined while manufacturing activity contracted. Concerned with a potential economic slowdown, the Fed lowered interest rates another quarter point in late October—its third rate cut in four months. This helped push the S&P 500 Index to anall-time high, while emerging market equities rallied and global bonds declined overall, reflecting a broad pickup in risk appetite.

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. 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 equity market performance of emerging markets. 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 BofA 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 2020. ICE Data Indices, LLC. All rights reserved.

2  |  Wells Fargo Short-Term High Yield Bond Fund

Letter to shareholders (unaudited)

Equity markets continued to rally in November despite ongoing geopolitical risks. Hopes for a U.S.-China trade deal buoyed investor confidence. U.S. business sentiment improved slightly, and manufacturing and services activity picked up. With that positive backdrop, developed market equities outpaced those in emerging markets, and U.S. stocks, as reflected by the S&P 500 Index, outperformednon-U.S. stocks overall. While consumer confidence and purchasing manager activity rose in the eurozone, China reported weakening manufacturing and consumer data. Bond yields rose marginally, leading to slightly negative returns for global government and investment-grade corporate bonds.

Financial markets ended 2019 with a boost from the U.S. and China accord on a Phase One trade deal. That, along with the landslide win by thepro-Brexit U.K. Conservative Party in a national election and ongoing central bank support, gave investors greater confidence. U.S. economic indicators were generally positive, with the exception of manufacturing activity and business confidence. Consumer confidence was resilient, fed by a robust labor market, tame inflation, and lower interest rates, which boosted housing affordability and stimulated homebuyer activity. The impeachment of U.S. President Donald Trump had little impact on markets. Meanwhile, slowing Chinese economic activity, partly attributable to the trade war, led to further government stimulus atyear-end through lower reserve ratios, allowing banks to lend more money.

Theyear-end rally continued in early January 2020. However, capital market volatility picked up sharply in late January on concerns over the unknown impact of the novel coronavirus(COVID-19) on the global economy and stock markets. With sentiment somewhat souring, perceived safe havens did well in January. The U.S. dollar and Japanese yen both rose and government bonds outperformed equities. While the S&P 500 Index held its ground, emerging market equities tumbled, including those in Asia that are most exposed to viruses—physical or economic—originating in China.

In February, the coronavirus became the major market focus. Fears of the virus’s impact on global growth led to expectations of increased global central bank monetary policy support. That led the10-year Treasury yield to fall to anall-time low of 1.1% by the end of the month. Although equity markets initially shrugged off concerns about the outbreak, focusing instead on strong fourth-quarter earnings and improving business confidence in January, market sentiment turned sharply lower towardmonth-end and the S&P 500 Index lost 8.2% for the month. Oil prices tumbled as Russia and the Organization of the Petroleum Exporting Countries compounded a major decline in oil demand with a brutal price war, partly aimed at dissuading further U.S. shale production. As a result, the price of West Texas Intermediate crude oil fell 13% in February and 27% for 2020 year to date.

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. 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

“Capital market volatility picked up sharply in late January on concerns over the unknown impact of the novel coronavirus(COVID-19) on the global economy and stock markets.”

For further information about your Fund, contact your investment professional, visit our website at wfam.com,

or call us directly at1-800-222-8222.

Wells Fargo Short-Term High Yield Bond Fund  |  3

Performance highlights (unaudited)

Investment objective

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

Manager

Wells Fargo Funds Management, LLC

Subadviser

Wells Capital Management Incorporated

Portfolio managers

Niklas Nordenfelt, CFA^®‡*

Michael J. Schueller, CFA^®‡

Average annual total returns (%) as of February 29, 2020

		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 (SSTHX)	2-29-2000		-0.31		2.03		3.14		2.77		2.66		3.46		0.95		0.82
Class C (WFHYX)	3-31-2008		1.00		1.89		2.68		2.00		1.89		2.68		1.70		1.57
Administrator Class (WDHYX)3	7-30-2010		–		–		–		3.07		2.82		3.61		0.89		0.66
Institutional Class (STYIX)4	11-30-2012		–		–		–		3.22		2.97		3.71		0.62		0.51
ICE BofA High Yield U.S. Corporates, Cash Pay, BB Rated,1-5 Year Index5	–		–		–		–		5.03		4.43		6.02		–		–

Figures quoted represent past performance, which is no guarantee of future results, and do not reflect taxes that a shareholder may pay on an investment in a fund. 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,wfam.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. 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. Loans are subject to risks similar to those associated with other below investment-grade bond investments, such as credit risk (for example, risk of issuer default), below-investment-grade bond risk (for example, risk of greater volatility in value), and risk that the loan may become illiquid or difficult to price. The use of derivatives may reduce returns and/or increase volatility. Certain investment strategies tend to increase the total risk of an investment (relative to the broader market). The Fund is exposed to foreign investment risk. Consult the Fund’s prospectus for additional information on these and other risks.

Please see footnotes on page 5.

4  |  Wells Fargo Short-Term High Yield Bond Fund

Performance highlights (unaudited)

Ten largest holdings (%) as of February 29, 20206
Sirius XM Radio Incorporated, 3.88%,8-1-2022	1.93
Charter Communications Operating LLC, 3.36%,4-30-2025	1.90
Ineos US Finance LLC, 3.60%,4-1-2024	1.69
TerraForm Power Operating LLC, 4.25%,1-31-2023	1.58
Teva Pharmaceutical Finance BV, 2.20%,7-21-2021	1.53
Netflix Incorporated, 5.38%,2-1-2021	1.49
Nielsen Holding and Finance BV, 5.00%,4-14-2022	1.38
Washington Prime Group Incorporated, 3.85%,4-1-2020	1.30
Springleaf Finance Corporation, 7.75%,10-1-2021	1.28
Advanced Disposal Services Incorporated, 3.83%,11-10-2023	1.28

Credit quality as of February 29, 2020⁷

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

* Mr. Nordenfelt became a portfolio manager of the Fund on January 15, 2020.

¹  Reflects the expense ratios as stated in the most recent prospectuses, which include the impact of 0.01% in acquired fund fees and expenses. The expense ratios shown are subject to change and may differ from the annualized expense ratios shown in the financial highlights of this report, which do not include acquired fund fees and expenses.

²  The manager has contractually committed through December 31, 2020, to waive fees and/or reimburse expenses to the extent necessary to cap total annual fund operating expenses after fee waivers at 0.81% for Class A, 1.56% for Class C, 0.65% for Administrator Class, and 0.50% for Institutional Class. Brokerage commissions, stamp duty fees, interest, taxes, acquired fund fees and expenses (if any), and extraordinary expenses are excluded from the expense cap. Prior to or after the commitment expiration date, the cap may be increased or the commitment to maintain the cap may be terminated only with the approval of the Board of Trustees. 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 Administrator Class shares prior to their inception reflects the performance of the Class A shares and includes the higher expenses applicable to the Class A shares. If these expenses had not been included, returns for the Administrator Class 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 the Institutional Class shares would be higher.

⁵  The ICE BofA High Yield U.S. Corporates, Cash Pay, BB Rated,1-5 Year Index is an unmanaged index that generally tracks the performance of BB rated U.S. dollar-denominated corporate bonds publicly issued in the U.S. domestic market with maturities of one to five years. You cannot invest directly in an index.

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

⁷  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.

Wells Fargo Short-Term High Yield Bond Fund  |  5

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 September 1, 2019 to February 29, 2020.

Actual expenses

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

Hypothetical example for comparison purposes

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

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

	Beginning account  value 9-1-2019		Ending account value 2-29-2020		Expenses paid during the period¹		Annualized net expense ratio
Class A
Actual	$	1,000.00	$	1,005.68	$	4.04		0.81	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.84	$	4.07		0.81	%
Class C
Actual	$	1,000.00	$	1,000.68	$	7.76		1.56	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,017.11	$	7.82		1.56	%
Administrator Class
Actual	$	1,000.00	$	1,006.47	$	3.24		0.65	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.63	$	3.27		0.65	%
Institutional Class
Actual	$	1,000.00	$	1,007.21	$	2.50		0.50	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,022.38	$	2.51		0.50	%

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

6  |  Wells Fargo Short-Term High Yield Bond Fund

Portfolio of investments—February 29, 2020 (unaudited)

	Interest rate			Maturity date		Principal		Value
Corporate Bonds and Notes: 60.57%
Communication Services: 8.89%
Diversified Telecommunication Services: 1.65%
CenturyLink Incorporated		6.45	%		6-15-2021	$	4,030,000	$	4,181,125
CenturyLink Incorporated Series W		6.75			12-1-2023		7,000,000		7,697,970
Level 3 Financing Incorporated		5.38			1-15-2024		3,390,000		3,381,593
									15,260,688
Entertainment: 1.49%
Netflix Incorporated		5.38			2-1-2021		13,445,000		13,713,900
Media: 4.19%
Block Communications Incorporated 144A		6.88			2-15-2025		4,770,000		4,932,180
CSC Holdings LLC		6.75			11-15-2021		900,000		952,218
DISH DBS Corporation		5.88			7-15-2022		4,835,000		5,045,081
DISH DBS Corporation		6.75			6-1-2021		4,030,000		4,173,105
Lamar Media Corporation		5.00			5-1-2023		5,115,000		5,153,363
Nielsen Finance LLC 144A		5.00			4-15-2022		600,000		597,000
Sirius XM Radio Incorporated 144A		3.88			8-1-2022		17,870,000		17,827,648
									38,680,595
Wireless Telecommunication Services: 1.56%
Sprint Corporation		7.88			9-15-2023		4,080,000		4,664,786
T-Mobile USA Incorporated		4.00			4-15-2022		9,442,000		9,689,853
									14,354,639
Consumer Discretionary: 9.31%
Auto Components: 0.34%
Allison Transmission Incorporated 144A		5.00			10-1-2024		3,085,000		3,119,583
Hotels, Restaurants & Leisure: 0.41%
MGM Resorts International		7.75			3-15-2022		3,455,000		3,783,225
Household Durables: 3.26%
KB Home		7.50			9-15-2022		8,055,000		9,041,738
Lennar Corporation		6.63			5-1-2020		2,485,000		2,498,668
Newell Brands Incorporated		3.85			4-1-2023		6,973,000		7,249,521
Pulte Group Incorporated		4.25			3-1-2021		11,145,000		11,284,313
									30,074,240
Internet & Direct Marketing Retail: 0.32%
QVC Incorporated		4.38			3-15-2023		2,865,000		2,984,053
Specialty Retail: 4.53%
Gap Incorporated		5.95			4-12-2021		8,965,000		9,123,334
Group 1 Automotive Incorporated		5.00			6-1-2022		10,865,000		10,824,408
L Brands Incorporated		6.63			4-1-2021		7,805,000		8,127,347
Penske Auto Group Incorporated		3.75			8-15-2020		2,655,000		2,661,638
Penske Auto Group Incorporated		5.75			10-1-2022		10,920,000		11,029,200
									41,765,927
Consumer Staples: 2.26%
Food Products: 0.99%
New Albertsons Incorporated		6.63			6-15-2024		8,895,000		9,139,613

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

Wells Fargo Short-Term High Yield Bond Fund  |  7

Portfolio of investments—February 29, 2020 (unaudited)

	Interest rate			Maturity date		Principal		Value
Personal Products: 1.27%
Edgewell Personal Care Company		4.70	%		5-19-2021	$	10,774,000	$	10,900,595
Edgewell Personal Care Company		4.70			5-24-2022		785,000		803,746
									11,704,341
Energy: 9.56%
Oil, Gas & Consumable Fuels: 9.56%
Antero Resources Corporation		5.38			11-1-2021		4,955,000		4,131,231
Archrock Partners LP		6.00			10-1-2022		6,445,000		6,450,801
Buckeye Partners LP 144A		4.13			3-1-2025		1,360,000		1,360,136
Crestwood Midstream Partners LP		6.25			4-1-2023		5,620,000		5,340,124
DCP Midstream Operating LP 144A		4.75			9-30-2021		4,660,000		4,632,972
DCP Midstream Operating LP 144A		5.35			3-15-2020		7,943,000		7,952,942
NuStar Logistics LP		4.80			9-1-2020		5,365,000		5,398,531
Rockies Express Pipeline LLC 144A		5.63			4-15-2020		3,390,000		3,400,408
Sabine Pass Liquefaction LLC		5.63			2-1-2021		8,000,000		8,186,730
Southern Star Central Corporation 144A		5.13			7-15-2022		11,095,000		11,241,802
Suburban Propane Partners LP		5.50			6-1-2024		9,025,000		8,930,418
Sunoco LP		4.88			1-15-2023		2,755,000		2,746,790
Tallgrass Energy Partners LP 144A		4.75			10-1-2023		9,565,000		9,182,591
Targa Resources Partners LP		4.25			11-15-2023		9,345,000		9,256,223
									88,211,699
Financials: 5.71%
Banks: 1.02%
CIT Group Incorporated		5.00			8-15-2022		9,000,000		9,409,680
Capital Markets: 0.71%
Blue Cube Spinco Incorporated		10.00			10-15-2025		6,045,000		6,543,713
Consumer Finance: 3.40%
Ford Motor Credit Company LLC		3.34			3-18-2021		5,105,000		5,149,843
Ford Motor Credit Company LLC		5.60			1-7-2022		4,840,000		5,106,789
Navient Corporation		5.00			10-26-2020		4,950,000		4,998,015
Navient Corporation		8.00			3-25-2020		1,663,000		1,668,821
Springleaf Finance Corporation		6.13			3-15-2024		2,500,000		2,634,600
Springleaf Finance Corporation		7.75			10-1-2021		11,145,000		11,842,788
									31,400,856
Insurance: 0.53%
Genworth Holdings Incorporated		7.63			9-24-2021		4,760,000		4,887,663
Mortgage REITs: 0.05%
Starwood Property Trust Incorporated		5.00			12-15-2021		465,000		459,778
Health Care: 6.71%
Health Care Providers & Services: 6.71%
Acadia Healthcare Company Incorporated		5.13			7-1-2022		7,232,000		7,241,040
Acadia Healthcare Company Incorporated		6.13			3-15-2021		1,618,000		1,622,045
Centene Corporation		4.75			5-15-2022		10,555,000		10,656,750
Centene Corporation 144A		4.75			1-15-2025		3,375,000		3,460,556
HCA Incorporated		5.88			5-1-2023		4,365,000		4,768,763
HealthSouth Corporation		5.13			3-15-2023		7,545,000		7,563,863
Magellan Health Incorporated		4.90			9-22-2024		4,710,000		4,827,750

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

8  |  Wells Fargo Short-Term High Yield Bond Fund

Portfolio of investments—February 29, 2020 (unaudited)

	Interest rate			Maturity date		Principal		Value
Health Care Providers & Services (continued)
MEDNAX Incorporated 144A		5.25	%		12-1-2023	$	8,890,000	$	8,701,088
Molina Healthcare Incorporated		5.38			11-15-2022		6,800,000		7,076,896
Tenet Healthcare Corporation		4.63			7-15-2024		3,310,000		3,310,066
Universal Health Services Incorporated 144A		4.75			8-1-2022		2,700,000		2,705,438
									61,934,255
Industrials: 5.27%
Aerospace & Defense: 0.97%
Alcoa Incorporated		6.15			8-15-2020		8,830,000		8,965,011
Airlines: 1.34%
American Airlines Group Company 144A		5.00			6-1-2022		10,255,000		10,280,638
United Continental Holdings Incorporated		4.25			10-1-2022		2,100,000		2,100,000
									12,380,638
Commercial Services & Supplies: 1.02%
ADT Corporation		6.25			10-15-2021		9,025,000		9,410,548
Construction & Engineering: 0.79%
Great Lakes Dredge & Dock Corporation		8.00			5-15-2022		4,030,000		4,215,783
Taylor Morrison Communities Incorporated 144A		5.88			4-15-2023		2,870,000		3,070,900
									7,286,683
Trading Companies & Distributors: 1.15%
Fortress Transportation & Infrastructure Investors LLC 144A		6.75			3-15-2022		10,600,000		10,621,412
Information Technology: 3.33%
IT Services: 1.01%
Cardtronics Incorporated 144A		5.50			5-1-2025		9,135,000		9,363,375
Software: 1.51%
Symantec Corporation		4.20			9-15-2020		10,675,000		10,723,062
Symantec Corporation 144A		5.00			4-15-2025		3,135,000		3,182,533
									13,905,595
Technology Hardware, Storage & Peripherals: 0.81%
Dell International LLC 144A		5.88			6-15-2021		1,436,000		1,444,544
Dell International LLC 144A		7.13			6-15-2024		2,400,000		2,511,000
EMC Corporation		2.65			6-1-2020		3,555,000		3,543,269
									7,498,813
Materials: 3.83%
Chemicals: 0.98%
Chemours Company		6.63			5-15-2023		9,445,000		9,098,652
Containers & Packaging: 1.48%
Owens-Brockway Glass Container Incorporated 144A		5.00			1-15-2022		6,910,000		7,117,300
Sealed Air Corporation 144A		5.13			12-1-2024		1,330,000		1,426,425
Sealed Air Corporation 144A		5.25			4-1-2023		4,835,000		5,094,881
									13,638,606
Metals & Mining: 1.37%
Freeport-McMoRan Incorporated		3.55			3-1-2022		8,404,000		8,478,796
Freeport-McMoRan Incorporated «		4.00			11-14-2021		4,055,000		4,178,678
									12,657,474

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

Wells Fargo Short-Term High Yield Bond Fund  |  9

Portfolio of investments—February 29, 2020 (unaudited)

	Interest rate			Maturity date		Principal		Value
Real Estate: 3.37%
Equity REITs: 1.05%
CoreCivic Incorporated		4.63	%		5-1-2023	$	6,812,000	$	6,826,986
CoreCivic Incorporated		5.00			10-15-2022		970,000		989,885
SBA Communications Corporation		4.00			10-1-2022		1,885,000		1,905,773
									9,722,644
Real Estate Management & Development: 2.32%
Realogy Group LLC 144A		5.25			12-1-2021		9,335,000		9,381,675
Washington Prime Group Incorporated «		3.85			4-1-2020		12,039,000		12,039,000
									21,420,675
Utilities: 2.77%
Electric Utilities: 0.68%
DPL Incorporated		7.25			10-15-2021		3,490,000		3,612,150
NextEra Energy Operating Partners LP 144A		4.25			7-15-2024		2,575,000		2,622,638
									6,234,788
Independent Power & Renewable Electricity Producers: 2.09%
TerraForm Power Operating LLC 144A		4.25			1-31-2023		14,368,000		14,601,767
The AES Corporation		4.50			3-15-2023		4,760,000		4,736,295
									19,338,062
Total Corporate Bonds and Notes (Cost $563,166,601)									558,971,424
Loans: 22.60%
Communication Services: 6.54%
Diversified Telecommunication Services: 0.38%
Level 3 Financing Incorporated (1 Month LIBOR +1.75%)±		3.35			3-1-2027		3,547,913		3,463,650
Media: 4.81%
Charter Communications Operating LLC (1 Month LIBOR +1.75%)±		3.36			4-30-2025		17,745,294		17,536,787
CSC Holdings LLC (1 Month LIBOR +2.50%)±		4.16			4-15-2027		10,924,370		10,787,815
Diamond Sports Group LLC (1 Month LIBOR +3.25%)±		4.88			8-24-2026		9,975,000		9,077,250
Neptune Finco Corporation (1 Month LIBOR +2.25%)±		3.91			1-15-2026		2,450,250		2,411,977
Virgin Media Bristol LLC (1 Month LIBOR +2.50%)±		4.16			1-31-2028		4,615,000		4,530,407
									44,344,236
Wireless Telecommunication Services: 1.35%
SBA Senior Finance II LLC (1 Month LIBOR +1.75%)±		3.36			4-11-2025		5,333,719		5,267,048
Sprint Communications Incorporated (1 Month LIBOR +2.50%)±‡		4.13			2-2-2024		7,310,000		7,236,900
									12,503,948
Consumer Discretionary: 1.30%
Auto Components: 0.46%
Allison Transmission Incorporated (1 Month LIBOR +1.75%)±		3.38			3-29-2026		4,219,888		4,226,049
Household Products: 0.52%
Michaels Stores Incorporated (1 Month LIBOR +2.50%)±		4.11			1-30-2023		5,316,665		4,784,998
Specialty Retail: 0.32%
Sally Beauty Holdings Incorporated (1 Month LIBOR +2.25%)±		3.86			7-5-2024		3,043,299		2,978,629

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

10  |  Wells Fargo Short-Term High Yield Bond Fund

Portfolio of investments—February 29, 2020 (unaudited)

	Interest rate			Maturity date		Principal		Value
Energy: 0.66%
Oil, Gas & Consumable Fuels: 0.66%
Buckeye Partners LP (1 Month LIBOR +2.75%)±		4.41	%		11-1-2026	$	6,120,000	$	6,038,420
Financials: 2.77%
Consumer Finance: 1.01%
TransUnion LLC (1 Month LIBOR +1.75%)		3.35			11-16-2026		9,415,630		9,324,392
Diversified Financial Services: 1.76%
Delos Finance SARL (3 Month LIBOR +1.75%)±		3.69			10-6-2023		6,905,500		6,862,341
LPL Holdings Incorporated (1 Month LIBOR +1.75%)±		3.36			11-12-2026		9,389,651		9,366,177
									16,228,518
Health Care: 1.64%
Health Care Providers & Services: 1.64%
HCA Incorporated (1 Month LIBOR +1.75%)±		3.35			3-18-2026		9,931,335		9,894,093
Select Medical Corporation (3 Month LIBOR +2.50%)±		4.58			3-6-2025		5,319,589		5,266,384
									15,160,477
Industrials: 6.83%
Aerospace & Defense: 0.62%
Rexnord LLC (1 Month LIBOR +1.75%)±		3.38			8-21-2024		5,781,250		5,755,986
Airlines: 1.58%
United Airlines Incorporated (1 Month LIBOR +1.75%)±		3.35			4-1-2024		7,711,925		7,470,927
WestJet Airlines Limited (1 Month LIBOR +3.00%)±		4.65			12-11-2026		7,340,000		7,057,410
									14,528,337
Building Products: 0.72%
Flex Acquisition Company (1 Month LIBOR +3.00%)±		4.90			12-29-2023		7,000,000		6,679,190
Commercial Services & Supplies: 2.69%
Advanced Disposal Services Incorporated (1 Month LIBOR+2.25%)±		3.83			11-10-2023		11,876,144		11,841,465
Aramark Services Incorporated (1 Month LIBOR +1.75%)±		3.35			3-28-2024		3,736,782		3,704,085
Aramark Services Incorporated (1 Month LIBOR +1.75%)±		3.35			3-11-2025		5,931,734		5,879,831
KAR Auction Services Incorporated (1 Month LIBOR +2.25%)±‡		3.94			9-19-2026		3,453,667		3,419,131
									24,844,512
Electronic Equipment, Instruments & Components: 0.25%
Sensata Technologies Incorporated (1 Month LIBOR +1.75%)±		3.40			9-20-2026		2,309,319		2,321,443
Machinery: 0.47%
Columbus McKinnon Corporation (3 Month LIBOR +2.50%)±‡		4.44			1-31-2024		4,345,334		4,345,334
Road & Rail: 0.50%
Genesee & Wyoming Incorporated (3 Month LIBOR +2.00%)±		3.91			12-30-2026		4,620,000		4,589,185
Information Technology: 1.17%
Electronic Equipment, Instruments & Components: 0.27%
Dell International LLC (1 Month LIBOR +2.00%)±		3.61			9-19-2025		2,534,195		2,501,732
Semiconductors & Semiconductor Equipment: 0.90%
ON Semiconductor Corporation (1 Month LIBOR +2.00%)±		3.60			9-19-2026		8,437,104		8,326,409

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

Wells Fargo Short-Term High Yield Bond Fund  |  11

Portfolio of investments—February 29, 2020 (unaudited)

	Interest rate			Maturity date		Principal		Value
Materials: 1.69%
Chemicals: 1.69%
Ineos US Finance LLC (1 Month LIBOR +2.00%)±		3.60	%		4-1-2024	$	15,894,692	$	15,576,799
Total Loans (Cost $213,070,484)									208,522,244
Non-Agency Mortgage-Backed Securities: 0.00%
Salomon Brothers Mortgage Securities VII Series1994-5 Class B2±±		4.54			4-25-2024		20,383		19,055
TotalNon-Agency Mortgage-Backed Securities (Cost $20,187)									19,055
Yankee Corporate Bonds and Notes: 10.39%
Communication Services: 1.38%
Media: 1.38%
Nielsen Holding and Finance BV 144A		5.50			10-1-2021		12,710,000		12,725,888
Consumer Discretionary: 1.39%
Automobiles: 0.66%
Fiat Chrysler Automobiles NV		4.50			4-15-2020		6,105,000		6,111,838
Hotels, Restaurants & Leisure: 0.73%
International Game Technology plc 144A		6.25			2-15-2022		6,580,000		6,760,950
Energy: 1.19%
Energy Equipment & Services: 1.19%
Alcoa Nederland Holding Company BV 144A		6.75			9-30-2024		10,705,000		10,972,839
Financials: 0.57%
Diversified Financial Services: 0.57%
General Electric Capital International Funding Company		2.34			11-15-2020		5,225,000		5,239,264
Health Care: 3.14%
Pharmaceuticals: 3.14%
Bausch Health Companies Incorporated 144A		6.50			3-15-2022		11,695,000		11,841,188
Teva Pharmaceutical Finance BV		2.20			7-21-2021		14,600,000		14,163,460
Teva Pharmaceutical Finance BV		3.65			11-10-2021		3,000,000		2,981,580
									28,986,228
Industrials: 0.66%
Airlines: 0.66%
Air Canada Company 144A		7.75			4-15-2021		5,870,000		6,119,475
Materials: 2.06%
Chemicals: 1.08%
Park Aerospace Holdings Company 144A		5.25			8-15-2022		9,305,000		9,900,017
Metals & Mining: 0.98%
FMG Resources Proprietary Limited 144A		4.75			5-15-2022		8,909,000		9,066,600
Total Yankee Corporate Bonds and Notes (Cost $96,005,478)									95,883,099

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

12  |  Wells Fargo Short-Term High Yield Bond Fund

Portfolio of investments—February 29, 2020 (unaudited)

	Yield			Shares		Value
Short-Term Investments: 6.17%
Investment Companies: 6.17%
Securities Lending Cash Investments LLC (l)(r)(u)		1.66	%		2,966,349	$	2,966,645
Wells Fargo Government Money Market Fund Select Class (l)(u)##		1.52			53,994,649		53,994,649
Total Short-Term Investments (Cost $56,961,294)							56,961,294

Total investments in securities (Cost $929,224,044)	99.73	%		920,357,116
Other assets and liabilities, net	0.27			2,512,441
Total net assets	100.00	%	$	922,869,557

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

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

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

‡ Security is valued using significant unobservable inputs.

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

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

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

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

## All or a portion of this security is segregated for unfunded loans.

Abbreviations:

LIBOR London Interbank Offered Rate

REIT Real estate investment trust

Investments in Affiliates

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

	Shares, beginning of period		Shares purchased		Shares sold			Shares, end of period		Net realized gains (losses)			Net change in unrealized gains (losses)		Income from affiliated securities			Value, end of period		% of net assets
Short-Term Investments
Investment Companies
Securities Lending Cash Investments LLC		5,730,371		24,563,525		(27,327,547	)		2,966,349	$	(33	)	$	0	$	42,375	#	$	2,966,645
Wells Fargo Government Money Market Fund Select Class		47,797,221		335,117,163		(328,919,735	)		53,994,649		0			0		533,257			53,994,649
										$	(33	)	$	0	$	575,632		$	56,961,294		6.17	%

^#  Amount shown represents income before fees and rebates.

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

Wells Fargo Short-Term High Yield Bond Fund  |  13

Statement of assets and liabilities—February 29, 2020 (unaudited)

Assets
Investments in unaffiliated securities (including $2,903,547 of securities loaned), at value (cost $872,262,750)	$	863,395,822
Investments in affiliated securities, at value (cost $56,961,294)		56,961,294
Cash		3,003,447
Receivable for investments sold		99,163
Receivable for Fund shares sold		655,770
Receivable for interest		11,112,628
Receivable for securities lending income, net		3,598
Prepaid expenses and other assets		79
Total assets		935,231,801
Liabilities
Payable for Fund shares redeemed		5,359,680
Payable for investment purchased		3,102,610
Payable upon receipt of securities loaned		2,965,842
Dividends payable		349,790
Management fee payable		282,677
Administration fees payable		73,224
Distribution fee payable		33,114
Trustees’ fees and expenses payable		5,769
Accrued expenses and other liabilities		189,538
Total liabilities		12,362,244
Total net assets	$	922,869,557
Net assets consist of
Paid-in capital	$	969,810,531
Total distributable loss		(46,940,974	)
Total net assets	$	922,869,557
Computation of net asset value and offering price per share
Net assets – Class A	$	109,367,337
Shares outstanding – Class A1		13,708,699
Net asset value per share – Class A		$7.98
Maximum offering price per share – Class A2		$8.23
Net assets – Class C	$	53,157,883
Shares outstanding – Class C1		6,661,176
Net asset value per share – Class C		$7.98
Net assets – Administrator Class	$	59,980,620
Shares outstanding – Administrator Class1		7,518,921
Net asset value per share – Administrator Class		$7.98
Net assets – Institutional Class	$	700,363,717
Shares outstanding – Institutional Class1		87,910,471
Net asset value per share – Institutional Class		$7.97

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.

14  |  Wells Fargo Short-Term High Yield Bond Fund

Statement of operations—six months ended February 29, 2020 (unaudited)

Investment income
Interest	$	17,768,186
Income from affiliated securities		547,171
Total investment income		18,315,357
Expenses
Management fee		2,259,076
Administration fees
Class A		84,762
Class C		44,276
Administrator Class		39,539
Institutional Class		273,915
Shareholder servicing fees
Class A		132,441
Class C		69,181
Administrator Class		98,847
Distribution fee
Class C		207,445
Custody and accounting fees		39,670
Professional fees		27,767
Registration fees		49,589
Shareholder report expenses		49,038
Trustees’ fees and expenses		10,909
Other fees and expenses		13,384
Total expenses		3,399,839
Less: Fee waivers and/or expense reimbursements
Fund-level		(509,653	)
Class A		(10,197	)
Class C		(5,049	)
Administrator Class		(45,326	)
Net expenses		2,829,764
Net investment income		15,485,593
Realized and unrealized gains (losses) on investments
Net realized losses
Unaffiliated securities		(670,815	)
Affiliated securities		(33	)
Net realized losses on investments		(670,848	)
Net change in unrealized gains (losses) on investments		(9,559,001	)
Net realized and unrealized gains (losses) on investments		(10,229,849	)
Net increase in net assets resulting from operations	$	5,255,744

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

Wells Fargo Short-Term High Yield Bond Fund  |  15

Statement of changes in net assets

	Six months ended February 29, 2020 (unaudited)						Year ended August 31, 2019
Operations
Net investment income				$	15,485,593					$	33,006,486
Net realized losses on investments					(670,848	)					(2,706,939	)
Net change in unrealized gains (losses) on investments					(9,559,001	)					11,155,238
Net increase in net assets resulting from operations					5,255,744						41,454,785
Distributions to shareholders from net investment income and net realized gains
Class A					(1,665,018	)					(3,762,988	)
Class C					(661,157	)					(1,689,410	)
Administrator Class					(1,303,132	)					(3,168,104	)
Institutional Class					(11,809,991	)					(25,680,553	)
Total distributions to shareholders					(15,439,298	)					(34,301,055	)
Capital share transactions		Shares						Shares
Proceeds from shares sold
Class A		2,291,833			18,511,523			2,334,881			18,662,572
Class C		351,386			2,837,715			550,907			4,399,664
Administrator Class		975,026			7,874,340			3,608,062			28,884,553
Institutional Class		19,043,959			153,687,647			39,157,823			312,749,375
					182,911,225						364,696,164
Reinvestment of distributions
Class A		199,734			1,609,129			455,888			3,644,906
Class C		80,525			649,041			206,987			1,655,385
Administrator Class		161,088			1,298,381			388,986			3,109,963
Institutional Class		1,190,937			9,582,286			2,585,685			20,647,043
					13,138,837						29,057,297
Payment for shares redeemed
Class A		(1,761,086	)		(14,214,152	)		(5,701,043	)		(45,524,301	)
Class C		(1,097,940	)		(8,866,201	)		(3,080,040	)		(24,607,930	)
Administrator Class		(4,391,915	)		(35,516,822	)		(6,065,662	)		(48,429,129	)
Institutional Class		(19,385,242	)		(156,232,624	)		(50,462,701	)		(402,058,756	)
					(214,829,799	)					(520,620,116	)
Net decrease in net assets resulting from capital share transactions					(18,779,737	)					(126,866,655	)
Total decrease in net assets					(28,963,291	)					(119,712,925	)
Net assets
Beginning of period					951,832,848						1,071,545,773
End of period				$	922,869,557					$	951,832,848

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

16  |  Wells Fargo Short-Term High Yield Bond Fund

Financial highlights

(For a share outstanding throughout each period)

	Six months ended February 29,  2020 (unaudited)			Year ended August 31
CLASS A				2019			2018			2017			2016			2015
Net asset value, beginning of period		$8.07			$7.99			$8.07			$8.10			$8.07			$8.20
Net investment income		0.13			0.25			0.24			0.23			0.24			0.25
Net realized and unrealized gains (losses) on investments		(0.09	)		0.09			(0.08	)		(0.03	)		0.03			(0.13	)
Total from investment operations		0.04			0.34			0.16			0.20			0.27			0.12
Distributions to shareholders from
Net investment income		(0.13	)		(0.26	)		(0.24	)		(0.23	)		(0.24	)		(0.25	)
Net asset value, end of period		$7.98			$8.07			$7.99			$8.07			$8.10			$8.07
Total return1		0.57	%		4.40	%		2.00	%		2.51	%		3.37	%		1.46	%
Ratios to average net assets (annualized)
Gross expenses		0.94	%		0.94	%		0.93	%		0.92	%		0.92	%		0.92	%
Net expenses		0.81	%		0.81	%		0.81	%		0.81	%		0.81	%		0.81	%
Net investment income		3.15	%		3.18	%		2.96	%		2.88	%		2.95	%		3.11	%
Supplemental data
Portfolio turnover rate		34	%		44	%		34	%		35	%		32	%		40	%
Net assets, end of period (000s omitted)		$109,367			$104,671			$127,024			$172,151			$296,817			$203,856

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.

Wells Fargo Short-Term High Yield Bond Fund  |  17

Financial highlights

(For a share outstanding throughout each period)

	Six months ended February 29,  2020 (unaudited)			Year ended August 31
CLASS C				2019			2018			2017			2016			2015
Net asset value, beginning of period		$8.07			$8.00			$8.07			$8.10			$8.07			$8.20
Net investment income		0.10			0.19			0.18			0.17			0.18			0.19
Net realized and unrealized gains (losses) on investments		(0.09	)		0.08			(0.07	)		(0.03	)		0.03			(0.13	)
Total from investment operations		0.01			0.27			0.11			0.14			0.21			0.06
Distributions to shareholders from
Net investment income		(0.10	)		(0.20	)		(0.18	)		(0.17	)		(0.18	)		(0.19	)
Net asset value, end of period		$7.98			$8.07			$8.00			$8.07			$8.10			$8.07
Total return1		0.07	%		3.49	%		1.36	%		1.75	%		2.60	%		0.70	%
Ratios to average net assets (annualized)
Gross expenses		1.69	%		1.69	%		1.68	%		1.67	%		1.67	%		1.67	%
Net expenses		1.56	%		1.56	%		1.56	%		1.56	%		1.56	%		1.56	%
Net investment income		2.40	%		2.43	%		2.21	%		2.11	%		2.20	%		2.36	%
Supplemental data
Portfolio turnover rate		34	%		44	%		34	%		35	%		32	%		40	%
Net assets, end of period (000s omitted)		$53,158			$59,113			$77,169			$111,268			$123,745			$123,521

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.

18  |  Wells Fargo Short-Term High Yield Bond Fund

Financial highlights

(For a share outstanding throughout each period)

	Six months ended February 29,  2020 (unaudited)			Year ended August 31
ADMINISTRATOR CLASS				2019			2018			2017			2016			2015
Net asset value, beginning of period		$8.06			$7.99			$8.07			$8.10			$8.07			$8.20
Net investment income		0.13			0.27			0.25			0.24			0.25			0.26
Net realized and unrealized gains (losses) on investments		(0.08	)		0.08			(0.08	)		(0.03	)		0.03			(0.13	)
Total from investment operations		0.05			0.35			0.17			0.21			0.28			0.13
Distributions to shareholders from
Net investment income		(0.13	)		(0.28	)		(0.25	)		(0.24	)		(0.25	)		(0.26	)
Net asset value, end of period		$7.98			$8.06			$7.99			$8.07			$8.10			$8.07
Total return1		0.65	%		4.44	%		2.16	%		2.68	%		3.54	%		1.62	%
Ratios to average net assets (annualized)
Gross expenses		0.88	%		0.87	%		0.86	%		0.86	%		0.86	%		0.85	%
Net expenses		0.65	%		0.65	%		0.65	%		0.65	%		0.65	%		0.65	%
Net investment income		3.30	%		3.34	%		3.13	%		3.03	%		3.11	%		3.28	%
Supplemental data
Portfolio turnover rate		34	%		44	%		34	%		35	%		32	%		40	%
Net assets, end of period (000s omitted)		$59,981			$86,892			$102,673			$134,070			$274,878			$328,934

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

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

Wells Fargo Short-Term High Yield Bond Fund  |  19

Financial highlights

(For a share outstanding throughout each period)

	Six months ended February 29,  2020 (unaudited)			Year ended August 31
INSTITUTIONAL CLASS				2019			2018			2017			2016			2015
Net asset value, beginning of period		$8.05			$7.98			$8.06			$8.09			$8.06			$8.18
Net investment income		0.14			0.28			0.27			0.25			0.26			0.28
Net realized and unrealized gains (losses) on investments		(0.08	)		0.08			(0.08	)		(0.02	)		0.03			(0.13	)
Total from investment operations		0.06			0.36			0.19			0.23			0.29			0.15
Distributions to shareholders from
Net investment income		(0.14	)		(0.29	)		(0.27	)		(0.26	)		(0.26	)		(0.27	)
Net asset value, end of period		$7.97			$8.05			$7.98			$8.06			$8.09			$8.06
Total return1		0.72	%		4.59	%		2.31	%		2.83	%		3.69	%		1.90	%
Ratios to average net assets (annualized)
Gross expenses		0.61	%		0.61	%		0.59	%		0.59	%		0.59	%		0.59	%
Net expenses		0.50	%		0.50	%		0.50	%		0.50	%		0.50	%		0.50	%
Net investment income		3.46	%		3.49	%		3.27	%		3.16	%		3.26	%		3.40	%
Supplemental data
Portfolio turnover rate		34	%		44	%		34	%		35	%		32	%		40	%
Net assets, end of period (000s omitted)		$700,364			$701,157			$764,680			$1,010,757			$735,285			$608,704

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

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

20  |  Wells Fargo Short-Term High Yield Bond Fund

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

2. SIGNIFICANT ACCOUNTING POLICIES

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

Securities valuation

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

Debt securities are valued at the evaluated bid price provided by an independent pricing service (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. Interests innon-registered investment companies that are redeemable at net asset value are fair valued normally at net asset value.

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

Securities lending

The Fund may lend its securities from time to time in order to earn additional income in the form of fees or interest on securities received as collateral or the investment of any cash received as collateral. When securities are on loan, the Fund receives interest or dividends on those securities. Cash collateral received in connection with its securities lending transactions is invested in Securities Lending Cash Investments, LLC (the “Securities Lending Fund”). Investments in Securities Lending Fund are valued at the evaluated bid price provided by an independent pricing service. Income earned from investment in the Securities Lending Fund (net of fees and rebates), if any, is included in income from affiliated securities on the Statement of Operations.

In a securities lending transaction, the net asset value of the Fund will be affected by an increase or decrease in the value of the securities loaned and by an increase or decrease in the value of the instrument in which collateral is invested. The amount of securities lending activity undertaken by the Fund fluctuates from time to time. The Fund has the right under the lending agreement to recover the securities from the borrower on demand. In the event of default or bankruptcy by the borrower, the Fund may be prevented from recovering the loaned securities or gaining access to the collateral or may experience delays or costs in doing so. In such an event, the terms of the agreement allows the unaffiliated securities lending agent to use the collateral to purchase replacement securities on behalf of the Fund or pay the Fund the market value of the loaned securities. The Fund will bear the risk of loss with respect to depreciation of its investment of the cash collateral.

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.

Wells Fargo Short-Term High Yield Bond Fund  |  21

Notes to financial statements (unaudited)

Loans

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

Security transactions and income recognition

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

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

Federal and other taxes

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

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

As of February 29, 2020, the aggregate cost of all investments for federal income tax purposes was $930,518,239 and the unrealized gains (losses) consisted of:

Gross unrealized gains	$	1,792,961
Gross unrealized losses		(11,954,084	)
Net unrealized losses	$	(10,161,123	)

As of August 31, 2019, the Fund had capital loss carryforwards which consisted of $11,453,225 in short-term capital losses and $25,995,472 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 fund-level 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

22  |  Wells Fargo Short-Term High Yield Bond Fund

Notes to financial statements (unaudited)

unobservable inputs (Level 3). The Fund’s investments are classified within the fair value hierarchy based on the lowest level of input that is significant to the fair value measurement. The inputs are summarized into three broad levels as follows:

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

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

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

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

The following is a summary of the inputs used in valuing the Fund’s assets and liabilities as of February 29, 2020:

	Quoted prices (Level 1)		Other significant observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total
Assets
Investments in :
Corporate bonds and notes	$	0	$	558,971,424	$	0	$	558,971,424
Loans		0		193,520,879		15,001,365		208,522,244
Non-agency mortgage-backed securities		0		19,055		0		19,055
Yankee corporate bonds and notes		0		95,883,099		0		95,883,099
Short-term investments
Investment companies		56,961,294		0		0		56,961,294
Total assets	$	56,961,294	$	848,394,457	$	15,001,365	$	920,357,116

The following is a reconciliation of assets in which significant unobservable inputs (Level 3) were used in determining fair value:

	Loans
Balance as of August 31, 2019	$	6,794.351
Accrued discounts (premiums)		(1,546	)
Realized gains (losses)		(1,673	)
Change in unrealized gains (losses)		(134,597	)
Purchases		12,015,254
Sales		(691,795	)
Transfers into Level 3		0
Transfers out of Level 3		(2,978,629	)
Balance as of February 29, 2020	$	15,001,365
Change in unrealized gains (losses) relating to securities still held at February 29, 2020	$	(123,060	)

The loan obligations in the Level 3 table were valued using indicative broker quotes. These indicative broker quotes are considered Level 3 inputs. Quantitative unobservable inputs used by the brokers are often proprietary and not provided to the Fund and therefore the disclosure that would address these inputs is not included above.

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

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

Wells Fargo Short-Term High Yield Bond Fund  |  23

Notes to financial statements (unaudited)

connection with the Fund’s operations. As compensation for its services under the investment management agreement, Funds Management is entitled to receive a management fee at the following annual rate based on the Fund’s average daily net assets:

Average daily net assets	Management Fee
First $500 million		0.500	%
Next $500 million		0.475
Next $2 billion		0.450
Next $2 billion		0.425
Next $5 billion		0.390
Over $10 billion		0.380

For the six months ended February 29, 2020, the management fee was equivalent to an annual rate of 0.49% 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 (“WellsCap”), an affiliate of Funds Management and an indirect wholly owned subsidiary of Wells Fargo, is the subadviser to the Fund and is entitled to receive a fee from Funds Management at an annual rate starting at 0.35% and declining to 0.20% as the average daily net assets of the Fund increase.

Administration fees

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

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

Waivers and/or expense reimbursements

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. When only certain classes exceed their expense caps, waivers and/or reimbursements are applied against class specific expenses before fund-level expenses. Funds Management has committed through December 31, 2020 to waive fees and/or reimburse expenses to the extent necessary to cap the Fund’s expenses at 0.81% for Class A shares, 1.56% for Class C shares, and 0.65% for Administrator Class shares, and 0.50% for Institutional Class shares. Prior to or after the commitment expiration date, 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 February 29, 2020, Funds Distributor received $1,948 from the sale of Class A shares. No contingent deferred sales charges were incurred by Class A and Class C shares for the six months ended February 29, 2020.

24  |  Wells Fargo Short-Term High Yield Bond Fund

Notes to financial statements (unaudited)

Shareholder servicing fees

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

Interfund transactions

The Fund may purchase or sell 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.

5. INVESTMENT PORTFOLIO TRANSACTIONS

Purchases and sales of investments, excluding U.S. government obligations (if any) and short-term securities, for the six months ended February 29, 2020 were $335,513,089 and $303,989,736, respectively.

6. SECURITIES LENDING TRANSACTIONS

The Fund lends its securities through an unaffiliated securities lending agent and receives collateral in the form of cash or securities with a value at least equal to the value of the securities on loan. The value of the loaned securities is determined at the close of each business day and any increases or decreases in the required collateral are exchanged between the Fund and the counterparty on the next business day. Cash collateral received is invested in the Securities Lending Fund which seeks to provide a positive return compared to the daily Fed Funds Open Rate by investing in high-quality, U.S. dollar-denominated short-term money market instruments and is exempt from registration under Section 3(c)(7) of the 1940 Act. Securities Lending Fund is managed by Funds Management and is subadvised by WellsCap. Funds Management receives an advisory fee starting at 0.05% and declining to 0.01% as the average daily net assets of the Securities Lending Fund increase. All of the fees received by Funds Management are paid to WellsCap for its services as subadviser.

In the event of counterparty default or the failure of a borrower to return a loaned security, the Fund has the right to use the collateral to offset any losses incurred. As of February 29, 2020, the Fund had securities lending transactions with the following counterparties which are subject to offset:

Counterparty	Value of securities on loan		Collateral received1			Net amount
Barclays Capital Inc.	$	2,838,940	$	(2,838,940	)	$	0
JPMorgan Securities LLC		64,607		(64,607	)		0

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

7. BANK BORROWINGS

The Trust (excluding the money market funds), 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 February 29, 2020, there were no borrowings by the Fund under the agreement.

8. INDEMNIFICATION

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

Wells Fargo Short-Term High Yield Bond Fund  |  25

Notes to financial statements (unaudited)

9. NEW ACCOUNTING PRONOUNCEMENTS

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.

In March 2017, FASB issued ASUNo. 2017-08,Premium Amortization on Purchased Callable Debt Securities. ASU2017-08 shortens the amortization period for certain callable debt securities held at a premium and requires the premium to be amortized to the earliest call date. The amendments do not require an accounting change for securities held at a discount and discounts will continue to be accreted to the maturity date of the security. ASU2017-08 is effective for fiscal years beginning after December 15, 2018 and for interim periods within those fiscal years. During the current reporting period, management of the Fund adopted the change in accounting policy which did not have a material impact to the Fund’s financial statements.

10. SUBSEQUENT EVENT

On March 11, 2020, the World Health Organization announced that it had made the assessment that coronavirus disease 2019(“COVID-19”) is a pandemic. The impacts ofCOVID-19 is adversely affecting the entire global economy, individual companies and investment products, and the market in general. There is significant uncertainty around the extent and duration of business disruptions related toCOVID-19 and the impact may be short term or may last for an extended period of time. The risk of further spreading ofCOVID-19 has led to significant uncertainty and volatility in the financial markets and the value of the Fund and the securities in which the Fund invests have generally been adversely affected by impacts caused byCOVID-19.

26  |  Wells Fargo Short-Term High Yield 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 atwfam.com, or visiting the SEC website at sec.gov. Information regarding how the proxies related to portfolio securities were voted during the most recent12-month period ended June 30 is available on the website atwfam.comor by visiting the SEC website at sec.gov.

QUARTERLY PORTFOLIO HOLDINGS INFORMATION

The Fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year as an exhibit to its reports on FormN-PORT. Shareholders may view the filed FormN-PORT by visiting the SEC website at sec.gov.

Wells Fargo Short-Term High Yield Bond Fund  |  27

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 146 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. Audit Committee Chair and Investment Committee Chair of the Vincent Memorial Hospital Endowment(non-profit organization). 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. (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. Johnson (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

28  |  Wells Fargo Short-Term High Yield Bond Fund

Other information (unaudited)

Name and year of birth	Position held and length of service*	Principal occupations during past five years or longer	Current other public company or investment company directorships
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
Olivia S. Mitchell (Born 1953)	Trustee, since 2006; Nominating and Governance Committee Chair, 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	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	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
Pamela Wheelock3 (Born 1959)	Trustee, since January 2020; previously Trustee from January 2018 to July 2019	Board member of the Destination Medical Center Economic Development Agency, Rochester, Minnesota since 2019. Acting Commissioner, Minnesota Department of Human Services, July 2019 through September 2019. Human Services Manager (part-time), Minnesota Department of Human Services, October 2019 through December 2019. Chief Operating Officer, Twin Cities Habitat for Humanity from 2017 to 2019. Vice President of University Services, University of Minnesota from 2012 to 2016. 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 Chief Executive Officer of Blue Cross Blue Shield of Minnesota from 2011 to 2012, Chairman of the Board from 2009 to 2012 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. Executive Vice President of the Minnesota Wild Foundation from 2004 to 2008. Commissioner of Finance, State of Minnesota, from 1999 to 2002. Currently 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.

Wells Fargo Short-Term High Yield Bond Fund  |  29

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.
Michelle Rhee (Born 1966)	Chief Legal Officer, since 2019	Secretary of Wells Fargo Funds Management, LLC, Chief Legal Counsel of Wells Fargo Asset Management and Assistant General Counsel of Wells Fargo Bank, N.A. since 2018. Associate General Counsel and Managing Director of Bank of America Corporation from 2004 to 2018.
Catherine Kennedy (Born 1969)	Secretary, since 2019	Vice President of Wells Fargo Funds Management, LLC and Senior Counsel of the Wells Fargo Legal Department since 2010. Vice President and Senior Counsel of Evergreen Investment Management Company, LLC from 1998 to 2010.
Michael H. Whitaker(Born 1967)	Chief Compliance Officer, since 2016	Chief Compliance Officer of Wells Fargo Asset Management 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 64 funds in the Fund Complex. Jeremy DePalma acts as Treasurer of 82 funds and Assistant Treasurer of 64 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 atwfam.com.

³  Pamela Wheelock wasre-appointed to the Board effective January 1, 2020.

30  |  Wells Fargo Short-Term High Yield Bond Fund

Appendix I (unaudited)

Effective on or about May 1, 2020, if you purchase Fund shares through a Janney Montgomery Scott LLC (“Janney”) brokerage account, you will be eligible for the following load waivers(front-end sales charge waivers and contingent deferred sales charge (“CDSC”), orback-end sales charge, waivers) and discounts, which may differ from those disclosed elsewhere in the Fund’s Prospectus or SAI.

Front-end sales charge* waivers on Class A shares available at Janney

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).

Shares purchased by employees and registered representatives of Janney or its affiliates and their family members as designated by Janney.

Shares purchased from the proceeds of redemptions within the same fund family, provided (1)

the repurchase occurs within ninety (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 (i.e., right of reinstatement).

Employer-sponsored retirement plans (e.g., 401(k) plans, 457 plans, employer-sponsored 403(b) plans, profit sharing and money purchase pension plans and defined benefit plans). For purposes of this provision, employer-sponsored retirement plans do not include SEP IRAs, Simple IRAs,

SAR-SEPs or Keogh plans.

Shares acquired through a right of reinstatement.

Class C shares that are no longer subject to a contingent deferred sales charge and are converted to Class A shares of the same fund pursuant to Janney’s policies and procedures.

CDSC waivers on Class A and Class C shares available at Janney

Shares sold upon the death or disability of the shareholder.

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

Shares purchased in connection with a return of excess contributions from an IRA account.

Shares sold as part of a required minimum distribution for IRA and retirement accounts if the redemption is taken in or after the year the shareholder reaches qualified age based on applicable IRS regulations.

Shares sold to pay Janney fees but only if the transaction is initiated by Janney.

Shares acquired through a right of reinstatement.

Shares exchanged into the same share class of a different fund.

Front-end sales charge* discounts available at Janney; breakpoints, rights of accumulation and/or letters of intent

Breakpoints as described in the Fund’s Prospectus.

Rights of accumulation (“ROA”), 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 Janney. Eligible fund family assets not held at Janney may be included in the ROA calculation only if the shareholder notifies his or her financial advisor about such assets.

Letters of intent which allow for breakpoint discounts based on anticipated purchases within a fund family, over a13-month time period. Eligible fund family assets not held at Janney

Montgomery Scott may be included in the calculation of letters of intent only if the shareholder notifies his or her financial advisor about such assets.

* Also referred to as an “initial sales charge.”

Wells Fargo Short-Term High Yield Bond Fund  |  31

Appendix II (unaudited)

Effective on or after May 1, 2020, clients of Edward Jones (also referred to as “shareholders”) purchasing Fund shares on the Edward Jones commission andfee-based platforms are eligible only for the following sales charge discounts (also referred to as “breakpoints”) and waivers, which can differ from breakpoints and waivers described elsewhere in this Prospectus or SAI or through another broker-dealer. In all instances, it is the shareholder’s responsibility to inform Edward Jones at the time of purchase of any relationship, holdings of Wells Fargo Funds or other facts qualifying the purchaser for breakpoints or waivers. Edward Jones can ask for documentation of such circumstance.

Breakpoints available at Edward Jones

Rights of Accumulation (ROA)

The applicable sales charge on a purchase of Class A shares is determined by taking into account all share classes (except any money market funds and retirement plan share classes) of Wells Fargo Funds held by the shareholder or in an account grouped by Edward Jones with other accounts for the purpose of providing certain pricing considerations (“pricing groups”). This includes all share classes held on the Edward Jones platform and/or held on another platform. The inclusion of eligible fund family assets in the rights of accumulation calculation is dependent on the shareholder notifying his or her financial advisor of such assets at the time of calculation.

ROA is determined by calculating the higher of cost or market value (current shares x NAV).

Letter of Intent (LOI)

Through a LOI, shareholders can receive the sales charge and breakpoint discounts for purchases shareholders intend to makeover a13-month period from the date Edward Jones receives the LOI. The LOI is determined by calculating the higher of cost or market value of qualifying holdings at LOI initiation in combination with the value that the shareholder intends to buy over a13-month period to calculate thefront-end sales charge and any breakpoint discounts. Each purchase the shareholder makes during that13-month period will receive the sales charge and breakpoint discount that applies to the total amount. The inclusion of eligible fund family assets in the LOI calculation is dependent on the shareholder notifying his or her financial advisor of such assets at the time of calculation. Purchases made before the LOI is received by Edward Jones are not covered under the LOI and will not reduce the sales charge previously paid. Sales charges will be adjusted if LOI is not met.

Sales charges are waived for the following shareholders and in the following situations at Edward Jones:

●   Associates of Edward Jones and its affiliates and their family members who are in the same pricing group (as determined by Edward Jones under its policies and procedures) as the associate. This waiver will continue for the remainder of the associate’s life if the associate retires from Edward Jones in good-standing.

●   Shares purchased in an Edward Jonesfee-based program.

●   Shares purchased through reinvestment of capital gains distributions and dividend reinvestment.

●   Shares purchased from the proceeds of redeemed shares of the same fund family so long as the following conditions are met: 1)the proceeds are from the sale of shares within 60 days of the purchase, and 2) the sale and purchase are made in the same share class and the same account or the purchase is made in an individual retirement account with proceeds from liquidations in anon-retirement account.

●   Shares exchanged into Class A shares from another share class so long as the exchange is into the same fund and was initiated at the discretion of Edward Jones. Edward Jones is responsible for any remaining CDSC due to the fund company, if applicable. Any future purchases are subject to the applicable sales charge as disclosed in the prospectus.

●   Exchanges from Class C shares to Class A shares of the same fund, generally, in the 84th month following the anniversary of the purchase date or earlier at the discretion of Edward Jones.

If the shareholder purchases shares that are subject to a CDSC and those shares are redeemed before the CDSC is expired, the shareholder is
responsible to pay the CDSC except in the following conditions available at Edward Jones:

●   The death or disability of the shareholder.

●   Systematic withdrawals with up to 10% per year of the account value.

●   Return of excess contributions from an Individual Retirement Account (IRA).

●   Shares sold as part of a required minimum distribution for IRA and retirement accounts if the redemption is taken in or after the year the shareholder reaches qualified age based on applicable IRS regulation.

●   Shares sold to pay Edward Jones fees or costs in such cases where the transaction is initiated by Edward Jones.

●   Shares exchanged in an Edward Jonesfee-based program.

●   Shares acquired through NAV reinstatement.

32  |  Wells Fargo Short-Term High Yield Bond Fund

Appendix II (unaudited)

Other Important Information for accounts at Edward Jones:

Minimum Purchase Amounts

●   $250 initial purchase minimum

●   $50 subsequent purchase minimum

Minimum Balances

Edward Jones has the right to redeem at its discretion fund holdings with a balance of $250 or less. The following are examples of accounts that are not included in this policy:

●   Afee-based account held on an Edward Jones platform

●   A 529 account held on an Edward Jones platform

●   An account with an active systematic investment plan or letter of intent (LOI)

Changing Share Classes

At any time it deems necessary, Edward Jones has the authority to exchange at NAV a shareholder’s holdings in a fund to Class A shares.

Wells Fargo Short-Term High Yield Bond Fund  |  33

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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:wfam.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 atwfam.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

© 2020 Wells Fargo & Company. All rights reserved

PAR-0320-04745 04-20

SA222/SAR222 02-20

Semi-Annual Report

February 29, 2020

Wells Fargo

Ultra Short-Term 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 calling1-800-222-8222 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.

Contents

Letter to shareholders	2
Performance highlights	5
Fund expenses	7
Portfolio of investments	8
Financial statements
Statement of assets and liabilities	20
Statement of operations	21
Statement of changes in net assets	22
Financial highlights	23
Notes to financial statements	27
Other information	33
Appendix I	37
Appendix II	38

Reduce clutter.

Save trees.

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

The views expressed and any forward-looking statements are as of February 29, 2020, unless otherwise noted, and are those of the Fund managers and/or Wells Fargo Asset Management. 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 Asset Management 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

Wells Fargo Ultra Short-Term Income Fund  |  1

Letter to shareholders (unaudited)

Andrew Owen

President

Wells Fargo Funds

“The fourth quarter started on a strong note, with U.S.-China trade tensions relaxing in October along with renewed optimism for a U.K. Brexit deal and positive macroeconomic data.”

Dear Shareholder:

We are pleased to offer you this semi-annual report for the Wells Fargo Ultra Short-Term Income Fund for thesix-month period that ended February 29, 2020. As market volatility increased, returns for the period were more restrained after strong results in previous recent periods. However, supportive central banks addressed concerns over slowing global economic growth and international trade tensions.

Fixed-income and equity investors had mixed semi-annual returns. For the period, U.S. stocks, based on the S&P 500 Index,¹ gained 1.92% and international stocks, as measured by the MSCI ACWI ex USA Index (Net),² returned 0.13%. The MSCI EM Index (Net)³ gained 2.93%. For bond investors, the Bloomberg Barclays U.S. Aggregate Bond Index⁴ added 3.39%, the Bloomberg Barclays Global Aggregateex-USD Index⁵ returned-0.21%, the Bloomberg Barclays Municipal Bond Index⁶ gained 3.04%, and the ICE BofA U.S. High Yield Index⁷ added 1.34%.

The period began with uncertainty, leading to central bank support.

In September, as the period began, the U.S. Federal Reserve (Fed) cut interest rates a second time in the third quarter. U.S. manufacturing data disappointed investors. The U.S. Congress announced it would pursue an impeachment investigation of President Trump. Meanwhile, the Brexit impasse showed no signs of resolution. Officials in China warned it would be difficult to reach the country’s annual economic growth goals considering the weight of tariffs and trade restrictions. Although the S&P 500 Index finished the third quarter with the bestyear-to-date returns in more than 20 years, concerns about future returns remained.

The fourth quarter started on a strong note, with U.S.-China trade tensions relaxing in October along with renewed optimism for a U.K. Brexit deal and positive macroeconomic data. The initial estimate of U.S. third-quarter gross domestic product growth was a resilient 1.9% annualized rate, while the U.S. unemployment rate fell to a50-year low of 3.5% in September. However, despite resilience among U.S. consumers, business confidence declined while manufacturing activity contracted. Concerned with a potential economic slowdown, the Fed lowered interest rates another quarter point in late October—its third rate cut in four months. This helped push the S&P 500 Index to anall-time high, while emerging market equities rallied and global bonds declined overall, reflecting a broad pickup in risk appetite.

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. 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 equity market performance of emerging markets. 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 BofA 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 2020. ICE Data Indices, LLC. All rights reserved.

2  |  Wells Fargo Ultra Short-Term Income Fund

Letter to shareholders (unaudited)

Equity markets continued to rally in November despite ongoing geopolitical risks. Hopes for a U.S.-China trade deal buoyed investor confidence. U.S. business sentiment improved slightly, and manufacturing and services activity picked up. With that positive backdrop, developed market equities outpaced those in emerging markets, and U.S. stocks, as reflected by the S&P 500 Index, outperformednon-U.S. stocks overall. While consumer confidence and purchasing manager activity rose in the eurozone, China reported weakening manufacturing and consumer data. Bond yields rose marginally, leading to slightly negative returns for global government and investment-grade corporate bonds.

Financial markets ended 2019 with a boost from the U.S. and China accord on a Phase One trade deal. That, along with the landslide win by thepro-Brexit U.K. Conservative Party in a national election and ongoing central bank support, gave investors greater confidence. U.S. economic indicators were generally positive, with the exception of manufacturing activity and business confidence. Consumer confidence was resilient, fed by a robust labor market, tame inflation, and lower interest rates, which boosted housing affordability and stimulated homebuyer activity. The impeachment of U.S. President Donald Trump had little impact on markets. Meanwhile, slowing Chinese economic activity, partly attributable to the trade war, led to further government stimulus atyear-end through lower reserve ratios, allowing banks to lend more money.

Theyear-end rally continued in early January 2020. However, capital market volatility picked up sharply in late January on concerns over the unknown impact of the novel coronavirus(COVID-19) on the global economy and stock markets. With sentiment somewhat souring, perceived safe havens did well in January. The U.S. dollar and Japanese yen both rose and government bonds outperformed equities. While the S&P 500 Index held its ground, emerging market equities tumbled, including those in Asia that are most exposed to viruses—physical or economic—originating in China.

In February, the coronavirus became the major market focus. Fears of the virus’s impact on global growth led to expectations of increased global central bank monetary policy support. That led the10-year Treasury yield to fall to anall-time low of 1.1% by the end of the month. Although equity markets initially shrugged off concerns about the outbreak, focusing instead on strong fourth-quarter earnings and improving business confidence in January, market sentiment turned sharply lower towardmonth-end and the S&P 500 Index lost 8.2% for the month. Oil prices tumbled as Russia and the Organization of the Petroleum Exporting Countries compounded a major decline in oil demand with a brutal price war, partly aimed at dissuading further U.S. shale production. As a result, the price of West Texas Intermediate crude oil fell 13% in February and 27% for 2020 year to date.

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. 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.

“Capital market volatility picked up sharply in late January on concerns over the unknown impact of the novel coronavirus (COVID-19) on the global economy and stock markets.”

For further information about your Fund, contact your investment professional, visit our website at wfam.com,

or call us directly at1-800-222-8222.

Wells Fargo Ultra Short-Term Income Fund  |  3

Letter to shareholders (unaudited)

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

4  |  Wells Fargo Ultra Short-Term Income Fund

Performance highlights (unaudited)

Investment objective

The Fund seeks current income consistent with capital preservation.

Manager

Wells Fargo Funds Management, LLC

Subadviser

Wells Capital Management Incorporated

Portfolio managers

Christopher Y. Kauffman, CFA^®‡

Jay N. Mueller, CFA^®‡

Michael J. Schueller, CFA^®‡

Noah M. Wise, CFA^®‡

Average annual total returns (%) as of February 29, 2020

		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 (SADAX)	8-31-1999		0.76		1.15		1.12		2.82		1.56		1.32		0.81		0.71
Class C (WUSTX)	7-18-2008		1.05		0.80		0.58		2.05		0.80		0.58		1.56		1.46
Administrator Class (WUSDX)	4-8-2005		–		–		–		2.98		1.69		1.46		0.75		0.56
Institutional Class (SADIX)	8-31-1999		–		–		–		3.18		1.89		1.68		0.48		0.36
Bloomberg Barclays Short-Term Government/Corporate Bond Index3	–		–		–		–		2.67		1.42		0.88		–		–

Figures quoted represent past performance, which is no guarantee of future results, and do not reflect taxes that a shareholder may pay on an investment in a fund. 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,wfam.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 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 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. Loans are subject to risks similar to those associated with other below-investment-grade bond investments, such as credit risk (for example, risk of issuer default), below-investment-grade bond risk (for example, risk of greater volatility in value), and risk that the loan may become illiquid or difficult to price. The use of derivatives may reduce returns and/or increase volatility. Foreign investments are especially volatile and can rise or fall dramatically due to differences in the political and economic conditions of the host country. These risks are generally intensified in emerging markets. Certain investment strategies tend to increase the total risk of an investment (relative to the broader market). The Fund is exposed to high-yield securities risk and mortgage- and asset-backed securities risk. Consult the Fund’s prospectus for additional information on these and other risks.

Please see footnotes on page 6.

Wells Fargo Ultra Short-Term Income Fund  |  5

Performance highlights (unaudited)

Ten largest holdings (%) as of February 29, 20204
iShares Short-Term Corporate Bond ETF	2.83
SPDR Portfolio Short Term Corporate Bond ETF	2.83
Nissan Auto Lease Trust Series2019-A Class A3, 2.76%,3-15-2022	1.08
Ally Master Owner Trust Series2018-4 Class A, 3.30%,7-17-2023	1.05
World Omni Automobiles Lease Securitization Trust Series2018-B Class A3, 3.19%,12-15-2021	0.99
Banco Santander SA, 3.50%,4-11-2022	0.95
Daimler Trucks Retail Trust Series2018-1 Class A4, 3.03%,11-15-2024	0.92
Bank of America Corporation, 2.33%,10-1-2021	0.91
Westlake Automobile Receivables TrustSeries 2019-2A A2A, 2.57%,2-15-2023	0.90
Morgan Stanley, 2.75%,5-19-2022	0.88

Portfolio composition as of February 29, 2020⁵

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

¹  Reflects the expense ratios as stated in the most recent prospectuses, which include the impact of 0.01% in acquired fund fees and expenses. The expense ratios shown are subject to change and may differ from the annualized expense ratios shown in the financial highlights of this report, which do not include acquired fund fees and expenses.

²  The manager has contractually committed through December 31, 2020, to waive fees and/or reimburse expenses to the extent necessary to cap total annual fund operating expenses after fee waivers at 0.70% for Class A, 1.45% for Class C, 0.55% for Administrator Class, and 0.35% for Institutional Class. Brokerage commissions, stamp duty fees, interest, taxes, acquired fund fees and expenses (if any), and extraordinary expenses are excluded from the expense cap. Prior to or after the commitment expiration date, the cap may be increased or the commitment to maintain the cap may be terminated only with the approval of the Board of Trustees. 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  The Bloomberg Barclays Short-Term Government/Corporate Bond Index contains securities that have fallen out of the Bloomberg Barclays U.S. Government/Credit Bond Index because of the standard minimumone-year-to-maturity constraint. Securities in the Bloomberg Barclays Short-Term Government/Corporate Bond Index must have a maturity from 1 up to (but not including) 12 months. You cannot invest directly in an index.

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

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

6  |  Wells Fargo Ultra Short-Term Income Fund

Fund expenses (unaudited)

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

The example is based on an investment of $1,000 invested at the beginning of thesix-month period and held for the entire period from September 1, 2019 to February 29, 2020.

Actual expenses

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

Hypothetical example for comparison purposes

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

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

	Beginning account  value 9-1-2019		Ending account value 2-29-2020		Expenses paid during the period¹		Annualized net expense ratio
Class A
Actual	$	1,000.00	$	1,012.47	$	3.50		0.70	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.38	$	3.52		0.70	%
Class C
Actual	$	1,000.00	$	1,007.52	$	7.24		1.45	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,017.65	$	7.27		1.45	%
Administrator Class
Actual	$	1,000.00	$	1,012.04	$	2.75		0.55	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,022.13	$	2.77		0.55	%
Institutional Class
Actual	$	1,000.00	$	1,013.04	$	1.75		0.35	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,023.12	$	1.76		0.35	%

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

Wells Fargo Ultra Short-Term Income Fund  |  7

Portfolio of investments—February 29, 2020 (unaudited)

	Interest rate			Maturity date		Principal		Value
Agency Securities: 5.02%
FDIC Series2013-R1 Class A 144A		1.15	%		3-25-2033	$	207,338	$	206,955
FHLMC (1 Month LIBOR +0.50%)±		2.16			9-15-2041		1,351,867		1,356,886
FHLMC (1 Year Treasury Constant Maturity +2.25%)±		4.06			4-1-2038		526,629		559,285
FHLMC (1 Year Treasury Constant Maturity +2.25%)±		4.31			9-1-2038		1,151,803		1,225,087
FHLMC (1 Year Treasury Constant Maturity +2.25%)±		4.36			10-1-2038		536,274		572,297
FHLMC		4.50			8-1-2020		7,366		7,651
FHLMC		4.50			1-1-2022		13,114		13,622
FHLMC		4.50			6-1-2024		701,245		735,896
FHLMC		4.50			9-1-2026		1,081,518		1,133,553
FHLMC (1 Year Treasury Constant Maturity +2.23%)±		4.52			3-1-2035		546,410		578,897
FHLMC (1 Year Treasury Constant Maturity +2.25%)±		4.60			11-1-2035		1,362,615		1,445,072
FHLMC (1 Year Treasury Constant Maturity +2.25%)±		4.67			6-1-2032		1,498		1,551
FHLMC (1 Year Treasury Constant Maturity +2.20%)±		4.71			5-1-2035		189,330		199,630
FHLMC (1 Year Treasury Constant Maturity +2.25%)±		4.76			4-1-2032		78,996		83,240
FHLMC (1 Year Treasury Constant Maturity +2.33%)±		4.83			1-1-2029		30,698		30,989
FHLMC (1 Year Treasury Constant Maturity +2.40%)±		4.90			7-1-2029		604		620
FHLMC		5.50			12-1-2022		256,740		267,562
FHLMC		5.50			12-1-2023		289,480		303,169
FHLMC		6.00			10-1-2021		236,114		241,580
FHLMC		6.00			10-1-2021		259,414		265,070
FHLMC		6.00			1-1-2024		239,890		248,614
FHLMC		7.00			6-1-2031		212,453		240,846
FHLMC		9.50			9-1-2020		2,100		2,108
FHLMC		9.50			12-1-2022		1,325		1,336
FHLMC		10.00			11-17-2021		1,472		1,482
FHLMC		10.50			5-1-2020		739		739
FHLMC Series 2611 Class HD		5.00			5-15-2023		348,437		363,549
FHLMC Series 2649 Class WL		4.00			7-15-2023		576,539		586,074
FHLMC Series 2704 Class BH		4.50			11-15-2023		256,399		264,639
FHLMC Series 2881 Class AE		5.00			8-15-2034		133,885		138,713
FHLMC Series 2953 Class LD		5.00			12-15-2034		116,095		120,991
FHLMC Series 3266 Class D		5.00			1-15-2022		2		2
FHLMC Series 3609 Class LA		4.00			12-15-2024		2,501		2,510
FHLMC Series 3821 Class LA		3.50			4-15-2025		23,980		23,983
FHLMC Series 3834 Class EA		3.50			6-15-2029		126,185		127,735
FHLMC Series 3888 Class NA		2.25			1-15-2040		1,087,036		1,100,438
FHLMC Series 3898 Class NE		4.00			7-15-2040		43,084		43,147
FHLMC Series 4172 Class PB		1.50			7-15-2040		228,557		228,108
FHLMC Series 4318 Class LC		2.00			6-15-2038		90,141		90,035
FHLMC Series 4348 Class MH		3.00			6-15-2039		1,644,418		1,687,829
FHLMC Series 4764 Class BA		4.00			6-15-2042		823,810		846,725
FHLMC Series 4889 Class CD		3.00			4-15-2049		4,106,298		4,221,243
FHLMC Series KF15 Class A (1 Month LIBOR +0.67%)±		2.33			2-25-2023		519,665		519,094
FHLMC Series KI01 Class A (1 Month LIBOR +0.16%)±		1.82			9-25-2022		351,882		351,565
FHLMC Series QO04 Class AFL (12 Month Treasury Average +0.74%)±		2.79			5-25-2044		2,568,514		2,570,933
FHLMC SeriesT-42 Class A6		9.50			2-25-2042		543,925		684,418
FNMA		2.00			4-1-2023		1,995,763		2,012,857
FNMA (6 Month LIBOR +1.51%)±		3.55			9-1-2037		285,985		296,543
FNMA (6 Month LIBOR +1.40%)±		3.65			10-1-2031		66,957		68,524
FNMA (1 Year Treasury Constant Maturity +2.27%)±		3.90			2-1-2036		865,917		917,749
FNMA (1 Year Treasury Constant Maturity +2.02%)±		3.94			12-1-2034		244,633		257,779
FNMA (1 Year Treasury Constant Maturity +2.26%)±		4.01			11-1-2035		114,286		119,160
FNMA (1 Year Treasury Constant Maturity +2.19%)±		4.03			11-1-2031		54,802		57,708
FNMA (1 Year Treasury Constant Maturity +2.28%)±		4.15			11-1-2032		440,040		462,783
FNMA (1 Year Treasury Constant Maturity +2.13%)±		4.17			5-1-2032		4,572		4,734
FNMA (1 Year Treasury Constant Maturity +2.25%)±		4.31			11-1-2033		1,222,142		1,296,229

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

8  |  Wells Fargo Ultra Short-Term Income Fund

Portfolio of investments—February 29, 2020 (unaudited)

	Interest rate			Maturity date		Principal		Value
Agency Securities (continued)
FNMA (1 Year Treasury Constant Maturity +2.19%)±		4.32	%		4-1-2038	$	1,506,771	$	1,595,378
FNMA (1 Year Treasury Constant Maturity +2.21%)±		4.34			7-1-2038		953,043		1,008,809
FNMA (1 Year Treasury Constant Maturity +2.36%)±		4.35			11-1-2034		670,525		713,899
FNMA (12 Month Treasury Average +2.22%)±		4.36			8-1-2045		320,857		334,781
FNMA (12 Month LIBOR +1.82%)±		4.36			9-1-2040		1,637,412		1,736,211
FNMA (1 Year Treasury Constant Maturity +2.20%)±		4.38			2-1-2035		689,910		728,228
FNMA (1 Year Treasury Constant Maturity +2.26%)±		4.39			8-1-2036		1,497,136		1,587,288
FNMA (1 Year Treasury Constant Maturity +2.31%)±		4.43			5-1-2036		409,188		434,547
FNMA (12 Month Treasury Average +2.31%)±		4.46			5-1-2036		577,112		607,602
FNMA (1 Year Treasury Constant Maturity +2.23%)±		4.48			12-1-2040		123,109		129,765
FNMA		4.50			1-1-2027		1,336,573		1,413,971
FNMA (1 Year Treasury Constant Maturity +2.22%)±		4.69			6-1-2034		786,473		831,462
FNMA (1 Year Treasury Constant Maturity +2.27%)±		4.71			2-1-2033		342,636		356,058
FNMA (1 Year Treasury Constant Maturity +2.22%)±		4.72			6-1-2032		70,161		72,743
FNMA		5.00			5-1-2022		127,577		134,929
FNMA		5.00			6-1-2024		1,306,666		1,381,966
FNMA (6 Month LIBOR +2.86%)±		5.61			4-1-2033		745		774
FNMA		6.00			4-1-2021		20,087		20,316
FNMA		6.00			1-1-2023		675,836		704,236
FNMA		6.50			8-1-2031		253,492		300,333
FNMA		9.00			10-15-2021		1,346		1,360
FNMA		9.00			6-1-2024		4,211		4,246
FNMA		9.50			12-1-2020		888		892
FNMA		10.50			4-1-2022		25		25
FNMA Series1990-111 Class Z		8.75			9-25-2020		309		311
FNMA Series1990-119 Class J		9.00			10-25-2020		3,456		3,512
FNMA Series1990-124 Class Z		9.00			10-25-2020		653		660
FNMA Series1990-77 Class D		9.00			6-25-2020		485		485
FNMA Series1991-132 Class Z		8.00			10-25-2021		11,506		11,971
FNMA Series1992-71 Class X		8.25			5-25-2022		10,117		10,720
FNMA Series2000-T6 Class A2		9.50			11-25-2040		282,883		325,673
FNMA Series2001-T10 Class A3		9.50			12-25-2041		433,368		520,290
FNMA Series2001-T12 Class A3		9.50			8-25-2041		412,567		504,765
FNMA Series2002-T1 Class A4		9.50			11-25-2031		499,060		609,478
FNMA Series2002-W04 Class A6±±		4.55			5-25-2042		521,075		545,355
FNMA Series2003-W11 Class A1±±		4.79			6-25-2033		13,949		14,589
FNMA Series2003-W3 Class 1A4±±		4.08			8-25-2042		27,940		30,008
FNMA Series2007-W2 Class 1A1 (1 Month LIBOR +0.32%)±		1.98			3-25-2037		272,584		271,085
FNMA Series2008-76 Class GF (1 Month LIBOR +0.65%)±		2.31			9-25-2023		399		399
FNMA Series2009-31 Class B		4.00			5-25-2024		12,002		12,001
FNMA Series2010-115 Class NC		2.75			1-25-2039		562,197		566,583
FNMA Series2010-25 Class ND		3.50			3-25-2025		2,144		2,146
FNMA Series2010-37 Class A1		5.41			5-25-2035		3,644,956		3,832,474
FNMA Series2010-57 Class DQ		3.00			6-25-2025		144,410		147,227
FNMA Series2012-72 Class QE		3.00			1-25-2038		212,934		215,750
FNMA Series2013-26 Class AK		2.50			11-25-2038		2,741,937		2,777,919
FNMA Series2014-19 Class HA		2.00			6-25-2040		656,594		674,226
GNMA		7.00			6-15-2033		367,073		445,513
GNMA Series2016-H19 Class FE (1 Month LIBOR +0.37%)±		2.10			6-20-2061		8,339		8,339
GNMA Series2017-H13 Class FJ (1 Month LIBOR +0.00%)±		1.93			5-20-2067		64,562		64,518
GNMA Series2017-H16 Class FD (1 Month LIBOR +0.20%)±		1.93			8-20-2067		207,765		207,720
Total Agency Securities (Cost $53,348,082)									55,093,070
Asset-Backed Securities: 20.13%
Ally Master Owner Trust Series2018-4 Class A		3.30			7-17-2023		11,174,000		11,476,773
American Credit Acceptance Receivables Trust Series2018-1 Class C 144A		3.55			4-10-2024		1,725,750		1,733,768

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

Wells Fargo Ultra Short-Term Income Fund  |  9

Portfolio of investments—February 29, 2020 (unaudited)

	Interest rate			Maturity date		Principal		Value
Asset-Backed Securities (continued)
American Credit Acceptance Receivables Trust Series2019-2 Class A 144A		2.85	%		7-12-2022	$	4,010,022	$	4,018,889
American Express Credit Account Master Trust Series2018-8 Class A		3.18			4-15-2024		5,968,000		6,150,686
AmeriCredit Automobile Receivables Trust Series2017-2 Class A3		1.98			12-20-2021		587,561		587,715
Bank of the West Auto Trust Series2018-1 Class A2 144A		3.09			4-15-2021		470,908		471,108
California Republic Auto Receivables Trust Series2017-1 Class A4		2.28			6-15-2022		2,139,197		2,144,130
CCG Receivables Trust Series2017-1 Class A2 144A		1.84			11-14-2023		633,768		633,866
Chesapeake Funding II LLC Series2017-3A Class A1 144A		1.91			8-15-2029		2,979,523		2,984,521
Chesapeake Funding II LLC Series2018-3A Class A1 144A		3.39			1-15-2031		5,100,663		5,230,748
CPS Auto Trust Series2018-C Class A 144A		2.87			9-15-2021		31,143		31,157
Daimler Trucks Retail Trust Series2018-1 Class A4 144A		3.03			11-15-2024		10,000,000		10,119,165
Dell Equipment Finance Trust Series2018-1 Class A2A 144A		2.97			10-22-2020		1,796,230		1,798,103
Drive Auto Receivables Trust Series2017-3 Class D 144A		3.53			12-15-2023		3,750,000		3,791,615
Drive Auto Receivables Trust Series2017-BA Class D 144A		3.72			10-17-2022		1,929,036		1,936,755
DT Auto Owner Trust Series2016-2A Class D 144A		5.43			11-15-2022		8,817,445		8,832,251
DT Auto Owner Trust Series2017-3A Class D 144A		3.58			5-15-2023		3,000,000		3,025,996
DT Auto Owner Trust Series2018-3A Class A 144A		3.02			2-15-2022		815,314		817,063
Education Loan Asset-Backed Trust Series2013-1 Class A1 (1 Month LIBOR +0.80%) 144A±		2.43			6-25-2026		1,161,101		1,162,932
Educational Services of America Incorporated Series2015-2 Class A (1 Month LIBOR +1.00%) 144A±		2.63			12-25-2056		939,169		941,568
Enterprise Fleet Financing Trust Series2017-1 Class A2 144A		2.13			7-20-2022		458,495		458,744
Enterprise Fleet Financing Trust Series2017-2 Class A2 144A		1.97			1-20-2023		578,877		579,199
Exeter Automobile Receivables Trust Series2019-2A Class A 144A		2.93			7-15-2022		1,202,170		1,205,693
Fifth Third Auto Trust Series2019-1 Class A2A		2.66			5-16-2022		3,150,266		3,165,767
Flagship Credit Auto Trust Series2018-4 Class A 144A		3.41			5-15-2023		1,626,442		1,647,124
Flagship Credit Auto Trust Series2019-4 Class A 144A		2.17			6-17-2024		4,642,157		4,675,778
Ford Credit Auto Lease Trust Series2018-B Class A4		3.30			2-15-2022		3,835,000		3,898,488
Ford Credit Auto Owner Trust Series2017-A Class A4		1.92			4-15-2022		8,814,000		8,835,750
Ford Credit Floorplan Master Owner Trust LLC Series2017-1 Class A1		2.07			5-15-2022		7,335,000		7,341,602
GM Financial Consumer Automobile Receivables Trust Series2017-2A Class A3 144A		1.86			12-16-2021		3,366,613		3,370,019
Hertz Vehicle Financing LLC Series2015-1A Class A 144A		2.73			3-25-2021		5,000,000		5,003,302
Honda Auto Receivables Owner Series2019-1 Class A2		2.75			9-20-2021		2,276,736		2,288,022
Honda Auto Receivables Owner Trust Series2018-3 Class A2		2.67			12-21-2020		344,055		344,244
Honda Auto Receivables Owner Trust Series2018-4 Class A3		3.16			1-17-2023		8,715,000		8,896,174
Hyundai Auto Lease Securitization Trust Series2017-C Class A3 144A		2.12			2-16-2021		192,741		192,780
Hyundai Auto Lease Securitization Trust Series2019-A Class A3 144A		2.98			7-15-2022		5,200,000		5,286,463
Hyundai Auto Lease Securitization Trust Series2020-A Class A2 144A		1.90			5-16-2022		1,570,000		1,578,917
Mercedes-Benz Auto Lease Trust Series2019-A Class A2		3.01			2-16-2021		2,096,427		2,100,461
MMAF Equipment Finance LLC Series2019-A Class A2 144A		2.84			1-10-2022		2,543,893		2,560,214
Nissan Auto Lease Trust Series2019-A Class A3		2.76			3-15-2022		11,738,000		11,905,568
Nissan Auto Lease Trust Series2019-B Class A3		2.27			7-15-2022		5,375,000		5,433,292
Oscar US Funding Trust Series2016-2A Class A4 144A		2.99			12-15-2023		3,603,349		3,623,664
Prestige Auto Receivables Trust Series2017-1A Class B 144A		2.39			5-16-2022		987,383		988,644
Santander Drive Auto Receivables Trust Series2015-5 Class D		3.65			12-15-2021		1,032,687		1,033,598
Santander Drive Auto Receivables Trust Series2017-1 Class D		3.17			4-17-2023		6,092,000		6,169,856
Santander Retail Auto Lease Trust Series2019-A Class A2 144A		2.72			1-20-2022		4,027,338		4,058,656
SLC Student Loan Trust Series2006-2 Class A5 (3 Month LIBOR +0.10%)±		1.99			9-15-2026		813,798		813,016
SLM Student Loan Trust Series2006-10 Class A5A (3 Month LIBOR +0.10%)±		1.89			4-25-2027		404,594		404,018
SLM Student Loan Trust Series2011-2 Class A1 (1 Month LIBOR +0.00%)±		2.23			11-25-2027		1,034,615		1,036,470
SLM Student Loan Trust Series2012-3 Class A (1 Month LIBOR +0.65%)±		2.28			12-27-2038		4,412,190		4,388,167
SLM Student Loan Trust Series2013-1 Class A3 (1 Month LIBOR +0.55%)±		2.18			5-26-2055		4,770,615		4,743,879
SLM Student Loan Trust Series2014-A Class B 144A		3.50			11-15-2044		6,200,000		6,322,867
South Texas Higher Education2012-1 Class A2 (3 Month LIBOR +0.85%)±		2.76			10-1-2024		2,054,169		2,055,463

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

10  |  Wells Fargo Ultra Short-Term Income Fund

Portfolio of investments—February 29, 2020 (unaudited)

	Interest rate			Maturity date		Principal		Value
Asset-Backed Securities (continued)
Structured Asset Securities Corporation Series1998-2 Class A (1 Month LIBOR +0.52%)±		2.15	%		2-25-2028	$	22,518	$	22,475
Student Loan Consolidation Center Series2011-1 Class A (1 Month LIBOR +1.22%) 144A±		2.85			10-25-2027		3,544,220		3,554,882
Tesla Auto Lease Trust Series2018-B Class A 144A		3.71			8-20-2021		1,722,475		1,750,356
Towd Point Asset Trust Series2018-SL1 Class A (1 Month LIBOR +0.00%) 144A±		2.23			1-25-2046		3,612,819		3,597,118
Transportation Finance Equipment Trust Series2019-1 Class A1 144A		2.00			10-23-2020		2,195,645		2,197,047
Verizon Owner Trust Series2017-1A Class A 144A		2.06			9-20-2021		610,151		610,506
Volvo Financial Equipment LLC Series2017-1A Class A3 144A		1.92			3-15-2021		1,628,449		1,628,990
Westlake Automobile Receivables Trust Series2019-2A A2A 144A		2.57			2-15-2023		9,805,373		9,865,913
Wheels SPV LLC Series2018-1A Class A2 144A		3.06			4-20-2027		1,739,211		1,751,769
World Omni Auto Receivables Trust Series2016-B Class A3		1.30			2-15-2022		809,459		808,873
World Omni Automobiles Lease Securitization Trust Series2018-B Class A3		3.19			12-15-2021		10,730,000		10,897,958
Total Asset-Backed Securities (Cost $220,065,301)									220,980,595
Corporate Bonds and Notes: 26.02%
Communication Services: 2.27%
Diversified Telecommunication Services: 0.97%
Broadcom Corporation		2.20			1-15-2021		7,000,000		7,024,987
Broadcom Corporation		3.00			1-15-2022		3,585,000		3,655,539
									10,680,526
Media: 1.12%
Fox Corporation 144A		3.67			1-25-2022		3,880,000		4,040,169
Interpublic Group Companies		3.50			10-1-2020		2,000,000		2,018,467
NBCUniversal Enterprise Incorporated 144A		5.25			12-31-2049		6,000,000		6,171,000
									12,229,636
Wireless Telecommunication Services: 0.18%
Sprint Spectrum Company LLC 144A		3.36			3-20-2023		1,968,750		1,984,697
Consumer Discretionary: 0.26%
Multiline Retail: 0.26%
Macy’s Retail Holdings Incorporated		3.45			1-15-2021		2,800,000		2,828,468
Consumer Staples: 1.57%
Food Products: 0.63%
Conagra Brands Incorporated		3.80			10-22-2021		3,560,000		3,700,580
Land O’Lakes Incorporated 144A		6.00			11-15-2022		3,000,000		3,218,814
									6,919,394
Tobacco: 0.94%
Altria Group Incorporated		4.75			5-5-2021		5,000,000		5,183,485
BAT Capital Corporation		2.76			8-15-2022		5,000,000		5,120,089
									10,303,574
Energy: 1.78%
Oil, Gas & Consumable Fuels: 1.78%
Energy Transfer Partners LP		5.20			2-1-2022		5,435,000		5,722,167
EQT Corporation «		3.00			10-1-2022		2,750,000		2,303,125
Occidental Petroleum Corporation		2.60			8-13-2021		2,320,000		2,349,564

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

Wells Fargo Ultra Short-Term Income Fund  |  11

Portfolio of investments—February 29, 2020 (unaudited)

	Interest rate			Maturity date		Principal		Value
Oil, Gas & Consumable Fuels (continued)
Occidental Petroleum Corporation		2.70	%		8-15-2022	$	3,090,000	$	3,148,746
Rockies Express Pipeline LLC 144A		5.63			4-15-2020		5,950,000		5,968,268
									19,491,870
Financials: 11.66%
Banks: 4.59%
Bank of America Corporation (3 Month LIBOR +0.63%)±		2.33			10-1-2021		10,000,000		10,039,039
Citibank NA (3 Month LIBOR +0.60%)±		2.84			5-20-2022		6,000,000		6,084,925
JPMorgan Chase & Company (3 Month LIBOR +0.70%)±		3.21			4-1-2023		2,635,000		2,719,357
JPMorgan Chase & Company (3 Month LIBOR +0.61%)±		3.51			6-18-2022		7,000,000		7,171,328
PNC Bank		2.45			11-5-2020		7,000,000		7,044,824
Synchrony Bank		3.65			5-24-2021		2,650,000		2,715,271
Truist Financial Corporation		2.90			3-3-2021		7,000,000		7,075,538
US Bank NA		2.05			10-23-2020		7,460,000		7,483,255
									50,333,537
Capital Markets: 1.83%
Goldman Sachs Group Incorporated		5.38			3-15-2020		5,000,000		5,006,182
Goldman Sachs Group Incorporated		5.75			1-24-2022		5,000,000		5,380,931
Morgan Stanley		2.75			5-19-2022		9,435,000		9,693,740
									20,080,853
Consumer Finance: 3.99%
BMW US Capital LLC 144A		2.15			4-6-2020		1,000,000		1,000,504
Capital One Financial Corporation		2.50			5-12-2020		7,000,000		7,005,180
Daimler Finance North America LLC 144A		2.20			5-5-2020		1,480,000		1,480,931
Daimler Finance North America LLC 144A		3.40			2-22-2022		4,000,000		4,119,185
Ford Motor Credit Company LLC (3 Month LIBOR +0.88%)±		2.73			10-12-2021		2,840,000		2,808,504
Ford Motor Credit Company LLC		3.20			1-15-2021		3,665,000		3,689,271
General Motors Financial Company Incorporated		4.20			11-6-2021		5,000,000		5,166,857
Hyundai Capital America Company 144A		2.38			2-10-2023		3,440,000		3,469,492
Hyundai Capital America Company 144A		2.75			9-18-2020		4,000,000		4,023,916
John Deere Capital Corporation		1.95			6-22-2020		3,000,000		3,004,513
Nissan Motor Acceptance Corporation 144A		3.65			9-21-2021		4,000,000		4,116,855
Volkswagen Group of America Finance LLC 144A		2.70			9-26-2022		3,875,000		3,962,856
									43,848,064
Diversified Financial Services: 0.69%
IBM Credit LLC		3.45			11-30-2020		6,500,000		6,601,298
WEA Finance LLC 144A		3.25			10-5-2020		1,000,000		1,007,368
									7,608,666
Insurance: 0.56%
Axis Specialty Finance LLC		5.88			6-1-2020		1,685,000		1,703,215
Protective Life Global Funding 144A		2.26			4-8-2020		4,415,000		4,418,379
									6,121,594
Health Care: 3.17%
Biotechnology: 1.12%
AbbVie Incorporated 144A		2.30			11-21-2022		7,095,000		7,213,433
AbbVie Incorporated		3.38			11-14-2021		4,935,000		5,084,204
									12,297,637

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

12  |  Wells Fargo Ultra Short-Term Income Fund

Portfolio of investments—February 29, 2020 (unaudited)

	Interest rate			Maturity date		Principal		Value
Health Care Providers & Services: 1.51%
Anthem Incorporated		2.50	%		11-21-2020	$	5,040,000	$	5,065,535
Cigna Corporation 144A		4.00			2-15-2022		5,375,000		5,575,865
CVS Health Corporation		2.80			7-20-2020		5,910,000		5,927,156
									16,568,556
Pharmaceuticals: 0.54%
EMD Finance LLC 144A		2.40			3-19-2020		5,965,000		5,966,491
Industrials: 1.63%
Aerospace & Defense: 0.15%
The Boeing Company		2.70			5-1-2022		1,615,000		1,652,043
Air Freight & Logistics: 0.47%
FedEx Corporation		3.40			1-14-2022		5,000,000		5,176,798
Airlines: 0.56%
Delta Air Lines Incorporated		3.40			4-19-2021		3,000,000		3,055,108
Delta Air Lines Incorporated		3.63			3-15-2022		3,000,000		3,089,823
									6,144,931
Industrial Conglomerates: 0.14%
General Electric Company		4.63			1-7-2021		1,485,000		1,523,901
Machinery: 0.31%
CNH Industrial Capital LLC		4.38			11-6-2020		3,375,000		3,436,781
Information Technology: 1.12%
Semiconductors & Semiconductor Equipment: 0.47%
Qualcomm Incorporated		3.00			5-20-2022		5,000,000		5,180,496
Technology Hardware, Storage & Peripherals: 0.65%
Hewlett Packard Enterprise Company		3.60			10-15-2020		7,000,000		7,064,276
Materials: 0.71%
Chemicals: 0.46%
DuPont de Nemours Incorporated		3.77			11-15-2020		5,000,000		5,059,342
Metals & Mining: 0.25%
Freeport-McMoRan Incorporated		3.55			3-1-2022		2,750,000		2,774,475
Real Estate: 0.71%
Equity REITs: 0.43%
Crown Castle International Corporation		2.25			9-1-2021		4,700,000		4,739,327
Real Estate Management & Development: 0.28%
Washington Prime Group Incorporated «		3.85			4-1-2020		3,050,000		3,050,000
Utilities: 1.14%
Electric Utilities: 0.43%
DPL Incorporated		7.25			10-15-2021		1,580,000		1,635,300
Pinnacle West Capital Corporation		2.25			11-30-2020		3,000,000		3,009,200
									4,644,500

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

Wells Fargo Ultra Short-Term Income Fund  |  13

Portfolio of investments—February 29, 2020 (unaudited)

	Interest rate			Maturity date		Principal		Value
Multi-Utilities: 0.71%
Dominion Energy Incorporated		2.72	%		8-15-2021	$	2,700,000	$	2,743,124
DTE Energy Company		2.25			11-1-2022		5,000,000		5,083,510
									7,826,634
Total Corporate Bonds and Notes (Cost $282,402,486)									285,537,067
						Shares
Exchange-Traded Funds: 5.67%
iShares Short-Term Corporate Bond ETF «							572,000		31,111,080
SPDR Portfolio Short Term Corporate Bond ETF							1,000,000		31,080,000
Total Exchange-Traded Funds (Cost $60,738,737)									62,191,080
						Principal
Municipal Obligations: 0.66%
Indiana: 0.27%
Education Revenue: 0.27%
Indiana Secondary Market for Education Loans Incorporated (1 Month LIBOR +0.80%)±		2.43			2-25-2044	$	3,017,280		3,012,422
New Jersey: 0.16%
Transportation Revenue: 0.16%
New Jersey Transportation Trust Authority Taxable Transportation System Series B		2.38			6-15-2022		1,700,000		1,731,943
Wisconsin: 0.23%
Housing Revenue: 0.23%
Wisconsin PFA Affinity Living Group Project (Citizens Bank LOC)		3.75			2-1-2022		2,500,000		2,502,700
Total Municipal Obligations (Cost $7,187,771)									7,247,065
Non-Agency Mortgage-Backed Securities: 25.12%
Angel Oak Mortgage Trust I LLC Series2019-3 Class A1 144A±±		2.93			5-25-2059		1,919,035		1,932,059
Angel Oak Mortgage Trust I LLC Series2019-4 Class A1 144A±±		2.99			7-26-2049		4,329,205		4,372,398
Banc of America Funding Corporation Series2016-R1 Class A1 144A±±		2.50			3-25-2040		1,099,773		1,107,640
BDS Limited Series2018-FL2 Class A (1 Month LIBOR +0.95%) 144A±		2.61			8-15-2035		2,127,914		2,125,258
Bluemountain CLO Limited Series2015-1A Class A1R (3 Month LIBOR +1.33%) 144A±		3.18			4-13-2027		597,464		597,985
Bunker Hill Loan Depositary Trust Series2019-2 Class A1 144A		2.88			7-25-2049		4,438,683		4,509,612
Cascade Funding Mortgage Trust Series 2018- RM2 Class A 144A±±		4.00			10-25-2068		1,111,927		1,160,879
CCG Receivables Trust Series2019-1 Class A2 144A		2.80			9-14-2026		2,490,103		2,521,892
CD Commercial Mortgage Trust Series2017-CD3 Class A1		1.97			2-10-2050		2,349,607		2,356,316
CGDBB Commercial Mortgage Trust Series 2017-BIOC Class A (1 Month LIBOR +0.79%) 144A±		2.45			7-15-2032		5,115,843		5,115,838
CIFC Funding Limited Series2012-2RA Class A1 (3 Month LIBOR +0.80%) 144A±		2.62			1-20-2028		7,550,000		7,550,136
CIFC Funding Limited Series2015-2A Class AR (3 Month LIBOR +0.78%) 144A±		2.61			4-15-2027		5,416,319		5,417,315
Citigroup Commercial Mortgage Trust Series 2015-GC27 Class A3		3.06			2-10-2048		5,805,000		5,871,346
Citigroup Commercial Mortgage Trust Series 2017-MDRB Class A (1 Month LIBOR +1.10%) 144A±		2.76			7-15-2030		2,365,399		2,348,207
CNH Equipment Trust Series2016-B Class A4		1.97			11-15-2021		1,200,000		1,200,532
CNH Equipment Trust Series2019-A Class A2		2.96			5-16-2022		5,671,467		5,707,934

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

14  |  Wells Fargo Ultra Short-Term Income Fund

Portfolio of investments—February 29, 2020 (unaudited)

	Interest rate			Maturity date		Principal		Value
Non-Agency Mortgage-Backed Securities (continued)
Collateralized Mortgage Obligation Trust Series 66 Class Z		8.00	%		9-20-2021	$	1,511	$	1,529
Colt Funding LLC Series2018-3 Class A1 144A±±		3.69			10-26-2048		1,769,768		1,777,858
Commercial Mortgage Trust Series2010-C1 Class A3 144A		4.21			7-10-2046		1,524,394		1,531,199
Commercial Mortgage Trust Series 2014-CR15 Class A2		2.93			2-10-2047		2,372,757		2,375,804
Commercial Mortgage Trust Series 2014-CR16 Class ASB		3.65			4-10-2047		3,425,514		3,562,847
Commercial Mortgage Trust Series 2014-LC17 Class A2		3.16			10-10-2047		729,142		730,915
Commercial Mortgage Trust Series 2014-UBS2 Class A3		3.47			3-10-2047		4,170,000		4,240,548
Commercial Mortgage Trust Series 2014-UBS5 Class A2		3.03			9-10-2047		673,473		676,739
Commercial Mortgage Trust Series 2015-LC23 Class A1		1.81			10-10-2048		966,632		966,007
Countrywide Home Loans Mortgage Pass-Through Trust Series 2001-HYB1 Class 1A1±±		3.96			6-19-2031		129,686		132,645
Countrywide Home Loans Mortgage Pass-Through Trust Series 2001-HYB1 Class 2A1±±		3.60			6-19-2031		80,897		81,542
Credit Suisse Mortgage Trust Series 2019-SKLZ Class A (1 Month LIBOR +1.25%) 144A±		2.91			1-15-2034		3,600,000		3,601,054
Credit Suisse Mortgage Trust Series 2020-AFC1 Class A3 144A±±		2.51			2-25-2050		6,793,785		6,858,105
Crown Point Limited Series2015-3A Class A1AR (3 Month LIBOR +0.91%) 144A±		2.74			12-31-2027		5,537,361		5,538,884
CSAIL Commercial Mortgage Trust Series2015-C4 Class A1		2.01			11-15-2048		54,155		54,113
Deephaven Residential Mortgage Series2019-4A Class A1 144A±±		2.79			10-25-2059		3,279,628		3,299,488
Deephaven Residential Mortgage Series2020-1 Class A2 144A±±		2.49			1-25-2060		3,085,000		3,095,188
DLL Securitization Trust Series2018-ST2 Class A3 144A		3.46			1-20-2022		7,394,562		7,477,799
DLL Securitization Trust Series2019-MT3 Class A1 144A		2.06			10-20-2020		3,560,036		3,563,941
EquiFirst Mortgage Loan Trust Series2003-2 Class 3A3 (1 Month LIBOR +1.13%)±		2.78			9-25-2033		314,649		310,901
FirstKey Mortgage Trust Series2014-1 Class A2 144A±±		3.00			11-25-2044		429,845		429,067
GCAT Series 2019-NQM1 Class A1 144A		2.99			2-25-2059		5,152,877		5,205,264
GCAT Series 2019-NQM2 Class A1 144A		2.86			9-25-2059		4,824,552		4,875,552
Goldman Sachs Mortgage Securities Trust Series2010-C2 Class A2 144A±±		5.16			12-10-2043		3,190,000		3,240,304
Goldman Sachs Mortgage Securities Trust Series2011-GC3 Class A4 144A		4.75			3-10-2044		5,799,807		5,886,893
Goldman Sachs Mortgage Securities Trust Series 2013-GC16 Class AAB		3.81			11-10-2046		1,804,724		1,884,424
Goldman Sachs Mortgage Securities Trust Series 2014-GC22 Class A3		3.52			6-10-2047		3,031,556		3,082,427
Goldman Sachs Mortgage Securities Trust Series2015-GS1 Class A1		1.94			11-10-2048		199,346		199,372
Goldman Sachs Mortgage Securities Trust Series2016-GS3 Class A1		1.43			10-10-2049		625,234		624,557
GPMT Limited Series2018-FL1 Class A (1 Month LIBOR +0.90%) 144A±		2.55			11-21-2035		1,784,297		1,784,294
Great Wolf Trust Series 2019-WOLF Class A (1 Month LIBOR +1.03%) 144A±		2.69			12-15-2036		2,500,000		2,500,004
GSMPS Mortgage Loan Trust Series1998-1 Class A 144A±±		8.00			9-19-2027		33,267		33,516
Halcyon Loan Advisors Funding Series2014-3A Class AR (3 Month LIBOR +1.10%) 144A±		2.90			10-22-2025		2,420,130		2,420,495
Homeward Opportunities Fund I Trust Series2019-1 Class A1 144A±±		3.45			1-25-2059		3,707,486		3,748,774
Hospitality Mortgage Trust Series 2019 Class A (1 Month LIBOR +0.00%) 144A±		2.66			11-15-2036		4,457,149		4,451,793
JPMorgan Chase Commercial Mortgage Securities Trust Series2011-C5 Class A3		4.17			8-15-2046		2,432,258		2,507,926
JPMorgan Chase Commercial Mortgage Securities Trust Series2015-C28 Class A2		2.77			10-15-2048		44,164		44,152
JPMorgan Chase Commercial Mortgage Securities Trust Series2017-JP5 Class A1		2.09			3-15-2050		722,737		722,726
JPMorgan Chase Commercial Mortgage Securities Trust Series2018-PHH Class A (1 Month LIBOR +0.91%) 144A±		2.57			6-15-2035		7,447,423		7,442,142
JPMorgan Chase Commercial Mortgage Securities Trust Series2019-MFP Class A (1 Month LIBOR +0.96%) 144A±		2.62			7-15-2036		5,000,000		4,999,995
LCM XII LP Series2013-A Class ARR (3 Month LIBOR +1.14%) 144A±		2.96			7-19-2027		6,000,000		6,000,438
Lendmark Funding Trust Series2018-2A Class A 144A		4.23			4-20-2027		3,000,000		3,135,532
Marlette Funding Trust Series2019-4A Class A 144A		2.39			12-17-2029		4,192,742		4,222,168
Master Mortgages Trust Series2002-3 Class 4A1±±		4.98			10-25-2032		2,070		2,117

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

Wells Fargo Ultra Short-Term Income Fund  |  15

Portfolio of investments—February 29, 2020 (unaudited)

	Interest rate			Maturity date		Principal		Value
Non-Agency Mortgage-Backed Securities (continued)
Mello Warehouse Securitization Series2018-W1 Class A (1 Month LIBOR +0.85%) 144A±		2.48	%		11-25-2051	$	3,666,667	$	3,670,733
Mello Warehouse Securitization Series2019-1 Class A (1 Month LIBOR +0.80%) 144A±		2.43			6-25-2052		5,065,000		5,068,382
Morgan Stanley Capital I Trust Series2011-C2 Class A4 144A		4.66			6-15-2044		3,125,000		3,204,254
Morgan Stanley Capital I Trust Series2016-C30 Class A1		1.39			9-15-2049		3,135,761		3,129,969
Neuberger Berman Limited Series2015-20A Class AR (3 Month LIBOR +0.80%) 144A±		2.63			1-15-2028		4,085,000		4,085,486
New Residential Mortgage Loan Trust Series 2018-NQM1 Class A1 144A±±		3.99			11-25-2048		2,914,485		2,966,885
Ondeck Asset Securitization Trust LLC Series2018-1A Class A 144A		3.50			4-18-2022		5,919,000		5,937,617
OZML Funding Limited Series2013-3A Class AIRR (3 Month LIBOR +1.18%) 144A±		2.98			1-22-2029		5,000,000		5,001,355
Palmer Square Loan Funding Limited Series2018-4A Class A1 (3 Month LIBOR +0.00%) 144A±		2.59			11-15-2026		2,811,226		2,812,890
ReadyCap Commercial Mortgage Trust Series2019-5 Class A 144A		3.78			2-25-2052		3,255,733		3,424,737
Salomon Brothers Mortgage Securities VII Series1990-2 Class A±±		2.55			11-25-2020		118,804		118,833
Shackleton CLO Limited Series2019-15A Class A (3 Month LIBOR +1.25%) 144A±		3.15			1-15-2030		2,840,000		2,843,292
Starwood Mortgage Residential Trust Series2019-1 Class A1 144A±±		2.94			6-25-2049		4,179,857		4,228,598
Starwood Mortgage Residential Trust Series 2019-INV1 Class A1 144A±±		2.61			9-27-2049		3,888,379		3,898,430
Starwood Mortgage Residential Trust Series2020-1 Class A3 144A±±		2.56			2-25-2050		3,781,437		3,809,322
Structured Asset Mortgage Investments Incorporated Series2001-4 Class A2±±		8.15			10-25-2024		1,327		1,323
TCW CLO2017-1 Limited Series2017-1A Class BR (3 Month LIBOR +1.55%) 144A±%%		3.30			7-29-2029		5,540,000		5,531,684
TCW CLO2019-1 AMR Limited Series2019-1A Class A (3 Month LIBOR +1.44%) 144A±		3.13			2-15-2029		4,075,000		4,078,052
THL Credit Wind River CLO Limited Series2012-1A Class AR2 (3 Month LIBOR +0.88%) 144A±		2.71			1-15-2026		2,763,055		2,763,994
Towd Point Asset Funding LLC Series2019-HE1 Class A1 (1 Month LIBOR +0.90%) 144A±		2.53			4-25-2048		3,085,874		3,094,424
Towd Point Mortgage Trust Series2015-4 Class A2 144A±±		3.75			4-25-2055		3,080,000		3,193,322
Towd Point Mortgage Trust Series2017-1 Class A1 144A±±		2.75			10-25-2056		4,623,020		4,718,570
Towd Point Mortgage Trust Series2017-4 Class A1 144A±±		2.75			6-25-2057		2,712,017		2,778,315
Towd Point Mortgage Trust Series2019-SJ3 Class A1 144A±±		3.00			11-25-2059		5,149,778		5,187,255
UBS Commercial Mortgage Trust Series2012-C1 Class A3		3.40			5-10-2045		1,348,090		1,385,909
UBS Commercial Mortgage Trust Series 2018-NYCH Class A (1 Month LIBOR +0.85%) 144A±		2.51			2-15-2032		4,115,000		4,106,024
Vendee Mortgage Trust Series2011-1 Class DA		3.75			2-15-2035		1,632,100		1,661,071
Venture CDO Limited Series2015-20A Class AR (3 Month LIBOR +0.82%) 144A±		2.65			4-15-2027		5,453,579		5,454,086
Verus Securitization Trust Series2019-1 Class A1 144A±±		3.40			12-25-2059		3,919,692		3,962,240
Wilshire Funding Corporation Series1996-3 Class M2±±		7.08			8-25-2032		131,869		138,013
Wilshire Funding Corporation Series1996-3 Class M3±±		7.08			8-25-2032		113,299		110,805
Wilshire Funding Corporation Series1998-2 Class M1±±		2.00			12-28-2037		154,692		157,149
TotalNon-Agency Mortgage-Backed Securities (Cost $274,357,545)									275,739,404
Yankee Corporate Bonds and Notes: 14.29%
Consumer Discretionary: 1.60%
Auto Components: 0.58%
Toyota Industries Corporation 144A		3.11			3-12-2022		6,145,000		6,326,846
Automobiles: 0.52%
Fiat Chrysler Automobiles NV		4.50			4-15-2020		5,720,000		5,726,406

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

16  |  Wells Fargo Ultra Short-Term Income Fund

Portfolio of investments—February 29, 2020 (unaudited)

	Interest rate			Maturity date		Principal		Value
Household Durables : 0.50%
Panasonic Corporation 144A		2.54	%		7-19-2022	$	5,400,000	$	5,508,903
Consumer Staples : 0.42%
Food & Staples Retailing : 0.42%
Seven & I Holdings Company Limited 144A		3.35			9-17-2021		4,500,000		4,619,384
Energy : 1.07%
Oil, Gas & Consumable Fuels : 1.07%
Aker BP ASA 144A		6.00			7-1-2022		5,000,000		5,140,543
TransCanada PipeLines Limited		9.88			1-1-2021		6,200,000		6,625,576
									11,766,119
Financials : 9.85%
Banks : 9.02%
ABN AMRO Bank NV 144A		3.40			8-27-2021		7,000,000		7,201,926
ANZ New Zealand International Company 144A«		1.90			2-13-2023		2,800,000		2,834,585
Australia & New Zealand Banking Group Limited		2.25			11-9-2020		5,790,000		5,815,681
Banco Santander Chile 144A		2.50			12-15-2020		8,255,000		8,245,920
Banco Santander SA		3.50			4-11-2022		10,020,000		10,403,211
Banque Federative du Credit Mutuel SA 144A		2.13			11-21-2022		7,700,000		7,827,523
BBVA Bancomer SA 144A		7.25			4-22-2020		1,415,000		1,420,320
Corporación Andina de Fomento		4.38			6-15-2022		5,400,000		5,737,230
Danske Bank AS 144A		5.00			1-12-2022		8,565,000		9,071,777
DNB Bank ASA 144A		2.13			10-2-2020		7,000,000		7,034,583
Federation des Caisses Desjardins du Quebec 144A		2.25			10-30-2020		5,000,000		5,023,004
Global Bank Corporation 144A		4.50			10-20-2021		1,180,000		1,209,500
Sumitomo Mitsui Banking Corporation (3 Month LIBOR +0.37%)±		2.21			10-16-2020		5,000,000		5,005,638
Sumitomo Mitsui Financial Group		2.06			7-14-2021		5,000,000		5,035,114
Suncorp-Metway Limited 144A		2.38			11-9-2020		4,000,000		4,028,800
Svenska Handelsbanken AB		1.88			9-7-2021		7,000,000		7,054,314
UniCredit SpA 144A		6.57			1-14-2022		5,615,000		6,030,713
									98,979,839
Diversified Financial Services : 0.83%
General Electric Capital International Funding Company		2.34			11-15-2020		5,322,000		5,336,529
UBS AG 144A		2.20			6-8-2020		3,725,000		3,727,951
									9,064,480
Health Care : 0.48%
Pharmaceuticals : 0.48%
Perrigo Finance Unlimited Company		3.50			3-15-2021		2,665,000		2,712,191
Shire Acquisitions Investment Ireland Limited		2.40			9-23-2021		2,520,000		2,552,407
									5,264,598
Industrials : 0.21%
Semiconductors & Semiconductor Equipment : 0.21%
NXP BV 144A		4.13			6-1-2021		2,215,000		2,276,696

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

Wells Fargo Ultra Short-Term Income Fund  |  17

Portfolio of investments—February 29, 2020 (unaudited)

	Interest rate			Maturity date		Principal		Value
Materials : 0.66%
Chemicals : 0.66%
Park Aerospace Holdings Company 144A		5.25	%		8-15-2022	$	2,115,000	$	2,250,246
Syngenta Finance NV 144A		3.70			4-24-2020		5,000,000		5,010,522
									7,260,768
Total Yankee Corporate Bonds and Notes (Cost $154,110,197)									156,794,039
	Yield					Shares
Short-Term Investments : 5.13%
Investment Companies : 5.13%
Securities Lending Cash Investments LLC (l)(r)(u)		1.66					12,791,854		12,793,133
Wells Fargo Government Money Market Fund Select Class (l)(u)##		1.52					43,536,183		43,536,183
Total Short-Term Investments (Cost $56,329,316)									56,329,316

Total investments in securities (Cost $1,108,539,435)	102.04	%		1,119,911,636
Other assets and liabilities, net	(2.04	)		(22,420,606	)
Total net assets	100.00	%	$	1,097,491,030

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

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

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

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

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

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

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

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

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

Abbreviations:

FHLMC Federal Home Loan Mortgage Corporation

FNMA Federal National Mortgage Association

GNMA Government National Mortgage Association

LIBOR London Interbank Offered Rate

LOC Letter of credit

PFA Public Finance Authority

REIT Real estate investment trust

Futures Contracts

Description	Number of contracts		Expiration date		Notional cost			Notional value			Unrealized gains		Unrealized losses
Short
2-Year U.S. Treasury Notes		(1,126)		6-30-2020	$	(244,498,541	)	$	(245,837,470	)	$	0	$	(1,338,929	)
5-Year U.S. Treasury Notes		(190)		6-30-2020		(23,085,863	)		(23,322,500	)		0		(236,637	)
											$	0	$	(1,575,566	)

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

18  |  Wells Fargo Ultra Short-Term Income Fund

Portfolio of investments—February 29, 2020 (unaudited)

Investments in Affiliates

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

	Shares, beginning of period		Shares purchased		Shares sold			Shares, end of period		Net realized gains (losses)		Net change in unrealized gains (losses)		Income from affiliated securities			Value, end of period		% of net assets
Short-Term Investments
Investment Companies
Securities Lending Cash Investments LLC		0		252,186,882		(239,395,028	)		12,791,854	$	11	$	0	$	134,317	#	$	12,793,133
Wells Fargo Government Money Market Fund Select Class		62,084,487		381,652,830		(400,201,134	)		43,536,183		0		0		534,158			43,536,183
										$	11	$	0	$	668,475		$	56,329,316		5.13	%

^#  Amount shown represents income before fees and rebates.

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

Wells Fargo Ultra Short-Term Income Fund  |  19

Statement of assets and liabilities—February 29, 2020 (unaudited)

Assets
Investments in unaffiliated securities (including $12,525,851 of securities loaned), at value (cost $1,052,210,119)	$	1,063,582,320
Investments in affiliated securities, at value (cost $56,329,316)		56,329,316
Cash		107,068
Segregated cash for futures contracts		1,956,806
Principal paydown receivable		64,658
Receivable for Fund shares sold		5,652,981
Receivable for interest		5,135,622
Receivable for securities lending income, net		3,200
Prepaid expenses and other assets		258
Total assets		1,132,832,229
Liabilities
Payable upon receipt of securities loaned		12,792,625
Payable for investments purchased		14,623,350
Payable for Fund shares redeemed		5,093,801
Payable for daily variation margin on open futures contracts		1,174,772
Management fee payable		218,567
Dividends payable		797,227
Administration fees payable		88,597
Distribution fee payable		2,633
Trustees’ fees and expenses payable		6,019
Accrued expenses and other liabilities		543,608
Total liabilities		35,341,199
Total net assets	$	1,097,491,030
Net assets consist of
Paid-in capital	$	1,118,140,719
Total distributable loss		(20,649,689	)
Total net assets	$	1,097,491,030
Computation of net asset value and offering price per share
Net assets – Class A	$	214,938,466
Shares outstanding – Class A1		25,116,720
Net asset value per share – Class A		$8.56
Maximum offering price per share – Class A2		$8.73
Net assets – Class C	$	4,399,573
Shares outstanding – Class C1		514,674
Net asset value per share – Class C		$8.55
Net assets – Administrator Class	$	16,927,140
Shares outstanding – Administrator Class1		1,987,013
Net asset value per share – Administrator Class		$8.52
Net assets – Institutional Class	$	861,225,851
Shares outstanding – Institutional Class1		100,694,237
Net asset value per share – Institutional Class		$8.55

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.

20  |  Wells Fargo Ultra Short-Term Income Fund

Statement of operations—six months ended February 29, 2020 (unaudited)

Investment income
Interest	$	13,532,089
Dividends		903,115
Income from affiliated securities		564,434
Total investment income		14,999,638
Expenses
Management fee		1,890,961
Administration fees
Class A		168,428
Class C		3,678
Administrator Class		7,683
Institutional Class		342,836
Shareholder servicing fees
Class A		263,168
Class C		5,747
Administrator Class		19,206
Distribution fee
Class C		17,226
Custody and accounting fees		44,629
Professional fees		36,694
Registration fees		66,945
Shareholder report expenses		34,712
Trustees’ fees and expenses		10,909
Other fees and expenses		11,093
Total expenses		2,923,915
Less: Fee waivers and/or expense reimbursements
Fund-level		(519,728	)
Administrator Class		(6,925	)
Institutional Class		(84,898	)
Net expenses		2,312,364
Net investment income		12,687,274
Realized and unrealized gains (losses) on investments
Net realized gains (losses) on
Unaffiliated securities		808,106
Affiliated securities		11
Futures contracts		(978,525	)��
Net realized losses on investments		(170,408	)
Net change in unrealized gains (losses) on
Unaffiliated securities		3,274,309
Futures contracts		(1,624,207	)
Net change in unrealized gains (losses) on investments		1,650,102
Net realized and unrealized gains (losses) on investments		1,479,694
Net increase in net assets resulting from operations	$	14,166,968

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

Wells Fargo Ultra Short-Term Income Fund  |  21

Statement of changes in net assets

	Six months ended February 29, 2020 (unaudited)						Year ended August 31, 2019
Operations
Net investment income				$	12,687,274					$	23,807,281
Net realized losses on investments					(170,408	)					(5,173,986	)
Net change in unrealized gains (losses) on investments					1,650,102						14,893,045
Net increase in net assets resulting from operations					14,166,968						33,526,340
Distributions to shareholders from net investment income and net realized gains
Class A					(2,128,715	)					(4,691,164	)
Class C					(29,243	)					(69,389	)
Administrator Class					(166,975	)					(302,857	)
Institutional Class					(10,165,217	)					(18,718,916	)
Total distributions to shareholders					(12,490,150	)					(23,782,326	)
Capital share transactions		Shares						Shares
Proceeds from shares sold
Class A		2,814,251			24,066,734			3,440,445			29,216,109
Class C		85,085			726,510			442,509			3,748,406
Administrator Class		594,590			5,061,997			508,071			4,302,476
Institutional Class		38,580,737			329,789,853			79,096,663			671,176,689
					359,645,094						708,443,680
Reinvestment of distributions
Class A		240,915			2,060,629			534,195			4,540,259
Class C		3,381			28,881			8,101			68,784
Administrator Class		19,170			163,204			35,444			299,894
Institutional Class		645,961			5,521,962			1,026,803			8,724,965
					7,774,676						13,633,902
Payment for shares redeemed
Class A		(3,159,678	)		(27,013,748	)		(7,567,845	)		(64,257,129	)
Class C		(189,733	)		(1,620,395	)		(432,645	)		(3,668,839	)
Administrator Class		(242,986	)		(2,069,535	)		(711,430	)		(6,017,265	)
Institutional Class		(36,477,905	)		(311,866,978	)		(70,211,953	)		(595,758,632	)
					(342,570,656	)					(669,701,865	)
Net increase in net assets resulting from capital share transactions					24,849,114						52,375,717
Total increase in net assets					26,525,932						62,119,731
Net assets
Beginning of period					1,070,965,098						1,008,845,367
End of period				$	1,097,491,030					$	1,070,965,098

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

22  |  Wells Fargo Ultra Short-Term Income Fund

Financial highlights

(For a share outstanding throughout each period)

	Six months ended February 29, 2020 (unaudited)			Year ended August 31
CLASS A				2019			2018			2017			2016			2015
Net asset value, beginning of period		$8.54			$8.46			$8.48			$8.49			$8.46			$8.53
Net investment income		0.09			0.17	1		0.13			0.09			0.08			0.05
Net realized and unrealized gains (losses) on investments		0.02			0.08			(0.02	)		(0.01	)		0.03			(0.06	)
Total from investment operations		0.11			0.25			0.11			0.08			0.11			(0.01	)
Distributions to shareholders from
Net investment income		(0.09	)		(0.17	)		(0.13	)		(0.09	)		(0.08	)		(0.05	)
Tax basis return of capital		0.00			0.00			0.00			0.00			0.00			(0.01	)
Total distributions to shareholders		(0.09	)		(0.17	)		(0.13	)		(0.09	)		(0.08	)		(0.06	)
Net asset value, end of period		$8.56			$8.54			$8.46			$8.48			$8.49			$8.46
Total return2		1.25	%		3.04	%		1.24	%		0.97	%		1.28	%		(0.07	)%
Ratios to average net assets (annualized)
Gross expenses		0.80	%		0.80	%		0.80	%		0.79	%		0.79	%		0.77	%
Net expenses		0.70	%		0.70	%		0.70	%		0.70	%		0.70	%		0.70	%
Net investment income		2.06	%		2.05	%		1.47	%		1.09	%		0.93	%		0.64	%
Supplemental data
Portfolio turnover rate		18	%		36	%		55	%		56	%		51	%		70	%
Net assets, end of period (000s omitted)		$214,938			$215,503			$243,909			$274,079			$319,565			$151,561

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.

Wells Fargo Ultra Short-Term Income Fund  |  23

Financial highlights

(For a share outstanding throughout each period)

	Six months ended February 29, 2020 (unaudited)			Year ended August 31
CLASS C				2019			2018			2017			2016			2015
Net asset value, beginning of period		$8.54			$8.46			$8.47			$8.48			$8.45			$8.52
Net investment income (loss)		0.05			0.11			0.06			0.02			0.01			(0.01	)
Net realized and unrealized gains (losses) on investments		0.01			0.08			(0.01	)		0.00			0.03			(0.06	)
Total from investment operations		0.06			0.19			0.05			0.02			0.04			(0.07	)
Distributions to shareholders from
Net investment income		(0.05	)		(0.11	)		(0.06	)		(0.03	)		(0.01	)		(0.00	)1
Tax basis return of capital		0.00			0.00			0.00			0.00			0.00			(0.00	)1
Total distributions to shareholders		(0.05	)		(0.11	)		(0.06	)		(0.03	)		(0.01	)		(0.00	)1
Net asset value, end of period		$8.55			$8.54			$8.46			$8.47			$8.48			$8.45
Total return2		0.75	%		2.27	%		0.60	%		0.22	%		0.52	%		(0.81	)%
Ratios to average net assets (annualized)
Gross expenses		1.54	%		1.55	%		1.55	%		1.54	%		1.54	%		1.52	%
Net expenses		1.45	%		1.45	%		1.45	%		1.45	%		1.45	%		1.45	%
Net investment income (loss)		1.31	%		1.31	%		0.72	%		0.34	%		0.17	%		(0.10	)%
Supplemental data
Portfolio turnover rate		18	%		36	%		55	%		56	%		51	%		70	%
Net assets, end of period (000s omitted)		$4,400			$5,257			$5,056			$5,760			$7,464			$7,642

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.

24  |  Wells Fargo Ultra Short-Term Income Fund

Financial highlights

(For a share outstanding throughout each period)

	Six months ended February 29,  2020 (unaudited)			Year ended August 31
ADMINISTRATOR CLASS				2019			2018			2017			2016			2015
Net asset value, beginning of period		$8.51			$8.43			$8.45			$8.46			$8.42			$8.50
Net investment income		0.09			0.19	1		0.13			0.10			0.09			0.07	1
Net realized and unrealized gains (losses) on investments		0.01			0.08			(0.01	)		(0.01	)		0.04			(0.07	)
Total from investment operations		0.10			0.27			0.12			0.09			0.13			0.00
Distributions to shareholders from
Net investment income		(0.09	)		(0.19	)		(0.14	)		(0.10	)		(0.09	)		(0.07	)
Tax basis return of capital		0.00			0.00			0.00			0.00			0.00			(0.01	)
Total distributions to shareholders		(0.09	)		(0.19	)		(0.14	)		(0.10	)		(0.09	)		(0.08	)
Net asset value, end of period		$8.52			$8.51			$8.43			$8.45			$8.46			$8.42
Total return2		1.20	%		3.19	%		1.39	%		1.12	%		1.55	%		(0.04	)%
Ratios to average net assets (annualized)
Gross expenses		0.74	%		0.74	%		0.74	%		0.73	%		0.73	%		0.71	%
Net expenses		0.55	%		0.55	%		0.55	%		0.55	%		0.55	%		0.55	%
Net investment income		2.21	%		2.20	%		1.54	%		1.24	%		1.05	%		0.81	%
Supplemental data
Portfolio turnover rate		18	%		36	%		55	%		56	%		51	%		70	%
Net assets, end of period (000s omitted)		$16,927			$13,748			$15,037			$27,245			$26,679			$44,682

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.

Wells Fargo Ultra Short-Term Income Fund  |  25

Financial highlights

(For a share outstanding throughout each period)

	Six months ended February 29,  2020 (unaudited)			Year ended August 31
INSTITUTIONAL CLASS				2019			2018			2017			2016			2015
Net asset value, beginning of period		$8.54			$8.46			$8.48			$8.49			$8.45			$8.53
Net investment income		0.10			0.20			0.15			0.12			0.11			0.08
Net realized and unrealized gains (losses) on investments		0.01			0.08			(0.02	)		(0.01	)		0.04			(0.07	)
Total from investment operations		0.11			0.28			0.13			0.11			0.15			0.01
Distributions to shareholders from
Net investment income		(0.10	)		(0.20	)		(0.15	)		(0.12	)		(0.11	)		(0.08	)
Tax basis return of capital		0.00			0.00			0.00			0.00			0.00			(0.01	)
Total distributions to shareholders		(0.10	)		(0.20	)		(0.15	)		(0.12	)		(0.11	)		(0.09	)
Net asset value, end of period		$8.55			$8.54			$8.46			$8.48			$8.49			$8.45
Total return1		1.30	%		3.40	%		1.59	%		1.33	%		1.75	%		0.16	%
Ratios to average net assets (annualized)
Gross expenses		0.47	%		0.47	%		0.47	%		0.46	%		0.46	%		0.44	%
Net expenses		0.35	%		0.35	%		0.35	%		0.35	%		0.35	%		0.35	%
Net investment income		2.41	%		2.41	%		1.80	%		1.43	%		1.27	%		0.99	%
Supplemental data
Portfolio turnover rate		18	%		36	%		55	%		56	%		51	%		70	%
Net assets, end of period (000s omitted)		$861,226			$836,456			$744,844			$1,061,908			$1,197,514			$1,137,808

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 Ultra Short-Term Income 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 Ultra Short-Term Income Fund (the “Fund”) which is a diversified series of the Trust.

2. SIGNIFICANT ACCOUNTING POLICIES

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

Securities valuation

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

Debt securities are valued at the evaluated bid price provided by an independent pricing service (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.

Equity securities and 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. If no sale occurs on the principal exchange or market that day, a fair value price will be determined in accordance with the Fund’s Valuation Procedures.

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

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

Securities lending

The Fund may lend its securities from time to time in order to earn additional income in the form of fees or interest on securities received as collateral or the investment of any cash received as collateral. When securities are on loan, the Fund receives interest or dividends on those securities. Cash collateral received in connection with its securities lending transactions is invested in Securities Lending Cash Investments, LLC (the “Securities Lending Fund”). Investments in Securities Lending Fund are valued at the evaluated bid price provided by an independent pricing service. Income earned from investment in the Securities Lending Fund (net of fees and rebates), if any, is included in income from affiliated securities on the Statement of Operations.

In a securities lending transaction, the net asset value of the Fund is affected by an increase or decrease in the value of the securities loaned and by an increase or decrease in the value of the instrument in which collateral is invested. The amount of securities lending activity undertaken by the Fund fluctuates from time to time. The Fund has the right under the lending agreement to recover the securities from the borrower on demand. In the event of default or bankruptcy by the borrower, the Fund may be prevented from recovering the loaned securities or gaining access to the collateral or may experience delays or costs in doing so. In such an event, the terms of the agreement allows the unaffiliated securities lending agent to use the collateral to purchase replacement securities on behalf of the Fund or pay the Fund the market value of the loaned securities. The Fund bears the risk of loss with respect to depreciation of its investment of the cash collateral.

Wells Fargo Ultra Short-Term Income Fund  |  27

Notes to financial statements (unaudited)

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.

Futures contracts

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 a 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 and is subject to interest rate risk. 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 the 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.

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.

Income dividends and capital gain distributions from investment companies are recorded on theex-dividend date. Capital gain distributions from investment companies are treated as realized gains.

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.

Federal and other taxes

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

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

As of February 29, 2020, the aggregate cost of all investments for federal income tax purposes was $1,108,588,076 and the unrealized gains (losses) consisted of:

Gross unrealized gains	$	12,378,501
Gross unrealized losses		(2,630,507	)
Net unrealized gains	$	9,747,994

28  |  Wells Fargo Ultra Short-Term Income Fund

Notes to financial statements (unaudited)

As of August 31, 2019, the Fund had capital loss carryforwards which consisted of $1,313,832 in short-term capital losses and $22,815,824 in long-term capital losses.

As of August 31, 2019, the Fund had current year deferred post-October capital losses consisting of $2,111,387 in short-term losses and $3,611,278 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 fund-level expenses, and realized and unrealized gains (losses) on investments are allocated daily to each class of shares based on the relative proportion of net assets of each class.

3. FAIR VALUATION MEASUREMENTS

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

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

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

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

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

The following is a summary of the inputs used in valuing the Fund’s assets and liabilities as of February 29, 2020:

	Quoted prices (Level 1)		Other significant observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total
Assets
Investments in:
Agency securities	$	0	$	55,093,070	$	0	$	55,093,070
Asset-backed securities		0		220,980,595		0		220,980,595
Corporate bonds and notes		0		285,537,067		0		285,537,067
Exchange-traded funds		62,191,080		0		0		62,191,080
Municipal obligations		0		7,247,065		0		7,247,065
Non-agency mortgage-backed securities		0		275,739,404		0		275,739,404
Yankee corporate bonds and notes		0		156,794,039		0		156,794,039
Short-term investments
Investment companies		56,329,316		0		0		56,329,316
Total assets	$	118,520,396	$	1,001,391,240	$	0	$	1,119,911,636
Liabilities
Futures contracts	$	1,575,566	$	0	$	0	$	1,575,566
Total liabilities	$	1,575,566	$	0	$	0	$	1,575,566

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

Futures contracts are reported at their cumulative unrealized gains (losses) at measurement date as reported in the table following the Portfolio of Investments. For futures contracts, the current day’s variation margin is reported on the Statement of Assets and Liabilities. All other assets and liabilities are reported at their market value at measurement date.

For the six months ended February 29, 2020, the Fund did not have any transfers into/out of Level 3.

Wells Fargo Ultra Short-Term Income Fund  |  29

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 a management fee at the following annual rate based on the Fund’s average daily net assets:

Average daily net assets	Management fee
First $1 billion	0.350%
Next $4 billion	0.325
Next $3 billion	0.290
Next $2 billion	0.265
Over $10 billion	0.255

For the six months ended February 29, 2020, the management fee was equivalent to an annual rate of 0.35% of the Fund’s average daily net assets.

Funds Management has retained the services of a subadviser to provide daily portfolio management to the Fund. The fee for subadvisory services is borne by Funds Management. Wells Capital Management Incorporated (“WellsCap”), an affiliate of Funds Management and an indirect wholly owned subsidiary of Wells Fargo, is the subadviser to the Fund and is entitled to receive a fee from Funds Management at an annual rate starting at 0.15% 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

Waivers and/or expense reimbursements

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. When only certain classes exceed their expense caps, waivers and/or reimbursements are applied against class specific expenses before fund-level expenses. Funds Management has committed through December 31, 2020 to waive fees and/or reimburse expenses to the extent necessary to cap the Fund’s expenses at 0.70% for Class A shares, 1.45% for Class C shares, 0.55% for Administrator Class shares, and 0.35% for Institutional Class shares. Prior to or after the commitment expiration date, 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.

30  |  Wells Fargo Ultra Short-Term Income Fund

Notes to financial statements (unaudited)

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 February 29, 2020, Funds Distributor received $433 from the sale of Class A shares. No contingent deferred sales charges were incurred by Class A and Class C shares for the six months ended February 29, 2020.

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.

5. INVESTMENT PORTFOLIO TRANSACTIONS

Purchases and sales of investments, excluding short-term securities, for the six months ended February 29, 2020 were as follows:

Purchases at cost		Sales proceeds
U.S. government	Non-U.S. government	U.S. government	Non-U.S. government
$1,110,189	$429,498,537	$9,042	$186,470,647

6. SECURITIES LENDING TRANSACTIONS

The Fund lends its securities through an unaffiliated securities lending agent and receives collateral in the form of cash or securities with a value at least equal to the value of the securities on loan. The value of the loaned securities is determined at the close of each business day and any increases or decreases in the required collateral are exchanged between the Fund and the counterparty on the next business day. Cash collateral received is invested in the Securities Lending Fund which seeks to provide a positive return compared to the daily Fed Funds Open Rate by investing in high-quality, U.S. dollar-denominated short-term money market instruments and is exempt from registration under Section 3(c)(7) of the 1940 Act. Securities Lending Fund is managed by Funds Management and is subadvised by WellsCap. Funds Management receives an advisory fee starting at 0.05% and declining to 0.01% as the average daily net assets of the Securities Lending Fund increase. All of the fees received by Funds Management are paid to WellsCap for its services as subadviser.

In the event of counterparty default or the failure of a borrower to return a loaned security, the Fund has the right to use the collateral to offset any losses incurred. As of February 29, 2020, the Fund had securities lending transactions with the following counterparties which are subject to offset:

Counterparty	Value of securities on loan	Collateral received1	Net amount
Bank of America Securities Inc.	$4,112,278	$(4,112,278)	$	0
Barclays Capital Inc.	1,308,627	(1,308,627)		0
Citigroup Global Markets Inc.	7,104,946	(7,104,946)		0

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

7. DERIVATIVE TRANSACTIONS

During the six months ended February 29, 2020, the Fund entered into futures contracts to help manage duration. The Fund had an average notional amount of $263,159,475 in short futures contracts during the six months ended February 29, 2020.

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.

Wells Fargo Ultra Short-Term Income Fund  |  31

Notes to financial statements (unaudited)

8. 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 February 29, 2020, there were no borrowings by the Fund under the agreement.

9. INDEMNIFICATION

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

10. NEW ACCOUNTING PRONOUNCEMENTS

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.

In March 2017, FASB issued ASUNo. 2017-08,Premium Amortization on Purchased Callable Debt Securities. ASU2017-08 shortens the amortization period for certain callable debt securities held at a premium and requires the premium to be amortized to the earliest call date. The amendments do not require an accounting change for securities held at a discount and discounts will continue to be accreted to the maturity date of the security. ASU2017-08 is effective for fiscal years beginning after December 15, 2018 and for interim periods within those fiscal years. During the current reporting period, management of the Fund adopted the change in accounting policy which did not have a material impact to the Fund’s financial statements.

11. SUBSEQUENT EVENT

On March 11, 2020, the World Health Organization announced that it had made the assessment that coronavirus disease 2019(“COVID-19”) is a pandemic. The impacts ofCOVID-19 is adversely affecting the entire global economy, individual companies and investment products, and the market in general. There is significant uncertainty around the extent and duration of business disruptions related toCOVID-19 and the impact may be short term or may last for an extended period of time. The risk of further spreading ofCOVID-19 has led to significant uncertainty and volatility in the financial markets and the value of the Fund and the securities in which the Fund invests have generally been adversely affected by impacts caused byCOVID-19.

32  |  Wells Fargo Ultra Short-Term 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 atwfam.com, or visiting the SEC website at sec.gov. Information regarding how the proxies related to portfolio securities were voted during the most recent 12-month period ended June 30 is available on the website atwfam.comor by visiting the SEC website at sec.gov.

QUARTERLY PORTFOLIO HOLDINGS INFORMATION

The Fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. Shareholders may view the filed Form N-PORT by visiting the SEC website at sec.gov.

Wells Fargo Ultra Short-Term Income Fund  |  33

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 146 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. Audit Committee Chair and Investment Committee Chair of the Vincent Memorial Hospital Endowment(non-profit organization). 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. (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. Johnson (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

34  |  Wells Fargo Ultra Short-Term 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
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
Olivia S. Mitchell (Born 1953)	Trustee, since 2006; Nominating and Governance Committee Chair, 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	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	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
Pamela Wheelock3 (Born 1959)	Trustee, since January 2020; previously Trustee from January 2018 to July 2019	Board member of the Destination Medical Center Economic Development Agency, Rochester, Minnesota since 2019. Acting Commissioner, Minnesota Department of Human Services, July 2019 through September 2019. Human Services Manager (part-time), Minnesota Department of Human Services, October 2019 through December 2019. Chief Operating Officer, Twin Cities Habitat for Humanity from 2017 to 2019. Vice President of University Services, University of Minnesota from 2012 to 2016. 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 Chief Executive Officer of Blue Cross Blue Shield of Minnesota from 2011 to 2012, Chairman of the Board from 2009 to 2012 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. Executive Vice President of the Minnesota Wild Foundation from 2004 to 2008. Commissioner of Finance, State of Minnesota, from 1999 to 2002. Currently 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.

Wells Fargo Ultra Short-Term Income Fund  |  35

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.
Michelle Rhee (Born 1966)	Chief Legal Officer, since 2019	Secretary of Wells Fargo Funds Management, LLC, Chief Legal Counsel of Wells Fargo Asset Management and Assistant General Counsel of Wells Fargo Bank, N.A. since 2018. Associate General Counsel and Managing Director of Bank of America Corporation from 2004 to 2018.
Catherine Kennedy (Born 1969)	Secretary, since 2019	Vice President of Wells Fargo Funds Management, LLC and Senior Counsel of the Wells Fargo Legal Department since 2010. Vice President and Senior Counsel of Evergreen Investment Management Company, LLC from 1998 to 2010.
Michael H. Whitaker(Born 1967)	Chief Compliance Officer, since 2016	Chief Compliance Officer of Wells Fargo Asset Management 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 64 funds in the Fund Complex. Jeremy DePalma acts as Treasurer of 82 funds and Assistant Treasurer of 64 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 atwfam.com.

³  Pamela Wheelock wasre-appointed to the Board effective January 1, 2020.

36  |  Wells Fargo Ultra Short-Term Income Fund

Appendix I (unaudited)

Effective on or about May 1, 2020, if you purchase Fund shares through a Janney Montgomery Scott LLC (“Janney”) brokerage account, you will be eligible for the following load waivers(front-end sales charge waivers and contingent deferred sales charge (“CDSC”), orback-end sales charge, waivers) and discounts, which may differ from those disclosed elsewhere in the Fund’s Prospectus or SAI.

Front-end sales charge* waivers on Class A shares available at Janney

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).

Shares purchased by employees and registered representatives of Janney or its affiliates and their family members as designated by Janney.

Shares purchased from the proceeds of redemptions within the same fund family, provided (1) the repurchase occurs within ninety (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 (i.e., right of reinstatement).

Employer-sponsored retirement plans (e.g., 401(k) plans, 457 plans, employer-sponsored 403(b) plans, profit sharing and money purchase pension plans and defined benefit plans). For purposes of this provision, employer-sponsored retirement plans do not include SEP IRAs, Simple IRAs,SAR-SEPs or Keogh plans.

Shares acquired through a right of reinstatement.

Class C shares that are no longer subject to a contingent deferred sales charge and are converted to Class A shares of the same fund pursuant to Janney’s policies and procedures.

CDSC waivers on Class A and Class C shares available at Janney

Shares sold upon the death or disability of the shareholder.

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

Shares purchased in connection with a return of excess contributions from an IRA account.

Shares sold as part of a required minimum distribution for IRA and retirement accounts if the redemption is taken in or after the year the shareholder reaches qualified age based on applicable IRS regulations.

Shares sold to pay Janney fees but only if the transaction is initiated by Janney.

Shares acquired through a right of reinstatement.

Shares exchanged into the same share class of a different fund.

Front-end sales charge* discounts available at Janney; breakpoints, rights of accumulation and/or letters of intent

Breakpoints as described in the Fund’s Prospectus.

Rights of accumulation (“ROA”), 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 Janney. Eligible fund family assets not held at Janney may be included in the ROA calculation only if the shareholder notifies his or her financial advisor about such assets.

Letters of intent which allow for breakpoint discounts based on anticipated purchases within a fund family, over a13-month time period. Eligible fund family assets not held at Janney Montgomery Scott may be included in the calculation of letters of intent only if the shareholder notifies his or her financial advisor about such assets.

* Also referred to as an “initial sales charge.”

Wells Fargo Ultra Short-Term Income Fund  |  37

Appendix II (unaudited)

Effective on or after May 1, 2020, clients of Edward Jones (also referred to as “shareholders”) purchasing Fund shares on the Edward Jones commission andfee-based platforms are eligible only for the following sales charge discounts (also referred to as “breakpoints”) and waivers, which can differ from breakpoints and waivers described elsewhere in this Prospectus or SAI or through another broker-dealer. In all instances, it is the shareholder’s responsibility to inform Edward Jones at the time of purchase of any relationship, holdings of Wells Fargo Funds or other facts qualifying the purchaser for breakpoints or waivers. Edward Jones can ask for documentation of such circumstance.

Breakpoints available at Edward Jones

Rights of Accumulation (ROA)

The applicable sales charge on a purchase of Class A shares is determined by taking into account all share classes (except any money market funds and retirement plan share classes) of Wells Fargo Funds held by the shareholder or in an account grouped by Edward Jones with other accounts for the purpose of providing certain pricing considerations (“pricing groups”). This includes all share classes held on the Edward Jones platform and/or held on another platform. The inclusion of eligible fund family assets in the rights of accumulation calculation is dependent on the shareholder notifying his or her financial advisor of such assets at the time of calculation.

ROA is determined by calculating the higher of cost or market value (current shares x NAV).

Letter of Intent (LOI)

Through a LOI, shareholders can receive the sales charge and breakpoint discounts for purchases shareholders intend to makeover a13-month period from the date Edward Jones receives the LOI. The LOI is determined by calculating the higher of cost or market value of qualifying holdings at LOI initiation in combination with the value that the shareholder intends to buy over a13-month period to calculate thefront-end sales charge and any breakpoint discounts. Each purchase the shareholder makes during that13-month period will receive the sales charge and breakpoint discount that applies to the total amount. The inclusion of eligible fund family assets in the LOI calculation is dependent on the shareholder notifying his or her financial advisor of such assets at the time of calculation. Purchases made before the LOI is received by Edward Jones are not covered under the LOI and will not reduce the sales charge previously paid. Sales charges will be adjusted if LOI is not met.

Sales charges are waived for the following shareholders and in the following situations at Edward Jones:

●   Associates of Edward Jones and its affiliates and their family members who are in the same pricing group (as determined by Edward Jones under its policies and procedures) as the associate. This waiver will continue for the remainder of the associate’s life if the associate retires from Edward Jones in good-standing.

●   Shares purchased in an Edward Jonesfee-based program.

●   Shares purchased through reinvestment of capital gains distributions and dividend reinvestment.

●   Shares purchased from the proceeds of redeemed shares of the same fund family so long as the following conditions are met: 1) the proceeds are from the sale of shares within 60 days of the purchase, and 2) the sale and purchase are made in the same share class and the same account or the purchase is made in an individual retirement account with proceeds from liquidations in anon-retirement account.

●   Shares exchanged into Class A shares from another share class so long as the exchange is into the same fund and was initiated at the discretion of Edward Jones. Edward Jones is responsible for any remaining CDSC due to the fund company, if applicable. Any future purchases are subject to the applicable sales charge as disclosed in the prospectus.

●   Exchanges from Class C shares to Class A shares of the same fund, generally, in the 84th month following the anniversary of the purchase date or earlier at the discretion of Edward Jones.

If the shareholder purchases shares that are subject to a CDSC and those shares are redeemed before the CDSC is expired, the shareholder is
responsible to pay the CDSC except in the following conditions available at Edward Jones:

●   The death or disability of the shareholder.

●   Systematic withdrawals with up to 10% per year of the account value.

●   Return of excess contributions from an Individual Retirement Account (IRA).

●   Shares sold as part of a required minimum distribution for IRA and retirement accounts if the redemption is taken in or after the year the shareholder reaches qualified age based on applicable IRS regulation.

●   Shares sold to pay Edward Jones fees or costs in such cases where the transaction is initiated by Edward Jones.

●   Shares exchanged in an Edward Jonesfee-based program

●   Shares acquired through NAV reinstatement

38  |  Wells Fargo Ultra Short-Term Income Fund

Appendix II (unaudited)

Other Important Information for accounts at Edward Jones:

Minimum Purchase Amounts

●   $250 initial purchase minimum

●   $50 subsequent purchase minimum

Minimum Balances

Edward Jones has the right to redeem at its discretion fund holdings with a balance of $250 or less. The following are examples of accounts that are not included in this policy:

●   Afee-based account held on an Edward Jones platform

●   A 529 account held on an Edward Jones platform

●   An account with an active systematic investment plan or letter of intent (LOI)

Changing Share Classes

At any time it deems necessary, Edward Jones has the authority to exchange at NAV a shareholder’s holdings in a fund to Class A shares.

Wells Fargo Ultra Short-Term Income Fund  |  39

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:wfam.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 atwfam.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

© 2020 Wells Fargo & Company. All rights reserved

PAR-0320-04746 04-20

SA223/SAR223 02-20

Semi-Annual Report

February 29, 2020

Wells Fargo

Adjustable Rate Government 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 calling1-800-222-8222 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.

Contents

Letter to shareholders	2
Performance highlights	4
Fund expenses	6
Portfolio of investments	7
Financial statements
Statement of assets and liabilities	19
Statement of operations	20
Statement of changes in net assets	21
Financial highlights	22
Notes to financial statements	26
Other information	31
Appendix I	35
Appendix II	36

Reduce clutter.

Save trees.

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

The views expressed and any forward-looking statements are as of February 29, 2020, unless otherwise noted, and are those of the Fund managers and/or Wells Fargo Asset Management. 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 Asset Management 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

Wells Fargo Adjustable Rate Government Fund  |  1

Letter to shareholders (unaudited)

Andrew Owen

President

Wells Fargo Funds

“The fourth quarter started on a strong note, with U.S.-China trade tensions relaxing in October along with renewed optimism for a U.K. Brexit deal and positive macroeconomic data.”

Dear Shareholder:

We are pleased to offer you this semi-annual report for the Wells Fargo Adjustable Rate Government Fund for thesix-month period that ended February 29, 2020. As market volatility increased, returns for the period were more restrained after strong results in previous recent periods. However, supportive central banks addressed concerns over slowing global economic growth and international trade tensions.

Fixed-income and equity investors had mixed semi-annual returns. For the period, U.S. stocks, based on the S&P 500 Index,¹ gained 1.92% and international stocks, as measured by the MSCI ACWI ex USA Index (Net),² returned 0.13%. The MSCI EM Index (Net)³ gained 2.93%. For bond investors, the Bloomberg Barclays U.S. Aggregate Bond Index⁴ added 3.39%, the Bloomberg Barclays Global Aggregateex-USD Index⁵ returned-0.21%, the Bloomberg Barclays Municipal Bond Index⁶ gained 3.04%, and the ICE BofA U.S. High Yield Index⁷ added 1.34%.

The period began with uncertainty, leading to central bank support.

In September, as the period began, the U.S. Federal Reserve (Fed) cut interest rates a second time in the third quarter. U.S. manufacturing data disappointed investors. The U.S. Congress announced it would pursue an impeachment investigation of President Trump. Meanwhile, the Brexit impasse showed no signs of resolution. Officials in China warned it would be difficult to reach the country’s annual economic growth goals considering the weight of tariffs and trade restrictions. Although the S&P 500 Index finished the third quarter with the bestyear-to-date returns in more than 20 years, concerns about future returns remained.

The fourth quarter started on a strong note, with U.S.-China trade tensions relaxing in October along with renewed optimism for a U.K. Brexit deal and positive macroeconomic data. The initial estimate of U.S. third-quarter gross domestic product growth was a resilient 1.9% annualized rate, while the U.S. unemployment rate fell to a50-year low of 3.5% in September. However, despite resilience among U.S. consumers, business confidence declined while manufacturing activity contracted. Concerned with a potential economic slowdown, the Fed lowered interest rates another quarter point in late October—its third rate cut in four months. This helped push the S&P 500 Index to anall-time high, while emerging market equities rallied and global bonds declined overall, reflecting a broad pickup in risk appetite.

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. 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 equity market performance of emerging markets. 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 BofA 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 2020. ICE Data Indices, LLC. All rights reserved.

2  |  Wells Fargo Adjustable Rate Government Fund

Letter to shareholders (unaudited)

Equity markets continued to rally in November despite ongoing geopolitical risks. Hopes for a U.S.-China trade deal buoyed investor confidence. U.S. business sentiment improved slightly, and manufacturing and services activity picked up. With that positive backdrop, developed market equities outpaced those in emerging markets, and U.S. stocks, as reflected by the S&P 500 Index, outperformednon-U.S. stocks overall. While consumer confidence and purchasing manager activity rose in the eurozone, China reported weakening manufacturing and consumer data. Bond yields rose marginally, leading to slightly negative returns for global government and investment-grade corporate bonds.

Financial markets ended 2019 with a boost from the U.S. and China accord on a Phase One trade deal. That, along with the landslide win by thepro-Brexit U.K. Conservative Party in a national election and ongoing central bank support, gave investors greater confidence. U.S. economic indicators were generally positive, with the exception of manufacturing activity and business confidence. Consumer confidence was resilient, fed by a robust labor market, tame inflation, and lower interest rates, which boosted housing affordability and stimulated homebuyer activity. The impeachment of U.S. President Donald Trump had little impact on markets. Meanwhile, slowing Chinese economic activity, partly attributable to the trade war, led to further government stimulus atyear-end through lower reserve ratios, allowing banks to lend more money.

Theyear-end rally continued in early January 2020. However, capital market volatility picked up sharply in late January on concerns over the unknown impact of the novel coronavirus(COVID-19) on the global economy and stock markets. With sentiment somewhat souring, perceived safe havens did well in January. The U.S. dollar and Japanese yen both rose and government bonds outperformed equities. While the S&P 500 Index held its ground, emerging market equities tumbled, including those in Asia that are most exposed to viruses—physical or economic—originating in China.

In February, the coronavirus became the major market focus. Fears of the virus’s impact on global growth led to expectations of increased global central bank monetary policy support. That led the10-year Treasury yield to fall to anall-time low of 1.1% by the end of the month. Although equity markets initially shrugged off concerns about the outbreak, focusing instead on strong fourth-quarter earnings and improving business confidence in January, market sentiment turned sharply lower towardmonth-end and the S&P 500 Index lost 8.2% for the month. Oil prices tumbled as Russia and the Organization of the Petroleum Exporting Countries compounded a major decline in oil demand with a brutal price war, partly aimed at dissuading further U.S. shale production. As a result, the price of West Texas Intermediate crude oil fell 13% in February and 27% for 2020 year to date.

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. 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

“Capital market volatility picked up sharply in late January on concerns over the unknown impact of the novel coronavirus(COVID-19) on the global economy and stock markets.”

For further information about your Fund, contact your investment professional, visit our website at wfam.com,

or call us directly at1-800-222-8222.

Wells Fargo Adjustable Rate Government Fund  |  3

Performance highlights (unaudited)

Investment objective

The Fund seeks current income consistent with capital preservation.

Manager

Wells Fargo Funds Management, LLC

Subadviser

Wells Capital Management Incorporated

Portfolio managers

Christopher Y. Kauffman, CFA^®‡

Michal Stanczyk

Average annual total returns (%) as of February 29, 2020¹

		Including sales charge						Excluding sales charge						Expense ratios2 (%)
	Inception date	1 year		5 year		10 year		1 year		5 year		10 year		Gross		Net3
Class A (ESAAX)	6-30-2000		0.99		0.62		1.02		3.03		1.04		1.22		0.87		0.74
Class C (ESACX)	6-30-2000		1.26		0.26		0.45		2.26		0.26		0.45		1.62		1.49
Administrator Class (ESADX)4	7-30-2010		–		–		–		3.17		1.18		1.36		0.81		0.60
Institutional Class (EKIZX)	10-1-1991		–		–		–		3.32		1.32		1.49		0.54		0.46
Bloomberg Barclays6-Month Treasury Bill Index5	–		–		–		–		2.55		1.35		0.78		–		–

Figures quoted represent past performance, which is no guarantee of future results, and do not reflect taxes that a shareholder may pay on an investment in a fund. 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,wfam.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 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 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. Securities issued by U.S. government agencies or government-sponsored entities may not be guaranteed by the U.S. Treasury. Certain investment strategies tend to increase the total risk of an investment (relative to the broader market). The Fund is exposed to mortgage- and asset-backed securities risk. The U.S. government guarantee applies to certain underlying securities and not to shares of the Fund. Consult the Fund’s prospectus for additional information on these and other risks.

Please see footnotes on page 5.

4  |  Wells Fargo Adjustable Rate Government Fund

Performance highlights (unaudited)

Ten largest holdings (%) as of February 29, 20206
FNMA, Series2002-66 Class A3, 4.47%,4-25-2042	2.15
FNMA, Series2004-W15 Class 3A, 2.91%,6-25-2044	1.62
GNMA, Series2017-H11 Class FE, 4.24%,5-20-2067	1.56
FNMA, Series2006-W01 Class 3A, 3.69%,10-25-2045	1.24
FHLMC, SeriesT-67 Class 1A1C, 4.59%,3-25-2036	1.15
FNMA, Series2001-T12 Class A4, 3.70%,8-25-2041	1.11
FHLMC, SeriesT-67 Class 2A1C, 3.13%,3-25-2036	1.09
FHLMC, Series 2682 Class FK, 4.36%,1-15-2033	1.04
FNMA, Series2004-W12 Class 2A, 2.01%,6-25-2044	1.04
FHLMC, Series 4842 Class FA, 4.35%,11-15-2048	1.02

Portfolio allocation as of February 29, 2020⁷

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

¹  Historical performance shown prior to July 12, 2010, is based on the performance of the Fund’s predecessor, Evergreen Adjustable Rate Fund.

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

³  The manager has contractually committed through December 31, 2020, to waive fees and/or reimburse expenses to the extent necessary to cap total annual fund operating expenses after fee waivers at 0.74% for Class A, 1.49% for Class C, 0.60% for Administrator Class, and 0.46% for Institutional Class. Brokerage commissions, stamp duty fees, interest, taxes, acquired fund fees and expenses (if any), and extraordinary expenses are excluded from the expense cap. Prior to or after the commitment expiration date, the cap may be increased or the commitment to maintain the cap may be terminated only with the approval of the Board of Trustees. 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  Historical performance shown for the Administrator Class shares prior to their inception reflects the performance of the Institutional Class shares, adjusted to reflect the higher expenses applicable to the Administrator Class shares.

⁵  The Bloomberg Barclays6-Month Treasury Bill Index tracks the performance and attributes of recently issued6-Month U.S. Treasury bills. The index follows Bloomberg Barclays’ monthly rebalancing conventions. You cannot invest directly in an index.

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

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

Wells Fargo Adjustable Rate Government Fund  |  5

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 September 1, 2019 to February 29, 2020.

Actual expenses

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

Hypothetical example for comparison purposes

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

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

	Beginning account  value 9-1-2019		Ending account value 2-29-2020		Expenses paid during the period¹		Annualized net expense ratio
Class A
Actual	$	1,000.00	$	1,013.27	$	3.70		0.74	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.18	$	3.72		0.74	%
Class C
Actual	$	1,000.00	$	1,009.49	$	7.44		1.49	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,017.45	$	7.47		1.49	%
Administrator Class
Actual	$	1,000.00	$	1,013.97	$	3.00		0.60	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.88	$	3.02		0.60	%
Institutional Class
Actual	$	1,000.00	$	1,014.67	$	2.30		0.46	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,022.58	$	2.31		0.46	%

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

6  |  Wells Fargo Adjustable Rate Government Fund

Portfolio of investments—February 29, 2020 (unaudited)

	Interest rate			Maturity date		Principal		Value
Agency Securities: 95.08%
FDIC Series2010-S2 Class 3A (1 Month LIBOR +0.70%) 144A±		2.35	%		12-29-2045	$	152,219	$	152,330
FHLMC (10 Year Treasury Constant Maturity-0.85%)±		0.90			3-15-2024		203,978		202,921
FHLMC (1 Month LIBOR +0.30%)±		1.96			11-15-2042		1,054,949		1,040,149
FHLMC (1 Month LIBOR +0.35%)±		2.01			11-15-2036		1,259,092		1,248,084
FHLMC (11th District Cost of Funds +0.90%)±		2.04			1-1-2022		92		92
FHLMC (1 Month LIBOR +0.40%)±		2.06			1-15-2044		2,212,990		2,200,310
FHLMC (1 Month LIBOR +0.45%)±		2.11			10-25-2049		1,929,453		1,923,955
FHLMC (11th District Cost of Funds +1.25%)±		2.35			2-1-2035		118,111		116,551
FHLMC (11th District Cost of Funds +1.25%)±		2.38			1-1-2030		2,144		2,120
FHLMC (11th District Cost of Funds +1.25%)±		2.38			1-1-2030		951		947
FHLMC (11th District Cost of Funds +1.25%)±		2.38			7-1-2030		122,714		121,424
FHLMC (11th District Cost of Funds +1.37%)±		2.50			10-1-2030		1,419		1,415
FHLMC (11th District Cost of Funds +1.75%)±		2.89			3-1-2025		4,066		4,051
FHLMC (11th District Cost of Funds +1.25%)±		3.02			11-1-2030		36,599		36,991
FHLMC (1 Year Treasury Constant Maturity +0.72%)±		3.09			4-1-2030		32,165		32,691
FHLMC (6 Month LIBOR +1.42%)±		3.32			2-1-2037		3,985		4,120
FHLMC (12 Month LIBOR +1.66%)±		3.38			2-1-2037		50,194		52,031
FHLMC (11th District Cost of Funds +2.27%)±		3.43			6-1-2029		27,183		27,357
FHLMC (11th District Cost of Funds +2.39%)±		3.49			6-1-2021		12,384		12,404
FHLMC (6 Month LIBOR +1.73%)±		3.61			6-1-2024		5,048		5,065
FHLMC (12 Month LIBOR +1.74%)±		3.64			12-1-2036		197,983		208,505
FHLMC (1 Year Treasury Constant Maturity +1.99%)±		3.74			11-1-2034		274,470		290,305
FHLMC (12 Month LIBOR +1.73%)±		3.76			1-1-2035		382,503		406,294
FHLMC (6 Month LIBOR +1.68%)±		3.79			1-1-2037		773,317		805,639
FHLMC (US Treasury H15 Treasury Bill 6 Month Auction High Discount +1.94%)±		3.81			7-1-2024		22,372		22,189
FHLMC (US Treasury H15 Treasury Bill 6 Month Auction High Discount +1.75%)±		3.81			1-1-2023		12,429		12,802
FHLMC (5 Year Treasury Constant Maturity +2.44%)±		3.82			8-1-2027		29,630		29,813
FHLMC (6 Month LIBOR +1.70%)±		3.82			6-1-2037		319,891		329,750
FHLMC (1 Year Treasury Constant Maturity +2.23%)±		3.85			2-1-2034		884,100		928,714
FHLMC (1 Year Treasury Constant Maturity +2.23%)±		3.86			2-1-2034		367,138		390,448
FHLMC (1 Year Treasury Constant Maturity +2.03%)±		3.87			3-1-2025		29,747		30,829
FHLMC (12 Month LIBOR +1.78%)±		3.89			11-1-2035		238,435		249,727
FHLMC (1 Year Treasury Constant Maturity +2.25%)±		3.90			2-1-2036		467,532		495,084
FHLMC (1 Year Treasury Constant Maturity +2.17%)±		3.92			8-1-2034		648,274		682,352
FHLMC (1 Year Treasury Constant Maturity +2.25%)±		3.94			11-1-2022		50,005		51,117
FHLMC (3 Year Treasury Constant Maturity +2.44%)±		3.94			5-1-2032		107,334		108,218
FHLMC (1 Year Treasury Constant Maturity +2.22%)±		3.95			12-1-2033		449,371		473,041
FHLMC (1 Year Treasury Constant Maturity +2.25%)±		3.97			1-1-2037		85,098		90,721
FHLMC (1 Year Treasury Constant Maturity +2.29%)±		3.98			11-1-2035		624,282		656,462
FHLMC (1 Year Treasury Constant Maturity +2.25%)±		3.99			12-1-2034		227,758		237,724
FHLMC (1 Year Treasury Constant Maturity +2.28%)±		4.00			1-1-2035		219,492		231,869
FHLMC (1 Year Treasury Constant Maturity +2.22%)±		4.01			1-1-2033		252,405		264,699
FHLMC (1 Year Treasury Constant Maturity +2.27%)±		4.02			11-1-2029		36,285		37,056
FHLMC (1 Year Treasury Constant Maturity +2.36%)±		4.02			2-1-2035		618,673		658,493
FHLMC (1 Year Treasury Constant Maturity +2.28%)±		4.03			2-1-2034		960,224		1,020,873
FHLMC (1 Year Treasury Constant Maturity +2.29%)±		4.04			11-1-2029		55,044		56,392
FHLMC (1 Year Treasury Constant Maturity +2.26%)±		4.07			9-1-2038		413,337		438,484
FHLMC (12 Month LIBOR +1.87%)±		4.07			9-1-2036		536,401		568,033
FHLMC (12 Month LIBOR +1.93%)±		4.08			4-1-2035		743,154		782,805
FHLMC (1 Year Treasury Constant Maturity +2.25%)±		4.08			5-1-2034		68,199		72,538
FHLMC (12 Month LIBOR +1.77%)±		4.08			9-1-2037		349,648		365,043
FHLMC (1 Year Treasury Constant Maturity +2.23%)±		4.09			7-1-2034		89,611		95,185
FHLMC (1 Year Treasury Constant Maturity +2.22%)±		4.10			10-1-2033		498,918		520,815
FHLMC (1 Year Treasury Constant Maturity +2.10%)±		4.10			10-1-2037		736,420		777,307
FHLMC (12 Month LIBOR +1.98%)±		4.10			11-1-2032		105,551		108,307
FHLMC (6 Month LIBOR +2.08%)±		4.10			6-1-2026		566,587		582,691

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

Wells Fargo Adjustable Rate Government Fund  |  7

Portfolio of investments—February 29, 2020 (unaudited)

	Interest rate			Maturity date		Principal		Value
Agency Securities (continued)
FHLMC (1 Year Treasury Constant Maturity +1.88%)±		4.11	%		5-1-2035	$	278,815	$	294,427
FHLMC (1 Year Treasury Constant Maturity +2.24%)±		4.12			2-1-2034		424,328		455,274
FHLMC (1 Year Treasury Constant Maturity +2.25%)±		4.14			4-1-2036		349,047		371,027
FHLMC (6 Month LIBOR +2.12%)±		4.14			5-1-2037		37,638		39,463
FHLMC (12 Month LIBOR +1.75%)±		4.15			9-1-2037		268,053		282,730
FHLMC (1 Year Treasury Constant Maturity +2.22%)±		4.16			10-1-2033		728,539		773,012
FHLMC (1 Year Treasury Constant Maturity +2.39%)±		4.16			12-1-2032		204,972		216,326
FHLMC (1 Year Treasury Constant Maturity +2.18%)±		4.16			6-1-2036		629,574		667,771
FHLMC (1 Year Treasury Constant Maturity +2.22%)±		4.17			10-1-2033		192,555		204,333
FHLMC (1 Year Treasury Constant Maturity +2.48%)±		4.18			6-1-2030		26,984		27,658
FHLMC (1 Year Treasury Constant Maturity +2.03%)±		4.19			12-1-2035		388,345		409,034
FHLMC (3 Year Treasury Constant Maturity +2.27%)±		4.19			4-1-2032		77,624		78,029
FHLMC (1 Year Treasury Constant Maturity +2.16%)±		4.20			6-1-2033		426,445		448,488
FHLMC (12 Month LIBOR +1.86%)±		4.22			7-1-2038		1,199,780		1,266,656
FHLMC (1 Year Treasury Constant Maturity +2.05%)±		4.23			8-1-2033		959,154		999,252
FHLMC (1 Year Treasury Constant Maturity +2.29%)±		4.23			2-1-2036		446,596		474,532
FHLMC (1 Year Treasury Constant Maturity +2.29%)±		4.24			11-1-2027		317,057		333,510
FHLMC (1 Year Treasury Constant Maturity +2.28%)±		4.25			10-1-2036		301,294		319,772
FHLMC (12 Month LIBOR +1.81%)±		4.26			5-1-2039		420,183		438,734
FHLMC (1 Year Treasury Constant Maturity +2.25%)±		4.27			9-1-2033		116,941		124,178
FHLMC (1 Year Treasury Constant Maturity +2.23%)±		4.27			1-1-2034		604,453		642,456
FHLMC (1 Year Treasury Constant Maturity +2.27%)±		4.27			5-1-2025		51,043		51,481
FHLMC (1 Year Treasury Constant Maturity +2.05%)±		4.27			1-1-2030		12,669		13,137
FHLMC (1 Year Treasury Constant Maturity +2.33%)±		4.31			7-1-2031		144,270		153,034
FHLMC (1 Year Treasury Constant Maturity +2.36%)±		4.31			1-1-2028		14,508		15,222
FHLMC (1 Year Treasury Constant Maturity +2.23%)±		4.31			10-1-2036		238,697		246,051
FHLMC (1 Year Treasury Constant Maturity +2.25%)±		4.32			8-1-2035		299,707		317,614
FHLMC (1 Year Treasury Constant Maturity +2.34%)±		4.32			6-1-2035		640,152		681,026
FHLMC (1 Year Treasury Constant Maturity +2.22%)±		4.33			7-1-2036		186,738		197,157
FHLMC (1 Year Treasury Constant Maturity +2.25%)±		4.33			2-1-2036		693,212		735,199
FHLMC (12 Month Treasury Average +1.90%)±		4.34			5-1-2028		170,838		177,547
FHLMC (1 Year Treasury Constant Maturity +2.22%)±		4.34			1-1-2037		649,451		689,207
FHLMC (1 Year Treasury Constant Maturity +2.24%)±		4.34			2-1-2036		623,915		661,053
FHLMC (1 Year Treasury Constant Maturity +2.30%)±		4.35			7-1-2038		431,859		458,217
FHLMC (1 Year Treasury Constant Maturity +2.37%)±		4.36			4-1-2034		342,169		359,017
FHLMC (1 Year Treasury Constant Maturity +2.36%)±		4.36			6-1-2035		319,044		334,657
FHLMC (12 Month LIBOR +1.75%)±		4.37			5-1-2037		835,442		880,905
FHLMC (1 Year Treasury Constant Maturity +2.31%)±		4.38			3-1-2037		220,564		234,252
FHLMC (1 Year Treasury Constant Maturity +2.24%)±		4.39			3-1-2027		63,136		64,619
FHLMC (1 Year Treasury Constant Maturity +2.20%)±		4.39			11-1-2036		739,221		776,546
FHLMC (1 Year Treasury Constant Maturity +2.34%)±		4.40			10-1-2033		903,025		942,399
FHLMC (12 Month LIBOR +1.99%)±		4.40			7-1-2036		569,076		600,920
FHLMC (1 Year Treasury Constant Maturity +2.25%)±		4.40			11-1-2036		584,579		617,319
FHLMC (3 Year Treasury Constant Maturity +2.44%)±		4.41			5-1-2031		93,254		92,880
FHLMC (11th District Cost of Funds +2.29%)±		4.42			12-1-2025		5,104		5,116
FHLMC (1 Year Treasury Constant Maturity +2.28%)±		4.42			7-1-2031		506,223		526,239
FHLMC (1 Year Treasury Constant Maturity +2.24%)±		4.42			2-1-2036		403,454		425,929
FHLMC (1 Year Treasury Constant Maturity +2.33%)±		4.43			9-1-2033		556,732		590,965
FHLMC (1 Year Treasury Constant Maturity +2.26%)±		4.43			2-1-2036		307,678		322,672
FHLMC (1 Year Treasury Constant Maturity +2.55%)±		4.44			9-1-2029		76,786		78,202
FHLMC (1 Year Treasury Constant Maturity +2.24%)±		4.44			3-1-2035		482,099		510,650
FHLMC (1 Year Treasury Constant Maturity +2.36%)±		4.45			1-1-2028		1,568		1,653
FHLMC (1 Year Treasury Constant Maturity +2.38%)±		4.45			1-1-2037		1,144,748		1,218,593
FHLMC (1 Year Treasury Constant Maturity +2.25%)±		4.46			8-1-2035		1,010,736		1,069,133
FHLMC (1 Year Treasury Constant Maturity +2.24%)±		4.47			7-1-2037		335,862		355,254
FHLMC (1 Year Treasury Constant Maturity +2.25%)±		4.48			4-1-2037		357,724		380,852

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

8  |  Wells Fargo Adjustable Rate Government Fund

Portfolio of investments—February 29, 2020 (unaudited)

	Interest rate			Maturity date		Principal		Value
Agency Securities (continued)
FHLMC (3 Year Treasury Constant Maturity +2.70%)±		4.48	%		6-1-2035	$	596,811	$	637,362
FHLMC (1 Year Treasury Constant Maturity +2.26%)±		4.49			5-1-2034		1,020,646		1,076,431
FHLMC (1 Year Treasury Constant Maturity +2.24%)±		4.50			10-1-2034		614,194		650,793
FHLMC (1 Year Treasury Constant Maturity +2.24%)±		4.50			5-1-2038		519,693		544,850
FHLMC (5 Year Treasury Constant Maturity +2.13%)±		4.51			8-1-2029		8,038		8,073
FHLMC (1 Year Treasury Constant Maturity +2.46%)±		4.51			10-1-2030		1,045,341		1,098,117
FHLMC (1 Year Treasury Constant Maturity +2.26%)±		4.52			7-1-2035		383,928		406,817
FHLMC (1 Year Treasury Constant Maturity +2.32%)±		4.53			9-1-2029		413,200		435,940
FHLMC (12 Month LIBOR +1.77%)±		4.54			6-1-2035		667,776		705,151
FHLMC (1 Year Treasury Constant Maturity +2.39%)±		4.54			6-1-2035		854,871		895,414
FHLMC (12 Month LIBOR +1.88%)±		4.55			4-1-2037		306,881		325,215
FHLMC (1 Year Treasury Constant Maturity +2.32%)±		4.55			1-1-2036		356,564		378,776
FHLMC (12 Month LIBOR +1.77%)±		4.56			10-1-2036		343,307		361,909
FHLMC (1 Year Treasury Constant Maturity +2.25%)±		4.56			6-1-2035		73,302		77,707
FHLMC (1 Year Treasury Constant Maturity +2.23%)±		4.57			9-1-2035		953,856		1,009,474
FHLMC (1 Year Treasury Constant Maturity +2.36%)±		4.58			2-1-2031		338,122		354,858
FHLMC (1 Year Treasury Constant Maturity +2.36%)±		4.59			9-1-2030		98,525		102,733
FHLMC (12 Month LIBOR +1.77%)±		4.59			10-1-2035		476,832		499,823
FHLMC (1 Year Treasury Constant Maturity +2.24%)±		4.59			8-1-2027		4,335		4,406
FHLMC (1 Year Treasury Constant Maturity +2.22%)±		4.60			8-1-2033		65,318		68,178
FHLMC (1 Year Treasury Constant Maturity +2.36%)±		4.60			2-1-2036		73,945		78,611
FHLMC (1 Year Treasury Constant Maturity +2.25%)±		4.60			11-1-2035		467,793		496,101
FHLMC (12 Month LIBOR +1.75%)±		4.60			6-1-2033		379,388		397,950
FHLMC (1 Year Treasury Constant Maturity +2.28%)±		4.60			4-1-2037		876,986		929,977
FHLMC (1 Year Treasury Constant Maturity +2.23%)±		4.60			11-1-2026		57,464		59,238
FHLMC (1 Year Treasury Constant Maturity +2.35%)±		4.62			9-1-2032		1,085,433		1,147,483
FHLMC (1 Year Treasury Constant Maturity +2.40%)±		4.64			9-1-2031		59,974		61,231
FHLMC (1 Year Treasury Constant Maturity +2.61%)±		4.65			9-1-2030		90,334		92,747
FHLMC (12 Month LIBOR +1.75%)±		4.66			5-1-2033		139,464		146,200
FHLMC (12 Month LIBOR +1.75%)±		4.66			4-1-2035		138,731		145,797
FHLMC (1 Year Treasury Constant Maturity +2.17%)±		4.67			5-1-2037		49,254		51,834
FHLMC (1 Year Treasury Constant Maturity +2.35%)±		4.68			7-1-2034		375,546		393,699
FHLMC (1 Year Treasury Constant Maturity +2.25%)±		4.68			4-1-2038		665,711		704,329
FHLMC (1 Year Treasury Constant Maturity +2.25%)±		4.68			9-1-2038		140,911		146,474
FHLMC (1 Year Treasury Constant Maturity +2.23%)±		4.68			3-1-2034		535,908		563,940
FHLMC (1 Year Treasury Constant Maturity +2.18%)±		4.69			4-1-2023		116,859		117,723
FHLMC (1 Year Treasury Constant Maturity +2.25%)±		4.70			3-1-2036		415,482		436,188
FHLMC (1 Year Treasury Constant Maturity +2.63%)±		4.71			5-1-2028		136,984		142,701
FHLMC (1 Year Treasury Constant Maturity +2.35%)±		4.73			7-1-2038		155,244		163,456
FHLMC (1 Year Treasury Constant Maturity +2.23%)±		4.73			5-1-2032		36,391		37,637
FHLMC (1 Year Treasury Constant Maturity +2.23%)±		4.73			5-1-2034		502,997		523,276
FHLMC (1 Year Treasury Constant Maturity +2.23%)±		4.73			4-1-2034		176,989		186,188
FHLMC (1 Year Treasury Constant Maturity +2.40%)±		4.75			11-1-2029		284,852		297,181
FHLMC (12 Month LIBOR +1.87%)±		4.75			5-1-2035		99,857		105,634
FHLMC (12 Month Treasury Average +2.30%)±		4.75			6-1-2028		76,405		78,229
FHLMC (1 Year Treasury Constant Maturity +2.25%)±		4.75			5-1-2034		123,784		129,468
FHLMC (1 Year Treasury Constant Maturity +2.36%)±		4.76			7-1-2027		410,220		414,066
FHLMC (2 Year Treasury Constant Maturity +2.44%)±		4.79			8-1-2029		85,262		89,364
FHLMC (1 Year Treasury Constant Maturity +2.23%)±		4.79			3-1-2034		603,131		635,795
FHLMC (12 Month LIBOR +1.67%)±		4.79			8-1-2035		133,872		136,246
FHLMC (1 Year Treasury Constant Maturity +2.29%)±		4.80			9-1-2033		405,376		428,439
FHLMC (1 Year Treasury Constant Maturity +2.43%)±		4.80			6-1-2025		42,857		43,542
FHLMC (11th District Cost of Funds +2.57%)±		4.80			12-1-2025		242,823		250,458
FHLMC (1 Year Treasury Constant Maturity +2.48%)±		4.81			6-1-2030		217,480		227,784
FHLMC (1 Year Treasury Constant Maturity +2.23%)±		4.83			4-1-2034		187,359		197,178
FHLMC (1 Year Treasury Constant Maturity +2.36%)±		4.86			4-1-2038		667,776		707,351

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

Wells Fargo Adjustable Rate Government Fund  |  9

Portfolio of investments—February 29, 2020 (unaudited)

	Interest rate			Maturity date		Principal		Value
Agency Securities (continued)
FHLMC (12 Month LIBOR +1.86%)±		4.87	%		4-1-2037	$	405,906	$	428,831
FHLMC (6 Month LIBOR +2.38%)±		4.89			2-1-2024		10,607		10,656
FHLMC (1 Year Treasury Constant Maturity +2.48%)±		4.91			10-1-2024		57,514		59,317
FHLMC (1 Year Treasury Constant Maturity +2.40%)±		4.91			7-1-2029		48,201		50,334
FHLMC (12 Month LIBOR +1.91%)±		4.91			3-1-2032		259,921		273,971
FHLMC (12 Month LIBOR +1.84%)±		4.91			4-1-2035		785,744		823,384
FHLMC (1 Year Treasury Constant Maturity +2.47%)±		4.92			7-1-2034		387,860		409,166
FHLMC (12 Month Treasury Average +2.46%)±		4.96			10-1-2029		86,726		89,155
FHLMC (1 Year Treasury Constant Maturity +2.47%)±		4.97			6-1-2035		177,859		187,121
FHLMC (1 Year Treasury Constant Maturity +2.52%)±		4.97			11-1-2029		84,156		87,371
FHLMC (1 Year Treasury Constant Maturity +2.48%)±		4.99			10-1-2025		41,026		41,760
FHLMC (Federal Cost of Funds +2.72%)±		5.00			4-1-2023		3,468		3,471
FHLMC		5.00			10-1-2022		5,081		5,376
FHLMC (1 Year Treasury Constant Maturity +2.43%)±		5.05			8-1-2029		45,747		46,497
FHLMC (1 Year Treasury Constant Maturity +2.44%)±		5.07			4-1-2029		70,721		71,756
FHLMC (1 Year Treasury Constant Maturity +2.60%)±		5.10			6-1-2032		133,167		135,557
FHLMC (1 Year Treasury Constant Maturity +2.48%)±		5.16			6-1-2030		72,176		73,893
FHLMC (1 Year Treasury Constant Maturity +2.48%)±		5.23			2-1-2030		27,017		27,465
FHLMC (1 Year Treasury Constant Maturity +2.32%)±		5.49			8-1-2024		156,311		159,865
FHLMC (6 Month LIBOR +3.83%)±		6.08			11-1-2026		25,168		25,768
FHLMC Series 1671 Class QA (11th District Cost of Funds +0.95%)±		1.99			2-15-2024		590,190		597,035
FHLMC Series 1686 Class FE (11th District Cost of Funds +1.10%)±		2.14			2-15-2024		10,185		10,334
FHLMC Series 1730 Class FA (10 Year Treasury Constant Maturity-0.60%)±		1.15			5-15-2024		75,825		75,758
FHLMC Series 20 Class F±±		3.26			7-1-2029		6,626		6,804
FHLMC Series 2315 Class FW (1 Month LIBOR +0.55%)±		2.21			4-15-2027		57,101		57,436
FHLMC Series 2391 Class EF (1 Month LIBOR +0.50%)±		2.16			6-15-2031		55,164		55,246
FHLMC Series 2454 Class SL (1 Month LIBOR +8.00%)±(c)		6.34			3-15-2032		110,603		19,687
FHLMC Series 2461 Class FI (1 Month LIBOR +0.50%)±		2.16			4-15-2028		73,693		74,082
FHLMC Series 2464 Class FE (1 Month LIBOR +1.00%)±		2.66			3-15-2032		72,088		73,587
FHLMC Series 2466 Class FV (1 Month LIBOR +0.55%)±		2.21			3-15-2032		142,259		143,566
FHLMC Series 2538 Class F (1 Month LIBOR +0.60%)±		2.26			12-15-2032		303,421		305,274
FHLMC Series 2682 Class FK (1 Month LIBOR +1.47%)±		3.13			1-15-2033		2,956,296		3,057,035
FHLMC Series 3140 Class GF (1 Month LIBOR +0.35%)±		2.01			3-15-2036		704,667		701,498
FHLMC Series 3149 Class FB±±		2.01			5-15-2036		1,169,980		1,162,628
FHLMC Series 3284 Class CF (1 Month LIBOR +0.37%)±		2.03			3-15-2037		872,379		869,529
FHLMC Series 3436 Class A±±		4.31			11-15-2036		450,659		465,125
FHLMC Series 3753 Class FA±±		2.16			11-15-2040		2,261,135		2,258,197
FHLMC Series 3822 Class FY (1 Month LIBOR +0.40%)±		2.06			2-15-2033		979,777		977,876
FHLMC Series 3827 Class DF (1 Month LIBOR +0.45%)±		2.11			3-15-2041		900,718		896,591
FHLMC Series 4013 Class QF±±		2.21			3-15-2041		956,514		960,676
FHLMC Series 4678 Class AF±±		2.18			12-15-2042		2,105,021		2,091,027
FHLMC Series 4821 Class FA±±		1.96			7-15-2048		1,553,199		1,543,225
FHLMC Series 4842 Class FA±±		2.01			11-15-2048		3,011,703		2,999,567
FHLMC Series 4933 Class FA±±		2.16			12-25-2049		2,649,771		2,650,390
FHLMC SeriesT-15 Class A6 (1 Month LIBOR +0.00%)±		2.03			11-25-2028		349,231		351,473
FHLMC SeriesT-16 Class A (1 Month LIBOR +0.10%)±		2.01			6-25-2029		1,093,653		1,094,575
FHLMC SeriesT-20 Class A7 (1 Month LIBOR +0.15%)±		1.96			12-25-2029		2,292,428		2,252,336
FHLMC SeriesT-21 Class A (1 Month LIBOR +0.18%)±		2.02			10-25-2029		826,435		822,144
FHLMC SeriesT-23 Class A (1 Month LIBOR +0.14%)±		1.94			5-25-2030		1,278,551		1,275,490
FHLMC SeriesT-27 Class A (1 Month LIBOR +0.15%)±		1.96			10-25-2030		854,228		858,252
FHLMC SeriesT-30 Class A7 (1 Month LIBOR +0.24%)±		1.87			12-25-2030		887,526		861,539
FHLMC SeriesT-35 Class A (1 Month LIBOR +0.14%)±		1.94			9-25-2031		2,226,179		2,205,201
FHLMC SeriesT-48 Class 2A±±		4.20			7-25-2033		1,713,479		1,772,989
FHLMC SeriesT-54 Class 4A±±		4.20			2-25-2043		1,197,047		1,257,922
FHLMC SeriesT-55 Class 1A1		6.50			3-25-2043		51,749		60,136
FHLMC SeriesT-56 Class 3AF (1 Month LIBOR +1.00%)±		2.63			5-25-2043		828,347		847,373

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

10  |  Wells Fargo Adjustable Rate Government Fund

Portfolio of investments—February 29, 2020 (unaudited)

	Interest rate			Maturity date		Principal		Value
Agency Securities (continued)
FHLMC SeriesT-62 Class 1A1 (12 Month Treasury Average +0.00%)±		3.25	%		10-25-2044	$	2,661,111	$	2,665,004
FHLMC SeriesT-63 Class 1A1 (12 Month Treasury Average +1.20%)±		3.25			2-25-2045		2,365,886		2,355,281
FHLMC SeriesT-66 Class 2A1±±		4.19			1-25-2036		1,456,000		1,509,424
FHLMC SeriesT-67 Class 1A1C±±		3.69			3-25-2036		3,276,498		3,360,493
FHLMC SeriesT-67 Class 2A1C±±		3.70			3-25-2036		3,111,115		3,185,376
FNMA (1 Month LIBOR +0.40%)±		2.06			4-25-2034		777,213		775,524
FNMA (11th District Cost of Funds +1.25%)±		2.29			4-1-2042		1,269,922		1,264,662
FNMA (11th District Cost of Funds +1.25%)±		2.29			10-1-2044		733,760		729,219
FNMA (11th District Cost of Funds +1.25%)±		2.33			1-1-2038		34,208		34,237
FNMA (11th District Cost of Funds +1.25%)±		2.35			11-1-2020		4,336		4,323
FNMA (11th District Cost of Funds +1.25%)±		2.35			11-1-2023		9,765		9,706
FNMA (11th District Cost of Funds +1.26%)±		2.36			1-1-2035		524,896		528,238
FNMA (11th District Cost of Funds +1.25%)±		2.38			3-1-2021		15		15
FNMA (11th District Cost of Funds +1.25%)±		2.38			3-1-2033		84,017		84,086
FNMA (11th District Cost of Funds +1.25%)±		2.41			11-1-2024		753		748
FNMA (11th District Cost of Funds +1.25%)±		2.43			4-1-2021		7,015		7,010
FNMA (11th District Cost of Funds +1.25%)±		2.49			9-1-2037		1,429,545		1,424,408
FNMA (1 Year Treasury Constant Maturity +1.66%)±		2.54			7-1-2048		1,731,831		1,753,335
FNMA (11th District Cost of Funds +1.78%)±		2.65			1-1-2036		184,372		185,412
FNMA (1 Month LIBOR +1.00%)±		2.66			7-25-2038		1,062,162		1,075,302
FNMA (11th District Cost of Funds +1.43%)±		2.68			4-1-2024		923,503		926,103
FNMA (11th District Cost of Funds +1.25%)±		2.80			7-1-2020		45,695		45,597
FNMA (11th District Cost of Funds +1.83%)±		2.82			1-1-2036		24,021		24,127
FNMA (11th District Cost of Funds +1.80%)±		2.90			3-1-2033		214,961		215,394
FNMA (11th District Cost of Funds +1.78%)±		2.91			11-1-2022		281		280
FNMA (11th District Cost of Funds +1.83%)±		2.92			10-1-2024		201		200
FNMA (1 Month LIBOR +1.17%)±		2.92			5-1-2029		39,092		40,351
FNMA (11th District Cost of Funds +1.82%)±		2.96			5-1-2028		34,485		34,677
FNMA (11th District Cost of Funds +1.86%)±		2.99			10-1-2027		269,287		271,700
FNMA (6 Month LIBOR +1.00%)±		3.00			6-1-2021		3,650		3,680
FNMA (11th District Cost of Funds +1.70%)±		3.02			4-1-2030		788		782
FNMA (6 Month LIBOR +1.15%)±		3.02			8-1-2032		150,904		151,317
FNMA (6 Month LIBOR +1.03%)±		3.03			2-1-2033		116,091		115,741
FNMA (11th District Cost of Funds +1.18%)±		3.03			10-1-2034		84,269		84,449
FNMA (11th District Cost of Funds +1.92%)±		3.05			9-1-2030		210,823		209,426
FNMA (11th District Cost of Funds +1.25%)±		3.17			4-1-2034		815,589		828,093
FNMA (6 Month LIBOR +1.37%)±		3.24			1-1-2032		183,692		189,466
FNMA (6 Month LIBOR +1.38%)±		3.25			12-1-2031		17,242		17,294
FNMA (6 Month LIBOR +1.18%)±		3.25			8-1-2033		154,893		160,497
FNMA (6 Month LIBOR +1.08%)±		3.33			9-1-2032		49,570		49,650
FNMA (1 Year Treasury Constant Maturity +1.70%)±		3.33			2-1-2033		211,990		220,070
FNMA (1 Year Treasury Constant Maturity +1.74%)±		3.37			1-1-2035		40,031		41,665
FNMA (6 Month LIBOR +1.16%)±		3.37			8-1-2033		3,179		3,230
FNMA (6 Month LIBOR +1.42%)±		3.38			12-1-2031		178,985		185,074
FNMA (6 Month LIBOR +1.53%)±		3.43			1-1-2035		863,334		895,288
FNMA (1 Year Treasury Constant Maturity +1.82%)±		3.45			4-1-2038		368,734		387,495
FNMA (6 Month LIBOR +1.43%)±		3.48			10-1-2037		590,401		611,509
FNMA (1 Year Treasury Constant Maturity +1.63%)±		3.50			11-1-2029		6,624		6,770
FNMA (6 Month LIBOR +1.52%)±		3.52			11-1-2034		328,893		340,183
FNMA (6 Month LIBOR +1.55%)±		3.55			12-1-2022		2,738		2,748
FNMA (12 Month Treasury Average +1.40%)±		3.55			12-1-2030		64,355		63,615
FNMA (12 Month Treasury Average +1.25%)±		3.59			1-1-2021		300		302
FNMA (1 Year Treasury Constant Maturity +2.03%)±		3.60			11-1-2027		5,933		5,943
FNMA (12 Month Treasury Average +1.25%)±		3.60			1-1-2021		247		248
FNMA (6 Month LIBOR +1.38%)±		3.63			8-1-2031		117,362		119,521
FNMA (12 Month LIBOR +1.64%)±		3.65			12-1-2033		837,410		872,363
FNMA (6 Month LIBOR +1.42%)±		3.67			9-1-2031		120,635		123,647

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

Wells Fargo Adjustable Rate Government Fund  |  11

Portfolio of investments—February 29, 2020 (unaudited)

	Interest rate			Maturity date		Principal		Value
Agency Securities (continued)
FNMA (6 Month LIBOR +1.55%)±		3.71	%		3-1-2034	$	190,336	$	197,093
FNMA (1 Year Treasury Constant Maturity +1.50%)±		3.71			8-1-2030		779,678		801,546
FNMA (5 Year Treasury Constant Maturity +1.90%)±		3.74			9-1-2031		176,917		176,890
FNMA (6 Month LIBOR +1.74%)±		3.74			10-1-2024		30,088		30,222
FNMA (6 Month LIBOR +1.74%)±		3.74			12-1-2024		41,790		41,924
FNMA (6 Month LIBOR +1.63%)±		3.75			1-1-2022		3,324		3,327
FNMA (12 Month LIBOR +1.75%)±		3.75			1-1-2035		370,392		389,772
FNMA (1 Year Treasury Constant Maturity +2.09%)±		3.76			1-1-2036		83,035		87,642
FNMA (3 Year Treasury Constant Maturity +2.15%)±		3.77			10-1-2024		23,526		23,973
FNMA (1 Year Treasury Constant Maturity +1.52%)±		3.79			8-1-2033		711,827		736,988
FNMA (1 Year Treasury Constant Maturity +2.18%)±		3.80			12-1-2024		19,042		19,259
FNMA (1 Year Treasury Constant Maturity +2.18%)±		3.80			1-1-2035		44,963		46,658
FNMA (12 Month LIBOR +1.56%)±		3.83			9-1-2036		218,183		227,426
FNMA (1 Year Treasury Constant Maturity +2.22%)±		3.85			8-1-2031		98,262		100,571
FNMA (1 Year Treasury Constant Maturity +2.07%)±		3.86			11-1-2035		385,509		407,575
FNMA (1 Year Treasury Constant Maturity +2.25%)±		3.87			6-1-2027		582		598
FNMA (US Treasury H15 Treasury Bill 6 Month Auction High Discount +2.23%)±		3.88			7-1-2025		710		718
FNMA (1 Year Treasury Constant Maturity +2.18%)±		3.90			1-1-2036		241,432		241,625
FNMA (12 Month LIBOR +1.65%)±		3.90			9-1-2037		548,361		569,603
FNMA (1 Year Treasury Constant Maturity +2.20%)±		3.90			2-1-2035		104,757		110,963
FNMA (1 Year Treasury Constant Maturity +2.28%)±		3.90			2-1-2037		355,371		376,601
FNMA (12 Month LIBOR +1.83%)±		3.90			1-1-2033		306,390		322,543
FNMA (12 Month LIBOR +1.67%)±		3.92			9-1-2034		800,593		845,679
FNMA (1 Year Treasury Constant Maturity +2.17%)±		3.92			12-1-2039		173,263		178,372
FNMA (1 Year Treasury Constant Maturity +2.13%)±		3.92			10-1-2035		107,078		112,991
FNMA (6 Month LIBOR +1.93%)±		3.93			6-1-2032		63,751		64,469
FNMA (12 Month LIBOR +1.53%)±		3.93			9-1-2035		852,963		871,907
FNMA (3 Year Treasury Constant Maturity +1.21%)±		3.95			3-1-2030		15,051		15,324
FNMA (1 Year Treasury Constant Maturity +2.32%)±		3.95			6-1-2032		18,423		18,670
FNMA (12 Month LIBOR +1.82%)±		3.95			12-1-2046		63,811		66,829
FNMA (12 Month LIBOR +1.69%)±		3.98			8-1-2036		419,240		440,629
FNMA (6 Month LIBOR +1.93%)±		3.99			4-1-2033		243,661		251,454
FNMA (12 Month Treasury Average +1.84%)±		4.00			11-1-2035		24,270		25,059
FNMA (1 Year Treasury Constant Maturity +2.13%)±		4.01			10-1-2025		72,987		74,396
FNMA (12 Month Treasury Average +1.95%)±		4.02			7-1-2035		704,280		729,358
FNMA (6 Month LIBOR +2.00%)±		4.02			10-1-2024		42,870		43,643
FNMA (1 Year Treasury Constant Maturity +2.17%)±		4.03			12-1-2034		792,331		834,246
FNMA (1 Year Treasury Constant Maturity +2.20%)±		4.03			11-1-2038		239,283		251,465
FNMA (12 Month Treasury Average +1.88%)±		4.04			11-1-2035		605,983		620,780
FNMA (12 Month Treasury Average +1.92%)±		4.05			10-1-2035		776,522		803,457
FNMA (1 Year Treasury Constant Maturity +2.32%)±		4.07			5-1-2025		25,386		25,618
FNMA (1 Year Treasury Constant Maturity +2.23%)±		4.08			5-1-2035		838,517		886,576
FNMA (12 Month Treasury Average +1.91%)±		4.08			11-1-2035		116,979		121,106
FNMA (6 Month LIBOR +2.44%)±		4.09			1-1-2033		86,148		88,039
FNMA (12 Month Treasury Average +1.93%)±		4.09			6-1-2035		459,270		475,633
FNMA (1 Year Treasury Constant Maturity +2.15%)±		4.09			2-1-2033		57,760		59,181
FNMA (12 Month LIBOR +1.68%)±		4.10			9-1-2038		521,247		547,773
FNMA (11th District Cost of Funds +1.83%)±		4.10			6-1-2034		102,979		105,215
FNMA (1 Year Treasury Constant Maturity +2.37%)±		4.12			7-1-2027		17,876		18,110
FNMA (1 Year Treasury Constant Maturity +2.31%)±		4.12			12-1-2034		583,631		621,419
FNMA (1 Year Treasury Constant Maturity +2.50%)±		4.13			6-1-2032		81,291		82,817
FNMA (12 Month LIBOR +1.61%)±		4.13			1-1-2040		146,399		152,010
FNMA (1 Year Treasury Constant Maturity +1.76%)±		4.13			8-1-2032		123,826		126,906
FNMA (1 Year Treasury Constant Maturity +1.93%)±		4.13			7-1-2038		502,039		521,605
FNMA (1 Year Treasury Constant Maturity +2.18%)±		4.14			9-1-2035		861,890		914,453
FNMA (12 Month Treasury Average +1.98%)±		4.14			11-1-2035		662,376		676,781

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

12  |  Wells Fargo Adjustable Rate Government Fund

Portfolio of investments—February 29, 2020 (unaudited)

	Interest rate			Maturity date		Principal		Value
Agency Securities (continued)
FNMA (Federal Cost of Funds +2.00%)±		4.14	%		8-1-2029	$	31,173	$	32,140
FNMA (11th District Cost of Funds +1.93%)±		4.15			12-1-2036		51,229		53,084
FNMA (1 Year Treasury Constant Maturity +2.30%)±		4.15			1-1-2026		150,334		154,596
FNMA (1 Year Treasury Constant Maturity +2.04%)±		4.15			6-1-2034		347,102		358,352
FNMA (1 Year Treasury Constant Maturity +2.17%)±		4.15			12-1-2035		228,919		242,811
FNMA (1 Year Treasury Constant Maturity +2.29%)±		4.15			1-1-2031		273,040		289,138
FNMA (1 Year Treasury Constant Maturity +2.19%)±		4.15			9-1-2035		116,934		124,099
FNMA (12 Month Treasury Average +1.99%)±		4.16			10-1-2035		318,821		330,885
FNMA (1 Year Treasury Constant Maturity +1.67%)±		4.17			4-1-2033		80,840		83,267
FNMA (1 Year Treasury Constant Maturity +2.22%)±		4.17			10-1-2034		133,104		141,464
FNMA (12 Month LIBOR +1.82%)±		4.18			4-1-2035		724,120		762,883
FNMA (1 Year Treasury Constant Maturity +2.20%)±		4.18			5-1-2036		447,601		474,498
FNMA (1 Year Treasury Constant Maturity +2.12%)±		4.19			4-1-2040		99,674		105,444
FNMA (12 Month Treasury Average +2.01%)±		4.19			7-1-2035		453,137		470,659
FNMA (12 Month Treasury Average +2.07%)±		4.19			1-1-2035		269,874		273,376
FNMA (12 Month LIBOR +1.90%)±		4.20			10-1-2034		393,595		415,295
FNMA (11th District Cost of Funds +1.87%)±		4.20			5-1-2034		120,652		123,354
FNMA (1 Year Treasury Constant Maturity +2.04%)±		4.20			12-1-2033		481,993		502,397
FNMA (1 Year Treasury Constant Maturity +2.15%)±		4.21			12-1-2034		307,217		324,117
FNMA (5 Year Treasury Constant Maturity +2.43%)±		4.21			6-1-2028		23,494		23,750
FNMA (1 Year Treasury Constant Maturity +2.19%)±		4.22			12-1-2032		345,143		365,648
FNMA (1 Year Treasury Constant Maturity +2.22%)±		4.22			2-1-2034		968,849		1,004,767
FNMA (1 Year Treasury Constant Maturity +2.22%)±		4.22			6-1-2026		6,268		6,450
FNMA (1 Year Treasury Constant Maturity +2.60%)±		4.22			2-1-2028		31,414		31,824
FNMA (1 Year Treasury Constant Maturity +2.03%)±		4.22			12-1-2032		439,089		456,224
FNMA (6 Month LIBOR +1.98%)±		4.23			9-1-2033		51,201		51,735
FNMA (1 Year Treasury Constant Maturity +2.15%)±		4.23			5-1-2035		369,623		391,249
FNMA (1 Year Treasury Constant Maturity +2.21%)±		4.23			7-1-2029		346,893		366,832
FNMA (12 Month LIBOR +1.72%)±		4.23			2-1-2038		340,065		357,752
FNMA (1 Year Treasury Constant Maturity +2.50%)±		4.25			3-1-2027		65,857		67,726
FNMA (1 Year Treasury Constant Maturity +1.88%)±		4.26			8-1-2031		52,602		54,697
FNMA (1 Year Treasury Constant Maturity +2.52%)±		4.27			11-1-2024		18,573		18,714
FNMA (1 Year Treasury Constant Maturity +2.19%)±		4.27			1-1-2033		1,206,371		1,245,084
FNMA (1 Year Treasury Constant Maturity +2.11%)±		4.27			5-1-2034		419,820		436,278
FNMA (1 Year Treasury Constant Maturity +2.21%)±		4.27			11-1-2035		820,676		869,656
FNMA (1 Year Treasury Constant Maturity +2.19%)±		4.27			10-1-2036		457,572		484,879
FNMA (1 Year Treasury Constant Maturity +2.49%)±		4.27			5-1-2035		839,994		902,553
FNMA (1 Year Treasury Constant Maturity +2.28%)±		4.28			9-1-2026		27,860		28,394
FNMA (1 Year Treasury Constant Maturity +2.37%)±		4.28			9-1-2030		542,611		577,164
FNMA (12 Month LIBOR +1.69%)±		4.29			4-1-2034		428,214		448,977
FNMA (1 Year Treasury Constant Maturity +2.29%)±		4.29			12-1-2030		18,984		19,395
FNMA (1 Year Treasury Constant Maturity +1.58%)±		4.30			3-1-2034		255,583		269,000
FNMA (1 Year Treasury Constant Maturity +2.21%)±		4.31			12-1-2036		309,404		328,015
FNMA (12 Month LIBOR +1.99%)±		4.31			9-1-2035		307,413		326,406
FNMA (1 Year Treasury Constant Maturity +2.26%)±		4.32			1-1-2038		363,549		386,230
FNMA (1 Year Treasury Constant Maturity +2.41%)±		4.32			9-1-2033		414,136		440,768
FNMA (1 Year Treasury Constant Maturity +2.19%)±		4.32			6-1-2036		802,250		848,883
FNMA (12 Month LIBOR +1.71%)±		4.33			3-1-2037		247,926		261,931
FNMA (1 Year Treasury Constant Maturity +2.33%)±		4.33			11-1-2024		50,401		51,894
FNMA (3 Year Treasury Constant Maturity +2.47%)±		4.34			6-1-2024		10,668		10,778
FNMA (1 Year Treasury Constant Maturity +2.21%)±		4.34			1-1-2027		221,368		223,221
FNMA (1 Year Treasury Constant Maturity +2.58%)±		4.35			3-1-2032		106,222		109,779
FNMA (12 Month LIBOR +1.74%)±		4.35			6-1-2041		341,281		356,195
FNMA (1 Year Treasury Constant Maturity +2.36%)±		4.35			11-1-2034		266,588		283,833
FNMA (1 Year Treasury Constant Maturity +2.19%)±		4.35			12-1-2040		190,829		201,504
FNMA (1 Year Treasury Constant Maturity +2.14%)±		4.36			10-1-2033		179,230		189,114

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

Wells Fargo Adjustable Rate Government Fund  |  13

Portfolio of investments—February 29, 2020 (unaudited)

	Interest rate			Maturity date		Principal		Value
Agency Securities (continued)
FNMA (6 Month LIBOR +2.48%)±		4.36	%		7-1-2033	$	32,530	$	32,784
FNMA (1 Year Treasury Constant Maturity +2.24%)±		4.36			5-1-2033		170,098		177,020
FNMA (1 Year Treasury Constant Maturity +2.25%)±		4.37			10-1-2035		600,459		636,082
FNMA (6 Month LIBOR +2.25%)±		4.37			3-1-2034		866,034		914,085
FNMA (1 Year Treasury Constant Maturity +2.22%)±		4.38			12-1-2040		565,352		598,376
FNMA (1 Year Treasury Constant Maturity +2.21%)±		4.39			6-1-2036		441,525		467,164
FNMA (3 Year Treasury Constant Maturity +2.14%)±		4.39			10-1-2025		5,074		5,118
FNMA (1 Year Treasury Constant Maturity +2.22%)±		4.40			4-1-2038		572,926		605,482
FNMA (1 Year Treasury Constant Maturity +2.05%)±		4.41			9-1-2035		1,231,361		1,294,845
FNMA (1 Year Treasury Constant Maturity +2.28%)±		4.41			4-1-2024		7,234		7,433
FNMA (12 Month LIBOR +1.67%)±		4.42			7-1-2035		881,937		926,306
FNMA (1 Year Treasury Constant Maturity +2.13%)±		4.42			1-1-2037		551,795		581,793
FNMA (12 Month Treasury Average +2.27%)±		4.43			9-1-2036		262,804		267,612
FNMA (1 Year Treasury Constant Maturity +2.21%)±		4.43			9-1-2022		48,749		49,225
FNMA (1 Year Treasury Constant Maturity +2.24%)±		4.43			12-1-2040		389,077		412,354
FNMA (12 Month Treasury Average +2.31%)±		4.43			9-1-2036		301,630		313,727
FNMA (1 Year Treasury Constant Maturity +1.87%)±		4.44			4-1-2030		37,549		38,044
FNMA (1 Year Treasury Constant Maturity +2.22%)±		4.45			5-1-2033		897,882		928,343
FNMA (12 Month Treasury Average +2.28%)±		4.45			8-1-2035		532,420		546,000
FNMA (1 Year Treasury Constant Maturity +2.18%)±		4.45			1-1-2036		386,667		404,745
FNMA (1 Year Treasury Constant Maturity +2.27%)±		4.46			5-1-2034		172,060		181,735
FNMA (1 Year Treasury Constant Maturity +2.26%)±		4.46			7-1-2030		316,485		331,291
FNMA (1 Year Treasury Constant Maturity +2.09%)±		4.46			8-1-2025		16,103		16,364
FNMA (1 Year Treasury Constant Maturity +2.25%)±		4.47			5-1-2036		1,096,717		1,147,657
FNMA (1 Year Treasury Constant Maturity +2.19%)±		4.47			2-1-2036		391,642		413,720
FNMA (1 Year Treasury Constant Maturity +2.23%)±		4.48			11-1-2037		442,230		468,193
FNMA (1 Year Treasury Constant Maturity +2.35%)±		4.48			7-1-2028		343,667		356,506
FNMA (1 Year Treasury Constant Maturity +2.27%)±		4.49			10-1-2036		377,332		400,156
FNMA (1 Year Treasury Constant Maturity +2.35%)±		4.49			1-1-2037		539,638		576,411
FNMA (12 Month LIBOR +1.80%)±		4.49			7-1-2033		516,029		543,247
FNMA (1 Year Treasury Constant Maturity +2.12%)±		4.49			8-1-2026		23,939		24,287
FNMA (1 Year Treasury Constant Maturity +2.33%)±		4.49			4-1-2036		318,728		338,143
FNMA (1 Year Treasury Constant Maturity +2.11%)±		4.49			7-1-2035		444,283		467,878
FNMA (12 Month Treasury Average +2.35%)±		4.50			8-1-2040		393,679		403,290
FNMA (1 Year Treasury Constant Maturity +2.18%)±		4.50			9-1-2036		373,150		397,083
FNMA (1 Year Treasury Constant Maturity +2.28%)±		4.50			4-1-2024		21,645		21,909
FNMA (1 Year Treasury Constant Maturity +2.24%)±		4.50			1-1-2037		822,707		872,631
FNMA (1 Year Treasury Constant Maturity +2.20%)±		4.50			9-1-2035		283,216		301,373
FNMA (12 Month Treasury Average +2.36%)±		4.50			5-1-2036		274,750		289,371
FNMA (1 Year Treasury Constant Maturity +2.60%)±		4.51			10-1-2025		6,270		6,378
FNMA (12 Month LIBOR +1.65%)±		4.51			11-1-2038		250,799		263,310
FNMA (1 Year Treasury Constant Maturity +2.22%)±		4.51			8-1-2026		171,671		178,503
FNMA (1 Year Treasury Constant Maturity +1.89%)±		4.52			6-1-2032		54,167		54,283
FNMA (1 Year Treasury Constant Maturity +2.36%)±		4.52			1-1-2029		145,235		150,938
FNMA (1 Year Treasury Constant Maturity +2.22%)±		4.52			9-1-2033		354,077		372,928
FNMA (6 Month LIBOR +2.63%)±		4.54			4-1-2033		215,504		223,872
FNMA (1 Year Treasury Constant Maturity +2.10%)±		4.54			7-1-2035		80,386		83,056
FNMA (12 Month LIBOR +1.75%)±		4.54			7-1-2035		416,859		438,659
FNMA (1 Year Treasury Constant Maturity +2.11%)±		4.54			9-1-2036		301,997		313,412
FNMA (1 Year Treasury Constant Maturity +2.21%)±		4.55			8-1-2035		603,274		641,254
FNMA (12 Month LIBOR +1.86%)±		4.56			5-1-2038		506,944		537,586
FNMA (12 Month LIBOR +1.91%)±		4.56			8-1-2034		1,069,340		1,130,524
FNMA (1 Year Treasury Constant Maturity +2.18%)±		4.56			6-1-2035		184,475		193,847
FNMA (1 Year Treasury Constant Maturity +2.19%)±		4.57			8-1-2033		490,871		516,123
FNMA (1 Year Treasury Constant Maturity +2.38%)±		4.57			7-1-2027		71,484		73,366
FNMA (1 Year Treasury Constant Maturity +2.23%)±		4.57			1-1-2035		324,674		343,852

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

14  |  Wells Fargo Adjustable Rate Government Fund

Portfolio of investments—February 29, 2020 (unaudited)

	Interest rate			Maturity date		Principal		Value
Agency Securities (continued)
FNMA (1 Year Treasury Constant Maturity +2.50%)±		4.57	%		9-1-2030	$	419,739	$	440,402
FNMA (1 Year Treasury Constant Maturity +2.21%)±		4.59			7-1-2033		34,004		35,825
FNMA (1 Year Treasury Constant Maturity +2.21%)±		4.59			7-1-2035		287,607		305,734
FNMA (1 Year Treasury Constant Maturity +2.29%)±		4.59			9-1-2030		73,867		74,845
FNMA (1 Year Treasury Constant Maturity +2.24%)±		4.59			4-1-2033		327,621		342,365
FNMA (12 Month LIBOR +1.72%)±		4.60			6-1-2035		127,998		134,739
FNMA (1 Year Treasury Constant Maturity +2.22%)±		4.60			7-1-2035		98,968		104,537
FNMA (1 Year Treasury Constant Maturity +2.22%)±		4.60			7-1-2035		412,813		436,964
FNMA (1 Year Treasury Constant Maturity +2.21%)±		4.60			6-1-2027		64,875		66,273
FNMA (1 Year Treasury Constant Maturity +2.15%)±		4.61			4-1-2033		745,930		786,699
FNMA (12 Month LIBOR +1.74%)±		4.62			5-1-2032		152,347		154,107
FNMA (1 Year Treasury Constant Maturity +2.41%)±		4.62			5-1-2027		46,616		48,409
FNMA (1 Year Treasury Constant Maturity +2.12%)±		4.62			3-1-2031		29,556		29,632
FNMA (1 Year Treasury Constant Maturity +2.24%)±		4.62			12-1-2040		859,077		884,818
FNMA (12 Month LIBOR +1.79%)±		4.62			6-1-2036		226,877		239,431
FNMA (12 Month LIBOR +1.72%)±		4.62			12-1-2033		665,363		695,857
FNMA (1 Year Treasury Constant Maturity +2.51%)±		4.62			8-1-2035		224,802		235,380
FNMA (1 Year Treasury Constant Maturity +2.13%)±		4.63			5-1-2033		321,433		331,277
FNMA (1 Year Treasury Constant Maturity +2.14%)±		4.63			5-1-2034		357,129		371,105
FNMA (1 Year Treasury Constant Maturity +2.24%)±		4.63			7-1-2037		278,254		294,805
FNMA (1 Year Treasury Constant Maturity +2.13%)±		4.63			5-1-2033		256,903		269,835
FNMA (1 Year Treasury Constant Maturity +2.19%)±		4.65			7-1-2035		676,311		705,280
FNMA (1 Year Treasury Constant Maturity +2.64%)±		4.66			10-1-2028		88,425		90,350
FNMA (12 Month LIBOR +1.75%)±		4.67			4-1-2034		257,176		269,357
FNMA (1 Year Treasury Constant Maturity +2.29%)±		4.67			6-1-2037		264,628		278,476
FNMA (Federal Cost of Funds +2.38%)±		4.67			2-1-2029		818,872		840,480
FNMA (1 Year Treasury Constant Maturity +2.33%)±		4.67			12-1-2030		488,168		510,488
FNMA (1 Year Treasury Constant Maturity +2.35%)±		4.67			3-1-2033		552,266		585,120
FNMA (1 Year Treasury Constant Maturity +2.20%)±		4.67			6-1-2033		296,630		309,206
FNMA (1 Year Treasury Constant Maturity +2.18%)±		4.69			5-1-2035		111,480		118,012
FNMA (1 Year Treasury Constant Maturity +2.31%)±		4.69			2-1-2035		395,010		419,481
FNMA (12 Month LIBOR +1.75%)±		4.70			5-1-2035		568,400		597,621
FNMA (1 Year Treasury Constant Maturity +2.21%)±		4.70			6-1-2035		503,424		532,405
FNMA (1 Year Treasury Constant Maturity +2.22%)±		4.71			5-1-2033		156,635		165,466
FNMA (12 Month LIBOR +1.84%)±		4.72			6-1-2041		486,386		508,932
FNMA (12 Month LIBOR +1.80%)±		4.72			5-1-2033		256,944		269,951
FNMA (1 Year Treasury Constant Maturity +2.22%)±		4.72			6-1-2035		347,494		367,684
FNMA (1 Year Treasury Constant Maturity +2.21%)±		4.72			5-1-2037		744,323		776,043
FNMA (1 Year Treasury Constant Maturity +2.35%)±		4.73			6-1-2030		31,543		32,168
FNMA (1 Year Treasury Constant Maturity +2.23%)±		4.73			1-1-2032		6,129		6,194
FNMA (1 Year Treasury Constant Maturity +2.27%)±		4.74			6-1-2036		104,578		110,857
FNMA (1 Year Treasury Constant Maturity +2.32%)±		4.74			10-1-2034		140,055		147,982
FNMA (1 Year Treasury Constant Maturity +2.24%)±		4.74			7-1-2028		97		101
FNMA (12 Month LIBOR +1.75%)±		4.75			4-1-2033		333,695		346,143
FNMA (1 Year Treasury Constant Maturity +2.25%)±		4.75			10-1-2029		15,554		15,981
FNMA (1 Year Treasury Constant Maturity +2.26%)±		4.76			5-1-2035		395,586		415,371
FNMA (1 Year Treasury Constant Maturity +2.21%)±		4.77			6-1-2033		167,067		172,352
FNMA (12 Month LIBOR +1.90%)±		4.78			5-1-2037		1,233,810		1,309,311
FNMA (1 Year Treasury Constant Maturity +2.31%)±		4.78			9-1-2037		466,322		499,162
FNMA (1 Year Treasury Constant Maturity +2.22%)±		4.79			4-1-2033		534,820		554,369
FNMA (1 Year Treasury Constant Maturity +2.31%)±		4.82			5-1-2035		529,519		559,498
FNMA (1 Year Treasury Constant Maturity +2.47%)±		4.84			9-1-2028		34,548		35,339
FNMA (1 Year Treasury Constant Maturity +2.35%)±		4.85			6-1-2027		60,069		61,003
FNMA (1 Year Treasury Constant Maturity +2.47%)±		4.85			9-1-2035		38,940		41,561
FNMA (1 Year Treasury Constant Maturity +2.32%)±		4.86			4-1-2038		257,750		268,499
FNMA (1 Year Treasury Constant Maturity +2.64%)±		4.88			7-1-2028		86,144		88,267

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

Wells Fargo Adjustable Rate Government Fund  |  15

Portfolio of investments—February 29, 2020 (unaudited)

	Interest rate			Maturity date		Principal		Value
Agency Securities (continued)
FNMA (6 Month LIBOR +2.64%)±		4.90	%		4-1-2024	$	111,780	$	116,538
FNMA (3 Year Treasury Constant Maturity +2.15%)±		4.90			8-1-2031		31,328		31,984
FNMA (12 Month Treasury Average +2.48%)±		4.90			6-1-2040		649,468		670,234
FNMA (1 Year Treasury Constant Maturity +2.19%)±		4.90			3-1-2035		406,328		426,081
FNMA (1 Year Treasury Constant Maturity +2.45%)±		4.92			7-1-2037		1,375,881		1,465,924
FNMA (1 Year Treasury Constant Maturity +2.32%)±		4.95			4-1-2028		111,571		115,160
FNMA (6 Month LIBOR +2.76%)±		4.98			5-1-2033		879,655		948,383
FNMA (1 Year Treasury Constant Maturity +2.49%)±		4.99			7-1-2037		217,247		227,674
FNMA (1 Year Treasury Constant Maturity +2.28%)±		5.03			7-1-2024		7,058		7,152
FNMA (1 Year Treasury Constant Maturity +2.50%)±		5.04			10-1-2029		271,986		284,778
FNMA (6 Month LIBOR +2.70%)±		5.05			1-1-2033		57,796		58,753
FNMA (1 Year Treasury Constant Maturity +2.64%)±		5.09			3-1-2030		5,154		5,273
FNMA (1 Year Treasury Constant Maturity +2.83%)±		5.10			9-1-2030		168,245		177,177
FNMA (1 Year Treasury Constant Maturity +2.40%)±		5.15			6-1-2024		27,059		27,360
FNMA (1 Year Treasury Constant Maturity +2.69%)±		5.19			5-1-2035		551,371		588,643
FNMA (6 Month LIBOR +3.47%)±		5.47			12-1-2032		138,468		142,748
FNMA (1 Year Treasury Constant Maturity +2.87%)±		5.50			8-1-2030		72,353		72,292
FNMA (6 Month LIBOR +3.57%)±		5.82			11-1-2031		9,174		9,171
FNMA		6.50			8-1-2028		42,054		43,209
FNMA		6.50			5-1-2031		85,327		96,195
FNMA		7.06			11-1-2024		1,776		1,779
FNMA		7.06			12-1-2024		18,960		19,019
FNMA		7.06			3-1-2025		33,195		33,671
FNMA		7.06			1-1-2027		19,934		19,972
FNMA		7.50			1-1-2031		38,310		41,687
FNMA		7.50			1-1-2033		108,730		117,302
FNMA		7.50			5-1-2033		98,508		108,624
FNMA		7.50			5-1-2033		106,394		115,832
FNMA		7.50			6-1-2033		22,059		22,231
FNMA		7.50			7-1-2033		35,789		36,147
FNMA		7.50			8-1-2033		49,360		51,087
FNMA		8.00			12-1-2026		31,540		34,489
FNMA		8.00			2-1-2030		154		155
FNMA		8.00			3-1-2030		178		190
FNMA		8.00			5-1-2033		46,653		47,919
FNMA		8.50			10-1-2026		631		634
FNMA		8.50			8-15-2024		19,856		20,103
FNMA		10.00			1-20-2021		181		182
FNMA Series1992-39 Class FA (7 Year Treasury Constant Maturity +0.00%)±		1.74			3-25-2022		33,978		33,921
FNMA Series1992-45 Class F (7 Year Treasury Constant Maturity +0.00%)±		1.74			4-25-2022		6,514		6,502
FNMA Series1992-87 Class Z		8.00			5-25-2022		3,672		3,854
FNMA Series1993-113 Class FA (10 Year Treasury Constant Maturity-0.65%)±		1.17			7-25-2023		27,933		27,895
FNMA Series1993-247 Class FM (11th District Cost of Funds +1.20%)±		2.24			12-25-2023		146,635		148,752
FNMA Series1994-14 Class F (11th District Cost of Funds +1.60%)±		2.64			10-25-2023		81,706		83,384
FNMA Series2001-50 Class BA		7.00			10-25-2041		104,767		120,210
FNMA Series2001-63 Class FD (1 Month LIBOR +0.60%)±		2.26			12-18-2031		99,006		99,463
FNMA Series2001-81 Class F (1 Month LIBOR +0.55%)±		2.21			1-25-2032		42,281		42,439
FNMA Series2001-T08 Class A1		7.50			7-25-2041		97,002		115,191
FNMA Series2001-T10 Class A2		7.50			12-25-2041		1,574,995		1,804,060
FNMA Series2001-T12 Class A2		7.50			8-25-2041		130,272		155,458
FNMA Series2001-T12 Class A4±±		4.59			8-25-2041		3,122,347		3,242,942
FNMA Series2001-W01 Class AV1 (1 Month LIBOR +0.24%)±		1.90			8-25-2031		44,140		43,076
FNMA Series2001-W03 Class A±±		7.00			9-25-2041		390,622		432,751
FNMA Series2002-05 Class FD (1 Month LIBOR +0.90%)±		2.56			2-25-2032		86,266		87,300
FNMA Series2002-33 Class A4±±		5.42			11-25-2030		106,171		111,790
FNMA Series2002-59 Class F (1 Month LIBOR +0.40%)±		2.06			9-25-2032		287,896		288,674

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

16  |  Wells Fargo Adjustable Rate Government Fund

Portfolio of investments—February 29, 2020 (unaudited)

	Interest rate			Maturity date		Principal		Value
Agency Securities (continued)
FNMA Series2002-66 Class A3±±		4.25	%		4-25-2042	$	6,017,603	$	6,289,723
FNMA Series2002-T12 Class A3		7.50			5-25-2042		1,086,367		1,325,267
FNMA Series2002-T12 Class A5±±		4.84			10-25-2041		1,316,846		1,392,922
FNMA Series2002-T18 Class A5±±		4.58			5-25-2042		2,649,162		2,837,848
FNMA Series2002-T19 Class A4±±		4.59			3-25-2042		155,474		167,447
FNMA Series2002-W01 Class 3A±±		4.12			4-25-2042		787,909		813,162
FNMA Series2002-W04 Class A6±±		4.55			5-25-2042		1,286,152		1,346,080
FNMA Series2003-07 Class A2±±		4.04			5-25-2042		588,519		600,474
FNMA Series2003-63 Class A8±±		4.03			1-25-2043		953,596		992,039
FNMA Series2003-W02 Class 1A3		7.50			7-25-2042		299,355		368,505
FNMA Series2003-W04 Class 5A±±		4.37			10-25-2042		802,854		826,705
FNMA Series2003-W08 Class 4A±±		4.43			11-25-2042		973,776		1,024,778
FNMA Series2003-W09 Class A (1 Month LIBOR +0.12%)±		1.90			6-25-2033		1,377,678		1,354,165
FNMA Series2003-W10 Class 2A±±		4.12			6-25-2043		1,929,246		2,042,371
FNMA Series2003-W18 Class 2A±±		4.35			6-25-2043		2,781,118		2,969,840
FNMA Series2004-T03 Class 1A3		7.00			2-25-2044		359,712		428,732
FNMA Series2004-T03 Class 2A±±		4.35			8-25-2043		1,030,176		1,072,730
FNMA Series2004-W01 Class 2A2		7.00			12-25-2033		190,757		224,092
FNMA Series2004-W01 Class 3A±±		4.45			1-25-2043		56,491		59,151
FNMA Series2004-W02 Class 5A		7.50			3-25-2044		81,324		94,636
FNMA Series2004-W12 Class 2A±±		4.36			6-25-2044		2,845,568		3,035,200
FNMA Series2004-W15 Class 3A±±		4.47			6-25-2044		4,569,255		4,755,055
FNMA Series2005-W03 Class 3A±±		4.21			4-25-2045		877,082		936,438
FNMA Series2006-15 Class FW (1 Month LIBOR +0.30%)±		1.96			1-25-2036		25,689		25,697
FNMA Series2006-44 Class FY (1 Month LIBOR +0.57%)±		2.23			6-25-2036		968,674		975,808
FNMA Series2006-W01 Class 3A±±		4.24			10-25-2045		3,474,636		3,634,088
FNMA Series2007-95 Class A2 (1 Month LIBOR +0.25%)±		1.91			8-27-2036		249,858		248,689
FNMA Series2012-47 Class FW (1 Month LIBOR +1.70%)±		3.36			5-25-2027		286,236		295,596
FNMA Series2019-74 Class GF±±		2.11			11-25-2049		2,450,279		2,445,212
FNMA SeriesG92-20 Class FB (7 Year Treasury Constant Maturity +0.00%)±		1.74			4-25-2022		2,401		2,398
FNMA SeriesG93-1 Class K		6.68			1-25-2023		109,846		114,737
FNMA SeriesG93-19 Class FD (10 Year Treasury Constant Maturity-0.65%)±		1.17			4-25-2023	��	8,942		8,942
GNMA		6.45			4-20-2025		28,092		30,471
GNMA		6.45			9-20-2025		29,076		32,669
GNMA		6.50			6-20-2034		69,193		70,560
GNMA		6.50			8-20-2034		371,312		401,714
GNMA		6.75			2-15-2029		38,078		42,259
GNMA		9.00			9-20-2024		732		745
GNMA		9.00			11-20-2024		98		99
GNMA		9.00			1-20-2025		2,368		2,482
GNMA		9.00			2-20-2025		10,785		11,811
GNMA Series2008-65 Class FG (1 Month LIBOR +0.75%)±		2.40			8-20-2038		1,217,485		1,231,933
GNMA Series2008-68 Class FA (1 Month LIBOR +0.95%)±		2.60			8-20-2038		1,491,420		1,523,727
GNMA Series2009-50 Class FW (1 Month LIBOR +1.00%)±		2.65			7-20-2039		1,542,523		1,568,521
GNMA Series2009-52 Class FD (1 Month LIBOR +0.95%)±		2.61			7-16-2039		749,833		765,807
GNMA Series2010-25 Class FH (1 Month LIBOR +0.72%)±		2.38			2-16-2040		759,350		767,258
GNMA Series2011-H12 Class FA (1 Month LIBOR +0.49%)±		2.22			2-20-2061		1,833,172		1,834,142
GNMA Series2011-H17 Class FA (1 Month LIBOR +0.53%)±		2.26			6-20-2061		777,204		778,368
GNMA Series2017-H11 Class FE (12 Month LIBOR +0.18%)±		2.91			5-20-2067		4,591,835		4,564,034
Overseas Private Investment Corporation		2.12			3-20-2024		2,800,000		2,866,212
Total Agency Securities (Cost $271,860,956)									278,395,489

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

Wells Fargo Adjustable Rate Government Fund  |  17

Portfolio of investments—February 29, 2020 (unaudited)

	Yield			Shares		Value
Short-Term Investments: 3.77%
Investment Companies: 3.77%
Wells Fargo Government Money Market Fund Select Class (l)(u)		1.52	%		11,047,967	$	11,047,967
Total Short-Term Investments (Cost $11,047,967)							11,047,967

Total investments in securities (Cost $282,908,923)	98.85	%		289,443,456
Other assets and liabilities, net	1.15			3,366,596
Total net assets	100.00	%	$	292,810,052

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

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

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

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

(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:

FHLMC Federal Home Loan Mortgage Corporation

FNMA Federal National Mortgage Association

GNMA Government National Mortgage Association

LIBOR London Interbank Offered Rate

Investments in Affiliates

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

	Shares, beginning of period		Shares purchased		Shares sold			Shares, end of period		Net realized gains (losses)		Net change in unrealized gains (losses)		Income from affiliated securities		Value, end of period		% of net assets
Short-Term Investments
Investment Companies
Wells Fargo Government Money Market Fund Select Class		10,631,386		53,432,505		(53,015,924	)		11,047,967	$	0	$	0	$	103,722	$	11,047,967		3.77	%

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

18  |  Wells Fargo Adjustable Rate Government Fund

Statement of assets and liabilities—February 29, 2020 (unaudited)

Assets
Investments in unaffiliated securities, at value (cost $271,860,956)	$	278,395,489
Investments in affiliated securities, at value (cost $11,047,967)		11,047,967
Principal paydown receivable		1,304,691
Receivable for Fund shares sold		1,653,538
Receivable for interest		1,064,448
Prepaid expenses and other assets		15,529
Total assets		293,481,662
Liabilities
Payable for Fund shares redeemed		387,581
Management fee payable		53,668
Dividends payable		55,595
Administration fees payable		27,299
Distribution fee payable		3,580
Custody and accounting fees payable		99,719
Trustees’ fees and expenses payable		6,002
Accrued expenses and other liabilities		38,166
Total liabilities		671,610
Total net assets	$	292,810,052
Net assets consist of
Paid-in capital	$	286,805,541
Total distributable earnings		6,004,511
Total net assets	$	292,810,052
Computation of net asset value and offering price per share
Net assets – Class A	$	118,950,692
Shares outstanding – Class A1		13,216,773
Net asset value per share – Class A		$9.00
Maximum offering price per share – Class A2		$9.18
Net assets – Class C	$	5,885,782
Shares outstanding – Class C1		655,064
Net asset value per share – Class C		$8.99
Net assets – Administrator Class	$	5,412,772
Shares outstanding – Administrator Class1		601,283
Net asset value per share – Administrator Class		$9.00
Net assets – Institutional Class	$	162,560,806
Shares outstanding – Institutional Class1		18,063,703
Net asset value per share – Institutional Class		$9.00

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.

Wells Fargo Adjustable Rate Government Fund  |  19

Statement of operations—six months ended February 29, 2020 (unaudited)

Investment income
Interest	$	4,031,733
Income from affiliated securities		103,722
Total investment income		4,135,455
Expenses
Management fee		497,932
Administration fees
Class A		93,177
Class C		4,554
Administrator Class		2,637
Institutional Class		62,838
Shareholder servicing fees
Class A		145,589
Class C		7,116
Administrator Class		6,592
Distribution fee
Class C		21,274
Custody and accounting fees		38,526
Professional fees		34,157
Registration fees		48,740
Shareholder report expenses		29,753
Trustees’ fees and expenses		10,909
Other fees and expenses		25,737
Total expenses		1,029,531
Less: Fee waivers and/or expense reimbursements
Fund-level		(146,104	)
Class A		(28,581	)
Class C		(1,294	)
Administrator Class		(3,057	)
Net expenses		850,495
Net investment income		3,284,960
Realized and unrealized gains (losses) on investments
Net realized gains on investments		1,431
Net change in unrealized gains (losses) on investments		658,189
Net realized and unrealized gains (losses) on investments		659,620
Net increase in net assets resulting from operations	$	3,944,580

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

20  |  Wells Fargo Adjustable Rate Government Fund

Statement of changes in net assets

	Six months ended February 29, 2020 (unaudited)						Year ended August 31, 2019
Operations
Net investment income				$	3,284,960					$	6,994,145
Net realized gains on investments					1,431						259,753
Net change in unrealized gains (losses) on investments					658,189						1,540,062
Net increase in net assets resulting from operations					3,944,580						8,793,960
Distributions to shareholders from net investment income and net realized gains
Class A					(1,284,833	)					(2,312,766	)
Class C					(41,199	)					(274,818	)
Administrator Class					(61,805	)					(143,314	)
Institutional Class					(1,951,859	)					(4,363,556	)
Total distributions to shareholders					(3,339,696	)					(7,094,454	)
Capital share transactions		Shares						Shares
Proceeds from shares sold
Class A		1,001,038			8,988,035			4,140,943			37,018,425
Class C		137,415			1,231,816			112,522			1,004,070
Administrator Class		28,304			254,165			4,965			44,434
Institutional Class		2,155,760			19,364,573			3,237,102			28,915,014
					29,838,589						66,981,943
Reinvestment of distributions
Class A		124,262			1,116,285			220,140			1,968,661
Class C		4,069			36,495			29,271			261,252
Administrator Class		6,773			60,848			15,395			137,619
Institutional Class		193,824			1,740,848			384,451			3,436,900
					2,954,476						5,804,432
Payment for shares redeemed
Class A		(1,122,416	)		(10,079,239	)		(2,790,788	)		(24,941,456	)
Class C		(221,780	)		(1,989,641	)		(4,524,371	)		(40,431,473	)
Administrator Class		(27,958	)		(251,057	)		(449,737	)		(4,015,219	)
Institutional Class		(1,895,682	)		(17,021,154	)		(12,338,837	)		(110,218,719	)
					(29,341,091	)					(179,606,867	)
Net increase (decrease) in net assets resulting from capital share transactions					3,451,974						(106,820,492	)
Total increase (decrease) in net assets					4,056,858						(105,120,986	)
Net assets
Beginning of period					288,753,194						393,874,180
End of period				$	292,810,052					$	288,753,194

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

Wells Fargo Adjustable Rate Government Fund  |  21

Financial highlights

(For a share outstanding throughout each period)

	Six months ended February 29, 2020 (unaudited)			Year ended August 31
CLASS A				2019			2018			2017			2016			2015
Net asset value, beginning of period		$8.98			$8.93			$8.96			$9.01			$9.10			$9.15
Net investment income		0.10			0.18	1		0.10			0.06			0.04			0.05
Net realized and unrealized gains (losses) on investments		0.02			0.05			(0.01	)		(0.04	)		(0.06	)		(0.03	)
Total from investment operations		0.12			0.23			0.09			0.02			(0.02	)		0.02
Distributions to shareholders from
Net investment income		(0.10	)		(0.18	)		(0.12	)		(0.07	)		(0.05	)		(0.05	)
Net realized gains		(0.00	)2		0.00			0.00			0.00			0.00			0.00
Tax basis return of capital		0.00			0.00			0.00			0.00			(0.02	)		(0.02	)
Total distributions to shareholders		(0.10	)		(0.18	)		(0.12	)		(0.07	)		(0.07	)		(0.07	)
Net asset value, end of period		$9.00			$8.98			$8.93			$8.96			$9.01			$9.10
Total return3		1.33	%		2.64	%		0.98	%		0.23	%		(0.19	)%		0.24	%
Ratios to average net assets (annualized)
Gross expenses		0.89	%		0.88	%		0.83	%		0.80	%		0.78	%		0.79	%
Net expenses		0.74	%		0.74	%		0.74	%		0.74	%		0.74	%		0.74	%
Net investment income		2.17	%		2.04	%		1.28	%		0.72	%		0.56	%		0.58	%
Supplemental data
Portfolio turnover rate		0	%		5	%		3	%		2	%		13	%		10	%
Net assets, end of period (000s omitted)		$118,951			$118,675			$103,963			$153,953			$172,131			$215,830

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.

22  |  Wells Fargo Adjustable Rate Government Fund

Financial highlights

(For a share outstanding throughout each period)

	Six months ended February 29, 2020 (unaudited)			Year ended August 31
CLASS C				2019			2018			2017			2016			2015
Net asset value, beginning of period		$8.97			$8.93			$8.96			$9.01			$9.10			$9.15
Net investment income (loss)		0.06	1		0.10	1		0.05	1		(0.00	)1,2		(0.02	)1		(0.01	)1
Net realized and unrealized gains (losses) on investments		0.02			0.06			(0.03	)		(0.05	)		(0.07	)		(0.04	)
Total from investment operations		0.08			0.16			0.02			(0.05	)		(0.09	)		(0.05	)
Distributions to shareholders from
Net investment income		(0.06	)		(0.12	)		(0.05	)		(0.00	)3		(0.00	)3		(0.00	)3
Net realized gains		(0.00	)3		0.00			0.00			0.00			0.00			0.00
Tax basis return of capital		0.00			0.00			0.00			0.00			(0.00	)3		(0.00	)3
Total distributions to shareholders		(0.06	)		(0.12	)		(0.05	)		(0.00	)3		(0.00	)3		(0.00	)3
Net asset value, end of period		$8.99			$8.97			$8.93			$8.96			$9.01			$9.10
Total return4		0.95	%		1.76	%		0.23	%		(0.52	)%		(0.94	)%		(0.51	)%
Ratios to average net assets (annualized)
Gross expenses		1.64	%		1.62	%		1.55	%		1.55	%		1.53	%		1.54	%
Net expenses		1.49	%		1.49	%		1.49	%		1.49	%		1.49	%		1.49	%
Net investment income (loss)		1.41	%		1.13	%		0.54	%		(0.04	)%		(0.19	)%		(0.16	)%
Supplemental data
Portfolio turnover rate		0	%		5	%		3	%		2	%		13	%		10	%
Net assets, end of period (000s omitted)		$5,886			$6,594			$45,693			$60,766			$97,452			$121,117

¹  Calculated based upon average shares outstanding

²  Amount is more than $(0.005).

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.

Wells Fargo Adjustable Rate Government Fund  |  23

Financial highlights

(For a share outstanding throughout each period)

	Six months ended February 29, 2020 (unaudited)			Year ended August 31
ADMINISTRATOR CLASS				2019			2018			2017			2016			2015
Net asset value, beginning of period		$8.98			$8.93			$8.96			$9.01			$9.10			$9.15
Net investment income		0.10	1		0.19	1		0.13	1		0.07	1		0.06			0.06
Net realized and unrealized gains (losses) on investments		0.02			0.06			(0.03	)		(0.04	)		(0.06	)		(0.03	)
Total from investment operations		0.12			0.25			0.10			0.03			0.00			0.03
Distributions to shareholders from
Net investment income		(0.10	)		(0.20	)		(0.13	)		(0.08	)		(0.07	)		(0.06	)
Net realized gains		(0.00	)2		0.00			0.00			0.00			0.00			0.00
Tax basis return of capital		0.00			0.00			0.00			0.00			(0.02	)		(0.02	)
Total distributions to shareholders		(0.10	)		(0.20	)		(0.13	)		(0.08	)		(0.09	)		(0.08	)
Net asset value, end of period		$9.00			$8.98			$8.93			$8.96			$9.01			$9.10
Total return3		1.40	%		2.78	%		1.12	%		0.37	%		(0.05	)%		0.38	%
Ratios to average net assets (annualized)
Gross expenses		0.83	%		0.81	%		0.77	%		0.74	%		0.72	%		0.72	%
Net expenses		0.60	%		0.60	%		0.60	%		0.60	%		0.60	%		0.60	%
Net investment income		2.31	%		2.12	%		1.42	%		0.82	%		0.71	%		0.72	%
Supplemental data
Portfolio turnover rate		0	%		5	%		3	%		2	%		13	%		10	%
Net assets, end of period (000s omitted)		$5,413			$5,337			$9,140			$18,805			$61,658			$66,037

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.

24  |  Wells Fargo Adjustable Rate Government Fund

Financial highlights

(For a share outstanding throughout each period)

	Six months ended February 29, 2020 (unaudited)			Year ended August 31
INSTITUTIONAL CLASS				2019			2018			2017			2016			2015
Net asset value, beginning of period		$8.98			$8.93			$8.96			$9.01			$9.10			$9.15
Net investment income		0.11			0.22			0.16			0.09			0.08			0.08
Net realized and unrealized gains (losses) on investments		0.02			0.04			(0.05	)		(0.04	)		(0.07	)		(0.03	)
Total from investment operations		0.13			0.26			0.11			0.05			0.01			0.05
Distributions to shareholders from
Net investment income		(0.11	)		(0.21	)		(0.14	)		(0.10	)		(0.07	)		(0.08	)
Net realized gains		(0.00	)1		0.00			0.00			0.00			0.00			0.00
Tax basis return of capital		0.00			0.00			0.00			0.00			(0.03	)		(0.02	)
Total distributions to shareholders		(0.11	)		(0.21	)		(0.14	)		(0.10	)		(0.10	)		(0.10	)
Net asset value, end of period		$9.00			$8.98			$8.93			$8.96			$9.01			$9.10
Total return2		1.47	%		2.93	%		1.26	%		0.51	%		0.09	%		0.52	%
Ratios to average net assets (annualized)
Gross expenses		0.56	%		0.54	%		0.50	%		0.47	%		0.45	%		0.46	%
Net expenses		0.46	%		0.46	%		0.46	%		0.46	%		0.45	%		0.46	%
Net investment income		2.45	%		2.27	%		1.55	%		0.98	%		0.84	%		0.87	%
Supplemental data
Portfolio turnover rate		0	%		5	%		3	%		2	%		13	%		10	%
Net assets, end of period (000s omitted)		$162,561			$158,147			$235,078			$397,529			$702,617			$906,536

¹  Amount is less than $0.005.

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

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

Wells Fargo Adjustable Rate Government Fund  |  25

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 Adjustable Rate Government 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. Paydown gains and losses are included in interest income.

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

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

As of February 29, 2020, the aggregate cost of all investments for federal income tax purposes was $283,579,831 and the unrealized gains (losses) consisted of:

Gross unrealized gains	$	7,091,987
Gross unrealized losses		(1,228,362	)
Net unrealized gains	$	5,863,625

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 fund-level expenses, and realized and unrealized gains (losses) on investments are allocated daily to each class of shares based on the relative proportion of net assets of each class.

3. FAIR VALUATION MEASUREMENTS

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

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

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

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

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

The following is a summary of the inputs used in valuing the Fund’s assets and liabilities as of February 29, 2020:

	Quoted prices (Level 1)		Other significant observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total
Assets
Investments in:
Agency securities	$	0	$	278,395,489	$	0	$	278,395,489
Short-term investments
Investment companies		11,047,967		0		0		11,047,967
Total assets	$	11,047,967	$	278,395,489	$	0	$	289,443,456

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

For the six months ended February 29, 2020, the Fund did not have any transfers into/out of Level 3.

Wells Fargo Adjustable Rate Government Fund  |  27

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 a management fee at the following annual rate based on the Fund’s average daily net assets:

Average daily net assets	Management fee
First $1 billion		0.350	%
Next $4 billion		0.325
Next $3 billion		0.290
Next $2 billion		0.265
Over $10 billion		0.255

For the six months ended February 29, 2020, the management fee was equivalent to an annual rate of 0.35% of the Fund’s average daily net assets.

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

Administration fees

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

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

Waivers and/or expense reimbursements

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. When only certain classes exceed their expense caps, waivers and/or reimbursements are applied against class specific expenses before fund-level expenses. Funds Management has committed through December 31, 2020 to waive fees and/or reimburse expenses to the extent necessary to cap the Fund’s expenses at 0.74% for Class A shares, 1.49% for Class C shares, 0.60% for Administrator Class shares and 0.46% for Institutional Class shares. Prior to or after the commitment expiration date, 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

28  |  Wells Fargo Adjustable Rate Government Fund

Notes to financial statements (unaudited)

contingent deferred sales charges from redemptions of Class C shares. For the six months ended February 29, 2020, Funds Distributor received $635 from the sale of Class A shares. No contingent deferred sales charges were incurred by Class A and Class C shares for the six months ended February 29, 2020.

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.

5. INVESTMENT PORTFOLIO TRANSACTIONS

Purchases and sales of investments, excluding short-term securities, for the six months ended February 29, 2020 were as follows:

Purchases at cost		Sales proceeds
U.S. government	Non-U.S. government	U.S. government	Non-U.S. government
$35,169,297	$2,822,148	$71,431	$0

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 February 29, 2020, there were no borrowings by the Fund under the agreement.

7. INDEMNIFICATION

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

8. NEW ACCOUNTING PRONOUNCEMENTS

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.

In March 2017, FASB issued ASUNo. 2017-08,Premium Amortization on Purchased Callable Debt Securities. ASU2017-08 shortens the amortization period for certain callable debt securities held at a premium and requires the premium to be amortized to the earliest call date. The amendments do not require an accounting change for securities held at a discount and discounts will continue to be accreted to the maturity date of the security. ASU2017-08 is effective for fiscal years beginning after December 15, 2018 and for interim periods within those fiscal years. During the current reporting period, management of the Fund adopted the change in accounting policy which did not have a material impact to the Fund’s financial statements.

Wells Fargo Adjustable Rate Government Fund  |  29

Notes to financial statements (unaudited)

9. SUBSEQUENT EVENT

On March 11, 2020, the World Health Organization announced that it had made the assessment that coronavirus disease 2019(“COVID-19”) is a pandemic. The impacts ofCOVID-19 is adversely affecting the entire global economy, individual companies and investment products, and the market in general. There is significant uncertainty around the extent and duration of business disruptions related toCOVID-19 and the impact may be short term or may last for an extended period of time. The risk of further spreading ofCOVID-19 has led to significant uncertainty and volatility in the financial markets and the value of the Fund and the securities in which the Fund invests have generally been adversely affected by impacts caused byCOVID-19.

30  |  Wells Fargo Adjustable Rate Government 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 atwfam.com, or visiting the SEC website at sec.gov. Information regarding how the proxies related to portfolio securities were voted during the most recent12-month period ended June 30 is available on the website atwfam.comor by visiting the SEC website at sec.gov.

QUARTERLY PORTFOLIO HOLDINGS INFORMATION

The Fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year as an exhibit to its reports on FormN-PORT. Shareholders may view the filed FormN-PORT by visiting the SEC website at sec.gov.

Wells Fargo Adjustable Rate Government Fund  |  31

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 146 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. Audit Committee Chair and Investment Committee Chair of the Vincent Memorial Hospital Endowment(non-profit organization). 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. (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. Johnson (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

32  |  Wells Fargo Adjustable Rate Government 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
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
Olivia S. Mitchell (Born 1953)	Trustee, since 2006; Nominating and Governance Committee Chair, 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	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	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
Pamela Wheelock3 (Born 1959)	Trustee, since January 2020; previously Trustee from January 2018 to July 2019	Board member of the Destination Medical Center Economic Development Agency, Rochester, Minnesota since 2019. Acting Commissioner, Minnesota Department of Human Services, July 2019 through September 2019. Human Services Manager (part-time), Minnesota Department of Human Services, October 2019 through December 2019. Chief Operating Officer, Twin Cities Habitat for Humanity from 2017 to 2019. Vice President of University Services, University of Minnesota from 2012 to 2016. 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 Chief Executive Officer of Blue Cross Blue Shield of Minnesota from 2011 to 2012, Chairman of the Board from 2009 to 2012 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. Executive Vice President of the Minnesota Wild Foundation from 2004 to 2008. Commissioner of Finance, State of Minnesota, from 1999 to 2002. Currently 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.    

Wells Fargo Adjustable Rate Government Fund  |  33

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.
Michelle Rhee (Born 1966)	Chief Legal Officer, since 2019	Secretary of Wells Fargo Funds Management, LLC, Chief Legal Counsel of Wells Fargo Asset Management and Assistant General Counsel of Wells Fargo Bank, N.A. since 2018. Associate General Counsel and Managing Director of Bank of America Corporation from 2004 to 2018.
Catherine Kennedy (Born 1969)	Secretary, since 2019	Vice President of Wells Fargo Funds Management, LLC and Senior Counsel of the Wells Fargo Legal Department since 2010. Vice President and Senior Counsel of Evergreen Investment Management Company, LLC from 1998 to 2010.
Michael H. Whitaker(Born 1967)	Chief Compliance Officer, since 2016	Chief Compliance Officer of Wells Fargo Asset Management 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 64 funds in the Fund Complex. Jeremy DePalma acts as Treasurer of 82 funds and Assistant Treasurer of 64 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 atwfam.com.

³  Pamela Wheelock wasre-appointed to the Board effective January 1, 2020.

34  |  Wells Fargo Adjustable Rate Government Fund

Appendix I (unaudited)

Effective on or about May 1, 2020, if you purchase Fund shares through a Janney Montgomery Scott LLC (“Janney”) brokerage account, you will be eligible for the following load waivers(front-end sales charge waivers and contingent deferred sales charge (“CDSC”), orback-end sales charge, waivers) and discounts, which may differ from those disclosed elsewhere in the Fund’s Prospectus or SAI.

Front-end sales charge* waivers on Class A shares available at Janney

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).

Shares purchased by employees and registered representatives of Janney or its affiliates and their family members as designated by Janney.

Shares purchased from the proceeds of redemptions within the same fund family, provided (1) the repurchase occurs within ninety (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 (i.e., right of reinstatement).

Employer-sponsored retirement plans (e.g., 401(k) plans, 457 plans, employer-sponsored 403(b) plans, profit sharing and money purchase pension plans and defined benefit plans). For purposes of this provision, employer-sponsored retirement plans do not include SEP IRAs, Simple IRAs,SAR-SEPs or Keogh plans.

Shares acquired through a right of reinstatement.

Class C shares that are no longer subject to a contingent deferred sales charge and are converted to Class A shares of the same fund pursuant to Janney’s policies and procedures.

CDSC waivers on Class A and Class C shares available at Janney

Shares sold upon the death or disability of the shareholder.

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

Shares purchased in connection with a return of excess contributions from an IRA account.

Shares sold as part of a required minimum distribution for IRA and retirement accounts if the redemption is taken in or after the year the shareholder reaches qualified age based on applicable IRS regulations.

Shares sold to pay Janney fees but only if the transaction is initiated by Janney.

Shares acquired through a right of reinstatement.

Shares exchanged into the same share class of a different fund.

Front-end sales charge* discounts available at Janney; breakpoints, rights of accumulation and/or letters of intent

Breakpoints as described in the Fund’s Prospectus.

Rights of accumulation (“ROA”), 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 Janney. Eligible fund family assets not held at Janney may be included in the ROA calculation only if the shareholder notifies his or her financial advisor about such assets.

Letters of intent which allow for breakpoint discounts based on anticipated purchases within a fund family, over a13-month time period. Eligible fund family assets not held at Janney

Montgomery Scott may be included in the calculation of letters of intent only if the shareholder notifies his or her financial advisor about such assets.

* Also referred to as an “initial sales charge.”

Wells Fargo Adjustable Rate Government Fund  |  35

Appendix II (unaudited)

Effective on or after May 1, 2020, clients of Edward Jones (also referred to as “shareholders”) purchasing Fund shares on the Edward Jones commission andfee-based platforms are eligible only for the following sales charge discounts (also referred to as “breakpoints”) and waivers, which can differ from breakpoints and waivers described elsewhere in this Prospectus or SAI or through another broker-dealer. In all instances, it is the shareholder’s responsibility to inform Edward Jones at the time of purchase of any relationship, holdings of Wells Fargo Funds or other facts qualifying the purchaser for breakpoints or waivers. Edward Jones can ask for documentation of such circumstance.

Breakpoints available at Edward Jones

Rights of Accumulation (ROA)

The applicable sales charge on a purchase of Class A shares is determined by taking into account all share classes (except any money market funds and retirement plan share classes) of Wells Fargo Funds held by the shareholder or in an account grouped by Edward Jones with other accounts for the purpose of providing certain pricing considerations (“pricing groups”). This includes all share classes held on the Edward Jones platform and/or held on another platform. The inclusion of eligible fund family assets in the rights of accumulation calculation is dependent on the shareholder notifying his or her financial advisor of such assets at the time of calculation.

ROA is determined by calculating the higher of cost or market value (current shares x NAV).

Letter of Intent (LOI)

Through a LOI, shareholders can receive the sales charge and breakpoint discounts for purchases shareholders intend to makeover a13-month period from the date Edward Jones receives the LOI. The LOI is determined by calculating the higher of cost or market value of qualifying holdings at LOI initiation in combination with the value that the shareholder intends to buy over a13-month period to calculate thefront-end sales charge and any breakpoint discounts. Each purchase the shareholder makes during that13-month period will receive the sales charge and breakpoint discount that applies to the total amount. The inclusion of eligible fund family assets in the LOI calculation is dependent on the shareholder notifying his or her financial advisor of such assets at the time of calculation. Purchases made before the LOI is received by Edward Jones are not covered under the LOI and will not reduce the sales charge previously paid. Sales charges will be adjusted if LOI is not met.

Sales charges are waived for the following shareholders and in the following situations at Edward Jones:

●   Associates of Edward Jones and its affiliates and their family members who are in the same pricing group (as determined by Edward Jones under its policies and procedures) as the associate. This waiver will continue for the remainder of the associate’s life if the associate retires from Edward Jones in good-standing.

●   Shares purchased in an Edward Jonesfee-based program.

●   Shares purchased through reinvestment of capital gains distributions and dividend reinvestment.

●   Shares purchased from the proceeds of redeemed shares of the same fund family so long as the following conditions are met: 1)the proceeds are from the sale of shares within 60 days of the purchase, and 2) the sale and purchase are made in the same share class and the same account or the purchase is made in an individual retirement account with proceeds from liquidations in anon-retirement account.

●   Shares exchanged into Class A shares from another share class so long as the exchange is into the same fund and was initiated at the discretion of Edward Jones. Edward Jones is responsible for any remaining CDSC due to the fund company, if applicable. Any future purchases are subject to the applicable sales charge as disclosed in the prospectus.

●   Exchanges from Class C shares to Class A shares of the same fund, generally, in the 84th month following the anniversary of the purchase date or earlier at the discretion of Edward Jones.

If the shareholder purchases shares that are subject to a CDSC and those shares are redeemed before the CDSC is expired, the shareholder is
responsible to pay the CDSC except in the following conditions available at Edward Jones:

●   The death or disability of the shareholder.

●   Systematic withdrawals with up to 10% per year of the account value.

●   Return of excess contributions from an Individual Retirement Account (IRA).

●   Shares sold as part of a required minimum distribution for IRA and retirement accounts if the redemption is taken in or after the year the shareholder reaches qualified age based on applicable IRS regulation.

●   Shares sold to pay Edward Jones fees or costs in such cases where the transaction is initiated by Edward Jones.

●   Shares exchanged in an Edward Jonesfee-based program.

●   Shares acquired through NAV reinstatement.

36  |  Wells Fargo Adjustable Rate Government Fund

Appendix II (unaudited)

Other Important Information for accounts at Edward Jones:

Minimum Purchase Amounts

●   $250 initial purchase minimum

●   $50 subsequent purchase minimum

Minimum Balances

Edward Jones has the right to redeem at its discretion fund holdings with a balance of $250 or less. The following are examples of accounts that are not included in this policy:

●   Afee-based account held on an Edward Jones platform

●   A 529 account held on an Edward Jones platform

●   An account with an active systematic investment plan or letter of intent (LOI)

Changing Share Classes

At any time it deems necessary, Edward Jones has the authority to exchange at NAV a shareholder’s holdings in a fund to Class A shares.

Wells Fargo Adjustable Rate Government Fund  |  37

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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:wfam.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 atwfam.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

© 2020 Wells Fargo & Company. All rights reserved

PAR-0220-04683 04-20

SA215/SAR215 02-20

Semi-Annual Report

February 29, 2020

Wells Fargo High Yield 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 calling1-800-222-8222 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.

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	25
Appendix I	29
Appendix II	30

Reduce clutter.

Save trees.

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

The views expressed and any forward-looking statements are as of February 29, 2020, unless otherwise noted, and are those of the Fund managers and/or Wells Fargo Asset Management. 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 Asset Management 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

Wells Fargo High Yield Bond Fund  |  1

Letter to shareholders (unaudited)

Andrew Owen

President

Wells Fargo Funds

“The fourth quarter started on a strong note, with U.S.-China trade tensions relaxing in October along with renewed optimism for a U.K. Brexit deal and positive macroeconomic data.”

Dear Shareholder:

We are pleased to offer you this semi-annual report for the Wells Fargo High Yield Bond Fund for thesix-month period that ended February 29, 2020. As market volatility increased, returns for the period were more restrained after strong results in previous recent periods. However, supportive central banks addressed concerns over slowing global economic growth and international trade tensions.

Fixed-income and equity investors had mixed semi-annual returns. For the period, U.S. stocks, based on the S&P 500 Index,¹ gained 1.92% and international stocks, as measured by the MSCI ACWI ex USA Index (Net),² returned 0.13%. The MSCI EM Index (Net)³ gained 2.93%. For bond investors, the Bloomberg Barclays U.S. Aggregate Bond Index⁴ added 3.39%, the Bloomberg Barclays Global Aggregateex-USD Index⁵ returned-0.21%, the Bloomberg Barclays Municipal Bond Index⁶ gained 3.04%, and the ICE BofA U.S. High Yield Index⁷ added 1.34%.

The period began with uncertainty, leading to central bank support.

In September, as the period began, the U.S. Federal Reserve (Fed) cut interest rates a second time in the third quarter. U.S. manufacturing data disappointed investors. The U.S. Congress announced it would pursue an impeachment investigation of President Trump. Meanwhile, the Brexit impasse showed no signs of resolution. Officials in China warned it would be difficult to reach the country’s annual economic growth goals considering the weight of tariffs and trade restrictions. Although the S&P 500 Index finished the third quarter with the bestyear-to-date returns in more than 20 years, concerns about future returns remained.

The fourth quarter started on a strong note, with U.S.-China trade tensions relaxing in October along with renewed optimism for a U.K. Brexit deal and positive macroeconomic data. The initial estimate of U.S. third-quarter gross domestic product growth was a resilient 1.9% annualized rate, while the U.S. unemployment rate fell to a50-year low of 3.5% in September. However, despite resilience among U.S. consumers, business confidence declined while manufacturing activity contracted. Concerned with a potential economic slowdown, the Fed lowered interest rates another quarter point in late October—its third rate cut in four months. This helped push the S&P 500 Index to anall-time high, while emerging market equities rallied and global bonds declined overall, reflecting a broad pickup in risk appetite.

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. 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 equity market performance of emerging markets. 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 BofA 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 2020. ICE Data Indices, LLC. All rights reserved.

2  |  Wells Fargo High Yield Bond Fund

Letter to shareholders (unaudited)

Equity markets continued to rally in November despite ongoing geopolitical risks. Hopes for a U.S.-China trade deal buoyed investor confidence. U.S. business sentiment improved slightly, and manufacturing and services activity picked up. With that positive backdrop, developed market equities outpaced those in emerging markets, and U.S. stocks, as reflected by the S&P 500 Index, outperformednon-U.S. stocks overall. While consumer confidence and purchasing manager activity rose in the eurozone, China reported weakening manufacturing and consumer data. Bond yields rose marginally, leading to slightly negative returns for global government and investment-grade corporate bonds.

Financial markets ended 2019 with a boost from the U.S. and China accord on a Phase One trade deal. That, along with the landslide win by thepro-Brexit U.K. Conservative Party in a national election and ongoing central bank support, gave investors greater confidence. U.S. economic indicators were generally positive, with the exception of manufacturing activity and business confidence. Consumer confidence was resilient, fed by a robust labor market, tame inflation, and lower interest rates, which boosted housing affordability and stimulated homebuyer activity. The impeachment of U.S. President Donald Trump had little impact on markets. Meanwhile, slowing Chinese economic activity, partly attributable to the trade war, led to further government stimulus atyear-end through lower reserve ratios, allowing banks to lend more money.

Theyear-end rally continued in early January 2020. However, capital market volatility picked up sharply in late January on concerns over the unknown impact of the novel coronavirus(COVID-19) on the global economy and stock markets. With sentiment somewhat souring, perceived safe havens did well in January. The U.S. dollar and Japanese yen both rose and government bonds outperformed equities. While the S&P 500 Index held its ground, emerging market equities tumbled, including those in Asia that are most exposed to viruses—physical or economic—originating in China.

In February, the coronavirus became the major market focus. Fears of the virus’s impact on global growth led to expectations of increased global central bank monetary policy support. That led the10-year Treasury yield to fall to anall-time low of 1.1% by the end of the month. Although equity markets initially shrugged off concerns about the outbreak, focusing instead on strong fourth-quarter earnings and improving business confidence in January, market sentiment turned sharply lower towardmonth-end and the S&P 500 Index lost 8.2% for the month. Oil prices tumbled as Russia and the Organization of the Petroleum Exporting Countries compounded a major decline in oil demand with a brutal price war, partly aimed at dissuading further U.S. shale production. As a result, the price of West Texas Intermediate crude oil fell 13% in February and 27% for 2020 year to date.

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. 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

“Capital market volatility picked up sharply in late January on concerns over the unknown impact of the novel coronavirus(COVID-19) on the global economy and stock markets.”

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

Wells Fargo High Yield Bond Fund  |  3

Performance highlights (unaudited)

Investment objective

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

Manager

Wells Fargo Funds Management, LLC

Subadviser

Wells Capital Management Incorporated

Portfolio managers

Robert Junkin

Margaret D. Patel

Average annual total returns (%) as of February 29, 2020¹

		Including sales charge						Excluding sales charge						Expense ratios2 (%)
	Inception date	1 year		5 year		10 year		1 year		5 year		10 year		Gross		Net3
Class A (EKHAX)	1-20-1998		0.80		3.15		5.57		5.47		4.13		6.05		1.04		0.93
Class C (EKHCX)	1-21-1998		3.68		3.36		5.27		4.68		3.36		5.27		1.79		1.68
Administrator Class (EKHYX)	4-14-1998		–		–		–		5.28		4.30		6.26		0.98		0.80
Institutional Class (EKHIX)4	10-31-2014		–		–		–		5.56		4.46		6.38		0.71		0.53
ICE BofA U.S. High Yield Constrained Index5	–		–		–		–		5.91		5.17		7.14		–		–

Figures quoted represent past performance, which is no guarantee of future results, and do not reflect taxes that a shareholder may pay on an investment in a fund. 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,wfam.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. High-yield securities have a greater risk of default and tend to be more volatile than higher-rated debt securities. Loans are subject to risks similar to those associated with other below investment-grade bond investments, such as credit risk (for example, risk of issuer default), below investment-grade bond risk (for example, risk of greater volatility in value), and risk that the loan may become illiquid or difficult to price. The Fund is exposed to foreign investment risk. Consult the Fund’s prospectus for additional information on these and other risks.

Please see footnotes on page 5.

4  |  Wells Fargo High Yield Bond Fund

Performance highlights (unaudited)

Ten largest holdings (%) as of February 29, 20206
Valvoline Incorporated, 4.38%,8-15-2025	3.91
Bausch Health Companies Incorporated,5.25%, 1-30-2030	3.76
Iron Mountain Incorporated, 5.38%,6-1-2026	3.60
Western Digital Corporation, 4.75%,2-15-2026	3.10
Tronox Finance plc, 5.75%,10-1-2025	3.09
Broadcom Incorporated, 4.75%,4-15-2029	3.03
Post Holdings Incorporated, 5.00%,8-15-2026	2.78
MTS Systems Corporation, 5.75%,8-15-2027	2.78
Seagate HDD, 4.88%,6-1-2027	2.76
TransDigm Group Incorporated, 6.38%,6-15-2026	2.58

Credit quality as of February 29, 2020⁷

¹  Historical performance prior to July 12, 2010, is based on the performance of the Fund’s predecessor, Evergreen High Income Fund.

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

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

⁴  The manager has contractually committed through December 31, 2020, to waive fees and/or reimburse expenses to the extent necessary to cap total annual fund operating expenses after fee waivers at 0.93% for Class A, 1.68% for Class C, 0.80% for Administrator Class, and 0.53% for Institutional Class. Brokerage commissions, stamp duty fees, interest, taxes, acquired fund fees and expenses (if any), and extraordinary expenses are excluded from the expense cap. Prior to or after the commitment expiration date, the cap may be increased or the commitment to maintain the cap may be terminated only with the approval of the Board of Trustees. 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.

⁵  The ICE BofA U.S. High Yield Constrained Index is a market value-weighted index of all domestic and Yankee high-yield bonds, including deferred interest bonds andpayment-in kind securities. Issues included in the index have maturities of one year or more and have a credit rating lower than BBB–/Baa3, but are not in default. The ICE BofA U.S. High Yield Constrained Index limits any individual issuer to a maximum of 2% benchmark exposure. You cannot invest directly in an index. Copyright 2020. ICE Data Indices, LLC. All rights reserved.

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

⁷  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.

Wells Fargo High Yield Bond Fund  |  5

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 September 1, 2019 to February 29, 2020.

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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

	Beginning account  value 9-1-2019		Ending account value 2-29-2020		Expenses paid during the period¹		Annualized net expense ratio
Class A
Actual	$	1,000.00	$	1,016.77	$	4.66		0.93	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.24	$	4.67		0.93	%
Class C
Actual	$	1,000.00	$	1,012.96	$	8.41		1.68	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,016.51	$	8.42		1.68	%
Administrator Class
Actual	$	1,000.00	$	1,017.43	$	4.01		0.80	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.89	$	4.02		0.80	%
Institutional Class
Actual	$	1,000.00	$	1,018.80	$	2.66		0.53	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,022.23	$	2.66		0.53	%

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

6  |  Wells Fargo High Yield Bond Fund

Portfolio of investments—February 29, 2020 (unaudited)

	Shares		Value
Common Stocks: 8.71%
Consumer Staples: 0.36%
Food Products: 0.36%
Lamb Weston Holdings Incorporated		15,000	$	1,303,350
Health Care: 0.93%
Biotechnology: 0.12%
AbbVie Incorporated		5,000		428,550
Health Care Providers & Services: 0.17%
HCA Healthcare Incorporated		5,000		635,050
Pharmaceuticals: 0.64%
Bristol-Myers Squibb Company		40,000		2,362,400
Industrials: 0.96%
Aerospace & Defense: 0.81%
Curtiss-Wright Corporation		8,381		1,005,217
Huntington Ingalls Industries Incorporated		5,000		1,027,650
Raytheon Company		5,000		942,800
				2,975,667
Machinery: 0.15%
John Bean Technologies Corporation		5,773		559,173
Information Technology: 3.43%
Electronic Equipment, Instruments & Components: 0.25%
Amphenol Corporation Class A		10,000		916,800
IT Services: 0.92%
Akamai Technologies Incorporated †		15,000		1,297,650
Leidos Holdings Incorporated		20,000		2,053,000
				3,350,650
Semiconductors & Semiconductor Equipment: 1.28%
Applied Materials Incorporated		10,000		581,200
Broadcom Incorporated		5,000		1,363,100
Cypress Semiconductor Corporation		35,000		808,150
Microchip Technology Incorporated		7,000		634,970
Micron Technology Incorporated †		25,000		1,314,000
				4,701,420
Software: 0.96%
Adobe Incorporated †		5,000		1,725,600
Nutanix Incorporated Class A †		5,000		119,200
Salesforce.com Incorporated †		5,000		852,000
ServiceNow Incorporated †		2,500		815,225
				3,512,025
Technology Hardware, Storage & Peripherals: 0.02%
Pure Storage Incorporated Class A †		5,000		76,300

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

Wells Fargo High Yield Bond Fund  |  7

Portfolio of investments—February 29, 2020 (unaudited)

						Shares		Value
Materials: 1.45%
Chemicals: 1.45%
Celanese Corporation Series A							15,000	$	1,406,100
Eastman Chemical Company							10,000		615,100
Huntsman Corporation							22,000		416,680
LyondellBasell Industries NV Class A							40,000		2,858,400
									5,296,280
Real Estate: 0.33%
Equity REITs: 0.33%
Crown Castle International Corporation							4,000		573,160
Saul Centers Incorporated							15,000		645,150
									1,218,310
Utilities: 1.25%
Gas Utilities: 0.85%
Atmos Energy Corporation							30,000		3,097,500
Independent Power & Renewable Electricity Producers: 0.10%
Vistra Energy Corporation							20,000		384,600
Multi-Utilities: 0.30%
DTE Energy Company							10,000		1,116,700
Total Common Stocks (Cost $28,878,536)									31,934,775
	Interest rate			Maturity date		Principal
Corporate Bonds and Notes: 79.24%
Communication Services: 0.85%
Media: 0.85%
CCO Holdings LLC 144A		5.75	%		2-15-2026	$	3,000,000		3,119,100
Consumer Discretionary: 3.83%
Auto Components: 2.64%
Allison Transmission Incorporated 144A		5.00			10-1-2024		1,000,000		1,011,210
Dana Holding Corporation		5.50			12-15-2024		1,500,000		1,515,570
Speedway Motors Incorporated 144A		4.88			11-1-2027		2,000,000		1,982,600
Tenneco Incorporated «		5.00			7-15-2026		6,000,000		5,160,000
									9,669,380
Household Durables: 1.19%
Installed Building Company 144A		5.75			2-1-2028		4,110,000		4,379,698
Consumer Staples: 4.47%
Food Products: 3.91%
Lamb Weston Holdings Incorporated 144A		4.63			11-1-2024		1,000,000		1,040,827
Lamb Weston Holdings Incorporated 144A		4.88			11-1-2026		3,000,000		3,112,650
Post Holdings Incorporated 144A		5.00			8-15-2026		10,000,000		10,200,000
									14,353,477
Household Products: 0.56%
Spectrum Brands Incorporated		5.75			7-15-2025		2,000,000		2,050,000

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

8  |  Wells Fargo High Yield Bond Fund

Portfolio of investments—February 29, 2020 (unaudited)

	Interest rate			Maturity date		Principal		Value
Energy: 2.64%
Energy Equipment & Services: 0.30%
NGPL PipeCo LLC 144A		4.88	%		8-15-2027	$	1,000,000	$	1,083,711
Oil, Gas & Consumable Fuels: 2.34%
Cheniere Corpus Christi Holdings LLC		5.13			6-30-2027		3,500,000		3,801,459
Cheniere Energy Partners LP 144A		4.50			10-1-2029		5,000,000		4,781,500
									8,582,959
Financials: 2.41%
Banks: 0.91%
Bank of America Corporation (3 Month LIBOR +3.90%)±		6.10			12-29-2049		3,000,000		3,325,830
Consumer Finance: 0.97%
Navient Corporation		5.88			10-25-2024		1,000,000		1,025,020
SLM Corporation		5.50			1-25-2023		2,500,000		2,556,250
									3,581,270
Insurance: 0.53%
Genworth Holdings Incorporated «		4.80			2-15-2024		2,000,000		1,940,000
Health Care: 15.09%
Health Care Equipment & Supplies: 1.54%
Teleflex Incorporated		4.88			6-1-2026		5,415,000		5,645,138
Health Care Providers & Services: 4.89%
Centene Corporation 144A		4.63			12-15-2029		3,000,000		3,210,000
Davita Incorporated		5.00			5-1-2025		3,000,000		3,044,250
Encompass Health Corporation		5.75			11-1-2024		2,334,000		2,354,609
HealthSouth Corporation		5.13			3-15-2023		5,000,000		5,012,500
West Street Merger Sub Incorporated 144A		6.38			9-1-2025		4,400,000		4,310,592
									17,931,951
Health Care Technology: 0.85%
Quintiles IMS Holdings Incorporated 144A		5.00			10-15-2026		3,000,000		3,094,815
Life Sciences Tools & Services: 1.81%
Charles River Laboratories Incorporated 144A		5.50			4-1-2026		6,300,000		6,623,978
Pharmaceuticals: 6.00%
Bausch Health Companies Incorporated 144A		5.25			1-30-2030		13,950,000		13,793,063
Catalent Pharma Solutions Incorporated 144A		4.88			1-15-2026		8,000,000		8,200,000
									21,993,063
Industrials: 12.78%
Aerospace & Defense: 4.42%
Huntington Ingalls Industries Incorporated 144A		5.00			11-15-2025		2,500,000		2,613,497
Moog Incorporated 144A		4.25			12-15-2027		4,050,000		4,120,875
TransDigm Group Incorporated		6.38			6-15-2026		9,200,000		9,453,460
									16,187,832
Commercial Services & Supplies: 3.82%
Clean Harbors Incorporated 144A		4.88			7-15-2027		3,000,000		3,134,100
Clean Harbors Incorporated 144A		5.13			7-15-2029		4,250,000		4,552,813

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

Wells Fargo High Yield Bond Fund  |  9

Portfolio of investments—February 29, 2020 (unaudited)

	Interest rate			Maturity date		Principal		Value
Commercial Services & Supplies (continued)
Stericycle Incorporated 144A		5.38	%		7-15-2024	$	6,000,000	$	6,306,000
									13,992,913
Construction & Engineering: 0.85%
Aecom Company		5.13			3-15-2027		3,000,000		3,099,810
Electrical Equipment: 0.53%
Resideo Funding Incorporated 144A «		6.13			11-1-2026		2,000,000		1,955,000
Machinery: 1.41%
SPX FLOW Incorporated 144A		5.63			8-15-2024		5,000,000		5,165,650
Trading Companies & Distributors: 1.75%
WESCO Distribution Incorporated		5.38			6-15-2024		6,245,000		6,432,350
Information Technology: 20.38%
Communications Equipment: 3.15%
CommScope Incorporated 144A		5.50			6-15-2024		8,200,000		7,790,820
CommScope Technologies Finance LLC 144A		6.00			6-15-2025		4,000,000		3,760,000
									11,550,820
Electronic Equipment, Instruments & Components: 5.28%
MTS Systems Corporation 144A		5.75			8-15-2027		10,000,000		10,175,000
TTM Technologies Incorporated 144A		5.63			10-1-2025		9,000,000		9,180,000
									19,355,000
IT Services: 1.41%
Gartner Incorporated 144A		5.13			4-1-2025		5,000,000		5,163,000
Semiconductors & Semiconductor Equipment: 4.70%
Broadcom Incorporated 144A		4.75			4-15-2029		10,000,000		11,122,291
Broadcom Incorporated 144A		5.00			4-15-2025		6,000,000		6,090,972
									17,213,263
Software: 0.85%
Citrix Systems Incorporated		3.30			3-1-2030		2,000,000		2,011,190
Fair Isaac Corporation 144A		5.25			5-15-2026		1,000,000		1,107,500
									3,118,690
Technology Hardware, Storage & Peripherals: 4.99%
Diebold Nixdorf Incorporated «		8.50			4-15-2024		7,700,000		6,930,000
Western Digital Corporation		4.75			2-15-2026		11,000,000		11,357,500
									18,287,500
Materials: 9.50%
Chemicals: 6.80%
Koppers Incorporated 144A		6.00			2-15-2025		3,363,000		3,312,555
Olin Corporation		5.50			8-15-2022		3,275,000		3,455,125
Rayonier Advanced Materials Products Incorporated 144A «		5.50			6-1-2024		3,310,000		1,892,923
Tronox Incorporated 144A		6.50			4-15-2026		2,000,000		1,919,900
Valvoline Incorporated		4.38			8-15-2025		13,901,000		14,318,030
									24,898,533

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

10  |  Wells Fargo High Yield Bond Fund

Portfolio of investments—February 29, 2020 (unaudited)

	Interest rate			Maturity date		Principal		Value
Containers & Packaging: 2.70%
Berry Global Incorporated 144A		4.50	%		2-15-2026	$	6,000,000	$	5,902,800
Berry Global Incorporated		5.13			7-15-2023		4,000,000		4,001,960
									9,904,760
Real Estate: 7.29%
Equity REITs: 7.29%
Equinix Incorporated		5.38			5-15-2027		3,430,000		3,695,482
Iron Mountain Incorporated 144A		4.88			9-15-2027		500,000		506,250
Iron Mountain Incorporated 144A		5.38			6-1-2026		12,750,000		13,196,250
Sabra Health Care LP/Sabra Capital Corporation		3.90			10-15-2029		3,639,000		3,859,887
SBA Communications Corporation 144A		3.88			2-15-2027		5,350,000		5,458,605
									26,716,474
Total Corporate Bonds and Notes (Cost $288,742,928)									290,415,965
Yankee Corporate Bonds and Notes: 10.35%
Communication Services: 0.56%
Diversified Telecommunication Services: 0.56%
Virgin Media Finance plc 144A		5.75			1-15-2025		2,000,000		2,035,000
Consumer Discretionary: 3.05%
Auto Components: 2.17%
Adient Global Holdings Limited 144A «		4.88			8-15-2026		9,210,000		7,943,625
Hotels, Restaurants & Leisure: 0.88%
International Game Technology plc 144A		6.50			2-15-2025		3,000,000		3,247,500
Financials: 3.10%
Diversified Financial Services: 3.10%
Tronox Finance plc 144A		5.75			10-1-2025		12,000,000		11,342,400
Industrials: 0.88%
Electrical Equipment: 0.88%
Sensata Technologies BV 144A		5.63			11-1-2024		3,000,000		3,233,250
Information Technology: 2.76%
Technology Hardware, Storage & Peripherals: 2.76%
Seagate HDD		4.88			6-1-2027		9,500,000		10,129,522
Total Yankee Corporate Bonds and Notes (Cost $38,367,330)									37,931,297
	Yield					Shares
Short-Term Investments: 4.78%
Investment Companies: 4.78%
Securities Lending Cash Investments LLC (l)(r)(u)		1.66					13,561,853		13,563,209
Wells Fargo Government Money Market Fund Select Class (l)(u)		1.52					3,934,142		3,934,142
Total Short-Term Investments (Cost $17,497,351)									17,497,351

Total investments in securities (Cost $373,486,145)	103.08	%		377,779,388
Other assets and liabilities, net	(3.08	)		(11,291,939	)
Total net assets	100.00	%	$	366,487,449

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

Wells Fargo High Yield Bond Fund  |  11

Portfolio of investments—February 29, 2020 (unaudited)

† Non-income-earning security

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

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

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

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

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

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

Abbreviations:

LIBOR London Interbank Offered Rate

REIT Real estate investment trust

Investments in Affiliates

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

	Shares, beginning of period		Shares purchased		Shares sold			Shares, end of period		Net realized gains (losses)		Net change in unrealized gains (losses)		Income from affiliated securities			Value, end of period		% of net assets
Short-Term Investments
Investment Companies
Securities Lending Cash Investments LLC		8,780,656		43,837,964		(39,056,767	)		13,561,853	$	842	$	0	$	139,429	#	$	13,563,209
Wells Fargo Government Money Market Fund Select Class		5,876,344		73,344,987		(75,287,189	)		3,934,142		0		0		38,212			3,934,142
										$	842	$	0	$	177,641		$	17,497,351		4.78	%

^#  Amount shown represents income before fees and rebates.

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

12  |  Wells Fargo High Yield Bond Fund

Statement of assets and liabilities—February 29, 2020 (unaudited)

Assets
Investments in unaffiliated securities (including $13,283,107 of securities loaned), at value (cost $355,988,794)	$	360,282,037
Investments in affiliated securities, at value (cost $17,497,351)		17,497,351
Receivable for investments sold		165,224
Receivable for Fund shares sold		60,180
Receivable for dividends and interest		3,954,712
Receivable for securities lending income, net		2,445
Prepaid expenses and other assets		95,672
Total assets		382,057,621
Liabilities
Payable upon receipt of securities loaned		13,561,897
Payable for Fund shares redeemed		1,572,855
Management fee payable		129,289
Dividends payable		75,047
Administration fees payable		43,686
Distribution fee payable		6,022
Trustees’ fees and expenses payable		5,847
Accrued expenses and other liabilities		175,529
Total liabilities		15,570,172
Total net assets	$	366,487,449
Net assets consist of
Paid-in capital	$	416,087,739
Total distributable loss		(49,600,290	)
Total net assets	$	366,487,449
Computation of net asset value and offering price per share
Net assets – Class A	$	259,352,712
Shares outstanding – Class A1		79,042,087
Net asset value per share – Class A		$3.28
Maximum offering price per share – Class A2		$3.43
Net assets – Class C	$	9,469,786
Shares outstanding – Class C1		2,889,066
Net asset value per share – Class C		$3.28
Net assets – Administrator Class	$	24,665,402
Shares outstanding – Administrator Class1		7,509,865
Net asset value per share – Administrator Class		$3.28
Net assets – Institutional Class	$	72,999,549
Shares outstanding – Institutional Class1		22,224,214
Net asset value per share – Institutional Class		$3.28

¹  The Fund has an unlimited number of authorized shares.

¹  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.

Wells Fargo High Yield Bond Fund  |  13

Statement of operations—six months ended February 29, 2020 (unaudited)

Investment income
Interest	$	8,931,918
Dividends		403,575
Income from affiliated securities		63,815
Total investment income		9,399,308
Expenses
Management fee		1,044,765
Administration fees
Class A		214,775
Class C		8,429
Administrator Class		12,549
Institutional Class		30,325
Shareholder servicing fees
Class A		335,587
Class C		13,170
Administrator Class		31,372
Distribution fee
Class C		39,428
Custody and accounting fees		16,076
Professional fees		33,670
Registration fees		44,629
Shareholder report expenses		49,590
Trustees’ fees and expenses		10,909
Other fees and expenses		8,926
Total expenses		1,894,200
Less: Fee waivers and/or expense reimbursements
Fund-level		(256,025	)
Net expenses		1,638,175
Net investment income		7,761,133
Realized and unrealized gains (losses) on investments
Net realized gains (losses) on
Unaffiliated securities		(11,274,073	)
Affiliated securities		842
Net realized losses on investments		(11,273,231	)
Net change in unrealized gains (losses) on investments		10,498,795
Net realized and unrealized gains (losses) on investments		(774,436	)
Net increase in net assets resulting from operations	$	6,986,697

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

14  |  Wells Fargo High Yield Bond Fund

Statement of changes in net assets

	Six months ended February 29, 2020 (unaudited)						Year ended August 31, 2019
Operations
Net investment income				$	7,761,133					$	18,191,630
Net realized losses on investments					(11,273,231	)					(2,340,442	)
Net change in unrealized gains (losses) on investments					10,498,795						(106,513	)
Net increase in net assets resulting from operations					6,986,697						15,744,675
Distributions to shareholders from net investment income and net realized gains
Class A					(5,292,856	)					(11,648,408	)
Class C					(168,257	)					(966,845	)
Administrator Class					(511,120	)					(1,048,193	)
Institutional Class					(1,645,418	)					(4,608,052	)
Total distributions to shareholders					(7,617,651	)					(18,271,498	)
Capital share transactions		Shares						Shares
Proceeds from shares sold
Class A		2,512,565			8,373,703			12,335,218			39,632,798
Class C		101,203			334,880			215,166			696,992
Administrator Class		930,232			3,120,826			1,559,733			5,085,129
Institutional Class		5,259,900			17,436,165			24,871,051			80,385,234
					29,265,574						125,800,153
Reinvestment of distributions
Class A		1,453,068			4,824,317			3,272,349			10,551,156
Class C		47,508			157,581			291,746			931,523
Administrator Class		147,184			489,196			309,697			998,849
Institutional Class		492,807			1,637,793			1,388,617			4,476,567
					7,108,887						16,958,095
Payment for shares redeemed
Class A		(8,099,090	)		(27,016,895	)		(15,355,876	)		(49,481,698	)
Class C		(979,385	)		(3,239,403	)		(11,351,514	)		(36,368,438	)
Administrator Class		(1,060,656	)		(3,532,351	)		(1,663,412	)		(5,370,540	)
Institutional Class		(6,573,361	)		(21,784,294	)		(44,246,117	)		(141,384,353	)
					(55,572,943	)					(232,605,029	)
Net decrease in net assets resulting from capital share transactions					(19,198,482	)					(89,846,781	)
Total decrease in net assets					(19,829,436	)					(92,373,604	)
Net assets
Beginning of period					386,316,885						478,690,489
End of period				$	366,487,449					$	386,316,885

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

Wells Fargo High Yield Bond Fund  |  15

Financial highlights

(For a share outstanding throughout each period)

	Six months ended February 29, 2020 (unaudited)			Year ended August 31
CLASS A				2019			2018			2017			2016			2015
Net asset value, beginning of period		$3.29			$3.28			$3.40			$3.31			$3.16			$3.35
Net investment income		0.07			0.14			0.14			0.14			0.13			0.13
Net realized and unrealized gains (losses) on investments		(0.02	)		0.01			(0.12	)		0.10			0.15			(0.19	)
Total from investment operations		0.05			0.15			0.02			0.24			0.28			(0.06	)
Distributions to shareholders from
Net investment income		(0.06	)		(0.14	)		(0.13	)		(0.15	)		(0.13	)		(0.13	)
Tax basis return of capital		0.00			0.00			(0.01	)		(0.00	)1		0.00			0.00
Total distributions to shareholders		(0.06	)		(0.14	)		(0.14	)		(0.15	)		(0.13	)		(0.13	)
Net asset value, end of period		$3.28			$3.29			$3.28			$3.40			$3.31			$3.16
Total return2		1.68	%		4.79	%		0.68	%		7.28	%		9.25	%		(1.79	)%
Ratios to average net assets (annualized)
Gross expenses		1.05	%		1.04	%		1.02	%		1.01	%		1.04	%		1.04	%
Net expenses		0.93	%		0.93	%		0.93	%		0.93	%		1.01	%		1.03	%
Net investment income		4.01	%		4.36	%		4.26	%		4.39	%		4.24	%		4.04	%
Supplemental data
Portfolio turnover rate		15	%		26	%		18	%		20	%		75	%		55	%
Net assets, end of period (000s omitted)		$259,353			$273,553			$272,170			$314,156			$370,560			$179,357

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 High Yield Bond Fund

Financial highlights

(For a share outstanding throughout each period)

	Six months ended February 29, 2020 (unaudited)			Year ended August 31
CLASS C				2019			2018			2017			2016			2015
Net asset value, beginning of period		$3.29			$3.28			$3.40			$3.31			$3.16			$3.35
Net investment income		0.06			0.12	1		0.12			0.12			0.11			0.11
Net realized and unrealized gains (losses) on investments		(0.02	)		0.01			(0.12	)		0.09			0.15			(0.19	)
Total from investment operations		0.04			0.13			(0.00	)		0.21			0.26			(0.08	)
Distributions to shareholders from
Net investment income		(0.05	)		(0.12	)		(0.11	)		(0.12	)		(0.11	)		(0.11	)
Tax basis return of capital		0.00			0.00			(0.01	)		(0.00	)2		0.00			0.00
Total distributions to shareholders		(0.05	)		(0.12	)		(0.12	)		(0.12	)		(0.11	)		(0.11	)
Net asset value, end of period		$3.28			$3.29			$3.28			$3.40			$3.31			$3.16
Total return2		1.30	%		4.00	%		(0.07	)%		6.49	%		8.44	%		(2.52	)%
Ratios to average net assets (annualized)
Gross expenses		1.79	%		1.79	%		1.77	%		1.76	%		1.80	%		1.79	%
Net expenses		1.68	%		1.68	%		1.68	%		1.68	%		1.77	%		1.78	%
Net investment income		3.34	%		3.64	%		3.51	%		3.65	%		3.48	%		3.29	%
Supplemental data
Portfolio turnover rate		15	%		26	%		18	%		20	%		75	%		55	%
Net assets, end of period (000s omitted)		$9,470			$12,220			$47,811			$61,734			$72,908			$60,753

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.

Wells Fargo High Yield Bond Fund  |  17

Financial highlights

(For a share outstanding throughout each period)

	Six months ended February 29, 2020 (unaudited)			Year ended August 31
ADMINISTRATOR CLASS				2019			2018			2017			2016			2015
Net asset value, beginning of period		$3.29			$3.29			$3.41			$3.31			$3.16			$3.36
Net investment income		0.07			0.15	1		0.15			0.15			0.14	1		0.14
Net realized and unrealized gains (losses) on investments		(0.01	)		0.00			(0.12	)		0.10			0.15			(0.20	)
Total from investment operations		0.06			0.15			0.03			0.25			0.29			(0.06	)
Distributions to shareholders from
Net investment income		(0.07	)		(0.15	)		(0.14	)		(0.15	)		(0.14	)		(0.14	)
Tax basis return of capital		0.00			0.00			(0.01	)		(0.00	)2		0.00			0.00
Total distributions to shareholders		(0.07	)		(0.15	)		(0.15	)		(0.15	)		(0.14	)		(0.14	)
Net asset value, end of period		$3.28			$3.29			$3.29			$3.41			$3.31			$3.16
Total return3		1.74	%		4.60	%		0.82	%		7.74	%		9.48	%		(1.86	)%
Ratios to average net assets (annualized)
Gross expenses		0.99	%		0.98	%		0.96	%		0.95	%		0.98	%		0.98	%
Net expenses		0.80	%		0.80	%		0.80	%		0.80	%		0.80	%		0.80	%
Net investment income		4.14	%		4.50	%		4.39	%		4.55	%		4.43	%		4.27	%
Supplemental data
Portfolio turnover rate		15	%		26	%		18	%		20	%		75	%		55	%
Net assets, end of period (000s omitted)		$24,665			$24,667			$23,940			$31,592			$76,688			$13,129

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.

18  |  Wells Fargo High Yield Bond Fund

Financial highlights

(For a share outstanding throughout each period)

	Six months ended February 29, 2020 (unaudited)			Year ended August 31
INSTITUTIONAL CLASS				2019			2018			2017			2016			20151
Net asset value, beginning of period		$3.29			$3.28			$3.41			$3.31			$3.17			$3.33
Net investment income		0.07			0.15			0.16			0.16			0.14			0.12
Net realized and unrealized gains (losses) on investments		(0.01	)		0.01			(0.13	)		0.10			0.14			(0.16	)
Total from investment operations		0.06			0.16			0.03			0.26			0.28			(0.04	)
Distributions to shareholders from
Net investment income		(0.07	)		(0.15	)		(0.15	)		(0.16	)		(0.14	)		(0.12	)
Tax basis return of capital		0.00			0.00			(0.01	)		(0.00	)2		0.00			0.00
Total distributions to shareholders		(0.07	)		(0.15	)		(0.16	)		(0.16	)		(0.14	)		(0.12	)
Net asset value, end of period		$3.28			$3.29			$3.28			$3.41			$3.31			$3.17
Total return3		1.88	%		5.20	%		0.79	%		8.03	%		9.27	%		(1.31	)%
Ratios to average net assets (annualized)
Gross expenses		0.72	%		0.71	%		0.69	%		0.68	%		0.70	%		0.71	%
Net expenses		0.53	%		0.53	%		0.53	%		0.53	%		0.61	%		0.70	%
Net investment income		4.43	%		4.75	%		4.67	%		4.79	%		4.65	%		4.33	%
Supplemental data
Portfolio turnover rate		15	%		26	%		18	%		20	%		75	%		55	%
Net assets, end of period (000s omitted)		$73,000			$75,877			$134,770			$125,991			$100,023			$4,847

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

²  Amount is less than $0.005.

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

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

Wells Fargo High Yield Bond Fund  |  19

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 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.

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

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

Investments which are not valued using any of the methods discussed above are valued at their fair value, as determined in good faith by the Board of Trustees. 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.

Securities lending

The Fund may lend its securities from time to time in order to earn additional income in the form of fees or interest on securities received as collateral or the investment of any cash received as collateral. When securities are on loan, the Fund receives interest or dividends on those securities. Cash collateral received in connection with its securities lending transactions is invested in Securities Lending Cash Investments, LLC (the “Securities Lending Fund”). Investments in Securities Lending Fund are valued at the evaluated bid price provided by an independent pricing service. Income earned from investment in the Securities Lending Fund (net of fees and rebates), if any, is included in income from affiliated securities on the Statement of Operations.

In a securities lending transaction, the net asset value of the Fund is affected by an increase or decrease in the value of the securities loaned and by an increase or decrease in the value of the instrument in which collateral is invested. The amount of securities lending activity undertaken by the Fund fluctuates from time to time. The Fund has the right under the lending agreement to recover the securities from the borrower on demand. In the event of default or bankruptcy by the borrower, the Fund may be prevented from recovering the loaned securities or gaining access to the collateral or may experience delays or costs in doing so. In such an event, the terms of the agreement allows the unaffiliated securities lending agent to use the collateral to purchase replacement securities on behalf of the Fund or pay the Fund the market value of the loaned securities. The Fund bears the risk of loss with respect to depreciation of its investment of the cash collateral.

20  |  Wells Fargo High Yield Bond 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 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.

Dividend income is recognized on theex-dividend date.

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.

Federal and other taxes

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

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

As of February 29, 2020, the aggregate cost of all investments for federal income tax purposes was $373,588,297 and the unrealized gains (losses) consisted of:

Gross unrealized gains	$	14,093,666
Gross unrealized losses		(9,902,575	)
Net unrealized gains	$	4,191,091

As of August 31, 2019, the Fund had capital loss carryforwards which consist of $17,264,367 in short-term capital losses $25,479,759 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 fund-level 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)

Wells Fargo High Yield Bond Fund  |  21

Notes to financial statements (unaudited)

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

The following is a summary of the inputs used in valuing the Fund’s assets and liabilities as of February 29, 2020:

	Quoted prices (Level 1)		Other significant observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total
Assets
Investments in:
Common stocks
Consumer staples	$	1,303,350	$	0	$	0	$	1,303,350
Health care		3,426,000		0		0		3,426,000
Industrials		3,534,840		0		0		3,534,840
Information technology		12,557,195		0		0		12,557,195
Materials		5,296,280		0		0		5,296,280
Real estate		1,218,310		0		0		1,218,310
Utilities		4,598,800		0		0		4,598,800
Corporate bonds and notes		0		290,415,965		0		290,415,965
Yankee corporate bonds and notes		0		37,931,297		0		37,931,297
Short-term investments
Investment companies		17,497,351		0		0		17,497,351
Total assets	$	49,432,126	$	328,347,262	$	0	$	377,779,388

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

For the six months ended February 29, 2020, 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 a management fee at the following annual rate based on the Fund’s average daily net assets:

Average daily net assets	Management fee
First $500 million	0.550%
Next $500 million	0.525
Next $2 billion	0.500
Next $2 billion	0.475
Next $5 billion	0.440
Over $10 billion	0.430

For the six months ended February 29, 2020, the management fee was equivalent to an annual rate of 0.55% of the Fund’s average daily net assets.

Funds Management has retained the services of a subadviser to provide daily portfolio management to the Fund. The fee for subadvisory services is borne by Funds Management. Wells Capital Management Incorporated (“WellsCap”), an affiliate of Funds Management and an indirect wholly owned subsidiary of Wells Fargo, is the subadviser to the Fund and is entitled to receive a fee from Funds Management at an annual rate starting at 0.35% and declining to 0.20% as the average daily net assets of the Fund increase.

22  |  Wells Fargo High Yield Bond Fund

Notes to financial statements (unaudited)

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

Waivers and/or expense reimbursements

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. When only certain classes exceed their expense caps, waivers and/or reimbursements are applied against class specific expenses before fund-level expenses. Funds Management has committed through December 31, 2020 to waive fees and/or reimburse expenses to the extent necessary to cap the Fund’s expenses at 0.93% for Class A shares, 1.68% for Class C shares, 0.80% for Administrator Class shares and 0.53% for Institutional Class shares. Prior to or after the commitment expiration date, 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 February 29, 2020, Funds Distributor received $650 from the sale of Class A shares. No contingent deferred sales charges were incurred by Class A and Class C shares for the six months ended February 29, 2020.

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.

5. INVESTMENT PORTFOLIO TRANSACTIONS

Purchases and sales of investments, excluding U.S. government obligations (if any) and short-term securities, for the six months ended February 29, 2020 were $55,469,781 and $72,236,168, respectively.

6. SECURITIES LENDING TRANSACTIONS

The Fund lends its securities through an unaffiliated securities lending agent and receives collateral in the form of cash or securities with a value at least equal to the value of the securities on loan. The value of the loaned securities is determined at the close of each business day and any increases or decreases in the required collateral are exchanged between the Fund and the counterparty on the next business day. Cash collateral received is invested in the Securities Lending Fund which seeks to provide a positive return compared to the daily Fed Funds Open Rate by investing in high-quality, U.S. dollar-denominated

Wells Fargo High Yield Bond Fund  |  23

Notes to financial statements (unaudited)

short-term money market instruments and is exempt from registration under Section 3(c)(7) of the 1940 Act. Securities Lending Fund is managed by Funds Management and is subadvised by WellsCap. Funds Management receives an advisory fee starting at 0.05% and declining to 0.01% as the average daily net assets of the Securities Lending Fund increase. All of the fees received by Funds Management are paid to WellsCap for its services as subadviser.

As of February 29, 2020, the Fund had securities lending transactions with the following counterparties which are subject to offset:

Counterparty	Value of securities on loan	Collateral received1	Net amount
Barclays Capital Inc.	$5,981,399	$(5,981,399)	$	0
BNP Paribas Securities Corp.	2,418,553	(2,418,553)		0
Citigroup Global Markets Inc.	1,858,252	(1,858,252)		0
JPMorgan Securities LLC	2,889,278	(2,889,278)		0
Scotia Capital (USA) Inc.	135,625	(135,625)		0

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

7. BANK BORROWINGS

The Trust (excluding the money market funds), 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 February 29, 2020, there were no borrowings by the Fund under the agreement.

8. INDEMNIFICATION

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

9. NEW ACCOUNTING PRONOUNCEMENTS

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.

In March 2017, FASB issued ASUNo. 2017-08,Premium Amortization on Purchased Callable Debt Securities. ASU2017-08 shortens the amortization period for certain callable debt securities held at a premium and requires the premium to be amortized to the earliest call date. The amendments do not require an accounting change for securities held at a discount and discounts will continue to be accreted to the maturity date of the security. ASU2017-08 is effective for fiscal years beginning after December 15, 2018 and for interim periods within those fiscal years. During the current reporting period, management of the Fund adopted the change in accounting policy which did not have a material impact to the Fund’s financial statements.

10. SUBSEQUENT EVENT

On March 11, 2020, the World Health Organization announced that it had made the assessment that coronavirus disease 2019(“COVID-19”) is a pandemic. The impacts ofCOVID-19 is adversely affecting the entire global economy, individual companies and investment products, and the market in general. There is significant uncertainty around the extent and duration of business disruptions related toCOVID-19 and the impact may be short term or may last for an extended period of time. The risk of further spreading ofCOVID-19 has led to significant uncertainty and volatility in the financial markets and the value of the Fund and the securities in which the Fund invests have generally been adversely affected by impacts caused byCOVID-19.

24  |  Wells Fargo High Yield 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 atwfam.com, or visiting the SEC website at sec.gov. Information regarding how the proxies related to portfolio securities were voted during the most recent12-month period ended June 30 is available on the website atwfam.comor by visiting the SEC website at sec.gov.

QUARTERLY PORTFOLIO HOLDINGS INFORMATION

The Fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year as an exhibit to its reports on FormN-PORT. Shareholders may view the filed FormN-PORT by visiting the SEC website at sec.gov.

Wells Fargo High Yield Bond Fund  |  25

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 146 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. Audit Committee Chair and Investment Committee Chair of the Vincent Memorial Hospital Endowment(non-profit organization). 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. (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. Johnson (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

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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
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
Olivia S. Mitchell (Born 1953)	Trustee, since 2006; Nominating and Governance Committee Chair, 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	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	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
Pamela Wheelock3 (Born 1959)	Trustee, since January 2020; previously Trustee from January 2018 to July 2019	Board member of the Destination Medical Center Economic Development Agency, Rochester, Minnesota since 2019. Acting Commissioner, Minnesota Department of Human Services, July 2019 through September 2019. Human Services Manager (part-time), Minnesota Department of Human Services, October 2019 through December 2019. Chief Operating Officer, Twin Cities Habitat for Humanity from 2017 to 2019. Vice President of University Services, University of Minnesota from 2012 to 2016. 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 Chief Executive Officer of Blue Cross Blue Shield of Minnesota from 2011 to 2012, Chairman of the Board from 2009 to 2012 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. Executive Vice President of the Minnesota Wild Foundation from 2004 to 2008. Commissioner of Finance, State of Minnesota, from 1999 to 2002. Currently 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.

Wells Fargo High Yield Bond Fund  |  27

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.
Michelle Rhee (Born 1966)	Chief Legal Officer, since 2019	Secretary of Wells Fargo Funds Management, LLC, Chief Legal Counsel of Wells Fargo Asset Management and Assistant General Counsel of Wells Fargo Bank, N.A. since 2018. Associate General Counsel and Managing Director of Bank of America Corporation from 2004 to 2018.
Catherine Kennedy (Born 1969)	Secretary, since 2019	Vice President of Wells Fargo Funds Management, LLC and Senior Counsel of the Wells Fargo Legal Department since 2010. Vice President and Senior Counsel of Evergreen Investment Management Company, LLC from 1998 to 2010.
Michael H. Whitaker(Born 1967)	Chief Compliance Officer, since 2016	Chief Compliance Officer of Wells Fargo Asset Management 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 64 funds in the Fund Complex. Jeremy DePalma acts as Treasurer of 82 funds and Assistant Treasurer of 64 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 atwfam.com.

³  Pamela Wheelock wasre-appointed to the Board effective January 1, 2020.

28  |  Wells Fargo High Yield Bond Fund

Appendix I (unaudited)

Effective on or about May 1, 2020, if you purchase Fund shares through a Janney Montgomery Scott LLC (“Janney”) brokerage account, you will be eligible for the following load waivers(front-end sales charge waivers and contingent deferred sales charge (“CDSC”), orback-end sales charge, waivers) and discounts, which may differ from those disclosed elsewhere in the Fund’s Prospectus or SAI.

Front-end sales charge* waivers on Class A shares available at Janney

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).

Shares purchased by employees and registered representatives of Janney or its affiliates and their family members as designated by Janney.

Shares purchased from the proceeds of redemptions within the same fund family, provided (1)

the repurchase occurs within ninety (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 (i.e., right of reinstatement).

Employer-sponsored retirement plans (e.g., 401(k) plans, 457 plans, employer-sponsored 403(b) plans, profit sharing and money purchase pension plans and defined benefit plans). For purposes

of this provision, employer-sponsored retirement plans do not include SEP IRAs, Simple IRAs,

SAR-SEPs or Keogh plans.

Shares acquired through a right of reinstatement.

Class C shares that are no longer subject to a contingent deferred sales charge and are converted to Class A shares of the same fund pursuant to Janney’s policies and procedures.

CDSC waivers on Class A and Class C shares available at Janney

Shares sold upon the death or disability of the shareholder.

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

Shares purchased in connection with a return of excess contributions from an IRA account.

Shares sold as part of a required minimum distribution for IRA and retirement accounts if the redemption is taken in or after the year the shareholder reaches qualified age based on applicable IRS regulations.

Shares sold to pay Janney fees but only if the transaction is initiated by Janney.

Shares acquired through a right of reinstatement.

Shares exchanged into the same share class of a different fund.

Front-end sales charge* discounts available at Janney; breakpoints, rights of accumulation and/or letters of intent

Breakpoints as described in the Fund’s Prospectus.

Rights of accumulation (“ROA”), 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 Janney. Eligible fund family assets not held at Janney may be included in the ROA calculation only if the shareholder notifies his or her financial advisor about such assets.

Letters of intent which allow for breakpoint discounts based on anticipated purchases within a fund family, over a13-month time period. Eligible fund family assets not held at Janney

Montgomery Scott may be included in the calculation of letters of intent only if the shareholder notifies his or her financial advisor about such assets.

* Also referred to as an “initial sales charge.”

Wells Fargo High Yield Bond Fund  |  29

Appendix II (unaudited)

Effective on or after May 1, 2020, clients of Edward Jones (also referred to as “shareholders”) purchasing Fund shares on the Edward Jones commission andfee-based platforms are eligible only for the following sales charge discounts (also referred to as “breakpoints”) and waivers, which can differ from breakpoints and waivers described elsewhere in this Prospectus or SAI or through another broker-dealer. In all instances, it is the shareholder’s responsibility to inform Edward Jones at the time of purchase of any relationship, holdings of Wells Fargo Funds or other facts qualifying the purchaser for breakpoints or waivers. Edward Jones can ask for documentation of such circumstance.

Breakpoints available at Edward Jones

Rights of Accumulation (ROA)

The applicable sales charge on a purchase of Class A shares is determined by taking into account all share classes (except any money market funds and retirement plan share classes) of Wells Fargo Funds held by the shareholder or in an account grouped by Edward Jones with other accounts for the purpose of providing certain pricing considerations (“pricing groups”). This includes all share classes held on the Edward Jones platform and/or held on another platform. The inclusion of eligible fund family assets in the rights of accumulation calculation is dependent on the shareholder notifying his or her financial advisor of such assets at the time of calculation.

ROA is determined by calculating the higher of cost or market value (current shares x NAV).

Letter of Intent (LOI)

Through a LOI, shareholders can receive the sales charge and breakpoint discounts for purchases shareholders intend to makeover a13-month period from the date Edward Jones receives the LOI. The LOI is determined by calculating the higher of cost or market value of qualifying holdings at LOI initiation in combination with the value that the shareholder intends to buy over a13-month period to calculate thefront-end sales charge and any breakpoint discounts. Each purchase the shareholder makes during that13-month period will receive the sales charge and breakpoint discount that applies to the total amount. The inclusion of eligible fund family assets in the LOI calculation is dependent on the shareholder notifying his or her financial advisor of such assets at the time of calculation. Purchases made before the LOI is received by Edward Jones are not covered under the LOI and will not reduce the sales charge previously paid. Sales charges will be adjusted if LOI is not met.

Sales charges are waived for the following shareholders and in the following situations at Edward Jones:

●   Associates of Edward Jones and its affiliates and their family members who are in the same pricing group (as determined by Edward Jones under its policies and procedures) as the associate. This waiver will continue for the remainder of the associate’s life if the associate retires from Edward Jones in good-standing.

●   Shares purchased in an Edward Jonesfee-based program.

●   Shares purchased through reinvestment of capital gains distributions and dividend reinvestment.

●   Shares purchased from the proceeds of redeemed shares of the same fund family so long as the following conditions are met: 1) the proceeds are from the sale of shares within 60 days of the purchase, and 2) the sale and purchase are made in the same share class and the same account or the purchase is made in an individual retirement account with proceeds from liquidations in anon-retirement account.

●   Shares exchanged into Class A shares from another share class so long as the exchange is into the same fund and was initiated at the discretion of Edward Jones. Edward Jones is responsible for any remaining CDSC due to the fund company, if applicable. Any future purchases are subject to the applicable sales charge as disclosed in the prospectus.

●   Exchanges from Class C shares to Class A shares of the same fund, generally, in the 84th month following the anniversary of the purchase date or earlier at the discretion of Edward Jones.

If the shareholder purchases shares that are subject to a CDSC and those shares are redeemed before the CDSC is expired, the shareholder is
responsible to pay the CDSC except in the following conditions available at Edward Jones:

●   The death or disability of the shareholder.

●   Systematic withdrawals with up to 10% per year of the account value.

●   Return of excess contributions from an Individual Retirement Account (IRA).

●   Shares sold as part of a required minimum distribution for IRA and retirement accounts if the redemption is taken in or after the year the shareholder reaches qualified age based on applicable IRS regulation.

●   Shares sold to pay Edward Jones fees or costs in such cases where the transaction is initiated by Edward Jones.

●   Shares exchanged in an Edward Jonesfee-based program.

●   Shares acquired through NAV reinstatement.

30  |  Wells Fargo High Yield Bond Fund

Appendix II (unaudited)

Other Important Information for accounts at Edward Jones:

Minimum Purchase Amounts

●   $250 initial purchase minimum

●   $50 subsequent purchase minimum

Minimum Balances

Edward Jones has the right to redeem at its discretion fund holdings with a balance of $250 or less. The following are examples of accounts that are not included in this policy:

●   Afee-based account held on an Edward Jones platform

●   A 529 account held on an Edward Jones platform

●   An account with an active systematic investment plan or letter of intent (LOI)

Changing Share Classes

At any time it deems necessary, Edward Jones has the authority to exchange at NAV a shareholder’s holdings in a fund to Class A shares.

Wells Fargo High Yield Bond Fund  |  31

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:wfam.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 atwfam.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

© 2020 Wells Fargo & Company. All rights reserved.

PAR-0320-04742 04-20

SA218/SAR218 02-20

Semi-Annual Report

February 29, 2020

Wells Fargo

Conservative 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 calling1-800-222-8222 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.

Contents

Letter to shareholders	2
Performance highlights	4
Fund expenses	6
Portfolio of investments	7
Financial statements
Statement of assets and liabilities	13
Statement of operations	14
Statement of changes in net assets	15
Financial highlights	16
Notes to financial statements	17
Other information	21

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of prospectuses
and shareholder
reports at
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The views expressed and any forward-looking statements are as of February 29, 2020, unless otherwise noted, and are those of the Fund managers and/or Wells Fargo Asset Management. 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 Asset Management 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

Wells Fargo Conservative Income Fund  |  1

Letter to shareholders (unaudited)

Andrew Owen

President

Wells Fargo Funds

“The fourth quarter started on a strong note, with U.S.-China trade tensions relaxing in October along with renewed optimism for a U.K. Brexit deal and positive macroeconomic data.”

Dear Shareholder:

We are pleased to offer you this semi-annual report for the Wells Fargo Conservative Income Fund for thesix-month period that ended February 29, 2020. As market volatility increased, returns for the period were more restrained after strong results in previous recent periods. However, supportive central banks addressed concerns over slowing global economic growth and international trade tensions.

Fixed-income and equity investors had mixed semi-annual returns. For the period, U.S. stocks, based on the S&P 500 Index,¹ gained 1.92% and international stocks, as measured by the MSCI ACWI ex USA Index (Net),² returned 0.13%. The MSCI EM Index (Net)³ gained 2.93%. For bond investors, the Bloomberg Barclays U.S. Aggregate Bond Index⁴ added 3.39%, the Bloomberg Barclays Global Aggregateex-USD Index⁵ returned-0.21%, the Bloomberg Barclays Municipal Bond Index⁶ gained 3.04%, and the ICE BofA U.S. High Yield Index⁷ added 1.34%.

The period began with uncertainty, leading to central bank support.

In September, as the period began, the U.S. Federal Reserve (Fed) cut interest rates a second time in the third quarter. U.S. manufacturing data disappointed investors. The U.S. Congress announced it would pursue an impeachment investigation of President Trump. Meanwhile, the Brexit impasse showed no signs of resolution. Officials in China warned it would be difficult to reach the country’s annual economic growth goals considering the weight of tariffs and trade restrictions. Although the S&P 500 Index finished the third quarter with the bestyear-to-date returns in more than 20 years, concerns about future returns remained.

The fourth quarter started on a strong note, with U.S.-China trade tensions relaxing in October along with renewed optimism for a U.K. Brexit deal and positive macroeconomic data. The initial estimate of U.S. third-quarter gross domestic product growth was a resilient 1.9% annualized rate, while the U.S. unemployment rate fell to a50-year low of 3.5% in September. However, despite resilience among U.S. consumers, business confidence declined while manufacturing activity contracted. Concerned with a potential economic slowdown, the Fed lowered interest rates another quarter point in late October—its third rate cut in four months. This helped push the S&P 500 Index to anall-time high, while emerging market equities rallied and global bonds declined overall, reflecting a broad pickup in risk appetite.

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. 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 equity market performance of emerging markets. 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 BofA 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 2020. ICE Data Indices, LLC. All rights reserved.

2  |  Wells Fargo Conservative Income Fund

Letter to shareholders (unaudited)

Equity markets continued to rally in November despite ongoing geopolitical risks. Hopes for a U.S.-China trade deal buoyed investor confidence. U.S. business sentiment improved slightly, and manufacturing and services activity picked up. With that positive backdrop, developed market equities outpaced those in emerging markets, and U.S. stocks, as reflected by the S&P 500 Index, outperformednon-U.S. stocks overall. While consumer confidence and purchasing manager activity rose in the eurozone, China reported weakening manufacturing and consumer data. Bond yields rose marginally, leading to slightly negative returns for global government and investment-grade corporate bonds.

Financial markets ended 2019 with a boost from the U.S. and China accord on a Phase One trade deal. That, along with the landslide win by the pro-Brexit U.K. Conservative Party in a national election and ongoing central bank support, gave investors greater confidence. U.S. economic indicators were generally positive, with the exception of manufacturing activity and business confidence. Consumer confidence was resilient, fed by a robust labor market, tame inflation, and lower interest rates, which boosted housing affordability and stimulated homebuyer activity. The impeachment of U.S. President Donald Trump had little impact on markets. Meanwhile, slowing Chinese economic activity, partly attributable to the trade war, led to further government stimulus atyear-end through lower reserve ratios, allowing banks to lend more money.

Theyear-end rally continued in early January 2020. However, capital market volatility picked up sharply in late January on concerns over the unknown impact of the novel coronavirus(COVID-19) on the global economy and stock markets. With sentiment somewhat souring, perceived safe havens did well in January. The U.S. dollar and Japanese yen both rose and government bonds outperformed equities. While the S&P 500 Index held its ground, emerging market equities tumbled, including those in Asia that are most exposed to viruses—physical or economic—originating in China.

In February, the coronavirus became the major market focus. Fears of the virus’s impact on global growth led to expectations of increased global central bank monetary policy support. That led the10-year Treasury yield to fall to anall-time low of 1.1% by the end of the month. Although equity markets initially shrugged off concerns about the outbreak, focusing instead on strong fourth-quarter earnings and improving business confidence in January, market sentiment turned sharply lower towardmonth-end and the S&P 500 Index lost 8.2% for the month. Oil prices tumbled as Russia and the Organization of the Petroleum Exporting Countries compounded a major decline in oil demand with a brutal price war, partly aimed at dissuading further U.S. shale production. As a result, the price of West Texas Intermediate crude oil fell 13% in February and 27% for 2020 year to date.

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. 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

“Capital market volatility picked up sharply in late January on concerns over the unknown impact of the novel coronavirus(COVID-19) on the global economy and stock markets.”

For further information about your Fund, contact your investment professional, visit our website at wfam.com,

or call us directly at1-800-222-8222.

Wells Fargo Conservative Income Fund  |  3

Performance highlights (unaudited)

Investment objective

The Fund seeks current income consistent with capital preservation.

Manager

Wells Fargo Funds Management, LLC

Subadviser

Wells Capital Management Incorporated

Portfolio managers

Andrew M. Greenberg, CFA^®‡

Anthony J. Melville, CFA^®‡

Jeffrey L. Weaver, CFA^®‡

Average annual total returns (%) as of February 29, 2020

									Expense ratios1 (%)
	Inception date	1 year		5 year		Since inception			Gross		Net2
Institutional Class (WCIIX)	5-31-2013		2.82		1.57		1.28			0.37		0.27
Bloomberg Barclays6-9 Month Treasury Bill Index3	–		2.63		1.23		0.94	*		–		–

* Based on the inception date of the Institutional Class.

Figures quoted represent past performance, which is no guarantee of future results, and do not reflect taxes that a shareholder may pay on an investment in a fund. Investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted, which assumes the reinvestment of dividends and capital gains. Currentmonth-end performance is available on the Fund’s website,wfam.com.

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

Institutional Class shares are sold without 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 foreign investment risk, mortgage- and asset-backed securities risk, and municipal securities risk. Consult the Fund’s prospectus for additional information on these and other risks.

Please see footnotes on page 5.

4  |  Wells Fargo Conservative Income Fund

Performance highlights (unaudited)

Ten largest holdings (%) as of February 29, 20204
Hyundai Auto Lease Securitization Trust Series 2019-B Class A3, 2.04%, 8-15-2022	1.60
Bank of America Credit Card Trust Series 2017-A1 Class A1, 1.95%, 8-15-2022	1.27
Toronto-Dominion Bank, 2.06%, 1-27-2023	1.27
Toyota Auto Receivables Owner Trust Series 2020-A Class A2, 1.67%, 11-15-2022	1.24
FHLMC Multi Family Structured Pass-Through Securities Series K-715 Class A2, 2.86%, 1-25-2021	1.20
World Omni Auto Lease Trust Series 2018-A Class A3, 2.50%, 4-17-2023	1.12
USAA Capital Corporation, 2.85%, 6-28-2021	1.12
Buckeye Ohio Tobacco Settlement Financing Authority, 1.58%, 6-1-2021	1.07
Societe Generale SA, 3.20%, 4-8-2021	1.07
WEA Finance LLC, 3.25% 10-5-2020	1.07

Portfolio composition as of February 29, 2020⁵

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

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

²  The manager has contractually committed through December 31, 2020, to waive fees and/or reimburse expenses to the extent necessary to cap total annual fund operating expenses after fee waivers at 0.27% for Institutional Class. Brokerage commissions, stamp duty fees, interest, taxes, acquired fund fees and expenses (if any), and extraordinary expenses are excluded from the expense cap. Prior to or after the commitment expiration date, the cap may be increased or the commitment to maintain the cap may be terminated only with the approval of the Board of Trustees. Without this cap, the Fund’s returns would have been lower. The expense ratio paid by an investor is the net expense ratio (the total annual fund operating expenses after fee waivers) as stated in the prospectus.

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

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

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

Wells Fargo Conservative Income Fund  |  5

Fund expenses (unaudited)

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

The example is based on an investment of $1,000 invested at the beginning of thesix-month period and held for the entire period from September 1, 2019 to February 29, 2020.

Actual expenses

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

Hypothetical example for comparison purposes

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

Please note that the expenses shown in the table are meant to highlight your ongoing costs. Therefore, the “Hypothetical” line of the table is useful in comparing ongoing costs only and will not help you determine the relative total costs of owning different funds.

	Beginning account  value 9-1-2019		Ending account value 2-29-2020		Expenses paid during the period¹		Annualized net expense ratio
Institutional Class
Actual	$	1,000.00	$	1,012.91	$	1.35		0.27	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,023.52	$	1.36		0.27	%

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

6  |  Wells Fargo Conservative Income Fund

Portfolio of investments—February 29, 2020 (unaudited)

	Interest rate			Maturity date		Principal		Value
Agency Securities: 3.12%
FHLMC Multi Family Structured Pass-Through Securities SeriesK-714 Class A2 ±±		3.03	%		10-25-2020	$	4,500,163	$	4,513,471
FHLMC Multi Family Structured Pass-Through Securities SeriesK-715 Class A2 ±±		2.86			1-25-2021		5,642,350		5,679,330
GNMA Series2019-H04 Class CA±±		3.00			3-20-2069		4,486,906		4,566,232
Total Agency Securities (Cost $14,662,567)									14,759,033
Asset-Backed Securities: 24.27%
American Express Credit Account Master Trust Series2017-6 Class A		2.04			5-15-2023		2,236,000		2,245,168
AmeriCredit Automobile Receivables Trust Series2019-1 Class A2A		2.93			6-20-2022		1,057,185		1,062,386
Bank of America Credit Card Trust Series2017-A1 Class A1		1.95			8-15-2022		6,000,000		6,000,600
Bank of the West Auto Trust Series2018-1 Class A2 144A		3.09			4-15-2021		282,545		282,665
BlueMountain CLO Limited Series2012-2A Class AR2 (3 Month LIBOR +1.05%) 144A±		2.74			11-20-2028		5,000,000		5,001,225
Canadian Pacer Auto Receivables Trust Series2018-2A Class A2A 144A		3.00			6-21-2021		397,299		398,323
Canadian Pacer Auto Receivables Trust Series2019-1A Class A2 144A		2.78			3-21-2022		1,319,907		1,326,826
CarMax Auto Owner Trust Series2018-4 Class A2A		3.11			2-15-2022		1,352,963		1,359,901
CarMax Auto Owner Trust Series2020-1 Class A2		1.87			4-17-2023		2,865,000		2,884,624
CCG Receivables Trust Series2018-2 Class A2 144A		3.09			12-15-2025		2,510,227		2,540,143
Chase Issuance Trust Series2015-A4 Class A4		1.84			4-15-2022		3,500,000		3,501,050
Chase Issuance Trust Series2016-A4 Class A4		1.49			7-15-2022		3,000,000		3,000,000
Delamare Cards Series2018-1A Class A1 (1 Month LIBOR +0.70%) 144A±		2.36			11-19-2025		5,000,000		5,007,695
Dell Equipment Finance Trust Series2018-2 Class A2 144A		3.16			2-22-2021		652,535		655,586
Dell Equipment Finance Trust Series2019-2 Class A2 144A		1.95			12-22-2021		3,000,000		3,011,524
Dorchester Park CLO Limited Series2016-25A Class AR (3 Month LIBOR +0.90%) 144A±		2.72			4-20-2028		5,000,000		4,995,230
Enterprise Fleet Financing LLC Series2020-1 Class A2 144A		1.78			12-22-2025		2,500,000		2,519,723
Evergreen Credit Card Trust Series2019-3 Class B 144A		2.36			10-16-2023		3,750,000		3,786,408
Ford Credit Auto Owner Trust Series2019-B Class A3		2.23			10-15-2023		1,785,000		1,816,676
GM Financial Securitized Term Auto Receivables Trust Series2020-1 Class A2		1.83			1-17-2023		1,150,000		1,155,299
Hertz Fleet Lease Funding LP Series2017-1 Class A1 (1 Month LIBOR +0.65%) 144A±		2.32			4-10-2031		597,887		597,935
Hyundai Auto Lease Securitization Trust Series2019-B Class A3 144A		2.04			8-15-2022		7,500,000		7,572,469
Mercedes-Benz Auto Lease Trust Series2019-A Class A2		3.01			2-16-2021		1,184,937		1,187,217
Mercedes-Benz Auto Receivables Trust Series2019-1 Class A2A		2.04			6-15-2022		1,000,000		1,003,271
NextGear Floorplan Master Trust Series2018-1A Class A1 (1 Month LIBOR +0.64%) 144A±		2.30			2-15-2023		5,000,000		5,011,824
Oscar US Funding Trust Series2018-1A Class A2B (1 Month LIBOR +0.49%) 144A±		2.17			4-12-2021		69,220		69,222
Oscar US Funding Trust Series2018-2A Class A2A 144A		3.15			8-10-2021		781,306		782,401
Oscar US Funding Trust Series2019-2A Class A2 144A		2.49			8-10-2022		443,460		445,105
Penarth Master Issuer plc Series2019-1A Class A1 (1 Month LIBOR +0.54%) 144A±		2.20			7-18-2023		2,000,000		2,002,610
Santander Retail Auto Lease Trust Series2019-B Class A2A 144A		2.29			4-20-2022		3,382,175		3,410,723
Santander Retail Auto Lease Trust Series2019-C Class A2A 144A		1.89			9-20-2022		3,000,000		3,016,777
Santander Retail Auto Lease Trust Series2020-A Class A2 144A		1.69			1-20-2023		500,000		499,972
Securitized Term Auto Receivables Trust Series2018-2A Class A2A 144A		3.06			2-25-2021		208,848		209,154
SoFi Consumer Loan Program Trust Series2018-4 Class A 144A		3.54			11-26-2027		2,442,903		2,468,365
SoFi Consumer Loan Program Trust Series2019-2 Class A 144A		3.01			4-25-2028		928,623		937,299
SoFi Consumer Loan Program Trust Series2020-1 Class A 144A		2.02			1-25-2029		3,250,000		3,249,899
Toyota Auto Receivables Owner Trust Series2020-A Class A2		1.67			11-15-2022		5,855,000		5,883,548
Trillium Credit Card Trust II Series2019-2A Class A 144A		3.04			1-26-2024		2,000,000		2,029,713
Trillium Credit Card Trust II Series2020-1A Class B 144A		2.33			12-26-2024		1,355,000		1,369,693
Venture CDO Limited Series16-25A Class AR (3 Month LIBOR +1.23%) 144A±		3.05			4-20-2029		5,000,000		5,000,430
Verizon Owner Trust Series2017-3A Class A1A 144A		2.06			4-20-2022		2,660,038		2,664,560
Verizon Owner Trust Series2018-1A Class A1 144A		2.82			9-20-2022		3,906,000		3,936,759

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

Wells Fargo Conservative Income Fund  |  7

Portfolio of investments—February 29, 2020 (unaudited)

	Interest rate			Maturity date		Principal		Value
Asset-Backed Securities (continued)
Volvo Financial Equipment LLC Series2019-1A Class A2 144A		2.90	%		11-15-2021	$	1,198,402	$	1,204,595
World Omni Auto Lease Trust Series2018-A Class A3		2.50			4-17-2023		5,256,625		5,294,332
World Omni Auto Lease Trust Series2020-A Class A2		1.71			11-15-2022		2,365,000		2,375,421
Total Asset-Backed Securities (Cost $114,305,985)									114,774,346
Corporate Bonds and Notes: 29.47%
Communication Services: 2.18%
Entertainment: 0.85%
The Walt Disney Company		1.95			3-4-2020		4,000,000		4,000,040
Media: 1.33%
Comcast Corporation		2.24			10-1-2020		2,279,000		2,283,445
NBCUniversal Enterprise Incorporated (3 Month LIBOR +0.40%) 144A±		2.31			4-1-2021		4,000,000		4,010,657
									6,294,102
Consumer Discretionary: 0.68%
Automobiles: 0.68%
Volkswagen Group America Company (3 Month LIBOR +0.77%) 144A±		2.48			11-13-2020		1,500,000		1,505,144
Volkswagen Group America Company 144A		2.50			9-24-2021		1,675,000		1,696,506
									3,201,650
Energy: 0.93%
Oil, Gas & Consumable Fuels: 0.93%
Exxon Mobil Corporation (3 Month LIBOR +0.33%)±		2.02			8-16-2022		4,375,000		4,389,967
Financials: 24.83%
Banks: 6.70%
Bank of America Corporation		2.37			7-21-2021		1,000,000		1,002,891
Bank of America Corporation (3 Month LIBOR +0.66%)±		2.48			7-21-2021		3,432,000		3,435,921
Bank of America Corporation		5.70			1-24-2022		1,000,000		1,081,357
Citibank NA		3.40			7-23-2021		2,040,000		2,088,504
Citigroup Incorporated		2.70			3-30-2021		3,000,000		3,031,848
Citigroup Incorporated		3.34			3-30-2021		1,500,000		1,519,990
Credit Suisse New York (U.S. SOFR +0.45%)±		2.04			2-4-2022		3,250,000		3,247,911
Credit Suisse New York		2.10			11-12-2021		1,000,000		1,009,957
HSBC Bank USA NA		4.88			8-24-2020		1,500,000		1,522,664
JPMorgan Chase & Company		2.99			6-7-2021		1,000,000		1,009,729
JPMorgan Chase & Company		4.25			10-15-2020		2,000,000		2,032,462
JPMorgan Chase & Company		4.35			8-15-2021		1,000,000		1,039,160
PNC Bank NA		2.15			4-29-2021		2,000,000		2,017,781
PNC Bank NA		2.00			2-24-2023		2,300,000		2,290,671
Truist Bank		2.63			1-15-2022		4,250,000		4,330,730
Truist Financial Corporation		2.05			5-10-2021		1,000,000		1,006,659
									31,668,235
Capital Markets: 4.12%
Bank of New York Mellon Corporation (3 Month LIBOR +0.28%)±		2.18			6-4-2021		900,000		900,081
Charles Schwab Corporation (3 Month LIBOR +0.32%)±		2.02			5-21-2021		4,540,000		4,549,296
Goldman Sachs Group Incorporated		2.35			11-15-2021		1,000,000		1,005,441
Goldman Sachs Group Incorporated		3.15			4-23-2021		2,180,000		2,202,540
Goldman Sachs Group Incorporated		6.00			6-15-2020		1,000,000		1,012,180
Intercontinental Exchange Incorporated		2.75			12-1-2020		4,831,000		4,862,706
Morgan Stanley (U.S. SOFR +0.70%)±		2.28			1-20-2023		3,950,000		3,956,996
Morgan Stanley (3 Month LIBOR +1.18%)±		3.00			1-20-2022		1,000,000		1,006,918
									19,496,158

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

8  |  Wells Fargo Conservative Income Fund

Portfolio of investments—February 29, 2020 (unaudited)

	Interest rate			Maturity date		Principal		Value
Consumer Finance: 3.58%
American Honda Finance Corporation		1.70	%		9-9-2021	$	2,000,000	$	2,010,467
Caterpillar Financial Service Corporation (3 Month LIBOR +0.30%)±		2.19			3-8-2021		4,500,000		4,508,008
John Deere Capital Corporation		2.20			3-13-2020		2,500,000		2,500,466
John Deere Capital Corporation		2.35			1-8-2021		2,000,000		2,013,122
Toyota Motor Credit Corporation		1.83			8-13-2021		1,900,000		1,898,643
Toyota Motor Credit Corporation		1.90			4-8-2021		2,000,000		2,015,850
Toyota Motor Credit Corporation (3 Month LIBOR +0.17%)±		2.07			9-18-2020		2,000,000		2,001,866
									16,948,422
Diversified Financial Services: 1.06%
WEA Finance LLC 144A		3.25			10-5-2020		5,000,000		5,036,838
Insurance: 9.37%
AIG Global Funding (3 Month LIBOR +0.46%) 144A±		2.41			6-25-2021		2,600,000		2,610,231
Athene Global Funding 144A		2.75			4-20-2020		4,085,000		4,090,448
Jackson National Life Global Company 144A		2.25			4-29-2021		4,000,000		4,039,672
Jackson National Life Global Company (3 Month LIBOR +0.48%) 144A±		2.37			6-11-2021		2,500,000		2,512,521
Jackson National Life Global Company 144A		3.30			6-11-2021		1,815,000		1,859,079
MassMutual Global Funding 144A		2.00			4-15-2021		958,000		966,907
MassMutual Global Funding 144A		2.45			11-23-2020		1,710,000		1,724,985
MassMutual Global Funding II 144A		1.95			9-22-2020		3,826,000		3,837,109
Metropolitan Life Global Funding Incorporated 144A		1.95			9-15-2021		3,000,000		3,030,724
Metropolitan Life Global Funding Incorporated (3 Month LIBOR +0.40%) 144A±		2.29			6-12-2020		1,975,000		1,977,287
New York Life Global Funding 144A		2.00			4-13-2021		600,000		605,350
New York Life Global Funding (3 Month LIBOR +0.16%) 144A±		2.07			10-1-2020		1,300,000		1,301,030
New York Life Global Funding 144A		2.95			1-28-2021		4,545,000		4,605,323
Protective Life Global Funding (3 Month LIBOR +0.52%) 144A±		2.48			6-28-2021		5,000,000		5,026,046
The Allstate Corporation (3 Month LIBOR +0.43%)±		2.39			3-29-2021		825,000		827,731
USAA Capital Corporation 144A		2.00			6-1-2021		5,220,000		5,278,467
									44,292,910
Industrials: 0.85%
Road & Rail: 0.85%
TTX Company 144A		2.60			6-15-2020		4,000,000		4,007,903
Total Corporate Bonds and Notes (Cost $138,846,042)									139,336,225
Municipal Obligations: 2.15%
California: 0.22%
Miscellaneous Revenue: 0.22%
Fresno County CA Pension CAB Series A (National Insured) ¤		0.00			8-15-2020	$	1,025,000		1,017,702
Ohio: 1.07%
Tobacco Revenue: 1.07%
Buckeye Ohio Tobacco Settlement Financing Authority		1.58			6-1-2021		5,065,000		5,081,664
Tennessee: 0.86%
Health Revenue: 0.86%
Nashville & Davidson Counties TN Vanderbilt University Medical Center Series D (1 Month LIBOR +2.50%)±		4.17			7-1-2046		4,000,000		4,067,120
Total Municipal Obligations (Cost $10,201,091)									10,166,486

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

Wells Fargo Conservative Income Fund  |  9

Portfolio of investments—February 29, 2020 (unaudited)

	Interest rate			Maturity date		Principal		Value
Yankee Corporate Bonds and Notes: 17.32%
Energy: 0.27%
Oil, Gas & Consumable Fuels: 0.27%
BP Capital Markets plc (3 Month LIBOR +0.25%)±		1.93	%		11-24-2020	$	1,270,000	$	1,270,938
Financials: 15.06%
Banks: 14.60%
Australia and New Zealand Banking Group 144A		4.88			1-12-2021		1,000,000		1,030,113
Banque Federative du Credit Mutuel 144A		2.75			10-15-2020		4,278,000		4,307,424
Barclays Bank plc (3 Month LIBOR +0.46%)±		2.31			1-11-2021		4,000,000		3,995,664
Cooperatieve Rabobank UA (3 Month LIBOR +0.43%)±		2.22			4-26-2021		3,000,000		3,013,432
Credit Agricole 144A		2.38			7-1-2021		1,000,000		1,014,605
Credit Agricole 144A		2.75			6-10-2020		4,550,000		4,567,420
Credit Agricole 144A		3.09			7-1-2021		1,000,000		1,014,363
DnB Bank ASA (3 Month LIBOR +0.62%) 144A±		2.53			12-2-2022		500,000		503,233
HSBC Holdings plc		2.95			5-25-2021		1,000,000		1,015,811
HSBC Holdings plc		5.10			4-5-2021		3,000,000		3,110,967
Lloyds Banking Group plc		2.70			8-17-2020		500,000		502,569
Macquarie Bank Limited 144A		2.85			1-15-2021		4,000,000		4,055,291
National Australia Bank Limited		3.70			11-4-2021		1,410,000		1,460,601
Royal Bank of Canada		2.20			1-17-2023		3,650,000		3,659,150
Santander UK plc (3 Month LIBOR +0.62%)±		2.53			6-1-2021		4,000,000		4,018,379
Santander UK plc (3 Month LIBOR +0.66%)±		2.35			11-15-2021		2,629,000		2,647,274
Santander UK plc		3.40			6-1-2021		520,000		533,237
Skandinaviska Enskilda Banken (3 Month LIBOR +0.65%) 144A±		2.53			12-12-2022		1,250,000		1,257,027
Skandinaviska Enskilda Banken 144A		2.63			11-17-2020		3,000,000		3,022,230
Societe Generale SA (3 Month LIBOR +1.33%) 144A±		3.20			4-8-2021		5,000,000		5,066,401
Societe Generale SA 144A		5.20			4-15-2021		1,034,000		1,077,524
Sumitomo Mitsui Banking Corporation (3 Month LIBOR +1.14%)±		2.96			10-19-2021		815,000		826,335
Svenska Handelsbanken AB (3 Month LIBOR +0.47%)±		2.15			5-24-2021		4,000,000		4,015,799
Toronto-Dominion Bank		2.06			1-27-2023		6,000,000		5,999,488
United Overseas Bank Limited (3 Month LIBOR +0.48%) 144A±		2.29			4-23-2021		1,800,000		1,805,808
Westpac Banking Corporation (3 Month LIBOR +0.39%)±		2.23			1-13-2023		1,475,000		1,475,562
Westpac Banking Corporation (3 Month LIBOR +1.00%)±		2.71			5-13-2021		4,000,000		4,042,672
									69,038,379
Capital Markets: 0.46%
UBS Group AG 144A		2.45			12-1-2020		1,000,000		1,006,011
UBS Group AG (3 Month LIBOR +0.48%) 144A±		2.39			12-1-2020		1,165,000		1,167,724
									2,173,735
Industrials: 1.99%
Electrical Equipment: 1.99%
Siemens Financieringsmaatschappij NV 144A		1.70			9-15-2021		2,600,000		2,612,431
Siemens Financieringsmaatschappij NV 144A		2.15			5-27-2020		1,900,000		1,901,745
Tyco Electronics Group SA (3 Month LIBOR +0.45%)±		2.34			6-5-2020		4,900,000		4,904,438
									9,418,614
Total Yankee Corporate Bonds and Notes (Cost $81,636,732)									81,901,666

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

10  |  Wells Fargo Conservative Income Fund

Portfolio of investments—February 29, 2020 (unaudited)

	Interest rate			Maturity date		Principal		Value
Short-Term Investments: 25.20%
Commercial Paper: 24.67%
Anglesea Funding plc 144A(p)(z)		1.77	%		4-3-2020	$	10,000,000	$	9,984,124
Bennington Sark Capital Company 144A(p)(z)		1.43			3-11-2020		4,000,000		3,997,807
Chariot Funding LLC 144A(p)(z)		0.88			3-4-2020		9,700,000		9,697,778
China International Marine Containers (z)		0.68			3-3-2020		6,360,000		6,358,881
Concord Minutemen Capital Company 144A(p)(z)		1.47			3-18-2020		5,000,000		4,995,633
Concord Minutemen Capital Company 144A(p)(z)		1.65			5-5-2020		5,000,000		4,985,093
CRC Funding LLC 144A(p)(z)		1.63			5-8-2020		5,000,000		4,984,444
Gotham Funding Corporation 144A(p)(z)		1.85			3-2-2020		6,500,000		6,499,121
Great Bridge Capital Company LLC 144A(p)(z)		1.80			4-2-2020		6,000,000		5,991,347
Institutional Secured Funding LLC 144A(p)(z)		0.56			3-3-2020		1,700,000		1,699,684
Institutional Secured Funding LLC 144A(p)(z)		1.66			4-7-2020		3,300,000		3,294,180
Lime Funding LLC 144A(p)(z)		1.62			3-24-2020		2,200,000		2,197,484
LMA Americas LLC 144A(p)(z)		1.58			4-7-2020		5,000,000		4,991,463
LMA Americas LLC 144A(p)(z)		1.75			5-5-2020		4,000,000		3,988,089
Mountcliff Funding LLC 144A(p)(z)		1.54			3-6-2020		10,000,000		9,996,751
Old Line Funding LLC 144A(p)(z)		1.54			4-20-2020		10,500,000		10,476,780
Prudential plc 144A(z)		1.63			5-20-2020		10,000,000		9,966,266
Thunder Bay Funding LLC 144A(p)(z)		1.61			4-27-2020		1,500,000		1,496,207
Versailles CDS LLC 144A(z)		1.63			6-2-2020		9,300,000		9,260,782
Victory Receivables 144A(p)(z)		1.53			4-1-2020		1,800,000		1,797,301
									116,659,215
	Yield					Shares
Investment Companies: 0.53%
Wells Fargo Government Money Market Fund Select Class (l)(u)		1.52					2,518,309		2,518,309
Total Short-Term Investments (Cost $119,177,918)									119,177,524

Total investments in securities (Cost $478,830,335)	101.53	%		480,115,280
Other assets and liabilities, net	(1.53	)		(7,214,561	)
Total net assets	100.00	%	$	472,900,719

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

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

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

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

(p) Asset-backed commercial paper

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

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

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

Abbreviations:

CAB Capital appreciation bond

FHLMC Federal Home Loan Mortgage Corporation

GNMA Government National Mortgage Association

LIBOR London Interbank Offered Rate

National National Public Finance Guarantee Corporation

SOFR Secured Overnight Financing Rate

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

Wells Fargo Conservative Income Fund  |  11

Portfolio of investments—February 29, 2020 (unaudited)

Investments in Affiliates

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

	Shares, beginning of period		Shares purchased		Shares sold			Shares, end of period		Net realized gains (losses)		Net change in unrealized gains (losses)		Income from affiliated securities		Value, end of period		% of net assets
Short-Term Investments
Investment Companies
Wells Fargo Government Money Market Fund Select Class		220,913		109,731,042		(107,433,646	)		2,518,309	$	0	$	0	$	19,212	$	2,518,309		0.53	%

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

12  |  Wells Fargo Conservative Income Fund

Statement of assets and liabilities—February 29, 2020 (unaudited)

Assets
Investments in unaffiliated securities, at value (cost $476,312,026)	$	477,596,971
Investments in affiliated securities, at value (cost $2,518,309)		2,518,309
Cash		15,423
Receivable for interest		1,407,639
Total assets		481,538,342
Liabilities
Payable for investments purchased		5,065,000
Payable for Fund shares redeemed		3,354,310
Management fee payable		56,180
Dividends payable		95,995
Administration fee payable		30,033
Trustees’ fees and expenses payable		5,732
Accrued expenses and other liabilities		30,373
Total liabilities		8,637,623
Total net assets	$	472,900,719
Net assets consist of
Paid-in capital	$	473,296,207
Total distributable loss		(395,488	)
Total net assets	$	472,900,719
Computation of net asset value per share
Net assets – Institutional Class	$	472,900,719
Shares outstanding – Institutional Class1		47,210,471
Net asset value per share – Institutional Class		$10.02

¹  The Fund has an unlimited number of authorized shares.

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

Wells Fargo Conservative Income Fund  |  13

Statement of operations—six months ended February 29, 2020 (unaudited)

Investment income
Interest (net of foreign interest withholding taxes of $3,173)	$	4,514,532
Income from affiliated securities		19,212
Total investment income		4,533,744
Expenses
Management fee		464,247
Administration fee
Institutional Class		148,559
Custody and accounting fees		14,478
Professional fees		21,552
Registration fees		31,916
Shareholder report expenses		7,437
Trustees’ fees and expenses		10,909
Other fees and expenses		5,107
Total expenses		704,205
Less: Fee waivers and/or expense reimbursements
Fund-level		(202,819	)
Net expenses		501,386
Net investment income		4,032,358
Realized and unrealized gains (losses) on investments
Net realized gains on investments		83,134
Net change in unrealized gains (losses) on investments		474,224
Net realized and unrealized gains (losses) on investments		557,358
Net increase in net assets resulting from operations	$	4,589,716

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

14  |  Wells Fargo Conservative Income Fund

Statement of changes in net assets

	Six months ended February 29, 2020 (unaudited)						Year ended August 31, 2019
Operations
Net investment income				$	4,032,358					$	10,875,313
Net realized gains (losses) on investments					83,134						(993,936	)
Net change in unrealized gains (losses) on investments					474,224						441,843
Net increase in net assets resulting from operations					4,589,716						10,323,220
Distributions to shareholders from net investment income and net realized gains
Institutional Class					(4,024,393	)					(10,880,158	)
Capital share transactions		Shares						Shares
Proceeds from shares sold
Institutional Class		22,662,007			226,721,568			62,007,026			619,230,806
Reinvestment of distributions
Institutional Class		367,817			3,680,676			821,227			8,198,093
Payment for shares redeemed
Institutional Class		(9,059,982	)		(90,617,781	)		(69,621,267	)		(694,323,386	)
Net increase (decrease) in net assets resulting from capital share transactions					139,784,463						(66,894,487	)
Total increase (decrease) in net assets					140,349,786						(67,451,425	)
Net assets
Beginning of period					332,550,933						400,002,358
End of period				$	472,900,719					$	332,550,933

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

Wells Fargo Conservative Income Fund  |  15

Financial highlights

(For a share outstanding throughout each period)

	Six months ended February 29, 2020 (unaudited)			Year ended August 31
INSTITUTIONAL CLASS				2019			2018			2017			2016			2015
Net asset value, beginning of period		$10.00			$9.99			$10.01			$10.01			$10.00			$10.02
Net investment income		0.11			0.26			0.18			0.12			0.07			0.05
Net realized and unrealized gains (losses) on investments		0.02			0.01			(0.02	)		0.00	1		0.01			(0.02	)
Total from investment operations		0.13			0.27			0.16			0.12			0.08			0.03
Distributions to shareholders from
Net investment income		(0.11	)		(0.26	)		(0.18	)		(0.12	)		(0.07	)		(0.05	)
Net realized gains		0.00			0.00			(0.00	)1		0.00			0.00			(0.00	)1
Total distributions to shareholders		(0.11	)		(0.26	)		(0.18	)		(0.12	)		(0.07	)		(0.05	)
Net asset value, end of period		$10.02			$10.00			$9.99			$10.01			$10.01			$10.00
Total return2		1.29	%		2.71	%		1.65	%		1.20	%		0.79	%		0.28	%
Ratios to average net assets (annualized)
Gross expenses		0.38	%		0.37	%		0.37	%		0.36	%		0.36	%		0.38	%
Net expenses		0.27	%		0.27	%		0.27	%		0.27	%		0.27	%		0.27	%
Net investment income		2.17	%		2.54	%		1.79	%		1.17	%		0.72	%		0.48	%
Supplemental data
Portfolio turnover rate		35	%		171	%		197	%		197	%		269	%		80	%
Net assets, end of period (000s omitted)		$472,901			$332,551			$400,002			$419,239			$547,829			$336,608

¹  Amount is less than $0.005.

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

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

16  |  Wells Fargo Conservative Income 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 Conservative Income Fund (the “Fund”) which is a diversified series of the Trust.

2. SIGNIFICANT ACCOUNTING POLICIES

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

Securities valuation

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

Debt securities are valued at the evaluated bid price provided by an independent pricing service (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.

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.

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

Distributions to shareholders

Distributions to shareholders from net investment income are declared daily and paid monthly. Distributions from net realized gains, if any, are recorded on 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.

Federal and other taxes

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

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

Wells Fargo Conservative Income Fund  |  17

Notes to financial statements (unaudited)

As of February 29, 2020, the aggregate cost of all investments for federal income tax purposes was $478,830,335 and the unrealized gains (losses) consisted of:

Gross unrealized gains	$	1,395,209
Gross unrealized losses		(110,264	)
Net unrealized gains	$	1,284,945

As of August 31, 2019, the Fund had a capital loss carryforward which consisted of $1,770,871 in short-term capital losses.

3. FAIR VALUATION MEASUREMENTS

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

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

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

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

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

The following is a summary of the inputs used in valuing the Fund’s assets and liabilities as of February 29, 2020:

	Quoted prices (Level 1)		Other significant observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total
Assets
Investments in:
Agency securities	$	0	$	14,759,033	$	0	$	14,759,033
Asset-backed securities		0		114,774,346		0		114,774,346
Corporate bonds and notes		0		139,336,225		0		139,336,225
Municipal obligations		0		10,166,486		0		10,166,486
Yankee corporate bonds and notes		0		81,901,666		0		81,901,666
Short-term investments
Commercial paper		0		116,659,215		0		116,659,215
Investment companies		2,518,309		0		0		2,518,309
Total assets	$	2,518,309	$	477,596,971	$	0	$	480,115,280

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

For the six months ended February 29, 2020, the Fund did not have any transfers into/out of Level 3.

18  |  Wells Fargo Conservative Income 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 a management fee at the following annual rate based on the Fund’s average daily net assets:

Average daily net assets	Management fee
First $1 billion		0.250	%
Next $4 billion		0.225
Next $5 billion		0.190
Over $10 billion		0.180

For the six months ended February 29, 2020, the management fee was equivalent to an annual rate of 0.25% of the Fund’s average daily net assets.

Funds Management has retained the services of a subadviser to provide daily portfolio management to the Fund. The fee for subadvisory services is borne by Funds Management. Wells Capital Management Incorporated, an affiliate of Funds Management and an indirect wholly owned subsidiary of Wells Fargo, is the subadviser to the Fund and is entitled to receive a fee from Funds Management at an annual rate starting at 0.10% and declining to 0.05% as the average daily net assets of the Fund increase.

Administration fee

Under a class-level administration agreement, Funds Management provides class-level administrative services to the Fund, which includes paying fees and expenses for services provided by the transfer agent,sub-transfer agents, omnibus account servicers and record-keepers. As compensation for its services under the class-level administration agreement, Funds Management receives an annual fee of 0.08% which is calculated based on the average daily net assets of the Institutional Class.

Waivers and/or expense reimbursements

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 the Institutional 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. Funds Management has committed through December 31, 2020 to waive fees and/or reimburse expenses to the extent necessary to cap the Fund’s expenses at 0.27% for Institutional Class shares. Prior to or after the commitment expiration date, the cap may be increased or the commitment to maintain the cap may be terminated only with the approval of the Board of Trustees. 

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.

5. INVESTMENT PORTFOLIO TRANSACTIONS

Purchases and sales of investments, excluding U.S. government obligations (if any) and short-term securities, for the six months ended February 29, 2020 were $205,980,034 and $105,886,045, 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.

Wells Fargo Conservative Income Fund  |  19

Notes to financial statements (unaudited)

For the six months ended February 29, 2020, there were no borrowings by the Fund under the agreement.

7. INDEMNIFICATION

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

8. NEW ACCOUNTING PRONOUNCEMENTS

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.

In March 2017, FASB issued ASUNo. 2017-08,Premium Amortization on Purchased Callable Debt Securities. ASU2017-08 shortens the amortization period for certain callable debt securities held at a premium and requires the premium to be amortized to the earliest call date. The amendments do not require an accounting change for securities held at a discount and discounts will continue to be accreted to the maturity date of the security. ASU2017-08 is effective for fiscal years beginning after December 15, 2018 and for interim periods within those fiscal years. During the current reporting period, management of the Fund adopted the change in accounting policy which did not have a material impact to the Fund’s financial statements.

9. SUBSEQUENT EVENT

On March 11, 2020, the World Health Organization announced that it had made the assessment that coronavirus disease 2019(“COVID-19”) is a pandemic. The impacts ofCOVID-19 is adversely affecting the entire global economy, individual companies and investment products, and the market in general. There is significant uncertainty around the extent and duration of business disruptions related toCOVID-19 and the impact may be short term or may last for an extended period of time. The risk of further spreading ofCOVID-19 has led to significant uncertainty and volatility in the financial markets and the value of the Fund and the securities in which the Fund invests have generally been adversely affected by impacts caused byCOVID-19.

20  |  Wells Fargo Conservative 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 atwfam.com, or visiting the SEC website at sec.gov. Information regarding how the proxies related to portfolio securities were voted during the most recent12-month period ended June 30 is available on the website atwfam.comor by visiting the SEC website at sec.gov.

QUARTERLY PORTFOLIO HOLDINGS INFORMATION

The Fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year as an exhibit to its reports on FormN-PORT. Shareholders may view the filed FormN-PORT by visiting the SEC website at sec.gov.

Wells Fargo Conservative Income Fund  |  21

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 146 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. Audit Committee Chair and Investment Committee Chair of the Vincent Memorial Hospital Endowment(non-profit organization). 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. (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. Johnson (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

22  |  Wells Fargo Conservative 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
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
Olivia S. Mitchell (Born 1953)	Trustee, since 2006; Nominating and Governance Committee Chair, 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	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	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
Pamela Wheelock3 (Born 1959)	Trustee, since January 2020; previously Trustee from January 2018 to July 2019	Board member of the Destination Medical Center Economic Development Agency, Rochester, Minnesota since 2019. Acting Commissioner, Minnesota Department of Human Services, July 2019 through September 2019. Human Services Manager (part-time), Minnesota Department of Human Services, October 2019 through December 2019. Chief Operating Officer, Twin Cities Habitat for Humanity from 2017 to 2019. Vice President of University Services, University of Minnesota from 2012 to 2016. 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 Chief Executive Officer of Blue Cross Blue Shield of Minnesota from 2011 to 2012, Chairman of the Board from 2009 to 2012 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. Executive Vice President of the Minnesota Wild Foundation from 2004 to 2008. Commissioner of Finance, State of Minnesota, from 1999 to 2002. Currently 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.

Wells Fargo Conservative Income Fund  |  23

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.
Michelle Rhee (Born 1966)	Chief Legal Officer, since 2019	Secretary of Wells Fargo Funds Management, LLC, Chief Legal Counsel of Wells Fargo Asset Management and Assistant General Counsel of Wells Fargo Bank, N.A. since 2018. Associate General Counsel and Managing Director of Bank of America Corporation from 2004 to 2018.
Catherine Kennedy (Born 1969)	Secretary, since 2019	Vice President of Wells Fargo Funds Management, LLC and Senior Counsel of the Wells Fargo Legal Department since 2010. Vice President and Senior Counsel of Evergreen Investment Management Company, LLC from 1998 to 2010.
Michael H. Whitaker(Born 1967)	Chief Compliance Officer, since 2016	Chief Compliance Officer of Wells Fargo Asset Management 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 64 funds in the Fund Complex. Jeremy DePalma acts as Treasurer of 82 funds and Assistant Treasurer of 64 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 atwfam.com.

³  Pamela Wheelock wasre-appointed to the Board effective January 1, 2020.

24  |  Wells Fargo Conservative Income Fund

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:wfam.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 atwfam.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

© 2020 Wells Fargo & Company. All rights reserved

PAR-0220-04689 04-20

SA265/SAR265 02-20

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 MANAGEMEENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS

Not applicable.

ITEM 10. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS

There have been no material changes to the procedures by which shareholders may recommend nominees to the registrant’s Board of Trustees that have been implemented since the registrant’s last provided disclosure in response to the requirements of this Item.

ITEM 11. CONTROLS AND PROCEDURES

(a) The President and Treasurer have concluded that the Wells Fargo Funds Trust disclosure controls and procedures (as defined in Rule30a-3(c) under the Investment Company Act of 1940) provide reasonable assurances that material information relating to the registrant 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 registrant’s internal controls over financial reporting (as defined in Rule30a-3(d) under the Investment Company Act of 1940) that occurred during the most recent fiscal half-year 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 ACTIVITES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES

Not applicable.

ITEM 13. EXHIBITS

(a)(1)	Not applicable.
(a)(2)	Certifications pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
(b)	Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Wells Fargo Funds Trust
By:	/s/ Andrew Owen
	Andrew Owen
	President
Date: April 28, 2020

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the date indicated.

Wells Fargo Funds Trust
By:	/s/ Andrew Owen
	Andrew Owen
	President
Date: April 28, 2020
By:	/s/ Nancy Wiser
	Nancy Wiser
	Treasurer
Date: April 28, 2020