N-CSR

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number: 811-09253

Wells Fargo Funds Trust

(Exact name of registrant as specified in charter)

525 Market St., San Francisco, CA 94105

(Address of principal executive offices) (Zip code)

Alexander Kymn

Wells Fargo Funds Management, LLC

525 Market St., San Francisco, CA 94105

(Name and address of agent for service)

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

Date of fiscal year end: December 31

Registrant is making a filing for: Wells Fargo Managed Account CoreBuilder Shares – Series M

Date of reporting period: December 31, 2018

ITEM 1. REPORT TO STOCKHOLDERS

Annual Report

December 31, 2018

Wells Fargo Managed Account

∎ Wells Fargo Managed Account CoreBuilder^® Shares – Series M

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

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

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

Reduce clutter. Save trees.

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

Contents

Performance highlights	2
Fund expenses	6
Portfolio of investments	7
Financial statements
Statement of assets and liabilities	26
Statement of operations	27
Statement of changes in net assets	28
Financial highlights	29
Notes to financial statements	30
Report of independent registered public accounting firm	35
Other information	36

The views expressed and any forward-looking statements are as of December 31, 2018, unless otherwise noted, and are those of the Fund managers and/or Wells Fargo Funds Management, LLC. Discussions of individual securities, or the markets generally, or any Wells Fargo Fund are not intended as individual recommendations. Future events or results may vary significantly from those expressed in any forward-looking statements. The views expressed are subject to change at any time in response to changing circumstances in the market. Wells Fargo Funds Management, LLC and the Fund disclaim any obligation to publicly update or revise any views expressed or forward-looking statements.

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

2 Wells Fargo Managed Account CoreBuilder Shares – Series M 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

Lyle J. Fitterer, CFA^®*, CPA

Robert J. Miller

Adrian Van Poppel^‡

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

								Expense ratios (%)
	Inception date	1 year		5 year		10 year		Gross		Net1
Wells Fargo Managed Account CoreBuilder Shares – Series M	4-14-2008		2.63		5.20		7.96		0.04		0.00
Bloomberg Barclays Municipal Bond Index2	–		1.28		3.82		4.85		–		–

Figures quoted represent past performance, which is no guarantee of future results, and do not reflect taxes that a shareholder may pay on fund distributions or the redemption of fund shares. Investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted, which assumes the reinvestment of dividends and capital gains. Current month-end performance is available by calling 1-888-877-9275.

Shares are sold without a front-end sales charge or contingent deferred sales charge.

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.

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

CoreBuilder Shares are a series of investment options within the separately managed accounts advised or subadvised by Wells Fargo Funds Management, LLC. The shares are fee-waived mutual funds that enable certain separately managed account investors to achieve greater diversification than smaller managed accounts might otherwise achieve.

Please remember that shares of the Fund may be purchased only by or on behalf of separately managed account clients where Wells Fargo Funds Management, LLC has an agreement to serve as investment adviser or subadviser to the account with the separately managed account sponsor (typically a registered investment adviser or broker/dealer) or directly with the client.

Please see footnotes on page 3.

Performance highlights (unaudited) Wells Fargo Managed Account CoreBuilder Shares – Series M 3

Growth of $10,000 investment as of December 31, 2018³

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

^‡  Mr. Van Poppel became a portfolio manager of the Fund on May 1, 2018.

¹  Generally, no ordinary operating fees or expenses are charged to the Fund. Wells Fargo Funds Management, LLC has contractually committed to irrevocably absorb and pay or reimburse all ordinary operating expenses of the Fund, except portfolio transactions or other investment-related costs (e.g., commissions), fees payable for services provided by the Fund’s securities lending agent (if any), interest, taxes, leverage expenses and other expenses not incurred in the ordinary course of the Fund’s business. This commitment has an indefinite term.

²  The Bloomberg Barclays Municipal Bond Index is an unmanaged index composed of long-term tax-exempt bonds with a minimum credit rating of Baa. You cannot invest directly in an index.

³  The chart compares the performance of the Fund for the most recent ten years with the Bloomberg Barclays Municipal Bond Index. The chart assumes a hypothetical $10,000 investment and reflects all operating expenses of the Fund.

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

⁶  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.

4 Wells Fargo Managed Account CoreBuilder Shares – Series M Performance highlights (unaudited)

MANAGER’S DISCUSSION

Fund highlights

∎ The Fund outperformed its benchmark, the Bloomberg Barclays Municipal Bond Index, for the 12-month period that ended December 31, 2018.

∎ Credit selection and duration positioning were key contributors to performance.

∎ An overweight to the 20-year and longer end of the yield curve detracted from results.

As 2018 closes, the current economic recovery is a couple of months shy from being the longest in U.S. history. An accommodative monetary policy combined with fiscal stimulus from tax reform helped growth accelerate in the first few quarters of 2018. Gross domestic product growth was solid, unemployment hit a five-decade low, and inflation inched up to the bottom of the Federal Reserve’s (Fed’s) target. This allowed the Fed to continue to normalize monetary policy by reducing the balance sheet and raising the federal funds target rate four times during the year. Despite relatively robust growth, headwinds were building as a global economic slowdown, a trade war with China, and increased tariffs on steel began to bite. While domestic economic numbers still looked favorable, they are off their highs and trending down. Housing and autos were the first to roll over as higher interest rates took their toll. A government shutdown combined with trade uncertainty continue to roil markets. Volatility has increased in both equity and fixed-income markets as market participants increasingly see slower growth ahead. In fact, the Fed’s dot plot, which is published after each Fed meeting showing the projections of the 12 members of the rate-setting Federal Open Market Committee, went from three projected increases next year to two, but the market disagrees and actually priced in a 50% chance of a cut in rates in 2020.

Municipal bond returns were positive in 2018.

Municipal bonds, as measured by the Bloomberg Barclays Municipal Bond Index, returned 1.28% during 2018, outperforming most other traditional fixed-income assets, including Treasuries, corporates, mortgages, and the Bloomberg Barclays U.S. Aggregate Bond Index.⁴ This marks the fifth consecutive year of positive returns for municipal bonds. Municipal supply dropped roughly 24% from 2017 levels, as expected, coming in at approximately $339 billion. The decline in supply was driven largely by a decline in advance refunding bonds, which were curtailed by tax reform as well as record supply in December 2017 when issuance was pushed forward due to anticipated tax law changes. Net new issuance for the year 2018 fell for the first time in three years, coming in at $45 billion less than the prior year. Fund flows posted a decline of $3 billion, the first decline in four years.

The municipal yield curve steepened in 2018 and credit spreads widened. This runs contrary to the Treasury curve, which flattened as the short end underperformed, driven by federal funds rate increases. Among municipal bonds, the short-end yield rose as well but not as much as long-end yields as demand for long-dated bonds was affected by a pull-back in demand from banks and insurance companies as they adjusted to new lower tax rates. This made municipals less attractive at current ratios. Retail demand remained solid and demand from the separately managed account segment of the market was robust.

Credit quality as of December 31, 2018⁵

Credit, security selection, and duration were key to the Fund’s outperformance.

The Fund’s credit allocation helped results. We were underweighted high-quality AAA-rated and AA-rated bonds, which underperformed, and overweight lower-rated investment-grade bonds, which outperformed. While price returns were negative across the credit spectrum, the additional income from the lower-rated bonds more than offset the negative price action. Our modest high-yield exposure also contributed to results because high-yield municipal bonds outperformed investment-grade bonds by a wide margin.

Security selection, often the largest contributor of performance, again helped drive positive results. Rigorous credit analysis by our research team sought to identify credits that could benefit the Fund by recognizing opportunities and avoiding pitfalls. Relative-value trading also sought to enhance performance as we optimized buys and sells in certain issuers. Top performers among lower-rated bonds included Virgin Island Gross Receipts Tax Bonds; First Energy Bonds;

Please see footnotes on page 3.

Performance highlights (unaudited) Wells Fargo Managed Account CoreBuilder Shares – Series M 5

Brooklyn Navy Yard Partners; and Hartford, Connecticut. High-grade bonds that aided performance included San Francisco Airport bonds, Massachusetts State general obligation bonds, Trinity Health Corporation bonds, and New York Personal Income Tax bonds. The basis trade, used to hedge some longer-dated bonds and manage duration, added to overall performance.

The Fund’s tactical duration positioning aided performance. We began the year short duration to the benchmark and maintained this stance through the second quarter. Over this period, the market sold off. Beginning in the third quarter, we began lengthening duration, buying on weakness. We accelerated this late in the quarter and early into the fourth quarter as the sell-off continued. In November, we were slightly long to the benchmark as the market rallied through the end of the year. Actively managing duration had a positive impact on performance.

We believe municipal market performance will be positive but rate dependent.

There are many things that can temporarily influence municipal bond valuations but the long-term driver of municipal returns is the level and direction of interest rates. Municipal bonds have done pretty well in the face of rising rates as the Fed moves to normalize monetary policy. If economic growth continues to slow, we believe municipal bond performance may improve more than anticipated by some market observers may expect.

We believe technical factors such as supply/demand imbalances are supportive of municipal bonds. We are likely to see new-issue supply increase but overall supply to remain somewhat constrained, by historical standards, due to tax law changes with respect to advance refunding bonds. Demand from retail investors, separately managed accounts, and mutual funds is expected to remain strong but could be somewhat offset by the continued reduction in historical demand from banks and insurance companies due to tax law changes.

While improvements in municipal credit quality are supportive of lower-rated municipal debt, we remain cautious on a valuation basis and see fewer opportunities going forward. We continue to favor BBB-rated and A-rated credits, but rich valuations will temper the selection process.

In our view, opportunities in municipals remain solid. We will continue to manage interest rate and credit risk. We will tap our experienced research team to seek to uncover municipal bonds with strong relative values from among the many municipal bond issuers.

Effective maturity distribution as of December 31, 2018⁶

Please see footnotes on page 3.

6 Wells Fargo Managed Account CoreBuilder Shares – Series M Fund expenses (unaudited)

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

The example is based on an investment of $1,000 invested at the beginning of the six-month period and held for the entire period from July 1, 2018 to December 31, 2018.

Actual expenses

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

Hypothetical example for comparison purposes

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

Please note that the expenses shown in the table are meant to highlight your ongoing costs. 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 7-1-2018		Ending account value 12-31-2018		Expenses paid during the period¹			Annualized net expense ratio
Actual	$	1,000.00	$	1,018.38	$	0.00	*		0.00	%*
Hypothetical (5% return before expenses)	$	1,000.00	$	1,025.21	$	0.00	*		0.00	%*

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

* Generally, no ordinary fees or expenses are charged to the Fund. Wells Fargo Funds Management, LLC has contractually committed to irrevocably absorb and pay or reimburse all ordinary operating expenses of the Fund, except portfolio transactions or other investment-related costs (e.g., commissions), fees payable for services provided by the Fund’s securities lending agent (if any), interest, taxes, leverage expenses and other expenses not incurred in the ordinary course of the Fund’s business. This commitment has an indefinite term.

Portfolio of investments—December 31, 2018 Wells Fargo Managed Account CoreBuilder Shares – Series M 7

Security name	Interest rate			Maturity date		Principal		Value
Municipal Obligations: 98.51%
Alabama: 0.75%
GO Revenue: 0.02%
Jefferson County AL Series A		4.90	%		4-1-2021	$	135,000	$	137,912
Miscellaneous Revenue: 0.57%
Alabama Federal Aid Highway Finance Authority Series A		5.00			9-1-2035		3,250,000		3,749,493
Water & Sewer Revenue: 0.16%
Jefferson County AL CAB Series B (AGM Insured) (z)		5.16			10-1-2026		1,350,000		1,025,825
									4,913,230
Arizona: 3.14%
Education Revenue: 2.15%
Florence AZ IDA Legacy Traditional School Project Queen Creek & Casa Grande Campuses		5.00			7-1-2023		650,000		673,959
La Paz County AZ IDA Educational Facility Imagine Schools West Middle Project Series A 144A		4.90			6-15-2028		570,000		556,514
La Paz County AZ IDA Educational Facility Imagine Schools West Middle Project Series A 144A		5.75			6-15-2038		1,000,000		981,610
Maricopa County AZ IDA Horizon Community Learning Center Project		5.00			7-1-2035		3,000,000		3,061,980
Phoenix AZ IDA Education Great Hearts Academies-Veritas Project		6.00			7-1-2032		600,000		659,190
Phoenix AZ IDA Education Great Hearts Academies-Veritas Project		6.25			7-1-2032		295,000		321,647
Pima County AZ IDA Educational Facility Charter School Project Series R		2.88			7-1-2021		610,000		610,220
Pima County AZ IDA Educational Facility Desert Heights Charter School		7.00			5-1-2034		1,000,000		1,087,090
Pima County AZ IDA New Plan Learning Project Series A		7.75			7-1-2035		985,000		986,527
Pima County AZ IDA Noah Webster Schools Project Series A		6.75			12-15-2033		1,120,000		1,194,872
Pima County AZ IDA Paideia Academies Project 144A		5.00			7-1-2025		670,000		664,144
Pima County AZ IDA Paideia Academies Project 144A		6.00			7-1-2035		1,025,000		1,028,813
Pima County AZ IDA Paideia Academies Project 144A		6.13			7-1-2045		2,000,000		1,975,460
Yavapai County AZ IDA Business & Equine Center Project 144A		4.63			3-1-2022		270,000		274,790
									14,076,816
GO Revenue: 0.08%
Verrado AZ Community Facilities District #1 144A		5.00			7-15-2022		500,000		513,825
Resource Recovery Revenue: 0.35%
Yavapai County AZ IDA Waste Management Incorporated Project		2.80			6-1-2027		2,300,000		2,305,313
Tax Revenue: 0.20%
City of San Luis AZ Pledged Excise Tax Series A (Build America Mutual Assurance Company Insured)		5.00			7-1-2038		1,200,000		1,328,424
Utilities Revenue: 0.36%
Salt Verde Financial Corporation (Citibank NA Guaranty Agreement)		5.00			12-1-2032		2,055,000		2,379,834
									20,604,212

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

8 Wells Fargo Managed Account CoreBuilder Shares – Series M Portfolio of investments—December 31, 2018

Security name	Interest rate			Maturity date		Principal		Value
California: 3.85%
Airport Revenue: 2.33%
California Municipal Finance Authority AMT Senior Lien-Linxs Apartment Project Series A		5.00	%		12-31-2043	$	1,920,000	$	2,090,976
California Municipal Finance Authority Senior Lien Airport Project Series A		5.00			12-31-2047		2,050,000		2,225,767
San Francisco CA City & County Airport Commission San Francisco International Airport Series B		5.00			5-1-2046		10,000,000		10,968,400
									15,285,143
Education Revenue: 0.48%
California Municipal Finance Authority Charter School Albert Einstein Academies Project Series A		7.13			8-1-2043		1,000,000		1,098,360
California School Finance Authority View Park Elementary & Middle Schools Series A		4.75			10-1-2024		355,000		365,327
California School Finance Authority View Park Elementary & Middle Schools Series A		5.63			10-1-2034		575,000		599,696
University of California Series AI		5.00			5-15-2038		1,000,000		1,099,740
									3,163,123
GO Revenue: 0.17%
California Prerefunded Bond		6.00			4-1-2038		70,000		70,776
California Unrefunded Bond		6.00			4-1-2038		130,000		131,252
Compton CA Community College District Election of 2002 CAB Series C (z)		6.39			8-1-2029		500,000		350,020
Hawthorne CA School District CAB Series C (National Insured) (z)		6.30			11-1-2025		100,000		83,717
Peralta CA Community College District Alameda County		5.00			8-1-2024		450,000		498,353
									1,134,118
Health Revenue: 0.22%
California Statewide CDA Sutter Health Series A		6.00			8-15-2042		100,000		106,876
San Buenaventura CA Community Mental Health System		6.25			12-1-2020		150,000		160,430
University of California Regents Medical Center Prerefunded Bond Series J		5.25			5-15-2038		780,000		893,209
University of California Regents Medical Center Unrefunded Bond Series J		5.25			5-15-2038		220,000		245,839
									1,406,354
Industrial Development Revenue: 0.23%
California PCFA Solid Waste Disposal AMT Green Bond Calplant I Project 144A		8.00			7-1-2039		1,430,000		1,514,770
Miscellaneous Revenue: 0.33%
Anaheim CA PFA Convention Center Expansion Project Series A		5.00			5-1-2046		1,000,000		1,098,280
California Public Works Board Department of General Services Buildings 8 & 9A		6.25			4-1-2034		250,000		252,923
Palo Alto CA Improvement Bond Act of 1915		4.00			9-2-2020		240,000		248,292
San Diego CA PFA Capital Improvement Project Series B		5.00			10-15-2029		500,000		587,410
									2,186,905
Water & Sewer Revenue: 0.09%
Los Angeles CA DW&P Series A		5.00			7-1-2039		500,000		558,900
									25,249,313

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

Portfolio of investments—December 31, 2018 Wells Fargo Managed Account CoreBuilder Shares – Series M 9

Security name	Interest rate			Maturity date		Principal		Value
Colorado: 1.79%
Education Revenue: 0.66%
Colorado ECFA Charter School Banning Lewis Ranch Academy Project Series A		6.00	%		12-15-2037	$	1,500,000	$	1,417,335
Colorado ECFA Charter School Community Leadership Academy Second Campus Project		7.00			8-1-2033		465,000		518,898
Colorado ECFA Charter School Rocky Mountain Classical Academy Project Series A		8.13			9-1-2048		1,000,000		1,267,680
Regents of the University of Colorado Certificate of Participation Series 2013A		5.00			11-1-2028		1,000,000		1,121,700
									4,325,613
GO Revenue: 0.10%
Southlands CO Metropolitan District #1 Series A-2		5.00			12-1-2047		650,000		676,520
Health Revenue: 0.61%
Colorado Health Facilities Authority Catholic Health Initiatives Series A		5.00			7-1-2039		4,000,000		4,037,800
Industrial Development Revenue: 0.42%
Denver CO Convention Center Hotel Authority Senior Revenue Refunding Bonds Series 2016		5.00			12-1-2033		2,500,000		2,740,400
									11,780,333
Connecticut: 0.46%
GO Revenue: 0.46%
Hamden CT (Build America Mutual Assurance Company Insured)		5.00			8-15-2024		450,000		508,347
Hamden CT (Build America Mutual Assurance Company Insured)		5.00			8-15-2025		275,000		309,122
Hartford CT Series 2013B		5.00			4-1-2028		2,055,000		2,212,454
									3,029,923
Delaware: 0.24%
Education Revenue: 0.24%
Delaware EDA Odyssey Charter School Incorporated Project Series A 144A		7.00			9-1-2045		1,500,000		1,556,625
District of Columbia: 0.05%
Education Revenue: 0.00%
District of Columbia Cesar Chavez Public Charter School		6.50			11-15-2021		30,000		30,480
Miscellaneous Revenue: 0.05%
District of Columbia Association of American Medical Colleges Series A		5.00			10-1-2024		270,000		301,420
									331,900
Florida: 4.28%
Airport Revenue: 1.57%
Jacksonville FL Port Authority Series B		5.00			11-1-2040		2,625,000		2,973,285
Jacksonville FL Port Authority Series B		5.00			11-1-2044		5,500,000		6,190,525
Miami-Dade County FL Seaport AMT Series B		6.00			10-1-2033		1,000,000		1,138,340
									10,302,150

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

10 Wells Fargo Managed Account CoreBuilder Shares – Series M Portfolio of investments—December 31, 2018

Security name	Interest rate			Maturity date		Principal		Value
Education Revenue: 0.89%
Florida Development Finance Corporation Educational Facilities Renaissance Charter School Project Series A		8.50	%		6-15-2044	$	1,000,000	$	1,135,930
Florida Higher Educational Facilities Financing Authority Jacksonville University 144A		4.50			6-1-2033		1,300,000		1,321,918
Miami-Dade County FL IDA Aspira Florida Project Series 2016A 144A		5.75			11-1-2036		2,000,000		1,839,180
Miami-Dade County FL IDA Youth Co-Op Charter School Project Series 2015A 144A		5.75			9-15-2035		1,500,000		1,512,285
									5,809,313
Health Revenue: 0.28%
Atlantic Beach FL Health Care Facilities Fleet Landing Project Series B		5.63			11-15-2043		1,500,000		1,620,510
Holmes County FL Hospital Corporation Doctors Memorial Hospital Project		6.00			11-1-2038		250,000		238,023
									1,858,533
Miscellaneous Revenue: 0.60%
CityPlace Florida Community Development District		5.00			5-1-2022		500,000		541,990
Miami-Dade County FL School Board Certificate of Participation Series A		5.00			5-1-2031		3,000,000		3,383,010
									3,925,000
Tax Revenue: 0.94%
Florida Series B		4.00			7-1-2048		6,000,000		6,191,580
									28,086,576
Georgia: 2.63%
Health Revenue: 0.17%
Fulton County GA Development Authority Hospital WellStar Health System Series A		5.00			4-1-2042		1,000,000		1,081,250
Industrial Development Revenue: 0.01%
Atlanta GA Development Authority Tuff Yamacraw LLC Project Series A (Ambac Insured)		5.00			1-1-2027		50,000		54,535
Utilities Revenue: 2.45%
Appling County GA Development Authority Oglethorpe Power Corporation Hatch Project		2.40			1-1-2038		4,000,000		3,980,960
Main Street Natural Gas Incorporated Georgia Gas Project Series A (Royal Bank of Canada LIQ)		4.00			4-1-2048		7,500,000		7,900,575
Main Street Natural Gas Incorporated Georgia Gas Project Subordinate Bond Series C		4.00			8-1-2048		4,000,000		4,223,680
									16,105,215
									17,241,000
Guam: 0.31%
Tax Revenue: 0.06%
Guam Government Business Privilege Tax Series A		5.00			1-1-2031		365,000		376,348
Utilities Revenue: 0.08%
Guam Power Authority Series A (AGM Insured)		5.00			10-1-2020		500,000		524,515

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

Portfolio of investments—December 31, 2018 Wells Fargo Managed Account CoreBuilder Shares – Series M 11

Security name	Interest rate			Maturity date		Principal		Value
Water & Sewer Revenue: 0.17%
Guam Government Waterworks Authority Water & Wastewater System Project Series 2013		5.25	%		7-1-2021	$	550,000	$	583,748
Guam Government Waterworks Authority Water & Wastewater System Project Series 2013		5.25			7-1-2022		500,000		541,895
									1,125,643
									2,026,506
Hawaii: 0.34%
Airport Revenue: 0.34%
Hawaii Airports System Revenue Series A		5.00			7-1-2048		2,000,000		2,215,000
Idaho: 0.27%
Education Revenue: 0.27%
Idaho Housing & Finance Association Idaho Arts Charter School Series A 144A		5.00			12-1-2036		1,000,000		1,046,910
Idaho Housing & Finance Association Legacy Public Charter School Incorporated Project Series A		5.85			5-1-2033		480,000		480,682
Idaho Housing & Finance Association Liberty Charter School Series A		6.00			6-1-2038		250,000		250,333
									1,777,925
Illinois: 20.52%
Airport Revenue: 2.12%
Chicago IL Midway Airport Second Lien Refunding Bonds Series A		5.50			1-1-2031		4,500,000		4,931,190
Chicago IL O’Hare International Airport		5.00			1-1-2048		2,000,000		2,187,580
Chicago IL O’Hare International Airport		5.00			1-1-2035		2,350,000		2,407,810
Chicago IL O’Hare International Airport AMT Senior Lien Series C		5.50			1-1-2044		1,000,000		1,085,600
Chicago IL O’Hare International Airport Customer Facility Charge Senior Lien Series D		5.75			1-1-2043		1,500,000		1,668,525
Chicago IL O’Hare International Airport Senior Lien		5.25			1-1-2032		1,000,000		1,094,750
Chicago IL O’Hare International Airport Transportation Infrastructure Properties Obligated Group		5.00			7-1-2038		500,000		550,380
									13,925,835
Education Revenue: 0.36%
Illinois Finance Authority Charter Schools Refunding & Improvement Bonds Series A		7.13			10-1-2041		200,000		209,394
Illinois Finance Authority		5.00			9-1-2036		2,000,000		2,159,500
									2,368,894
GO Revenue: 6.84%
Bureau County IL Township High School District #502 Series A (Build America Mutual Assurance Company Insured)		6.25			12-1-2033		750,000		897,600
Chicago IL Board of Education Series A (National Insured)		5.25			12-1-2021		2,555,000		2,714,049
Chicago IL CAB City Colleges (National Insured) (z)		4.46			1-1-2027		6,000,000		4,406,040
Chicago IL CAB Series C (z)		5.13			1-1-2021		610,000		572,015
Chicago IL City Colleges Capital Improvement Project CAB (National Insured) (z)		6.53			1-1-2031		800,000		484,216
Chicago IL Emergency Telephone System Project (National Insured)		5.50			1-1-2023		555,000		592,740
Chicago IL Library Project Series D		5.00			1-1-2021		440,000		440,726
Chicago IL Neighborhoods Alive 21 Program Series B		5.50			1-1-2032		1,300,000		1,380,951
Chicago IL Park District Limited Tax Park Bonds Series 2016A		5.00			1-1-2030		1,000,000		1,096,250
Chicago IL Park District Limited Tax Park Bonds Series 2016A		5.00			1-1-2031		1,000,000		1,091,700

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

12 Wells Fargo Managed Account CoreBuilder Shares – Series M Portfolio of investments—December 31, 2018

Security name	Interest rate			Maturity date		Principal		Value
GO Revenue (continued)
Chicago IL Park District Limited Tax Park Bonds Series 2016A		5.00	%		1-1-2032	$	1,225,000	$	1,332,580
Chicago IL Park District Limited Tax Park Bonds Series 2016A		5.00			1-1-2035		1,000,000		1,076,920
Chicago IL Park District Unlimited Tax Refunding Bonds Series 2016A		5.00			11-15-2028		1,655,000		1,841,204
Chicago IL Park District Unlimited Tax Refunding Bonds Series 2016E		5.00			11-15-2029		1,735,000		1,922,606
Chicago IL Series A		6.00			1-1-2038		2,500,000		2,781,375
Chicago IL Series C		4.00			1-1-2021		750,000		760,343
Chicago IL Series C (National Insured)		5.00			1-1-2029		875,000		877,415
Cook County IL School District #144 Prairie Hills CAB Refunding Bond Series C (AGM Insured) (z)		4.73			12-1-2025		675,000		540,182
Cook County IL School District #159 Matteson-Richton Park CAB (AGM Insured) (z)		4.18			12-1-2023		615,000		532,873
Cook County IL Series A		5.00			11-15-2020		770,000		807,322
Illinois (AGM Insured)		5.00			1-1-2023		820,000		840,090
Illinois (AGM Insured)		5.00			4-1-2026		1,130,000		1,240,593
Illinois Refunding Bond Series 2018A		5.00			10-1-2021		2,000,000		2,088,420
Illinois Series A		4.00			9-1-2019		600,000		600,678
Illinois Series A (AGM Insured)		5.00			4-1-2024		1,905,000		2,066,773
Kane, Cook & DuPage Counties IL Series A		5.00			1-1-2034		1,000,000		1,085,360
Kane, Cook & DuPage Counties IL Series D		5.00			1-1-2034		1,700,000		1,845,112
Lake County IL School District #38 Big Hollow CAB (Ambac Insured) (z)		5.12			2-1-2019		75,000		74,832
Village Bolingbrook IL (AGM Insured)		5.00			1-1-2031		500,000		550,170
Will County IL Lincoln-Way Community High School District #210 CAB Series B (z)		4.94			1-1-2033		1,625,000		849,371
Will County IL Lincoln-Way Community High School District #210 CAB Series B (z)		5.54			1-1-2027		1,030,000		743,444
Will County IL Lincoln-Way Community High School District #210 CAB Series B (z)		5.64			1-1-2028		475,000		326,263
Will County IL Lincoln-Way Community High School District #210 Series A (AGM Insured)		5.00			1-1-2027		4,000,000		4,303,720
Will County IL Lincoln-Way Community High School District #210 Series A		5.00			1-1-2030		1,000,000		1,002,510
Winnebago County IL Series A (AGM Insured)		4.00			12-30-2025		1,035,000		1,129,858
									44,896,301
Miscellaneous Revenue: 1.62%
Chicago IL Board of Education Lease Certificates Refunding Bond Series A (National Insured)		6.00			1-1-2020		70,000		70,850
Chicago IL Board of Education Series C		5.00			12-1-2021		2,000,000		2,076,660
Illinois		5.00			2-1-2021		3,000,000		3,106,410
Illinois		5.00			5-1-2025		870,000		919,877
Illinois		5.50			7-1-2025		1,250,000		1,349,900
Illinois Finance Authority Prerefunded Bond Art Institute of Chicago Series A		5.00			3-1-2034		5,000		5,464
Illinois Finance Authority Rogers Park Montessori School		5.00			2-1-2024		380,000		389,914
Illinois Finance Authority The Art Institute of Chicago Series A		6.00			3-1-2038		400,000		402,688
Illinois Finance Authority Unrefunded Bond Art Institute of Chicago Series A		5.00			3-1-2034		495,000		531,279
Illinois Series 2013		5.50			7-1-2038		1,000,000		1,046,070
Illinois University Certificate of Participation Capital Improvement Project		4.25			4-1-2020		715,000		725,546
									10,624,658
Tax Revenue: 6.65%
Chicago IL Certificate of Participation River Point Plaza Redevelopment Project Series A 144A		4.84			4-15-2028		2,500,000		2,457,625
Chicago IL Metropolitan Pier & Exposition Authority CAB McCormick Place Expansion Project Series A (National Insured) (z)		2.20			12-15-2019		1,135,000		1,104,276

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

Portfolio of investments—December 31, 2018 Wells Fargo Managed Account CoreBuilder Shares – Series M 13

Security name	Interest rate			Maturity date		Principal		Value
Tax Revenue (continued)
Chicago IL Metropolitan Pier & Exposition Authority CAB McCormick Place Expansion Project Series A (National Insured) (z)		4.33	%		12-15-2030	$	11,000,000	$	6,585,150
Chicago IL Metropolitan Pier & Exposition Authority CAB McCormick Place Expansion Project Series B (National Insured) (z)		4.25			6-15-2029		1,950,000		1,260,402
Chicago IL Metropolitan Pier & Exposition Authority CAB McCormick Place Expansion Project Series B		5.00			12-15-2028		3,000,000		3,103,530
Chicago IL Metropolitan Pier & Exposition Authority CAB McCormick Place Expansion Project Series B1 (AGM Insured) (z)		3.63			6-15-2027		5,150,000		3,737,510
Chicago IL Refunding Bond		5.00			1-1-2019		705,000		705,000
Chicago IL Sales Tax		5.00			1-1-2031		4,525,000		5,246,692
Chicago IL Sales Tax		5.00			1-1-2032		850,000		985,567
Chicago IL Sales Tax		5.00			1-1-2033		2,785,000		3,229,180
Chicago IL Sales Tax Refunding Bond		5.00			1-1-2030		2,250,000		2,608,853
Illinois Sales Tax Revenue Build Illinois Bond		5.00			6-15-2029		1,000,000		1,035,380
Illinois Sales Tax Revenue Build Illinois Bond		5.00			6-15-2032		1,560,000		1,610,747
Illinois Sales Tax Revenue Second Series (National Insured)		5.75			6-15-2020		1,005,000		1,048,426
Illinois Series 2013		5.00			6-15-2024		1,000,000		1,069,380
Illinois Series A		4.00			1-1-2029		1,000,000		972,660
Illinois Series A		5.00			6-1-2019		465,000		469,845
Illinois Series A		5.00			1-1-2027		2,000,000		2,062,740
Illinois Sports Facilities Authority State Tax Supported (AGM Insured)		5.25			6-15-2031		2,500,000		2,749,150
Illinois Sports Facilities Authority State Tax Supported Refunding Bond (AGM Insured)		5.00			6-15-2028		1,500,000		1,635,600
									43,677,713
Tobacco Revenue: 0.51%
Railsplitter IL Tobacco Settlement Authority		5.00			6-1-2024		3,000,000		3,357,960
Transportation Revenue: 0.17%
Illinois Toll Highway Authority Toll Senior Series B		5.00			1-1-2039		1,000,000		1,097,960
Water & Sewer Revenue: 2.25%
Chicago IL Wastewater Second Lien Transmission Revenue Project Bonds Series 2014		5.00			1-1-2025		1,955,000		2,163,774
Chicago IL Wastewater Transmission Second Lien		5.00			1-1-2027		1,000,000		1,065,140
Chicago IL Water Revenue Refunding Bond Second Lien		5.00			11-1-2025		2,600,000		2,942,784
Chicago IL Water Revenue Second Lien Project		5.00			11-1-2026		2,750,000		3,065,315
Chicago IL Waterworks Second Lien		5.00			11-1-2030		1,000,000		1,067,670
Chicago IL Waterworks Second Lien Revenue Bonds Series 2004		5.00			11-1-2027		2,250,000		2,556,743
Chicago IL Waterworks Second Lien Revenue Bonds Series 2012		4.00			11-1-2020		770,000		793,839
Chicago IL Waterworks Second Lien Series 2017-2 (AGM Insured)		5.00			11-1-2037		1,000,000		1,098,670
									14,753,935
									134,703,256
Indiana: 3.44%
Health Revenue: 1.89%
Indiana Finance Authority Health System Franciscan Alliance Incorporated Obligated Group Series C		4.00			11-1-2034		5,360,000		5,508,418
Indiana Health & Educational Facility Financing Authority Series 2006B		1.75			11-15-2031		7,000,000		6,895,000
									12,403,418

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

14 Wells Fargo Managed Account CoreBuilder Shares – Series M Portfolio of investments—December 31, 2018

Security name	Interest rate			Maturity date		Principal		Value
Industrial Development Revenue: 0.16%
Indiana Finance Authority Ohio River Bridges East End Crossing Project Series A		5.00	%		7-1-2035	$	1,000,000	$	1,063,590
Miscellaneous Revenue: 0.56%
Indiana Finance Authority Series M		5.00			7-1-2029		605,000		662,318
Indianapolis IN Local Public Improvement Series 2015E		5.00			1-1-2035		2,675,000		3,044,658
									3,706,976
Resource Recovery Revenue: 0.61%
Whiting IN BP Products North America Incorporated Project (SIFMA Municipal Swap +0.75%) ±		2.46			12-1-2044		4,000,000		4,004,920
Water & Sewer Revenue: 0.22%
Indiana Finance Authority Wastewater Utility Project Series A		5.25			10-1-2031		1,310,000		1,417,983
									22,596,887
Iowa: 0.15%
Miscellaneous Revenue: 0.15%
Coralville IA Certificate of Participation		4.00			6-1-2020		500,000		501,145
Coralville IA Certificate of Participation		4.00			6-1-2021		500,000		501,585
									1,002,730
Kansas: 0.99%
Tax Revenue: 0.99%
Wyandotte County & Kansas City KS Special Obligation Vacation Village Project Area 4 Major Multi-Sport Athletic Complex Project CAB Series 2015 144A (z)		6.86			9-1-2034		17,780,000		6,512,103
Kentucky: 1.43%
Transportation Revenue: 0.13%
Kentucky Public Transportation Infrastructure Authority Downtown Crossing Project CAB Series B (z)		6.47			7-1-2029		1,400,000		877,086
Utilities Revenue: 1.30%
Kentucky Public Energy Authority Gas Supply Series B		4.00			1-1-2049		6,500,000		6,871,345
Paducah KY Electric Plant (AGM Insured)		5.00			10-1-2035		1,510,000		1,662,404
									8,533,749
									9,410,835
Louisiana: 0.08%
Airport Revenue: 0.08%
New Orleans LA Aviation Board Gulf Opportunity Zone Consolidated Rental Car Series A		6.50			1-1-2040		500,000		500,000
Maine: 0.05%
Airport Revenue: 0.05%
Portland ME General Airport		5.00			7-1-2022		150,000		162,945
Portland ME General Airport		5.00			7-1-2023		175,000		192,630
									355,575

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

Portfolio of investments—December 31, 2018 Wells Fargo Managed Account CoreBuilder Shares – Series M 15

Security name	Interest rate			Maturity date		Principal		Value
Maryland: 0.82%
Education Revenue: 0.82%
Prince George’s County MD Chesapeake Lighthouse Charter School Project Series 2016-A		5.75	%		8-1-2033	$	1,000,000	$	946,160
Prince George’s County MD Chesapeake Lighthouse Charter School Project Series 2016-A		7.00			8-1-2046		1,500,000		1,527,165
Prince George’s County MD Chesapeake Lighthouse Charter School Project Series 2016-A		6.00			8-1-2048		2,825,000		2,882,545
									5,355,870
Massachusetts: 1.97%
Education Revenue: 0.02%
Massachusetts Development Finance Agency Sabis International Charter Series A		8.00			4-15-2039		100,000		104,764
Health Revenue: 0.86%
Massachusetts Development Finance Agency Partners Healthcare Series S-4		5.00			7-1-2038		5,000,000		5,649,100
Tax Revenue: 1.09%
Massachusetts School Building Authority Series A		5.00			11-15-2034		1,470,000		1,674,639
Massachusetts Series D		4.00			5-1-2036		5,225,000		5,473,606
									7,148,245
									12,902,109
Michigan: 5.36%
Education Revenue: 0.19%
Michigan Public Educational Facilities Authority Bradford Academy Project ††		8.00			9-1-2021		80,000		69,962
Michigan Public Educational Facilities Authority Landmark Academy Project Series 2010		6.00			6-1-2020		205,000		204,850
Oakland County MI Economic Development Corporation The Academy of The Sacred Heart Project Series A		6.50			12-15-2036		485,000		486,984
Western Michigan University		5.25			11-15-2031		400,000		450,292
									1,212,088
GO Revenue: 0.13%
Wayne County MI Building Improvement Series A		6.75			11-1-2039		860,000		868,609
Health Revenue: 1.79%
Michigan Finance Authority Trinity Health Credit Group Series A		5.00			12-1-2047		11,000,000		11,743,035
Miscellaneous Revenue: 0.31%
Michigan Finance Authority Charter Company Wayne Criminal Justice Center Project		4.00			11-1-2048		2,000,000		2,025,900
Tax Revenue: 0.12%
Taylor MI Tax Increment Refunding Bond Series B (AGM Insured)		4.00			5-1-2020		785,000		786,272
Water & Sewer Revenue: 2.82%
Detroit MI Water Supply System Second Lien Series B (AGM Insured)		7.00			7-1-2036		715,000		733,254
Great Lakes Michigan Water Authority Sewage Disposal System Series 2016-C		5.00			7-1-2036		3,560,000		3,961,426
Great Lakes Michigan Water Authority Water Supply System Series 2016-D		4.00			7-1-2032		4,000,000		4,149,560

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

16 Wells Fargo Managed Account CoreBuilder Shares – Series M Portfolio of investments—December 31, 2018

Security name	Interest rate			Maturity date		Principal		Value
Water & Sewer Revenue (continued)
Great Lakes Michigan Water Authority Water Supply System Series 2016-D (AGM Insured)		4.00	%		7-1-2033	$	4,000,000	$	4,152,240
Michigan Finance Authority Local Government Loan Program Series D		5.00			7-1-2030		4,000,000		4,421,680
Michigan Finance Authority Local Government Loan Program Series D4		5.00			7-1-2029		1,000,000		1,108,090
									18,526,250
									35,162,154
Minnesota: 0.08%
Education Revenue: 0.08%
Independence MN Charter School Lease Series A		4.25			7-1-2026		500,000		493,060
Mississippi: 2.07%
Industrial Development Revenue: 1.07%
Mississippi Business Finance Commission Gulf Opportunity Zone Chevron USA Incorporated Project Series A ø		1.67			12-1-2030		7,000,000		7,000,000
Miscellaneous Revenue: 0.69%
Mississippi City of Jackson Convention Center Series A (Municipal Government Guaranty Insured)		5.00			3-1-2026		3,050,000		3,431,982
Mississippi Development Bank Special Obligation Jackson Water & Sewer System Project Series A (AGM Insured)		5.00			9-1-2030		1,000,000		1,078,540
									4,510,522
Resource Recovery Revenue: 0.31%
Mississippi Business Finance Corporation AMT Waste Pro USA Incorporated Project 144A		5.00			2-1-2036		2,000,000		2,049,240
									13,559,762
Missouri: 0.24%
Health Revenue: 0.16%
Missouri HEFA		5.00			2-1-2021		800,000		832,472
Missouri HEFA		5.00			2-1-2022		220,000		231,977
									1,064,449
Tax Revenue: 0.08%
Raymore MO Tax Increment Refunding & Improvement Raymore Galleria Project Series A		4.00			5-1-2020		515,000		516,530
									1,580,979
New Hampshire: 0.68%
Water & Sewer Revenue: 0.68%
New Hampshire Business Authority Water Facility Pennichuck Water Works Incorporated Project Series A		5.00			1-1-2026		1,000,000		1,110,720
New Hampshire Business Authority Water Facility Pennichuck Water Works Incorporated Project Series A		5.00			1-1-2027		845,000		948,648

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

Portfolio of investments—December 31, 2018 Wells Fargo Managed Account CoreBuilder Shares – Series M 17

Security name	Interest rate			Maturity date		Principal		Value
Water & Sewer Revenue (continued)
New Hampshire Business Authority Water Facility Pennichuck Water Works Incorporated Project Series A		5.00	%		1-1-2028	$	1,690,000	$	1,867,349
New Hampshire Business Authority Water Facility Pennichuck Water Works Incorporated Project Series A		5.00			1-1-2028		480,000		536,314
									4,463,031
New Jersey: 6.10%
Education Revenue: 1.26%
New Jersey EDA Educational Facilities Series AB		5.00			6-1-2022		1,875,000		2,013,319
New Jersey EDA Hatikvah International Academy Charter School Project Series A 144A		5.00			7-1-2027		500,000		513,575
New Jersey EDA Hatikvah International Academy Charter School Project Series A 144A		5.25			7-1-2037		1,500,000		1,509,180
New Jersey EDA Student Loan Series 1		5.50			12-1-2021		2,900,000		3,139,337
New Jersey Educational Facilities Authority Higher Education Facilities Trust Fund		5.00			6-15-2025		1,000,000		1,094,590
									8,270,001
GO Revenue: 0.38%
Newark NJ Qualified General Improvement Series A		5.00			7-15-2025		2,355,000		2,508,687
Housing Revenue: 1.66%
New Jersey Housing and Mortgage Finance Agency Series B		3.30			10-1-2025		4,400,000		4,453,064
New Jersey Housing and Mortgage Finance Agency Series B		3.40			4-1-2026		4,430,000		4,489,584
New Jersey Housing and Mortgage Finance Agency Series B		3.45			10-1-2026		1,940,000		1,968,964
									10,911,612
Miscellaneous Revenue: 2.00%
Essex County NJ Improvement Authority Lease Newark Project Series A		6.25			11-1-2030		1,490,000		1,550,822
New Jersey EDA Police Barracks Project		5.00			6-15-2020		285,000		295,702
New Jersey EDA Prerefunded Bond Motor Vehicle Surcharges Series A (National Insured)		5.25			7-1-2026		45,000		54,332
New Jersey EDA School Facilities Construction Project Series NN		5.00			3-1-2027		3,150,000		3,367,854
New Jersey EDA School Facilities Construction Project Series NN		5.00			3-1-2028		5,000,000		5,323,750
New Jersey EDA Unrefunded Bond Motor Vehicle Surcharges Series A (National Insured)		5.25			7-1-2026		205,000		235,455
New Jersey TTFA Series A		5.00			6-15-2020		1,600,000		1,660,080
New Jersey TTFA Series A		5.25			12-15-2022		600,000		657,186
									13,145,181
Transportation Revenue: 0.80%
New Jersey TTFA CAB Series A (z)		5.85			12-15-2031		2,500,000		1,430,100
New Jersey TTFA Series A		5.00			6-15-2029		2,000,000		2,220,120
New Jersey TTFA Series AA		5.00			6-15-2045		1,500,000		1,574,070
									5,224,290
									40,059,771

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

18 Wells Fargo Managed Account CoreBuilder Shares – Series M Portfolio of investments—December 31, 2018

Security name	Interest rate			Maturity date		Principal		Value
New York: 4.10%
Education Revenue: 0.64%
Hempstead Town NY Local Development Corporation The Academy Charter School Project Series A		6.24	%		2-1-2047	$	3,500,000	$	3,170,860
Hempstead Town NY Local Development Corporation The Academy Charter School Project Series A		7.65			2-1-2044		500,000		511,065
Monroe County NY IDAG Refunding Bond Monroe Community College Association (AGM Insured)		5.00			1-15-2038		500,000		544,195
									4,226,120
GO Revenue: 0.19%
Nassau County NY Series F		5.00			10-1-2020		150,000		153,609
New York NY Series F-1		5.00			3-1-2032		1,000,000		1,098,600
									1,252,209
Industrial Development Revenue: 0.19%
New York Transportation Development Corporation Special Facilities Laguardia Airport Project Series 2018		5.00			1-1-2030		1,135,000		1,277,522
Miscellaneous Revenue: 0.03%
New York Dormitory Authority State University Educational Facilities Series A		5.50			5-15-2019		170,000		172,397
Tax Revenue: 1.35%
New York Dormitory Authority Series B Group C		5.00			2-15-2044		8,000,000		8,836,000
Tobacco Revenue: 0.08%
Suffolk NY Tobacco Asset Securitization Corporation		5.00			6-1-2024		500,000		531,515
Transportation Revenue: 0.87%
New York Metropolitan Transportation Authority Series C		5.25			11-15-2031		5,000,000		5,680,000
Utilities Revenue: 0.69%
New York NY IDA Brooklyn Navy Yard Cogeneration Partners LP		5.65			10-1-2028		1,500,000		1,514,415
New York NY IDA Brooklyn Navy Yard Cogeneration Partners LP		5.75			10-1-2036		3,000,000		3,028,830
									4,543,245
Water & Sewer Revenue: 0.06%
Western Nassau County NY Water Authority Series B		5.00			4-1-2025		340,000		393,530
									26,912,538
Ohio: 2.47%
Health Revenue: 1.24%
Cleveland Cuyahoga County OH Port Authority Economic Development Center for Dialysis Care Project Series A		5.00			12-1-2037		2,700,000		2,800,116
Lucas County Ohio Hospital Revenue Promedica Healthcare Obligation		5.25			11-15-2048		5,000,000		5,370,100
									8,170,216

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

Portfolio of investments—December 31, 2018 Wells Fargo Managed Account CoreBuilder Shares – Series M 19

Security name	Interest rate			Maturity date		Principal		Value
Miscellaneous Revenue: 0.69%
Ohio Private Activity Bond AMT Portsmouth Bypass Project (AGM Insured)		5.00	%		12-31-2035	$	2,000,000	$	2,197,220
Ohio Private Activity Bond Series A (AGM Insured)		5.00			12-31-2029		2,070,000		2,309,975
									4,507,195
Resource Recovery Revenue: 0.54%
Ohio Air Quality Development Authority Ohio Valley Electric Corporation Series E		5.63			10-1-2019		3,500,000		3,550,855
									16,228,266
Oklahoma: 1.45%
Airport Revenue: 0.99%
Oklahoma City OK Airport Trust AMT Junior Lien Thirty Third Series		5.00			7-1-2037		3,805,000		4,269,210
Tulsa OK Airports Improvement Trust Series A (AGM Insured)		5.25			6-1-2048		2,000,000		2,244,420
									6,513,630
Health Revenue: 0.13%
Oklahoma Development Finance Authority Oklahoma University Medicine Project Series B		5.50			8-15-2057		750,000		821,475
Miscellaneous Revenue: 0.33%
Garfield County OK Educational Facilities Authority Enid Public Schools Project		5.00			9-1-2027		1,895,000		2,197,594
									9,532,699
Oregon: 0.03%
Education Revenue: 0.03%
Oregon Facilities Authority Southern Oregon University Project (AGM Insured)		4.00			7-1-2023		185,000		194,992
Pennsylvania: 7.24%
Airport Revenue: 0.42%
Philadelphia PA Airport Series B		5.00			7-1-2042		2,500,000		2,748,425
Education Revenue: 0.95%
Allegheny County PA IDA Propel Charter School Sunrise Project		5.25			7-15-2023		405,000		421,022
East Hempfield Township PA IDA Student Services Incorporated Student Housing Project Millersville University		5.00			7-1-2021		660,000		693,442
East Hempfield Township PA IDA Student Services Incorporated Student Housing Project Millersville University		5.00			7-1-2023		760,000		819,485
Philadelphia PA Authority for Industrial Development Southwest Leadership Academy Series A		6.47			11-1-2037		2,500,000		2,382,275
Philadelphia PA IDA 1st Philadelphia Preparatory Charter School Project Series A		7.00			6-15-2033		1,000,000		1,104,370
Philadelphia PA IDA Discovery Charter School Project		5.00			4-1-2022		370,000		371,291
Philadelphia PA IDA Mariana Bracetti Academy Project		6.25			12-15-2021		120,000		128,059
Philadelphia PA IDA New Foundations Charter School Project		6.00			12-15-2027		275,000		296,049
									6,215,993
GO Revenue: 1.77%
Allegheny County PA Series C-72		5.25			12-1-2032		1,000,000		1,122,890
Philadelphia PA Refunding Bond Series A		5.25			7-15-2033		1,000,000		1,108,320

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

20 Wells Fargo Managed Account CoreBuilder Shares – Series M Portfolio of investments—December 31, 2018

Security name	Interest rate			Maturity date		Principal		Value
GO Revenue (continued)
Philadelphia PA School District Series C		5.00	%		9-1-2020	$	250,000	$	261,390
Philadelphia PA School District Series E		5.25			9-1-2022		1,350,000		1,411,790
Philadelphia PA School District Series F		5.00			9-1-2036		3,000,000		3,308,460
Philadelphia PA School District Series F		5.00			9-1-2037		1,000,000		1,099,290
Philadelphia PA School District Unrefunded Bond Series F		5.00			9-1-2030		1,000,000		1,125,010
Philadelphia PA Series A		5.00			8-1-2025		1,905,000		2,182,235
									11,619,385
Health Revenue: 0.31%
Berks County PA Municipal Authority Reading Hospital & Medical Center Project Series B (SIFMA Municipal Swap +1.50%) ±		3.21			11-1-2039		2,000,000		2,030,480
Industrial Development Revenue: 0.83%
Pennsylvania EDFA Bridges Finco LP		5.00			12-31-2034		5,000,000		5,425,300
Miscellaneous Revenue: 2.18%
Commonwealth Financing Authority Pennsylvania Series B-1 (AGM Insured)		5.00			6-1-2025		500,000		576,815
Delaware Valley PA Regional Finance Authority Local Government Series A (Ambac Insured)		5.50			8-1-2028		1,400,000		1,689,450
Philadelphia PA IDA Cultural & Commercial Corridors Program Series A		5.00			12-1-2025		1,995,000		2,282,480
Philadelphia PA Public School Building Authority Unrefunded Bond Series A		5.00			6-1-2036		4,525,000		4,987,093
Philadelphia PA Public School Building Authority Harrisburg School District Project Series A (AGM Insured)		5.00			12-1-2023		1,710,000		1,910,583
Philadelphia PA Public School Building Authority Prerefunded Bond Series A		5.00			6-1-2036		190,000		227,212
Philadelphia PA Municipal Authority Revenue Refunding Bond City Agreement Juvenile Justice Services Center		5.00			4-1-2033		2,355,000		2,625,613
									14,299,246
Resource Recovery Revenue: 0.00%
Delaware County PA IDA Resource Recovery Facility Series A		6.20			7-1-2019		5,000		5,012
Transportation Revenue: 0.38%
Pennsylvania Turnpike Commission Series A-1		5.00			12-1-2047		1,000,000		1,101,080
Pennsylvania Turnpike Commission Subordinate Bond Series E		6.38			12-1-2038		1,150,000		1,415,052
									2,516,132
Water & Sewer Revenue: 0.40%
Philadelphia PA Water & Sewer Series B		5.00			7-1-2032		1,145,000		1,293,632
Reading PA Water Authority Series 2011		5.25			12-1-2036		1,250,000		1,348,463
									2,642,095
									47,502,068
South Carolina: 2.44%
Education Revenue: 0.16%
South Carolina Jobs EDA York Preparatory Academy Project Series A		7.00			11-1-2033		1,000,000		1,078,470

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

Portfolio of investments—December 31, 2018 Wells Fargo Managed Account CoreBuilder Shares – Series M 21

Security name	Interest rate			Maturity date		Principal		Value
Health Revenue: 0.23%
Lexington County SC Health Services District LexMed Obligated Group		5.00	%		11-1-2021	$	250,000	$	268,725
Lexington County SC Health Services District LexMed Obligated Group		5.00			11-1-2022		1,120,000		1,228,002
									1,496,727
Miscellaneous Revenue: 0.51%
South Carolina Public Service Authority Series C		5.00			12-1-2030		3,010,000		3,348,143
Resource Recovery Revenue: 0.23%
South Carolina Jobs EDA Solid Waste Disposal AMT RePower South Berkeley LLC Project Green Bond 144A		6.00			2-1-2035		1,500,000		1,489,230
Utilities Revenue: 0.48%
Patriots Energy Group Financing Agency South Carolina Series A		4.00			10-1-2048		3,000,000		3,169,230
Water & Sewer Revenue: 0.83%
Columbia SC Waterworks & Sewer System		5.00			2-1-2043		5,000,000		5,431,050
									16,012,850
Tennessee: 2.22%
Health Revenue: 0.47%
Metropolitan Government of Nashville & Davidson County TN Health & Educational Facilities Board Series 2001B-1		1.55			11-15-2030		3,100,000		3,058,460
Utilities Revenue: 1.75%
Tennessee Energy Acquisition Corporation		4.00			11-1-2049		8,000,000		8,389,440
Tennessee Energy Acquisition Corporation Series A		4.00			5-1-2048		3,000,000		3,117,090
									11,506,530
									14,564,990
Texas: 7.07%
Airport Revenue: 1.98%
Austin TX Airport System AMT		5.00			11-15-2044		2,500,000		2,740,275
Dallas-Fort Worth TX International Airport AMT Series D		5.00			11-1-2038		3,315,000		3,469,479
Dallas-Fort Worth TX International Airport Series H		5.00			11-1-2042		6,500,000		6,790,355
									13,000,109
Education Revenue: 1.78%
Arlington TX Higher Education Finance Corporation Universal Academy Project Series A		7.13			3-1-2044		1,250,000		1,269,988
Clifton TX Higher Education Finance Corporation International Leadership Texas Series D		6.00			8-15-2038		2,500,000		2,533,375
Clifton TX Higher Education Finance Corporation International Leadership Texas Series D		6.13			8-15-2048		2,250,000		2,273,535
Clifton TX Higher Educational Finance Corporation International Leadership Series A		5.50			8-15-2035		2,000,000		1,978,420
Clifton TX Higher Educational Finance Corporation International Leadership Series A		5.75			8-15-2038		1,000,000		999,930
Clifton TX Higher Educational Finance Corporation Uplift Education Project Series A		3.10			12-1-2022		1,255,000		1,234,518
Houston TX Higher Education Finance Corporation Series A		4.00			2-15-2022		120,000		122,779

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

22 Wells Fargo Managed Account CoreBuilder Shares – Series M Portfolio of investments—December 31, 2018

Security name	Interest rate			Maturity date		Principal		Value
Education Revenue (continued)
New Hope Cultural Educational Facilities Finance Corporation Series A 144A		5.00	%		8-15-2026	$	500,000	$	507,810
Newark TX Higher Educational Finance Corporation Austin Achieve Public School Incorporated Series A		5.00			6-15-2032		750,000		747,803
									11,668,158
GO Revenue: 1.69%
Crowley TX Independent School District Building		4.00			8-1-2048		4,365,000		4,480,323
Houston TX Public Improvement Refunding Bonds Series A		5.00			3-1-2029		1,000,000		1,177,030
San Antonio TX Independent School District		5.00			8-15-2048		4,890,000		5,432,546
									11,089,899
Miscellaneous Revenue: 1.03%
Lewisville TX Combination Contract Castle Hills Public Improvement Bonds District #6 144A		6.00			9-1-2037		5,995,000		6,124,252
Texas Transportation Commission Highway		5.00			4-1-2028		540,000		634,009
									6,758,261
Transportation Revenue: 0.32%
North Texas Tollway Authority System Series B		5.00			1-1-2026		350,000		369,163
Texas Private Activity Bond Surface Transportation Corporation LBJ Infrastructure Project		7.50			6-30-2033		250,000		267,770
Texas Private Activity Bond Surface Transportation Corporation Project NTE Mobility Partners Segments LLC		7.00			12-31-2038		1,300,000		1,503,723
									2,140,656
Utilities Revenue: 0.05%
Texas SA Energy Acquisition Public Facility Corporation Gas Supply		5.50			8-1-2019		330,000		335,656
Water & Sewer Revenue: 0.22%
Upper Trinity TX Regional Water District (Build America Mutual Assurance Company Insured)		5.00			8-1-2028		750,000		860,963
Upper Trinity TX Regional Water District (Build America Mutual Assurance Company Insured)		5.00			8-1-2029		500,000		570,515
									1,431,478
									46,424,217
Utah: 1.16%
Airport Revenue: 0.35%
Salt Lake City UT Series A		5.00			7-1-2043		1,000,000		1,134,110
Salt Lake City UT Series A		5.25			7-1-2048		1,000,000		1,132,560
									2,266,670
Education Revenue: 0.81%
Utah Charter School Finance Authority Christian School Early Light Academy Project 144A		4.50			7-15-2027		900,000		880,641
Utah Charter School Finance Authority Freedom Academy Foundation Project (Charter School Credit Enhancement Program Insured) 144A		5.25			6-15-2037		4,500,000		4,452,705
									5,333,346
									7,600,016

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

Portfolio of investments—December 31, 2018 Wells Fargo Managed Account CoreBuilder Shares – Series M 23

Security name	Interest rate			Maturity date		Principal		Value
Vermont: 0.37%
Airport Revenue: 0.01%
Burlington VT Airport (AGM Insured)		5.00	%		7-1-2019	$	100,000	$	101,449
Education Revenue: 0.36%
Vermont Student Assistance Corporation Series B Class B (1 Month LIBOR +1.00%) ±		3.35			6-2-2042		2,350,763		2,339,314
									2,440,763
Virginia: 0.65%
Transportation Revenue: 0.65%
Virginia Commonweallth Transportation Series A		5.00			5-15-2028		2,000,000		2,420,140
Virginia Small Business Financing Authority Senior Lien 95 Express Lanes LLC Project		5.00			7-1-2034		1,800,000		1,875,600
									4,295,740
Washington: 3.43%
GO Revenue: 1.97%
King County WA Public Hospital District #1 Series 2016		5.00			12-1-2036		475,000		525,236
King County WA Public Hospital District #1 Valley Medical Center Refunding Bond		5.00			12-1-2035		5,500,000		6,105,770
Washington Series D		5.00			2-1-2037		5,620,000		6,347,116
									12,978,122
Health Revenue: 1.46%
Washington HCFR Catholic Health Initiatives Series A		5.00			1-1-2029		1,300,000		1,465,464
Washington HCFR Catholic Health Initiatives Series B (SIFMA Municipal Swap +1.00%) ±		2.71			1-1-2035		5,040,000		5,054,767
Washington HCFR Catholic Health Initiatives Series B (SIFMA Municipal Swap +1.40%) ±		3.11			1-1-2035		3,000,000		3,050,760
									9,570,991
									22,549,113
Wisconsin: 3.79%
Airport Revenue: 0.41%
Wisconsin PFA Airport Facilities Series C		5.00			7-1-2042		2,585,000		2,709,752
Education Revenue: 1.72%
Wisconsin PFA Carolina International School Series A 144A		7.20			8-1-2048		1,000,000		1,092,390
Wisconsin PFA Lease Development University of Kansas Campus Development Project		5.00			3-1-2046		4,500,000		4,897,305
Wisconsin PFA Pine Lake Preparatory 144A		4.95			3-1-2030		1,370,000		1,402,770
Wisconsin PFA Research Triangle High School Project Series 2015-A 144A		5.63			7-1-2045		1,790,000		1,758,317
Wisconsin PFA Research Triangle High School Project Series A 144A		4.38			7-1-2025		460,000		461,417
Wisconsin PFA Research Triangle High School Project Series A 144A		5.38			7-1-2035		1,730,000		1,714,309
									11,326,508
Miscellaneous Revenue: 0.39%
Public Finance Authority WI Capital Improvements Boynton Beach FL Municipal Improvements Project		5.00			7-1-2041		2,280,000		2,530,891

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

24 Wells Fargo Managed Account CoreBuilder Shares – Series M Portfolio of investments—December 31, 2018

Security name	Interest rate			Maturity date		Principal		Value
Tax Revenue: 1.27%
Mount Pleasant WI Series A		5.00	%		4-1-2043	$	5,000,000	$	5,562,650
Mount Pleasant WI Series A		5.00			4-1-2048		2,500,000		2,770,950
									8,333,600
									24,900,751
Total Municipal Obligations (Cost $638,134,536)									646,629,668
	Yield					Shares
Short-Term Investments: 0.46%
Investment Companies: 0.43%
Wells Fargo Municipal Cash Management Money Market Fund Institutional Class (l)(u)		1.65					2,817,113		2,818,240
						Principal
U.S. Treasury Securities: 0.03%
U.S. Treasury Bill (z)		2.32			3-14-2019	$	225,000		223,922
Total Short-Term Investments (Cost $3,042,186)									3,042,162

Total investments in securities (Cost $641,176,722)	98.97	%		649,671,830
Other assets and liabilities, net	1.03			6,774,389
Total net assets	100.00	%	$	656,446,219

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

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

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

†† On the last interest date, partial interest was paid.

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

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

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

Abbreviations:

AGM Assured Guaranty Municipal

Ambac Ambac Financial Group Incorporated

AMT Alternative minimum tax

CAB Capital appreciation bond

CDA Community Development Authority

DW&P Department of Water & Power

ECFA Educational & Cultural Facilities Authority

EDA Economic Development Authority

EDFA Economic Development Finance Authority

GO General obligation

HCFR Healthcare facilities revenue

HEFA Health & Educational Facilities Authority

IDA Industrial Development Authority

IDAG Industrial Development Agency

LIBOR London Interbank Offered Rate

LIQ Liquidity agreement

National National Public Finance Guarantee Corporation

PCFA Pollution Control Financing Authority

PFA Public Finance Authority

TTFA Transportation Trust Fund Authority

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

Portfolio of investments—December 31, 2018 Wells Fargo Managed Account CoreBuilder Shares – Series M 25

Investments in Affiliates

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

	Shares, beginning of period		Shares purchased		Shares sold		Shares, end of period		Net realized gains (losses)			Net change in unrealized gains (losses)			Income from affiliated securities		Value, end of period		% of net assets
Short-Term Investments
Investment Companies
Wells Fargo Municipal Cash Management Money Market Fund Institutional Class		2,218,109		188,503,408		187,904,404		2,817,113	$	(2,096	)	$	(541	)	$	62,585	$	2,818,240		0.43	%

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

26 Wells Fargo Managed Account CoreBuilder Shares – Series M Statement of assets and liabilities—December 31, 2018

Assets
Investments in unaffiliated securities, at value (cost $638,358,482)	$	646,853,590
Investments in affiliated securities, at value (cost $2,818,240)		2,818,240
Receivable for investments sold		130,000
Receivable for Fund shares sold		2,677,297
Receivable for interest		7,787,529
Receivable from manager		26,237
Total assets		660,292,893
Liabilities
Dividends payable		1,946,970
Due to custodian bank		1,743,713
Payable for Fund shares redeemed		142,105
Payable to the broker		13,886
Total liabilities		3,846,674
Total net assets	$	656,446,219
NET ASSETS CONSIST OF
Paid-in capital	$	653,927,209
Total distributable earnings		2,519,010
Total net assets	$	656,446,219
COMPUTATION OF NET ASSET VALUE PER SHARE
Net assets	$	656,446,219
Shares outstanding1		55,665,753
Net asset value per share	$	11.79

¹  The Fund has an unlimited number of authorized shares.

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

Statement of operations—year ended December 31, 2018 Wells Fargo Managed Account CoreBuilder Shares – Series M 27

Investment income
Interest	$	22,902,524
Income from affiliated securities		62,585
Total investment income		22,965,109
Expenses
Custody and accounting fees		30,634
Professional fees		45,929
Registration fees		52,395
Shareholder report expenses		21,050
Trustees’ fees and expenses		20,770
Other fees and expenses		16,349
Total expenses		187,127
Less: Fee waivers and/or expense reimbursements		(187,127	)
Net expenses		0
Net investment income		22,965,109
REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS
Net realized gains (losses) on:
Unaffiliated securities		(5,465,457	)
Affiliated securities		(2,096	)
Futures contracts		568,893
Credit default swap contracts		374,810
Net realized losses on investments		(4,523,850	)
Net change in unrealized gains (losses) on:
Unaffiliated securities		(1,729,660	)
Affiliated securities		(541	)
Credit default swap contracts		105,987
Net change in unrealized gains (losses) on investments		(1,624,214	)
Net realized and unrealized gains (losses) on investments		(6,148,064	)
Net increase in net assets resulting from operations	$	16,817,045

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

28 Wells Fargo Managed Account CoreBuilder Shares – Series M Statement of changes in net assets

	Year ended December 31, 2018						Year ended December 31, 20171
Operations
Net investment income				$	22,965,109					$	19,924,311
Net realized losses on investments					(4,523,850	)					(612,881	)
Net change in unrealized gains (losses) on investments					(1,624,214	)					20,599,326
Net increase in net assets resulting from operations					16,817,045						39,910,756
Distributions to shareholders from net investment income and net realized gains					(22,894,730	)					(19,802,652	)
Capital share transactions		Shares						Shares
Proceeds from shares sold		18,445,118			216,652,231			15,616,924			183,098,308
Payment for shares redeemed		(14,683,738	)		(172,469,789	)		(10,559,184	)		(123,912,129	)
Net increase in net assets resulting from capital share transactions					44,182,442						59,186,179
Total increase in net assets					38,104,757						79,294,283
Net assets
Beginning of period					618,341,462						539,047,179
End of period				$	656,446,219					$	618,341,462

¹  Effective for all filings after November 4, 2018, the SEC prospectively eliminated the requirement to parenthetically disclose undistributed net investment income at the end of the period and permitted the aggregation of distributions, with the exception of tax basis returns of capital. Overdistributed net investment income at December 31, 2017 was $1,625. The disaggregated distributions information for the year ended December 31, 2017 is included in Note 8, Distributions to Shareholders, in the notes to the financial statements.

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

Financial highlights Wells Fargo Managed Account CoreBuilder Shares – Series M 29

(For a share outstanding throughout each period)

	Year ended December 31
	2018			2017			2016			2015			2014
Net asset value, beginning of period		$11.91			$11.51			$11.96			$11.86			$10.99
Net investment income		0.43			0.40			0.37			0.41			0.44
Net realized and unrealized gains (losses) on investments		(0.13	)		0.40			(0.45	)		0.10			1.00
Total from investment operations		0.30			0.80			(0.08	)		0.51			1.44
Distributions to shareholders from
Net investment income		(0.42	)		(0.40	)		(0.37	)		(0.41	)		(0.44	)
Net realized gains		0.00			0.00			0.00			0.00			(0.13	)
Total distributions to shareholders		(0.42	)		(0.40	)		(0.37	)		(0.41	)		(0.57	)
Net asset value, end of period		$11.79			$11.91			$11.51			$11.96			$11.86
Total return		2.63	%		7.02	%		(0.75	)%		4.38	%		13.27	%
Ratios to average net assets (annualized)
Gross expenses		0.03	%		0.04	%		0.04	%		0.07	%		0.10	%
Net expenses		0.00	%1		0.00	%1		0.00	%1		0.00	%1		0.00	%1
Net investment income		3.62	%		3.39	%		3.05	%		3.45	%		3.66	%
Supplemental data
Portfolio turnover rate		28	%		19	%		15	%		21	%		37	%
Net assets, end of period (000s omitted)		$656,446			$618,341			$539,047			$361,409			$222,616

¹  The manager has contractually committed to irrevocably absorb and pay or reimburse all ordinary operating expenses of the Fund, except portfolio transactions or other investment-related costs (e.g., commissions), fees payable for services provided by the Fund’s securities lending agent (if any), interest, taxes, leverage expenses, and other expenses not incurred in the ordinary course of the Fund’s business. This commitment has an indefinite term.

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

30 Wells Fargo Managed Account CoreBuilder Shares – Series M Notes to financial statements

1. ORGANIZATION

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

The Fund is a special purpose municipal bond fund that is used in combination with selected individual securities to effectively model institutional-level investment strategies. As an investment option within the separately managed accounts advised or subadvised by Wells Fargo Funds Management, LLC (“Funds Management”), the Fund enables certain separately managed account investors to achieve greater diversification than small managed accounts might otherwise achieve.

2. SIGNIFICANT ACCOUNTING POLICIES

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

Securities valuation

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

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

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

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

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

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

When-issued transactions

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

Futures contracts

The Fund is subject to interest rate risk in the normal course of pursuing its investment objectives. Futures contracts are agreements between the Fund and a counterparty to buy or sell a specific amount of a commodity, financial instrument or currency at specified price and on a specified date. The Fund may buy and sell futures contracts in order to gain exposure to, or protect against, changes in interest rates. The primary risks associated with the use of futures contracts are the imperfect correlation between changes in market values of securities held by the Fund and the prices of futures

Notes to financial statements Wells Fargo Managed Account CoreBuilder Shares – Series M 31

contracts, and the possibility of an illiquid market. Futures contracts are generally entered into on a regulated futures exchange and cleared through a clearinghouse associated with the exchange. With futures contracts, there is minimal counterparty risk to the Fund since futures contracts are exchange traded and the exchange’s clearinghouse, as counterparty to all exchange traded futures, guarantees the futures contracts against default.

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

Swap contracts

Swap contracts are agreements between the Fund and a counterparty to exchange a series of cash flows over a specified period. Swap agreements are privately negotiated contracts between the Fund and a counterparty in the OTC market and may be entered into as a bilateral contract (“OTC swaps”) or centrally cleared (“centrally cleared swaps”) with a central clearinghouse.

For OTC swaps, any upfront premiums paid and any upfront fees received are shown as swap premiums paid and swap premiums received, respectively, in the Statement of Assets and Liabilities and amortized over the term of the contract. The daily fluctuations in market value are recorded as unrealized gains or losses on OTC swaps in the Statement of Assets and Liabilities. Payments received or paid are recorded in the Statement of Operations as realized gains or losses, respectively. When an OTC swap is terminated, a realized gain or loss is recorded in the Statement of Operations equal to the difference between the proceeds from (or cost of) the closing transaction and the Fund’s basis in the contract, if any. Generally, the basis of the contract is the premium received or paid.

In a centrally cleared swap, immediately following execution of the swap contract, the swap contract is novated to a central counterparty (the “CCP”) and the Fund’s counterparty on the swap agreement becomes the CCP. Upon entering into a centrally cleared swap, the Fund is required to deposit an initial margin with the broker in the form of cash or securities. Securities deposited as initial margin are designated in the Portfolio of Investments and cash deposited is shown as cash segregated for centrally cleared swaps in the Statement of Assets and Liabilities. Pursuant to the contract, the Fund agrees to receive from or pay to the broker an amount of cash equal to the daily fluctuation in market value of the contract (“variation margin”). The variation margin is recorded as an unrealized gain (or loss) and shown as variation margin receivable (or payable) on centrally cleared swaps in the Statement of Assets and Liabilities. Payments received from (paid to) the counterparty, including at termination, are recorded as realized gains (losses) in the Statement of Operations.

Credit default swaps

The Fund is subject to credit risk in the normal course of pursuing its investment objectives. The Fund may enter into credit default swaps for hedging or speculative purposes to provide or receive a measure of protection against default on a referenced entity, obligation or index or a basket of single-name issuers or traded indexes. An index credit default swap references all the names in the index, and if a credit event is triggered, the credit event is settled based on that name’s weight in the index. Credit default swaps are agreements in which the protection buyer pays fixed periodic payments to the protection seller in consideration for a promise from the protection seller to make a specific payment should a negative credit event take place with respect to the referenced entity (e.g., bankruptcy, failure to pay, obligation acceleration, repudiation, moratorium or restructuring).

The Fund may enter into credit default swaps as either the seller of protection or the buyer of protection. If the Fund is the buyer of protection and a credit event occurs, the Fund will either receive from the seller an amount equal to the notional amount of the swap and deliver the referenced security or underlying securities comprising the index, or receive a net settlement of cash equal to the notional amount of the swap less the recovery value of the security or underlying securities comprising the index. If the Fund is the seller of protection and a credit event occurs, the Fund will either pay the buyer an amount equal to the notional amount of the swap and take delivery of the referenced security or underlying securities comprising the index or pay a net settlement of cash equal to the notional amount of the swap less the recovery value of the security or underlying securities comprising the index.

As the seller of protection, the Fund is subject to investment exposure on the notional amount of the swap and has assumed the risk of default of the underlying security or index. As the buyer of protection, the Fund could be exposed to risks if the seller of the protection defaults on its obligation to perform, or if there are unfavorable changes in the fluctuation of interest rates.

32 Wells Fargo Managed Account CoreBuilder Shares – Series M Notes to financial statements

Security transactions and income recognition

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

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

Distributions to shareholders

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

Federal and other taxes

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

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

As of December 31, 2018, the aggregate cost of all investments for federal income tax purposes was $641,176,828 and the unrealized gains (losses) consisted of:

Gross unrealized gains	$	12,160,898
Gross unrealized losses		(3,665,896	)
Net unrealized gains	$	8,495,002

As of December 31, 2018, the Fund had capital loss carryforwards which consist of $323,531 in short-term capital losses and $5,651,024 in long-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.

Notes to financial statements Wells Fargo Managed Account CoreBuilder Shares – Series M 33

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

	Quoted prices (Level 1)		Other significant observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total
Assets
Investments in:
Municipal obligations	$	0	$	646,629,668	$	0	$	646,629,668
Short-term investments
Investment companies		2,818,240		0		0		2,818,240
U.S. Treasury securities		223,922		0		0		223,922
Total assets	$	3,042,162	$	646,629,668	$	0	$	649,671,830

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

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

4. TRANSACTIONS WITH AFFILIATES

The Trust has entered into an advisory contract with Funds Management, an indirect wholly owned subsidiary of Wells Fargo & Company (“Wells Fargo”). The manager is responsible for implementing investment policies and guidelines and for supervising the subadviser, who is responsible for day-to-day portfolio management of the Fund. For providing these services, Funds Management does not receive a fee from the Fund but is entitled to receive fees from the sponsors of the wrap-fee programs. Out of these fees, Funds Management pays Wells Capital Management Incorporated, an affiliate of Funds Management and an indirect wholly owned subsidiary of Wells Fargo, for its services as the subadviser to the Fund.

Generally, no ordinary operating fees or expenses are charged to the Fund. Funds Management has contractually committed to irrevocably absorb and pay or reimburse all ordinary operating expenses of the Fund, except portfolio transactions or other investment-related costs (e.g., commissions), fees payable for services provided by the Fund’s securities lending agent (if any), interest, taxes, leverage expenses, and other expenses not incurred in the ordinary course of the Fund’s business. This commitment has an indefinite term.

Interfund transactions

The Fund may purchase or sell portfolio investment securities to certain other Wells Fargo affiliates pursuant to Rule 17a-7 under the 1940 Act and under procedures adopted by the Board of Trustees. The procedures have been designed to ensure that these interfund transactions, which do not incur broker commissions, are effected at current market prices. Pursuant to these procedures, the Fund had $12,955,000 and $43,365,000 in interfund purchases and sales, respectively, during the year ended December 31, 2018.

5. INVESTMENT PORTFOLIO TRANSACTIONS

Purchases and sales of investments, excluding U.S. government obligations (if any) and short-term securities, for the year ended December 31, 2018 were $243,465,849 and $169,362,946, respectively.

6. DERIVATIVE TRANSACTIONS

During the year ended December 31, 2018, the Fund entered into futures contracts to gain or reduce market exposure to certain asset classes consistent with an active asset allocation strategy of the Fund. The Fund also entered into credit default swap contracts as a substitute for taking a position in the underlying security or basket of securities or to potentially enhance the Fund’s total return.

The volume of the Fund’s futures contracts and credit default swap contracts derivative activity during the year ended December 31, 2018 was as follows:

Futures contracts
Average notional balance on long futures	$	7,270,456
Credit default swap contracts
Average notional balance		2,470,685

34 Wells Fargo Managed Account CoreBuilder Shares – Series M Notes to financial statements

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 year ended December 31, 2018, there were no borrowings by the Fund under the agreement.

8. DISTRIBUTIONS TO SHAREHOLDERS

The tax character of distributions paid during the years ended December 31, 2018 and December 31, 2017 were as follows:

	Year ended December 31
	2018		2017
Tax-exempt income	$	22,894,730	$	19,802,652

As of December 31, 2018, the components of distributable earnings on a tax basis were as follows:

Undistributed tax-exempt income	Unrealized gains	Capital loss carryforward
$1,945,533	$8,495,002	$(5,974,555)

Effective for all filings after November 4, 2018, the Securities and Exchange Commission eliminated the requirement to separately state the components of distributions to shareholders under U.S. generally accepted accounting principles. The amount of distributions to shareholders from net investment income for the year ended December 31, 2017 was $19,802,652.

9. CONCENTRATION RISK

Concentration risk exists when a shareholder owns a large amount of shares of the Fund. A fund with a concentration of ownership may be more affected by the investment activity of those shareholders than would be a fund that does not have any ownership concentration. As of December 31, 2018, two unaffiliated shareholders owned 75% of the Fund and an affiliate of Wells Fargo owned 13% of the Fund.

10. INDEMNIFICATION

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

11. NEW ACCOUNTING PRONOUNCEMENT

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

Report of independent registered public accounting firm Wells Fargo Managed Account CoreBuilder Shares – Series M 35

TO THE SHAREHOLDERS OF THE FUND AND BOARD OF TRUSTEES OF

WELLS FARGO FUNDS TRUST:

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities of Wells Fargo Managed Account CoreBuilder Shares-Series M (the Fund), one of the funds constituting the Wells Fargo Funds Trust, including the portfolio of investments, as of December 31, 2018, the related statement of operations for the year then ended, the statements of changes in net assets for each of the years in the two-year period then ended, and the related notes (collectively, the financial statements) and the financial highlights for each of the years in the five-year period then ended. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of December 31, 2018, the results of its operations for the year then ended, the changes in its net assets for each of the years in the two-year period then ended, and the financial highlights for each of the years in the five-year period then ended, in conformity with U.S. generally accepted accounting principles.

Basis for Opinion

These financial statements and financial highlights are the responsibility of the Fund’s management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Such procedures also included confirmation of securities owned as of December 31, 2018, by correspondence with custodians and brokers, or by other appropriate auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. We believe that our audits provide a reasonable basis for our opinion.

We have not been able to determine the specific year that we began serving as the auditors of one or more Wells Fargo Funds investment companies, however we are aware that we have served as the auditors of one or more Wells Fargo Funds investment companies since at least 1955.

Boston, Massachusetts

February 22, 2019

36 Wells Fargo Managed Account CoreBuilder Shares – Series M Other information (unaudited)

TAX INFORMATION

Pursuant to Section 852 of the Internal Revenue Code, 100% of distributions paid from net investment income is designated as exempt-interest dividends for the fiscal year ended December 31, 2018.

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 calling 1-888-877-9275, visiting our website at wellsfargofunds.com, or visiting the SEC website at sec.gov. Information regarding how the Fund voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is available on the Fund’s website at wellsfargofunds.com or by visiting the SEC website at sec.gov.

PORTFOLIO HOLDINGS INFORMATION

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

Other information (unaudited) Wells Fargo Managed Account CoreBuilder Shares – Series M 37

BOARD OF TRUSTEES AND OFFICERS

Each of the Trustees and Officers¹ listed in the table below acts in identical capacities for each fund in the Wells Fargo family of funds, which consists of 152 mutual funds comprising the Wells Fargo Funds Trust, Wells Fargo Variable Trust, Wells Fargo Master Trust and four closed-end funds (collectively the “Fund Complex”). This table should be read in conjunction with the Prospectus and the Statement of Additional Information². The mailing address of each Trustee and Officer is 525 Market Street, 12th Floor, San Francisco, CA 94105. Each Trustee and Officer serves an indefinite term, however, each Trustee serves such term until reaching the mandatory retirement age established by the Trustees.

Independent Trustees

Name and year of birth	Position held and length of service*	Principal occupations during past five years or longer	Current other public company or investment company directorships
William R. Ebsworth (Born 1957)	Trustee, since 2015	Retired. From 1984 to 2013, equities analyst, portfolio manager, research director and chief investment officer at Fidelity Management and Research Company in Boston, Tokyo, and Hong Kong, and retired in 2013 as Chief Investment Officer of Fidelity Strategic Advisers, Inc. where he led a team of investment professionals managing client assets. Prior thereto, Board member of Hong Kong Securities Clearing Co., Hong Kong Options Clearing Corp., the Thailand International Fund, Ltd., Fidelity Investments Life Insurance Company, and Empire Fidelity Investments Life Insurance Company. Board member of the Vincent Memorial Hospital Endowment (non-profit organization), where he serves on the Investment Committee and as a Chair of the Audit Committee. Mr. Ebsworth is a CFA® charterholder.	N/A
Jane A. Freeman (Born 1953)	Trustee, since 2015; Chair Liaison, since 2018	Retired. From 2012 to 2014 and 1999 to 2008, Chief Financial Officer of Scientific Learning Corporation. From 2008 to 2012, Ms. Freeman provided consulting services related to strategic business projects. Prior to 1999, Portfolio Manager at Rockefeller & Co. and Scudder, Stevens & Clark. Board member of the Harding Loevner Funds from 1996 to 2014, serving as both Lead Independent Director and chair of the Audit Committee. Board member of the Russell Exchange Traded Funds Trust from 2011 to 2012 and the chair of the Audit Committee. Ms. Freeman is a Board Member of The Ruth Bancroft Garden (non-profit organization). She is also an inactive Chartered Financial Analyst.	N/A
Isaiah Harris, Jr.3 (Born 1952)	Trustee, since 2009; Audit Committee Chairman, since 2019	Retired. Chairman of the Board of CIGNA Corporation since 2009, and Director since 2005. From 2003 to 2011, Director of Deluxe Corporation. Prior thereto, President and CEO of BellSouth Advertising and Publishing Corp. from 2005 to 2007, President and CEO of BellSouth Enterprises from 2004 to 2005 and President of BellSouth Consumer Services from 2000 to 2003. Emeritus member of the Iowa State University Foundation Board of Governors. Emeritus Member of the Advisory Board of Iowa State University School of Business. Advisory Board Member, Palm Harbor Academy (private school). Advisory Board Member, Child Evangelism Fellowship (non-profit). Mr. Harris is a certified public accountant (inactive status).	CIGNA Corporation
Judith M. Johnson3 (Born 1949)	Trustee, since 2008; Audit Committee Chairman, from 2009 to 2018	Retired. Prior thereto, Chief Executive Officer and Chief Investment Officer of Minneapolis Employees Retirement Fund from 1996 to 2008. Ms. Johnson is an attorney, certified public accountant and a certified managerial accountant.	N/A
David F. Larcker (Born 1950)	Trustee, since 2009	James Irvin Miller Professor of Accounting at the Graduate School of Business, Stanford University, Director of the Corporate Governance Research Initiative and Senior Faculty of The Rock Center for Corporate Governance since 2006. From 2005 to 2008, Professor of Accounting at the Graduate School of Business, Stanford University. Prior thereto, Ernst & Young Professor of Accounting at The Wharton School, University of Pennsylvania from 1985 to 2005.	N/A

38 Wells Fargo Managed Account CoreBuilder Shares – Series M Other information (unaudited)

Name and year of birth	Position held and length of service*	Principal occupations during past five years or longer	Current other public company or investment company directorships
Olivia S. Mitchell (Born 1953)	Trustee, since 2006; Nominating and Governance Committee Chairman, since 2018	International Foundation of Employee Benefit Plans Professor, Wharton School of the University of Pennsylvania since 1993. Director of Wharton’s Pension Research Council and Boettner Center on Pensions & Retirement Research, and Research Associate at the National Bureau of Economic Research. Previously, Cornell University Professor from 1978 to 1993.	N/A
Timothy J. Penny (Born 1951)	Trustee, since 1996; Chairman, since 2018; Vice Chairman, from 2017 to 2018	President and Chief Executive Officer of Southern Minnesota Initiative Foundation, a non-profit organization, since 2007. Member of the Board of Trustees of NorthStar Education Finance, Inc., a non-profit organization, since 2007.	N/A
James G. Polisson (Born 1959)	Trustee, since 2018; Advisory Board Member, from 2017 to 2018	Retired. Chief Marketing Officer, Source (ETF) UK Services, Ltd, from 2015 to 2017. From 2012 to 2015, Principal of The Polisson Group, LLC, a management consulting, corporate advisory and principal investing company. Chief Executive Officer and Managing Director at Russell Investments, Global Exchange Traded Funds from 2010 to 2012. Managing Director of Barclays Global Investors from 1998 to 2010 and Global Chief Marketing Officer for iShares and Barclays Global Investors from 2000 to 2010. Trustee of the San Francisco Mechanics’ Institute, a non-profit organization, from 2013 to 2015. Board member of the Russell Exchange Traded Fund Trust from 2011 to 2012. Director of Barclays Global Investors Holdings Deutschland GmbH from 2006 to 2009. Mr. Polisson is an attorney and has a retired status with the Massachusetts and District of Columbia Bar Associations.	N/A
Michael S. Scofield4 (Born 1943)	Trustee, since 2010	Served on the Investment Company Institute’s Board of Governors and Executive Committee from 2008-2011 as well the Governing Council of the Independent Directors Council from 2006-2011 and the Independent Directors Council Executive Committee from 2008-2011. Trustee of the Evergreen Fund complex (and its predecessors) from 1984 to 2010. Chairman of the Evergreen Funds from 2000-2010. Former Trustee of the Mentor Funds. Retired Attorney, Law Offices of Michael S. Scofield.	N/A
Pamela Wheelock (Born 1959)	Trustee, since 2018; Advisory Board Member, from 2017 to 2018	Chief Operating Officer, Twin Cities Habitat for Humanity, since January, 2017. Vice President of University Services, University of Minnesota from 2012 to 2017. Prior thereto, on the Board of Directors, Governance Committee and Finance Committee for the Minnesota Philanthropy Partners (Saint Paul Foundation) from 2012 to 2018, Interim President and Chief Executive Officer of Blue Cross Blue Shield of Minnesota from 2010 to 2011, Chairman of the Board from 2009 to 2011 and Board Director from 2003 to 2015. Vice President, Leadership and Community Engagement, Bush Foundation, Saint Paul, Minnesota (a private foundation) from 2009 to 2011. Executive Vice President and Chief Financial Officer, Minnesota Sports and Entertainment from 2004 to 2009 and Senior Vice President from 2002 to 2004. Commissioner of Finance, State of Minnesota, from 1999 to 2002. Currently the Board Chair of the Minnesota Wild Foundation since 2010.	N/A

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

Other information (unaudited) Wells Fargo Managed Account CoreBuilder Shares – Series M 39

Officers

Name and year of birth	Position held and length of service	Principal occupations during past five years or longer
Andrew Owen (Born 1960)	President, since 2017	Executive Vice President of Wells Fargo & Company and Head of Affiliated Managers, Wells Fargo Asset Management, since 2014. In addition, Mr. Owen is currently President, Chief Executive Officer and Director of Wells Fargo Funds Management, LLC since 2017. Prior thereto, Executive Vice President responsible for marketing, investments and product development for Wells Fargo Funds Management, LLC, from 2009 to 2014.
Nancy Wiser1 (Born 1967)	Treasurer, since 2012	Executive Vice President of Wells Fargo Funds Management, LLC since 2011. Chief Operating Officer and Chief Compliance Officer at LightBox Capital Management LLC, from 2008 to 2011.
Alexander Kymn (Born 1973)	Secretary, since 2018; Chief Legal Officer, since 2018	Senior Company Counsel of Wells Fargo Bank, N.A. since 2018 (previously Senior Counsel from 2007 to 2018). Vice President of Wells Fargo Funds Management, LLC from 2008 to 2014.
Michael H. Whitaker (Born 1967)	Chief Compliance Officer, since 2016	Senior Vice President and Chief Compliance Officer since 2016. Senior Vice President and Chief Compliance Officer for Fidelity Investments from 2007 to 2016.
David Berardi (Born 1975)	Assistant Treasurer, since 2009	Vice President of Wells Fargo Funds Management, LLC since 2009. Vice President of Evergreen Investment Management Company, LLC from 2008 to 2010. Manager of Fund Reporting and Control for Evergreen Investment Management Company, LLC from 2004 to 2010.
Jeremy DePalma1 (Born 1974)	Assistant Treasurer, since 2009	Senior Vice President of Wells Fargo Funds Management, LLC since 2009. Senior Vice President of Evergreen Investment Management Company, LLC from 2008 to 2010 and head of the Fund Reporting and Control Team within Fund Administration from 2005 to 2010.

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

² The Statement of Additional Information includes additional information about the Trustees and is available, without charge, upon request, by calling 1-888-877-9275 or by visiting the website at wellsfargofunds.com.

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

⁴  Mr. Scofield retired on December 31, 2018.

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

Attn: Managed Account Services

P.O. Box 1450

Milwaukee, WI 53201

Website: wellsfargofunds.com

Managed Account Services: 1-800-368-0627

Sales Support Inquiries: 1-800-368-1683

This report and the financial statements contained herein are submitted for the general information of the shareholders of the Fund. If this report is used for promotional purposes, distribution of the report must be accompanied or preceded by a current prospectus. Before investing, please consider the investment objectives, risks, charges, and expenses of the investment. For a current prospectus and, if available, a summary prospectus, containing this information, call 1-888-877-9275. Read the prospectus carefully before you invest or send money.

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

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

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

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

320435 02-19 ACBM/AR130 12-18

ITEM 2. CODE OF ETHICS

(a) As of the end of the period covered by the report, Wells Fargo Funds Trust has adopted a code of ethics that applies to its President and Treasurer. A copy of the code of ethics is filed as an exhibit to this Form N-CSR.

(c) During the period covered by this report, there were no amendments to the provisions of the code of ethics adopted in Item 2(a) above.

(d) During the period covered by this report, there were no implicit or explicit waivers to the provisions of the code of ethics adopted in Item 2(a) above.

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT

The Board of Trustees of Wells Fargo Funds Trust has determined that Judith Johnson is an audit committee financial expert, as defined in Item 3 of Form N-CSR. Mrs. Johnson is independent for purposes of Item 3 of Form N-CSR.

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES

(a), (b), (c), (d) The following table presents aggregate fees billed in each of the last two fiscal years for services rendered to the Registrant by the Registrant’s principal accountant. These fees were billed to the registrant and were approved by the Registrant’s audit committee.

	Fiscal year ended December 31, 2018		Fiscal year ended December 31, 2017
Audit fees	$	33,409	$	32,300
Audit-related fees		—		—
Tax fees (1)		2,475		2,325
All other fees		—		—
	$	35,884	$	34,625

(1) Tax fees consist of fees for tax compliance, tax advice, tax planning and excise tax.     

(e) The Chairman of the Audit Committees is authorized to pre-approve: (1) audit services for the mutual funds of Wells Fargo Funds Trust; (2) non-audit tax or compliance consulting or training services provided to the Funds by the independent auditors (“Auditors”) if the fees for any particular engagement are not anticipated to exceed $50,000; and (3) non-audit tax or compliance consulting or training services provided by the Auditors to a Fund’s investment adviser and its controlling entities (where pre-approval is required because the engagement relates directly to the operations and financial reporting of the Fund) if the fee to the Auditors for any particular engagement is not anticipated to exceed $50,000. For any such pre-approval sought from the Chairman, Management shall prepare a brief description of the proposed services. If the Chairman approves of such service, he or she shall sign the statement prepared by Management. Such written statement shall be presented to the full Committees at their next regularly scheduled meetings.

(f) Not applicable

(g) Not applicable    

(h) Not applicable

ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS

Not applicable.

ITEM 6. INVESTMENTS

A Portfolio of Investments for Wells Fargo Managed Account CoreBuilder Shares – Series M is included as part of the report to shareholders filed under Item 1 of this Form.

ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES

Not applicable.

ITEM 8. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES

Not applicable.

ITEM 9. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS

Not applicable.

ITEM 10. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS

There have been no material changes to the procedures by which shareholders may recommend nominees to the registrant’s Board of Trustees that have been implemented since the registrant’s last provided disclosure in response to the requirements of this Item.

ITEM 11. CONTROLS AND PROCEDURES

(a) The President and Treasurer have concluded that the Wells Fargo Funds Trust (the “Trust”) disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) provide reasonable assurances that material information relating to the Trust is made known to them by the appropriate persons based on their evaluation of these controls and procedures as of a date within 90 days of the filing of this report.

(b) There were no significant changes in the Trust’s internal controls over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) that occurred during the second fiscal quarter of the period covered by this report that materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.

ITEM 12. DISCLOSURES OF SECURITIES LENDING ACTIVITIES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES

Not applicable.

ITEM 13. EXHIBITS

(a)(1) Code of Ethics pursuant to Item 2 of Form N-CSR is filed and attached hereto as Exhibit COE.

(a)(2) Certification pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)) is filed and attached hereto as Exhibit 99.CERT.

(a)(3) Not applicable.

(b) Certification pursuant to Rule 30a-2(b) under the Investment Company Act of 1940 (17 CFR 270.30a-2(b)) is filed and attached hereto as Exhibit 99.906CERT.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Wells Fargo Funds Trust
By:
	/s/ Andrew Owen
	Andrew Owen
	President
Date:	February 22, 2019

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the date indicated.

Wells Fargo Funds Trust
By:
	/s/ Andrew Owen
	Andrew Owen
	President
Date:	February 22, 2019
By:
	/s/ Nancy Wiser
	Nancy Wiser
	Treasurer
Date:	February 22, 2019

EX-99.CODE

ASSET ALLOCATION TRUST

WELLS FARGO GLOBAL DIVIDEND OPPORTUNITY FUND

WELLS FARGO INCOME OPPORTUNITIES FUND

WELLS FARGO MULTI-SECTOR INCOME FUND

WELLS FARGO UTILITIES & HIGH INCOME FUND

WELLS FARGO FUNDS TRUST

WELLS FARGO MASTER TRUST

WELLS FARGO VARIABLE TRUST

CODE OF ETHICS

Policy on Personal Securities Transactions

Revised

May 24, 2016

TABLE OF CONTENTS

1.	OVERVIEW		1
	1.1	Code of Ethics	1
	1.2	Standards of Business Conduct	1
	1.3	Your Duties	1
	1.4	Our Duties and Responsibilities to You	2
2.	TRADING ON INSIDER INFORMATION		2
	2.1	What is Insider Trading?	2
	2.2	Using Non-Public Information about an Account or our Advisory Activities	3
3.	PERSONAL SECURITIES TRANSACTIONS		3
	3.1	Avoid Conflicts of Interest	3
	3.2	Reporting Person	4
	3.3	Reporting Personal Securities Transactions	4
	3.4	New Accounts	5
	3.5	Reports of the CCO	6
	3.6	Your Reports are Kept Confidential	6
	3.7	Exceptions to Reporting	6
	3.8	Summary of What You Need to Report	7
4.	TRADING REQUIREMENTS, RESTRICTIONS AND EMPLOYEE COMPENSATION ACCOUNTS		8
	4.1	Pre-Clearance Requirements for Reporting Persons	8
	4.2	How to Pre-Clear Personal Securities Transactions	9
	4.3	Trading Restrictions and Prohibitions	9
	4.4	Ban on Short-Term Trading Profits	12
	4.5	Employee Compensation Related Accounts	12
	4.6	Your Reports are Kept Confidential	14
5.	CODE VIOLATIONS		15
	5.1	Investigating Code Violations	15
	5.2	Penalties	15
	5.3	Your Obligation to Report Violations	15
	5.4	Exceptions to the Code	15
6.	ANNUAL WRITTEN REPORTS TO THE BOARDS OF TRUSTEES		15
7.	RECORD RETENTION		16
APPENDIX A DEFINITIONS			17
APPENDIX B ACKNOWLEDGEMENT AND CERTIFICATION			21
APPENDIX C QUARTERLY PERSONAL SECURITIES TRANSACTIONS REPORT			22
APPENDIX D INITIAL HOLDINGS REPORT			23
APPENDIX E ANNUAL HOLDINGS REPORT			24

Wells Fargo Funds

1.   OVERVIEW 1.1  Code of Ethics
	Asset Allocation Trust, Wells Fargo Income Opportunities Fund, Wells Fargo Multi- Sector Income Fund, Wells Fargo Global Dividend Opportunity Fund and Wells Fargo Utilities & High Income Fund, Wells Fargo Funds Trust, Wells Fargo Master Trust and Wells Fargo Variable Trust (including all “feeder funds” of Wells Fargo Master Trust that are advised or administered by Wells Fargo Funds Management, LLC (“Funds Management”), or, “feeder funds” of Asset Allocation Trust, advised by Grantham, Mayo, Van Otterloo & Co., LLC (“GMO”), each an investment adviser registered under the Investment Advisers Act of 1940 (“Advisers Act”), or an affiliate thereof) (each, including the series thereof, a “Wells Fargo Fund” and collectively, the “Wells Fargo Funds”), all registered investment companies under the Investment Company Act of 1940 (the “1940 Act”), adopt this Code of Ethics (the “Code”) pursuant to Rule 17j-1 under the 1940 Act. The Code outlines the policies and procedures to follow and the guidelines that govern Personal Securities Transactions.
See the Definitions located in Appendix A for definitions of capitalized and certain other terms
	The Wells Fargo Funds are committed to maintaining the highest ethical standards. The Wells Fargo Funds have a no tolerance policy for dishonesty, self-dealing and trading on material, Non-Public Information.
	Each Reporting Person, as defined below, is required to read the Code annually. Additionally, each Reporting Person must certify upon receiving the Code (or any new copy of a revised Code pursuant to Section 1.3 below) that he or she has received, read, understands, and is subject to the Code’s provisions and reporting requirements.

See Appendix B.

1.2  Standards of Business Conduct
	You must always observe the highest standards of business conduct and follow all applicable laws and regulations. You may never:
		●	Use any device, scheme or artifice to defraud the Wells Fargo Funds;
		●	Make any untrue statement of a material fact to the Wells Fargo Funds or mislead the Wells Fargo Funds by omitting to state a material fact;
		●	Engage in any act, practice or course of business that would defraud or deceive the Wells Fargo Funds;
		●	Engage in any manipulative practice with respect to the Wells Fargo Funds;
		●	Engage in any inappropriate trading practices, including price manipulation; or
		●	Engage in any transaction that may give the appearance of impropriety.
1.3  Your Duties
	You have a duty of loyalty to the shareholders of the Wells Fargo Funds. That means you always need to act in the best interests of the Wells Fargo Funds. You must never do anything that allows (or appears to allow) you to inappropriately benefit from your relationships with the Wells Fargo Funds.
	You cannot engage in activities such as self-dealing and must disclose all conflicts of interest between the interests of the Wells Fargo Funds and your personal interests to the Compliance Department.

May 24, 2016 1 Code of Ethics

Wells Fargo Funds

	As a person subject to this Code, you must:
		●	Be ethical;
		●	Act professionally;
		●	Exercise independent judgment;
		●	Comply with all applicable Federal Securities Laws;
		●	Comply with all applicable laws (U.S. Foreign Corrupt Practices Act
		●	(FCPA), the UK Bribery Act 2010 (Bribery Act), and other foreign laws) prohibiting bribery of government officials or other third parties;1Adhere to all Wells Fargo Funds policies;
		●	Avoid conflicts of interest, and situations which create the perception of a conflict of interest. A conflict of interest exists when financial or other incentives motivates a person to place their or Wells Fargo’s interest ahead of our customer.
		●	Promptly report violations or suspected violations of the Code to the Compliance Department;
		●	Cooperate fully, honestly and in a timely manner with a Risk & Compliance Department investigation or inquiry.
1.4  Our Duties and Responsibilities to You
	To help you comply with this Code, the CCO and Compliance Department will:
		●	Notify you in writing of the Code reporting requirements.
		●	Make a copy of the Code available and require certification that you have read, understand, and will abide by the Code.
		●	Make available a revised copy of the Code if there are any material amendments to it and require you to certify receipt and understanding of the revised Code.
		●	Periodically compare all reported Personal Securities Transactions with the portfolio transactions report of the Wells Fargo Funds. Before we determine if you may have violated the Code on the basis of this comparison, we will give you an opportunity to provide an explanation.
		●	Review the Code at least once a year to assess its adequacy and effectiveness.
2.  TRADING ON INSIDER INFORMATION
The law requires there to be written policies and procedures with enforcement to prevent Reporting Persons from misusing material, non-public information. Funds Management does this by:
	●	Limiting access to files likely to contain non-public information,
	●	Restricting or monitoring trades, including trades in securities about you might have non-public information, and
	●	Providing continuing education programs about insider trading.
	2.1  What is Insider Trading?
WARNING! Insider trading is illegal. You could go to prison or be forced to pay a large fine for participating in insider trading. Wells Fargo could also be fined for your actions.	Insider trading is generally defined as occurring when a person has possession of material, non-public information about an issuer and engages in a Personal Securities Transaction involving securities issued by the issuer, or discloses the information to others who then trade in the issuer’s securities.

May 24, 2016 2 Code of Ethics

Wells Fargo Funds

		Information is considered material if there is a substantial likelihood that a reasonable investor would consider it important in deciding how to act. Information is considered non-public when it has not been made available to investors generally. Information becomes public once it is publicly disseminated. Limited disclosure does not make the information public (for example, if an insider makes information available to a select group of individuals, it is not public).
Examples of illegal and prohibited insider trading and related activity include, but are not limited to, the following:
		●	Tipping of material, non-public information is illegal and prohibited. Tipping occurs when non-public information about an issuer is given to someone else who then trades in securities of the issuer.
		●	Front running is illegal and prohibited. Front running is trading ahead of an Account in the same or equivalent security (such as options) in order to make a profit or to avoid a loss.
		●	Scalping is illegal and prohibited. Scalping is purchasing or selling a security (or an equivalent security) for a personal account prior to a recommend/buy or recommend/sell that security or equivalent for an Account.
2.2  Using Non-Public Information about an Account or our Advisory Activities
	You may not:
		●	Share with any other person (unless permitted or required by law, it’s necessary to carry out duties and appropriate confidentiality protections are in place, as necessary) any non-public information about an Account, including:
				¡	Any securities holdings or transactions of an Account;
				¡	Any securities recommendation made to an Account;
				¡	Any securities transaction (or transaction under consideration) by an Account, including information about actual or contemplated investment decisions;
				¡	Any changes to portfolio management teams of Reportable Funds;
				¡	any information about planned mergers or liquidations of Reportable Funds; and
				¡	Any Management Valuation Team proceedings and plans for future actions (either through attendance at, or receipt of the output from, such proceedings).
		●	Use any non-public information regarding an Account in any way that might compete with, or be contrary to, the interest of such Account.
		●	Use any non-public information regarding an Account in any way for personal gain.
		NOTE:  Registered Representatives of the Distributor may have other requirements and limitations set forth in the Written Supervisory Procedures.
3.  PERSONAL SECURITIES TRANSACTIONS
3.1  Avoid Conflicts of Interest
When engaging in Personal Securities Transactions, there might be conflicts between the interests of the Wells Fargo Funds and your personal interests. Any conflicts that arise in such Personal Securities Transactions must be resolved in a manner that does not inappropriately benefit you or adversely affect the Wells Fargo Funds or their shareholders. You shall always place the financial and business interests of the Wells Fargo Funds before your own personal financial and business interests.

May 24, 2016 3 Code of Ethics

Wells Fargo Funds

Examples of inappropriate resolutions of conflicts are:
		●	Taking an investment opportunity away from a Wells Fargo Fund to benefit a portfolio of which you have Beneficial Ownership;
		●	Using your position to take advantage of available investments;
		●	Front running a Wells Fargo Fund by trading in securities (or equivalent securities) ahead of a Wells Fargo Fund;
		●	Taking advantage of information or using Wells Fargo Fund portfolio assets to affect the market in a way that personally benefits you or a portfolio of which you have Beneficial Ownership;
		●	Any other behavior determined by the CCO to be or have the appearance of a conflict
3.2  Reporting Person
	The Code applies to you if you are a Reporting Person of the Wells Fargo Funds because you may, at some time, have access to or obtain investment information.
	Reporting Persons are:
		●	All Wells Fargo Fund officers;
		●	All Wells Fargo Fund trustees, either interested or disinterested;
		●	Each Wells Fargo Fund employee and any employee of any company in a control relationship to the Wells Fargo Funds who, in connection with his or her regular functions or duties, makes, participates, in or obtains information regarding, the purchase or sale of securities by a Wells Fargo Fund, or whose functions relate to the making of any recommendations with respect to such purchases or sales;
		●	All natural persons in a control relationship with a Wells Fargo Fund who obtain information concerning recommendations made to a Wells Fargo Fund with regard to the purchase or sale of a Security by a Wells Fargo Fund; or
		●	Anyone else designated in writing by the Chief Compliance Officer (“CCO”).
	Any member of an advisory board to a Wells Fargo Fund (“Advisory Board Member”) will also be treated as a Reporting Person solely for purposes of this Code. As a Reporting Person, unless you are exempt from reporting as an Independent Trustee (as described in Section 3.7 below), you are required to report your initial holdings when you become a Reporting Person, annual holdings each year, and quarterly transactions in any securities in which you or any Immediate Family Member has any direct or indirect beneficial ownership. (You are not required to report transactions for, and securities held in, any account over which neither you nor any member of your immediate family has any direct or indirect influence or control.)
3.3  Reporting Personal Securities Transactions
	Generally, all Reporting Persons must report all Personal Securities Accounts, along with the holdings and transactions of Reportable Securities in those accounts. Personal Securities Accounts include those accounts of Immediate Family Members and accounts in which Reporting Persons are a Beneficial Owner. There are three types of reports:
	(1) an initial holdings report that is filed upon becoming a Reporting Person, (2) a quarterly transaction report, and (3) an annual holdings report.

May 24, 2016 4 Code of Ethics

Wells Fargo Funds

	Each broker-dealer, bank, or fund company where you have a Personal Securities Account must receive a request for the Risk & Compliance Department to receive all account statements and confirmations from such accounts.1 The Code Team will make this request on behalf of the Reporting Person after the accounts are disclosed.
	1.	Initial Holdings Report. Within 10 days of becoming a Reporting Person:
		●	All Personal Securities Accounts, including broker name and account number information must be reported to the Code of Ethics team via the Transaction Monitoring System (“TMS”).
		●	Statements (electronic or paper) for all Personal Securities Accounts must be provided by Reporting Persons to the Code Team.
		●	All holdings of Reportable Securities in Personal Securities Accounts must be input into the Code of Ethics TMS into an Initial Holdings Report. The information in the report must be current as of a date no more than 45 days prior to the date of becoming a Reporting Person.
		●	This Initial Holdings Report must be provided to the Risk & Compliance Department by the business day immediately before the weekend or holiday if the 10th day falls on a weekend or holiday.
	2.	Quarterly Transactions Reports. Within 30 days of calendar quarter end:
		●	Reporting Persons must supply to the Code team a report, most commonly via the Code of Ethics Transaction Monitoring System, showing all Securities trades made in Reporting Persons’ Personal Securities Accounts during the quarter. This report and must be submitted even if there were not any Securities trades transacted during the quarter.
		●	Reporting Persons will certify as to the correctness and completeness of this report.
		●	This report and certification must be provided to the Code team by the business day immediately before the weekend or holiday if the 30th day falls on a weekend or holiday.
	3.	Annual Holdings Reports. Within 30 days of each year end:
		●	All holdings of Securities in all Personal Securities Accounts, must be reported to the Code Team via the Code of Ethics Transaction Monitoring System. The information in the report must be current as of a date no more than 45 days prior to when you give us the report.
		●	Reporting Persons will certify as to the correctness and completeness of this report.
		●	This report must be provided to the Code Team by the business day immediately before the weekend or holiday if the 30th day falls on a weekend or holiday.
3.4     New Accounts
	Reporting Persons must inform the Code Team via the TMS of any new Personal Securities Accounts established within 10 days of receiving the account number or prior to executing a preclearable transaction, whichever occurs first.

¹ All accounts that have the ability to hold Reportable Securities must be included even if the account does not have holdings of those securities at the report date.

May 24, 2016 5 Code of Ethics

Wells Fargo Funds

3.5  Reports of the CCO
	Any personal Securities holdings and transaction reports required to be filed by a CCO must be submitted to an alternate designee who will fulfill the duties of the CCO with respect to those reports.
3.6  Your Reports are Kept Confidential
	Funds Management will use reasonable efforts to ensure that the information submitted to the Risk & Compliance Department as required by this Code are kept confidential. Information will be reviewed by members of the Risk & Compliance Department and possibly our senior executives or legal counsel. Data may be provided to Reportable Fund officers and trustees, and will be provided to government authorities upon request or others if required to do so by law or court order.
3.7  Exceptions to Reporting
	Independent Trustee Reporting Exceptions: If you are an Independent Trustee2, you are exempt from initial and annual holdings reports described in Section 2.3 above and may be exempt from transaction reports based on limited access to information about portfolio management activities. In lieu of the initial holdings reports, you must certify upon receiving the Code (or any new copy of a revised Code pursuant to Section 1.3 above) that you acknowledge that you are a Non-Reporting Person subject to the Code and are not required to submit an initial holdings report.
	You are not required to submit quarterly transaction reports, unless you knew at the time of the transaction, or in the ordinary course of fulfilling your official duties as trustee should have known,3 that, during the 15-day period immediately preceding or following the date of such transaction, the same security was purchased or sold by the Wells Fargo Funds (or any series thereof), or was being considered for purchase or sale by the Wells Fargo Funds (or any series thereof) or by an investment adviser or investment sub-adviser thereto.
	A copy of the initial certification form is included as Appendix B. If you are unable to meet the filing exemption, you will be required to report as indicated in section 2.3 above for the designated period(s).
	Reporting Persons of Funds Management: If you are a Reporting Person who is also a Reporting Person under the Funds Management Code of Ethics, you do not need to file duplicate reports specifically under this Code so long as you comply with the reporting requirements under the Funds Management Code of Ethics and the reports that you file under the Funds Management Code of Ethics include all holdings and transactions and other information otherwise required to be reported under this Code.

² Defined as a trustee of the Wells Fargo Funds who is not an “interested person” of the Wells Fargo Funds within the meaning of section 2(a)(19) of the 1940 Act. An Advisory Board Member who is not an “interested person” of the Wells Fargo Funds within the meaning of section 2(a)(19) of the 1940 Act will be treated as an Independent Trustee solely for purposes of this Code.

³ The “should have known” standard does not:

●   imply a duty of inquiry;

●   presume I should have deduced or extrapolated from the discussions or memoranda dealing with the Wells Fargo Fund’s investment strategies; or

●   impute knowledge from my awareness of a Wells Fargo Fund’s holdings, market considerations, or investment policies, objectives and restrictions.

May 24, 2016 6 Code of Ethics

Wells Fargo Funds

3.8  Summary of What You Need to Report

The table below serves as a reference to use in determining what transactions Reporting Persons need to report on quarterly transactions reports. If you have questions about any types of Securities not shown below, please contact the Code Team by email at: COE@wellsfargo.com.

For my Quarterly Transaction Report, do I need to REPORT   transactions in.…?
Equity Securities, including Wells Fargo & Co. Stock	Yes
Corporate Debt Securities	Yes
Open End Reportable Mutual Funds	Yes
Municipal Bonds	Yes
Options on Reportable Securities	Yes
Money Market Mutual Funds (affiliated & non-affiliated)	No
Open End, Non-Reportable Mutual Funds	No
Exchange Traded Funds (ETFs) and iShares, both open-end and closed-end, and Unit Investment Trusts	Yes
Short Term Cash Equivalents	No
U.S. Government Bonds (direct obligations)	No
U.S. Treasuries/Agencies (direct obligations)	No
Commodities, Futures or Options on Futures	No
Securities Purchased through Automatic Investment Plans	No
Self directed transactions in Automatic Investment Plans that contain Reportable Securities	Yes
Receipt of unvested grants of Wells Fargo & Co. stock options, unvested restricted shares and other securities awarded in WFC employee compensation plans	No
Banker’s Acceptances, bank certificates of deposit, commercial paper & high quality short-term debt instruments, including repurchase agreements	No
529 Plans	No
Non-Wells Fargo & Co. 401(k) plans that do not or cannot hold Reportable Funds or Securities	No
Managed Accounts	No
Closed End Mutual Funds (non-affiliated)	Yes

May 24, 2016 7 Code of Ethics

Wells Fargo Funds

4.  TRADING REQUIREMENTS, RESTRICTIONS AND EMPLOYEE COMPENSATION ACCOUNTS

All Reporting Persons, save Independent Trustees, must pre-clear transactions of certain Securities in Personal Security Accounts, (including those of Immediate Family Members and accounts for which you are a Beneficial Owner) as described below as well as comply with the trading restrictions that follow.

4.1        Pre-Clearance Requirements for Reporting Persons

Do I need to Preclear Transactions in….?	Reporting   Person	Valuation Committee Member
Equity Securities4, other than WFC stock	Yes	Yes
WFC stock purchases via Automatic Transactions in AIPs (Automated Investment Plans)	No	No
Options on WFC stock	No	No
Vested WFC options in employee compensation plans	No	No
Vested WFC restricted shares	No	No
Open End Non-Reportable Mutual Funds	No	No
Exchange Traded Funds (ETFs) and iShares, both open-end and closed-end, and Unit Investment Trusts, and options on ETFs	No	Yes
Receipt of unvested grants of Wells Fargo & Co. stock options, restricted shares and other securities awarded in employee compensation plans	No	No
Corporate Debt Securities	Yes	Yes
Money Market Mutual Funds (affiliated & non-affiliated)	No	No
Municipal Bonds	Yes	Yes
Options on Pre-clearable Securities	Yes	Yes
Self directed transactions in Automatic Investment Plans that contain Pre-clearable Securities5	Yes	Yes
Securities Purchased routinely in Automatic Investment Plans	No	No
Non-Wells Fargo & Co. 401(k) plans that cannot hold Reportable Funds or Securities	No	No
Short Term Cash Equivalents	No	No
U.S. Government Bonds (direct obligations)	No	No
U.S. Treasuries/Agencies (direct obligations)	No	No
Banker’s Acceptances, bank certificates of deposit, commercial paper & high quality short-term debt instruments, including repurchase agreements	No	No
529 Plans	No	No
Securities held in Managed Accounts	No	No
Closed End Mutual Funds (non-affiliated)	Yes	Yes
Tender Offers	Yes	Yes

⁴ It is not necessary to pre-clear transactions in WFC stock. See restrictions on WFC related issues in Section 4.2.3.

⁵ See additional information regarding AIPs in Section 4.4.

May 24, 2016 8 Code of Ethics

Wells Fargo Funds

4.2  How to Pre-Clear Personal Securities Transactions
Reporting Persons must follow the steps below to pre-clear trades:
	1.	Request Authorization. Authorization for a transaction that requires pre-clearance must be entered using the Code of Ethics Transaction Monitoring System (“TMS”). Email requests to coe@wellsfargo.com will only be accepted for those reporting persons who are on formal leave of absence or on PTO. Reporting Persons may only request pre-clearance for market orders or same day limit orders. Verbal pre-clearance requests are not permitted.
Remember! Don’t place an order with your broker until you receive written approval to make the trade.	2.	Have The Request Reviewed and Approved. After receiving the electronic request, the TMS will notify the Reporting person if the trade has been approved or denied.
	3.	Trading in Foreign Markets. Request for pre-clearance in foreign markets that have already closed for the day may be given approval to trade for the following day because of time considerations. Approval will only be good for that following business day in that local foreign market.
	4.	Approval of Transactions
			●	The Request May be Refused. The Code Administrator or Manager may refuse to authorize your Personal Securities Transaction and need not give you an explanation for the refusal. Reasons for refusing your Personal Securities Transactions may be confidential.
			●	Authorizations Expire. Any transaction approved by the TMS or the Code Team is effective until the close of business of the same trading day for which the authorization is granted (unless the approval is revoked earlier). If the order for the transaction is not executed within that period, you must obtain a new advance authorization before placing your trade.
4.3  Trading Restrictions and Prohibitions
All Reporting Persons must comply with the following trading restrictions and prohibitions:
	●	60-Day Holding Period for Reportable Fund Shares (open-end and closed-end)
		Reporting Persons are required to hold shares purchased of most of the Reportable Funds for 60 days. This restriction applies without regard to tax lot considerations. Reporting Persons are required to hold the shares from the date of the most recent purchase for 60 days. If it is necessary to sell Reportable Fund shares before the 60-day holding period has passed, Reporting Persons must obtain advance written approval from the CCO or a Code of Ethics Compliance Officer. The 60-day holding period does not apply to transactions pursuant to Automatic Investment Plans. The 60 day Holding Period does not apply to the Adjustable Rate Government Fund, Conservative Income Fund, Ultra Short-Term Income Fund, Ultra Short-Term Municipal Income Fund and the money market funds. This restriction does apply to an Independent Trustee’s trades of Wells Fargo Fund shares.
	●	Reporting Persons’ trades are subject to open order restriction
		You cannot purchase or sell securities on any day during which an Account has a pending “buy” or “sell” order in for the same security (or equivalent security) of which the Risk & Compliance Department is aware until that order is withdrawn.

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Wells Fargo Funds

●	Reporting Persons’ trades are subject to a 15-day blackout restriction
	There is a “15-day blackout” on purchases or sales of securities bought or sold by an Account. This means that you may not buy or sell a security (or equivalent security) during the 7-day periods immediately preceding and immediately following the date the Account trades in the security (“blackout security”). During the blackout period, activity will be monitored by the Code Team or the Code Administrator and any Personal Securities Transactions during a blackout window will be evaluated and investigated based on each situation. Penalties may range from no action to potential disgorgement of profits or payment of avoided losses (see Section 6 for Code violations and penalties). During a blackout period, purchases of a blackout security may be subject to mandatory divestment. Similarly, during a blackout period, sales of a blackout security may be subject to mandatory repurchase.
	In the case of a purchase and subsequent mandatory divestment at a higher price, any profits derived upon divestment may be subject to disgorgement; disgorged profits will be donated to the Reporting Person’s charity of choice. In the case of a sale and subsequent mandatory repurchase at a lower price, the Reporting Person may be required to make up any avoided losses, as measured by the difference between the repurchase price and the price at which the security was sold; such avoided losses will be donated to the Reporting Person’s charity of choice.
	For example, if an Account trades in a blackout security on July 7, July 15 (the 8th day following the trade date) would be the 1st day Reporting Persons may engage in a Personal Securities Transaction involving that security, and any purchases and sales in the blackout security made on or after June 30 through July 14 could be subject to divestment or repurchase. Purchases and sales in the security made on or before June 29 (the 8th day before the trade date) would not be within the blackout period.
●	De minimis exception
	There is a De minimis exception to the restrictions described in 4.3.2, and 4.3.3 above (Open Order and Blackout). Reporting Persons may purchase and sell Large Capitalization Securities of up to $25,000, unless this conflicts with the 60-day short-term profit restriction described in section 4.4. The De minimis exception does not apply to options.
●	IPOs
	Reporting Persons are prohibited from purchasing shares in an Initial Public Offering. Reporting Persons must get written approval from the Code Administrator before selling shares that were acquired in an IPO prior to starting work with Wells Fargo. Reporting Persons may, subject to pre-clearance requirements, purchase shares in a Private Placement as long as the position will be less than a 10% interest in the issuer.
●	WFC Derivatives
	You may not invest or engage in derivative or hedging transactions involving securities issued by Wells Fargo & Co, including but not limited to options contracts (other than employee stock options), puts, calls, short sales, futures contracts, or other similar transactions regardless of whether you have material inside information.”
●	Wells Fargo Fund Closed End Funds
	You may not participate in a tender offer made by a closed-end Wells Fargo Fund under the terms of which the number of shares to be purchased is limited to less than all of the outstanding shares of such closed-end Wells Fargo Fund.

May 24, 2016 10 Code of Ethics

Wells Fargo Funds

●	No Reporting Person may purchase or sell shares of any closed-end Wells Fargo Fund within 60 days of the later of
			•	(i) the initial closing of the issuance of shares of such fund or
			•	(ii) the final closing of the issuance of shares in connection with an overallotment option.
●	Reporting Persons may purchase or sell shares of closed-end Wells Fargo Funds only during the 10-day period following the release of portfolio holdings information to the public for such fund, which typically occurs on or about the 15th day following the end of each calendar quarter. Certain Reporting Persons, who shall be notified by the Legal Department, are required to make filings with the Securities and Exchange Commission in connection with purchases and sales of shares of closed-end Wells Fargo Funds.
●	Investment Clubs
	Reporting Persons may not participate in the activities of an Investment Club without the prior approval from the Code Administrator. If applicable, trades for an Investment Club would need to be pre-cleared.
●	Personal Transactions
	Reporting Persons are prohibited from executing or processing through a Covered Company’s direct access software (TA2000 or any other similar software):
		●	Reporting Persons’ own personal transactions,
		●	Transactions for Immediate Family Members, or
		●	Transactions for accounts of other persons for which the Reporting Person or his immediate Family Member have been given investment discretion.
	This provision does not exclude you from trading directly with a broker/dealer or using a broker/dealer’s software. The foregoing also does not prohibit you from executing or processing transactions in Wells Fargo & Co. securities granted to you as compensation through an online program designated by Wells Fargo & Co. for such purpose.
●	Intention to Buy or Sell for Accounts
	Reporting Persons are prohibited from buying or selling securities when they intend, or know of another’s intention, to purchase or sell that security (or an equivalent security) for an Account. This prohibition applies whether the Personal Securities Transaction is in the same direction (e.g., two purchases or two sales) or the opposite direction (e.g., a purchase and sale) as the transaction for the Account.
●	Reporting Persons must not attempt to manipulate the market
	Reporting Persons must not execute any transactions intended to raise, lower, or maintain the price of any security or to create a false appearance of active trading.
●	Excessive Trading
	Excessive Trading for Personal Securities Accounts is strongly discouraged and Personal Securities Accounts will be monitored for Excessive Trading activity and reported to management. Additional restrictions may be imposed by the Compliance Department on a Reporting Person if Excessive Trading is noted for a Personal Securities Account.

May 24, 2016 11 Code of Ethics

Wells Fargo Funds

4.4  Ban on Short-Term Trading Profits

There is a ban on short-term trading profits. Reporting Persons are not permitted to buy and sell, or sell and buy, the same Pre-clearable Security (or equivalent security) within 60 calendar days and make a profit; this will be considered short-term trading.
		●	This prohibition applies without regard to tax lot.
		●	Short sales are subject to the 60 day profit ban.
If a Reporting Person makes a profit on an involuntary call of an option, those profits are excluded from this ban; however, buying and selling options within 60 calendar days resulting in profits is prohibited. Settlement/expiration date on the opening option transaction must be at least 60 days out.
Sales or purchases made at the original purchase or sale price or at a loss are not prohibited during the 60 calendar day profit holding period.
You may be required to disgorge any profits you make from any sale before the 60-day period expires. In counting the 60 calendar days, multiple transactions in the same security (or Equivalent Security) will be counted in such a manner as to produce the shortest time period between transactions.
Although certain transactions may be deemed de minimis (i.e., the exceptions noted in Section 4.3), they are still subject to the ban on short-term trading profits and are required to be input into the Code of Ethics Transactions Monitoring System.
The ban on short-term trading profits does not apply to transactions that involve:
		●	Securities not requiring pre-clearance (i.e., ETFs)
		●	Same-day sales of securities acquired through the exercise of employee stock options or other Wells Fargo & Co. securities granted to you as compensation or through the delivery (constructive or otherwise) of previously owned employer stock to pay the exercise price and tax withholding;
		●	Commodities, futures (including currency futures), options on futures and options on currencies; or
		●	Automated purchases or sales that were done as part of an Automatic Investment Plan (“AIP”). However, any self-directed purchases or sales outside the pre-set schedule or allocation of the AIP, or other changes to the pre-set schedule or allocation of the AIP, within a 60-day period, are subject to the 60-day ban on short term profit.
4.5  Employee Compensation Related Accounts
	1.	401(k) Plans
			Initial Holding Report:
			●	Reporting Persons who have an established Wells Fargo 401(k) plan with a non-zero balance are required to report their 401(k) balances in Reportable Funds as part of the Initial Holdings Reporting process. In addition, Reporting Persons are required to furnish to the Code Team, in writing, the investment allocation percentages for Reportable Funds in their Wells Fargo 401(K).
			●	401(k) Plans that are external to Wells Fargo are required to be reported if, regardless of the balance,, the plan is capable of holding Reportable Funds or Reportable Securities.
			Quarterly Transaction Report:
			●	Reporting Persons are required to report self-directed transactions in Reportable Funds in Wells Fargo 401(k) plans that occurred outside of the previously reported investment allocations. This reporting may be made on behalf of the Reporting Person by the 401(k) plan administration area to Risk & Compliance.

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Wells Fargo Funds

		●	Reporting Persons are required to report transactions in Reportable Funds or Securities in 401(k) plans held outside of Wells Fargo.
		●	Reporting Persons are not required to report bi-weekly payroll contributions, periodic company matches, or profit sharing contributions.
		Annual Holdings Report:
		●	Reporting Persons are required to update their holdings in Wells Fargo 401(k) plans in their Annual Holdings Report. This update may be made on behalf of the Reporting Person by the 401(k) plan administration area to Risk & Compliance.
		●	If an external 401(k) account holds Reportable Funds or Securities, Reporting Persons are required to update these holdings in their Annual Holdings Report.
		Pre-Clearance:
		●	Only Management Valuation Committee members are required to pre-clear transactions in Reportable Funds in a 401(k) plan.
2.	Wells Fargo Employee Stock Options & Restricted Shares
		Initial Holdings Report:
		●	The Wells Fargo Advisors brokerage account associated with Reporting Persons’ Long Term Incentive Compensation Plan (“LTICP”) is a Reportable Security Account and must be reported in the Initial Holding Report.
		●	Reporting Persons are not required to report the grant or vesting of WFC employee stock options.
		●	Reporting Persons are required to report vested, delivered restricted shares held in any Reportable Security Account, including the Shareowner Services Account and/or the Wells Fargo Advisors account associated with their LTICP.
		Quarterly Transaction Report:
		●	All Reporting Person directed transactions in LTICP holdings are reportable on the Quarterly Transaction Report, i.e., exercising of WFC options and disposition of WFC Restricted shares.
		●	The exercise of employee stock options is a reportable transaction.
		●	Reporting Persons are encouraged to report the vesting and delivery of restricted shares for any Reportable Security Account, including the Wells Fargo Advisors account associated with their LTICP.
		●	Reporting Persons are not required to report the grant or vesting of WFC employee stock options.
		Annual Holdings Report:
		●	Reporting Persons are required to report vested holdings of restricted shares in Reportable Security Accounts, such as the Shareowner Services account and/or the Wells Fargo Advisors brokerage account associated with a LTICP.
		●	Reporting Persons are not required to report holdings of employee stock options in LTICP.
		Pre-Clearance:
		●	Preclearance is not required prior to the sale of LTICP restricted shares.
		●	The exercise of stock options from LTICP is not pre-clearable in the Code of Ethics Transaction Monitoring System. However, Reporting Persons are requested to inform the Code Team via an email to coe@wellsfargo.com of the transaction details, as exercising of the options will flag in the Code of Ethics Transaction Monitoring System.

May 24, 2016 13 Code of Ethics

Wells Fargo Funds

	3.	Wells Fargo Employee Stock Purchase Plan (ESPP)
			Initial Holdings Report:
			●	This is a Reportable Security Account and must be included in a Reporting Person’s Initial Holding Report.
			Quarterly Transaction Report:
			●	Sells of shares from Reporting Persons’ ESPP are reportable on the Quarterly Transaction Report.
			Annual Holdings Report:
			●	Reporting Persons are required to update holdings of ESPP accounts in the Annual Holdings Report.
			Pre-Clearance:
			●	Transactions in the ESPP do not require pre-clearance.
	4.	Wells Fargo Health Services Account
			Initial Holdings Report:
			●	Wells Fargo HSAs are reportable when the balance reaches threshold that allows the Reporting Person to invest in Reportable Funds.
			Quarterly Transaction Report:
			●	Sells of shares of Reportable Funds are reportable on the Quarterly Transaction Report.
			Annual Holdings Report:
			●	Reporting Persons are required to update holdings of balances invested in Reportable Funds on the Annual Holdings Report.
			Pre-Clearance:
			●	Transactions in HSA accounts do not require pre-clearance.
	5.	Wells Fargo Deferred Compensation Plans
			●	Wells Fargo Deferred Compensation Plans are not Reportable Accounts.
4.6     Your Reports are Kept Confidential
		We will use reasonable efforts to ensure that the reports you submit to us under this Code are kept confidential. The reports will be reviewed by members of the Compliance Department and possibly our senior executives or legal counsel. Reports may be provided to Wells Fargo Fund officers and trustees, and will be provided to government authorities upon request or others if required to do so by law or court order.

May 24, 2016 14 Code of Ethics

Wells Fargo Funds

5.     CODE VIOLATIONS
5.1     Investigating Code Violations
	The CCO is responsible for enforcing the Code. The CCO or his or her designee is responsible for investigating any suspected violation of the Code and if the CCO selects a designee, the designee will report the results of each investigation to the CCO. This includes not only instances of violations against the letter of the Code, but also any instances that may give the appearance of impropriety. The CCO is responsible for reviewing the results of any investigation of any reported or suspected violation of the Code in coordination with the designee. Any confirmed violation of the Code will be reported to the Wells Fargo Funds’ Boards of Trustees.
5.2     Penalties
	If you violate the provisions of the Code, the Wells Fargo Funds have the right to impose on you one or more of the following penalties as they may deem appropriate:
		●	Censure you;
		●	Suspend your authority to act on behalf of the Wells Fargo Funds; and/or
		●	Recommend specific sanctions, such as disgorgement of profits, imposition of fines, and/or termination of your employment.
5.3     Your Obligation to Report Violations
	You must report any violations or suspected violations of the Code to the CCO or to a member of the Compliance Department. Your reports will be treated confidentially and will be investigated promptly and appropriately. Violations include:
		●	Non-compliance with applicable laws, rules, and regulations;
		●	Fraud or illegal acts involving any aspect of our business;
		●	Material misstatements in reports;
		●	Any activity that is specifically prohibited by the Code; and
		●	Deviations from required controls and procedures that safeguard clients and us.
5.4    Exceptions to the Code
	The CCO is responsible for enforcing the Code. The CCO (or his or her designee for any exceptions sought by the CCO) may grant certain exceptions to the Code in compliance with applicable law, provided any requests and any approvals granted must be submitted and obtained, respectively, in advance and in writing. The CCO or designee may refuse to authorize any request for exception under the Code and is not required to furnish any explanation for the refusal.
6.     ANNUAL WRITTEN REPORTS TO THE BOARDS OF TRUSTEES
Issues and Violations under the Code. At least annually, the CCO provides written reports to the Wells Fargo Funds’ Boards of Trustees. The reports must describe any issues or material violations that arose during the previous year under the Code and any resulting sanctions. Any exceptions granted under the Code must also be described. The CCO may report to the Wells Fargo Funds’ Boards more frequently as the CCO deems necessary or appropriate, and shall do so as requested by the Boards.

May 24, 2016 15 Code of Ethics

Wells Fargo Funds

Our Certification to the Boards. Each report must be accompanied by a certification to the Boards that Wells Fargo Funds has adopted procedures reasonably necessary to prevent Reporting Persons from violating the Code.
Annual Review. The CCO reviews the Code at least once a year to assess the adequacy of the Code and how effectively it works. As part of the annual report to the Wells Fargo Funds’ Boards, the CCO identifies any recommended changes in existing restrictions or procedures based on its experience under the Code, evolving industry practices, or developments in applicable laws or regulations.
The Funds’ Boards must approve all material amendments within six months following adoption.
7.     RECORD RETENTION
We will keep the following records in an easily accessible place at our principal place of business, and will make the records available to the SEC or any representative from the SEC at any time and from time to time for reasonable periodic, special or other examination:
	1.	Code of Ethics. A copy of this Code and all previous versions of the Code that have been in effect for the last 5 years.
	2.	Violations. A record of all Code violations and actions taken as a result of those violations for at least five years after the end of the fiscal year in which the violation occurs.
	3.	Required Reports. All reports required by the Code including records of the procedures followed in connection with the pre-clearance requests of investment personnel and any information provided in lieu of the reports required under Section 2.2 above. All information relied on by the CCO or designee in authorizing any securities transactions, along with any reasons supporting such decision. All reports used in post-trade monitoring and review will also be maintained. Each required report will be maintained for at least five years after the end of the fiscal year in which the report is made or the information provided.
	4	REPORTING Persons List. A list of all persons who are, or have been, required to make reports pursuant to the Code, or who were responsible for reviewing these reports, within the past five years.
	5.	Board Reports. Copies of any reports given to the Wells Fargo Funds’ Boards for at least five years after the end of the fiscal year in which it was made.

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APPENDIX A

DEFINITIONS

General Note:

The definitions and terms used in the Code are intended to mean the same as they do under the 1940 Act and the other Federal Securities Laws. If a definition hereunder conflicts with the definition in the 1940 Act or other Federal Securities Laws, or if a term used in the Code is not defined, you should follow the definitions and meanings in the 1940 Act or other Federal Securities Laws, as applicable.

Automatic Investment Plan	A program that allows a person to purchase or sell securities, automatically and on a regular basis in accordance with a pre-determined schedule and allocation, without any further action by the person. An Automatic Investment Plan includes a SIP (systematic investment plan), SWP (systematic withdrawal plan), SPP (stock purchase plan), DRIP (dividend reinvestment plan), or employer-sponsored plan.
Beneficial Owner	You are the “beneficial owner” of any securities in which you have a direct or indirect Financial or Pecuniary Interest, whether or not you have the power to buy and sell, or to vote, the securities.
	In addition, you are the “beneficial owner” of securities in which an Immediate Family Member has a direct or indirect Financial or Pecuniary Interest, whether or not you or the Immediate Family Member has the power to buy and sell, or to vote, the securities. For example, you have Beneficial Ownership of securities in trusts of which Immediate Family Members are beneficiaries.
	You are also the “beneficial owner” of securities in any account, including but not limited to those of relatives, friends and entities in which you have a non-controlling interest, over which you exercise investment discretion. Such accounts do not include accounts you manage on behalf of Wells Fargo Funds Management, LLC or any other affiliate of Wells Fargo & Company, or on behalf of Grantham, Mayo, Van Otterloo & Co., LLC.
Control	The power to exercise a controlling influence over the management or policies of a company, unless the power is solely the result of an official position with such company. Owning 25% or more of a company’s outstanding voting securities is presumed to give you control over the company. (See Section 2(a)(9) of the 1940 Act for a complete definition.)
Federal Securities Laws	The Securities Act of 1933 (15 U.S.C. 77a-aa), the Securities Exchange Act of 1934 (15 U.S.C. 78a—mm), the Sarbanes-Oxley Act of 2002 (Pub. L. 107-204, 116 Stat. 745 (2002)), the Investment Company Act of 1940 (15 U.S.C. 80a), the Investment Advisers Act of 1940 (15 U.S.C. 80b), Title V of the Gramm-Leach-Biley Act (Pub. L. No. 100-102, 113 Stat. 1338 (1999)), any rules adopted by the SEC under any of these statutes, the Bank Secrecy Act (31 U.S.C. 5311- 5314; 5316-5332) as it applies to funds and investment advisers, and any rules adopted thereunder by the SEC or the Department of the Treasury.

Appendix A 17 Definitions

Wells Fargo Funds

Financial or Pecuniary Interest	The opportunity for you or your Immediate Family Member, directly or indirectly, to profit or share in any profit derived from a transaction in the subject securities whether through any contract, arrangement, understanding, relationship or otherwise. This standard looks beyond the record owner of securities to reach the substance of a particular arrangement. You not only have a Financial or Pecuniary Interest in securities held by you for your own benefit, but also securities held (regardless of whether or how they are registered) by others for your benefit, such as securities held for you by custodians, brokers, relatives, executors, administrators, or trustees. The term also includes any security owned by an entity directly or indirectly controlled by you, which may include corporations, partnerships, limited liability companies, trusts and other types of legal entities. You or your Immediate Family Member may have a Financial or Pecuniary Interest in:
	●	Your accounts or the accounts of Immediate Family Members;
	●	A partnership or limited liability company, if you or an Immediate Family Member is a general partner or a managing member;
	●	A corporation or similar business entity, if you or an Immediate Family Member has or shares investment control; or
	●	A trust, if you or an Immediate Family Member is a beneficiary.
High quality short-term
debt instrument	Any instrument that has a maturity at issuance of less than 366 days and that is rated in one of the two highest rating categories by a nationally recognized statistical rating organization such as Moody’s Investors Service.
Immediate Family Member	Any of the following persons, including any such relations through adoption, who reside in the same household with you:

●	spouse	●	grandparent	●	mother-in-law
●	domestic partner	●	grandchild	●	father-in-law
●	parent	●	brother	●	daughter-in-law
●	stepparent	●	sister	●	son-in-law
●	child			●	sister-in-law
●	stepchild			●	brother-in-law

	Immediate Family Member also includes any other relationship that the CCO determines could lead to possible conflicts of interest, diversions of corporate opportunity, or appearances of impropriety.
Independent Trustee	A trustee of a Wells Fargo Fund who is not an “interested person” of the Wells Fargo Fund within the meaning of Section 2(a)(19) of the 1940 Act. An Advisory Board Member who is not an “interested person” of the Wells Fargo Funds within the meaning of section 2(a)(19) of the 1940 Act will be treated as an Independent Trustee solely for purposes of this Code.

Appendix A 18 Definitions

Wells Fargo Funds

Investment Persons	Any of the following individuals:
	●	any employee of Wells Fargo Funds (or of any company in a control relationship to the Fund) who, in connection with his/her regular functions or duties, makes or participates in making recommendations regarding the purchase or sale of securities by a Wells Fargo Fund;
	●	any natural person who controls a Wells Fargo Fund and who obtains information concerning recommendations made to a Wells Fargo Fund regarding the purchase or sale of securities by the Wells Fargo Fund; and
	●	any Reporting Person otherwise designated by the Code of Ethics Compliance Officer in writing that such person is an Investment Person.
Interested Trustee	A trustee of a Wells Fargo Fund who is an “interested person” of the Fund within the meaning of Section 2(a)(19) of the 1940 Act.
IPO	An initial public offering, or the first sale of a company’s securities to public investors. Specifically it is an offering of securities registered under the Securities Act of 1933, the issuer of which, immediately before registration, was not subject to the reporting requirements of Section 13 or Section 15(d) of the Securities Exchange Act of 1934.
Non-Public Information	Any information that is not generally available to the general public in widely disseminated media reports, SEC filings, public reports, prospectuses, or similar publications or sources.
Personal Securities Account	Any holding of Securities of which you have Beneficial Ownership, other than a holding of Securities previously approved by the Code of Ethics Compliance Officer over which you have no direct influence or Control. A Personal Securities Account is not limited to securities accounts maintained at brokerage firms, but also includes holdings of Securities owned directly by you or an Immediate Family Member or held through a retirement plan of Wachovia, Wells Fargo & Co. or any other employer.
Personal Securities Transaction	A purchase or sale of a Security, of which you have or acquire Beneficial Ownership.
Private Placement	An offering that is exempt from registration under the Securities Act of 1933, as amended, pursuant to Section 4(2) or Section 4(6) thereof or Rule 504, 505 or 506 thereunder.
Purchase or Sale of a Security	Includes, among other things, gifting or the writing of an option to purchase or sell a security.

Appendix A 19 Definitions

Wells Fargo Funds

Security/Securities As defined under Section 2(a)(36) of the 1940 Act or Section 202(a)(18) of the Advisers Act, except that it does not include direct obligations of the U.S. Government; bankers’ acceptances; bank certificates of deposit; commercial paper; high quality short-term debt instruments, including repurchase agreements; shares issued by affiliated or unaffiliated money market mutual funds; or shares issued by open-end registered investment companies other than the Wells Fargo Funds.

Appendix A 20 Definitions

Wells Fargo Funds

APPENDIX B

ACKNOWLEDGEMENT AND CERTIFICATION

I certify that I have received, read, and understand that I am subject to the Code of Ethics Policy on Personal Securities Transactions dated                   , 20     for Wells Fargo Funds.

In addition to certifying that I will provide complete and accurate reporting as required by the Code and have complied with all requirements of the Code, I certify that I will not:

● Execute any prohibited purchases and/or sales, directly or indirectly, that are outside those permissible by the Code

● Employ any device, scheme or artifice to defraud any Wells Fargo Fund

● Engage in any act, practice or course of business which operates or would operate as a fraud or deceit upon any Wells Fargo Fund

● Make any untrue statement of a material fact, or omit to state a material fact necessary in order to make the statements, in light of the circumstances under which they are made, not misleading

● Engage in any manipulative practice with respect to any Wells Fargo Fund

● Disclose any proprietary or non-public information in an inappropriate manner

In conjunction with this Code, please select ONE of the below:

☐           I acknowledge that, as an Independent Trustee, I am a Non-Reporting Person subject to the Code of Ethics Policy on Personal Securities Transactions for Wells Fargo Funds. As such, I further acknowledge that I am not required to submit an initial holdings report.

☐          I acknowledge that, as an Interested Trustee, officer or employee of Wells Fargo Funds, I am a Reporting Person subject to the Code of Ethics Policy on Personal Securities Transactions for Wells Fargo Funds. As such, I further acknowledge that I am required to submit an initial holdings report.

☐          I understand that unless I am exempt I violate this Code if I fail to submit a record of my Personal Securities Transactions within thirty calendar days after the end of each quarter.

Signature	Date
Name (Print)

PLEASE SUBMIT FORM TO THE COMPLIANCE DEPARTMENT (FAX 704-383-2259)

Appendix B 21 Acknowledgement and Certification

Wells Fargo Funds

APPENDIX C

QUARTERLY PERSONAL SECURITIES TRANSACTIONS REPORT

Name of Reporting
Person:
Calendar Quarter	Signature
Ended:
Date Report Due:	Date Report Submitted

I certify that this report is complete and accurate and that I have included all accounts required to be reported under the Code of Ethics.

Your Personal Securities Transactions	NOTE: You do not need to supply duplicate information from the account statements we already receive.*
☐    I had no securities transactions to report for the last quarter; OR
☐    All of my securities transactions are provided on duplicate account statements; OR

Please complete the table below if you had securities transactions during the last quarter that are not provided on duplicate statements.

Date of Transaction    Name of Issuer and/or Title of Security No. of Shares (if applicable)  Principal Amount, Maturity Date and Interest Rate  (if applicable) Name on Account, Type of Account and  Account Number Type of
Transaction
(purchase or  sale) Price   Name of Broker-Dealer    or Bank Effecting Transaction Ticker or Cusip

* Keep in mind, we do not receive account statements for your 401(k) plans so if you made any trades outside of your pre-set allocations, those must be reported here.

Your Securities Accounts

☐    I do not hold any securities accounts; OR

☐    I did not open any securities accounts during the quarter; OR

Please complete the table below if you opened a securities account during the last quarter.**

  Name of Broker-Dealer or Bank,   Wells Fargo Fund or Affiliated Mutual Fund   Date Account was Established   Name(s) on and Type of Account   Account Number  

**Please provide a copy of the most recent account statement for each account listed in the table above.

PLEASE SUBMIT FORM TO THE COMPLIANCE DEPARTMENT  (FAX 704-383-2259)

Appendix C 22 Quarterly Personal Securities Transactions Report

Wells Fargo Funds

APPENDIX D

INITIAL HOLDINGS REPORT

Name of Reporting Person:
Date Person Became Subject to the Code’s Reporting Requirements:	Signature
Information in Report Dated as of:
(Note: Information should be dated no more than 45 days before you became a Reporting Person.)
Date Report Due:	Date Report Submitted

I certify that this report is complete and accurate and that I have included all accounts required to be reported under the Code of Ethics.

Your Securities Holdings

☐    I have no securities holdings to report; OR

☐    All of my securities holdings are provided on duplicate account statements; OR

Please complete the table below to report your holdings.

Name of Issuer and Title of Security, including Type   No. of Shares (if applicable)           Principal Amount,       Maturity Date and Interest Rate (if applicable)   Exchange Ticker Symbol       or CUSIP Number   Name of Broker-Dealer or Bank, Fund  

Your Securities Accounts

☐    I do not hold any securities accounts; OR

Please complete the table below if you have securities accounts to report.*

  Name of Broker-Dealer or Bank, Fund     Name(s) on and Type of Account     Account Number  

*Please provide a copy of the most recent account statement for each account listed in the table above.

PLEASE SUBMIT FORM TO THE COMPLIANCE DEPARTMENT (FAX 704-383-2259)

Appendix D 23 Initial Holdings Report

Wells Fargo Funds

APPENDIX E

ANNUAL HOLDINGS REPORT

Name of Reporting Person:
Information in Report Dated as of:		SIGNATURE
(Note: Information should be dated no more than 45 days before report is submitted.)
Date Report Due:
Calendar Year Ended:	December 31,	Date Report Submitted

I certify that this report is complete and accurate and that I have included all accounts required to be reported under the Code of Ethics.

Your Securities Holdings

☐    I have no securities holdings to report; OR

☐    All of my securities holdings are provided on duplicate account statements; OR

Please complete the table below to report your holdings.

Name of Issuer and Title of Security, including Type    No. of Shares (if applicable)       Principal Amount, Maturity Date and Interest Rate (if applicable)   Exchange Ticker Symbol or CUSIP Number   Name of Broker-Dealer or Bank, Fund  

* Keep in mind, we do not receive account statements for your 401(k) plans so if you hold any Wells Fargo Funds in your plans, those must be reported here.

Your Securities Accounts

☐    I do not hold any securities accounts; OR

Please complete the table below if you have any securities accounts to report.*

  Name of Broker-Dealer or Bank, Wells Fargo Fund or Affiliated Mutual Fund     Date Account was   Established     Name(s) on and Type   of Account   Account number  

*Please provide a copy of the most recent account statement for each account listed in the table above.

PLEASE SUBMIT FORM TO THE COMPLIANCE DEPARTMENT (FAX 704-383-2259)

Appendix E 24 Annual Holdings Report

EX-99.CERT

CERTIFICATION

I, Andrew Owen, certify that:

1. I have reviewed this report on Form N-CSR of Wells Fargo Funds Trust on behalf of the following series: Wells Fargo Managed Account CoreBuilder Shares – Series M;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officers and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) for the registrant and have:

a) designed such disclosure controls and procedures or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b) designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c) evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing of this report based on such evaluation; and

d) disclosed in this report any change in the registrant’s internal controls over financial reporting that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officers and I have disclosed, based on our most recent evaluation, to the registrant’s auditors and the audit committee of the registrant’s Board of Trustees (or persons performing the equivalent functions):

a) all significant deficiencies in the design or operation of internal controls over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and

b) any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal controls over financial reporting.

Date: February 22, 2019    

/s/ Andrew Owen

Andrew Owen

President

Wells Fargo Funds Trust

Exhibit 99.CERT

CERTIFICATION

I, Nancy Wiser, certify that:

1. I have reviewed this report on Form N-CSR of Wells Fargo Funds Trust on behalf of the following series: Wells Fargo Managed Account CoreBuilder Shares – Series M;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officers and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) for the registrant and have:

a) designed such disclosure controls and procedures or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b) designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c) evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing of this report based on such evaluation; and

d) disclosed in this report any change in the registrant’s internal controls over financial reporting that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officers and I have disclosed, based on our most recent evaluation, to the registrant’s auditors and the audit committee of the registrant’s Board of Trustees (or persons performing the equivalent functions):

a) all significant deficiencies in the design or operation of internal controls over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and

b) any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal controls over financial reporting.

Date: February 22, 2019

/s/ Nancy Wiser

Nancy Wiser

Treasurer

Wells Fargo Funds Trust

Exhibit 99.CERT

EX-99.906CERT

SECTION 906 CERTIFICATION

Pursuant to 18 U.S.C. § 1350, the undersigned officer of Wells Fargo Funds Trust (the “Trust”), hereby certifies, to the best of his knowledge, that the Trust’s report on Form N-CSR for the year ended December 31, 2018 (the “Report”) fully complies with the requirements of Section 15(d) of the Securities Exchange Act of 1934 and that the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Trust.

Date: February 22, 2019

By:
	/s/ Andrew Owen
	Andrew Owen
	President
	Wells Fargo Funds Trust

This certification is being furnished to the Securities and Exchange Commission pursuant to Rule 30a-2(b) under the Investment Company Act of 1940, as amended, and 18 U.S.C. Section 1350 and is not being filed as part of the Form N-CSR with the Securities and Exchange Commission.

Exhibit 99.906CERT

SECTION 906 CERTIFICATION

Pursuant to 18 U.S.C. § 1350, the undersigned officer of Wells Fargo Funds Trust (the “Trust”), hereby certifies, to the best of her knowledge, that the Trust’s report on Form N-CSR for the year ended December 31, 2018 (the “Report”) fully complies with the requirements of Section 15(d) of the Securities Exchange Act of 1934 and that the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Trust.

Date: February 22, 2019

By:
	/s/ Nancy Wiser
	Nancy Wiser
	Treasurer
	Wells Fargo Funds Trust

This certification is being furnished to the Securities and Exchange Commission pursuant to Rule 30a-2(b) under the Investment Company Act of 1940, as amended, and 18 U.S.C. Section 1350 and is not being filed as part of the Form N-CSR with the Securities and Exchange Commission.

Exhibit 99.906CERT