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: January 31

Registrant is making a filing for 8 of its series:

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

Date of reporting period: January 31, 2019

ITEM 1. REPORT TO STOCKHOLDERS

Annual Report

January 31, 2019

Retail Money Market Funds

∎ Wells Fargo Money Market Fund

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

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

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

Reduce clutter. Save trees.

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

Contents

Letter to shareholders	2
Performance highlights	6
Fund expenses	9
Portfolio of investments	10
Financial statements
Statement of assets and liabilities	16
Statement of operations	17
Statement of changes in net assets	18
Financial highlights	19
Notes to financial statements	23
Report of independent registered public accounting firm	28
Other information	29

The views expressed and any forward-looking statements are as of January 31, 2019, 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 Money Market Fund Letter to shareholders (unaudited)

Andrew Owen

President

Wells Fargo Funds

Global trade tensions escalated during the second quarter of 2018.

Dear Shareholder:

We are pleased to offer you this annual report for the Wells Fargo Money Market Fund for the 12-month period that ended January 31, 2019. An upward trend for short-term interest rates, inflation concerns, trade tensions, and geopolitical events contributed to investment market volatility throughout the year.

For the period, U.S. stocks, as measured by the S&P 500 Index,¹ fell 2.31% and international stocks, as measured by the MSCI ACWI ex USA Index (Net),² declined 12.58%. Based on the MSCI EM Index (Net),³ emerging market stocks lost 14.24%. For bond investors, the Bloomberg Barclays U.S. Aggregate Bond Index⁴ added 2.25% while the Bloomberg Barclays Global Aggregate ex-USD Index⁵ fell 3.26%. The Bloomberg Barclays Municipal Bond Index⁶ added 3.26%, and the ICE BofAML U.S. High Yield Index⁷ gained 1.57%.

A move to normalize U.S. monetary policy influenced markets.

Through January 2018, the S&P 500 Index and MSCI ACWI ex USA Index (Net) delivered positive returns every month for more than a year. In February 2018, that streak ended. The S&P 500 Index fell 3.69% during February and the MSCI ACWI ex USA Index (Net) dropped 4.72%. For the quarter, the S&P 500 Index recorded its first negative quarterly return since 2014. The MSCI ACWI ex USA Index (Net) fell 1.18% for the quarter.

During the year, the U.S. Federal Reserve (Fed) sought to normalize accommodative monetary policies in place since the 2008 global financial crisis and recession. Short-term interest rates, as measured by U.S. Treasury bills—maturities ranging from 3 to 12 months—increased an average of 89 basis points (bps; 100 bps equal 1.00%). Rates for 10-year and 30-year Treasuries increased 17 bps and 18 bps, respectively. Slower growth of long-term rates raised concerns for a flattening yield curve, sometimes associated with recessions. The Fed raised the federal funds rate by 25 bps in March 2018 to a target range of between 1.50% and 1.75%. The Bank of England (BOE) indicated a bias to increase rates later in 2018. The European Central Bank, the Bank of Japan, and the People’s Bank of China (PBOC) maintained low interest rates.

Global trade tensions heightened investor concerns.

Global trade tensions escalated during the second quarter of 2018. A tit-for-tat tariff spat intensified between the U.S. and other governments. The Fed raised the federal funds rate by 25 bps to a target range of between 1.75% and 2.00% in June. Market index results reflected the global concerns. The MSCI ACWI ex USA Index (Net) lost 2.61% while the Bloomberg Barclays Global Aggregate ex-USD Index dropped 4.76%.

¹ The S&P 500 Index consists of 500 stocks chosen for market size, liquidity, and industry group representation. It is a market-value-weighted index with each stock’s weight in the index proportionate to its market value. You cannot invest directly in an index.

²  The Morgan Stanley Capital International (MSCI) All Country World Index (ACWI) ex USA Index (Net) is a free-float-adjusted market-capitalization-weighted index that is designed to measure the equity market performance of developed markets, excluding the United States and Canada. Source: MSCI. MSCI makes no express or implied warranties or representations and shall have no liability whatsoever with respect to any MSCI data contained herein. The MSCI data may not be further redistributed or used as a basis for other indices or any securities or financial products. This report is not approved, reviewed, or produced by MSCI. You cannot invest directly in an index.

³  The MSCI Emerging Markets (EM) Index (Net) is a free-float-adjusted market-capitalization-weighted index that is designed to measure large- and mid-cap equity market performance of emerging markets. The MSCI EM Index (Net) consists of the following 24 emerging market country indices: Brazil, Chile, China, Colombia, Czech Republic, Egypt, Greece, Hungary, India, Indonesia, Korea, Malaysia, Mexico, Pakistan, Peru, the Philippines, Poland, Qatar, Russia, South Africa, Taiwan, Thailand, Turkey, and the United Arab Emirates. You cannot invest directly in an index.

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

⁵  The Bloomberg Barclays Global Aggregate ex-USD Index is an unmanaged index that provides a broad-based measure of the global investment-grade fixed-income markets excluding the U.S. dollar-denominated debt market. You cannot invest directly in an index.

⁶  The Bloomberg Barclays Municipal Bond Index is an unmanaged index composed of long-term tax-exempt bonds with a minimum credit rating of Baa. You cannot invest directly in an index.

⁷ The ICE BofAML U.S. High Yield Index is a market-capitalization-weighted index of domestic and Yankee high-yield bonds. The index tracks the performance of high-yield securities traded in the U.S. bond market. You cannot invest directly in an index. Copyright 2019. ICE Data Indices, LLC. All rights reserved.

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

Not all news was bad. The U.S. Bureau of Economic Analysis reported second-quarter gross domestic product (GDP) annualized growth of 4.2%. Hiring improved. Employment data remained strong. Consumer confidence and spending increased. The S&P 500 Index recorded a 3.43% second-quarter gain. Stocks of companies with smaller capitalizations were even better, as measured by the Russell 2000^® Index,⁸ adding 7.75%.

Investors appeared to shake off lingering concerns during the third quarter.

Favorable third-quarter economic indicators and corporate earnings reports encouraged domestic stock investors. U.S. trade negotiations with Mexico and Canada progressed. The Conference Board Consumer Confidence Index^®9 reached its highest level in 18 years during September. The Fed raised the federal funds rate by 25 bps to a target range of between 2.00% and 2.25% in September. For the quarter that ended September 30, 2018, the S&P 500 Index added 7.71%.

Investors in international markets were not as reassured. Tensions between the U.S. and China increased. The U.S. imposed $200 billion in tariffs on Chinese goods. China reacted with $60 billion in tariffs on U.S. goods. Economic growth in China caused concern. The BOE raised its monetary policy rate to 0.75% in August. During the quarter, the MSCI ACWI ex USA Index (Net) gained 0.71%. The MSCI EM Index (Net) declined 1.09%. In fixed-income markets, U.S. bonds were flat, as measured by the Bloomberg Barclays U.S. Aggregate Bond Index. The Bloomberg Barclays Global Aggregate ex-USD Index fell 1.74%.

Conflicting data unsettled markets during the fourth quarter.

For the S&P 500 Index and the MSCI ACWI ex USA Index (Net), negative stock market performance during October and December bracketed positive November returns. December’s S&P 500 Index performance was the worst since 1931. Globally, fixed-income investments fared better than stocks during the last two months of the year.

November’s U.S. mid-term elections shifted control of the House of Representatives from Republicans to Democrats, presaging potential partisan clashes. The Bureau of Economic Analysis reported that third-quarter U.S. GDP grew at an annualized 3.4% rate, solid, but lower than the second quarter rate. Brexit efforts stalled ahead of the March 2019 deadline. The PBOC cut reserve requirement ratios, accelerated infrastructure spending, and cut taxes even as the value of the yuan declined to low levels last seen in 2008.

After the Fed increased the federal funds rate by 25 bps to a target range of between 2.25% and 2.50% in December—the ninth such increase since the Fed began three years ago to raise rates from near zero—it softened its outlook for further interest rate increases in 2019.

The market climbs a wall of worry.

Investors entered 2019 with reasons to be concerned. A partial U.S government shutdown driven by partisan spending and immigration policy disputes extended into January. Investors expected high levels of stock market volatility to continue based on the VIX¹⁰.

Favorable third-quarter economic indicators and corporate earnings reports encouraged domestic stock investors.

⁸  The Russell 2000^® Index measures the performance of the 2,000 smallest companies in the Russell 3000^® Index, which represents approximately 8% of the total market capitalization of the Russell 3000^® Index. You cannot invest directly in an index.

⁹  The Conference Board Consumer Confidence Index^® measures the degree of optimism on the state of the U.S. economy that consumers are expressing through their activities of savings and spending. You cannot invest directly in an index.

¹⁰  The Chicago Board Options Exchange Market Volatility Index (VIX) is a popular measure of the implied volatility of S&P 500 Index options. It represents one measure of the market’s expectation of stock market volatility over the next 30-day period. You cannot invest directly in an index.

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

January’s returns tended to support the investing adage that markets climb a wall of worry. The S&P 500 Index gained 8.01% for the month that ended January 31, 2019, its best monthly performance in 30 years. Returns for the MSCI ACWI ex USA Index (Net), the Bloomberg Barclays U.S. Aggregate Bond Index, and the Bloomberg Barclays Global Aggregate ex-USD Index also were positive.

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

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

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

Sincerely,

Andrew Owen

President

Wells Fargo Funds

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

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6 Wells Fargo Money Market Fund Performance highlights (unaudited)

Investment objective

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

Manager

Wells Fargo Funds Management, LLC

Subadvisers

Wells Capital Management Incorporated

Wells Capital Management Singapore

Portfolio managers

Michael C. Bird, CFA^®‡

Jeffrey L. Weaver, CFA^®‡

Laurie White

Average annual total returns (%) as of January 31, 2019

		Including sales charge						Excluding sales charge						Expense ratios1 (%)
	Inception date	1 year		5 year		10 year		1 year		5 year		10 year		Gross		Net2
Class A (STGXX)	7-1-1992		–		–		–		1.61		0.46		0.24		0.70		0.60
Class C*,3	6-30-2010		-0.16		0.18		0.10		0.84		0.18		0.10		1.45		1.35
Premier Class (WMPXX)4	3-31-2016		–		–		–		2.03		0.70		0.36		0.31		0.20
Service Class (WMOXX)5	6-30-2010		–		–		–		1.72		0.53		0.28		0.60		0.50

Yield summary (%) as of January 31, 2019²

	Class A	Class C*		Premier Class		Service Class
7-day current yield	2.09		1.34		2.49		2.19
7-day compound yield	2.11		1.34		2.52		2.21
30-day simple yield	2.09		1.34		2.49		2.19
30-day compound yield	2.11		1.34		2.51		2.21

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

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

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

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

Please see footnotes on page 7.

Performance highlights (unaudited) Wells Fargo Money Market Fund 7

Portfolio composition as of January 31, 2019⁶

Effective maturity distribution as of January 31, 2019⁶

Weighted average maturity as of January 31, 2019⁷

19 days

Weighted average life as of January 31, 2019⁸

55 days

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

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

²  The manager has contractually committed through May 31, 2019, to waive fees and/or reimburse expenses to the extent necessary to cap the expenses of each class after fee waivers at at the amounts shown. Brokerage commissions, stamp duty fees, interest, taxes, acquired fund fees and expenses (if any), and extraordinary expenses are excluded from the expense cap. Prior to or after the commitment expiration date, the cap may be increased or the commitment to maintain the cap may be terminated only with the approval of the Board of Trustees. Without this cap, the Fund’s returns would have been lower. Without waived fees and/or reimbursed expenses, the Fund’s 7-day current yield would have been 1.98%, 1.23%, 2.37%, and 2.08% for Class A, Class C, Premier Class, and Service Class, respectively. The expense ratio paid by an investor is the net expense ratio (the total annual fund operating expenses after fee waivers) as stated in the prospectuses.

³  Historical performance shown for the Class C shares prior to their inception reflects the performance of the former Class B shares. Class B and Class C shares had the same expenses.

⁴  Historical performance shown for the Premier Class shares prior to their inception reflects the performance of the Class A shares, and includes the higher expenses applicable to Class A shares. If these expenses had not been included, returns for Premier Class shares would be higher.

⁵  Historical performance shown for Service Class shares prior to their inception reflects the performance of the former Investor Class shares, and includes the higher expenses applicable to the former Investor Class shares. If these expenses had not been included, returns for Service Class shares would be higher.

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

⁷  Weighted Average Maturity (WAM): WAM is an average of the effective maturities of all securities held in the portfolio, weighted by each security’s percentage of total investments. The maturity of a portfolio security is the period remaining until the date on which the principal amount is unconditionally required to be paid, or in the case of a security called for redemption, the date on which the redemption payment is unconditionally required to be made. WAM calculations allow for the maturities of certain securities with demand features or periodic interest rate resets to be shortened. WAM is a way to measure a fund’s sensitivity to potential interest rate changes. WAM is subject to change and may have changed since the date specified.

⁸  Weighted Average Life (WAL): WAL is an average of the final maturities of all securities held in the portfolio, weighted by their percentage of total investments. The maturity of a portfolio security is the period remaining until the date on which the principal amount is unconditionally required to be paid, or in the case of a security called for redemption, the date on which the redemption payment is unconditionally required to be made. In contrast to WAM, the calculation of WAL allows for the maturities of certain securities with demand features to be shortened, but not the periodic interest rate resets. WAL is a way to measure a fund’s potential sensitivity to credit spread changes. WAL is subject to change and may have changed since the date specified.

⁹  Crane Data LLC is a money market and mutual fund information company that collects, tracks, and maintains data about money markets, money market mutual funds based on types of funds, bank savings, and cash investments. The data includes performance, statistics, and related information. Crane Data LLC distributes rankings, news, and indexes, including the Crane Prime Institutional Money Market Index, based on the data. Crane Data publishes Money Fund Intelligence, Money Fund Intelligence XLS, Money Fund Wisdom, the Crane Money Fund Indexes, and other products.

8 Wells Fargo Money Market Fund Performance highlights (unaudited)

MANAGERS’ DISCUSSION

For most of the reporting period, continued economic improvement allowed the Federal Open Market Committee (FOMC) to remove policy accommodation on a fairly predictable quarterly basis. The U.S. economy achieved above-trend growth, low unemployment, and moderating inflation at the same time as fiscal policy was proving to be an economic tailwind. The FOMC’s Summary of Economic Projections (SEP) through September reflected this scenario and provided the market with some clarity as to the path of future interest rate policy. However, the economic landscape changed in the fourth quarter as the U.S. engaged in various trade wars, the midterm elections disrupted the legislative composition, and financial conditions tightened. These factors began softening economic data and confidence, leading to increased volatility in risk assets. At the conclusion of the FOMC policy meeting on December 19, 2018, the federal funds target rate was raised to a target range of between 2.25% to 2.50% while the rate of interest on excess reserves (IOER) was increased by only 20 basis points (bps; 100 bps equal 1.00%) to 2.40%. That was the second time the IOER rate was increased 5 bps less than the increase in the target rate in an effort to keep the effective federal funds rate from drifting to the upper level of the target range.

In the accompanying SEP, the FOMC provided insight on its view of the economy, inflation, and the corresponding monetary policy expected over the next few years. And the December projections did not disappoint market observers, with the FOMC marginally decreasing its outlook on growth and inflation and correspondingly lowering the glide path for its target rate to 2.875% and decreasing its median outlook for the number of interest rate hikes in 2019 from three to two. Comparing the September and December target rate projections, the longer-term section points to an expectation of the eventual neutral rate being marginally lower at 2.75% and lowered 2020 and 2021 median interest rate expectations at 3.125%. On the growth front, the 2019 median gross domestic product projection edged down 0.2% to 2.3% while 2020 and 2021 growth projections remained unchanged at 2.0% and 1.8%, respectively. Core inflation in the 2019 to 2021 projections all declined 0.1% to 2.0%. The lower expectations for interest rates in the next three years show the FOMC members are less concerned regarding the potential for inflationary pressures and more focused on balancing a somewhat softer economy. In fact, the statement released at the conclusion of the January 2019 FOMC meeting removed the wording of “some further gradual increases,” citing increasing downside risk from abroad, weaker domestic data, and tighter financial conditions.

As the FOMC’s expectations for rate increases moved lower, the market expectations for federal funds rate increases, as measured by federal funds futures, moved even lower still. Market participants are barely pricing in any rate hike in 2019 and may even be starting to prepare for a possible rate cut toward the end of 2019 and into 2020. The U.S. Federal Reserve will have plenty of opportunities to adjust expectations starting in 2019 as Chair Jerome Powell will conduct a press conference after each FOMC meeting instead of only quarterly. On the heels of the FOMC lowering its economic and inflation projections, risk assets underperformed and U.S. equities are teetering near bear-market territory.

The rise in short rates has brought not only attention but perhaps also nontraditional money market investors (those who typically invest in longer-term debt or equities) into the short end of the market. The Crane Prime Institutional Money Market Index, maintained by Crane Data LLC⁹, was up over $61 billion during the period, with all prime assets up over $152 billion. Investors reexamining this product may be realizing that the changes implemented from the 2010 money market reform have made a material difference in the construction of prime money market fund portfolios. The added liquidity requirements and maturity restrictions have had a beneficial impact on dampening net asset value (NAV) volatility even as the FOMC continued to raise rates and credit spreads widened. In addition, added transparency of holdings can provide a daily view of the portfolio construction process and allow shareholders to assess portfolio risks.

Strategic outlook

The FOMC has pivoted from a gradually removing accommodation outlook to a data-dependent stance requiring what it terms as “patience.” Going forward, money market investors should continue to look toward the FOMC and other market indicators for future rate guidance. As we get more clarity as to the end of the tightening cycle, money market participants may look to extend weighted average maturities (WAMs) to capture higher yields. Our strategy of emphasizing highly liquid portfolios, relatively short WAMs, and a position in securities that reset frequently allows us to capture elevated London Interbank Offered Rate levels with minimal NAV pricing pressures and afford the flexibility to add longer-dated securities as opportunities arise.

Please see footnotes on page 7.

Fund expenses (unaudited) Wells Fargo Money Market Fund 9

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

The example is based on an investment of $1,000 invested at the beginning of the six-month period and held for the entire period from August 1, 2018 to January 31, 2019.

Actual expenses

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

Hypothetical example for comparison purposes

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

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

	Beginning account value 8-1-2018		Ending account value 1-31-2019		Expenses paid during the period¹		Annualized net expense ratio
Class A
Actual	$	1,000.00	$	1,009.25	$	3.04		0.60	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,022.18	$	3.06		0.60	%
Class C
Actual	$	1,000.00	$	1,005.43	$	6.82		1.35	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,018.40	$	6.87		1.35	%
Premier Class
Actual	$	1,000.00	$	1,011.27	$	1.01		0.20	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,024.20	$	1.02		0.20	%
Service Class
Actual	$	1,000.00	$	1,009.74	$	2.53		0.50	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,022.69	$	2.55		0.50	%

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

10 Wells Fargo Money Market Fund Portfolio of investments—January 31, 2019

Security name	Interest rate			Maturity date		Principal		Value
Certificates of Deposit: 19.61%
Bank of Montreal (1 Month LIBOR +0.15%) ±		2.66	%		3-12-2019	$	5,000,000	$	5,000,000
Bank of Montreal (1 Month LIBOR +0.22%) ±		2.73			10-4-2019		3,000,000		3,000,000
Bank of Montreal (3 Month LIBOR +0.22%) ±		2.99			12-10-2019		5,000,000		5,000,000
Bank of Nova Scotia (1 Month LIBOR +0.20%) ±		2.71			8-14-2019		3,000,000		3,000,000
Bank of Nova Scotia (3 Month LIBOR +0.10%) ±		2.89			9-16-2019		2,000,000		2,000,000
Canadian Imperial Bank (3 Month LIBOR +0.20%) ±		2.74			5-1-2019		7,000,000		7,001,869
Canadian Imperial Bank (3 Month LIBOR +0.19%) ±		2.94			1-30-2020		5,000,000		4,999,598
China Construction Bank Corporation NY (1 Month LIBOR +0.25%) ±		2.76			7-19-2019		7,000,000		7,000,000
Commonwealth Bank of Australia (3 Month LIBOR +0.25%) ±		3.06			4-3-2019		2,000,000		2,000,000
First Abu Dhabi Bank		2.38			2-1-2019		10,000,000		10,000,000
HSBC Bank USA NA		2.42			2-1-2019		15,000,000		15,000,000
HSBC Bank USA NA (3 Month LIBOR +0.13%) ±		2.73			8-9-2019		2,000,000		2,000,000
HSBC Bank USA NA (3 Month LIBOR +0.18%) ±		2.80			5-10-2019		2,500,000		2,500,000
Mizuho Bank Limited (1 Month LIBOR +0.19%) ±		2.71			4-10-2019		5,000,000		5,000,000
Mizuho Bank Limited (3 Month LIBOR +0.30%) ±		3.04			4-30-2019		2,000,000		2,000,817
MUFG Bank Limited (1 Month LIBOR +0.30%) ±		2.82			5-1-2019		4,000,000		4,000,000
National Bank of Kuwait		2.37			2-1-2019		5,450,000		5,450,000
Nordea Bank AB (1 Month LIBOR +0.17%) ±		2.68			6-13-2019		5,000,000		5,000,000
Norinchukin Bank		2.75			4-8-2019		15,000,000		15,000,000
Oversea Chinese Banking (1 Month LIBOR +0.14%) ±		2.65			3-13-2019		4,000,000		4,000,000
Oversea Chinese Banking (1 Month LIBOR +0.20%) ±		2.71			9-19-2019		2,000,000		2,000,000
Skandinaviska Enskilda Banken AB (3 Month LIBOR +0.27%) ±		3.03			7-26-2019		4,000,000		4,001,535
State Street Bank & Trust (1 Month LIBOR +0.27%) ±		2.78			5-15-2019		3,000,000		3,000,000
Sumitomo Mitsui Banking Corporation (1 Month LIBOR +0.19%) ±		2.69			3-27-2019		4,000,000		4,000,000
Sumitomo Mitsui Banking Corporation (1 Month LIBOR +0.20%) ±		2.70			3-28-2019		3,000,000		3,000,000
Sumitomo Mitsui Trust NY (1 Month LIBOR +0.18%) ±		2.69			2-6-2019		2,000,000		2,000,002
Sumitomo Mitsui Trust NY (1 Month LIBOR +0.30%) ±		2.81			5-21-2019		5,000,000		5,000,000
Sumitomo Mitsui Trust NY (3 Month LIBOR +0.12%) ±		2.92			7-8-2019		5,000,000		5,000,000
Sumitomo Mitsui Trust NY (3 Month LIBOR +0.15%) ±		2.93			4-18-2019		3,000,000		3,000,000
Svenska Handelsbanken (3 Month LIBOR +0.27%) ±		3.03			10-21-2019		5,000,000		5,002,345
Svenska Handelsbanken (3 Month LIBOR +0.15%) ±		2.95			10-2-2019		7,000,000		7,000,000
US Bank NA (1 Month LIBOR +0.26%) ±		2.77			7-23-2019		3,000,000		3,000,000
Total Certificates of Deposit (Cost $154,956,166)									154,956,166
Commercial Paper: 48.22%
Asset-Backed Commercial Paper: 25.02%
Alpine Securitization LLC (1 Month LIBOR +0.18%) ±144A		2.68			4-1-2019		2,000,000		2,000,142
Alpine Securitization LLC (1 Month LIBOR +0.20%) ±144A		2.71			3-6-2019		1,000,000		1,000,109
Alpine Securitization LLC (1 Month LIBOR +0.20%) ±144A		2.72			6-28-2019		5,000,000		5,000,000
Anglesea Funding LLC (1 Month LIBOR +0.20%) ±144A		2.71			3-8-2019		2,000,000		2,000,000
Anglesea Funding LLC (1 Month LIBOR +0.20%) ±144A		2.71			3-15-2019		6,000,000		6,000,000
Anglesea Funding LLC (1 Month LIBOR +0.20%) ±144A%%		2.71			7-31-2019		4,000,000		4,000,000
Anglesea Funding LLC (1 Month LIBOR +0.25%) ±144A		2.75			5-20-2019		8,000,000		8,000,000
Atlantic Asset Securitization Corporation 144A(z)		2.84			3-4-2019		2,238,000		2,232,565
Bennington Stark Capital Company 144A(z)		2.85			4-8-2019		5,000,000		4,974,058
Cedar Spring Capital Corporation 144A(z)		2.52			2-6-2019		6,000,000		5,997,900
Chesham Finance Limited 144A(z)		2.55			2-1-2019		8,000,000		8,000,000
Collateralized Commercial Paper II Company LLC (3 Month LIBOR +0.26%) ±144A		3.06			12-31-2019		3,000,000		3,000,000

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

Portfolio of investments—January 31, 2019 Wells Fargo Money Market Fund 11

Security name	Interest rate			Maturity date		Principal		Value
Asset-Backed Commercial Paper (continued)
Collateralized Commercial Paper II Company LLC (3 Month LIBOR +0.27%) ±144A		3.07	%		1-8-2020	$	5,000,000	$	5,000,000
Concord Minutemen Capital Company 144A(z)		2.55			2-8-2019		3,000,000		2,998,513
Concord Minutemen Capital Company 144A(z)		2.66			2-11-2019		4,500,000		4,496,688
Concord Minutemen Capital Company 144A(z)		2.83			4-2-2019		3,000,000		2,985,950
Concord Minutemen Capital Company 144A(z)		2.85			2-27-2019		1,300,000		1,297,343
Concord Minutemen Capital Company 144A(z)		2.87			4-9-2019		6,000,000		5,968,175
Crown Point Capital Company LLC (1 Month LIBOR +0.20%) ±144A		2.72			3-11-2019		5,000,000		5,000,000
Crown Point Capital Company LLC (1 Month LIBOR +0.23%) ±144A		2.74			5-15-2019		8,000,000		8,000,000
Great Bridge Capital Company LLC 144A(z)		2.71			2-21-2019		5,000,000		4,992,500
Great Bridge Capital Company LLC 144A(z)		2.77			2-5-2019		5,000,000		4,998,466
Institutional Secured Funding LLC 144A(z)		2.57			2-1-2019		17,000,000		17,000,000
Kells Funding LLC 144A(z)		2.71			2-6-2019		3,000,000		2,998,875
Komatsu Finance America Incorporated 144A(z)		2.49			2-7-2019		2,000,000		1,999,170
Komatsu Finance America Incorporated 144A(z)		2.50			2-12-2019		10,000,000		9,992,361
Komatsu Finance America Incorporated 144A(z)		2.50			2-19-2019		5,000,000		4,993,750
Legacy Capital Company 144A(z)		2.77			2-21-2019		9,334,000		9,319,688
Lexington Parker Capital Company LLC 144A(z)		2.50			2-6-2019		4,000,000		3,998,611
Liberty Funding LLC 144A(z)		2.72			4-18-2019		7,000,000		6,960,100
LMA Americas LLC 144A(z)		2.86			2-27-2019		2,550,000		2,544,770
LMA Americas LLC 144A(z)		2.87			2-26-2019		2,000,000		1,996,042
LMA Americas LLC 144A(z)		2.87			3-5-2019		1,000,000		997,467
Manhattan Asset Funding Company LLC 144A(z)		2.56			2-15-2019		3,000,000		2,997,025
Mountcliff Funding LLC 144A(z)		2.50			2-1-2019		7,000,000		7,000,000
Mountcliff Funding LLC (1 Month LIBOR +0.25%) ±144A		2.75			8-30-2019		8,000,000		8,000,000
Old Line Funding LLC (1 Month LIBOR +0.19%) ±144A		2.70			5-13-2019		3,000,000		3,000,000
Old Line Funding LLC (1 Month LIBOR +0.22%) ±144A		2.74			8-1-2019		2,000,000		2,000,000
Victory Receivables Corporation 144A(z)		2.55			2-1-2019		3,000,000		3,000,000
White Plains Capital 144A(z)		2.95			4-16-2019		4,974,000		4,944,043
White Plains Capital 144A(z)		3.02			3-5-2019		2,000,000		1,994,667
White Plains Capital 144A(z)		3.02			4-9-2019		4,000,000		3,977,667
									197,656,645
Financial Company Commercial Paper: 16.88%
Banco Santander Chile 144A(z)		2.96			3-5-2019		3,500,000		3,490,822
Bank of Nova Scotia (1 Month LIBOR +0.18%) ±144A		2.70			7-2-2019		4,000,000		4,000,000
Bank of Nova Scotia (1 Month LIBOR +0.19%) ±144A		2.70			5-6-2019		2,000,000		2,000,000
BNZ International Funding Limited (1 Month LIBOR +0.19%) ±144A		2.69			5-20-2019		3,000,000		3,000,000
BNZ International Funding Limited (3 Month LIBOR +0.15%) ±144A		2.90			4-26-2019		3,000,000		3,000,000
CME Group Incorporated 144A(z)		2.50			2-12-2019		10,000,000		9,992,361
CME Group Incorporated 144A(z)		2.52			2-5-2019		7,000,000		6,998,040
Commonwealth Bank of Australia (3 Month LIBOR +0.10%) ±144A		2.68			5-3-2019		4,000,000		4,000,000
Commonwealth Bank of Australia (1 Month LIBOR +0.21%) ±144A		2.72			9-16-2019		2,000,000		2,000,000
Commonwealth Bank of Australia (3 Month LIBOR +0.60%) ±144A		3.40			12-19-2019		4,000,000		4,011,614
DBS Bank Limited (1 Month LIBOR +0.14%) ±144A		2.64			3-21-2019		3,000,000		3,000,000
Federation des Caisses (z)		2.50			2-1-2019		5,000,000		5,000,000
Federation des Caisses (1 Month LIBOR +0.26%) ±144A		2.78			2-11-2019		3,000,000		3,000,000
Federation des Caisses (3 Month LIBOR +0.13%) ±144A		2.81			5-22-2019		1,000,000		1,000,000
Federation des Caisses (1 Month LIBOR +0.30%) ±144A		2.81			6-25-2019		2,000,000		2,000,000
HSBC Bank Incorporated (1 Month LIBOR +0.42%) ±144A		2.93			5-7-2019		2,000,000		2,000,000

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

12 Wells Fargo Money Market Fund Portfolio of investments—January 31, 2019

Security name	Interest rate			Maturity date		Principal		Value
Financial Company Commercial Paper (continued)
ING Funding LLC (1 Month LIBOR +0.25%) ±		2.77	%		2-11-2019	$	2,000,000	$	2,000,001
JPMorgan Securities (1 Month LIBOR +0.15%) ±		2.65			2-28-2019		3,000,000		3,000,000
Macquarie Bank Limited 144A(z)		2.54			2-25-2019		4,000,000		3,993,253
Macquarie Bank Limited 144A(z)		2.65			2-14-2019		5,000,000		4,995,215
National Australia Bank Limited (1 Month LIBOR +0.20%) ±144A		2.72			8-2-2019		3,000,000		3,000,000
National Australia Bank Limited (1 Month LIBOR +0.27%) ±144A		2.77			5-21-2019		3,000,000		3,000,000
Oversea-Chinese Banking Corporation (3 Month LIBOR +0.14%) ±144A		2.75			5-10-2019		2,000,000		2,000,000
Oversea-Chinese Banking Corporation (1 Month LIBOR +0.25%) ±144A		2.77			5-8-2019		2,000,000		2,000,000
Skandinaviska Enskilda Banken AB 144A(z)		2.72			4-4-2019		10,000,000		9,953,500
Toronto Dominion Bank (3 Month LIBOR +0.14%) ±144A		2.70			5-2-2019		3,000,000		3,000,000
Toronto Dominion Bank (3 Month LIBOR +0.08%) ±		2.71			8-16-2019		3,000,000		3,000,000
Toronto Dominion Bank (1 Month LIBOR +0.37%) ±144A		2.88			11-7-2019		3,000,000		3,000,000
Toronto Dominion Bank (3 Month LIBOR +0.21%) ±144A		2.98			12-6-2019		5,000,000		5,000,000
UBS AG London (3 Month LIBOR +0.08%) ±144A		2.67			2-7-2019		5,000,000		5,000,000
United Overseas Bank Limited 144A(z)		2.61			3-21-2019		9,000,000		8,968,800
Westpac Banking Corporation (3 Month LIBOR +0.07%) ±144A		2.63			8-2-2019		4,000,000		4,000,000
Westpac Banking Corporation (1 Month LIBOR +0.21%) ±144A		2.72			9-19-2019		4,000,000		3,999,838
Westpac Banking Corporation (3 Month LIBOR +0.10%) ±144A		2.81			5-31-2019		5,000,000		5,000,000
									133,403,444
Other Commercial Paper: 6.32%
CNPC Finance Limited 144A(z)		2.80			2-6-2019		7,000,000		6,997,278
Koch Industries Incorporated (z)		2.48			2-22-2019		5,000,000		4,992,767
Koch Industries Incorporated (z)		2.49			2-5-2019		3,000,000		2,999,170
Koch Industries Incorporated (z)		2.50			2-4-2019		7,000,000		6,998,540
Koch Industries Incorporated (z)		2.50			2-12-2019		3,000,000		2,997,708
Salt River Project Agricultural Improvement and Power District (z)		2.59			2-19-2019		10,000,000		9,987,100
Toyota Credit Canada Incorporated (1 Month LIBOR +0.19%) ±		2.70			7-5-2019		3,000,000		3,000,000
Toyota Finance Australia Limited (3 Month LIBOR +0.08%) ±		2.73			2-15-2019		3,000,000		3,000,000
Toyota Finance Australia Limited (3 Month LIBOR +0.09%) ±		2.91			3-22-2019		2,000,000		2,000,000
Toyota Motor Finance (3 Month LIBOR +0.10%) ±		2.68			4-30-2019		3,000,000		3,000,000
Toyota Motor Finance (3 Month LIBOR +0.13%) ±		2.87			6-4-2019		4,000,000		4,000,000
									49,972,563
Total Commercial Paper (Cost $381,032,652)									381,032,652
Municipal Obligations: 16.67%
California: 2.28%
Other Municipal Debt: 2.28%
California Imperial Irrigation District Series B (Utilities Revenue)		2.60			2-20-2019		5,000,000		5,000,000
California Series B-5 (Miscellaneous Revenue)		2.55			2-6-2019		5,000,000		5,000,000
Orange County CA Water District Series B (Water Utilities)		2.58			2-14-2019		8,000,000		8,000,000
									18,000,000
Colorado: 2.64%
Variable Rate Demand Notes ø: 2.64%
Colorado HFA MFHR Class II Series B (Housing Revenue, FHLB SPA)		2.55			5-1-2052		3,895,000		3,895,000
Colorado Southern Ute Indian Tribe Reservation Series 2007 (Miscellaneous Revenue)		2.55			1-1-2027		5,450,000		5,450,000
Colorado Tender Option Bond Trust Receipts/Certificates Series 2017-TPG007 (Health Revenue, Bank of America NA LIQ) 144A		3.01			10-29-2027		11,500,000		11,500,000
									20,845,000

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

Portfolio of investments—January 31, 2019 Wells Fargo Money Market Fund 13

Security name	Interest rate			Maturity date		Principal		Value
Georgia: 4.00%
Other Municipal Debt: 0.25%
Municipal Electric Authority of Georgia (Utilities Revenue)		2.57	%		2-19-2019	$	2,000,000	$	2,000,000
Variable Rate Demand Notes ø: 3.75%
Columbus GA Housing Development Authority Puttable Floating Option Taxable Notes Series TN-024 (Housing Revenue, ACA Insured, Bank of America NA LIQ) 144A		2.72			10-1-2039		4,595,000		4,595,000
Georgia Tender Option Bond Trust Receipts/Certificates Series 2018-TPG010 (Miscellaneous Revenue, Bank of America NA LIQ) 144A		2.79			7-1-2020		20,040,000		20,040,000
Macon-Bibb County GA Industrial Authority Development Kumho Tire Georgia Incorporated Series A (Industrial Development Revenue, Korea Development Bank LOC)		2.66			12-1-2022		5,000,000		5,000,000
									29,635,000
Kentucky: 0.51%
Variable Rate Demand Note ø: 0.51%
Kentucky Housing Corporation Series O (Housing Revenue, Kentucky Housing Corporation SPA)		2.51			1-1-2036		4,000,000		4,000,000
New Hampshire: 0.63%
Variable Rate Demand Note ø: 0.63%
New Hampshire National Business Finance Authority CJ Foods Manufacturing Beaumont Corporation Series A (Industrial Development Revenue, Kookmin Bank LOC) 144A		2.66			10-1-2028		5,000,000		5,000,000
New Jersey: 0.88%
Variable Rate Demand Note ø: 0.88%
Jets Stadium Development Series A-4B (Miscellaneous Revenue, Sumitomo Mitsui Banking Corporation LOC) 144A##		2.50			4-1-2047		6,970,000		6,970,000
New York: 2.41%
Other Municipal Debt: 0.64%
Long Island Power Authority Series 2015 (Miscellaneous Revenue)		2.65			3-12-2019		5,000,000		5,000,000
Variable Rate Demand Notes ø: 1.77%
New York HFA Manhattan West Residential Housing Project Series B-2 (Housing Revenue, Bank of China LOC)		2.60			11-1-2049		10,000,000		10,000,000
RBC Municipal Products Incorporated Trust Series E-51 Invesco Van Kampen Trust (Miscellaneous Revenue, Royal Bank of Canada LOC) 144A		2.81			12-1-2019		4,000,000		4,000,000
									14,000,000
Oregon: 1.14%
Other Municipal Debt: 0.25%
Port of Portland Oregon International Airport Revenue Series C (Transportation Revenue)		2.83			4-3-2019		2,000,000		2,000,000
Variable Rate Demand Note ø: 0.89%
Oregon Tender Option Bond Trust Receipts/Certificates Series ZF2515 (Miscellaneous Revenue, Bank of America NA LIQ) 144A		2.61			5-1-2035		7,000,000		7,000,000

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

14 Wells Fargo Money Market Fund Portfolio of investments—January 31, 2019

Security name	Interest rate			Maturity date		Principal		Value
Other: 1.04%
Variable Rate Demand Notes ø: 1.04%
SSAB AB Series A (Miscellaneous Revenue, DNB Banking ASA LOC)		2.49	%		6-1-2035	$	1,000,000	$	1,000,000
Steadfast Crestvilla LLC Series A (Health Revenue, American AgCredit LOC)		2.50			2-1-2056		4,240,000		4,240,000
Steadfast Crestvilla LLC Series B (Health Revenue, U.S. Bank NA LOC)		2.50			2-1-2056		3,000,000		3,000,000
									8,240,000
Pennsylvania: 1.14%
Other Municipal Debt: 0.89%
University of Pittsburgh (Education Revenue)		2.72			2-1-2019		7,000,000		7,000,000
Variable Rate Demand Note ø: 0.25%
RBC Municipal Products Incorporated Trust Series E-52 Invesco Van Kampen Trust (Miscellaneous Revenue, Royal Bank of Canada LOC) 144A		2.81			12-1-2019		2,000,000		2,000,000
Total Municipal Obligations (Cost $131,690,000)									131,690,000
Other Instruments: 0.88%
Invesco Dynamic Credit Opportunities Fund Series W-7 §		2.56			6-1-2028		5,000,000		5,000,000
Sumitomo Mitsui Trust Banking Limited 144A		2.05			3-6-2019		2,000,000		1,998,834
Total Other Instruments (Cost $6,998,834)									6,998,834
Other Notes: 0.51%
Corporate Bonds and Notes: 0.51%
Cellmark Incorporated Secured øø§		2.49			6-1-2038		4,000,000		4,000,000
Total Other Notes (Cost $4,000,000)									4,000,000
Repurchase Agreements ^^: 14.18%
Bank of America Corporation, dated 1-31-2019, maturity value $35,002,499 (1)		2.57			2-1-2019		35,000,000		35,000,000
Bank of Nova Scotia, dated 1-31-2019, maturity value $35,002,499 (2)		2.57			2-1-2019		35,000,000		35,000,000
BNP Paribas, dated 1-31-2019, maturity value $8,000,578 (3)		2.60			2-1-2019		8,000,000		8,000,000
GX Clarke & Company, dated 1-31-2019, maturity value $34,002,456 (4)		2.60			2-1-2019		34,000,000		34,000,000
Total Repurchase Agreements (Cost $112,000,000)									112,000,000

Total investments in securities (Cost $790,677,652)	100.07	%		790,677,652
Other assets and liabilities, net	(0.07	)		(562,751	)
Total net assets	100.00	%	$	790,114,901

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

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

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

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

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

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

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

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

Portfolio of investments—January 31, 2019 Wells Fargo Money Market Fund 15

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

^^ Collateralized by:

(1) U.S. government securities, 3.00% to 3.50%, 8-20-2042 to 10-20-2046, fair value including accrued interest is $36,050,000.

(2) U.S. government securities, 2.00% to 7.00%, 12-1-2023 to 1-20-2049, fair value including accrued interest is $36,048,726.

(3) U.S. government securities, 1.13% to 7.00%, 2-28-2019 to 12-1-2048, fair value including accrued interest is $8,232,524.

(4) U.S. government securities, 1.38% to 10.00%, 2-15-2019 to 2-1-2057, fair value including accrued interest is $34,984,992.

Abbreviations:

ACA ACA Financial Guaranty Corporation

FHLB Federal Home Loan Bank

HFA Housing Finance Authority

LIBOR London Interbank Offered Rate

LIQ Liquidity agreement

LOC Letter of credit

MFHR Multifamily housing revenue

SPA Standby purchase agreement

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

16 Wells Fargo Money Market Fund Statement of assets and liabilities—January 31, 2019

Assets
Investments in unaffiliated securities, at amortized cost	$	678,677,652
Investments in repurchase agreements, at amortized cost		112,000,000
Cash		12,308
Receivable for Fund shares sold		3,610,101
Receivable for interest		1,164,226
Prepaid expenses and other assets		59,336
Total assets		795,523,623
Liabilities
Payable for investments purchased		4,000,000
Payable for Fund shares redeemed		1,021,831
Administration fees payable		108,637
Management fee payable		53,929
Dividends payable		40,508
Distribution fee payable		6,555
Trustees’ fees and expenses payable		2,076
Accrued expenses and other liabilities		175,186
Total liabilities		5,408,722
Total net assets	$	790,114,901
NET ASSETS CONSIST OF
Paid-in capital	$	790,449,841
Total distributable loss		(334,940	)
Total net assets	$	790,114,901
COMPUTATION OF NET ASSET VALUE PER SHARE
Net assets – Class A	$	474,039,960
Shares outstanding – Class A1		473,834,763
Net asset value per share – Class A		$1.00
Net assets – Class C	$	8,228,757
Shares outstanding – Class C1		8,224,999
Net asset value per share – Class C		$1.00
Net assets – Premier Class	$	295,962,073
Shares outstanding – Premier Class1		295,836,904
Net asset value per share – Premier Class		$1.00
Net assets – Service Class	$	11,884,111
Shares outstanding – Service Class1		11,878,963
Net asset value per share – Service Class		$1.00

¹  The Fund has an unlimited number of authorized shares.

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

Statement of operations—year ended January 31, 2019 Wells Fargo Money Market Fund 17

Investment income
Interest	$	13,092,960
Expenses
Management fee		1,403,356
Administration fees
Class A		1,028,372
Class C		16,194
Premier Class		75,603
Service Class		14,413
Shareholder servicing fees
Class A		1,168,604
Class C		18,402
Service Class		30,026
Distribution fee
Class C		55,206
Custody and accounting fees		26,200
Professional fees		50,877
Registration fees		147,231
Shareholder report expenses		548
Trustees’ fees and expenses		23,744
Other fees and expenses		15,071
Total expenses		4,073,847
Less: Fee waivers and/or expense reimbursements		(842,755	)
Net expenses		3,231,092
Net investment income		9,861,868
Net realized gains on investments		10,335
Net increase in net assets resulting from operations	$	9,872,203

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

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

	Year ended January 31, 2019						Year ended January 31, 2018¹
Operations
Net investment income				$	9,861,868					$	3,274,201
Net realized gains on investments					10,335						33,646
Net increase in net assets resulting from operations					9,872,203						3,307,847
Distributions to shareholders from net investment income and net realized gains
Class A					(7,460,070	)					(3,150,526	)
Class B					N/A						(4	)2
Class C					(63,691	)					(3,401	)
Premier Class					(2,133,009	)					(1,098	)
Service Class					(205,098	)					(119,172	)
Total distributions to shareholders					(9,861,868	)					(3,274,201	)
Capital share transactions		Shares						Shares
Proceeds from shares sold
Class A		189,447,415			189,447,415			106,393,075			106,393,075
Class C		10,651,512			10,651,512			3,338,043			3,338,043
Premier Class		422,176,563			422,176,563			6,501			6,501
Service Class		2,334,760			2,334,760			4,295,757			4,295,757
					624,610,250						114,033,376
Reinvestment of distributions
Class A		7,366,361			7,366,361			3,062,652			3,062,652
Class B		N/A			N/A			4	2		4	2
Class C		62,701			62,701			3,322			3,322
Premier Class		2,040,299			2,040,299			564			564
Service Class		198,869			198,869			110,385			110,385
					9,668,230						3,176,927
Payment for shares redeemed
Class A		(185,079,647	)		(185,079,647	)		(187,066,557	)		(187,066,557	)
Class B		N/A			N/A			(195,599	)2		(195,599	)2
Class C		(10,246,505	)		(10,246,505	)		(8,870,153	)		(8,870,153	)
Premier Class		(128,480,875	)		(128,480,875	)		(6,507	)		(6,507	)
Service Class		(2,556,663	)		(2,556,663	)		(14,094,565	)		(14,094,565	)
					(326,363,690	)					(210,233,381	)
Net increase (decrease) in net assets resulting from capital share transactions					307,914,790						(93,023,078	)
Total increase (decrease) in net assets					307,925,125						(92,989,432	)
Net assets
Beginning of period					482,189,776						575,179,208
End of period				$	790,114,901					$	482,189,776

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 January 31, 2018 was $355,511. The disaggregated distributions information for the year ended January 31, 2018 is included in Note 5, Distributions to Shareholders, in the notes to the financial statements.

² For the period from February 1, 2017 to July 5, 2017. Effective at the close of business on July 5, 2017, Class B shares were converted to Class A shares and are no longer offered by the Fund.

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

Financial highlights Wells Fargo Money Market Fund 19

(For a share outstanding throughout each period)

	Year ended January 31
CLASS A	2019			2018			2017			2016			2015
Net asset value, beginning of period		$1.00			$1.00			$1.00			$1.00			$1.00
Net investment income		0.02			0.01			0.00	1		0.00	1		0.00	1
Net realized gains on investments		0.00	1		0.00	1		0.00	1		0.00	1		0.00	1
Total from investment operations		0.02			0.01			0.00	1		0.00	1		0.00	1
Distributions to shareholders from
Net investment income		(0.02	)		(0.01	)		(0.00	)1		(0.00	)1		(0.00	)1
Net asset value, end of period		$1.00			$1.00			$1.00			$1.00			$1.00
Total return		1.61	%		0.64	%		0.05	%		0.01	%		0.01	%
Ratios to average net assets (annualized)
Gross expenses		0.76	%		0.85	%		0.83	%		0.82	%		0.83	%
Net expenses		0.62	%		0.65	%		0.55	%		0.29	%		0.19	%
Net investment income		1.60	%		0.63	%		0.03	%		0.01	%		0.01	%
Supplemental data
Net assets, end of period (000s omitted)		$474,040			$462,416			$539,989			$1,205,785			$876,562

¹  Amount is less than $0.005.

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

20 Wells Fargo Money Market Fund Financial highlights

(For a share outstanding throughout each period)

	Year ended January 31
CLASS C	2019			2018			2017			2016			2015
Net asset value, beginning of period		$1.00			$1.00			$1.00			$1.00			$1.00
Net investment income		0.01			0.00	1		0.00	1		0.00	1		0.00	1
Net realized gains on investments		0.00	1		0.00	1		0.00	1		0.00	1		0.00	1
Total from investment operations		0.01			0.00	1		0.00	1		0.00	1		0.00	1
Distributions to shareholders from
Net investment income		(0.01	)		(0.00	)1		(0.00	)1		(0.00	)1		(0.00	)1
Net asset value, end of period		$1.00			$1.00			$1.00			$1.00			$1.00
Total return2		0.84	%		0.04	%		0.01	%		0.01	%		0.01	%
Ratios to average net assets (annualized)
Gross expenses		1.51	%		1.60	%		1.58	%		1.57	%		1.58	%
Net expenses		1.37	%		1.23	%		0.60	%		0.29	%		0.19	%
Net investment income		0.87	%		0.03	%		0.01	%		0.01	%		0.01	%
Supplemental data
Net assets, end of period (000s omitted)		$8,229			$7,763			$13,293			$16,617			$13,628

¹  Amount is less than $0.005.

²  Total return calculations do not include any sales charges.

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

Financial highlights Wells Fargo Money Market Fund 21

(For a share outstanding throughout each period)

	Year ended January 31
PREMIER CLASS	2019			2018			2017¹
Net asset value, beginning of period		$1.00			$1.00			$1.00
Net investment income		0.02			0.01			0.00	2
Net realized gains on investments		0.00	2		0.00	2		0.00	2
Total from investment operations		0.02			0.01			0.00	2
Distributions to shareholders from
Net investment income		(0.02	)		(0.01	)		(0.00	)2
Net asset value, end of period		$1.00			$1.00			$1.00
Total return3		2.03	%		1.09	%		0.36	%
Ratios to average net assets (annualized)
Gross expenses		0.33	%		0.45	%		0.45	%
Net expenses		0.20	%		0.20	%		0.20	%
Net investment income		2.26	%		1.08	%		0.43	%
Supplemental data
Net assets, end of period (000s omitted)		$295,962			$101			$100

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

²  Amount is less than $0.005.

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

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

22 Wells Fargo Money Market Fund Financial highlights

(For a share outstanding throughout each period)

	Year ended January 31
SERVICE CLASS	2019			2018			2017			2016			2015
Net asset value, beginning of period		$1.00			$1.00			$1.00			$1.00			$1.00
Net investment income		0.02			0.01			0.00	1		0.00	1		0.00	1
Net realized gains on investments		0.00	1		0.00	1		0.00	1		0.00	1		0.00	1
Total from investment operations		0.02			0.01			0.00	1		0.00	1		0.00	1
Distributions to shareholders from
Net investment income		(0.02	)		(0.01	)		(0.00	)1		(0.00	)1		(0.00	)1
Net asset value, end of period		$1.00			$1.00			$1.00			$1.00			$1.00
Total return		1.72	%		0.79	%		0.11	%		0.01	%		0.01	%
Ratios to average net assets (annualized)
Gross expenses		0.66	%		0.74	%		0.72	%		0.72	%		0.73	%
Net expenses		0.50	%		0.50	%		0.50	%		0.28	%		0.19	%
Net investment income		1.71	%		0.74	%		0.05	%		0.01	%		0.01	%
Supplemental data
Net assets, end of period (000s omitted)		$11,884			$11,910			$21,602			$274,245			$281,157

¹  Amount is less than $0.005.

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

Notes to financial statements Wells Fargo Money Market Fund 23

1. ORGANIZATION

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

Effective at the close of business on July 5, 2017, Class B shares were converted to Class A shares and are no longer offered by the Fund. Information for Class B shares reflected in the financial statements represents activity through July 5, 2017.

2. SIGNIFICANT ACCOUNTING POLICIES

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

Securities valuation

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

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

Repurchase agreements

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

When-issued transactions

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

Security transactions and income recognition

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

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.

24 Wells Fargo Money Market Fund Notes to financial statements

Distributions to shareholders

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

Federal and other taxes

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

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

As of January 31, 2019, the cost of investments for federal income tax purposes is substantially the same as for financial reporting purposes.

Reclassifications are made to the Fund’s capital accounts for permanent tax differences to reflect income and gains available for distribution (or available capital loss carryforwards) under federal income tax regulations. U.S. generally accepted accounting principles require that certain components of net assets be adjusted to reflect permanent differences between financial and tax reporting. These reclassifications have no effect on net assets or net asset values per share. The primary permanent difference causing such reclassification is due to expiration of capital loss carryforwards. At January 31, 2019, as a result of permanent book-to-tax differences, the following reclassification adjustments were made on the Statement of Assets and Liabilities:

Paid-in capital	Total distributable loss
$(385,874)	$385,874

Class allocations

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

3. FAIR VALUATION MEASUREMENTS

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

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

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

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

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

Notes to financial statements Wells Fargo Money Market Fund 25

The following is a summary of the inputs used in valuing the Fund’s assets and liabilities as of January 31, 2019:

	Quoted prices (Level 1)		Other significant observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total
Assets
Investments in:
Certificates of deposit	$	0	$	154,956,166	$	0	$	154,956,166
Commercial paper		0		381,032,652		0		381,032,652
Municipal obligations		0		131,690,000		0		131,690,000
Other instruments		0		6,998,834		0		6,998,834
Other notes		0		4,000,000		0		4,000,000
Repurchase agreements		0		112,000,000		0		112,000,000
Total assets	$	0	$	790,677,652	$	0	$	790,677,652

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

At January 31, 2019, the Fund did not have any transfers into/out of Level 3.

4. TRANSACTIONS WITH AFFILIATES

Management fee

Funds Management, an indirect wholly owned subsidiary of Wells Fargo & Company (“Wells Fargo”), is the manager of the Fund and provides advisory and fund-level administrative services under an investment management agreement. Under the investment management agreement, Funds Management is responsible for, among other services, implementing the investment objectives and strategies of the Fund, supervising the subadvisers and providing fund-level administrative services in connection with the Fund’s operations. As compensation for its services under the investment management agreement, Funds Management is entitled to receive an annual management fee starting at 0.20% and declining to 0.18% as the average daily net assets of the Fund increase. Prior to June 1, 2018, Funds Management received a fee at an annual rate which started at 0.35% and declined to 0.23% as the average daily net assets of the Fund increased. For the year ended January 31, 2019, the management fee was equivalent to an annual rate of 0.24% of the Fund’s average daily net assets.

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

Administration fees

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

	Class-level administration fee
Class A, Class C		0.22	%
Premier Class		0.08
Service Class		0.12

26 Wells Fargo Money Market Fund Notes to financial statements

Funds Management has contractually waived and/or reimbursed management and administration fees to the extent necessary to maintain certain net operating expense ratios for the Fund. When each class of the Fund has exceeded its expense cap, Funds Management has waived fees and/or reimbursed expenses from fund level expenses on a proportionate basis and then from class specific expenses; otherwise, waivers and/or reimbursements are applied against class specific expenses before fund level expenses. Funds Management has committed through May 31, 2019 to waive fees and/or reimburse expenses to the extent necessary to cap the Fund’s expenses at 0.60% for Class A shares, 1.35% for Class C shares, 0.20% for Premier Class shares, and 0.50% for Service Class shares. Prior to or after the commitment expiration date, the cap may be increased or the commitment to maintain the cap may be terminated only with the approval of the Board of Trustees. Prior to June 1, 2018, the Fund’s expenses were capped at 0.65% for Class A shares and 1.40% for Class C shares.

Distribution fee

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

In addition, Funds Distributor is also entitled to receive the contingent deferred sales charges from redemptions of Class C shares. No contingent deferred sales charges were incurred by Class C shares for the year ended January 31, 2019.

Shareholder servicing fees

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

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

Interfund transactions

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

5. DISTRIBUTIONS TO SHAREHOLDERS

The tax character of distributions paid was $9,861,868 and $3,274,201 of ordinary income for the years ended January 31, 2019 and January 31, 2018, respectively.

Effective for all filings after November 4, 2018, the Securities and Exchange Commission eliminated the requirement to separately state the components of distributions to shareholders under U.S. generally accepted accounting principles. The amounts of distributions to shareholders for the year ended January 31, 2018 were as follows:

	Net investment income
Class A		$3,150,526
Class B		4¹
Class C		3,401
Administrator Class		1,098
Institutional Class		119,172

¹  For the period from February 1, 2017 to July 5, 2017.

6. INDEMNIFICATION

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

Notes to financial statements Wells Fargo Money Market Fund 27

7. 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.

28 Wells Fargo Money Market Fund Report of independent registered public accounting firm

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 Money Market Fund (the Fund), one of the funds constituting Wells Fargo Funds Trust, including the portfolio of investments, as of January 31, 2019, the related statement of operations for the year then ended, the statements of changes in net assets for each of the years or periods in the two-year period then ended, and the related notes (collectively, the financial statements) and the financial highlights for each of the years or periods 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 January 31, 2019, the results of its operations for the year then ended, the changes in its net assets for each of the years or periods in the two-year period then ended, and the financial highlights for each of the years or periods 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 January 31, 2019, by correspondence with the custodian 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 auditor of one or more Wells Fargo Funds investment companies, however we are aware that we have served as the auditor of one or more Wells Fargo Funds investment companies since at least 1955.

Boston, Massachusetts

March 27, 2019

Other information (unaudited) Wells Fargo Money Market Fund 29

TAX INFORMATION

For the fiscal year ended January 31, 2019, $6,362,731 has been designated as interest-related dividends for nonresident alien shareholders pursuant to Section 871 of the Internal Revenue Code.

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 1-800-222-8222, visiting our website at wellsfargofunds.com, or visiting the SEC website at sec.gov. Information regarding how the Fund voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is available on the Fund’s website at wellsfargofunds.com or by visiting the SEC website at sec.gov.

PORTFOLIO HOLDINGS INFORMATION

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

30 Wells Fargo Money Market Fund Other information (unaudited)

BOARD OF TRUSTEES AND OFFICERS

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

Other information (unaudited) Wells Fargo Money Market Fund 31

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
Pamela Wheelock (Born 1959)	Trustee, since 2018; Advisory Board Member, from 2017 to 2018	Board member of the Destination Medical Center Economic Development Agency, Rochester, Minnesota since 2019. Chief Operating Officer, Twin Cities Habitat for Humanity from 2017 to 2019. Vice President of University Services, University of Minnesota from 2012 to 2016. Prior thereto, on the Board of Directors, Governance Committee and Finance Committee for the Minnesota Philanthropy Partners (Saint Paul Foundation) from 2012 to 2018, Interim Chief Executive Officer of Blue Cross Blue Shield of Minnesota from 2011 to 2012, Chairman of the Board from 2009 to 2012 and Board Director from 2003 to 2015. Vice President, Leadership and Community Engagement, Bush Foundation, Saint Paul, Minnesota (a private foundation) from 2009 to 2011. Executive Vice President and Chief Financial Officer, Minnesota Sports and Entertainment from 2004 to 2009 and Senior Vice President from 2002 to 2004. Executive Vice President of the Minnesota Wild Foundation from 2004 to 2008. Commissioner of Finance, State of Minnesota, from 1999 to 2002. Currently Board Chair of the Minnesota Wild Foundation since 2010.	N/A

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

32 Wells Fargo Money Market Fund Other information (unaudited)

Officers

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

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

² The Statement of Additional Information includes additional information about the Trustees and is available, without charge, upon request, by calling 1-800-222-8222 or by visiting the website at wellsfargofunds.com.

³  Mr. Harris became Chairman of the Audit Committee effective January 1, 2019.

For more information

More information about Wells Fargo Funds is available free upon request. To obtain literature, please write, visit the Fund’s website, or call:

Wells Fargo Funds

P.O. Box 219967

Kansas City, MO 64121-9967

Website: wellsfargofunds.com

Individual investors: 1-800-222-8222

Retail investment professionals: 1-888-877-9275

Institutional investment professionals: 1-866-765-0778

This report and the financial statements contained herein are submitted for the general information of the shareholders of the Fund. If this report is used for promotional purposes, distribution of the report must be accompanied or preceded by a current prospectus. Before investing, please consider the investment objectives, risks, charges, and expenses of the investment. For a current prospectus and, if available, a summary prospectus, containing this information, call 1-800-222-8222 or visit the Fund’s website at wellsfargofunds.com. Read the prospectus carefully before you invest or send money.

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

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

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

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

320760 03-19 A306/AR306 01-19

Annual Report

January 31, 2019

Retail Money Market Funds

∎ Wells Fargo National Tax-Free Money Market Fund

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

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

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

Reduce clutter. Save trees.

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

Contents

Letter to shareholders	2
Performance highlights	6
Fund expenses	9
Portfolio of investments	10
Financial statements
Statement of assets and liabilities	20
Statement of operations	21
Statement of changes in net assets	22
Financial highlights	23
Notes to financial statements	27
Report of independent registered public accounting firm	31
Other information	32

The views expressed and any forward-looking statements are as of January 31, 2019, 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 National Tax-Free Money Market Fund Letter to shareholders (unaudited)

Andrew Owen

President

Wells Fargo Funds

Global trade tensions escalated during the second quarter of 2018.

Dear Shareholder:

We are pleased to offer you this annual report for the Wells Fargo National Tax-Free Money Market Fund for the 12-month period that ended January 31, 2019. An upward trend for short-term interest rates, inflation concerns, trade tensions, and geopolitical events contributed to investment market volatility throughout the year.

For the period, U.S. stocks, as measured by the S&P 500 Index,¹ fell 2.31% and international stocks, as measured by the MSCI ACWI ex USA Index (Net),² declined 12.58%. Based on the MSCI EM Index (Net),³ emerging market stocks lost 14.24%. For bond investors, the Bloomberg Barclays U.S. Aggregate Bond Index⁴ added 2.25% while the Bloomberg Barclays Global Aggregate ex-USD Index⁵ fell 3.26%. The Bloomberg Barclays Municipal Bond Index⁶ added 3.26%, and the ICE BofAML U.S. High Yield Index⁷ gained 1.57%.

A move to normalize U.S. monetary policy influenced markets.

Through January 2018, the S&P 500 Index and MSCI ACWI ex USA Index (Net) delivered positive returns every month for more than a year. In February 2018, that streak ended. The S&P 500 Index fell 3.69% during February and the MSCI ACWI ex USA Index (Net) dropped 4.72%. For the quarter, the S&P 500 Index recorded its first negative quarterly return since 2014. The MSCI ACWI ex USA Index (Net) fell 1.18% for the quarter.

During the year, the U.S. Federal Reserve (Fed) sought to normalize accommodative monetary policies in place since the 2008 global financial crisis and recession. Short-term interest rates, as measured by U.S. Treasury bills—maturities ranging from 3 to 12 months—increased an average of 89 basis points (bps; 100 bps equal 1.00%). Rates for 10-year and 30-year Treasuries increased 17 bps and 18 bps, respectively. Slower growth of long-term rates raised concerns for a flattening yield curve, sometimes associated with recessions. The Fed raised the federal funds rate by 25 bps in March 2018 to a target range of between 1.50% and 1.75%. The Bank of England (BOE) indicated a bias to increase rates later in 2018. The European Central Bank, the Bank of Japan, and the People’s Bank of China (PBOC) maintained low interest rates.

Global trade tensions heightened investor concerns.

Global trade tensions escalated during the second quarter of 2018. A tit-for-tat tariff spat intensified between the U.S. and other governments. The Fed raised the federal funds rate by 25 bps to a target range of between 1.75% and 2.00% in June. Market index results reflected the global concerns. The MSCI ACWI ex USA Index (Net) lost 2.61% while the Bloomberg Barclays Global Aggregate ex-USD Index dropped 4.76%.

¹ The S&P 500 Index consists of 500 stocks chosen for market size, liquidity, and industry group representation. It is a market-value-weighted index with each stock’s weight in the index proportionate to its market value. You cannot invest directly in an index.

²  The Morgan Stanley Capital International (MSCI) All Country World Index (ACWI) ex USA Index (Net) is a free-float-adjusted market-capitalization-weighted index that is designed to measure the equity market performance of developed markets, excluding the United States and Canada. Source: MSCI. MSCI makes no express or implied warranties or representations and shall have no liability whatsoever with respect to any MSCI data contained herein. The MSCI data may not be further redistributed or used as a basis for other indices or any securities or financial products. This report is not approved, reviewed, or produced by MSCI. You cannot invest directly in an index.

³  The MSCI Emerging Markets (EM) Index (Net) is a free-float-adjusted market-capitalization-weighted index that is designed to measure large- and mid-cap equity market performance of emerging markets. The MSCI EM Index (Net) consists of the following 24 emerging market country indices: Brazil, Chile, China, Colombia, Czech Republic, Egypt, Greece, Hungary, India, Indonesia, Korea, Malaysia, Mexico, Pakistan, Peru, the Philippines, Poland, Qatar, Russia, South Africa, Taiwan, Thailand, Turkey, and the United Arab Emirates. You cannot invest directly in an index.

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

⁵  The Bloomberg Barclays Global Aggregate ex-USD Index is an unmanaged index that provides a broad-based measure of the global investment-grade fixed-income markets excluding the U.S. dollar-denominated debt market. You cannot invest directly in an index.

⁶  The Bloomberg Barclays Municipal Bond Index is an unmanaged index composed of long-term tax-exempt bonds with a minimum credit rating of Baa. You cannot invest directly in an index.

⁷ The ICE BofAML U.S. High Yield Index is a market-capitalization-weighted index of domestic and Yankee high-yield bonds. The index tracks the performance of high-yield securities traded in the U.S. bond market. You cannot invest directly in an index. Copyright 2019. ICE Data Indices, LLC. All rights reserved.

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

Not all news was bad. The U.S. Bureau of Economic Analysis reported second-quarter gross domestic product (GDP) annualized growth of 4.2%. Hiring improved. Employment data remained strong. Consumer confidence and spending increased. The S&P 500 Index recorded a 3.43% second-quarter gain. Stocks of companies with smaller capitalizations were even better, as measured by the Russell 2000^® Index,⁸ adding 7.75%.

Investors appeared to shake off lingering concerns during the third quarter.

Favorable third-quarter economic indicators and corporate earnings reports encouraged domestic stock investors. U.S. trade negotiations with Mexico and Canada progressed. The Conference Board Consumer Confidence Index^®9 reached its highest level in 18 years during September. The Fed raised the federal funds rate by 25 bps to a target range of between 2.00% and 2.25% in September. For the quarter that ended September 30, 2018, the S&P 500 Index added 7.71%.

Investors in international markets were not as reassured. Tensions between the U.S. and China increased. The U.S. imposed $200 billion in tariffs on Chinese goods. China reacted with $60 billion in tariffs on U.S. goods. Economic growth in China caused concern. The BOE raised its monetary policy rate to 0.75% in August. During the quarter, the MSCI ACWI ex USA Index (Net) gained 0.71%. The MSCI EM Index (Net) declined 1.09%. In fixed-income markets, U.S. bonds were flat, as measured by the Bloomberg Barclays U.S. Aggregate Bond Index. The Bloomberg Barclays Global Aggregate ex-USD Index fell 1.74%.

Conflicting data unsettled markets during the fourth quarter.

For the S&P 500 Index and the MSCI ACWI ex USA Index (Net), negative stock market performance during October and December bracketed positive November returns. December’s S&P 500 Index performance was the worst since 1931. Globally, fixed-income investments fared better than stocks during the last two months of the year.

November’s U.S. mid-term elections shifted control of the House of Representatives from Republicans to Democrats, presaging potential partisan clashes. The Bureau of Economic Analysis reported that third-quarter U.S. GDP grew at an annualized 3.4% rate, solid, but lower than the second quarter rate. Brexit efforts stalled ahead of the March 2019 deadline. The PBOC cut reserve requirement ratios, accelerated infrastructure spending, and cut taxes even as the value of the yuan declined to low levels last seen in 2008.

After the Fed increased the federal funds rate by 25 bps to a target range of between 2.25% and 2.50% in December—the ninth such increase since the Fed began three years ago to raise rates from near zero—it softened its outlook for further interest rate increases in 2019.

The market climbs a wall of worry.

Investors entered 2019 with reasons to be concerned. A partial U.S government shutdown driven by partisan spending and immigration policy disputes extended into January. Investors expected high levels of stock market volatility to continue based on the VIX¹⁰.

Favorable third-quarter economic indicators and corporate earnings reports encouraged domestic stock investors.

⁸  The Russell 2000^® Index measures the performance of the 2,000 smallest companies in the Russell 3000^® Index, which represents approximately 8% of the total market capitalization of the Russell 3000^® Index. You cannot invest directly in an index.

⁹  The Conference Board Consumer Confidence Index^® measures the degree of optimism on the state of the U.S. economy that consumers are expressing through their activities of savings and spending. You cannot invest directly in an index.

¹⁰  The Chicago Board Options Exchange Market Volatility Index (VIX) is a popular measure of the implied volatility of S&P 500 Index options. It represents one measure of the market’s expectation of stock market volatility over the next 30-day period. You cannot invest directly in an index.

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

January’s returns tended to support the investing adage that markets climb a wall of worry. The S&P 500 Index gained 8.01% for the month that ended January 31, 2019, its best monthly performance in 30 years. Returns for the MSCI ACWI ex USA Index (Net), the Bloomberg Barclays U.S. Aggregate Bond Index, and the Bloomberg Barclays Global Aggregate ex-USD Index also were positive.

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

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

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

Sincerely,

Andrew Owen

President

Wells Fargo Funds

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

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

Investment objective

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

Manager

Wells Fargo Funds Management, LLC

Subadviser

Wells Capital Management Incorporated

Portfolio managers

James Randazzo Jeffrey L. Weaver, CFA^®‡

Average annual total returns (%) as of January 31, 2019

								Expense ratios1 (%)
	Inception Date	1 year		5 year		10 year		Gross		Net2
Class A (NWMXX)	7-28-2003		0.89		0.28		0.15		0.68		0.60
Administrator Class (WNTXX)	4-8-2005		1.21		0.45		0.26		0.41		0.30
Premier Class (WFNXX)	11-8-1999		1.31		0.51		0.31		0.29		0.20
Service Class (MMIXX)	8-3-1993		1.06		0.37		0.20		0.58		0.45

Yield summary (%) as of January 31, 2019²

	Class A	Administrator Class		Premier Class		Service Class
7-day current yield	0.83		1.13		1.23		0.98
7-day compound yield	0.83		1.13		1.23		0.98
30-day simple yield	0.90		1.20		1.30		1.05
30-day compound yield	0.91		1.21		1.31		1.06

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

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

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

Please see footnotes on page 7.

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

Revenue source distribution as of January 31, 2019³

Effective maturity distribution as of January 31, 2019³

Weighted average maturity as of January 31, 2019⁴

6 days

Weighted average life as of January 31, 2019⁵

6 days

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

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

²  The manager has contractually committed through May 31, 2019, to waive fees and/or reimburse expenses to the extent necessary to cap the expenses of each class after fee waivers. Brokerage commissions, stamp duty fees, interest, taxes, acquired fund fees and expenses (if any), and extraordinary expenses are excluded from the expense cap. Prior to or after the commitment expiration date, the cap may be increased or the commitment to maintain the cap may be terminated only with the approval of the Board of Trustees. Without this cap, the Fund’s returns would have been lower. Without waived fees and/or reimbursed expenses, the Fund’s 7-day current yield would have been 0.76%, 1.03%, 1.15%, and 0.86% for Class A, Administrator Class, Premier Class, and Service Class, respectively. The expense ratio paid by an investor is the net expense ratio (the total annual fund operating expenses after fee waivers) as stated in the prospectuses.

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

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

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

⁶  The Securities Industry and Financial Markets Association (SIFMA) Municipal Swap Index (SIFMA Index) is a seven-day high-grade market index composed of tax-exempt variable-rate demand obligations with certain characteristics. The index is calculated and published by Bloomberg. The index is overseen by SIFMA’s Municipal Swap Index Committee. You cannot invest directly in an index.

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

MANAGER’S DISCUSSION

During the period, the municipal money markets continued to strengthen as rising interest rates and increasing asset levels gave both investors and market participants something to cheer about. With regulatory reform a distant memory, market participants refocused on traditional macroeconomic factors, market technicals, and the Federal Open Market Committee (FOMC). The Securities Industry and Financial Markets Association (SIFMA) Municipal Swap Index (SIFMA Index)⁶, which measures seven-day variable-rate demand note (VRDN) yields, experienced several bouts of volatility throughout the period as seasonal technicals exacerbated supply and demand dynamics. Fixed-rate paper, on the other hand, experienced less dramatic swings and generally tracked taxable rates as the FOMC progressed with four rate hikes throughout the year.

The SIFMA Index began the period at 1.08% (73% of the one-week London Interbank Offered Rate [LIBOR]) as the advent of seasonal reinvestment cash in early January forced municipal money market yields to quickly normalize following a spike in tax-exempt rates in December. The SIFMA Index had closed out 2017 at a multiyear high of 1.71% (115% of the one-week LIBOR). Yields on high-grade one-year notes began the period at 1.40%, down from 1.46% at the prior year-end.

The next big move in the municipal money market space occurred during the March through April tax-payment period. Yields rose across the curve as seasonal fund outflows exerted downward pressure on demand. With municipal money market funds losing roughly $4 billion in assets, the SIFMA Index spiked to 1.81% on April 18, 2018, up from 1.58% at the end of March, pushing the SIFMA Index/one-week LIBOR ratio down to 104%.

Municipal money market assets usually languish until June and July, when coupons and maturities generate a new wave of reinvestment cash. However, fund assets staged an unexpected turnaround during the month of May as investors sought to take advantage of the sudden cheapness of the SIFMA Index, with municipal money market funds attracting almost $7 billion in assets during the month. This unexpected surge in demand forced the SIFMA Index lower for six straight weeks before closing out the month at 1.06%, or 61% of the one-week LIBOR.

June saw equally abnormal asset flows; this time, municipal money market funds experienced redemptions in the neighborhood of $2.8 billion. This surprising reversal in trend caused demand for overnight and weekly VRDNs and tender option bonds (TOBs) to evaporate, forcing dealers to rapidly ratchet rates higher in order to entice nontraditional buyers. The FOMC rate hike on June 13, 2018, provided additional impetus for the tax-exempt market to play catch-up with taxable equivalents. The SIFMA Index rose from 1.05% (59% of the one-week LIBOR) on June 6 to 1.51% (76% of the one-week LIBOR) on June 27.

The dog days of summer brought some semblance of normalcy to the municipal money market space as the SIFMA Index settled into a narrower range while tracking taxable rates higher leading up to the next anticipated FOMC tightening in September 2018. The SIFMA Index rose slightly to 1.61% by the end of October, up from 1.56% at the end of September. Further out on the curve, yields on high-grade commercial paper and notes continued to rise as the market continued to cope with large secondary market balances. One-year high-grade notes finished out the month at approximately 2.07%, up from 1.94% the previous month.

Heading into the final two months of 2018, the municipal money markets continued to benefit as heightened equity and bond market volatility forced many investors to seek out safe havens in the short end. The municipal yield curve began to flatten as the SIFMA Index eventually drifted higher before closing out the year at 1.71%. Meanwhile, yields on top-rated one-year paper fell to roughly 1.90% as expectations for FOMC rate hikes were discounted. Ultimately, municipal money market funds would bring in roughly $6.5 billion in assets during the month of December, capping off a strong year in which assets increased by approximately $14 billion, or 10% for the year, according to Crane Data LLC.

In January 2019, seasonal technicals in the form of heavy maturities and coupons would drive demand for tax-exempt paper along the curve. The SIFMA Index fell sharply to a multi-month low of 1.43% (59% of the one-week LIBOR) by the end of the period as demand for VRDNs and TOBs outpaced supply. Holiday-shortened weeks also contributed to a lackluster primary market calendar, further suppressing rates. Further out on the curve, yields on high-grade one-year paper fell to 1.74%, down from 1.90% the previous month.

Strategic outlook

Throughout the period, we continued to emphasize portfolio liquidity by targeting our purchases primarily in daily and weekly VRDNs and TOBs. This strategy allowed us to achieve our objectives for 100% weekly liquidity and principal preservation. Additionally, our strategy allowed us to quickly capture the benefits of rising interest rate levels due to FOMC rate hikes and periods of elevated SIFMA Index rates. Given the relative flatness of the municipal yield curve and uncertainty surrounding FOMC interest rate policy, we continue to feel that a conservative posture with respect to liquidity and duration targets is warranted in the near future.

Please see footnotes on page 7.

Fund expenses (unaudited) Wells Fargo National Tax-Free Money Market Fund 9

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

The example is based on an investment of $1,000 invested at the beginning of the six-month period and held for the entire period from August 1, 2018 to January 31, 2019.

Actual expenses

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

Hypothetical example for comparison purposes

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

Please note that the expenses shown in the table are meant to highlight your ongoing costs only. Therefore, the “Hypothetical” line of the table is useful in comparing ongoing costs only and will not help you determine the relative total costs of owning different funds.

	Beginning account value 8-1-2018		Ending account value 1-31-2019		Expenses paid during the period¹		Annualized net expense ratio
Class A
Actual	$	1,000.00	$	1,005.20	$	3.03		0.60	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,022.18	$	3.06		0.60	%
Administrator Class
Actual	$	1,000.00	$	1,006.72	$	1.52		0.30	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,023.69	$	1.53		0.30	%
Premier Class
Actual	$	1,000.00	$	1,007.22	$	1.01		0.20	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,024.20	$	1.02		0.20	%
Service Class
Actual	$	1,000.00	$	1,005.96	$	2.28		0.45	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,022.94	$	2.29		0.45	%

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

10 Wells Fargo National Tax-Free Money Market Fund Portfolio of investments—January 31, 2019

Security name	Interest rate			Maturity date		Principal		Value
Municipal Obligations: 98.74%
Alabama: 0.56%
Variable Rate Demand Note ø: 0.56%
Alabama Federal Aid Highway Finance Authority Series 2016-A Tender Option Bond Trust Receipts/Certificates Series 2016-XF2373 (Tax Revenue, Citibank NA LIQ) 144A		1.46	%		9-1-2024	$	5,000,000	$	5,000,000
Alaska: 0.28%
Variable Rate Demand Note ø: 0.28%
Alaska Housing Finance Corporation Series B (Housing Revenue, FHLB SPA)		1.40			12-1-2041		2,500,000		2,500,000
Arizona: 1.49%
Variable Rate Demand Notes ø: 1.49%
Arizona Tender Option Bond Trust Receipts/Floater Certificates Series 2018-XF2537 (Utilities Revenue, Barclays Bank plc LOC, Barclays Bank plc LIQ) 144A		1.47			12-1-2037		3,215,000		3,215,000
Mesa AZ Utility System Clipper Tax-Exempt Certificate Trust Series 2009-33 (Miscellaneous Revenue, State Street Bank & Trust Company LIQ)		1.46			7-1-2024		10,055,000		10,055,000
									13,270,000
California: 10.44%
Variable Rate Demand Notes ø: 10.44%
Bay Area CA Toll Authority Toll Bridge Series C1 (Transportation Revenue, Sumitomo Mitsui Banking LOC)		1.10			4-1-2045		900,000		900,000
California HFFA Dignity Health Series A (Health Revenue, Barclays Bank plc LOC, Barclays Bank plc LIQ) 144A		1.55			3-1-2042		11,730,000		11,730,000
California Infrastructure & Economic Development Bank Saddleback Valley Christian Schools Project Series A (Miscellaneous Revenue, East West Bank LOC) 144A		1.46			12-1-2040		14,250,000		14,250,000
California Municipal Finance Authority High Desert Foundation Project Series 2012A (Education Revenue, Union Bank NA LOC)		1.48			4-1-2042		1,180,000		1,180,000
California State University Series A Tender Option Bond Trust Receipts/Certificates Series 2017-XF2441 (Education Revenue, Citibank NA LIQ) 144A		1.39			5-1-2024		7,670,000		7,670,000
California Statewide Community Development Authority Uptown Newport Apartments Series 2017 AA & BB (Housing Revenue, East West Bank LOC)		1.40			3-1-2057		6,975,000		6,975,000
California Tender Option Bond Trust Receipts/Certificates Series 2017-XF0580 (GO Revenue, TD Bank NA LIQ) 144A		1.43			11-1-2033		3,375,000		3,375,000
California Tender Option Bond Trust Receipts/Certificates Series 2018-XF0669 (GO Revenue, Royal Bank of Canada LIQ) 144A		1.44			2-1-2026		2,500,000		2,500,000
California Tender Option Bond Trust Receipts/Certificates Series 2018-XF2630 (Health Revenue, Barclays Bank plc LOC, Barclays Bank plc LIQ) 144A		1.43			8-1-2045		2,900,000		2,900,000
California Tender Option Bond Trust Receipts/Certificates Series 2018-XG0188 (GO Revenue, Royal Bank of Canada LIQ) 144A		1.44			2-1-2026		1,600,000		1,600,000
California Tender Option Bond Trust Receipts/Floater Certificates Series 2017-BAML01 (Transportation Revenue, Bank of America NA LIQ) 144A		1.42			4-1-2047		23,445,000		23,445,000
California Tender Option Bond Trust Receipts/Floater Certificates Series 2018-ZP0159 (GO Revenue, JPMorgan Chase & Company LIQ) 144A		1.58			8-1-2022		4,500,000		4,500,000
Grossmont CA Union High School District Floater Series 2015 (GO Revenue, Citibank NA LIQ) 144A		1.53			8-1-2019		7,525,000		7,525,000
San Francisco City & County CA Public Utilities Commission Series 3153X (Water & Sewer Revenue, Morgan Stanley Bank LIQ) 144A		1.46			11-1-2039		2,190,000		2,190,000
San Joaquin CA Delta Community College Tender Option Bond Trust Receipts/Certificates Series ZF0180 (GO Revenue, JPMorgan Chase & Company LIQ) 144A		1.53			8-1-2022		2,415,000		2,415,000
									93,155,000

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

Portfolio of investments—January 31, 2019 Wells Fargo National Tax-Free Money Market Fund 11

Security name	Interest rate			Maturity date		Principal		Value
Colorado: 2.62%
Variable Rate Demand Notes ø: 2.62%
Colorado HFA Catholic Health Initiatives Series 2008-D2 (Health Revenue, Morgan Stanley Bank LIQ) 144A		1.65	%		10-1-2037	$	9,000,000	$	9,000,000
Colorado HFA Single Family Mortgage Bonds Class ll Series 2018B-2 (Housing Revenue, GNMA Insured, FHLB SPA)		1.45			11-1-2041		5,000,000		5,000,000
Colorado RBC Municipal Products Incorporated Trust Series 2018-E123 (Education Revenue, Royal Bank of Canada LOC, Royal Bank of Canada LIQ) 144A		1.46			4-1-2020		7,500,000		7,500,000
Colorado Tender Option Bond Trust Receipts/Certificates Series 2018-XF0668 (Health Revenue, Royal Bank of Canada LIQ) 144A		1.46			5-15-2026		1,875,000		1,875,000
									23,375,000
Connecticut: 1.37%
Variable Rate Demand Notes ø: 1.37%
Connecticut HEFAR Yale New Haven Health Series D (Health Revenue, Bank of America NA LOC)		1.40			7-1-2048		4,640,000		4,640,000
Connecticut Residual Interest Bond Floater Trust Series 2017-016 (Miscellaneous Revenue, Barclays Bank plc LOC, Barclays Bank plc LIQ) 144A		1.47			6-1-2037		3,000,000		3,000,000
Connecticut Tender Option Bond Trust Receipts/Floater Certificates Series 2017-YX1077 (Tax Revenue, Barclays Bank plc LIQ) 144A		1.49			1-1-2036		4,550,000		4,550,000
									12,190,000
District of Columbia: 1.37%
Variable Rate Demand Notes ø: 1.37%
District of Columbia Community Connection Real Estate Foundation Issue Series 2007-A (Miscellaneous Revenue, Manufacturers & Traders LOC)		1.34			7-1-2032		3,395,000		3,395,000
District of Columbia Tender Option Bond Trust Receipts/Certificates Series 2018-XF0621 (Water & Sewer Revenue, Royal Bank of Canada LIQ) 144A		1.46			4-1-2026		4,000,000		4,000,000
District of Columbia Tender Option Bond Trust Receipts/Certificates Series 2019-ZF2784 (Housing Revenue, FHA Insured, Morgan Stanley Bank LIQ) 144A%%		1.00			9-1-2039		2,800,000		2,800,000
District of Columbia Tender Option Bond Trust Receipts/Certificates Series 2019-ZF2785 (Housing Revenue, FHA Insured, Morgan Stanley Bank LIQ) 144A%%		1.00			9-1-2039		2,070,000		2,070,000
									12,265,000
Florida: 6.98%
Variable Rate Demand Notes ø: 6.98%
Florida Tender Option Bond Trust Receipts/Certificates Series 2017-ZM0571 (Health Revenue, Morgan Stanley Bank LIQ) 144A		1.53			8-15-2047		4,730,000		4,730,000
Florida Tender Option Bond Trust Receipts/Certificates Series 2018-XF2523 (Health Revenue, Barclays Bank plc LIQ) 144A		1.55			8-15-2047		10,000,000		10,000,000
Florida Tender Option Bond Trust Receipts/Certificates Series 2018-XF2530 (Health Revenue, Citibank NA LIQ) 144A		1.53			8-15-2025		3,000,000		3,000,000
Florida Tender Option Bond Trust Receipts/Certificates Series 2018-XG0173 (Health Revenue, Citibank NA LIQ) 144A		1.53			10-1-2025		7,000,000		7,000,000
Florida Tender Option Bond Trust Receipts/Floater Certificates Series 2017-XF2517 (Health Revenue, Morgan Stanley Bank LIQ) 144A		1.53			8-15-2047		1,500,000		1,500,000
Highlands County FL Health Facilities Authority Adventist Health System Series A (Health Revenue)		1.40			11-15-2037		5,090,000		5,090,000
Highlands County FL Health Facilities Authority Adventist Health System Sunbelt Obligated Group Series 2012 I-2 (Health Revenue, Adventist Health System)		1.40			11-15-2032		600,000		600,000

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

12 Wells Fargo National Tax-Free Money Market Fund Portfolio of investments—January 31, 2019

Security name	Interest rate			Maturity date		Principal		Value
Variable Rate Demand Notes ø (continued)
Highlands County FL HFA Adventist Health System Series I5 (Health Revenue)		1.40	%		11-15-2035	$	12,150,000	$	12,150,000
Miami-Dade County FL Seaport Series A (Airport Revenue, Bank of Tokyo-Mitsubishi LOC)		1.45			10-1-2050		430,000		430,000
Orange County FL School Board Certificate of Participation Series 2009A (Miscellaneous Revenue, AGC Insured, Morgan Stanley Bank LIQ) 144A		1.56			8-1-2034		3,300,000		3,300,000
Orlando & Orange County FL Expressway Authority Series 2007 (Transportation Revenue, BHAC/AGM Insured, Citibank NA LIQ)		1.46			7-1-2042		6,000,000		6,000,000
Pinellas County FL IDA Neighborly Care Network Project Series 2008 (Miscellaneous Revenue, Branch Banking & Trust LOC)		1.42			8-1-2028		3,245,000		3,245,000
Seminole County FL Tender Option Bond Trust Receipts/Floater Certificates Series ZF0444 (Tax Revenue, National Insured, JPMorgan Chase & Company LIQ) 144A		1.58			4-1-2027		5,250,000		5,250,000
									62,295,000
Georgia: 0.42%
Variable Rate Demand Note ø: 0.42%
Georgia Tender Option Bond Trust Receipts/Certificates Series 2017-ZF0589 (Education Revenue, Bank of America NA LIQ) 144A		1.47			6-1-2049		3,750,000		3,750,000
Illinois: 7.54%
Variable Rate Demand Notes ø: 7.54%
Aurora IL Economic Development Aurora University Series 2004 (Education Revenue, BMO Harris Bank NA LOC)		1.42			3-1-2035		7,000,000		7,000,000
Brookfield IL Brookfield Zoo Project (Miscellaneous Revenue, Northern Trust Company LOC)		1.43			6-1-2038		3,000,000		3,000,000
Chicago IL Education Marine Project Series 1984 (Industrial Development Revenue, FHLB LOC)		1.54			7-1-2023		4,200,000		4,200,000
Illinois Educational Facilities Authority Aurora University (Education Revenue, Harris NA LOC)		1.42			3-1-2032		3,800,000		3,800,000
Illinois Finance Authority Little Company of Mary Hospital and Health Care Centers Series 2008A (Health Revenue, Barclays Bank plc LOC)		1.46			8-15-2035		400,000		400,000
Illinois Finance Authority OFS Healthcare System Obligated Group Series C (Health Revenue, PNC Bank NA LOC)		1.65			11-15-2037		10,000,000		10,000,000
Illinois Health Facilities Authority Evanston Hospital Corporation Series 1995 (Health Revenue, JPMorgan Chase & Company SPA)		1.00			6-1-2035		4,000,000		4,000,000
Illinois Tender Option Bond Trust Receipts/Floater Series 2018-XM0683 (Tax Revenue, Bank of America NA LIQ) 144A		1.60			1-1-2048		7,340,000		7,340,000
Illinois Tender Option Bond Trust Receipts/Floater Series 2018-XF0722 (Tax Revenue, Royal Bank of Canada LIQ) 144A		1.58			7-1-2026		7,900,000		7,900,000
Illinois Tender Option Bond Trust Receipts/Certificates Series XF2202 (Transportation Revenue, Citibank NA LIQ) 144A		1.46			7-1-2023		1,140,000		1,140,000
Illinois Tender Option Bond Trust Receipts/Certificates Series ZM0120 (Transportation Revenue, Royal Bank of Canada LIQ) 144A		1.48			7-1-2023		3,100,000		3,100,000
JPMorgan Chase PUTTER/DRIVER Trust Series 5021 (GO Revenue, JPMorgan Chase & Company LOC, JPMorgan Chase & Company LIQ) 144A##		1.72			3-29-2019		7,000,000		7,000,000
Illinois Tender Option Bond Trust Receipts/Floater Certificates Series 2018-XF0603 (Tax Revenue, Royal Bank of Canada LIQ) 144A		1.58			1-1-2026		3,615,000		3,615,000
Quad Cities Regional EDA Augustana College Series 2005 (Education Revenue, Harris NA LOC)		1.44			10-1-2035		4,800,000		4,800,000
									67,295,000

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

Portfolio of investments—January 31, 2019 Wells Fargo National Tax-Free Money Market Fund 13

Security name	Interest rate			Maturity date		Principal		Value
Indiana: 1.64%
Variable Rate Demand Notes ø: 1.64%
Indiana Certificate of Participation Clipper Tax-Exempt Certificate Trust Series 2009-34 (Miscellaneous Revenue, State Street Bank & Trust Company LIQ)		1.47	%		7-1-2023	$	9,915,000	$	9,915,000
Indiana Finance Authority Duke Energy Indiana Incorporated Series 2009A-4 (Industrial Development Revenue, Sumitomo Mitsui Banking LOC)		1.70			12-1-2039		4,700,000		4,700,000
									14,615,000
Iowa: 4.94%
Variable Rate Demand Notes ø: 4.94%
Iowa Finance Authority Midwestern Disaster Area Project (Industrial Development Revenue, Korea Development Bank LOC)		1.81			4-1-2022		23,840,000		23,840,000
Iowa Finance Authority Mortgage Securities Program Series D (Housing Revenue, GNMA/FNMA/FHLMC Insured, FHLB SPA)		1.43			1-1-2047		5,500,000		5,500,000
Iowa Finance Authority Revenue Bonds Series E (Health Revenue, JPMorgan Chase & Company LOC)		1.62			2-15-2041		3,795,000		3,795,000
Iowa Finance Authority Various Unity Point Health Series D (Health Revenue, JPMorgan Chase & Company LOC)		1.42			12-1-2041		11,000,000		11,000,000
									44,135,000
Louisiana: 1.38%
Variable Rate Demand Note ø: 1.38%
Louisiana Tender Option Bond Trust Receipts/Floater Series 2018-BAML7002 (Health Revenue, Bank of America NA LOC, Bank of America NA LIQ) 144A		1.46			9-1-2057		12,325,000		12,325,000
Maryland: 0.74%
Variable Rate Demand Notes ø: 0.74%
Maryland Industrial Development Financing Authority Occidental Petroleum Corporation Series 2010 (Industrial Development Revenue)		1.54			3-1-2030		3,315,000		3,315,000
Maryland Tender Option Bond Trust Receipts/Certificates Series 2018-XF0605 (Education Revenue, Bank of America NA LIQ) 144A		1.48			5-1-2047		3,300,000		3,300,000
									6,615,000
Michigan: 2.18%
Variable Rate Demand Notes ø: 2.18%
Michigan Housing Development Authority Series D (Housing Revenue, Industrial and Commercial Bank of China Limited SPA)		1.49			6-1-2030		1,515,000		1,515,000
Michigan State University Revenues Series A (Education Revenue, Northern Trust Company SPA)		1.48			2-15-2033		4,860,000		4,860,000
Regents of the University of Michigan Series 2008B (Education Revenue)		1.37			4-1-2028		3,600,000		3,600,000
St. Joseph MI Hospital Finance Authority Lakeland Hospital Niles & St. Joseph Obligated Group Series 2002 (Health Revenue, AGM Insured, JPMorgan Chase & Company SPA)		1.53			1-1-2032		9,460,000		9,460,000
									19,435,000
Minnesota: 1.35%
Variable Rate Demand Notes ø: 1.35%
Burnsville MN Bridgeway Apartments Project Series 2003 (Housing Revenue, FNMA LOC, FNMA LIQ)		1.51			10-15-2033		2,375,000		2,375,000

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

14 Wells Fargo National Tax-Free Money Market Fund Portfolio of investments—January 31, 2019

Security name	Interest rate			Maturity date		Principal		Value
Variable Rate Demand Notes ø (continued)
Forest Lake MN Kilkenny Court Apartments Project Series 2008 (Housing Revenue, FNMA LOC, FNMA LIQ)		1.52	%		8-15-2038	$	4,500,000	$	4,500,000
Maple Grove MN MFHR Basswood Trails Apartment Project Series 2002 (Housing Revenue, FHLMC LIQ)		1.51			3-1-2029		2,340,000		2,340,000
Plymouth MN Lancaster Village Apartments Project Series 2001 (Housing Revenue, FNMA LOC, FNMA LIQ)		1.51			9-15-2031		2,865,000		2,865,000
									12,080,000
Missouri: 2.04%
Variable Rate Demand Notes ø: 2.04%
Missouri Tender Option Bond Trust Receipts/Certificates Series 2018-XG0176 (Health Revenue, Royal Bank of Canada LIQ) 144A		1.53			5-15-2041		8,000,000		8,000,000
Missouri Tender Option Bond Trust Receipts/Certificates Series XF2198 (Water & Sewer Revenue, Citibank NA LIQ) 144A		1.46			5-1-2023		2,670,000		2,670,000
St. Louis County MO Sewer District Wastewater System Series 2013-B (Water & Sewer Revenue, Morgan Stanley Bank LIQ) 144A		1.46			5-1-2043		7,500,000		7,500,000
									18,170,000
Nebraska: 1.18%
Variable Rate Demand Note ø: 1.18%
Nebraska Investment Finance Authority MFHR Apple Creek Associates Project Series 1985-A (Housing Revenue, Northern Trust Company LOC)		2.25			9-1-2031		10,500,000		10,500,000
Nevada: 0.41%
Variable Rate Demand Notes ø: 0.41%
Clark County NV Las Vegas McCarran International Airport Series 2010-F-2 (Airport Revenue, Union Bank NA LOC)		1.49			7-1-2022		400,000		400,000
Nevada Tender Option Bond Trust Receipts/Certificates Series 2018-ZM0639 (GO Revenue, JPMorgan Chase & Company LIQ) 144A		1.46			12-1-2025		3,240,000		3,240,000
									3,640,000
New Jersey: 2.98%
Variable Rate Demand Notes ø: 2.98%
New Jersey Tender Option Bond Trust Receipts/Certificates Series 2018-XG0205 (Education Revenue, Barclays Bank plc LOC, Barclays Bank plc LIQ) 144A		1.45			12-15-2034		7,500,000		7,500,000
New Jersey Tender Option Bond Trust Receipts/Certificates Series 2016-XM0226 (Miscellaneous Revenue, BHAC/National Insured, Bank of America NA LIQ) 144A		1.43			7-1-2026		3,790,000		3,790,000
New Jersey Tender Option Bond Trust Receipts/Certificates Series 2017-ZF2476 (Education Revenue, Citibank NA LIQ) 144A		1.44			11-1-2021		1,000,000		1,000,000
New Jersey Tender Option Bond Trust Receipts/Certificates Series 2017-ZF2477 (Education Revenue, Citibank NA LIQ) 144A		1.44			11-1-2021		2,000,000		2,000,000
New Jersey Tender Option Bond Trust Receipts/Certificates Series 2018-XX1093 (Education Revenue, Barclays Bank plc LOC, Barclays Bank plc LIQ) 144A		1.45			6-15-2031		9,500,000		9,500,000
Tender Option Bond Trust Receipts/Certificates New Jersey EDA Series 2018-XF2538 (Education Revenue, Barclays Bank plc LOC, Barclays Bank plc LIQ) 144A		1.45			6-15-2040		2,810,000		2,810,000
									26,600,000

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

Portfolio of investments—January 31, 2019 Wells Fargo National Tax-Free Money Market Fund 15

Security name	Interest rate			Maturity date		Principal		Value
New York: 10.02%
Variable Rate Demand Notes ø: 10.02%
New York Battery Park City Authority Refunding Bond Series 2013-C JPMorgan Chase PUTTER/DRIVER Trust Series 5012 (Miscellaneous Revenue, JPMorgan Chase & Company LOC, JPMorgan Chase & Company LIQ) 144A		1.69	%		11-1-2019	$	10,870,000	$	10,870,000
New York Dormitory Authority Series 12 Clipper Tax-Exempt Certificate Trust Series 2009-35 (Miscellaneous Revenue, State Street Bank & Trust Company LIQ) 144A		1.46			3-15-2022		3,770,000		3,770,000
New York HFA Manhattan West Residential Housing Series 2015-A (Housing Revenue, Bank of China LOC)		1.45			11-1-2049		9,250,000		9,250,000
New York HFA Manhattan West Residential Housing Series A (Housing Revenue, Bank of China LOC)		1.45			11-1-2049		5,470,000		5,470,000
New York NY Fiscal Year 2006 Series I Subordinate Bond Series I-6 (GO Revenue, Bank of New York Mellon LOC)		1.65			4-1-2036		5,780,000		5,780,000
New York NY Fiscal Year 2017 Subordinate Bond Series 2017A-6 (GO Revenue, Landesbank Hessen-Thüringen SPA)		1.64			8-1-2044		8,455,000		8,455,000
New York NY Municipal Water Authority Series BB-1 (Water & Sewer Revenue, State Street Bank & Trust Company SPA)		1.65			6-15-2049		4,100,000		4,100,000
New York NY Municipal Water Finance Authority 2nd Generation Resolution Fiscal Year 2019 Series BB (Water & Sewer Revenue, Industrial and Commercial Bank of China Limited SPA)		1.46			6-15-2051		10,000,000		10,000,000
New York NY Municipal Water Finance Authority Fiscal Year 2010 Series CC (Water & Sewer Revenue, Barclays Bank plc SPA)		1.45			6-15-2041		1,500,000		1,500,000
New York NY Municipal Water Finance Authority Water & Sewer System Series A (Water & Sewer Revenue, Mizuho Bank Limited SPA)		1.62			6-15-2044		6,400,000		6,400,000
New York NY Transitional Finance Authority Future Tax Secured Tax-Exempt Bond Fiscal Year 2015 Subordinate Bond Series A-3 (Tax Revenue, Mizuho Bank Limited SPA)		1.66			8-1-2043		8,890,000		8,890,000
RBC Municipal Products Incorporated Trust Series E-99 New York City (Tax Revenue, Royal Bank of Canada LOC, Royal Bank of Canada LIQ) 144A		1.46			8-1-2021		10,000,000		10,000,000
Triborough Bridge and Tunnel Authority Series 2005B-3 (Transportation Revenue, State Street Bank & Trust Company LOC)		1.63			1-1-2032		4,980,000		4,980,000
									89,465,000
North Carolina: 2.54%
Variable Rate Demand Notes ø: 2.54%
Charlotte Mecklenburg Hospital Authority Series 2018F (Health Revenue)		1.45			1-15-2048		8,000,000		8,000,000
Charlotte NC Water & Sewer Tender Option Bond Trust Receipts/Certificates Series 2018-XG0170 (Water & Sewer Revenue, Royal Bank of Canada LIQ) 144A		1.46			1-1-2026		2,430,000		2,430,000
Greensboro NC (GO Revenue, Bank of America NA SPA)		1.38			4-1-2019		50,000		50,000
Greensboro NC (GO Revenue, Bank of America NA SPA)		1.38			2-1-2022		25,000		25,000
North Carolina Tender Option Bond Trust Receipts/Certificates Series 2015-ZM0105 (Education Revenue, Morgan Stanley Bank LIQ) 144A		1.46			10-1-2055		2,250,500		2,250,500
North Carolina Tender Option Bond Trust Receipts/Certificates Series 2017-ZF2490 (Airport Revenue, Barclays Bank plc LIQ) 144A		1.46			7-1-2042		3,750,000		3,750,000
Raleigh Durham NC Airport Series C (Airport Revenue, TD Bank NA LOC)		1.40			5-1-2036		4,800,000		4,800,000
University of North Carolina Chapel Hill Series 2009- A (Education Revenue, TD Bank NA SPA)		1.43			2-1-2024		1,400,000		1,400,000
									22,705,500

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

16 Wells Fargo National Tax-Free Money Market Fund Portfolio of investments—January 31, 2019

Security name	Interest rate			Maturity date		Principal		Value
Ohio: 7.77%
Variable Rate Demand Notes ø: 7.77%
Montgomery County OH Catholic Health Initiatives Series A (Health Revenue, Morgan Stanley Bank LIQ) 144A		1.65	%		5-1-2034	$	13,565,000	$	13,565,000
Ohio Capital Facilities Lease Adult Correctional Building Fund Series C (Miscellaneous Revenue)		1.65			10-1-2036		10,800,000		10,800,000
Ohio Tender Option Bond Trust Receipts/Floater Series 2018-BAML5002 (Health Revenue, Bank of America NA LOC, National Insured, Bank of America NA LIQ) 144A		1.46			4-1-2026		18,000,000		18,000,000
Ohio Tender Option Bond Trust Receipts/Certificates Series 2017-XF2438 (Education Revenue, Citibank NA LIQ) 144A		1.46			12-1-2024		2,000,000		2,000,000
Ohio Tender Option Bond Trust Receipts/Certificates Series 2018-XL0074 (Health Revenue, JPMorgan Chase & Company LIQ) 144A		1.63			8-1-2024		5,580,000		5,580,000
RBC Municipal Products Incorporated Trust Series E-110 (Water & Sewer Revenue, Royal Bank of Canada LOC, Royal Bank of Canada LIQ) 144A		1.46			10-1-2020		10,000,000		10,000,000
Tender Option Bond Trust Receipts/Certificates Northeast Regional Ohio Sewer District Wastewater Series 2015-XF0225 (Water & Sewer Revenue, TD Bank NA LIQ) 144A		1.46			3-1-2021		9,375,000		9,375,000
									69,320,000
Other: 1.82%
Variable Rate Demand Notes ø: 1.82%
Clipper Tax-Exempt Certificate Trust Series 2009-54 (Miscellaneous Revenue, State Street Bank & Trust Company LIQ)		1.48			2-15-2028		14,990,000		14,990,000
FHLMC MFHR Series M-031 Class A (Housing Revenue, FHLMC LIQ)		1.46			12-15-2045		980,000		980,000
FHLMC MFHR Series M-033 Class A (Housing Revenue, FHLMC LIQ)		1.46			3-15-2049		310,000		310,000
									16,280,000
Pennsylvania: 1.76%
Variable Rate Demand Notes ø: 1.76%
Allegheny County PA Hospital Development Authority Series E (Health Revenue, Royal Bank of Canada LOC, Royal Bank of Canada LIQ) 144A		1.70			4-1-2022		2,000,000		2,000,000
Butler County PA Hospital Authority Series A (Health Revenue, BMO Harris Bank NA LOC)		1.46			10-1-2042		700,000		700,000
Pennsylvania Tender Option Bond Trust Receipts/Certificates Series 2016 ZF0504 (Water & Sewer Revenue, TD Bank NA LIQ) 144A		1.58			8-15-2042		4,875,000		4,875,000
Pennsylvania Tender Option Bond Trust Receipts/Certificates Series 2018-YX1089 (GO Revenue, Barclays Bank plc LIQ) 144A		1.45			3-1-2035		2,540,000		2,540,000
Southcentral Pennsylvania General Authority WellSpan Health Obliged Group Series 2014A Tender Option Bond Trust Receipts/Certificates Series 2015-ZM0081 (Health Revenue, Morgan Stanley Bank LIQ) 144A		1.46			6-1-2044		3,000,000		3,000,000
Westmoreland County PA Municipal Authority Service Series 2016 Tender Option Bond Trust Receipts/Certificates Series 2017-ZF0539 (Water & Sewer Revenue, Build America Mutual Assurance Company Insured, TD Bank NA LIQ) 144A		1.58			8-15-2038		2,615,000		2,615,000
									15,730,000
Rhode Island: 1.12%
Variable Rate Demand Note ø: 1.12%
Narragansett Bay RI Commission Wastewater System Series 2013-A Tender Option Trust Receipts/Certificates Series 2016-XM0140 (Water & Sewer Revenue, Royal Bank of Canada LIQ) 144A		1.48			9-1-2020		10,000,000		10,000,000

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

Portfolio of investments—January 31, 2019 Wells Fargo National Tax-Free Money Market Fund 17

Security name	Interest rate			Maturity date		Principal		Value
South Carolina: 2.41%
Variable Rate Demand Notes ø: 2.41%
Columbia SC Waterworks Series 2009 (Water & Sewer Revenue, Sumitomo Mitsui Banking LOC)		1.43	%		2-1-2038	$	1,760,000	$	1,760,000
Greenville SC Health System Hospital Series 2014-B Tender Option Bond Trust Receipts/Certificates Series 2015-XF0145 (Health Revenue, TD Bank NA LIQ) 144A		1.53			5-30-2022		8,020,000		8,020,000
South Carolina Educational Facilities Authority for Private Non-Profit Institutions Higher Learning Educational Facilities Spartanburg Methodist Series 2005 (Education Revenue, Branch Banking & Trust LOC)		1.44			8-1-2025		2,440,000		2,440,000
South Carolina Jobs EDA Institutional Business & Home Safety Project Series 2009 (Industrial Development Revenue, Branch Banking & Trust LOC)		1.46			11-1-2034		1,265,000		1,265,000
South Carolina Tender Option Bond Trust Receipts/Floater Certificates Patriots Energy Group Financing Agency Series 2018-XM0690 (Utilities Revenue, Royal Bank of Canada LIQ) 144A		1.47			10-1-2022		8,000,000		8,000,000
									21,485,000
Tennessee: 1.65%
Variable Rate Demand Notes ø: 1.65%
Sevier County TN Public Building Authority Local Government Public Improvement Series 6-A1 (Miscellaneous Revenue, Branch Banking & Trust SPA)		1.44			6-1-2029		3,560,000		3,560,000
Shelby County TN Health Educational & Housing Facilities Board Methodist Le Bonheur Series B (Health Revenue, AGM Insured, U.S. Bank NA SPA)		1.62			6-1-2042		4,000,000		4,000,000
Shelby County TN HEFA Multifamily Housing Hedgerow Apartments Series A-1 (Housing Revenue, FNMA LOC, FNMA LIQ)		1.43			12-15-2037		7,210,000		7,210,000
									14,770,000
Texas: 7.72%
Variable Rate Demand Notes ø: 7.72%
Bexar County TX Housing Finance Corporation Palisades Park Apartments Project Series 2009 (Housing Revenue, FHLMC LIQ)		1.51			9-1-2039		3,800,000		3,800,000
Brazos Harbor TX Industrial Development Corporation BASF Corporation Project Series 2001 (Industrial Development Revenue, BASF SE)		1.50			7-1-2022		4,900,000		4,900,000
Dickinson TX Independent School District Unlimited Tax School House Refunding Bond Series 2000 (GO Revenue, Societe Generale LIQ)		1.69			2-15-2028		12,680,000		12,680,000
Harris County TX Cultural Educational Facilities Finance Corporation Children’s Hospital Project Series 2009 Citigroup ROC Series 11821 (Health Revenue, Citibank NA LIQ) 144A		1.49			5-1-2019		2,000,000		2,000,000
Harris County TX Series 3060X (Transportation Revenue, Bank of America NA LIQ) 144A		1.45			8-15-2038		9,190,000		9,190,000
Houston TX Adjustable Refunding Bond First Lien B-3 (Water & Sewer Revenue, Sumitomo Mitsui Banking LOC)		1.43			5-15-2034		3,000,000		3,000,000
Port Arthur TX Navigation District Industrial Development Corporation Total Petrochemicals USA Incorporated Project (Industrial Development Revenue, Total SA)		1.50			6-1-2041		5,000,000		5,000,000
Port Corpus Christi TX Solid Waste Disposal Flint Hills Resources Project Series 2002-B (Resource Recovery Revenue, Flint Hills Resources LLC)		1.44			7-1-2029		4,200,000		4,200,000
Tarrant County TX Cultural Educational Facilities Finance Corporation Christus Health Series 2008-C2 (Health Revenue, Bank of New York Mellon LOC)		1.46			7-1-2047		6,405,000		6,405,000
Texas Tender Option Bond Trust Receipts/Certificates Series 2018-XG0164 (GO Revenue, Bank of America NA LIQ) 144A		1.47			2-1-2048		2,795,000		2,795,000
Texas Veterans Bonds Series 2018 (GO Revenue, FHLB LIQ)		1.45			12-1-2049		14,985,000		14,985,000
									68,955,000

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

18 Wells Fargo National Tax-Free Money Market Fund Portfolio of investments—January 31, 2019

Security name	Interest rate			Maturity date		Principal		Value
Utah: 0.64%
Variable Rate Demand Notes ø: 0.64%
Utah Tender Option Bond Trust Receipts/Certificates Series 2018-XG0171 (Health Revenue, Royal Bank of Canada LIQ) 144A		1.49	%		11-15-2022	$	3,000,000	$	3,000,000
Utah Tender Option Bond Trust Receipts/Floater Certificates Series 2017-ZF0540 (Airport Revenue, JPMorgan Chase & Company LIQ) 144A		1.63			1-1-2025		2,700,000		2,700,000
									5,700,000
Vermont: 0.29%
Variable Rate Demand Note ø: 0.29%
Vermont Educational & Health Buildings Financing Agency Landmark College Project Series 2008-A (Education Revenue, TD Bank NA LOC)		1.67			7-1-2033		2,630,000		2,630,000
Virginia: 0.55%
Variable Rate Demand Note ø: 0.55%
Virginia Tender Option Bond Trust Receipts/Certificates Series 2017-XG0143 (Transportation Revenue, Citibank NA LIQ) 144A		1.45			5-1-2025		4,920,000		4,920,000
Washington: 1.92%
Variable Rate Demand Notes ø: 1.92%
Washington Housing Finance Commission Kitts Corner Apartments Project (Housing Revenue, FHLB LOC)		1.51			9-1-2049		7,150,000		7,150,000
Washington Tender Option Bond Trust Receipts/Floater Certificates Series 2018-XM0681 (Tax Revenue, Citibank NA LIQ) 144A		1.49			7-1-2026		10,000,000		10,000,000
									17,150,000
Wisconsin: 5.13%
Variable Rate Demand Notes ø: 5.13%
Appleton WI Recovery Zone Facilities Foremost Farms Project Series 2010 (Industrial Development Revenue, CoBank ACB LOC)		1.44			5-1-2037		20,200,000		20,200,000
Milwaukee WI RDA Wisconsin Montessori Society (Education Revenue, U.S. Bank NA LOC)		1.80			7-1-2021		275,000		275,000
University Wisconsin Hospital and Clinics Authority Revenue Various Refunding Bond Series 2018 C (Health Revenue, BMO Harris Bank NA SPA)		1.63			4-1-2048		2,285,000		2,285,000
Wisconsin PFA Midwestern Disaster Area Program Series 2011 (Industrial Development Revenue, Farm Credit Services America LOC)		1.44			9-1-2036		3,265,000		3,265,000
Wisconsin Residual Interest Bond Floater Trust Certificates Series 2018-022 (GO Revenue, Barclays Bank plc LIQ) 144A		1.46			5-1-2036		14,000,000		14,000,000
Wisconsin Tender Option Bond Trust Receipts/Certificates Series 2018-XF2634 (Health Revenue, Credit Suisse LIQ) 144A		1.48			8-15-2025		2,000,000		2,000,000
Wisconsin Tender Option Bond Trust Receipts/Floater Certificates Series 2015-XF0127 (Health Revenue, JPMorgan Chase & Company LIQ) 144A		1.61			10-1-2020		3,815,000		3,815,000
									45,840,000
Wyoming: 1.49%
Variable Rate Demand Note ø: 1.49%
Wyoming Tender Option Bond Trust Receipts/Certificates Series 2018 -XL0070 (Utilities Revenue, Build America Mutual Assurance Company Insured, JPMorgan Chase & Company LIQ) 144A		1.46			1-1-2025		13,330,000		13,330,000
Total Municipal Obligations (Cost $881,490,500)									881,490,500

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

Portfolio of investments—January 31, 2019 Wells Fargo National Tax-Free Money Market Fund 19

Security name	Interest rate			Maturity date		Principal		Value
Other: 1.12%
Nuveen AMT Free Quality Municipal Income Fund Variable Rate Demand Series 4-4895 (Barclays Bank NA LIQ) ø		1.52	%		9-11-2026	$	10,000,000	$	10,000,000
Total Other (Cost $10,000,000)									10,000,000
Repurchase Agreements: 1.12%
Barclays Capital Incorporated, dated 1-31-2019, maturity value $10,000,708 ^^		2.55			2-1-2019		10,000,000		10,000,000
Total Repurchase Agreements (Cost $10,000,000)									10,000,000

Total investments in securities (Cost $901,490,500)	100.98	%		901,490,500
Other assets and liabilities, net	(0.98	)		(8,772,199	)
Total net assets	100.00	%	$	892,718,301

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

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

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

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

^^ Collateralized by U.S. government securities, 1.75% to 7.25% , 12-31-2020 to 8-31-2025, fair value including accrued interest is $10,200,000.

Abbreviations:

AGC Assured Guaranty Corporation

AGM Assured Guaranty Municipal

AMT Alternative minimum tax

BHAC Berkshire Hathaway Assurance Corporation

DRIVER Derivative inverse tax-exempt receipts

EDA Economic Development Authority

FHA Federal Housing Administration

FHLB Federal Home Loan Bank

FHLMC Federal Home Loan Mortgage Corporation

FNMA Federal National Mortgage Association

GO General obligation

GNMA Government National Mortgage Association

HEFA Health & Educational Facilities Authority

HEFAR Higher Education Facilities Authority Revenue

HFA Housing Finance Authority

HFFA Health Facilities Financing Authority

IDA Industrial Development Authority

LIQ Liquidity agreement

LOC Letter of credit

MFHR Multifamily housing revenue

National National Public Finance Guarantee Corporation

PFA Public Finance Authority

PUTTER Puttable tax-exempt receipts

RDA Redevelopment Authority

ROC Reset option certificates

SPA Standby purchase agreement

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

20 Wells Fargo National Tax-Free Money Market Fund Statement of assets and liabilities—January 31, 2019

Assets
Investments in unaffiliated securities, at amortized cost	$	901,490,500
Cash		156,800
Receivable for investments sold		305,000
Receivable for Fund shares sold		1,777,583
Receivable for interest		2,506,278
Prepaid expenses and other assets		99,819
Total assets		906,335,980
Liabilities
Payable for investments purchased		8,870,486
Payable for Fund shares redeemed		4,235,524
Dividends payable		163,794
Administration fees payable		78,883
Management fee payable		57,142
Trustees’ fees and expenses payable		1,881
Accrued expenses and other liabilities		209,969
Total liabilities		13,617,679
Total net assets	$	892,718,301
NET ASSETS CONSIST OF
Paid-in capital	$	892,765,626
Total distributable loss		(47,325	)
Total net assets	$	892,718,301
COMPUTATION OF NET ASSET VALUE PER SHARE
Net assets – Class A	$	101,680,121
Shares outstanding – Class A1		101,664,955
Net asset value per share – Class A		$1.00
Net assets – Administrator Class	$	131,395,140
Shares outstanding – Administrator Class1		131,377,563
Net asset value per share – Administrator Class		$1.00
Net assets – Premier Class	$	593,960,609
Shares outstanding – Premier Class1		593,902,863
Net asset value per share – Premier Class		$1.00
Net assets – Service Class	$	65,682,431
Shares outstanding – Service Class1		65,673,809
Net asset value per share – Service Class		$1.00

¹  The Fund has an unlimited number of authorized shares.

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

Statement of operations—year ended January 31, 2019 Wells Fargo National Tax-Free Money Market Fund 21

Investment income
Interest	$	12,478,037
Expenses
Management fee		1,242,067
Administration fees
Class A		245,352
Administrator Class		138,909
Premier Class		410,280
Service Class		77,715
Shareholder servicing fees
Class A		278,809
Administrator Class		138,909
Service Class		161,906
Custody and accounting fees		59,374
Professional fees		43,110
Registration fees		168,795
Shareholder report expenses		37,193
Trustees’ fees and expenses		22,112
Other fees and expenses		23,566
Total expenses		3,048,097
Less: Fee waivers and/or expense reimbursements		(629,493	)
Net expenses		2,418,604
Net investment income		10,059,433
Net realized gains on investments		38,078
Net increase in net assets resulting from operations	$	10,097,511

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

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

	Year ended January 31, 2019						Year ended January 31, 20181
Operations
Net investment income				$	10,059,433					$	3,119,381
Net realized gains on investments					38,078						242,126
Net increase in net assets resulting from operations					10,097,511						3,361,507
Distributions to shareholders from net investment income and net realized gains
Class A					(983,009	)					(437,260	)
Administrator Class					(1,676,616	)					(967,766	)
Premier Class					(6,724,447	)					(1,593,967	)
Service Class					(680,815	)					(362,319	)
Total distributions to shareholders					(10,064,887	)					(3,361,312	)
Capital share transactions		Shares						Shares
Proceeds from shares sold
Class A		35,451,170			35,451,170			31,603,673			31,603,673
Administrator Class		66,742,195			66,742,195			34,823,759			34,823,759
Premier Class		1,042,791,893			1,042,791,893			535,069,869			535,069,869
Service Class		9,248,032			9,248,032			5,485,972			5,485,972
					1,154,233,290						606,983,273
Reinvestment of distributions
Class A		958,425			958,425			427,597			427,597
Administrator Class		1,643,597			1,643,597			947,752			947,752
Premier Class		5,170,672			5,170,672			1,256,482			1,256,482
Service Class		226,056			226,056			126,990			126,990
					7,998,750						2,758,821
Payment for shares redeemed
Class A		(54,253,118	)		(54,253,118	)		(48,207,213	)		(48,207,213	)
Administrator Class		(69,954,513	)		(69,954,513	)		(58,251,726	)		(58,251,726	)
Premier Class		(793,365,730	)		(793,365,730	)		(302,887,004	)		(302,887,004	)
Service Class		(10,252,475	)		(10,252,475	)		(12,622,551	)		(12,622,551	)
					(927,825,836	)					(421,968,494	)
Net increase in net assets resulting from capital share transactions					234,406,204						187,773,600
Total increase in net assets					234,438,828						187,773,795
Net assets
Beginning of period					658,279,473						470,505,678
End of period				$	892,718,301					$	658,279,473

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 January 31, 2018 was $80,187. The disaggregated distributions information for the year ended January 31, 2018 is included in Note 5, 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 National Tax-Free Money Market Fund 23

(For a share outstanding throughout each period)

	Year ended January 31
CLASS A	2019			2018			2017			2016			2015
Net asset value, beginning of period		$1.00			$1.00			$1.00			$1.00			$1.00
Net investment income		0.01			0.00	1		0.00	1		0.00	1		0.00	1
Net realized gains on investments		0.00	1		0.00	1		0.00	1		0.00	1		0.00	1
Total from investment operations		0.01			0.00	1		0.00	1		0.00	1		0.00	1
Distributions to shareholders from
Net investment income		(0.01	)		(0.00	)1		(0.00	)1		(0.00	)1		(0.00	)1
Net realized gains		(0.00	)1		(0.00	)1		(0.00	)1		(0.00	)1		(0.00	)1
Total distributions to shareholders		(0.01	)		(0.00	)1		(0.00	)1		(0.00	)1		(0.00	)1
Net asset value, end of period		$1.00			$1.00			$1.00			$1.00			$1.00
Total return		0.89	%		0.35	%		0.13	%		0.02	%		0.02	%
Ratios to average net assets (annualized)
Gross expenses		0.66	%		0.68	%		0.65	%		0.63	%		0.63	%
Net expenses		0.61	%		0.64	%		0.39	%		0.08	%		0.08	%
Net investment income		0.88	%		0.30	%		0.02	%		0.01	%		0.01	%
Supplemental data
Net assets, end of period (000s omitted)		$101,680			$119,524			$135,704			$172,725			$123,525

¹  Amount is less than $0.005.

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

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

(For a share outstanding throughout each period)

	Year ended January 31
ADMINISTRATOR CLASS	2019			2018			2017			2016			2015
Net asset value, beginning of period		$1.00			$1.00			$1.00			$1.00			$1.00
Net investment income		0.01			0.01			0.00	1		0.00	1		0.00	1
Net realized gains on investments		0.00	1		0.00	1		0.00	1		0.00	1		0.00	1
Total from investment operations		0.01			0.01			0.00	1		0.00	1		0.00	1
Distributions to shareholders from
Net investment income		(0.01	)		(0.01	)		(0.00	)1		(0.00	)1		(0.00	)1
Net realized gains		(0.00	)1		(0.00	)1		(0.00	)1		(0.00	)1		(0.00	)1
Total distributions to shareholders		(0.01	)		(0.01	)		(0.00	)1		(0.00	)1		(0.00	)1
Net asset value, end of period		$1.00			$1.00			$1.00			$1.00			$1.00
Total return		1.21	%		0.69	%		0.33	%		0.02	%		0.02	%
Ratios to average net assets (annualized)
Gross expenses		0.39	%		0.41	%		0.40	%		0.36	%		0.36	%
Net expenses		0.30	%		0.30	%		0.27	%		0.08	%		0.08	%
Net investment income		1.21	%		0.64	%		0.22	%		0.01	%		0.01	%
Supplemental data
Net assets, end of period (000s omitted)		$131,395			$132,964			$155,448			$179,171			$191,766

¹  Amount is less than $0.005.

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

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

(For a share outstanding throughout each period)

	Year ended January 31
PREMIER CLASS1	2019			2018			2017			2016			2015
Net asset value, beginning of period		$1.00			$1.00			$1.00			$1.00			$1.00
Net investment income		0.01			0.01			0.00	2		0.00	2		0.00	2
Net realized gains on investments		0.00	2		0.00	2		0.00	2		0.00	2		0.00	2
Total from investment operations		0.01			0.01			0.00	2		0.00	2		0.00	2
Distributions to shareholders from
Net investment income		(0.01	)		(0.01	)		(0.00	)2		(0.00	)2		(0.00	)2
Net realized gains		(0.00	)2		(0.00	)2		(0.00	)2		(0.00	)2		(0.00	)2
Total distributions to shareholders		(0.01	)		(0.01	)		(0.00	)2		(0.00	)2		(0.00	)2
Net asset value, end of period		$1.00			$1.00			$1.00			$1.00			$1.00
Total return		1.31	%		0.79	%		0.41	%		0.02	%		0.02	%
Ratios to average net assets (annualized)
Gross expenses		0.27	%		0.28	%		0.25	%		0.24	%		0.24	%
Net expenses		0.20	%		0.20	%		0.18	%		0.08	%		0.08	%
Net investment income		1.31	%		0.79	%		0.18	%		0.01	%		0.01	%
Supplemental data
Net assets, end of period (000s omitted)		$593,961			$339,331			$105,881			$1,677,748			$2,269,187

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

²  Amount is less than $0.005.

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

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

(For a share outstanding throughout each period)

	Year ended January 31
SERVICE CLASS	2019			2018			2017			2016			2015
Net asset value, beginning of period		$1.00			$1.00			$1.00			$1.00			$1.00
Net investment income		0.01			0.01			0.00	1		0.00	1		0.00	1
Net realized gains on investments		0.00	1		0.00	1		0.00	1		0.00	1		0.00	1
Total from investment operations		0.01			0.01			0.00	1		0.00	1		0.00	1
Distributions to shareholders from
Net investment income		(0.01	)		(0.01	)		(0.00	)1		(0.00	)1		(0.00	)1
Net realized gains		(0.00	)1		(0.00	)1		(0.00	)1		(0.00	)1		(0.00	)1
Total distributions to shareholders		(0.01	)		(0.01	)		(0.00	)1		(0.00	)1		(0.00	)1
Net asset value, end of period		$1.00			$1.00			$1.00			$1.00			$1.00
Total return		1.06	%		0.54	%		0.20	%		0.02	%		0.02	%
Ratios to average net assets (annualized)
Gross expenses		0.56	%		0.58	%		0.54	%		0.53	%		0.52	%
Net expenses		0.45	%		0.45	%		0.32	%		0.08	%		0.08	%
Net investment income		1.05	%		0.49	%		0.03	%		0.01	%		0.01	%
Supplemental data
Net assets, end of period (000s omitted)		$65,682			$66,460			$73,472			$162,593			$139,915

¹  Amount is less than $0.005.

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

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

1. ORGANIZATION

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

2. SIGNIFICANT ACCOUNTING POLICIES

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

Securities valuation

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

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

Repurchase agreements

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

Security transactions and income recognition

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

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

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.

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

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 January 31, 2019, the cost of investments for federal income tax purposes is substantially the same as for financial reporting purposes.

Class allocations

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

3. FAIR VALUATION MEASUREMENTS

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

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

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

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

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

The following is a summary of the inputs used in valuing the Fund’s assets and liabilities as of January 31, 2019:

	Quoted prices (Level 1)		Other significant observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total
Assets
Investments in:
Municipal obligations	$	0	$	881,490,500	$	0	$	881,490,500
Other		0		10,000,000		0		10,000,000
Repurchase agreements		0		10,000,000		0		10,000,000
Total assets	$	0	$	901,490,500	$	0	$	901,490,500

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

At January 31, 2019, the Fund did not have any transfers into/out of Level 3.

4. TRANSACTIONS WITH AFFILIATES

Management fee

Funds Management, an indirect wholly owned subsidiary of Wells Fargo & Company (“Wells Fargo”), is the manager of the Fund and provides advisory and fund-level administrative services under an investment management agreement.

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

Under the investment management agreement, Funds Management is responsible for, among other services, implementing the investment objectives and strategies of the Fund, supervising the subadviser and providing fund-level administrative services in connection with the Fund’s operations. As compensation for its services under the investment management agreement, Funds Management is entitled to receive an annual management fee starting at 0.15% and declining to 0.13% as the average daily net assets of the Fund increase. For the year ended January 31, 2019, the management fee was equivalent to an annual rate of 0.15% of the Fund’s average daily net assets.

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

Administration fees

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

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

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

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

Shareholder servicing fees

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

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

Interfund transactions

The Fund may purchase or sell portfolio investment securities to certain other Wells Fargo affiliates pursuant to Rule 17a-7 under the 1940 Act and under procedures adopted by the Board of Trustees. The procedures have been designed to ensure that these interfund transactions, which do not incur broker commissions, are effected at current market prices. Pursuant to these procedures, the Fund had $691,025,000 and $498,260,000 in interfund purchases and sales, respectively, during the year ended January 31, 2019.

5. DISTRIBUTIONS TO SHAREHOLDERS

The tax character of distributions paid during the years ended January 31, 2019 and January 31, 2018 were as follows:

	Year ended January 31
	2019		2018
Ordinary income	$	722,557	$	284,906
Tax-exempt income		9,342,088		2,909,850
Long-term capital gain		242		166,556

30 Wells Fargo National Tax-Free Money Market Fund Notes to financial statements

As of January 31, 2019, the components of distributable earnings on a tax basis were as follows:

Undistributed ordinary income	Undistributed tax-exempt income	Undistributed long-term gain
$18,353	$159,558	$14,513

Effective for all filings after November 4, 2018, the Securities and Exchange Commission eliminated the requirement to separately state the components of distributions to shareholders under U.S. generally accepted accounting principles. The amounts of distributions to shareholders for the year ended January 31, 2018 were as follows:

	Net investment income		Net realized gains
Class A		$382,804		$54,456
Administrator Class		905,450		62,316
Premier Class		1,498,368		95,599
Service Class		332,806		29,513

6. 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.

7. 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 National Tax-Free Money Market Fund 31

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 National Tax-Free Money Market Fund (the Fund), one of the funds constituting Wells Fargo Funds Trust, including the portfolio of investments, as of January 31, 2019, 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 January 31, 2019, 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 January 31, 2019, by correspondence with the custodian 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 auditor of one or more Wells Fargo Funds investment companies, however we are aware that we have served as the auditor of one or more Wells Fargo Funds investment companies since at least 1955.

Boston, Massachusetts

March 27, 2019

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

TAX INFORMATION

Pursuant to Section 852 of the Internal Revenue Code, $242 was designated as a 20% rate gain distribution for the fiscal year ended January 31, 2019.

For the fiscal year ended January 31, 2019, $704,002 has been designated as interest-related dividends for nonresident alien shareholders pursuant to Section 871 of the Internal Revenue Code.

For the fiscal year ended January 31, 2019, $5,212 has been designated as short-term capital gain dividends for nonresident alien shareholders pursuant to Section 871 of the Internal Revenue Code.

Pursuant to Section 852 of the Internal Revenue Code, 92.87% of distributions paid from net investment income is designated as exempt-interest dividends for the fiscal year ended January 31, 2019.

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 1-800-222-8222, visiting our website at wellsfargofunds.com, or visiting the SEC website at sec.gov. Information regarding how the Fund voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is available on the Fund’s website at wellsfargofunds.com or by visiting the SEC website at sec.gov.

PORTFOLIO HOLDINGS INFORMATION

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

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

BOARD OF TRUSTEES AND OFFICERS

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

Independent Trustees

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

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

Name and year of birth	Position held and length of service*	Principal occupations during past five years or longer	Current other public company or investment company directorships
Olivia S. Mitchell (Born 1953)	Trustee, since 2006; 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
Pamela Wheelock (Born 1959)	Trustee, since 2018; Advisory Board Member, from 2017 to 2018	Board member of the Destination Medical Center Economic Development Agency, Rochester, Minnesota since 2019. Chief Operating Officer, Twin Cities Habitat for Humanity from 2017 to 2019. Vice President of University Services, University of Minnesota from 2012 to 2016. Prior thereto, on the Board of Directors, Governance Committee and Finance Committee for the Minnesota Philanthropy Partners (Saint Paul Foundation) from 2012 to 2018, Interim Chief Executive Officer of Blue Cross Blue Shield of Minnesota from 2011 to 2012, Chairman of the Board from 2009 to 2012 and Board Director from 2003 to 2015. Vice President, Leadership and Community Engagement, Bush Foundation, Saint Paul, Minnesota (a private foundation) from 2009 to 2011. Executive Vice President and Chief Financial Officer, Minnesota Sports and Entertainment from 2004 to 2009 and Senior Vice President from 2002 to 2004. Executive Vice President of the Minnesota Wild Foundation from 2004 to 2008. Commissioner of Finance, State of Minnesota, from 1999 to 2002. Currently Board Chair of the Minnesota Wild Foundation since 2010.	N/A

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

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

Officers

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

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

²  The Statement of Additional Information includes additional information about the Trustees and is available, without charge, upon request, by calling 1-800-222-8222 or by visiting the website at wellsfargofunds.com.

³  Mr. Harris became Chairman of the Audit Committee effective January 1, 2019.

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For more information

More information about Wells Fargo Funds is available free upon request. To obtain literature, please write, visit the Fund’s website, or call:

Wells Fargo Funds

P.O. Box 219967

Kansas City, MO 64121-9967

Website: wellsfargofunds.com

Individual investors: 1-800-222-8222

Retail investment professionals: 1-888-877-9275

Institutional investment professionals: 1-866-765-0778

This report and the financial statements contained herein are submitted for the general information of the shareholders of the Fund. If this report is used for promotional purposes, distribution of the report must be accompanied or preceded by a current prospectus. Before investing, please consider the investment objectives, risks, charges, and expenses of the investment. For a current prospectus and, if available, a summary prospectus, containing this information, call 1-800-222-8222 or visit the Fund’s website at wellsfargofunds.com. Read the prospectus carefully before you invest or send money.

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

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

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

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

320761 03-19 A309/AR309 01-19

Annual Report

January 31, 2019

Institutional Money Market Funds

∎ Wells Fargo Cash Investment Money Market Fund

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

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

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

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Contents

Letter to shareholders	2
Performance highlights	6
Fund expenses	9
Portfolio of investments	10
Financial statements
Statement of assets and liabilities	16
Statement of operations	17
Statement of changes in net assets	18
Financial highlights	19
Notes to financial statements	23
Report of independent registered public accounting firm	27
Other information	28

The views expressed and any forward-looking statements are as of January 31, 2019, 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 Cash Investment Money Market Fund Letter to shareholders (unaudited)

Andrew Owen

President

Wells Fargo Funds

Global trade tensions escalated during the second quarter of 2018.

Dear Shareholder:

We are pleased to offer you this annual report for the Wells Fargo Cash Investment Money Market Fund for the 12-month period that ended January 31, 2019. An upward trend for short-term interest rates, inflation concerns, trade tensions, and geopolitical events contributed to investment market volatility throughout the year.

For the period, U.S. stocks, as measured by the S&P 500 Index,¹ fell 2.31% and international stocks, as measured by the MSCI ACWI ex USA Index (Net),² declined 12.58%. Based on the MSCI EM Index (Net),³ emerging market stocks lost 14.24%. For bond investors, the Bloomberg Barclays U.S. Aggregate Bond Index⁴ added 2.25% while the Bloomberg Barclays Global Aggregate ex-USD Index⁵ fell 3.26%. The Bloomberg Barclays Municipal Bond Index⁶ added 3.26%, and the ICE BofAML U.S. High Yield Index⁷ gained 1.57%.

A move to normalize U.S. monetary policy influenced markets.

Through January 2018, the S&P 500 Index and MSCI ACWI ex USA Index (Net) delivered positive returns every month for more than a year. In February 2018, that streak ended. The S&P 500 Index fell 3.69% during February and the MSCI ACWI ex USA Index (Net) dropped 4.72%. For the quarter, the S&P 500 Index recorded its first negative quarterly return since 2014. The MSCI ACWI ex USA Index (Net) fell 1.18% for the quarter.

During the year, the U.S. Federal Reserve (Fed) sought to normalize accommodative monetary policies in place since the 2008 global financial crisis and recession. Short-term interest rates, as measured by U.S. Treasury bills—maturities ranging from 3 to 12 months—increased an average of 89 basis points (bps; 100 bps equal 1.00%). Rates for 10-year and 30-year Treasuries increased 17 bps and 18 bps, respectively. Slower growth of long-term rates raised concerns for a flattening yield curve, sometimes associated with recessions. The Fed raised the federal funds rate by 25 bps in March 2018 to a target range of between 1.50% and 1.75%. The Bank of England (BOE) indicated a bias to increase rates later in 2018. The European Central Bank, the Bank of Japan, and the People’s Bank of China (PBOC) maintained low interest rates.

Global trade tensions heightened investor concerns.

Global trade tensions escalated during the second quarter of 2018. A tit-for-tat tariff spat intensified between the U.S. and other governments. The Fed raised the federal funds rate by 25 bps to a target range of between 1.75% and 2.00% in June. Market index results reflected the global concerns. The MSCI ACWI ex USA Index (Net) lost 2.61% while the Bloomberg Barclays Global Aggregate ex-USD Index dropped 4.76%.

¹ The S&P 500 Index consists of 500 stocks chosen for market size, liquidity, and industry group representation. It is a market-value-weighted index with each stock’s weight in the index proportionate to its market value. You cannot invest directly in an index.

²  The Morgan Stanley Capital International (MSCI) All Country World Index (ACWI) ex USA Index (Net) is a free-float-adjusted market-capitalization-weighted index that is designed to measure the equity market performance of developed markets, excluding the United States and Canada. Source: MSCI. MSCI makes no express or implied warranties or representations and shall have no liability whatsoever with respect to any MSCI data contained herein. The MSCI data may not be further redistributed or used as a basis for other indices or any securities or financial products. This report is not approved, reviewed, or produced by MSCI. You cannot invest directly in an index.

³  The MSCI Emerging Markets (EM) Index (Net) is a free-float-adjusted market-capitalization-weighted index that is designed to measure large- and mid-cap equity market performance of emerging markets. The MSCI EM Index (Net) consists of the following 24 emerging market country indices: Brazil, Chile, China, Colombia, Czech Republic, Egypt, Greece, Hungary, India, Indonesia, Korea, Malaysia, Mexico, Pakistan, Peru, the Philippines, Poland, Qatar, Russia, South Africa, Taiwan, Thailand, Turkey, and the United Arab Emirates. You cannot invest directly in an index.

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

⁵  The Bloomberg Barclays Global Aggregate ex-USD Index is an unmanaged index that provides a broad-based measure of the global investment-grade fixed-income markets excluding the U.S. dollar-denominated debt market. You cannot invest directly in an index.

⁶  The Bloomberg Barclays Municipal Bond Index is an unmanaged index composed of long-term tax-exempt bonds with a minimum credit rating of Baa. You cannot invest directly in an index.

⁷ The ICE BofAML U.S. High Yield Index is a market-capitalization-weighted index of domestic and Yankee high-yield bonds. The index tracks the performance of high-yield securities traded in the U.S. bond market. You cannot invest directly in an index. Copyright 2019. ICE Data Indices, LLC. All rights reserved.

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

Not all news was bad. The U.S. Bureau of Economic Analysis reported second-quarter gross domestic product (GDP) annualized growth of 4.2%. Hiring improved. Employment data remained strong. Consumer confidence and spending increased. The S&P 500 Index recorded a 3.43% second-quarter gain. Stocks of companies with smaller capitalizations were even better, as measured by the Russell 2000^® Index,⁸ adding 7.75%.

Investors appeared to shake off lingering concerns during the third quarter.

Favorable third-quarter economic indicators and corporate earnings reports encouraged domestic stock investors. U.S. trade negotiations with Mexico and Canada progressed. The Conference Board Consumer Confidence Index^®9 reached its highest level in 18 years during September. The Fed raised the federal funds rate by 25 bps to a target range of between 2.00% and 2.25% in September. For the quarter that ended September 30, 2018, the S&P 500 Index added 7.71%.

Investors in international markets were not as reassured. Tensions between the U.S. and China increased. The U.S. imposed $200 billion in tariffs on Chinese goods. China reacted with $60 billion in tariffs on U.S. goods. Economic growth in China caused concern. The BOE raised its monetary policy rate to 0.75% in August. During the quarter, the MSCI ACWI ex USA Index (Net) gained 0.71%. The MSCI EM Index (Net) declined 1.09%. In fixed-income markets, U.S. bonds were flat, as measured by the Bloomberg Barclays U.S. Aggregate Bond Index. The Bloomberg Barclays Global Aggregate ex-USD Index fell 1.74%.

Conflicting data unsettled markets during the fourth quarter.

For the S&P 500 Index and the MSCI ACWI ex USA Index (Net), negative stock market performance during October and December bracketed positive November returns. December’s S&P 500 Index performance was the worst since 1931. Globally, fixed-income investments fared better than stocks during the last two months of the year.

November’s U.S. mid-term elections shifted control of the House of Representatives from Republicans to Democrats, presaging potential partisan clashes. The Bureau of Economic Analysis reported that third-quarter U.S. GDP grew at an annualized 3.4% rate, solid, but lower than the second quarter rate. Brexit efforts stalled ahead of the March 2019 deadline. The PBOC cut reserve requirement ratios, accelerated infrastructure spending, and cut taxes even as the value of the yuan declined to low levels last seen in 2008.

After the Fed increased the federal funds rate by 25 bps to a target range of between 2.25% and 2.50% in December—the ninth such increase since the Fed began three years ago to raise rates from near zero—it softened its outlook for further interest rate increases in 2019.

The market climbs a wall of worry.

Investors entered 2019 with reasons to be concerned. A partial U.S government shutdown driven by partisan spending and immigration policy disputes extended into January. Investors expected high levels of stock market volatility to continue based on the VIX¹⁰.

Favorable third-quarter economic indicators and corporate earnings reports encouraged domestic stock investors.

⁸  The Russell 2000^® Index measures the performance of the 2,000 smallest companies in the Russell 3000^® Index, which represents approximately 8% of the total market capitalization of the Russell 3000^® Index. You cannot invest directly in an index.

⁹  The Conference Board Consumer Confidence Index^® measures the degree of optimism on the state of the U.S. economy that consumers are expressing through their activities of savings and spending. You cannot invest directly in an index.

¹⁰  The Chicago Board Options Exchange Market Volatility Index (VIX) is a popular measure of the implied volatility of S&P 500 Index options. It represents one measure of the market’s expectation of stock market volatility over the next 30-day period. You cannot invest directly in an index.

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

January’s returns tended to support the investing adage that markets climb a wall of worry. The S&P 500 Index gained 8.01% for the month that ended January 31, 2019, its best monthly performance in 30 years. Returns for the MSCI ACWI ex USA Index (Net), the Bloomberg Barclays U.S. Aggregate Bond Index, and the Bloomberg Barclays Global Aggregate ex-USD Index also were positive.

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

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

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

Sincerely,

Andrew Owen

President

Wells Fargo Funds

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

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

Investment objective

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

Manager

Wells Fargo Funds Management, LLC

Subadvisers

Wells Capital Management Incorporated

Wells Capital Management Singapore

Portfolio managers

Michael C. Bird, CFA^®‡

Jeffrey L. Weaver, CFA^®‡

Laurie White

Average annual total returns (%) as of January 31, 2019

								Expense ratios1 (%)
	Inception date	1 year		5 year		10 year		Gross		Net2
Administrator Class (WFAXX)	7-31-2003		1.91		0.65		0.36		0.38		0.35
Institutional Class (WFIXX)	10-14-1987		2.04		0.74		0.44		0.26		0.20
Select Class (WFQXX)	6-29-2007		2.11		0.81		0.51		0.22		0.13
Service Class (NWIXX)	10-14-1987		1.73		0.54		0.29		0.55		0.50

Yield summary (%) as of January 31, 2019²

	Administrator Class	Institutional Class		Select Class		Service Class
7-day current yield	2.35		2.48		2.55		2.18
7-day compound yield	2.38		2.51		2.58		2.20
30-day simple yield	2.35		2.48		2.55		2.17
30-day compound yield	2.37		2.50		2.58		2.20

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

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

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

Please see footnotes on page 7.

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

Portfolio composition as of January 31, 2019³

Effective maturity distribution as of January 31, 2019³

Weighted average maturity as of January 31, 2019⁴

18 Days

Weighted average life as of January 31, 2019⁵

53 Days

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

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

²  The manager has contractually committed through May 31, 2019, to waive fees and/or reimburse expenses to the extent necessary to cap the expenses of each class after fee waivers at the amounts shown. Brokerage commissions, stamp duty fees, interest, taxes, acquired fund fees and expenses (if any), and extraordinary expenses are excluded from the expense cap. Prior to or after the commitment expiration date, the cap may be increased or the commitment to maintain the cap may be terminated only with the approval of the Board of Trustees. Without this cap, the Fund’s returns would have been lower. Without waived fees and/or reimbursed expenses, the Fund’s 7-day current yield would have been 2.31%, 2.43%, 2.47%, and 2.14% for Administrator Class, Institutional Class, Select Class, and Service Class, respectively. The expense ratio paid by an investor is the net expense ratio (the total annual fund operating expenses after fee waivers) as stated in the prospectuses.

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

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

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

⁶  Crane Data LLC is a money market and mutual fund information company that collects, tracks, and maintains data about money markets, money market mutual funds based on types of funds, bank savings, and cash investments. The data includes performance, statistics, and related information. Crane Data LLC distributes rankings, news, and indexes, including the Crane Prime Institutional Money Market Index, based on the data. Crane Data publishes Money Fund Intelligence, Money Fund Intelligence XLS, Money Fund Wisdom, the Crane Money Fund Indexes, and other products.

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

MANAGERS’ DISCUSSION

For most of the reporting period, continued economic improvement allowed the Federal Open Market Committee (FOMC) to remove policy accommodation on a fairly predictable quarterly basis. The U.S. economy achieved above-trend growth, low unemployment, and moderating inflation at the same time as fiscal policy was proving to be an economic tailwind. The FOMC’s Summary of Economic Projections (SEP) through September reflected this scenario and provided the market with some clarity as to the path of future interest rate policy. However, the economic landscape changed in the fourth quarter as the U.S. engaged in various trade wars, the midterm elections disrupted the legislative composition, and financial conditions tightened. These factors began softening economic data and confidence, leading to increased volatility in risk assets. At the conclusion of the FOMC policy meeting on December 19, 2018, the federal funds target rate was raised to a target range of between 2.25% to 2.50% while the rate of interest on excess reserves (IOER) was increased by only 20 basis points (bps; 100 bps equal 1.00%) to 2.40%. That was the second time the IOER rate was increased 5 bps less than the increase in the target rate in an effort to keep the effective federal funds rate from drifting to the upper level of the target range.

In the accompanying SEP, the FOMC provided insight on its view of the economy, inflation, and the corresponding monetary policy expected over the next few years. And the December projections did not disappoint market observers, with the FOMC marginally decreasing its outlook on growth and inflation and correspondingly lowering the glide path for its target rate, decreasing its median outlook for interest rate hikes in 2019 from three to two (2.875%). Comparing the September and December target rate projections, the longer-term section points to an expectation of the eventual neutral rate being marginally lower at 2.75% and lowered 2020 and 2021 median interest rate expectations at 3.125%. On the growth front, the 2019 median gross domestic product projection edged down 0.2% to 2.3% while 2020 and 2021 growth projections remained unchanged at 2.0% and 1.8%, respectively. Core inflation in the 2019 to 2021 projections all declined 0.1% to 2.0%. The lower expectations for interest rates in the next three years show the FOMC members are less concerned regarding the potential for inflationary pressures and more focused on balancing a somewhat softer economy. In fact, the statement released at the conclusion of the January 2019 FOMC meeting removed the wording of “some further gradual increases,” citing increasing downside risk from abroad, weaker domestic data, and tighter financial conditions.

As the FOMC’s expectations for rate increases moved lower, the market expectations for federal funds rate increases, as measured by federal funds futures, moved even lower still. Market participants are barely pricing in any rate hike in 2019 and may even be starting to prepare for a possible rate cut toward the end of 2019 and into 2020. The U.S. Federal Reserve will have plenty of opportunities to adjust expectations starting in 2019 as Chair Jerome Powell will conduct a press conference after each FOMC meeting instead of only quarterly. On the heels of the FOMC lowering its economic and inflation projections, risk assets underperformed and U.S. equities are teetering near bear-market territory.

The rise in short rates has brought not only attention but perhaps also nontraditional money market investors (those who typically invest in longer-term debt or equities) into the short end of the market. The Crane Prime Institutional Money Market Index, maintained by Crane Data LLC⁶, was up over $61 billion during the period, with all prime assets up over $152 billion. Investors reexamining this product are realizing that the changes implemented from the 2010 money market reform have made a material difference in the construction of prime money market fund portfolios. The added liquidity requirements and maturity restrictions have had a beneficial impact on dampening net asset value (NAV) volatility even as the FOMC continued to raise rates and credit spreads widened. In addition, added transparency of holdings can provide a daily view of the portfolio construction process and allow shareholders to assess portfolio risks.

Strategic outlook

The FOMC has pivoted from a gradually removing accommodation outlook to a data-dependent stance requiring what it terms as “patience.” Going forward, money market investors should continue to look toward the FOMC and other market indicators for future rate guidance. As we get more clarity as to the end of the tightening cycle, money market participants may look to extend weighted average maturities (WAMs) to capture higher yields. Our strategy of emphasizing highly liquid portfolios, relatively short WAMs, and a position in securities that reset frequently allows us to capture elevated London Interbank Offered Rate levels with minimal NAV pricing pressures and afford the flexibility to add longer-dated securities as opportunities arise.

Please see footnotes on page 7.

Fund expenses (unaudited) Wells Fargo Cash Investment Money Market Fund 9

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

The example is based on an investment of $1,000 invested at the beginning of the six-month period and held for the entire period from August 1, 2018 to January 31, 2019.

Actual expenses

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

Hypothetical example for comparison purposes

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

Please note that the expenses shown in the table are meant to highlight your ongoing costs only. Therefore, the “Hypothetical” line of the table is useful in comparing ongoing costs only and will not help you determine the relative total costs of owning different funds.

	Beginning account value 8-1-2018		Ending account value 1-31-2019		Expenses paid during the period¹		Annualized net expense ratio
Administrator Class
Actual	$	1,000.00	$	1,010.67	$	1.67		0.33	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,023.54	$	1.68		0.33	%
Institutional Class
Actual	$	1,000.00	$	1,011.33	$	1.01		0.20	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,024.20	$	1.02		0.20	%
Select Class
Actual	$	1,000.00	$	1,011.68	$	0.66		0.13	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,024.55	$	0.66		0.13	%
Service Class
Actual	$	1,000.00	$	1,009.80	$	2.53		0.50	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,022.68	$	2.55		0.50	%

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

10 Wells Fargo Cash Investment Money Market Fund Portfolio of investments—January 31, 2019

Security name	Interest rate			Maturity date		Principal		Value
Certificates of Deposit: 18.57%
Bank of Montreal (1 Month LIBOR +0.15%) ±		2.66	%		3-12-2019	$	10,000,000	$	10,001,850
Bank of Montreal (1 Month LIBOR +0.22%) ±		2.73			10-4-2019		7,000,000		7,000,917
Bank of Montreal (3 Month LIBOR +0.22%) ±		2.99			12-10-2019		9,000,000		9,008,951
Bank of Nova Scotia (1 Month LIBOR +0.20%) ±		2.71			8-14-2019		7,000,000		6,999,230
Bank of Nova Scotia (3 Month LIBOR +0.10%) ±		2.89			9-16-2019		3,000,000		3,001,078
Canadian Imperial Bank (3 Month LIBOR +0.20%) ±		2.74			5-1-2019		10,000,000		10,003,781
Canadian Imperial Bank (3 Month LIBOR +0.19%) ±		2.94			1-30-2020		10,000,000		10,007,744
China Construction Bank Corporation NY (1 Month LIBOR +0.25%) ±		2.76			7-19-2019		15,000,000		14,999,997
Commonwealth Bank of Australia (3 Month LIBOR +0.25%) ±		3.06			4-3-2019		8,000,000		8,002,471
First Abu Dhabi Bank		2.38			2-1-2019		20,000,000		20,000,000
HSBC Bank USA NA		2.42			2-1-2019		30,000,000		30,000,000
HSBC Bank USA NA (3 Month LIBOR +0.13%) ±		2.73			8-9-2019		3,000,000		3,001,228
HSBC Bank USA NA (3 Month LIBOR +0.18%) ±		2.80			5-10-2019		7,500,000		7,503,528
Mizuho Bank Limited (1 Month LIBOR +0.19%) ±		2.71			4-10-2019		5,000,000		4,999,626
MUFG Bank Limited (1 Month LIBOR +0.30%) ±		2.82			5-1-2019		6,000,000		6,001,269
National Bank of Kuwait		2.37			2-1-2019		12,450,000		12,450,000
Nordea Bank AB (1 Month LIBOR +0.17%) ±		2.68			6-13-2019		7,000,000		6,999,806
Norinchukin Bank		2.75			4-8-2019		20,000,000		20,006,464
Oversea-Chinese Banking Corporation (1 Month LIBOR +0.14%) ±		2.65			3-13-2019		4,000,000		4,000,699
Oversea-Chinese Banking Corporation (1 Month LIBOR +0.20%) ±		2.71			9-19-2019		6,000,000		5,998,881
Skandinaviska Enskilda Bank AB (3 Month LIBOR +0.27%) ±		3.03			7-26-2019		6,000,000		6,007,329
State Street Bank & Trust (1 Month LIBOR +0.27%) ±		2.78			5-15-2019		7,000,000		7,001,363
Sumitomo Mitsui Banking Corporation (1 Month LIBOR +0.19%) ±		2.69			3-27-2019		8,000,000		8,001,786
Sumitomo Mitsui Banking Corporation (1 Month LIBOR +0.20%) ±		2.70			3-28-2019		7,000,000		7,001,656
Sumitomo Mitsui Trust NY (1 Month LIBOR +0.30%) ±		2.80			5-28-2019		9,000,000		9,003,775
Sumitomo Mitsui Trust NY (3 Month LIBOR +0.12%) ±		2.92			7-8-2019		15,000,000		15,001,160
Sumitomo Mitsui Trust NY (3 Month LIBOR +0.15%) ±		2.93			4-18-2019		7,000,000		7,000,651
Svenska Handelsbanken (3 Month LIBOR +0.27%) ±		3.03			10-21-2019		10,000,000		10,016,235
Svenska Handelsbanken (3 Month LIBOR +0.15%) ±		2.95			10-2-2019		10,000,000		10,007,744
US Bank NA (1 Month LIBOR +0.26%) ±		2.77			7-23-2019		7,000,000		6,999,668
Total Certificates of Deposit (Cost $285,958,857)									286,028,887
Commercial Paper: 47.55%
Asset-Backed Commercial Paper: 24.89%
Alpine Securitization LLC (1 Month LIBOR +0.18%) ±144A		2.68			4-1-2019		3,000,000		3,000,753
Alpine Securitization LLC (1 Month LIBOR +0.20%) ±144A		2.71			3-6-2019		3,000,000		3,000,652
Alpine Securitization LLC (1 Month LIBOR +0.20%) ±144A		2.72			6-28-2019		10,000,000		10,000,402
Anglesea Funding LLC (1 Month LIBOR +0.20%) ±144A		2.69			7-31-2019		8,000,000		8,000,000
Anglesea Funding LLC (1 Month LIBOR +0.20%) ±144A		2.71			3-8-2019		5,000,000		4,999,928
Anglesea Funding LLC (1 Month LIBOR +0.20%) ±144A		2.71			3-15-2019		10,000,000		10,002,479
Anglesea Funding LLC (1 Month LIBOR +0.25%) ±144A		2.75			5-24-2019		3,000,000		3,000,942
Anglesea Funding LLC (1 Month LIBOR +0.25%) ±144A		2.75			5-20-2019		14,000,000		13,999,494
Atlantic Asset Securitization Corporation 144A(z)		2.84			3-4-2019		5,000,000		4,988,511
Bedford Row Funding Corporation (1 Month LIBOR +0.34%) ±144A		2.86			6-10-2019		5,000,000		5,002,971
Bennington Stark Capital Company 144A(z)		2.85			4-8-2019		10,000,000		9,951,444
Cedar Spring Capital Corporation 144A(z)		2.52			2-6-2019		11,000,000		10,995,369
Chesham Finance Limited 144A(z)		2.55			2-1-2019		22,000,000		21,998,516
Collateralized Commercial Paper II Company LLC (3 Month LIBOR +0.26%) ±144A		3.06			12-31-2019		11,000,000		11,010,694
Collateralized Commercial Paper II Company LLC (3 Month LIBOR +0.27%) ±144A		3.07			1-8-2020		8,000,000		8,008,689

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

Portfolio of investments—January 31, 2019 Wells Fargo Cash Investment Money Market Fund 11

Security name	Interest rate			Maturity date		Principal		Value
Asset-Backed Commercial Paper (continued)
Concord Minutemen Capital Company 144A(z)		2.55	%		2-8-2019	$	6,000,000	$	5,996,728
Concord Minutemen Capital Company 144A(z)		2.66			2-11-2019		5,000,000		4,996,234
Concord Minutemen Capital Company 144A(z)		2.83			4-2-2019		7,000,000		6,968,995
Concord Minutemen Capital Company 144A(z)		2.85			2-27-2019		2,000,000		1,996,244
Concord Minutemen Capital Company 144A(z)		2.87			4-9-2019		8,000,000		7,960,076
Crown Point Capital Company (1 Month LIBOR +0.20%) ±144A		2.72			3-11-2019		10,000,000		9,999,755
Crown Point Capital Company (1 Month LIBOR +0.23%) ±144A		2.74			5-15-2019		18,000,000		18,005,154
Great Bridge Capital Company 144A(z)		2.71			2-21-2019		11,000,000		10,983,792
Great Bridge Capital Company 144A(z)		2.77			2-5-2019		10,000,000		9,996,618
Institutional Secured Funding LLC 144A(z)		2.57			2-1-2019		30,000,000		29,997,978
Kells Funding LLC 144A(z)		2.71			2-6-2019		5,000,000		4,997,984
Komatsu Finance America Incorporated 144A(z)		2.49			2-7-2019		8,000,000		7,996,267
Komatsu Finance America Incorporated 144A(z)		2.50			2-12-2019		18,000,000		17,985,414
Komatsu Finance America Incorporated 144A(z)		2.50			2-19-2019		10,000,000		9,986,943
Lexington Parker Capital Company LLC 144A(z)		2.50			2-6-2019		8,000,000		7,996,699
Liberty Funding LLC 144A(z)		2.72			4-18-2019		13,000,000		12,926,176
LMA Americas LLC 144A(z)		2.86			2-27-2019		3,000,000		2,994,366
LMA Americas LLC 144A(z)		2.87			2-26-2019		5,000,000		4,990,965
LMA Americas LLC 144A(z)		2.87			3-5-2019		4,000,000		3,990,760
Manhattan Asset Funding Company LLC 144A(z)		2.56			2-15-2019		5,000,000		4,994,833
Mountcliff Funding LLC 144A(z)		2.50			2-1-2019		18,000,000		17,998,786
Mountcliff Funding LLC (1 Month LIBOR +0.25%) ±144A##		2.75			8-30-2019		12,000,000		12,000,000
Nieuw Amsterdam Receivables Corporation 144A(z)		2.50			2-7-2019		5,560,000		5,557,373
Old Line Funding LLC (1 Month LIBOR +0.19%) ±144A		2.70			5-13-2019		7,000,000		6,999,613
Old Line Funding LLC (1 Month LIBOR +0.22%) ±144A		2.74			8-1-2019		4,000,000		3,999,807
Victory Receivables Corporation 144A(z)		2.55			2-1-2019		6,000,000		5,999,601
White Plains Capital 144A(z)		2.98			4-9-2019		13,083,000		13,011,186
White Plains Capital 144A(z)		3.02			3-5-2019		4,000,000		3,989,667
									383,278,858
Financial Company Commercial Paper: 17.53%
ASB Finance Limited (3 Month LIBOR +0.20%) ±144A		3.00			4-11-2019		6,000,000		6,001,034
Banco Santander Chile 144A(z)		2.96			3-5-2019		7,000,000		6,982,508
Bank of Nova Scotia (1 Month LIBOR +0.18%) ±144A		2.70			7-2-2019		6,000,000		5,999,667
Bank of Nova Scotia (1 Month LIBOR +0.19%) ±144A		2.70			5-6-2019		5,000,000		5,001,069
BNZ International Funding Limited (1 Month LIBOR +0.19%) ±144A		2.69			5-20-2019		7,000,000		7,000,978
BNZ International Funding Limited (3 Month LIBOR +0.15%) ±144A		2.90			4-26-2019		6,000,000		6,001,186
CME Group Incorporated 144A(z)		2.50			2-12-2019		18,000,000		17,985,264
CME Group Incorporated 144A(z)		2.52			2-5-2019		20,000,000		19,993,394
Commonwealth Bank of Australia (3 Month LIBOR +0.10%) ±144A		2.68			5-3-2019		8,000,000		8,000,780
Commonwealth Bank of Australia (1 Month LIBOR +0.21%) ±144A		2.72			9-16-2019		5,000,000		4,999,444
Commonwealth Bank of Australia (3 Month LIBOR +0.60%) ±144A		3.40			12-19-2019		6,000,000		6,021,437
DBS Bank Limited (1 Month LIBOR +0.14%) ±144A		2.64			3-21-2019		7,000,000		7,001,248
Federation des Caisses (z)		2.50			2-1-2019		5,000,000		4,999,676
Federation des Caisses (1 Month LIBOR +0.26%) ±144A		2.78			2-11-2019		8,000,000		8,000,834
Federation des Caisses (3 Month LIBOR +0.13%) ±144A		2.81			5-22-2019		4,000,000		4,000,817
Federation des Caisses (1 Month LIBOR +0.30%) ±144A		2.81			6-25-2019		8,000,000		8,003,582
HSBC Bank plc (1 Month LIBOR +0.42%) ±144A		2.93			5-7-2019		8,000,000		8,006,547
ING Funding LLC (1 Month LIBOR +0.25%) ±		2.77			2-11-2019		8,000,000		8,000,821

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

12 Wells Fargo Cash Investment Money Market Fund Portfolio of investments—January 31, 2019

Security name	Interest rate			Maturity date		Principal		Value
Financial Company Commercial Paper (continued)
Macquarie Bank Limited 144A(z)		2.54	%		2-25-2019	$	28,000,000	$	27,951,972
National Australia Bank Limited (1 Month LIBOR +0.20%) ±144A		2.72			8-2-2019		7,000,000		6,999,391
National Australia Bank Limited (1 Month LIBOR +0.27%) ±144A		2.77			5-21-2019		6,000,000		6,002,267
Oversea-Chinese Banking Corporation (3 Month LIBOR +0.14%) ±144A		2.75			5-10-2019		6,000,000		5,999,835
Oversea-Chinese Banking Corporation (1 Month LIBOR +0.25%) ±144A		2.77			5-8-2019		4,000,000		4,001,475
Skandinaviska Enskilda Banken AB 144A(z)		2.72			4-4-2019		15,000,000		14,935,136
Toronto Dominion Bank (3 Month LIBOR +0.14%) ±144A		2.70			5-2-2019		7,000,000		7,002,017
Toronto Dominion Bank (1 Month LIBOR +0.37%) ±144A		2.88			11-7-2019		7,000,000		7,007,080
Toronto Dominion Bank (3 Month LIBOR +0.21%) ±144A		2.98			12-6-2019		8,000,000		8,007,176
UBS AG London (3 Month LIBOR +0.08%) ±144A		2.67			2-7-2019		10,000,000		9,999,984
Westpac Banking Corporation (3 Month LIBOR +0.07%) ±144A		2.63			8-2-2019		8,000,000		7,999,617
Westpac Banking Corporation (1 Month LIBOR +0.21%) ±144A		2.72			9-19-2019		10,000,000		9,998,771
Westpac Banking Corporation (3 Month LIBOR +0.10%) ±144A%%		2.81			5-31-2019		12,000,000		12,001,832
									269,906,839
Other Commercial Paper: 5.13%
CNPC Finance 144A(z)		2.80			2-6-2019		13,000,000		12,994,490
Koch Industries Incorporated (z)		2.48			2-22-2019		5,000,000		4,992,511
Koch Industries Incorporated (z)		2.49			2-5-2019		10,000,000		9,996,713
Koch Industries Incorporated (z)		2.50			2-4-2019		10,000,000		9,997,377
Koch Industries Incorporated (z)		2.50			2-12-2019		10,000,000		9,991,963
Toyota Credit Canada Incorporated (1 Month LIBOR +0.19%) ±		2.70			7-5-2019		5,000,000		4,999,926
Toyota Finance Australia Limited (3 Month LIBOR +0.08%) ±		2.73			2-15-2019		9,000,000		9,000,172
Toyota Finance Australia Limited (3 Month LIBOR +0.09%) ±		2.91			3-22-2019		8,000,000		8,000,829
Toyota Motor Finance (3 Month LIBOR +0.10%) ±		2.68			4-30-2019		6,000,000		6,001,408
University of Pittsburgh		2.72			2-1-2019		3,000,000		3,000,015
									78,975,404
Total Commercial Paper (Cost $732,083,128)									732,161,101
Municipal Obligations: 15.73%
California: 1.75%
Other Municipal Debt: 1.75%
California Imperial Irrigation District Series B (Utilities Revenue)		2.60			2-20-2019		10,000,000		9,999,665
Orange County CA Water District Series B (Water Utilities)		2.58			2-14-2019		8,000,000		8,000,470
State of California Series B-5 (Miscellaneous Revenue)		2.55			2-6-2019		9,000,000		9,000,691
									27,000,826
Colorado: 3.63%
Variable Rate Demand Notes ø: 3.63%
Colorado HFA MFHR Class II Series B (Housing Revenue, FHLB SPA)		2.55			5-1-2052		29,505,000		29,505,000
Colorado Tender Option Bond Trust Receipts/Certificates Series 2017-TPG007 (Health Revenue, Bank of America NA LIQ) 144A		3.01			10-29-2027		26,340,000		26,340,000
									55,845,000
Georgia: 2.47%
Other Municipal Debt: 0.26%
Municipal Electric Authority of Georgia (Utilities Revenue)		2.57			2-19-2019		4,000,000		4,000,037

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

Portfolio of investments—January 31, 2019 Wells Fargo Cash Investment Money Market Fund 13

Security name	Interest rate			Maturity date		Principal		Value
Variable Rate Demand Note ø: 2.21%
Georgia Tender Option Bond Trust Receipts/Certificates Series 2018-TPG010 (Miscellaneous Revenue, Bank of America NA LIQ) 144A		2.79	%		7-1-2020	$	34,000,000	$	34,000,000
Illinois: 0.45%
Variable Rate Demand Note ø: 0.45%
Illinois Housing Development Authority Series A-2 (Housing Revenue, HUD Insured, FHLB SPA)		2.45			7-1-2048		7,000,000		7,000,000
New Jersey: 1.17%
Variable Rate Demand Notes ø: 1.17%
Jets Stadium Development Series A-4B (Miscellaneous Revenue, Sumitomo Mitsui Banking Corporation LOC) 144A##		2.50			4-1-2047		18,020,000		18,020,000
New York: 1.95%
Other Municipal Debt: 0.52%
Long Island Power Authority Series 2015 (Miscellaneous Revenue)		2.65			3-12-2019		8,000,000		7,999,990
Variable Rate Demand Notes ø: 1.43%
New York HFA 222 East 44th Street Series A (Housing Revenue, Bank of China LOC)		2.50			5-1-2050		10,000,000		10,000,000
New York HFA Manhattan West Residential Housing Project Series B-2 (Housing Revenue, Bank of China LOC)		2.58			11-1-2049		10,000,000		10,000,000
RBC Municipal Products Incorporated Trust Series E-51 Invesco Van Kampen Trust (Miscellaneous Revenue, Royal Bank of Canada LOC) 144A		2.81			12-1-2019		2,000,000		2,000,000
									22,000,000
Oregon: 0.78%
Other Municipal Debt: 0.19%
Port of Portland International Airport Revenue Series C (Transportation Revenue)		2.83			4-3-2019		3,000,000		3,000,383
Variable Rate Demand Note ø: 0.58%
Oregon Tender Option Bond Trust Receipts/Certificates Series ZF2515 (Miscellaneous Revenue, Bank of America NA LIQ) 144A		2.61			5-1-2035		9,000,000		9,000,000
Other: 2.49%
Variable Rate Demand Notes ø: 2.49%
Providence St. Joseph Health Obligation Series 12-E (Health Revenue, U.S. Bank NA LOC)		2.50			10-1-2042		9,890,000		9,890,000
Providence St. Joseph Health Obligation Series 16-G (Health Revenue, Bank of Tokyo-Mitsubishi LOC)		2.49			10-1-2047		10,000,000		10,000,000
SSAB AB Series A (Miscellaneous Revenue, DNB Banking ASA LOC)		2.49			6-1-2035		6,000,000		6,000,000
Steadfast Crestvilla LLC Series A (Health Revenue, American AgCredit LOC)		2.50			2-1-2056		3,000,000		3,000,000
Steadfast Crestvilla LLC Series B (Health Revenue, U.S. Bank NA LOC)		2.50			2-1-2056		2,000,000		2,000,000
Sunroad Centrum Apartments 5 LP Series B (Housing Revenue, FHLB LOC)		2.50			8-1-2056		4,400,000		4,400,000
Tender Option Bond Trust Receipts/Certificates (Miscellaneous Revenue, Citibank NA LIQ) 144A		2.57			12-1-2027		3,000,000		3,000,000
									38,290,000

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

14 Wells Fargo Cash Investment Money Market Fund Portfolio of investments—January 31, 2019

Security name	Interest rate			Maturity date		Principal		Value
Pennsylvania: 1.04%
Variable Rate Demand Note ø: 1.04%
RBC Municipal Products Incorporated Trust Series E-52 Invesco Van Kampen Trust (Miscellaneous Revenue, Royal Bank of Canada LOC) 144A		2.81	%		12-1-2019	$	16,000,000	$	16,000,000
Total Municipal Obligations (Cost $242,155,000)									242,156,236
Other: 1.95%
JPMorgan Chase PUTTER/DRIVER Trust Series T0005 related to Blackrock Municipal Income Trust (JPMorgan Chase & Company LIQ) 144A§øø		2.50			7-2-2020		30,000,000		30,000,000
Total Other (Cost $30,000,000)									30,000,000
Other Instruments: 1.23%
Invesco Dynamic Credit Opportunities Fund Series W-7 §		2.56			6-1-2028		15,000,000		15,000,000
ROC III California Crossings Chino Hills LLC Series A §øø		2.50			1-1-2057		2,000,000		2,000,000
Sumitomo Mitsui Trust Banking Limited 144A§		2.05			3-6-2019		2,000,000		1,999,020
Total Other Instruments (Cost $18,998,834)									18,999,020
Other Notes: 0.71%
Corporate Bonds and Notes: 0.71%
Cellmark Incorporated Secured §		2.49			6-1-2038		11,000,000		11,000,000
Total Other Notes (Cost $11,000,000)									11,000,000
Repurchase Agreements ^^: 14.68%
Bank of America Corporation, dated 1-31-2019, maturity value $70,004,997 (1)		2.57			2-1-2019		70,000,000		70,000,000
Bank of Nova Scotia, dated 1-31-2019, maturity value $75,005,354 (2)		2.57			2-1-2019		75,000,000		75,000,000
BNP Paribas, dated 1-31-2019, maturity value $15,001,083 (3)		2.60			2-1-2019		15,000,000		15,000,000
GX Clarke & Company, dated 1-31-2019, maturity value $66,004,767 (4)		2.60			2-1-2019		66,000,000		66,000,000
Total Repurchase Agreements (Cost $226,000,000)									226,000,000

Total investments in securities (Cost $1,546,195,819)	100.42	%		1,546,345,244
Other assets and liabilities, net	(0.42	)		(6,435,775	)
Total net assets	100.00	%	$	1,539,909,469

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

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

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

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

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

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

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

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

^^ Collateralized by:

(1) U.S. government securities, 3.00% to 3.50%, 8-20-2042 to 10-20-2046, fair value including accrued interest is $72,100,000.

(2) U.S. government securities, 2.00% to 7.00%, 12-15-2023 to 1-20-2049, fair value including accrued interest is $77,247,271.

(3) U.S. government securities, 1.13% to 7.00%, 2-28-2019 to 12-1-2048, fair value including accrued interest is $15,435,982.

(4) U.S. government securities, 1.38% to 10.00%, 2-15-2019 to 2-1-2057, fair value including accrued interest is $67,912,043.

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

Portfolio of investments—January 31, 2019 Wells Fargo Cash Investment Money Market Fund 15

Abbreviations:

DRIVER Derivative inverse tax-exempt receipts

FHLB Federal Home Loan Bank

HFA Housing Finance Authority

HUD Department of Housing and Urban Development

LIBOR London Interbank Offered Rate

LIQ Liquidity agreement

LOC Letter of credit

MFHR Multifamily housing revenue

PUTTER Puttable tax-exempt receipts

ROC Reset option certificates

SPA Standby purchase agreement

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

16 Wells Fargo Cash Investment Money Market Fund Statement of assets and liabilities—January 31, 2019

Assets
Investments in unaffiliated securities, at value (cost $1,320,195,819)	$	1,320,345,244
Investments in repurchase agreements, at value (cost $226,000,000)		226,000,000
Cash		23,319
Receivable for Fund shares sold		120,050
Receivable for interest		2,162,995
Prepaid expenses and other assets		58,475
Total assets		1,548,710,083
Liabilities
Payable for investments purchased		8,000,000
Payable for Fund shares redeemed		215,684
Management fee payable		114,637
Administration fees payable		83,041
Trustees’ fees and expenses payable		1,866
Dividends payable		1,811
Accrued expenses and other liabilities		383,575
Total liabilities		8,800,614
Total net assets	$	1,539,909,469
NET ASSETS CONSIST OF
Paid-in capital	$	1,539,736,063
Total distributable earnings		173,406
Total net assets	$	1,539,909,469
COMPUTATION OF NET ASSET VALUE
Net assets – Administrator Class	$	136,125,557
Shares outstanding – Administrator Class1		136,059,474
Net asset value per share – Administrator Class		$1.0005
Net assets – Institutional Class	$	517,980,615
Shares outstanding – Institutional Class1		517,726,300
Net asset value per share – Institutional Class		$1.0005
Net assets – Select Class	$	735,331,988
Shares outstanding – Select Class1		734,943,658
Net asset value per share – Select Class		$1.0005
Net assets – Service Class	$	150,471,309
Shares outstanding – Service Class1		150,383,538
Net asset value per share – Service Class		$1.0006

¹  The Fund has an unlimited number of authorized shares.

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

Statement of operations—year ended January 31, 2019 Wells Fargo Cash Investment Money Market Fund 17

Investment income
Interest	$	31,717,113
Expenses
Management fee		2,152,302
Administration fees
Administrator Class		129,512
Institutional Class		389,711
Select Class		267,257
Service Class		180,090
Shareholder servicing fees
Administrator Class		129,512
Service Class		375,188
Custody and accounting fees		128,529
Professional fees		42,001
Registration fees		36,580
Shareholder report expenses		34,795
Trustees’ fees and expenses		11,724
Other fees and expenses		52,585
Total expenses		3,929,786
Less: Fee waivers and/or expense reimbursements		(909,158	)
Net expenses		3,020,628
Net investment income		28,696,485
REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS
Net realized gains on investments		18,043
Net change in unrealized gains (losses) on investments		(7,945	)
Net realized and unrealized gains (losses) on investments		10,098
Net increase in net assets resulting from operations	$	28,706,583

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

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

	Year ended January 31, 2019						Year ended January 31, 20181
Operations
Net investment income				$	28,696,485					$	19,365,262
Net realized gains on investments					18,043						158,568
Net change in unrealized gains (losses) on investments					(7,945	)					(28,138	)
Net increase in net assets resulting from operations					28,706,583						19,495,692
Distributions to shareholders from net investment income and net realized gains
Administrator Class					(2,465,614	)					(1,125,792	)
Institutional Class					(9,770,370	)					(6,993,029	)
Select Class					(13,889,010	)					(9,764,841	)
Service Class					(2,571,492	)					(1,481,600	)
Total distributions to shareholders					(28,696,486	)					(19,365,262	)
Capital share transactions		Shares						Shares
Proceeds from shares sold
Administrator Class		208,831,612			208,924,052			195,185,039			195,282,601
Institutional Class		1,335,820,742			1,336,437,928			1,908,490,605			1,909,455,936
Select Class		3,101,735,175			3,103,165,040			3,039,441,713			3,040,958,595
Service Class		1,098,229,467			1,098,801,000			1,296,529,040			1,297,284,224
					5,747,328,020						6,442,981,356
Reinvestment of distributions
Administrator Class		2,416,281			2,417,344			1,103,656			1,104,204
Institutional Class		9,639,093			9,643,341			6,770,934			6,774,391
Select Class		13,800,113			13,806,425			9,369,322			9,374,001
Service Class		2,523,025			2,524,353			1,443,685			1,444,535
					28,391,463						18,697,131
Payment for shares redeemed
Administrator Class		(184,686,866	)		(184,768,170	)		(205,288,879	)		(205,391,015	)
Institutional Class		(1,467,240,930	)		(1,467,914,637	)		(2,031,635,674	)		(2,032,680,970	)
Select Class		(3,097,745,586	)		(3,099,164,118	)		(3,204,452,986	)		(3,206,048,194	)
Service Class		(1,137,900,078	)		(1,138,490,122	)		(1,299,975,132	)		(1,300,735,721	)
					(5,890,337,047	)					(6,744,855,900	)
Net decrease in net assets resulting from capital share transactions					(114,617,564	)					(283,177,413	)
Total decrease in net assets					(114,607,467	)					(283,046,983	)
Net assets
Beginning of period					1,654,516,936						1,937,563,919
End of period				$	1,539,909,469					$	1,654,516,936

¹  Effective for all filings after November 4, 2018, the SEC prospectively eliminated the requirement to parenthetically disclose undistributed net investment income at the end of the period and permitted the aggregation of distributions, with the exception of tax basis returns of capital. Undistributed net investment income at January 31, 2018 was $5,939. The disaggregated distributions information for the year ended January 31, 2018 is included in Note 5, 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 Cash Investment Money Market Fund 19

(For a share outstanding throughout each period)

	Year ended January 31
ADMINISTRATOR CLASS	2019			2018			2017			20161			20151
Net asset value, beginning of period		$1.0005			$1.0004			$1.0000			$1.00			$1.00
Net investment income		0.0189			0.0096			0.0029			0.00	2		0.00	2
Net realized and unrealized gains (losses) on investments		0.0000	3		0.0001			0.0004			0.00	2		0.00	2
Total from investment operations		0.0189			0.0097			0.0033			0.00	2		0.00	2
Distributions to shareholders from
Net investment income		(0.0189	)		(0.0096	)		(0.0029	)		(0.00	)2		(0.00	)2
Net asset value, end of period		$1.0005			$1.0005			$1.0004			$1.00			$1.00
Total return		1.91	%		0.97	%		0.33	%		0.03	%		0.01	%
Ratios to average net assets (annualized)
Gross expenses		0.37	%		0.38	%		0.36	%		0.35	%		0.35	%
Net expenses		0.33	%		0.33	%		0.33	%		0.26	%		0.19	%
Net investment income		1.90	%		0.96	%		0.26	%		0.03	%		0.01	%
Supplemental data
Net assets, end of period (000s omitted)		$136,126			$109,551			$118,548			$297,396			$396,339

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

²  Amount is less than $0.005.

³  Amount is less than $0.00005.

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

20 Wells Fargo Cash Investment Money Market Fund Financial highlights

(For a share outstanding throughout each period)

	Year ended January 31
INSTITUTIONAL CLASS	2019			2018			2017			20161			20151
Net asset value, beginning of period		$1.0005			$1.0004			$1.0000			$1.00			$1.00
Net investment income		0.0202			0.0109			0.0043			0.00	2		0.00	2
Net realized and unrealized gains (losses) on investments		0.0000	3		0.0001			0.0003			0.00	2		0.00	2
Total from investment operations		0.0202			0.0110			0.0046			0.00	2		0.00	2
Distributions to shareholders from
Net investment income		(0.0202	)		(0.0109	)		(0.0042	)		(0.00	)2		(0.00	)2
Net asset value, end of period		$1.0005			$1.0005			$1.0004			$1.00			$1.00
Total return		2.04	%		1.10	%		0.46	%		0.09	%		0.01	%
Ratios to average net assets (annualized)
Gross expenses		0.25	%		0.26	%		0.23	%		0.23	%		0.23	%
Net expenses		0.20	%		0.20	%		0.20	%		0.20	%		0.19	%
Net investment income		2.01	%		1.08	%		0.37	%		0.10	%		0.01	%
Supplemental data
Net assets, end of period (000s omitted)		$517,981			$639,823			$756,218			$5,027,125			$4,320,392

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

²  Amount is less than $0.005.

³  Amount is less than $0.00005.

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

Financial highlights Wells Fargo Cash Investment Money Market Fund 21

(For a share outstanding throughout each period)

	Year ended January 31
SELECT CLASS	2019			2018			2017			20161			20151
Net asset value, beginning of period		$1.0005			$1.0004			$1.0000			$1.00			$1.00
Net investment income		0.0209			0.0116			0.0049			0.00	2		0.00	2
Net realized and unrealized gains (losses) on investments		0.0000	3		0.0001			0.0004			0.00	2		0.00	2
Total from investment operations		0.0209			0.0117			0.0053			0.00	2		0.00	2
Distributions to shareholders from
Net investment income		(0.0209	)		(0.0116	)		(0.0049	)		(0.00	)2		(0.00	)2
Net asset value, end of period		$1.0005			$1.0005			$1.0004			$1.00			$1.00
Total return		2.11	%		1.17	%		0.53	%		0.16	%		0.07	%
Ratios to average net assets (annualized)
Gross expenses		0.21	%		0.22	%		0.19	%		0.19	%		0.19	%
Net expenses		0.13	%		0.13	%		0.13	%		0.13	%		0.13	%
Net investment income		2.08	%		1.14	%		0.44	%		0.16	%		0.07	%
Supplemental data
Net assets, end of period (000s omitted)		$735,332			$717,508			$873,167			$5,595,704			$5,889,779

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

²  Amount is less than $0.005.

³  Amount is less than $0.00005.

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

22 Wells Fargo Cash Investment Money Market Fund Financial highlights

(For a share outstanding throughout each period)

	Year ended January 31
SERVICE CLASS	2019			2018			2017			20161			20151
Net asset value, beginning of period		$1.0006			$1.0005			$1.0000			$1.00			$1.00
Net investment income		0.0171			0.0079			0.0011			0.00	2		0.00	2
Net realized and unrealized gains (losses) on investments		0.0001			0.0001			0.0006			0.00	2		0.00	2
Total from investment operations		0.0172			0.0080			0.0017			0.00	2		0.00	2
Distributions to shareholders from
Net investment income		(0.0172	)		(0.0079	)		(0.0012	)		(0.00	)2		(0.00	)2
Net asset value, end of period		$1.0006			$1.0006			$1.0005			$1.00			$1.00
Total return		1.73	%		0.80	%		0.17	%		0.01	%		0.01	%
Ratios to average net assets (annualized)
Gross expenses		0.54	%		0.55	%		0.52	%		0.52	%		0.52	%
Net expenses		0.50	%		0.50	%		0.50	%		0.28	%		0.19	%
Net investment income		1.71	%		0.78	%		0.08	%		0.01	%		0.01	%
Supplemental data
Net assets, end of period (000s omitted)		$150,471			$187,635			$189,632			$1,237,014			$1,438,336

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

²  Amount is less than $0.005.

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

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

1. ORGANIZATION

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

The Fund operates as an institutional non-government money market fund. As an institutional non-government money market fund, shareholders will transact at a floating net asset value (NAV) rounded to four decimal-places in accordance with the valuation policies below.

2. SIGNIFICANT ACCOUNTING POLICIES

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

Securities valuation

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

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

Repurchase agreements

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

When-issued transactions

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

Security transactions and income recognition

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

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

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

receivables when the collection of all or a portion of interest has been determined to be doubtful based on consistently applied procedures and the fair value has decreased. If the issuer subsequently resumes interest payments or when the collectability of interest is reasonably assured, the debt obligation is removed from non-accrual status.

Distributions to shareholders

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

Federal and other taxes

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

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

As of January 31, 2019, the aggregate cost of all investments for federal income tax purposes was $1,546,195,819 and the unrealized gains (losses) consisted of:

Gross unrealized gains	$	171,796
Gross unrealized losses		(22,371	)
Net unrealized gains	$	149,425

Class allocations

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

3. FAIR VALUATION MEASUREMENTS

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

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

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

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

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

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

The following is a summary of the inputs used in valuing the Fund’s assets and liabilities as of January 31, 2019:

	Quoted prices (Level 1)		Other significant observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total
Assets
Investments in:
Certificates of deposit	$	0	$	286,028,887	$	0	$	286,028,887
Commercial paper		0		732,161,101		0		732,161,101
Municipal obligations		0		242,156,236		0		242,156,236
Other		0		30,000,000		0		30,000,000
Other instruments		0		18,999,020		0		18,999,020
Other notes		0		11,000,000		0		11,000,000
Repurchase agreements		0		226,000,000		0		226,000,000
Total assets	$	0	$	1,546,345,244	$	0	$	1,546,345,244

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

At January 31, 2019, the Fund did not have any transfers into/out of Level 3.

4. TRANSACTIONS WITH AFFILIATES

Management fee

Funds Management, an indirect wholly owned subsidiary of Wells Fargo & Company (“Wells Fargo”), is the manager of the Fund and provides advisory and fund-level administrative services under an investment management agreement. Under the investment management agreement, Funds Management is responsible for, among other services, implementing the investment objectives and strategies of the Fund, supervising the subadvisers and providing fund-level administrative services in connection with the Fund’s operations. As compensation for its services under the investment management agreement, Funds Management is entitled to receive an annual management fee starting at 0.15% and declining to 0.13% as the average daily net assets of the Fund increase. For the year ended January 31, 2019, the management fee was equivalent to an annual rate of 0.15% of the Fund’s average daily net assets.

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

Administration fees

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

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

26 Wells Fargo Cash Investment Money Market Fund Notes to financial statements

Funds Management has contractually waived and/or reimbursed management and administration fees to the extent necessary to maintain certain net operating expense ratios for the Fund. When each class of the Fund has exceeded its expense cap, Funds Management has waived fees and/or reimbursed expenses from fund level expenses on a proportionate basis and then from class specific expenses; otherwise, waivers and/or reimbursements are applied against class specific expenses before fund level expenses. Funds Management has committed through May 31, 2019 to waive fees and/or reimburse expenses to the extent necessary to cap the Fund’s expenses at 0.35% for Administrator Class shares, 0.20% for Institutional Class shares, 0.13% for Select Class shares and 0.50% for Service Class shares. Prior to or after the commitment expiration date, the cap may be increased or the commitment to maintain the cap may be terminated only with the approval of the Board of Trustees.

Shareholder servicing fees

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

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

Interfund transactions

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

5. DISTRIBUTIONS TO SHAREHOLDERS

The tax character of distributions paid was $28,696,486 and $19,365,262 of ordinary income for the years ended January 31, 2019 and January 31, 2018, respectively.

As of January 31, 2019, the components of distributable earnings on a tax basis were as follows:

Undistributed ordinary income	Unrealized gains
$25,792	$149,425

Effective for all filings after November 4, 2018, the Securities and Exchange Commission eliminated the requirement to separately state the components of distributions to shareholders under U.S. generally accepted accounting principles. The amounts of distributions to shareholders for the year ended January 31, 2018 were as follows:

	Net investment income
Administrator Class		$1,125,792
Institutional Class		6,993,029
Select Class		9,764,841
Service Class		1,481,600

6. 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.

7. 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 Cash Investment Money Market Fund 27

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 Cash Investment Money Market Fund (the Fund), one of the funds constituting Wells Fargo Funds Trust, including the portfolio of investments, as of January 31, 2019, 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 January 31, 2019, 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 January 31, 2019, by correspondence with the custodian 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 auditor of one or more Wells Fargo Funds investment companies, however we are aware that we have served as the auditor of one or more Wells Fargo Funds investment companies since at least 1955.

Boston, Massachusetts

March 27, 2019

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

TAX INFORMATION

For the fiscal year ended January 31, 2019, $17,995,298 has been designated as interest-related dividends for nonresident alien shareholders pursuant to Section 871 of the Internal Revenue Code.

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 1-800-222-8222, visiting our website at wellsfargofunds.com, or visiting the SEC website at sec.gov. Information regarding how the Fund voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is available on the Fund’s website at wellsfargofunds.com or by visiting the SEC website at sec.gov.

PORTFOLIO HOLDINGS INFORMATION

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

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

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. Audit Committee Chair and Investment Committee Chair of the Vincent Memorial Hospital Endowment (non-profit organization). Mr. Ebsworth is a CFA® charterholder.	N/A
Jane A. Freeman (Born 1953)	Trustee, since 2015; Chair Liaison, since 2018	Retired. From 2012 to 2014 and 1999 to 2008, Chief Financial Officer of Scientific Learning Corporation. From 2008 to 2012, Ms. Freeman provided consulting services related to strategic business projects. Prior to 1999, Portfolio Manager at Rockefeller & Co. and Scudder, Stevens & Clark. Board member of the Harding Loevner Funds from 1996 to 2014, serving as both Lead Independent Director and chair of the Audit Committee. Board member of the Russell Exchange Traded Funds Trust from 2011 to 2012 and the chair of the Audit Committee. Ms. Freeman is a Board Member of The Ruth Bancroft Garden (non-profit organization). She is also an inactive Chartered Financial Analyst.	N/A
Isaiah Harris, Jr.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

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

Name and year of birth	Position held and length of service*	Principal occupations during past five years or longer	Current other public company or investment company directorships
Olivia S. Mitchell (Born 1953)	Trustee, since 2006; 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
Pamela Wheelock (Born 1959)	Trustee, since 2018; Advisory Board Member, from 2017 to 2018	Board member of the Destination Medical Center Economic Development Agency, Rochester, Minnesota since 2019. Chief Operating Officer, Twin Cities Habitat for Humanity from 2017 to 2019. Vice President of University Services, University of Minnesota from 2012 to 2016. Prior thereto, on the Board of Directors, Governance Committee and Finance Committee for the Minnesota Philanthropy Partners (Saint Paul Foundation) from 2012 to 2018, Interim Chief Executive Officer of Blue Cross Blue Shield of Minnesota from 2011 to 2012, Chairman of the Board from 2009 to 2012 and Board Director from 2003 to 2015. Vice President, Leadership and Community Engagement, Bush Foundation, Saint Paul, Minnesota (a private foundation) from 2009 to 2011. Executive Vice President and Chief Financial Officer, Minnesota Sports and Entertainment from 2004 to 2009 and Senior Vice President from 2002 to 2004. Executive Vice President of the Minnesota Wild Foundation from 2004 to 2008. Commissioner of Finance, State of Minnesota, from 1999 to 2002. Currently Board Chair of the Minnesota Wild Foundation since 2010.	N/A

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

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

Officers

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

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

² The Statement of Additional Information includes additional information about the Trustees and is available, without charge, upon request, by calling 1-800-222-8222 or by visiting the website at wellsfargofunds.com.    

³  Mr. Harris became Chairman of the Audit Committee effective January 1, 2019.

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For more information

More information about Wells Fargo Funds is available free upon request. To obtain literature, please write, visit the Fund’s website, or call:

Wells Fargo Funds

P.O. Box 219967

Kansas City, MO 64121-9967

Website: wellsfargofunds.com

Individual investors: 1-800-222-8222

Retail investment professionals: 1-888-877-9275

Institutional investment professionals: 1-866-765-0778

This report and the financial statements contained herein are submitted for the general information of the shareholders of the Fund. If this report is used for promotional purposes, distribution of the report must be accompanied or preceded by a current prospectus. Before investing, please consider the investment objectives, risks, charges, and expenses of the investment. For a current prospectus and, if available, a summary prospectus, containing this information, call 1-800-222-8222 or visit the Fund’s website at wellsfargofunds.com. Read the prospectus carefully before you invest or send money.

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

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

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

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

320762 03-19 A302/AR302 01-19

Annual Report

January 31, 2019

Institutional Money Market Funds

∎ Wells Fargo Heritage Money Market Fund

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

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

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

Reduce clutter. Save trees.

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

Contents

Letter to shareholders	2
Performance highlights	6
Fund expenses	9
Portfolio of investments	10
Financial statements
Statement of assets and liabilities	17
Statement of operations	18
Statement of changes in net assets	19
Financial highlights	20
Notes to financial statements	24
Report of independent registered public accounting firm	28
Other information	29

The views expressed and any forward-looking statements are as of January 31, 2019, 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 Heritage Money Market Fund Letter to shareholders (unaudited)

Andrew Owen

President

Wells Fargo Funds

Global trade tensions escalated during the second quarter of 2018.

Dear Shareholder:

We are pleased to offer you this annual report for the Wells Fargo Heritage Money Market Fund for the 12-month period that ended January 31, 2019. An upward trend for short-term interest rates, inflation concerns, trade tensions, and geopolitical events contributed to investment market volatility throughout the year.

For the period, U.S. stocks, as measured by the S&P 500 Index,¹ fell 2.31% and international stocks, as measured by the MSCI ACWI ex USA Index (Net),² declined 12.58%. Based on the MSCI EM Index (Net),³ emerging market stocks lost 14.24%. For bond investors, the Bloomberg Barclays U.S. Aggregate Bond Index⁴ added 2.25% while the Bloomberg Barclays Global Aggregate ex-USD Index⁵ fell 3.26%. The Bloomberg Barclays Municipal Bond Index⁶ added 3.26%, and the ICE BofAML U.S. High Yield Index⁷ gained 1.57%.

A move to normalize U.S. monetary policy influenced markets.

Through January 2018, the S&P 500 Index and MSCI ACWI ex USA Index (Net) delivered positive returns every month for more than a year. In February 2018, that streak ended. The S&P 500 Index fell 3.69% during February and the MSCI ACWI ex USA Index (Net) dropped 4.72%. For the quarter, the S&P 500 Index recorded its first negative quarterly return since 2014. The MSCI ACWI ex USA Index (Net) fell 1.18% for the quarter.

During the year, the U.S. Federal Reserve (Fed) sought to normalize accommodative monetary policies in place since the 2008 global financial crisis and recession. Short-term interest rates, as measured by U.S. Treasury bills—maturities ranging from 3 to 12 months—increased an average of 89 basis points (bps; 100 bps equal 1.00%). Rates for 10-year and 30-year Treasuries increased 17 bps and 18 bps, respectively. Slower growth of long-term rates raised concerns for a flattening yield curve, sometimes associated with recessions. The Fed raised the federal funds rate by 25 bps in March 2018 to a target range of between 1.50% and 1.75%. The Bank of England (BOE) indicated a bias to increase rates later in 2018. The European Central Bank, the Bank of Japan, and the People’s Bank of China (PBOC) maintained low interest rates.

Global trade tensions heightened investor concerns.

Global trade tensions escalated during the second quarter of 2018. A tit-for-tat tariff spat intensified between the U.S. and other governments. The Fed raised the federal funds rate by 25 bps to a target range of between 1.75% and 2.00% in June. Market index results reflected the global concerns. The MSCI ACWI ex USA Index (Net) lost 2.61% while the Bloomberg Barclays Global Aggregate ex-USD Index dropped 4.76%.

¹ The S&P 500 Index consists of 500 stocks chosen for market size, liquidity, and industry group representation. It is a market-value-weighted index with each stock’s weight in the index proportionate to its market value. You cannot invest directly in an index.

²  The Morgan Stanley Capital International (MSCI) All Country World Index (ACWI) ex USA Index (Net) is a free-float-adjusted market-capitalization-weighted index that is designed to measure the equity market performance of developed markets, excluding the United States and Canada. Source: MSCI. MSCI makes no express or implied warranties or representations and shall have no liability whatsoever with respect to any MSCI data contained herein. The MSCI data may not be further redistributed or used as a basis for other indices or any securities or financial products. This report is not approved, reviewed, or produced by MSCI. You cannot invest directly in an index.

³  The MSCI Emerging Markets (EM) Index (Net) is a free-float-adjusted market-capitalization-weighted index that is designed to measure large- and mid-cap equity market performance of emerging markets. The MSCI EM Index (Net) consists of the following 24 emerging market country indices: Brazil, Chile, China, Colombia, Czech Republic, Egypt, Greece, Hungary, India, Indonesia, Korea, Malaysia, Mexico, Pakistan, Peru, the Philippines, Poland, Qatar, Russia, South Africa, Taiwan, Thailand, Turkey, and the United Arab Emirates. You cannot invest directly in an index.

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

⁵  The Bloomberg Barclays Global Aggregate ex-USD Index is an unmanaged index that provides a broad-based measure of the global investment-grade fixed-income markets excluding the U.S. dollar-denominated debt market. You cannot invest directly in an index.

⁶  The Bloomberg Barclays Municipal Bond Index is an unmanaged index composed of long-term tax-exempt bonds with a minimum credit rating of Baa. You cannot invest directly in an index.

⁷ The ICE BofAML U.S. High Yield Index is a market-capitalization-weighted index of domestic and Yankee high-yield bonds. The index tracks the performance of high-yield securities traded in the U.S. bond market. You cannot invest directly in an index. Copyright 2019. ICE Data Indices, LLC. All rights reserved.

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

Not all news was bad. The U.S. Bureau of Economic Analysis reported second-quarter gross domestic product (GDP) annualized growth of 4.2%. Hiring improved. Employment data remained strong. Consumer confidence and spending increased. The S&P 500 Index recorded a 3.43% second-quarter gain. Stocks of companies with smaller capitalizations were even better, as measured by the Russell 2000^® Index,⁸ adding 7.75%.

Investors appeared to shake off lingering concerns during the third quarter.

Favorable third-quarter economic indicators and corporate earnings reports encouraged domestic stock investors. U.S. trade negotiations with Mexico and Canada progressed. The Conference Board Consumer Confidence Index^®9 reached its highest level in 18 years during September. The Fed raised the federal funds rate by 25 bps to a target range of between 2.00% and 2.25% in September. For the quarter that ended September 30, 2018, the S&P 500 Index added 7.71%.

Investors in international markets were not as reassured. Tensions between the U.S. and China increased. The U.S. imposed $200 billion in tariffs on Chinese goods. China reacted with $60 billion in tariffs on U.S. goods. Economic growth in China caused concern. The BOE raised its monetary policy rate to 0.75% in August. During the quarter, the MSCI ACWI ex USA Index (Net) gained 0.71%. The MSCI EM Index (Net) declined 1.09%. In fixed-income markets, U.S. bonds were flat, as measured by the Bloomberg Barclays U.S. Aggregate Bond Index. The Bloomberg Barclays Global Aggregate ex-USD Index fell 1.74%.

Conflicting data unsettled markets during the fourth quarter.

For the S&P 500 Index and the MSCI ACWI ex USA Index (Net), negative stock market performance during October and December bracketed positive November returns. December’s S&P 500 Index performance was the worst since 1931. Globally, fixed-income investments fared better than stocks during the last two months of the year.

November’s U.S. mid-term elections shifted control of the House of Representatives from Republicans to Democrats, presaging potential partisan clashes. The Bureau of Economic Analysis reported that third-quarter U.S. GDP grew at an annualized 3.4% rate, solid, but lower than the second quarter rate. Brexit efforts stalled ahead of the March 2019 deadline. The PBOC cut reserve requirement ratios, accelerated infrastructure spending, and cut taxes even as the value of the yuan declined to low levels last seen in 2008.

After the Fed increased the federal funds rate by 25 bps to a target range of between 2.25% and 2.50% in December—the ninth such increase since the Fed began three years ago to raise rates from near zero—it softened its outlook for further interest rate increases in 2019.

The market climbs a wall of worry.

Investors entered 2019 with reasons to be concerned. A partial U.S government shutdown driven by partisan spending and immigration policy disputes extended into January. Investors expected high levels of stock market volatility to continue based on the VIX¹⁰.

Favorable third-quarter economic indicators and corporate earnings reports encouraged domestic stock investors.

⁸  The Russell 2000^® Index measures the performance of the 2,000 smallest companies in the Russell 3000^® Index, which represents approximately 8% of the total market capitalization of the Russell 3000^® Index. You cannot invest directly in an index.

⁹  The Conference Board Consumer Confidence Index^® measures the degree of optimism on the state of the U.S. economy that consumers are expressing through their activities of savings and spending. You cannot invest directly in an index.

¹⁰  The Chicago Board Options Exchange Market Volatility Index (VIX) is a popular measure of the implied volatility of S&P 500 Index options. It represents one measure of the market’s expectation of stock market volatility over the next 30-day period. You cannot invest directly in an index.

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

January’s returns tended to support the investing adage that markets climb a wall of worry. The S&P 500 Index gained 8.01% for the month that ended January 31, 2019, its best monthly performance in 30 years. Returns for the MSCI ACWI ex USA Index (Net), the Bloomberg Barclays U.S. Aggregate Bond Index, and the Bloomberg Barclays Global Aggregate ex-USD Index also were positive.

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

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

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

Sincerely,

Andrew Owen

President

Wells Fargo Funds

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

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

Investment objective

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

Manager

Wells Fargo Funds Management, LLC

Subadvisers

Wells Capital Management Incorporated

Wells Capital Management Singapore

Portfolio managers

Michael C. Bird, CFA^®‡

Jeffrey L. Weaver, CFA^®‡

Laurie White

Average annual total returns (%) as of January 31, 2019

								Expense ratios1 (%)
	Inception date	1 year		5 year		10 year		Gross		Net2
Administrator Class (SHMXX)	6-29-1995		1.91		0.64		0.35		0.40		0.35
Institutional Class (SHIXX)	3-31-2000		2.04		0.73		0.43		0.28		0.20
Select Class (WFJXX)	6-29-2007		2.11		0.80		0.50		0.24		0.13
Service Class (WHTXX)3	6-30-2010		1.81		0.58		0.32		0.57		0.43

Yield summary (%) as of January 31, 2019²

	Administrator Class	Institutional Class		Select Class		Service Class
7-day current yield	2.36		2.49		2.56		2.26
7-day compound yield	2.39		2.52		2.59		2.29
30-day simple yield	2.35		2.48		2.55		2.25
30-day compound yield	2.38		2.51		2.58		2.28

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

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

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

Please see footnotes on page 7.

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

Portfolio composition as of January 31, 2019⁴

Effective maturity distribution as of January 31, 2019⁴

Weighted average maturity as of January 31, 2019⁵

19 days

Weighted average life as of January 31, 2019⁶

65 days

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

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

²  The manager has contractually committed through May 31, 2019, to waive fees and/or reimburse expenses to the extent necessary to cap the expenses of each class after fee waivers at the amounts shown. Brokerage commissions, stamp duty fees, interest, taxes, acquired fund fees and expenses (if any), and extraordinary expenses are excluded from the expense cap. Prior to or after the commitment expiration date, the cap may be increased or the commitment to maintain the cap may be terminated only with the approval of the Board of Trustees. Without this cap, the Fund’s returns would have been lower. Without waived fees and/or reimbursed expenses, the Fund’s 7-day current yield would have been 2.34%, 2.46%, 2.50%, and 2.17% for Administrator Class, Institutional Class, Select Class, and Service Class, respectively. The expense ratio paid by an investor is the net expense ratio (the total annual fund operating expenses after fee waivers) as stated in the prospectuses.

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

⁴  Amounts are calculated based on the total investments of the Fund. These amounts are subject to change and may have changed since the date specified.

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

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

⁷  Crane Data LLC is a money market and mutual fund information company that collects, tracks, and maintains data about money markets, money market mutual funds based on types of funds, bank savings, and cash investments. The data includes performance, statistics, and related information. Crane Data LLC distributes rankings, news, and indexes, including the Crane Prime Institutional Money Market Index, based on the data. Crane Data publishes Money Fund Intelligence, Money Fund Intelligence XLS, Money Fund Wisdom, the Crane Money Fund Indexes, and other products. You cannot invest directly in an index.

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

MANAGERS’ DISCUSSION

For most of the reporting period, continued economic improvement allowed the Federal Open Market Committee (FOMC) to remove policy accommodation on a fairly predictable quarterly basis. The U.S. economy achieved above-trend growth, low unemployment, and moderating inflation at the same time as fiscal policy was proving to be an economic tailwind. The FOMC’s Summary of Economic Projections (SEP) through September reflected this scenario and provided the market with some clarity as to the path of future interest rate policy. However, the economic landscape changed in the fourth quarter as the U.S. engaged in various trade wars, the midterm elections disrupted the legislative composition, and financial conditions tightened. These factors began softening economic data and confidence, leading to increased volatility in risk assets. At the conclusion of the FOMC policy meeting on December 19, 2018, the federal funds target rate was raised to a target range of between 2.25% to 2.50% while the rate of interest on excess reserves (IOER) was increased by only 20 basis points (bps; 100 bps equal 1.00%) to 2.40%. That was the second time the IOER rate was increased 5 bps less than the increase in the target rate in an effort to keep the effective federal funds rate from drifting to the upper level of the target range.

In the accompanying SEP, the FOMC provided insight on its view of the economy, inflation, and the corresponding monetary policy expected over the next few years. And the December projections did not disappoint market observers, with the FOMC marginally decreasing its outlook on growth and inflation and correspondingly lowering the glide path for its target rate, decreasing its median outlook for interest rate hikes in 2019 from three to two (2.875%). Comparing the September and December target rate projections, the longer-term section points to an expectation of the eventual neutral rate being marginally lower at 2.75% and lowered 2020 and 2021 median interest rate expectations at 3.125%. On the growth front, the 2019 median gross domestic product projection edged down 0.2% to 2.3% while 2020 and 2021 growth projections remained unchanged at 2.0% and 1.8%, respectively. Core inflation in the 2019 to 2021 projections all declined 0.1% to 2.0%. The lower expectations for interest rates in the next three years show the FOMC members are less concerned regarding the potential for inflationary pressures and more focused on balancing a somewhat softer economy. In fact, the statement released at the conclusion of the January 2019 FOMC meeting removed the wording of “some further gradual increases,” citing increasing downside risk from abroad, weaker domestic data, and tighter financial conditions.

As the FOMC’s expectations for rate increases moved lower, the market expectations for federal funds rate increases, as measured by federal funds futures, moved even lower still. Market participants are barely pricing in any rate hike in 2019 and may even be starting to prepare for a possible rate cut toward the end of 2019 and into 2020. The U.S. Federal Reserve will have plenty of opportunities to adjust expectations starting in 2019 as Chair Jerome Powell will conduct a press conference after each FOMC meeting instead of only quarterly. On the heels of the FOMC lowering its economic and inflation projections, risk assets underperformed and U.S. equities are teetering near bear-market territory.

The rise in short rates has brought not only attention but perhaps also nontraditional money market investors (those who typically invest in longer-term debt or equities) into the short end of the market. The Crane Prime Institutional Money Market Index, maintained by Crane Data LLC⁷, was up over $61 billion period over period, with all prime assets up over $152 billion. Investors reexamining this product are realizing that the changes implemented from the 2010 money market reform have made a material difference in the construction of prime money market fund portfolios. The added liquidity requirements and maturity restrictions have had a beneficial impact on dampening net asset value (NAV) volatility even as the FOMC continued to raise rates and credit spreads widened. In addition, added transparency of holdings can provide a daily view of the portfolio construction process and allow shareholders to assess portfolio risks.

Strategic outlook

The FOMC has pivoted from a gradually removing accommodation outlook to a data-dependent stance requiring what it terms as “patience.” Going forward, money market investors should continue to look toward the FOMC and other market indicators for future rate guidance. As we get more clarity as to the end of the tightening cycle, money market participants may look to extend weighted average maturities (WAMs) to capture higher yields. Our strategy of emphasizing highly liquid portfolios, relatively short WAMs, and a position in securities that resets frequently allows us to capture elevated London Interbank Offered Rate levels with minimal NAV pricing pressures and afford the flexibility to add longer-dated securities as opportunities arise.

Please see footnotes on page 7.

Fund expenses (unaudited) Wells Fargo Heritage Money Market Fund 9

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

The example is based on an investment of $1,000 invested at the beginning of the six-month period and held for the entire period from August 1, 2018 to January 31, 2019.

Actual expenses

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

Hypothetical example for comparison purposes

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

Please note that the expenses shown in the table are meant to highlight your ongoing costs only. Therefore, the “Hypothetical” line of the table is useful in comparing ongoing costs only and will not help you determine the relative total costs of owning different funds.

	Beginning account value 8-1-2018		Ending account value 1-31-2019		Expenses paid during the period¹		Annualized net expense ratio
Administrator Class
Actual	$	1,000.00	$	1,010.60	$	1.67		0.33	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,023.54	$	1.68		0.33	%
Institutional Class
Actual	$	1,000.00	$	1,011.37	$	1.01		0.20	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,024.20	$	1.02		0.20	%
Select Class
Actual	$	1,000.00	$	1,011.72	$	0.66		0.13	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,024.55	$	0.66		0.13	%
Service Class
Actual	$	1,000.00	$	1,010.20	$	2.18		0.43	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,023.04	$	2.19		0.43	%

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

10 Wells Fargo Heritage Money Market Fund Portfolio of investments—January 31, 2019

Security name	Interest rate			Maturity date		Principal		Value
Certificates of Deposit: 22.74%
Bank of Montreal (1 Month LIBOR +0.15%) ±		2.66	%		3-12-2019	$	85,000,000	$	85,015,722
Bank of Montreal (1 Month LIBOR +0.22%) ±		2.73			10-4-2019		40,000,000		40,005,242
Bank of Montreal (3 Month LIBOR +0.22%) ±		2.99			12-10-2019		61,000,000		61,060,671
Bank of Nova Scotia (1 Month LIBOR +0.20%) ±		2.71			8-14-2019		40,000,000		39,995,602
Bank of Nova Scotia (3 Month LIBOR +0.10%) ±		2.89			9-16-2019		20,000,000		20,007,185
Canadian Imperial Bank (3 Month LIBOR +0.20%) ±		2.74			5-1-2019		83,000,000		83,031,381
Canadian Imperial Bank (3 Month LIBOR +0.19%) ±		2.94			1-30-2020		60,000,000		60,046,463
China Construction Bank Corporation NY (1 Month LIBOR +0.25%) ±		2.75			7-19-2019		100,000,000		99,999,980
China Construction Bank Corporation NY (1 Month LIBOR +0.25%) ±		2.76			7-19-2019		3,000,000		2,999,999
Commonwealth Bank of Australia (3 Month LIBOR +0.25%) ±		3.06			4-3-2019		40,000,000		40,012,356
First Abu Dhabi Bank		2.38			2-1-2019		110,000,000		110,000,000
HSBC Bank USA NA		2.42			2-1-2019		155,000,000		155,000,000
HSBC Bank USA NA (3 Month LIBOR +0.13%) ±		2.73			8-9-2019		25,000,000		25,010,230
HSBC Bank USA NA (3 Month LIBOR +0.18%) ±		2.80			5-10-2019		40,000,000		40,018,817
Mizuho Bank Limited (1 Month LIBOR +0.19%) ±		2.71			4-10-2019		90,000,000		89,993,276
Mizuho Bank Limited (3 Month LIBOR +0.30%) ±		3.04			4-30-2019		18,000,000		18,009,671
MUFG Bank Limited (1 Month LIBOR +0.30%) ±		2.82			5-1-2019		40,000,000		40,008,460
National Bank of Kuwait		2.37			2-1-2019		69,125,000		69,125,000
Nordea Bank AB (1 Month LIBOR +0.17%) ±		2.68			6-13-2019		50,000,000		49,998,612
Norinchukin Bank		2.75			4-8-2019		65,000,000		65,021,007
Oversea-Chinese Banking Corporation (1 Month LIBOR +0.14%) ±		2.65			3-13-2019		42,000,000		42,007,342
Oversea-Chinese Banking Corporation (1 Month LIBOR +0.20%) ±		2.71			9-19-2019		32,000,000		31,994,034
State Street Bank & Trust (1 Month LIBOR +0.27%) ±		2.78			5-15-2019		40,000,000		40,007,790
Stockholms Enskilda Bank (3 Month LIBOR +0.27%) ±		3.03			7-26-2019		40,000,000		40,048,861
Sumitomo Mitsui Banking Corporation (1 Month LIBOR +0.19%) ±		2.69			3-27-2019		88,000,000		88,019,644
Sumitomo Mitsui Banking Corporation (1 Month LIBOR +0.20%) ±		2.70			3-28-2019		40,000,000		40,009,462
Sumitomo Mitsui Trust NY (1 Month LIBOR +0.18%) ±		2.69			2-6-2019		15,935,000		15,935,717
Sumitomo Mitsui Trust NY (1 Month LIBOR +0.30%) ±		2.80			5-28-2019		41,000,000		41,017,195
Sumitomo Mitsui Trust NY (1 Month LIBOR +0.30%) ±		2.81			5-21-2019		55,000,000		55,021,282
Sumitomo Mitsui Trust NY (3 Month LIBOR +0.12%) ±		2.92			7-8-2019		55,000,000		55,004,253
Sumitomo Mitsui Trust NY (3 Month LIBOR +0.15%) ±		2.93			4-18-2019		40,000,000		40,003,720
Svenska Handelsbanken (3 Month LIBOR +0.27%) ±		3.03			10-21-2019		35,000,000		35,056,821
Svenska Handelsbanken (3 Month LIBOR +0.15%) ±		2.95			10-2-2019		58,000,000		58,044,915
Toronto Dominion Bank (3 Month LIBOR +0.08%) ±		2.71			8-16-2019		47,000,000		47,009,853
US Bank NA (1 Month LIBOR +0.26%) ±		2.77			7-23-2019		40,000,000		39,998,106
Total Certificates of Deposit (Cost $1,863,116,459)									1,863,538,669
Commercial Paper: 48.86%
Asset-Backed Commercial Paper: 26.55%
Alpine Securitization LLC (1 Month LIBOR +0.18%) ±144A		2.68			4-1-2019		14,000,000		14,003,511
Alpine Securitization LLC (1 Month LIBOR +0.20%) ±144A		2.71			3-6-2019		13,000,000		13,002,827
Alpine Securitization LLC (1 Month LIBOR +0.20%) ±144A		2.72			6-28-2019		60,000,000		60,002,411
Anglesea Funding LLC (1 Month LIBOR +0.20%) ±144A		2.71			3-8-2019		83,000,000		82,998,802
Anglesea Funding LLC (1 Month LIBOR +0.20%) ±144A		2.71			3-15-2019		59,000,000		59,014,626
Anglesea Funding LLC (1 Month LIBOR +0.20%) ±144A%%		2.71			7-31-2019		78,000,000		78,000,000
Anglesea Funding LLC (1 Month LIBOR +0.25%) ±144A		2.75			5-24-2019		22,000,000		22,006,908
Anglesea Funding LLC (1 Month LIBOR +0.25%) ±144A		2.75			5-20-2019		38,000,000		37,998,627
Atlantic Asset Securitization Corporation 144A(z)		2.84			3-4-2019		45,000,000		44,896,600
Barton Capital Corporation 144A(z)		2.81			2-12-2019		14,660,000		14,647,788
Bedford Row Funding Corporation (1 Month LIBOR +0.34%) ±144A		2.86			6-10-2019		35,000,000		35,020,799

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

Portfolio of investments—January 31, 2019 Wells Fargo Heritage Money Market Fund 11

Security name	Interest rate			Maturity date		Principal		Value
Asset-Backed Commercial Paper (continued)
Bennington Stark Capital Company 144A(z)		2.85	%		4-8-2019	$	55,000,000	$	54,732,940
Cedar Spring Capital Corporation 144A(z)		2.52			2-6-2019		58,000,000		57,975,582
Chesham Finance Limited 144A(z)		2.55			2-1-2019		120,000,000		119,991,910
Collateralized Commercial Paper II Company LLC (3 Month LIBOR +0.26%) ±144A		3.06			12-31-2019		61,000,000		61,059,304
Collateralized Commercial Paper II Company LLC (3 Month LIBOR +0.27%) ±144A		3.07			1-8-2020		62,000,000		62,067,343
Concord Minutemen Capital Company 144A(z)		2.50			2-1-2019		20,279,000		20,277,633
Concord Minutemen Capital Company 144A(z)		2.55			2-8-2019		34,278,000		34,259,307
Concord Minutemen Capital Company 144A(z)		2.66			2-11-2019		5,000,000		4,996,234
Concord Minutemen Capital Company 144A(z)		2.83			4-2-2019		16,000,000		15,929,132
Concord Minutemen Capital Company 144A(z)		2.85			2-27-2019		18,000,000		17,966,196
Concord Minutemen Capital Company 144A(z)		2.87			4-9-2019		45,455,000		45,228,160
Crown Point Capital Company (1 Month LIBOR +0.20%) ±144A		2.72			3-11-2019		75,000,000		74,998,161
Crown Point Capital Company (1 Month LIBOR +0.23%) ±144A		2.74			5-15-2019		104,000,000		104,029,776
Great Bridge Capital Company 144A(z)		2.71			2-21-2019		59,000,000		58,913,064
Great Bridge Capital Company 144A(z)		2.78			2-5-2019		53,000,000		52,982,076
Institutional Secured Funding LLC 144A(z)		2.57			2-1-2019		218,000,000		217,985,303
Kells Funding LLC 144A(z)		2.71			2-6-2019		42,000,000		41,983,067
Komatsu Finance America Incorporated 144A(z)		2.50			2-12-2019		62,500,000		62,449,354
Lexington Parker Capital Company LLC 144A(z)		2.50			2-6-2019		39,972,000		39,955,505
Liberty Funding LLC 144A(z)		2.72			4-18-2019		5,000,000		4,971,606
LMA Americas LLC 144A(z)		2.86			2-27-2019		18,000,000		17,966,196
LMA Americas LLC 144A(z)		2.87			2-26-2019		37,000,000		36,933,141
LMA Americas LLC 144A(z)		2.87			3-5-2019		45,000,000		44,896,050
Manhattan Asset Funding Company LLC 144A(z)		2.56			2-15-2019		27,000,000		26,972,100
Mountcliff Funding LLC 144A(z)		2.50			2-1-2019		125,000,000		124,991,573
Mountcliff Funding LLC (1 Month LIBOR +0.25%) ±144A##		2.75			8-30-2019		80,000,000		80,000,000
Nieuw Amsterdam Receivables Corporation 144A(z)		2.50			2-7-2019		40,000,000		39,981,100
Old Line Funding LLC (1 Month LIBOR +0.19%) ±144A		2.70			5-13-2019		40,000,000		39,997,789
Old Line Funding LLC (1 Month LIBOR +0.22%) ±144A		2.74			8-1-2019		24,000,000		23,998,841
Ridgefield Funding Company LLC 144A(z)		2.55			2-4-2019		8,300,000		8,297,751
Victory Receivables Corporation 144A(z)		2.55			2-1-2019		31,000,000		30,997,940
White Plains Capital 144A(z)		3.02			3-5-2019		49,000,000		48,873,425
White Plains Capital 144A(z)		3.02			4-9-2019		38,000,000		37,791,414
									2,176,041,872
Financial Company Commercial Paper: 17.56%
ASB Finance Limited (3 Month LIBOR +0.20%) ±144A		3.00			4-11-2019		34,000,000		34,005,857
Banco Santander Chile 144A(z)		2.96			3-4-2019		25,000,000		24,939,622
Banco Santander Chile 144A(z)		2.96			3-5-2019		14,500,000		14,463,767
Bank of Nova Scotia (1 Month LIBOR +0.18%) ±144A		2.70			7-2-2019		40,000,000		39,997,778
Bank of Nova Scotia (1 Month LIBOR +0.19%) ±144A		2.70			5-6-2019		43,000,000		43,009,193
Bedford Row Funding Corporation (3 Month LIBOR +0.22%) ±144A		3.02			1-3-2020		50,000,000		49,999,786
BNZ International Funding Limited (1 Month LIBOR +0.19%) ±144A		2.69			5-20-2019		40,000,000		40,005,588
BNZ International Funding Limited (3 Month LIBOR +0.15%) ±144A		2.90			4-26-2019		32,000,000		32,006,327
CME Group Incorporated 144A(z)		2.50			2-12-2019		32,000,000		31,973,803
CME Group Incorporated 144A(z)		2.52			2-5-2019		75,500,000		75,475,063
Commonwealth Bank of Australia (3 Month LIBOR +0.10%) ±144A		2.68			5-3-2019		38,000,000		38,003,707
Commonwealth Bank of Australia (1 Month LIBOR +0.21%) ±144A		2.72			9-16-2019		43,000,000		42,995,218
Commonwealth Bank of Australia (3 Month LIBOR +0.60%) ±144A		3.40			12-19-2019		40,000,000		40,142,912

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

12 Wells Fargo Heritage Money Market Fund Portfolio of investments—January 31, 2019

Security name	Interest rate			Maturity date		Principal		Value
Financial Company Commercial Paper (continued)
DBS Bank Limited (1 Month LIBOR +0.14%) ±144A		2.64	%		3-21-2019	$	65,000,000	$	65,011,590
Federation des Caisses (1 Month LIBOR +0.26%) ±144A		2.78			2-11-2019		39,000,000		39,004,068
Federation des Caisses (3 Month LIBOR +0.13%) ±144A		2.81			5-22-2019		20,000,000		20,004,086
Federation des Caisses (1 Month LIBOR +0.30%) ±144A		2.81			6-25-2019		40,000,000		40,017,908
ING Funding LLC (1 Month LIBOR +0.25%) ±		2.77			2-11-2019		40,000,000		40,004,104
JPMorgan Securities (1 Month LIBOR +0.15%) ±		2.65			2-28-2019		47,000,000		47,006,689
Macquarie Bank Limited 144A(z)		2.54			2-25-2019		70,700,000		70,578,730
National Australia Bank Limited (1 Month LIBOR +0.20%) ±144A		2.72			8-2-2019		40,000,000		39,996,521
National Australia Bank Limited (1 Month LIBOR +0.27%) ±144A		2.77			5-21-2019		41,000,000		41,015,493
National Australia Bank Limited (3 Month LIBOR +0.24%) ±144A		3.01			7-25-2019		30,200,000		30,209,891
Oversea-Chinese Banking Corporation (3 Month LIBOR +0.14%) ±144A		2.75			5-10-2019		42,000,000		41,998,845
Oversea-Chinese Banking Corporation (1 Month LIBOR +0.25%) ±144A		2.77			5-8-2019		44,000,000		44,016,221
Toronto Dominion Bank (3 Month LIBOR +0.14%) ±144A		2.70			5-2-2019		40,000,000		40,011,523
Toronto Dominion Bank (1 Month LIBOR +0.37%) ±144A		2.88			11-7-2019		40,000,000		40,040,459
Toronto Dominion Bank (3 Month LIBOR +0.21%) ±144A		2.98			12-6-2019		87,000,000		87,078,036
UBS AG London (3 Month LIBOR +0.08%) ±144A		2.67			2-7-2019		70,000,000		69,999,885
Westpac Banking Corporation (3 Month LIBOR +0.07%) ±144A		2.63			8-2-2019		63,000,000		62,996,979
Westpac Banking Corporation (1 Month LIBOR +0.21%) ±144A		2.72			9-19-2019		55,000,000		54,993,239
Westpac Banking Corporation (3 Month LIBOR +0.10%) ±144A		2.81			5-31-2019		58,000,000		58,008,854
									1,439,011,742
Other Commercial Paper: 4.75%
CNPC Finance 144A(z)		2.80			2-6-2019		55,000,000		54,976,689
Koch Industries Incorporated (z)		2.49			2-5-2019		37,000,000		36,987,836
Koch Industries Incorporated (z)		2.50			2-4-2019		63,000,000		62,983,473
Koch Industries Incorporated (z)		2.50			2-12-2019		32,000,000		31,974,283
Toyota Credit Canada Incorporated (1 Month LIBOR +0.19%) ±		2.70			7-5-2019		37,000,000		36,999,454
Toyota Finance Australia Limited (3 Month LIBOR +0.08%) ±		2.73			2-15-2019		38,000,000		38,000,727
Toyota Finance Australia Limited (3 Month LIBOR +0.09%) ±		2.91			3-22-2019		40,000,000		40,004,146
Toyota Motor Finance (3 Month LIBOR +0.10%) ±		2.68			4-30-2019		41,000,000		41,009,618
Toyota Motor Finance (3 Month LIBOR +0.13%) ±		2.87			6-4-2019		46,000,000		46,017,724
									388,953,950
Total Commercial Paper (Cost $4,003,497,671)									4,004,007,564
Municipal Obligations: 12.40%
California: 1.45%
Other Municipal Debt: 1.45%
California Imperial Irrigation District Series B (Utilities Revenue)		2.60			2-20-2019		65,500,000		65,497,806
State of California Series B-5 (Miscellaneous Revenue)		2.55			2-6-2019		52,990,000		52,994,070
									118,491,876
Colorado: 1.79%
Variable Rate Demand Notes ø: 1.79%
Colorado HFA MFHR Class I Series AA (Housing Revenue, Bank of America NA SPA)		2.44			5-1-2041		15,000,000		15,000,000
Colorado HFA MFHR Class II Series B (Housing Revenue, FHLB SPA)		2.55			5-1-2052		90,915,000		90,915,000
Colorado Southern Ute Indian Tribe Reservation Series 2007 (Miscellaneous Revenue)		2.55			1-1-2027		41,040,000		41,040,000
									146,955,000

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

Portfolio of investments—January 31, 2019 Wells Fargo Heritage Money Market Fund 13

Security name	Interest rate			Maturity date		Principal		Value
Florida: 0.07%
Other Municipal Debt: 0.07%
Hillsborough County of Florida (Miscellaneous Revenue)		2.83	%		3-28-2019	$	5,507,000	$	5,507,804
Georgia: 0.13%
Other Municipal Debt: 0.07%
Municipal Electric Authority of Georgia (Utilities Revenue)		2.57			2-19-2019		6,007,000		6,007,056
Variable Rate Demand Note ø: 0.06%
Macon-Bibb County GA Industrial Authority Development Kumho Tire Georgia Incorporated Series A (Industrial Development Revenue, Korea Development)		2.66			12-1-2022		5,000,000		5,000,000
Illinois: 0.22%
Variable Rate Demand Note ø: 0.22%
Illinois Housing Development Authority Series A-2 (Housing Revenue, HUD Insured, FHLB SPA)		2.45			7-1-2048		17,700,000		17,700,000
Kentucky: 0.19%
Variable Rate Demand Notes ø: 0.19%
Kentucky Housing Corporation Series O (Housing Revenue, Kentucky Housing Corporation SPA)		2.51			1-1-2036		10,395,000		10,395,000
Kentucky Housing Corporation Series T (Housing Revenue, Kentucky Housing Corporation SPA)		2.51			7-1-2037		5,250,000		5,250,000
									15,645,000
Louisiana: 0.20%
Variable Rate Demand Note ø: 0.20%
East Baton Rouge Parish LA Sewerage Commission Revenue Series 2016-XFT904 (Water & Sewer Revenue, Morgan Stanley Bank LIQ) 144A		2.54			2-1-2045		16,280,000		16,280,000
Missouri: 0.06%
Variable Rate Demand Note ø: 0.06%
Bridgeton MO IDA Stolze Printing (Industrial Development Revenue, Carrollton Bank LOC)		2.50			12-1-2047		4,800,000		4,800,000
New Hampshire: 0.79%
Variable Rate Demand Note ø: 0.79%
New Hampshire National Business Finance Authority CJ Foods Manufacturing Beaumont Corporation Series A (Industrial Development Revenue, Kookmin Bank LOC) 144A		2.66			10-1-2028		65,000,000		65,000,000
New Jersey: 0.52%
Variable Rate Demand Note ø: 0.52%
Jets Stadium Development Series A-4B (Miscellaneous Revenue, Sumitomo Mitsui Banking Corporation LOC) 144A		2.50			4-1-2047		42,810,000		42,810,000

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

14 Wells Fargo Heritage Money Market Fund Portfolio of investments—January 31, 2019

Security name	Interest rate			Maturity date		Principal		Value
New York: 3.08%
Other Municipal Debt: 0.51%
Long Island Power Authority Series 2015 (Miscellaneous Revenue)		2.65	%		3-12-2019	$	42,000,000	$	41,999,945
Variable Rate Demand Notes ø: 2.57%
New York Dormitory Authority Personal Income Taxable Floaters Series XFT910 (Tax Revenue, Citibank NA LIQ) 144A		2.52			3-15-2040		12,000,000		12,000,000
New York Dormitory Authority Secondary Issues Series B-4 (Tax Revenue, Morgan Stanley Bank LIQ) 144A		2.54			3-15-2040		16,000,000		16,000,000
New York HFA 222 East 44th Street Series A (Housing Revenue, Bank of China LOC)		2.50			5-1-2050		31,355,000		31,355,000
New York HFA 572 11th Avenue Series A (Housing Revenue, Bank of China LOC)		2.57			11-1-2049		18,650,000		18,650,000
New York HFA Manhattan West Residential Housing Project Series B-1 (Housing Revenue, Bank of China LOC)		2.57			11-1-2049		23,000,000		23,000,000
New York HFA Manhattan West Residential Housing Project Series B-2 (Housing Revenue, Bank of China LOC)		2.58			11-1-2049		37,250,000		37,250,000
New York HFA Manhattan West Residential Housing Project Series B-2 (Housing Revenue, Bank of China LOC)		2.60			11-1-2049		12,475,000		12,475,000
New York Municipal Water Finance Authority Series T-30001-I (Water & Sewer Revenue, Citibank NA LIQ) 144A		2.52			6-15-2044		16,000,000		16,000,000
RBC Municipal Products Incorporated Trust Series E-51 Invesco Van Kampen Trust (Miscellaneous Revenue, Royal Bank of Canada LOC) 144A		2.81			12-1-2019		44,000,000		44,000,000
									210,730,000
Oregon: 0.22%
Other Municipal Debt: 0.22%
Port of Portland International Airport Revenue Series C (Transportation Revenue)		2.83			4-3-2019		17,700,000		17,702,260
Other: 3.66%
Variable Rate Demand Notes ø: 3.66%
FHLMC MFHR Series M004 Class A (Housing Revenue, FHLMC LIQ)		2.60			1-15-2042		39,792,281		39,792,281
FHLMC MFHR Series M011 Class A (Housing Revenue, FHLMC LIQ)		2.60			8-15-2021		255,000		255,000
Fortenbery Children 2017 Irrevocable Trust (Miscellaneous Revenue, FHLB LOC)		2.49			5-1-2037		12,275,000		12,275,000
Hallmark 75 Ontario LLC (Housing Revenue, FHLB LOC)		2.50			12-1-2056		10,100,000		10,100,000
Providence St. Joseph Health & Services (Health Revenue, GNMA/FNMA/FHLMC Insured, JPMorgan Chase & Company SPA)		2.49			10-1-2047		53,000,000		53,000,000
Providence St. Joseph Health Obligation Series 12-E (Health Revenue, U.S. Bank NA LOC)		2.50			10-1-2042		68,260,000		68,260,000
SSAB AB Series A (Miscellaneous Revenue, DNB Banking ASA LOC)		2.49			6-1-2035		13,000,000		13,000,000
Steadfast Crestvilla LLC Series A (Health Revenue, American AgCredit LOC)		2.50			2-1-2056		33,320,000		33,320,000
Steadfast Crestvilla LLC Series B (Health Revenue, U.S. Bank NA LOC)		2.50			2-1-2056		22,040,000		22,040,000
Sunroad Centrum Apartments 5 LP Series A (Housing Revenue, FHLB LOC)		2.50			8-1-2056		12,000,000		12,000,000
Sunroad Centrum Apartments 5 LP Series B (Housing Revenue, FHLB LOC)		2.50			8-1-2056		3,600,000		3,600,000
Tender Option Bond Trust Receipts/Certificates (Miscellaneous Revenue, Citibank NA LIQ) 144A		2.57			12-1-2027		32,000,000		32,000,000
									299,642,281

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

Portfolio of investments—January 31, 2019 Wells Fargo Heritage Money Market Fund 15

Security name	Interest rate			Maturity date		Principal		Value
Pennsylvania: 0.02%
Variable Rate Demand Note ø: 0.02%
RBC Municipal Products Incorporated Trust Series E-52 Invesco Van Kampen Trust (Miscellaneous Revenue, Royal Bank of Canada LOC) 144A		2.81	%		12-1-2019	$	2,000,000	$	2,000,000
Total Municipal Obligations (Cost $1,016,266,281)									1,016,271,222
Other Instruments: 5.13%
Altoona Blair County Development Corporation 144A§øø		2.47			9-1-2038		17,850,000		17,850,000
Altoona Blair County Development Corporation 144A§øø		2.47			9-1-2038		32,000,000		32,000,000
ASC Mercer Island LLC §øø		2.50			6-1-2057		33,000,000		33,000,000
Cellmark Incorporated Secured §øø		2.49			6-1-2038		60,000,000		60,000,000
Gerald J Rubin Special Trust Secured §øø		2.52			12-1-2048		14,215,000		14,215,000
Invesco Dynamic Credit Opportunities Fund Series W-7 §		2.56			6-1-2028		55,000,000		55,000,000
Jefferson Stadium Park L Series A Secured §øø		2.50			2-1-2057		45,766,000		45,766,000
Jefferson Stadium Park L Series B Secured §øø		2.50			2-1-2057		15,100,000		15,100,000
Keep Memory Alive §øø		2.51			5-1-2037		18,900,000		18,900,000
La Mesa Senior Living LP Secured §		2.50			8-1-2057		24,255,000		24,255,000
La Mesa Senior Living LP Secured §		2.74			8-1-2057		1,670,000		1,670,000
Opus Group AB §øø		2.49			10-1-2032		25,000,000		25,000,000
Opus Inspection Incorporated §øø		2.49			1-1-2034		15,000,000		15,000,000
ROC III CA Crossings Chino Hills LLC Series A §øø		2.50			1-1-2057		34,000,000		34,000,000
ROC III CA Crossings Chino Hills LLC Series B §øø		2.50			1-1-2057		24,000,000		24,000,000
Sumitomo Mitsui Trust Banking Limited 144A§		2.05			3-6-2019		4,980,000		4,977,560
Total Other Instruments (Cost $420,733,098)									420,733,560
Repurchase Agreements ^^: 11.65%
Bank of America Corporation, dated 1-31-2019, maturity value $405,028,913 (1)		2.57			2-1-2019		405,000,000		405,000,000
Bank of Nova Scotia, dated 1-31-2019, maturity value $398,078,416 (2)		2.57			2-1-2019		398,050,000		398,050,000
BNP Paribas, dated 1-31-2019, maturity value $77,005,561 (3)		2.60			2-1-2019		77,000,000		77,000,000
Fixed Income Clearing Corporation, dated 1-31-2019, maturity value $75,005,333 (4)		2.56			2-1-2019		75,000,000		75,000,000
Total Repurchase Agreements (Cost $955,050,000)									955,050,000

Total investments in securities (Cost $8,258,663,509)	100.78	%		8,259,601,015
Other assets and liabilities, net	(0.78	)		(63,824,284	)
Total net assets	100.00	%	$	8,195,776,731

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

16 Wells Fargo Heritage Money Market Fund Portfolio of investments—January 31, 2019

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

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

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

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

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

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

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

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

^^ Collateralized by:

(1) U.S. government securities, 3.00% to 3.50%, 8-20-2042 to 10-20-2046, fair value including accrued interest is $417,150,000.

(2) U.S. government securities, 2.00% to 7.00%, 12-1-2023 to 1-20-2049, fair value including accrued interest is $409,977,016.

(3) U.S. government securities, 1.13% to 7.00%, 2-28-2019 to 12-1-2048, fair value including accrued interest is $79,238,042.

(4) U.S. government securities, 6.25%, 5-15-2030, fair value including accrued interest is $76,505,381.

Abbreviations:

FHLB Federal Home Loan Bank

FHLMC Federal Home Loan Mortgage Corporation

FNMA Federal National Mortgage Association

GNMA Government National Mortgage Association

HFA Housing Finance Authority

HUD Department of Housing and Urban Development

IDA Industrial Development Authority

LIBOR London Interbank Offered Rate

LIQ Liquidity agreement

LOC Letter of credit

MFHR Multifamily housing revenue

ROC Reset option certificates

SPA Standby purchase agreement

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

Statement of assets and liabilities—January 31, 2019 Wells Fargo Heritage Money Market Fund 17

Assets
Investments in unaffiliated securities, at value (cost $7,303,613,509)	$	7,304,551,015
Investments in repurchase agreements, at value (cost $955,050,000)		955,050,000
Cash		19,916
Receivable for Fund shares sold		10,000,175
Receivable for interest		12,745,168
Total assets		8,282,366,274
Liabilities
Payable for investments purchased		79,670,000
Dividends payable		2,481,797
Management fee payable		658,505
Administration fees payable		342,818
Payable for Fund shares redeemed		200,000
Trustees’ fees and expenses payable		1,673
Accrued expenses and other liabilities		3,234,750
Total liabilities		86,589,543
Total net assets	$	8,195,776,731
NET ASSETS CONSIST OF
Paid-in capital	$	8,195,134,902
Total distributable earnings		641,829
Total net assets	$	8,195,776,731
COMPUTATION OF NET ASSET VALUE PER SHARE
Net assets – Administrator Class	$	92,671,363
Shares outstanding – Administrator Class1		92,634,270
Net asset value per share – Administrator Class		$1.0004
Net assets – Institutional Class	$	1,573,458,447
Shares outstanding – Institutional Class1		1,572,882,168
Net asset value per share – Institutional Class		$1.0004
Net assets – Select Class	$	6,459,319,681
Shares outstanding – Select Class1		6,456,332,298
Net asset value per share – Select Class		$1.0005
Net assets – Service Class	$	70,327,240
Shares outstanding – Service Class1		70,300,710
Net asset value per share – Service Class		$1.0004

¹  The Fund has an unlimited number of authorized shares.

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

18 Wells Fargo Heritage Money Market Fund Statement of operations—year ended January 31, 2019

Investment income
Interest	$	171,185,697
Expenses
Management fee		11,251,814
Administration fees
Administrator Class		101,116
Institutional Class		1,110,630
Select Class		2,451,421
Service Class		74,295
Shareholder servicing fees
Administrator Class		101,116
Service Class		146,499
Custody and accounting fees		320,084
Professional fees		63,222
Registration fees		154,809
Shareholder report expenses		36,893
Trustees’ fees and expenses		21,775
Other fees and expenses		156,710
Total expenses		15,990,384
Less: Fee waivers and/or expense reimbursements		(4,656,679	)
Net expenses		11,333,705
Net investment income		159,851,992
REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS
Net realized gains on investments		56,876
Net change in unrealized gains (losses) on investments		431,979
Net realized and unrealized gains (losses) on investments		488,855
Net increase in net assets resulting from operations	$	160,340,847

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

Statement of changes in net assets Wells Fargo Heritage Money Market Fund 19

	Year ended January 31, 2019						Year ended January 31, 20181
Operations
Net investment income				$	159,851,992					$	64,014,600
Net realized gains on investments					56,876						63,872
Net change in unrealized gains (losses) on investments					431,979						116,211
Net increase in net assets resulting from operations					160,340,847						64,194,683
Distributions to shareholders from net investment income and net realized gains
Administrator Class					(1,895,476	)					(809,604	)
Institutional Class					(28,249,539	)					(11,159,961	)
Select Class					(128,601,249	)					(51,608,329	)
Service Class					(1,105,728	)					(496,333	)
Total distributions to shareholders					(159,851,992	)					(64,074,227	)
Capital share transactions		Shares						Shares
Proceeds from shares sold
Administrator Class		211,434,343			211,501,197			248,099,059			248,174,749
Institutional Class		9,160,087,234			9,162,659,933			5,717,291,116			5,719,078,095
Select Class		35,980,466,135			35,993,622,643			23,211,492,748			23,220,593,461
Service Class		239,534,792			239,602,726			187,716,630			187,774,196
					45,607,386,499						29,375,620,501
Reinvestment of distributions
Administrator Class		1,713,630			1,714,172			754,773			755,005
Institutional Class		23,610,733			23,617,570			8,776,998			8,779,616
Select Class		104,456,935			104,496,372			42,194,536			42,211,113
Service Class		835,422			835,654			394,767			394,887
					130,663,768						52,140,621
Payment for shares redeemed
Administrator Class		(213,025,903	)		(213,088,180	)		(238,910,906	)		(238,984,011	)
Institutional Class		(8,715,286,298	)		(8,717,706,523	)		(5,370,441,259	)		(5,372,100,379	)
Select Class		(35,343,945,454	)		(35,356,866,490	)		(20,923,225,004	)		(20,931,345,992	)
Service Class		(231,465,196	)		(231,531,059	)		(194,136,471	)		(194,197,088	)
					(44,519,192,252	)					(26,736,627,470	)
Net increase in net assets resulting from capital share transactions					1,218,858,015						2,691,133,652
Total increase in net assets					1,219,346,870						2,691,254,108
Net assets
Beginning of period					6,976,429,861						4,285,175,753
End of period				$	8,195,776,731					$	6,976,429,861

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 January 31, 2018 was $352,553. The disaggregated distributions information for the year ended January 31, 2018 is included in Note 5, Distributions to Shareholders, in the notes to the financial statements.

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

20 Wells Fargo Heritage Money Market Fund Financial highlights

(For a share outstanding throughout each period)

	Year ended January 31
ADMINISTRATOR CLASS	2019			2018			2017			20161			20151
Net asset value, beginning of period		$1.0003			$1.0003			$1.0000			$1.00			$1.00
Net investment income		0.0188			0.0096			0.0028			0.00	2		0.00	2
Net realized and unrealized gains (losses) on investments		0.0001			0.0000	3		0.0003			0.00	2		0.00	2
Total from investment operations		0.0189			0.0096			0.0031			0.00	2		0.00	2
Distributions to shareholders from
Net investment income		(0.0188	)		(0.0096	)		(0.0028	)		(0.00	)2		(0.00	)2
Net realized gains		0.0000			(0.0000	)3		0.0000			0.00			0.00
Total distributions to shareholders		(0.0188	)		(0.0096	)		(0.0028	)		(0.00	)2		(0.00	)2
Net asset value, end of period		$1.0004			$1.0003			$1.0003			$1.00			$1.00
Total return		1.91	%		0.96	%		0.31	%		0.03	%		0.01	%
Ratios to average net assets (annualized)
Gross expenses		0.36	%		0.40	%		0.35	%		0.34	%		0.34	%
Net expenses		0.33	%		0.32	%		0.33	%		0.25	%		0.19	%
Net investment income		1.87	%		0.96	%		0.24	%		0.03	%		0.01	%
Supplemental data
Net assets, end of period (000s omitted)		$92,671			$92,542			$82,591			$258,152			$312,748

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

²  Amount is less than $0.005.

³  Amount is less than $0.00005.

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

Financial highlights Wells Fargo Heritage Money Market Fund 21

(For a share outstanding throughout each period)

	Year ended January 31
INSTITUTIONAL CLASS	2019			2018			2017			20161			20151
Net asset value, beginning of period		$1.0003			$1.0003			$1.0000			$1.00			$1.00
Net investment income		0.0202			0.0108			0.0039			0.00	2		0.00	2
Net realized and unrealized gains (losses) on investments		0.0000	3		0.0000	3		0.0005			0.00	2		0.00	2
Total from investment operations		0.0202			0.0108			0.0044			0.00	2		0.00	2
Distributions to shareholders from
Net investment income		(0.0201	)		(0.0108	)		(0.0041	)		(0.00	)2		(0.00	)2
Net realized gains		0.0000			(0.0000	)3		0.0000			0.00			0.00
Total distributions to shareholders		(0.0201	)		(0.0108	)		(0.0041	)		(0.00	)2		(0.00	)2
Net asset value, end of period		$1.0004			$1.0003			$1.0003			$1.00			$1.00
Total return		2.04	%		1.09	%		0.44	%		0.08	%		0.01	%
Ratios to average net assets (annualized)
Gross expenses		0.24	%		0.28	%		0.23	%		0.22	%		0.22	%
Net expenses		0.20	%		0.20	%		0.20	%		0.20	%		0.19	%
Net investment income		2.03	%		1.11	%		0.36	%		0.08	%		0.01	%
Supplemental data
Net assets, end of period (000s omitted)		$1,573,458			$1,104,814			$749,052			$8,252,614			$9,397,113

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

²  Amount is less than $0.005.

³  Amount is less than $0.00005.

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

22 Wells Fargo Heritage Money Market Fund Financial highlights

(For a share outstanding throughout each period)

	Year ended January 31
SELECT CLASS	2019			2018			2017			20161			20151
Net asset value, beginning of period		$1.0004			$1.0004			$1.0000			$1.00			$1.00
Net investment income		0.0208			0.0116			0.0048			0.00	2		0.00	2
Net realized and unrealized gains (losses) on investments		0.0001			0.0000	3		0.0004			0.00	2		0.00	2
Total from investment operations		0.0209			0.0116			0.0052			0.00	2		0.00	2
Distributions to shareholders from
Net investment income		(0.0208	)		(0.0116	)		(0.0048	)		(0.00	)2		(0.00	)2
Net realized gains		0.0000			(0.0000	)3		0.0000			0.00			0.00
Total distributions to shareholders		(0.0208	)		(0.0116	)		(0.0048	)		0.00	2		(0.00	)2
Net asset value, end of period		$1.0005			$1.0004			$1.0004			$1.00			$1.00
Total return		2.11	%		1.16	%		0.52	%		0.15	%		0.07	%
Ratios to average net assets (annualized)
Gross expenses		0.20	%		0.24	%		0.19	%		0.18	%		0.18	%
Net expenses		0.13	%		0.12	%		0.13	%		0.13	%		0.13	%
Net investment income		2.10	%		1.19	%		0.43	%		0.16	%		0.07	%
Supplemental data
Net assets, end of period (000s omitted)		$6,459,320			$5,717,659			$3,386,093			$37,219,390			$35,247,440

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

²  Amount is less than $0.005.

³  Amount is less than $0.00005.

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

Financial highlights Wells Fargo Heritage Money Market Fund 23

(For a share outstanding throughout each period)

	Year ended January 31
SERVICE CLASS	2019			2018			2017			20161			20151
Net asset value, beginning of period		$1.0003			$1.0003			$1.0000			$1.00			$1.00
Net investment income		0.0177			0.0085			0.0016			0.00	2		0.00	2
Net realized and unrealized gains (losses) on investments		0.0002			0.0000	3		0.0005			0.00	2		0.00	2
Total from investment operations		0.0179			0.0085			0.0021			0.00	2		0.00	2
Distributions to shareholders from
Net investment income		(0.0178	)		(0.0085	)		(0.0018	)		(0.00	)2		(0.00	)2
Net realized gains		0.0000			(0.0000	)3		0.0000			0.00			0.00
Total distributions to shareholders		(0.0178	)		(0.0085	)		(0.0018	)		(0.00	)2		(0.00	)2
Net asset value, end of period		$1.0004			$1.0003			$1.0003			$1.00			$1.00
Total return		1.81	%		0.85	%		0.21	%		0.02	%		0.01	%
Ratios to average net assets (annualized)
Gross expenses		0.51	%		0.55	%		0.52	%		0.51	%		0.50	%
Net expenses		0.43	%		0.43	%		0.43	%		0.27	%		0.19	%
Net investment income		1.79	%		0.84	%		0.13	%		0.02	%		0.01	%
Supplemental data
Net assets, end of period (000s omitted)		$70,327			$61,415			$67,439			$898,288			$1,124,475

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

²  Amount is less than $0.005.

³  Amount is less than $0.00005.

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

24 Wells Fargo Heritage Money Market Fund 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 Heritage Money Market Fund (the “Fund”) which is a diversified series of the Trust.

The Fund operates as an institutional non-government money market fund. As an institutional non-government money market fund, shareholders will transact at a floating net asset value (NAV) rounded to four decimal-places in accordance with the valuation policies below.

2. SIGNIFICANT ACCOUNTING POLICIES

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

Securities valuation

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

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

Repurchase agreements

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

When-issued transactions

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

Security transactions and income recognition

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

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

Notes to financial statements Wells Fargo Heritage Money Market Fund 25

receivables when the collection of all or a portion of interest has been determined to be doubtful based on consistently applied procedures and the fair value has decreased. If the issuer subsequently resumes interest payments or when the collectability of interest is reasonably assured, the debt obligation is removed from non-accrual status.

Distributions to shareholders

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

Federal and other taxes

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

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

As of January 31, 2019, the aggregate cost of all investments for federal income tax purposes was $8,258,663,512 and the unrealized gains (losses) consisted of:

Gross unrealized gains	$	1,056,778
Gross unrealized losses		(119,275	)
Net unrealized gains	$	937,503

Class allocations

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

3. FAIR VALUATION MEASUREMENTS

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

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

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

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

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

26 Wells Fargo Heritage Money Market Fund Notes to financial statements

The following is a summary of the inputs used in valuing the Fund’s assets and liabilities as of January 31, 2019:

	Quoted prices (Level 1)		Other significant observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total
Assets
Investments in:
Certificates of deposit	$	0	$	1,863,538,669	$	0	$	1,863,538,669
Asset-backed commercial paper		0		2,176,041,872		0		2,176,041,872
Financial company commercial paper		0		1,439,011,742		0		1,439,011,742
Other commercial paper		0		388,953,950		0		388,953,950
Other municipal debt		0		189,708,941		0		189,708,941
Variable rate demand notes		0		826,562,281		0		826,562,281
Other instruments		0		420,733,560		0		420,733,560
Repurchase agreements		0		955,050,000		0		955,050,000
Total assets	$	0	$	8,259,601,015	$	0	$	8,259,601,015

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

At January 31, 2019, the Fund did not have any transfers into/out of Level 3.

4. TRANSACTIONS WITH AFFILIATES

Management fee

Funds Management, an indirect wholly owned subsidiary of Wells Fargo & Company (“Wells Fargo”), is the manager of the Fund and provides advisory and fund-level administrative services under an investment management agreement. Under the investment management agreement, Funds Management is responsible for, among other services, implementing the investment objectives and strategies of the Fund, supervising the subadvisers and providing fund-level administrative services in connection with the Fund’s operations. As compensation for its services under the investment management agreement, Funds Management is entitled to receive an annual management fee starting at 0.15% and declining to 0.13% as the average daily net assets of the Fund increase. For the year ended January 31, 2019, the management fee was equivalent to an annual rate of 0.15% of the Fund’s average daily net assets.

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

Administration fees

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

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

Notes to financial statements Wells Fargo Heritage Money Market Fund 27

Funds Management has contractually waived and/or reimbursed management and administration fees to the extent necessary to maintain certain net operating expense ratios for the Fund. When each class of the Fund has exceeded its expense cap, Funds Management has waived fees and/or reimbursed expenses from fund level expenses on a proportionate basis and then from class specific expenses; otherwise, waivers and/or reimbursements are applied against class specific expenses before fund level expenses. Funds Management has committed through May 31, 2019 to waive fees and/or reimburse expenses to the extent necessary to cap the Fund’s expenses at 0.35% for Administrator Class shares, 0.20% for Institutional Class shares, 0.13% for Select Class shares, and 0.43% for Service Class shares. Prior to or after the commitment expiration date, the cap may be increased or the commitment to maintain the cap may be terminated only with the approval of the Board of Trustees.

Shareholder servicing fees

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

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

Interfund transactions

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

5. DISTRIBUTIONS TO SHAREHOLDERS

The tax character of distributions paid was $159,851,992 and $64,074,227 of ordinary income for the years ended January 31, 2019 and January 31, 2018, respectively.

As of January 31, 2019, the components of distributable earnings on a tax basis were as follows:

Undistributed ordinary income	Unrealized gains
$2,478,914	$937,503

Effective for all filings after November 4, 2018, the Securities and Exchange Commission eliminated the requirement to separately state the components of distributions to shareholders under U.S. generally accepted accounting principles. The amounts of distributions to shareholders for the year ended January 31, 2018 were as follows:

	Net investment income		Net realized gains
Administrator Class	$	808,895	$	709
Institutional Class		11,149,920		10,041
Select Class		51,559,917		48,412
Service Class		495,868		465

6. 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.

7. 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.

28 Wells Fargo Heritage Money Market Fund Report of independent registered public accounting firm

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 Heritage Money Market Fund (the Fund), one of the funds constituting Wells Fargo Funds Trust, including the portfolio of investments, as of January 31, 2019, 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 January 31, 2019, 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 January 31, 2019, by correspondence with the custodian 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 auditor of one or more Wells Fargo Funds investment companies, however we are aware that we have served as the auditor of one or more Wells Fargo Funds investment companies since at least 1955.

Boston, Massachusetts

March 27, 2019

Other information (unaudited) Wells Fargo Heritage Money Market Fund 29

TAX INFORMATION

For the fiscal year ended January 31, 2019, $93,783,311 has been designated as interest-related dividends for nonresident alien shareholders pursuant to Section 871 of the Internal Revenue Code.

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 1-800-222-8222, visiting our website at wellsfargofunds.com, or visiting the SEC website at sec.gov. Information regarding how the Fund voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is available on the Fund’s website at wellsfargofunds.com or by visiting the SEC website at sec.gov.

PORTFOLIO HOLDINGS INFORMATION

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

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

BOARD OF TRUSTEES AND OFFICERS

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

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

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
Pamela Wheelock (Born 1959)	Trustee, since 2018; Advisory Board Member, from 2017 to 2018	Board member of the Destination Medical Center Economic Development Agency, Rochester, Minnesota since 2019. Chief Operating Officer, Twin Cities Habitat for Humanity from 2017 to 2019. Vice President of University Services, University of Minnesota from 2012 to 2016. Prior thereto, on the Board of Directors, Governance Committee and Finance Committee for the Minnesota Philanthropy Partners (Saint Paul Foundation) from 2012 to 2018, Interim Chief Executive Officer of Blue Cross Blue Shield of Minnesota from 2011 to 2012, Chairman of the Board from 2009 to 2012 and Board Director from 2003 to 2015. Vice President, Leadership and Community Engagement, Bush Foundation, Saint Paul, Minnesota (a private foundation) from 2009 to 2011. Executive Vice President and Chief Financial Officer, Minnesota Sports and Entertainment from 2004 to 2009 and Senior Vice President from 2002 to 2004. Executive Vice President of the Minnesota Wild Foundation from 2004 to 2008. Commissioner of Finance, State of Minnesota, from 1999 to 2002. Currently Board Chair of the Minnesota Wild Foundation since 2010.	N/A

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

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

Officers

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

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

² The Statement of Additional Information includes additional information about the Trustees and is available, without charge, upon request, by calling 1-800-222-8222 or by visiting the website at wellsfargofunds.com.

³  Mr. Harris became Chairman of the Audit Committee effective January 1, 2019.

For more information

More information about Wells Fargo Funds is available free upon request. To obtain literature, please write, visit the Fund’s website, or call:

Wells Fargo Funds

P.O. Box 219967

Kansas City, MO 64121-9967

Website: wellsfargofunds.com

Individual investors: 1-800-222-8222

Retail investment professionals: 1-888-877-9275

Institutional investment professionals: 1-866-765-0778

This report and the financial statements contained herein are submitted for the general information of the shareholders of the Fund. If this report is used for promotional purposes, distribution of the report must be accompanied or preceded by a current prospectus. Before investing, please consider the investment objectives, risks, charges, and expenses of the investment. For a current prospectus and, if available, a summary prospectus, containing this information, call 1-800-222-8222 or visit the Fund’s website at wellsfargofunds.com. Read the prospectus carefully before you invest or send money.

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

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

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

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

320763 03-19 A304/AR304 01-19

Annual Report

January 31, 2019

Institutional Money Market Funds

∎ Wells Fargo Municipal Cash Management Money Market Fund

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

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

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

Reduce clutter. Save trees.

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

Contents

Letter to shareholders	2
Performance highlights	6
Fund expenses	9
Portfolio of investments	10
Financial statements
Statement of assets and liabilities	16
Statement of operations	17
Statement of changes in net assets	18
Financial highlights	19
Notes to financial statements	22
Report of independent registered public accounting firm	26
Other information	27

The views expressed and any forward-looking statements are as of January 31, 2019, unless otherwise noted, and are those of the Fund managers and/or Wells Fargo Funds Management, LLC. Discussions of individual securities, or the markets generally, or any Wells Fargo Fund are not intended as individual recommendations. Future events or results may vary significantly from those expressed in any forward-looking statements. The views expressed are subject to change at any time in response to changing circumstances in the market. Wells Fargo Funds Management, LLC and the Fund disclaim any obligation to publicly update or revise any views expressed or forward-looking statements.

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

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

Andrew Owen

President

Wells Fargo Funds

Global trade tensions escalated during the second quarter of 2018.

Dear Shareholder:

We are pleased to offer you this annual report for the Wells Fargo Municipal Cash Management Money Market Fund for the 12-month period that ended January 31, 2019. An upward trend for short-term interest rates, inflation concerns, trade tensions, and geopolitical events contributed to investment market volatility throughout the year.

For the period, U.S. stocks, as measured by the S&P 500 Index,¹ fell 2.31% and international stocks, as measured by the MSCI ACWI ex USA Index (Net),² declined 12.58%. Based on the MSCI EM Index (Net),³ emerging market stocks lost 14.24%. For bond investors, the Bloomberg Barclays U.S. Aggregate Bond Index⁴ added 2.25% while the Bloomberg Barclays Global Aggregate ex-USD Index⁵ fell 3.26%. The Bloomberg Barclays Municipal Bond Index⁶ added 3.26%, and the ICE BofAML U.S. High Yield Index⁷ gained 1.57%.

A move to normalize U.S. monetary policy influenced markets.

Through January 2018, the S&P 500 Index and MSCI ACWI ex USA Index (Net) delivered positive returns every month for more than a year. In February 2018, that streak ended. The S&P 500 Index fell 3.69% during February and the MSCI ACWI ex USA Index (Net) dropped 4.72%. For the quarter, the S&P 500 Index recorded its first negative quarterly return since 2014. The MSCI ACWI ex USA Index (Net) fell 1.18% for the quarter.

During the year, the U.S. Federal Reserve (Fed) sought to normalize accommodative monetary policies in place since the 2008 global financial crisis and recession. Short-term interest rates, as measured by U.S. Treasury bills—maturities ranging from 3 to 12 months—increased an average of 89 basis points (bps; 100 bps equal 1.00%). Rates for 10-year and 30-year Treasuries increased 17 bps and 18 bps, respectively. Slower growth of long-term rates raised concerns for a flattening yield curve, sometimes associated with recessions. The Fed raised the federal funds rate by 25 bps in March 2018 to a target range of between 1.50% and 1.75%. The Bank of England (BOE) indicated a bias to increase rates later in 2018. The European Central Bank, the Bank of Japan, and the People’s Bank of China (PBOC) maintained low interest rates.

Global trade tensions heightened investor concerns.

Global trade tensions escalated during the second quarter of 2018. A tit-for-tat tariff spat intensified between the U.S. and other governments. The Fed raised the federal funds rate by 25 bps to a target range of between 1.75% and 2.00% in June. Market index results reflected the global concerns. The MSCI ACWI ex USA Index (Net) lost 2.61% while the Bloomberg Barclays Global Aggregate ex-USD Index dropped 4.76%.

¹ The S&P 500 Index consists of 500 stocks chosen for market size, liquidity, and industry group representation. It is a market-value-weighted index with each stock’s weight in the index proportionate to its market value. You cannot invest directly in an index.

²  The Morgan Stanley Capital International (MSCI) All Country World Index (ACWI) ex USA Index (Net) is a free-float-adjusted market-capitalization-weighted index that is designed to measure the equity market performance of developed markets, excluding the United States and Canada. Source: MSCI. MSCI makes no express or implied warranties or representations and shall have no liability whatsoever with respect to any MSCI data contained herein. The MSCI data may not be further redistributed or used as a basis for other indices or any securities or financial products. This report is not approved, reviewed, or produced by MSCI. You cannot invest directly in an index.

³  The MSCI Emerging Markets (EM) Index (Net) is a free-float-adjusted market-capitalization-weighted index that is designed to measure large- and mid-cap equity market performance of emerging markets. The MSCI EM Index (Net) consists of the following 24 emerging market country indices: Brazil, Chile, China, Colombia, Czech Republic, Egypt, Greece, Hungary, India, Indonesia, Korea, Malaysia, Mexico, Pakistan, Peru, the Philippines, Poland, Qatar, Russia, South Africa, Taiwan, Thailand, Turkey, and the United Arab Emirates. You cannot invest directly in an index.

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

⁵  The Bloomberg Barclays Global Aggregate ex-USD Index is an unmanaged index that provides a broad-based measure of the global investment-grade fixed-income markets excluding the U.S. dollar-denominated debt market. You cannot invest directly in an index.

⁶  The Bloomberg Barclays Municipal Bond Index is an unmanaged index composed of long-term tax-exempt bonds with a minimum credit rating of Baa. You cannot invest directly in an index.

⁷ The ICE BofAML U.S. High Yield Index is a market-capitalization-weighted index of domestic and Yankee high-yield bonds. The index tracks the performance of high-yield securities traded in the U.S. bond market. You cannot invest directly in an index. Copyright 2019. ICE Data Indices, LLC. All rights reserved.

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

Not all news was bad. The U.S. Bureau of Economic Analysis reported second-quarter gross domestic product (GDP) annualized growth of 4.2%. Hiring improved. Employment data remained strong. Consumer confidence and spending increased. The S&P 500 Index recorded a 3.43% second-quarter gain. Stocks of companies with smaller capitalizations were even better, as measured by the Russell 2000^® Index,⁸ adding 7.75%.

Investors appeared to shake off lingering concerns during the third quarter.

Favorable third-quarter economic indicators and corporate earnings reports encouraged domestic stock investors. U.S. trade negotiations with Mexico and Canada progressed. The Conference Board Consumer Confidence Index^®9 reached its highest level in 18 years during September. The Fed raised the federal funds rate by 25 bps to a target range of between 2.00% and 2.25% in September. For the quarter that ended September 30, 2018, the S&P 500 Index added 7.71%.

Investors in international markets were not as reassured. Tensions between the U.S. and China increased. The U.S. imposed $200 billion in tariffs on Chinese goods. China reacted with $60 billion in tariffs on U.S. goods. Economic growth in China caused concern. The BOE raised its monetary policy rate to 0.75% in August. During the quarter, the MSCI ACWI ex USA Index (Net) gained 0.71%. The MSCI EM Index (Net) declined 1.09%. In fixed-income markets, U.S. bonds were flat, as measured by the Bloomberg Barclays U.S. Aggregate Bond Index. The Bloomberg Barclays Global Aggregate ex-USD Index fell 1.74%.

Conflicting data unsettled markets during the fourth quarter.

For the S&P 500 Index and the MSCI ACWI ex USA Index (Net), negative stock market performance during October and December bracketed positive November returns. December’s S&P 500 Index performance was the worst since 1931. Globally, fixed-income investments fared better than stocks during the last two months of the year.

November’s U.S. mid-term elections shifted control of the House of Representatives from Republicans to Democrats, presaging potential partisan clashes. The Bureau of Economic Analysis reported that third-quarter U.S. GDP grew at an annualized 3.4% rate, solid, but lower than the second quarter rate. Brexit efforts stalled ahead of the March 2019 deadline. The PBOC cut reserve requirement ratios, accelerated infrastructure spending, and cut taxes even as the value of the yuan declined to low levels last seen in 2008.

After the Fed increased the federal funds rate by 25 bps to a target range of between 2.25% and 2.50% in December—the ninth such increase since the Fed began three years ago to raise rates from near zero—it softened its outlook for further interest rate increases in 2019.

The market climbs a wall of worry.

Investors entered 2019 with reasons to be concerned. A partial U.S government shutdown driven by partisan spending and immigration policy disputes extended into January. Investors expected high levels of stock market volatility to continue based on the VIX¹⁰.

Favorable third-quarter economic indicators and corporate earnings reports encouraged domestic stock investors.

⁸  The Russell 2000^® Index measures the performance of the 2,000 smallest companies in the Russell 3000^® Index, which represents approximately 8% of the total market capitalization of the Russell 3000^® Index. You cannot invest directly in an index.

⁹  The Conference Board Consumer Confidence Index^® measures the degree of optimism on the state of the U.S. economy that consumers are expressing through their activities of savings and spending. You cannot invest directly in an index.

¹⁰  The Chicago Board Options Exchange Market Volatility Index (VIX) is a popular measure of the implied volatility of S&P 500 Index options. It represents one measure of the market’s expectation of stock market volatility over the next 30-day period. You cannot invest directly in an index.

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

January’s returns tended to support the investing adage that markets climb a wall of worry. The S&P 500 Index gained 8.01% for the month that ended January 31, 2019, its best monthly performance in 30 years. Returns for the MSCI ACWI ex USA Index (Net), the Bloomberg Barclays U.S. Aggregate Bond Index, and the Bloomberg Barclays Global Aggregate ex-USD Index also were positive.

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

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

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

Sincerely,

Andrew Owen

President

Wells Fargo Funds

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

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

Investment objective

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

Manager

Wells Fargo Funds Management, LLC

Subadviser

Wells Capital Management Incorporated

Portfolio managers

James Randazzo

Jeffrey L. Weaver, CFA^®‡

Average annual total returns (%) as of January 31, 2019*

								Expense ratios1 (%)
	Inception date	1 year		5 year		10 year		Gross		Net2
Administrator Class (WUCXX)3	7-9-2010		1.25		0.47		0.30		0.41		0.30
Institutional Class (EMMXX)	11-20-1996		1.35		0.53		0.35		0.29		0.20
Service Class (EISXX)	11-25-1996		1.11		0.39		0.23		0.58		0.45

Yield summary (%) as of January 31, 2019²

	Administrator Class	Institutional Class		Service Class
7-day current yield	1.20		1.30		1.05
7-day compound yield	1.21		1.31		1.06
30-day simple yield	1.20		1.30		1.05
30-day compound yield	1.20		1.30		1.05

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

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

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

Please see footnotes on page 7.

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

Revenue source as of January 31, 2019⁴

Effective maturity distribution as of January 31, 2019⁴

Weighted average maturity as of January 31, 2019⁵

6 days

Weighted average life as of January 31, 2019⁶

6 days

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

* Historical performance shown for all classes of the Fund prior to July 12, 2010, is based on the performance of the Fund’s predecessor, Evergreen Institutional Municipal Money Market Fund.

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

²  The manager has contractually committed through May 31, 2019, to waive fees and/or reimburse expenses to the extent necessary to cap the expenses of each class after fee waivers at the amounts shown. Brokerage commissions, stamp duty fees, interest, taxes, acquired fund fees and expenses (if any), and extraordinary expenses are excluded from the expense cap. Prior to or after the commitment expiration date, the cap may be increased or the commitment to maintain the cap may be terminated only with the approval of the Board of Trustees. Without this cap, the Fund’s returns would have been lower. Without waived fees and/or reimbursed expenses, the Fund’s 7-day current yield would have been 1.04%, 1.15%, and 0.86% for Administrator Class, Institutional Class, and Service Class, respectively. The expense ratio paid by an investor is the net expense ratio (the total annual fund operating expenses after fee waivers) as stated in the prospectuses.

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

⁴  Amounts are calculated based on the total investments of the Fund. These amounts are subject to change and may have changed since the date specified.

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

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

⁷  The Securities Industry and Financial Markets Association (SIFMA) Municipal Swap Index (SIFMA Index) is a seven-day high-grade market index composed of tax-exempt variable-rate demand obligations with certain characteristics. The index is calculated and published by Bloomberg. The index is overseen by SIFMA’s Municipal Swap Index Committee. You cannot invest directly in an index.

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

MANAGER’S DISCUSSION

During the period, the municipal money markets continued to strengthen as rising interest rates and increasing asset levels gave both investors and market participants something to cheer about. With regulatory reform a distant memory, market participants refocused on traditional macroeconomic factors, market technicals, and the Federal Open Market Committee (FOMC). The Securities Industry and Financial Markets Association (SIFMA) Municipal Swap Index (SIFMA Index)⁷, which measures seven-day variable-rate demand note (VRDN) yields, experienced several bouts of volatility throughout the period as seasonal technicals exacerbated supply and demand dynamics. Fixed-rate paper, on the other hand, experienced less dramatic swings and generally tracked taxable rates as the FOMC progressed with four rate hikes throughout the year.

The SIFMA Index began the period at 1.08% (73% of the one-week London Interbank Offered Rate [LIBOR]) as the advent of seasonal reinvestment cash in early January forced municipal money market yields to quickly normalize following a spike in tax-exempt rates in December. The SIFMA Index had closed out 2017 at a multiyear high of 1.71% (115% of the one-week LIBOR). Yields on high-grade one-year notes began the period at 1.40%, down from 1.46% at the prior year-end.

The next big move in the municipal money market space occurred during the March through April tax-payment period. Yields rose across the curve as seasonal fund outflows exerted downward pressure on demand. With municipal money market funds losing roughly $4 billion in assets, the SIFMA Index spiked to 1.81% on April 18, 2018, up from 1.58% at the end of March, pushing the SIFMA Index/one-week LIBOR ratio down to 104%.

Municipal money market assets usually languish until June and July, when coupons and maturities generate a new wave of reinvestment cash. However, fund assets staged an unexpected turnaround during the month of May as investors sought to take advantage of the sudden cheapness of the SIFMA Index, with municipal money market funds attracting almost $7 billion in assets during the month. This unexpected surge in demand forced the SIFMA Index lower for six straight weeks before closing out the month at 1.06%, or 61% of one-week LIBOR.

June saw equally abnormal asset flows; this time, municipal money market funds experienced redemptions in the neighborhood of $2.8 billion. This surprising reversal in trend caused demand for overnight and weekly VRDNs and tender option bonds (TOBs) to evaporate, forcing dealers to rapidly ratchet rates higher in order to entice nontraditional buyers. The FOMC rate hike on June 13, 2018, provided additional impetus for the tax-exempt market to play catch-up with taxable equivalents. The SIFMA Index rose from 1.05% (59% of the one-week LIBOR) on June 6 to 1.51% (76% of the one-week LIBOR) on June 27.

The dog days of summer brought some semblance of normalcy to the municipal money market space as the SIFMA Index settled into a narrower range while tracking taxable rates higher leading up to the next anticipated FOMC tightening in September 2018. The SIFMA Index rose slightly to 1.61% by the end of October, up from 1.56% at the end of September. Further out on the curve, yields on high-grade commercial paper and notes continued to rise as the market continued to cope with large secondary market balances. One-year high-grade notes finished out the month at approximately 2.07%, up from 1.94% the previous month.

Heading into the final two months of 2018, the municipal money markets continued to benefit as heightened equity and bond market volatility forced many investors to seek out safe havens in the short end. The municipal yield curve began to flatten as the SIFMA Index eventually drifted higher before closing out the year at 1.71%. Meanwhile, yields on top-rated one-year paper fell to roughly 1.90% as expectations for FOMC rate hikes were discounted. Ultimately, municipal money market funds would bring in roughly $6.5 billion in assets during the month of December, capping off a strong year in which assets increased by approximately $14 billion, or 10% for the year, according to Crane Data LLC.

In January 2019, seasonal technicals in the form of heavy maturities and coupons would drive demand for tax-exempt paper along the curve. The SIFMA Index fell sharply to a multi-month low of 1.43% (59% of the one-week LIBOR) by the end of the period as demand for VRDNs and TOBs outpaced supply. Holiday-shortened weeks also contributed to a lackluster primary market calendar, further suppressing rates. Further out on the curve, yields on high-grade one-year paper fell to 1.74%, down from 1.90% the previous month.

Strategic outlook

Throughout the period, we continued to emphasize portfolio liquidity by targeting our purchases primarily in daily and weekly VRDNs and TOBs. This strategy allowed us to achieve our objectives for 100% weekly liquidity and principal preservation. Additionally, our strategy allowed us to quickly capture the benefits of rising interest rate levels due to FOMC rate hikes and periods of elevated SIFMA Index rates. Given the relative flatness of the municipal yield curve and uncertainty surrounding FOMC interest rate policy, we continue to feel that a conservative posture with respect to liquidity and duration targets is warranted in the near future.

Please see footnotes on page 7.

Fund expenses (unaudited) Wells Fargo Municipal Cash Management Money Market Fund 9

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

The example is based on an investment of $1,000 invested at the beginning of the six-month period and held for the entire period from August 1, 2018 to January 31, 2019.

Actual expenses

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

Hypothetical example for comparison purposes

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

Please note that the expenses shown in the table are meant to highlight your ongoing costs only. Therefore, the “Hypothetical” line of the table is useful in comparing ongoing costs only and will not help you determine the relative total costs of owning different funds.

	Beginning account value 8-1-2018		Ending account value 1-31-2019		Expenses paid during the period¹		Annualized net expense ratio
Administrator Class
Actual	$	1,000.00	$	1,006.89	$	1.52		0.30	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,023.69	$	1.53		0.30	%
Institutional Class
Actual	$	1,000.00	$	1,007.39	$	1.01		0.20	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,024.20	$	1.02		0.20	%
Service Class
Actual	$	1,000.00	$	1,006.23	$	2.28		0.45	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,022.94	$	2.29		0.45	%

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

10 Wells Fargo Municipal Cash Management Money Market Fund Portfolio of investments—January 31, 2019

Security name	Interest rate			Maturity date		Principal		Value
Municipal Obligations: 82.34%
Alabama: 2.35%
Variable Rate Demand Note ø: 2.35%
Alabama Tender Option Bond Trust Receipts/Certificates Series 2018-XL0098 (Utilities Revenue, Royal Bank of Canada LIQ) 144A		1.52	%		12-1-2022	$	4,500,000	$	4,500,000
Arizona: 4.63%
Variable Rate Demand Notes ø: 4.63%
Arizona Health Facilities Authority Revenue Various Banner Health Series C (Health Revenue, Bank of America NA LOC)		1.60			1-1-2046		1,400,000		1,400,000
Maricopa County AZ IDA Solid Waste Disposal Series 2006 (Resource Recovery Revenue, Farm Credit Services America LOC)		1.52			8-1-2026		2,500,000		2,500,000
Pinal County AZ IDA Shamrock Farms Project (Resource Recovery Revenue, Farm Credit Services America LOC)		1.54			8-1-2022		3,700,000		3,700,000
Pinal County AZ IDA Solid Waste Disposal Feenstra Investments LLC Project Series 2002 (Resource Recovery Revenue, Farm Credit Services America LOC)		1.54			8-1-2027		1,250,000		1,250,000
									8,850,000
California: 3.16%
Variable Rate Demand Notes ø: 3.16%
California PCFA Solid Waste Milk Time Dairy Farms Project (Resource Recovery Revenue, Rabobank LOC)		1.54			11-1-2027		1,400,000		1,400,000
California Tender Option Bond Trust Receipts/Certificates Series 2018-ZM0642 (Airport Revenue, JPMorgan Chase & Company LIQ) 144A		1.68			5-1-2024		4,360,000		4,360,000
Modesto CA MFHR Live Oak Apartments Project (Housing Revenue, FNMA Insured, FNMA LIQ)		1.29			9-15-2024		275,000		275,000
									6,035,000
Colorado: 0.48%
Variable Rate Demand Notes ø: 0.48%
Arapahoe County CO Cottrell Printing Project (Industrial Development Revenue, U.S. Bank NA LOC)		1.58			10-1-2019		330,000		330,000
Town of Hudson CO Series A (Industrial Development Revenue, U.S. Bank NA LOC)		1.64			11-1-2020		580,000		580,000
									910,000
Florida: 2.09%
Variable Rate Demand Notes ø: 2.09%
Florida Tender Option Bond Trust Receipts/Certificates Series 2017-ZM0571 (Health Revenue, Morgan Stanley Bank LIQ) 144A		1.53			8-15-2047		500,000		500,000
Florida Tender Option Bond Trust Receipts/Floater Certificates Series 2017-XF2517 (Health Revenue, Morgan Stanley Bank LIQ) 144A		1.53			8-15-2047		3,500,000		3,500,000
									4,000,000
Georgia: 2.61%
Variable Rate Demand Note ø: 2.61%
Monroe County GA Power & Light Company Project Series 2017 (Utilities Revenue)		1.80			11-1-2047		5,000,000		5,000,000

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

Portfolio of investments—January 31, 2019 Wells Fargo Municipal Cash Management Money Market Fund 11

Security name	Interest rate			Maturity date		Principal		Value
Illinois: 11.86%
Variable Rate Demand Notes ø: 11.86%
Chicago IL Enterprise Zone Gardner Gibson Project (Industrial Development Revenue, BMO Harris Bank NA LOC)		1.54	%		7-1-2033	$	1,780,000	$	1,780,000
Chicago IL O’Hare International Airport 3rd Lien Series C (Airport Revenue, Bank of America NA LOC)		1.41			1-1-2035		1,600,000		1,600,000
Illinois Finance Authority OSF Healthcare Series B (Health Revenue, JPMorgan Chase & Company LOC)		1.60			11-15-2037		5,100,000		5,100,000
JP Morgan Chase PUTTER/DRIVER Trust Series 5021 (GO Revenue, JPMorgan Chase & Company LOC, JPMorgan Chase & Company LIQ) 144A		1.72			3-29-2019		5,000,000		5,000,000
Lake County IL MFHR (Housing Revenue, FHLMC LIQ)		1.55			11-1-2034		4,920,000		4,920,000
Peoria County IL Caterpillar Incorporated Project (Industrial Development Revenue, Caterpillar Incorporated LOC)		1.60			2-1-2030		4,300,000		4,300,000
									22,700,000
Indiana: 3.49%
Variable Rate Demand Notes ø: 3.49%
Indiana Certificate of Participation Clipper Tax-Exempt Certificate Trust Series 2009-34 (Miscellaneous Revenue, State Street Bank & Trust Company LIQ)		1.47			7-1-2023		1,380,000		1,380,000
Jeffersonville IN Economic Development Eagle Steel Products Incorporated Project (Industrial Development Revenue, Bank of America NA LOC)		1.48			12-1-2027		2,785,000		2,785,000
Noblesville IN Greystone Apartments Project Series B (Housing Revenue, FHLB LOC)		1.52			3-1-2041		1,375,000		1,375,000
St. Joseph County IN Midcorr Land Development LLC Project (Industrial Development Revenue, PNC Bank NA LOC)		1.47			10-1-2023		1,130,000		1,130,000
									6,670,000
Iowa: 5.79%
Variable Rate Demand Notes ø: 5.79%
Iowa Finance Authority John Maassen & Sons Project (Industrial Development Revenue, Farm Credit Services America LOC)		1.49			11-1-2035		2,075,000		2,075,000
Iowa Finance Authority Midwestern Disaster Area Project (Industrial Development Revenue, Korea Development Bank LOC)		1.81			4-1-2022		6,000,000		6,000,000
Iowa Finance Authority Various Unity Point Health Series D (Health Revenue, JPMorgan Chase & Company LOC)		1.42			12-1-2041		3,000,000		3,000,000
									11,075,000
Kansas: 2.84%
Variable Rate Demand Notes ø: 2.84%
Nemaha County KS Midwest AG Services LLC Project (Industrial Development Revenue, CoBank ACB LOC)		1.59			11-1-2020		610,000		610,000
University of Kansas Hospital Authority Health System (Health Revenue, U.S. Bank NA LOC)		1.64			9-1-2034		4,820,000		4,820,000
									5,430,000
Kentucky: 0.52%
Variable Rate Demand Note ø: 0.52%
Jefferson County KY Industrial Building Dant Growth LLC Project Series 2002 (Industrial Development Revenue, Stock Yards Bank & Trust LOC)		1.47			9-1-2022		1,000,000		1,000,000

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

12 Wells Fargo Municipal Cash Management Money Market Fund Portfolio of investments—January 31, 2019

Security name	Interest rate			Maturity date		Principal		Value
Louisiana: 4.81%
Variable Rate Demand Notes ø: 4.81%
East Baton Rouge Parish LA ExxonMobil Project Series B (Industrial Development Revenue)		1.60	%		12-1-2040	$	5,000,000	$	5,000,000
East Baton Rouge Parish LA Industrial Development Board ExxonMobil Project Series 2010A (Industrial Development Revenue, Exxon Capital Ventures LIQ)		1.60			8-1-2035		200,000		200,000
Louisiana Local Government Environmental Facilities CDA Honeywell International Incorporated Project (Industrial Development Revenue, Honeywell International Incorporated LOC)		1.57			12-1-2036		4,000,000		4,000,000
									9,200,000
Michigan: 4.51%
Variable Rate Demand Notes ø: 4.51%
Michigan Strategic Fund Limited Obligation Series 1982 (Resource Recovery Revenue, Farm Credit Services America LOC)		1.49			6-1-2024		2,800,000		2,800,000
Michigan Tender Option Bond Trust Receipts/Certificates Series 2018-ZM0614 (Education Revenue, Morgan Stanley Bank LIQ) 144A		1.61			11-1-2028		5,835,000		5,835,000
									8,635,000
Minnesota: 4.12%
Variable Rate Demand Notes ø: 4.12%
Forest Lake MN Kilkenny Court Apartments Project Series 2008 (Housing Revenue, FNMA LOC, FNMA LIQ)		1.52			8-15-2038		750,000		750,000
Minnesota Tender Option Bond Trust Receipts/Certificates Series 2018-XF2760 (Education Revenue, Morgan Stanley Bank LIQ) 144A		1.53			11-1-2037		7,140,000		7,140,000
									7,890,000
Missouri: 1.40%
Variable Rate Demand Notes ø: 1.40%
Missouri Tender Option Bond Trust Receipts/Certificates Series 2018-XG0176 (Health Revenue, Royal Bank of Canada LIQ) 144A		1.53			5-15-2041		1,395,000		1,395,000
St. Charles County MO IDA Kuenz Heating & Sheet Metal Series 2001 (Industrial Development Revenue, U.S. Bank NA LOC)		1.68			4-1-2026		1,290,000		1,290,000
									2,685,000
Nevada: 1.74%
Variable Rate Demand Note ø: 1.74%
Nevada Tender Option Bond Trust Receipts/Certificates Series 2018-ZM0634 (GO Revenue, Royal Bank of Canada LIQ) 144A		1.46			12-1-2025		3,330,000		3,330,000
New York: 4.68%
Variable Rate Demand Notes ø: 4.68%
New York Homeowner Mortgage Agency Series 210 (Housing Revenue, Barclays Bank plc SPA)		1.53			10-1-2039		3,500,000		3,500,000
New York NY Housing Development Corporation Series A (Housing Revenue, Citibank NA LOC)		1.45			6-1-2037		350,000		350,000
New York NY Municipal Water Finance Authority Water & Sewer System Series A (Water & Sewer Revenue, Mizuho Bank Limited SPA)		1.63			6-15-2044		5,100,000		5,100,000
									8,950,000

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

Portfolio of investments—January 31, 2019 Wells Fargo Municipal Cash Management Money Market Fund 13

Security name	Interest rate			Maturity date		Principal		Value
North Carolina: 0.76%
Variable Rate Demand Note ø: 0.76%
Rockingham County NC Industrial Facilities & PCFA Innofa USA Project Series 2007 (Industrial Development Revenue, Branch Banking & Trust LOC)		1.47	%		1-1-2027	$	1,450,000	$	1,450,000
North Dakota: 0.43%
Variable Rate Demand Note ø: 0.43%
Mandan ND IDA Cloverdale Foods Company Project (Industrial Development Revenue, BNC National Bank LOC)		1.65			12-1-2022		825,000		825,000
Other: 1.64%
Variable Rate Demand Notes ø: 1.64%
FHLMC MFHR Series M-031 Class A (Housing Revenue, FHLMC LIQ)		1.46			12-15-2045		2,125,000		2,125,000
FHLMC MFHR Series M-033 Class A (Housing Revenue, FHLMC LIQ)		1.46			3-15-2049		1,005,000		1,005,000
									3,130,000
Pennsylvania: 3.30%
Variable Rate Demand Notes ø: 3.30%
Allegheny County PA Hospital Development Authority Series E (Health Revenue, Royal Bank of Canada LOC, Royal Bank of Canada LIQ) 144A		1.70			4-1-2022		5,820,000		5,820,000
Pennsylvania EDFA Series D-7 (Industrial Development Revenue, PNC Bank NA LOC)		1.47			8-1-2022		500,000		500,000
									6,320,000
South Carolina: 1.05%
Variable Rate Demand Note ø: 1.05%
South Carolina Tender Option Bond Trust Receipts/Floater Certificates Patriots Energy Group Financing Agency Series 2018-XM0690 (Utilities Revenue, Royal Bank of Canada LIQ) 144A		1.47			10-1-2022		2,000,000		2,000,000
Tennessee: 2.61%
Variable Rate Demand Note ø: 2.61%
Shelby County TN Health Educational & Housing Facilities Board Methodist Le Bonheur Series B (Health Revenue, AGM Insured, U.S. Bank NA SPA)		1.62			6-1-2042		5,000,000		5,000,000
Texas: 4.93%
Variable Rate Demand Notes ø: 4.93%
Brazos Harbor TX Industrial Development Corporation (Industrial Development Revenue, BASF SE LOC)		1.55			10-1-2036		5,000,000		5,000,000
Dallam County TX Industrial Development Corporation Dalhart Jersey Ranch Incorporated Series 2008 (Resource Recovery Revenue, CoBank ACB LOC)		1.49			8-1-2039		1,430,000		1,430,000
Port Arthur TX Navigation District Jefferson County Total Petrochemicals USA Incorporated Project Series 2003-C (Industrial Development Revenue, Total SA LOC)		1.50			4-1-2027		3,000,000		3,000,000
									9,430,000

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

14 Wells Fargo Municipal Cash Management Money Market Fund Portfolio of investments—January 31, 2019

Security name	Interest rate			Maturity date		Principal		Value
Virginia: 0.60%
Variable Rate Demand Note ø: 0.60%
Chesterfield County VA IDA Super Radiator Coils Project Series A (Industrial Development Revenue, Marshall & Ilsley Bank LOC)		1.48	%		4-1-2026	$	1,150,000	$	1,150,000
Washington: 2.62%
Variable Rate Demand Notes ø: 2.62%
Washington Finance Authority Smith Brothers Farms Incorporated Series 2001 (Industrial Development Revenue, Northwest Farm Credit LOC)		1.49			9-1-2021		2,520,000		2,520,000
Washington Housing Finance Commission Whisperwood Apartments Project Series A (Housing Revenue, FNMA LOC, FNMA LIQ)		1.52			5-15-2035		1,590,000		1,590,000
Yakima County WA Solid Waste Disposal George Deruyter & Son Project Series 2006 (Resource Recovery Revenue, Northwest Farm Credit LOC)		1.49			8-1-2026		900,000		900,000
									5,010,000
West Virginia: 1.41%
Variable Rate Demand Note ø: 1.41%
West Virginia EDA Collins Hardwood Company LLC (Industrial Development Revenue, American AgCredit LOC)		1.54			10-1-2031		2,700,000		2,700,000
Wisconsin: 1.92%
Variable Rate Demand Notes ø: 1.92%
Manitowoc WI CDA Regency House Project (Housing Revenue, Bank First National LOC)		1.68			11-1-2020		955,000		955,000
Sheboygan WI Vortex Liquid Color Project (Industrial Development Revenue, Bank First National LOC)		1.68			11-1-2020		550,000		550,000
Wisconsin RIB Floater Trust Certificates Series 2018-022 (GO Revenue, Barclays Bank plc LIQ) 144A		1.46			5-1-2036		2,170,000		2,170,000
									3,675,000
Total Municipal Obligations (Cost $157,550,000)									157,550,000
Other: 11.87%
BlackRock MuniYield Quality Fund III Incorporated Variable Rate Demand Preferred Shares (Citibank NA LOC) ø		1.58			6-1-2041		6,000,000		6,000,000
Nuveen California Dividend Advantage Municipal Fund Variable Rate Demand Preferred Shares Series 3 (Deutsche Bank LIQ) 144A ø		1.52			3-1-2040		3,000,000		3,000,000
Nuveen Quality Municipal Income Fund Variable Rate Demand Preferred Shares Series 1-2118 (Barclays Bank LIQ) 144A ø		1.58			5-1-2041		5,000,000		5,000,000
Western Asset Intermediate Municipal Fund Incorporated Variable Rate Demand Preferred Shares Series 1 (Citibank NA LIQ) 144A ø		1.58			2-25-2045		5,000,000		5,000,000
Western Asset Municipal Partners Incorporated Variable Rate Demand Preferred Shares Series 1 (Citibank NA LIQ) 144A ø		1.58			3-11-2045		3,700,000		3,700,000
Total Other (Cost $22,700,000)									22,700,000
Repurchase Agreements: 2.56%
Barclay’s Capital Incorporated, dated 1-31-2019, maturity value $4,900,347 ^^		2.55			2-1-2019		4,900,000		4,900,000
Total Repurchase Agreements (Cost $4,900,000)									4,900,000

Total investments in securities (Cost $185,150,000)	96.77	%		185,150,000
Other assets and liabilities, net	3.23			6,188,843
Total net assets	100.00	%	$	191,338,843

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

Portfolio of investments—January 31, 2019 Wells Fargo Municipal Cash Management Money Market Fund 15

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

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

^^ Collateralized by U.S. government securities, 1.75% to 7.25%, 12-31-2020 to 8-31-2025, fair value including accrued interest is $4,998,000.

Abbreviations:

AGM Assured Guaranty Municipal

CDA Community Development Authority

DRIVER Derivative inverse tax-exempt receipts

EDA Economic Development Authority

EDFA Economic Development Finance Authority

FHLB Federal Home Loan Bank

FHLMC Federal Home Loan Mortgage Corporation

FNMA Federal National Mortgage Association

GO General obligation

IDA Industrial Development Authority

LIQ Liquidity agreement

LOC Letter of credit

MFHR Multifamily housing revenue

PCFA Pollution Control Financing Authority

PUTTER Puttable tax-exempt receipts

RIB Residual Interest Bond

SPA Standby purchase agreement

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

16 Wells Fargo Municipal Cash Management Money Market Fund Statement of assets and liabilities—January 31, 2019

Assets
Investments in unaffiliated securities, at value (cost $185,150,000)	$	185,150,000
Cash		149,575
Receivable for investments sold		5,787,559
Receivable for interest		401,871
Prepaid expenses and other assets		27,605
Total assets		191,516,610
Liabilities
Shareholder report expenses payable		81,575
Professional fees payable		27,680
Administration fees payable		16,020
Custodian and accounting fees payable		11,375
Payable for Fund shares redeemed		8,482
Dividends payable		5,565
Management fee payable		3,866
Trustees’ fees and expenses payable		1,860
Accrued expenses and other liabilities		21,344
Total liabilities		177,767
Total net assets	$	191,338,843
NET ASSETS CONSIST OF
Paid-in capital	$	191,412,246
Total distributable loss		(73,403	)
Total net assets	$	191,338,843
COMPUTATION OF NET ASSET VALUE PER SHARE
Net assets – Administrator Class	$	6,313,170
Shares outstanding – Administrator Class1		6,311,071
Net asset value per share – Administrator Class		$1.0003
Net assets – Institutional Class	$	166,024,212
Shares outstanding – Institutional Class1		165,958,949
Net asset value per share – Institutional Class		$1.0004
Net assets – Service Class	$	19,001,461
Shares outstanding – Service Class1		18,994,738
Net asset value per share – Service Class		$1.0004

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 January 31, 2019 Wells Fargo Municipal Cash Management Money Market Fund 17

Investment income
Interest	$	3,828,839
Expenses
Management fee		376,176
Administration fees
Administrator Class		5,409
Institutional Class		180,643
Service Class		23,486
Shareholder servicing fees
Administrator Class		5,409
Service Class		48,929
Custody and accounting fees		32,386
Professional fees		39,117
Registration fees		79,304
Shareholder report expenses		14,107
Trustees’ fees and expenses		23,250
Other fees and expenses		22,932
Total expenses		851,148
Less: Fee waivers and/or expense reimbursements		(295,243	)
Net expenses		555,905
Net investment income		3,272,934
Net realized gains on investments		1,837
Net increase in net assets resulting from operations	$	3,274,771

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

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

	Year ended January 31, 2019						Year ended January 31, 20181
Operations
Net investment income				$	3,272,934					$	2,669,470
Net realized gains on investments					1,837						200,819
Net change in unrealized gains (losses) on investments					0						(175	)
Net increase in net assets resulting from operations					3,274,771						2,870,114
Distributions to shareholders from net investment income and net realized gains
Administrator Class					(72,091	)					(22,154	)
Institutional Class					(3,175,949	)					(2,534,518	)
Service Class					(225,713	)					(114,035	)
Total distributions to shareholders					(3,473,753	)					(2,670,707	)
Capital share transactions		Shares						Shares
Proceeds from shares sold
Administrator Class		2,997,003			3,000,000			0			0
Institutional Class		4,687,583,592			4,692,370,298			6,592,288,860			6,598,075,845
Service Class		11,577,879			11,587,521			5,397,387			5,401,673
					4,706,957,819						6,603,477,518
Reinvestment of distributions
Administrator Class		70,709			70,768			21,782			21,800
Institutional Class		3,163,888			3,166,888			2,498,994			2,501,356
Service Class		161,224			161,362			79,884			79,954
					3,399,018						2,603,110
Payment for shares redeemed
Institutional Class		(4,860,642,244	)		(4,865,545,794	)		(6,521,302,596	)		(6,527,059,643	)
Service Class		(12,079,625	)		(12,089,936	)		(10,091,953	)		(10,099,803	)
					(4,877,635,730	)					(6,537,159,446	)
Net increase (decrease) in net assets resulting from capital share transactions					(167,278,893	)					68,921,182
Total increase (decrease) in net assets					(167,477,875	)					69,120,589
Net assets
Beginning of period					358,816,718						289,696,129
End of period				$	191,338,843					$	358,816,718

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 January 31, 2018 was $75,241. The disaggregated distributions information for the year ended January 31, 2018 is included in Note 5, 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 Municipal Cash Management Money Market Fund 19

(For a share outstanding throughout each period)

	Year ended January 31
ADMINISTRATOR CLASS	2019			2018			2017			20161			20151
Net asset value, beginning of period		$1.0010			$1.0005			$1.0000			$1.00			$1.00
Net investment income		0.0125			0.0069			0.0031			0.00	2		0. 00	2
Net realized and unrealized gains (losses) on investments		(0.0001	)		0.0005			0.0008			0.00	2		0.00	2
Total from investment operations		0.0124			0.0074			0.0039			0.00	2		0. 00	2
Distributions to shareholders from
Net investment income		(0.0124	)		(0.0069	)		(0.0030	)		(0.00	)2		(0.00	)2
Net realized gains		(0.0007	)		(0.0000	)3		(0.0004	)		(0.00	)2		(0.00	)2
Total distributions to shareholders		(0.0131	)		(0.0069	)		(0.0034	)		(0.00	)2		(0.00	)2
Net asset value, end of period		$1.0003			$1.0010			$1.0005			$1.00			$1.00
Total return		1.25	%		0.74	%		0.35	%		0.02	%		0.02	%
Ratios to average net assets (annualized)
Gross expenses		0.44	%		0.41	%		0.39	%		0.37	%		0.37	%
Net expenses		0.30	%		0.30	%		0.27	%		0.10	%		0.11	%
Net investment income		1.25	%		0.68	%		0.29	%		0.01	%		0.01	%
Supplemental data
Net assets, end of period (000s omitted)		$6,313			$3,247			$3,223			$3,537			$3,536

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

²  Amount is less than $0.005.

³  Amount is less than $0.00005.

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

20 Wells Fargo Municipal Cash Management Money Market Fund Financial highlights

(For a share outstanding throughout each period)

	Year ended January 31
INSTITUTIONAL CLASS	2019			2018			2017			20161			20151
Net asset value, beginning of period		$1.0011			$1.0005			$1.0000			$1.00			$1.00
Net investment income		0.0133	2		0.0080			0.0035			0.00	3		0.00	3
Net realized and unrealized gains (losses) on investments		0.0001			0.0005			0.0012			0.00	3		0.00	3
Total from investment operations		0.0134			0.0085			0.0047			0.00	3		0.00	3
Distributions to shareholders from
Net investment income		(0.0134	)		(0.0079	)		(0.0038	)		(0.00	)3		(0.00	)3
Net realized gains		(0.0007	)		(0.0000	)4		(0.0004	)		(0.00	)3		(0.00	)3
Total distributions to shareholders		(0.0141	)		(0.0079	)		(0.0042	)		(0.00	)3		(0.00	)3
Net asset value, end of period		$1.0004			$1.0011			$1.0005			$1.00			$1.00
Total return		1.35	%		0.85	%		0.44	%		0.02	%		0.02	%
Ratios to average net assets (annualized)
Gross expenses		0.31	%		0.29	%		0.26	%		0.25	%		0.25	%
Net expenses		0.20	%		0.20	%		0.18	%		0.10	%		0.11	%
Net investment income		1.32	%		0.79	%		0.27	%		0.01	%		0.01	%
Supplemental data
Net assets, end of period (000s omitted)		$166,024			$336,215			$262,511			$953,036			$1,008,667

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

²  Calculated based upon average shares outstanding.

³  Amount is less than $0.005.

⁴  Amount is less than $0.00005.

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

Financial highlights Wells Fargo Municipal Cash Management Money Market Fund 21

(For a share outstanding throughout each period)

	Year ended January 31
SERVICE CLASS	2019			2018			2017			20161			20151
Net asset value, beginning of period		$1.0010			$1.0005			$1.0000			$1.00			$1.00
Net investment income		0.0109	2		0.0059			0.0037			0.00	3		0.00	3
Net realized and unrealized gains (losses) on investments		0.0001			0.0000	4		(0.0010	)		0.00	3		0.00	3
Total from investment operations		0.0110			0.0059			0.0027			0.00	3		0.00	3
Distributions to shareholders from
Net investment income		(0.0109	)		(0.0054	)		(0.0018	)		(0.00	)3		(0.00	)3
Net realized gains		(0.0007	)		(0.0000	)4		(0.0004	)		(0.00	)3		(0.00	)3
Total distributions to shareholders		(0.0116	)		(0.0054	)		(0.0022	)		(0.00	)3		(0.00	)3
Net asset value, end of period		$1.0004			$1.0010			$1.0005			$1.00			$1.00
Total return		1.11	%		0.59	%		0.23	%		0.02	%		0.02	%
Ratios to average net assets (annualized)
Gross expenses		0.61	%		0.58	%		0.49	%		0.48	%		0.47	%
Net expenses		0.45	%		0.45	%		0.35	%		0.10	%		0.11	%
Net investment income		1.09	%		0.53	%		0.09	%		0.01	%		0.01	%
Supplemental data
Net assets, end of period (000s omitted)		$19,001			$19,355			$23,962			$108,484			$140,465

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

²  Calculated based upon average shares outstanding.

³  Amount is less than $0.005.

⁴  Amount is less than $0.00005.

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

22 Wells Fargo Municipal Cash Management Money Market Fund 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 Municipal Cash Management Money Market Fund (the “Fund”) which is a diversified series of the Trust.

The Fund operates as an institutional non-government money market fund. As an institutional non-government money market fund, shareholders will transact at a floating net asset value (NAV) rounded to four decimal places in accordance with the valuation policies below.

2. SIGNIFICANT ACCOUNTING POLICIES

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

Securities valuation

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

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

Repurchase agreements

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

Security transactions and income recognition

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

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

Distributions to shareholders

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

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

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 January 31, 2019, the aggregate cost of all investments for federal income tax purposes was $185,150,000 and the unrealized gains (losses) consisted of:

Gross unrealized gains	$	0
Gross unrealized losses		0
Net unrealized gains	$	0

Class allocations

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

3. FAIR VALUATION MEASUREMENTS

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

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

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

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

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

The following is a summary of the inputs used in valuing the Fund’s assets and liabilities as of January 31, 2019:

	Quoted prices (Level 1)		Other significant observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total
Assets
Municipal obligations	$	0	$	157,550,000	$	0	$	157,550,000
Other		0		22,700,000		0		22,700,000
Repurchase agreements		0		4,900,000		0		4,900,000
Total assets	$	0	$	185,150,000	$	0	$	185,150,000

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

At January 31, 2019, the Fund did not have any transfers into/out of Level 3.

4. TRANSACTIONS WITH AFFILIATES

Management fee

Funds Management, an indirect wholly owned subsidiary of Wells Fargo & Company (“Wells Fargo”), is the manager of the Fund and provides advisory and fund-level administrative services under an investment management agreement.

24 Wells Fargo Municipal Cash Management Money Market Fund Notes to financial statements

Under the investment management agreement, Funds Management is responsible for, among other services, implementing the investment objectives and strategies of the Fund, supervising the subadviser and providing fund-level administrative services in connection with the Fund’s operations. As compensation for its services under the investment management agreement, Funds Management is entitled to receive an annual management fee starting at 0.15% and declining to 0.13% as the average daily net assets of the Fund increase. For the year ended January 31, 2019, the management fee was equivalent to an annual rate of 0.15% of the Fund’s average daily net assets.

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

Administration fees

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

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

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

Shareholder servicing fees

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

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

Interfund transactions

The Fund may purchase or sell portfolio investment securities to certain other Wells Fargo affiliates pursuant to Rule 17a-7 under the 1940 Act and under procedures adopted by the Board of Trustees. The procedures have been designed to ensure that these interfund transactions, which do not incur broker commissions, are effected at current market prices. Pursuant to these procedures, the Fund had $493,940,000 and $519,565,000 in interfund purchases and sales, respectively, during the year ended January 31, 2019.

5. DISTRIBUTIONS TO SHAREHOLDERS

The tax character of distributions paid during the years ended January 31, 2019 and January 31, 2018 were as follows:

	Year ended January 31
	2019		2018
Ordinary income	$	473,017	$	261,220
Tax-exempt income		2,857,604		2,409,487
Long-term capital gain		143,132		0

Notes to financial statements Wells Fargo Municipal Cash Management Money Market Fund 25

As of January 31, 2019, the components of distributable earnings on a tax basis were as follows:

Undistributed ordinary income	Undistributed tax-exempt income
$1,837	$62,757

Effective for all filings after November 4, 2018, the Securities and Exchange Commission eliminated the requirement to separately state the components of distributions to shareholders under U.S. generally accepted accounting principles. The amounts of distributions to shareholders for the year ended January 31, 2018 were as follows:

	Net investment income		Net realized gains
Administrator Class	$	22,145	$	9
Institutional Class		2,533,504		1,014
Service Class		113,982		53

6. 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.

7. 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.

26 Wells Fargo Municipal Cash Management Money Market Fund Report of independent registered public accounting firm

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 Municipal Cash Management Money Market Fund (the Fund), one of the funds constituting Wells Fargo Funds Trust, including the portfolio of investments, as of January 31, 2019, 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 or periods 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 January 31, 2019, 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 or periods 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 January 31, 2019, by correspondence with the custodian 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 auditor of one or more Wells Fargo Funds investment companies, however we are aware that we have served as the auditor of one or more Wells Fargo Funds investment companies since at least 1955.

Boston, Massachusetts

March 27, 2019

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

TAX INFORMATION

Pursuant to Section 852 of the Internal Revenue Code, $143,132 was designated as a 20% rate gain distribution for the fiscal year ended January 31, 2019.

For the fiscal year ended January 31, 2019, $415,330 has been designated as interest-related dividends for nonresident alien shareholders pursuant to Section 871 of the Internal Revenue Code.

For the fiscal year ended January 31, 2019, $57,687 has been designated as short-term capital gain dividends for nonresident alien shareholders pursuant to Section 871 of the Internal Revenue Code.

Pursuant to Section 852 of the Internal Revenue Code, 87.31% of distributions paid from net investment income is designated as exempt-interest dividends for the fiscal year ended January 31, 2019.

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 1-800-222-8222, visiting our website at wellsfargofunds.com, or visiting the SEC website at sec.gov. Information regarding how the Fund voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is available on the Fund’s website at wellsfargofunds.com or by visiting the SEC website at sec.gov.

PORTFOLIO HOLDINGS INFORMATION

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

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

BOARD OF TRUSTEES AND OFFICERS

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

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

Name and year of birth	Position held and length of service*	Principal occupations during past five years or longer	Current other public company or investment company directorships
Olivia S. Mitchell (Born 1953)	Trustee, since 2006; 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
Pamela Wheelock (Born 1959)	Trustee, since 2018; Advisory Board Member, from 2017 to 2018	Board member of the Destination Medical Center Economic Development Agency, Rochester, Minnesota since 2019. Chief Operating Officer, Twin Cities Habitat for Humanity from 2017 to 2019. Vice President of University Services, University of Minnesota from 2012 to 2016. Prior thereto, on the Board of Directors, Governance Committee and Finance Committee for the Minnesota Philanthropy Partners (Saint Paul Foundation) from 2012 to 2018, Interim Chief Executive Officer of Blue Cross Blue Shield of Minnesota from 2011 to 2012, Chairman of the Board from 2009 to 2012 and Board Director from 2003 to 2015. Vice President, Leadership and Community Engagement, Bush Foundation, Saint Paul, Minnesota (a private foundation) from 2009 to 2011. Executive Vice President and Chief Financial Officer, Minnesota Sports and Entertainment from 2004 to 2009 and Senior Vice President from 2002 to 2004. Executive Vice President of the Minnesota Wild Foundation from 2004 to 2008. Commissioner of Finance, State of Minnesota, from 1999 to 2002. Currently Board Chair of the Minnesota Wild Foundation since 2010.	N/A

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

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

Officers

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

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

² The Statement of Additional Information includes additional information about the Trustees and is available, without charge, upon request, by calling 1-800-222-8222 or by visiting the website at wellsfargofunds.com.

³  Mr. Harris became Chairman of the Audit Committee effective January 1, 2019.

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For more information

More information about Wells Fargo Funds is available free upon request. To obtain literature, please write, visit the Fund’s website, or call:

Wells Fargo Funds

P.O. Box 219967

Kansas City, MO 64121-9967

Website: wellsfargofunds.com

Individual investors: 1-800-222-8222

Retail investment professionals: 1-888-877-9275

Institutional investment professionals:
1-866-765-0778

This report and the financial statements contained herein are submitted for the general information of the shareholders of the Fund. If this report is used for promotional purposes, distribution of the report must be accompanied or preceded by a current prospectus. Before investing, please consider the investment objectives, risks, charges, and expenses of the investment. For a current prospectus and, if available, a summary prospectus, containing this information, call 1-800-222-8222 or visit the Fund’s website at wellsfargofunds.com. Read the prospectus carefully before you invest or send money.

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

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

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

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

320764 03-19 A307/AR307 01-19

Annual Report

January 31, 2019

Government Money Market Funds

∎ Wells Fargo Government Money Market Fund

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

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

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

Reduce clutter. Save trees.

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

Contents

Letter to shareholders	2
Performance highlights	6
Fund expenses	9
Portfolio of investments	10
Financial statements
Statement of assets and liabilities	21
Statement of operations	22
Statement of changes in net assets	23
Financial highlights	24
Notes to financial statements	30
Report of independent registered public accounting firm	34
Other information	35

The views expressed and any forward-looking statements are as of January 31, 2019, 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 Government Money Market Fund Letter to shareholders (unaudited)

Andrew Owen

President

Wells Fargo Funds

Global trade tensions escalated during the second quarter of 2018.

Dear Shareholder:

We are pleased to offer you this annual report for the Wells Fargo Government Money Market Fund for the 12-month period that ended January 31, 2019. An upward trend for short-term interest rates, inflation concerns, trade tensions, and geopolitical events contributed to investment market volatility throughout the year.

For the period, U.S. stocks, as measured by the S&P 500 Index,¹ fell 2.31% and international stocks, as measured by the MSCI ACWI ex USA Index (Net),² declined 12.58%. Based on the MSCI EM Index (Net),³ emerging market stocks lost 14.24%. For bond investors, the Bloomberg Barclays U.S. Aggregate Bond Index⁴ added 2.25% while the Bloomberg Barclays Global Aggregate ex-USD Index⁵ fell 3.26%. The Bloomberg Barclays Municipal Bond Index⁶ added 3.26%, and the ICE BofAML U.S. High Yield Index⁷ gained 1.57%.

A move to normalize U.S. monetary policy influenced markets.

Through January 2018, the S&P 500 Index and MSCI ACWI ex USA Index (Net) delivered positive returns every month for more than a year. In February 2018, that streak ended. The S&P 500 Index fell 3.69% during February and the MSCI ACWI ex USA Index (Net) dropped 4.72%. For the quarter, the S&P 500 Index recorded its first negative quarterly return since 2014. The MSCI ACWI ex USA Index (Net) fell 1.18% for the quarter.

During the year, the U.S. Federal Reserve (Fed) sought to normalize accommodative monetary policies in place since the 2008 global financial crisis and recession. Short-term interest rates, as measured by U.S. Treasury bills—maturities ranging from 3 to 12 months—increased an average of 89 basis points (bps; 100 bps equal 1.00%). Rates for 10-year and 30-year Treasuries increased 17 bps and 18 bps, respectively. Slower growth of long-term rates raised concerns for a flattening yield curve, sometimes associated with recessions. The Fed raised the federal funds rate by 25 bps in March 2018 to a target range of between 1.50% and 1.75%. The Bank of England (BOE) indicated a bias to increase rates later in 2018. The European Central Bank, the Bank of Japan, and the People’s Bank of China (PBOC) maintained low interest rates.

Global trade tensions heightened investor concerns.

Global trade tensions escalated during the second quarter of 2018. A tit-for-tat tariff spat intensified between the U.S. and other governments. The Fed raised the federal funds rate by 25 bps to a target range of between 1.75% and 2.00% in June. Market index results reflected the global concerns. The MSCI ACWI ex USA Index (Net) lost 2.61% while the Bloomberg Barclays Global Aggregate ex-USD Index dropped 4.76%.

¹ The S&P 500 Index consists of 500 stocks chosen for market size, liquidity, and industry group representation. It is a market-value-weighted index with each stock’s weight in the index proportionate to its market value. You cannot invest directly in an index.

²  The Morgan Stanley Capital International (MSCI) All Country World Index (ACWI) ex USA Index (Net) is a free-float-adjusted market-capitalization-weighted index that is designed to measure the equity market performance of developed markets, excluding the United States and Canada. Source: MSCI. MSCI makes no express or implied warranties or representations and shall have no liability whatsoever with respect to any MSCI data contained herein. The MSCI data may not be further redistributed or used as a basis for other indices or any securities or financial products. This report is not approved, reviewed, or produced by MSCI. You cannot invest directly in an index.

³  The MSCI Emerging Markets (EM) Index (Net) is a free-float-adjusted market-capitalization-weighted index that is designed to measure large- and mid-cap equity market performance of emerging markets. The MSCI EM Index (Net) consists of the following 24 emerging market country indices: Brazil, Chile, China, Colombia, Czech Republic, Egypt, Greece, Hungary, India, Indonesia, Korea, Malaysia, Mexico, Pakistan, Peru, the Philippines, Poland, Qatar, Russia, South Africa, Taiwan, Thailand, Turkey, and the United Arab Emirates. You cannot invest directly in an index.

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

⁵  The Bloomberg Barclays Global Aggregate ex-USD Index is an unmanaged index that provides a broad-based measure of the global investment-grade fixed-income markets excluding the U.S. dollar-denominated debt market. You cannot invest directly in an index.

⁶  The Bloomberg Barclays Municipal Bond Index is an unmanaged index composed of long-term tax-exempt bonds with a minimum credit rating of Baa. You cannot invest directly in an index.

⁷ The ICE BofAML U.S. High Yield Index is a market-capitalization-weighted index of domestic and Yankee high-yield bonds. The index tracks the performance of high-yield securities traded in the U.S. bond market. You cannot invest directly in an index. Copyright 2019. ICE Data Indices, LLC. All rights reserved.

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

Not all news was bad. The U.S. Bureau of Economic Analysis reported second-quarter gross domestic product (GDP) annualized growth of 4.2%. Hiring improved. Employment data remained strong. Consumer confidence and spending increased. The S&P 500 Index recorded a 3.43% second-quarter gain. Stocks of companies with smaller capitalizations were even better, as measured by the Russell 2000^® Index,⁸ adding 7.75%.

Investors appeared to shake off lingering concerns during the third quarter.

Favorable third-quarter economic indicators and corporate earnings reports encouraged domestic stock investors. U.S. trade negotiations with Mexico and Canada progressed. The Conference Board Consumer Confidence Index^®9 reached its highest level in 18 years during September. The Fed raised the federal funds rate by 25 bps to a target range of between 2.00% and 2.25% in September. For the quarter that ended September 30, 2018, the S&P 500 Index added 7.71%.

Investors in international markets were not as reassured. Tensions between the U.S. and China increased. The U.S. imposed $200 billion in tariffs on Chinese goods. China reacted with $60 billion in tariffs on U.S. goods. Economic growth in China caused concern. The BOE raised its monetary policy rate to 0.75% in August. During the quarter, the MSCI ACWI ex USA Index (Net) gained 0.71%. The MSCI EM Index (Net) declined 1.09%. In fixed-income markets, U.S. bonds were flat, as measured by the Bloomberg Barclays U.S. Aggregate Bond Index. The Bloomberg Barclays Global Aggregate ex-USD Index fell 1.74%.

Conflicting data unsettled markets during the fourth quarter.

For the S&P 500 Index and the MSCI ACWI ex USA Index (Net), negative stock market performance during October and December bracketed positive November returns. December’s S&P 500 Index performance was the worst since 1931. Globally, fixed-income investments fared better than stocks during the last two months of the year.

November’s U.S. mid-term elections shifted control of the House of Representatives from Republicans to Democrats, presaging potential partisan clashes. The Bureau of Economic Analysis reported that third-quarter U.S. GDP grew at an annualized 3.4% rate, solid, but lower than the second quarter rate. Brexit efforts stalled ahead of the March 2019 deadline. The PBOC cut reserve requirement ratios, accelerated infrastructure spending, and cut taxes even as the value of the yuan declined to low levels last seen in 2008.

After the Fed increased the federal funds rate by 25 bps to a target range of between 2.25% and 2.50% in December—the ninth such increase since the Fed began three years ago to raise rates from near zero—it softened its outlook for further interest rate increases in 2019.

The market climbs a wall of worry.

Investors entered 2019 with reasons to be concerned. A partial U.S government shutdown driven by partisan spending and immigration policy disputes extended into January. Investors expected high levels of stock market volatility to continue based on the VIX¹⁰.

Favorable third-quarter economic indicators and corporate earnings reports encouraged domestic stock investors.

⁸  The Russell 2000^® Index measures the performance of the 2,000 smallest companies in the Russell 3000^® Index, which represents approximately 8% of the total market capitalization of the Russell 3000^® Index. You cannot invest directly in an index.

⁹  The Conference Board Consumer Confidence Index^® measures the degree of optimism on the state of the U.S. economy that consumers are expressing through their activities of savings and spending. You cannot invest directly in an index.

¹⁰  The Chicago Board Options Exchange Market Volatility Index (VIX) is a popular measure of the implied volatility of S&P 500 Index options. It represents one measure of the market’s expectation of stock market volatility over the next 30-day period. You cannot invest directly in an index.

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

January’s returns tended to support the investing adage that markets climb a wall of worry. The S&P 500 Index gained 8.01% for the month that ended January 31, 2019, its best monthly performance in 30 years. Returns for the MSCI ACWI ex USA Index (Net), the Bloomberg Barclays U.S. Aggregate Bond Index, and the Bloomberg Barclays Global Aggregate ex-USD Index also were positive.

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

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

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

Sincerely,

Andrew Owen

President

Wells Fargo Funds

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

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

Investment objective

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

Manager

Wells Fargo Funds Management, LLC

Subadviser

Wells Capital Management Incorporated

Portfolio managers

Michael C. Bird, CFA^®‡

Jeffrey L. Weaver, CFA^®‡

Laurie White

Average annual total returns (%) as of January 31, 2019

								Expense ratios1 (%)
	Inception date	1 year		5 year		10 year		Gross		Net2
Class A (WFGXX)	11-8-1999		1.38		0.36		0.18		0.61		0.60
Administrator Class (WGAXX)	7-31-2003		1.65		0.48		0.25		0.34		0.34
Institutional Class (GVIXX)	7-28-2003		1.79		0.57		0.30		0.22		0.20
Select Class (WFFXX)3	6-30-2015		1.85		0.61		0.32		0.18		0.14
Service Class (NWGXX)	11-16-1987		1.48		0.40		0.21		0.51		0.50
Sweep Class4	6-30-2010		1.21		0.30		0.15		0.77		0.77

Yield summary (%) as of January 31, 2019²

	Class A	Administrator Class		Institutional Class		Select Class		Service Class		Sweep Class
7-day current yield	1.87		2.13		2.27		2.33		1.97		1.70
7-day compound yield	1.88		2.15		2.29		2.35		1.99		1.71
30-day simple yield	1.87		2.13		2.27		2.33		1.97		1.70
30-day compound yield	1.89		2.15		2.29		2.35		1.99		1.72

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

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

For government money market funds: You could lose money by investing in the Fund. Although the fund seeks to preserve the value of your investment at $1.00 per share, it cannot guarantee it will do so. An investment in the Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The Fund’s sponsor has no legal obligation to provide financial support to the Fund, and you should not expect that the sponsor will provide financial support to the Fund at any time.

Please see footnotes on page 7.

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

Portfolio composition as of January 31, 2019⁵

Effective maturity distribution as of January 31, 2019⁵

Weighted average maturity as of January 31, 2019⁶

22 days

Weighted average life as of January 31, 2019⁷

99 days

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

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

²  The manager has contractually committed through May 31, 2019, to waive fees and/or reimburse expenses to the extent necessary to cap the expenses of each class after fee waivers at 0.60% for Class A, 0.35% for Administrator Class, 0.20% for Institutional Class, 0.14% for Select Class, 0.50% for Service Class, and 0.77% for the Sweep Class. Brokerage commissions, stamp duty fees, interest, taxes, acquired fund fees and expenses (if any), and extraordinary expenses are excluded from the expense cap. Prior to or after the commitment expiration date, the cap may be increased or the commitment to maintain the cap may be terminated only with the approval of the Board of Trustees. Without this cap, the Fund’s returns would have been lower. Without waived fees and/or reimbursed expenses, the Fund’s 7-day current yield would have been 1.86%, 2.13%, 2.25%, 2.29%, 1.96%, and 1.70% for Class A, Administrator Class, Institutional Class, Select Class, Service Class, and Sweep Class, respectively. The expense ratio paid by an investor is the net expense ratio (the total annual fund operating expenses after fee waivers) as stated in the prospectuses.

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

⁴  Historical performance shown for Sweep Class shares prior to their inception reflects the performance of Service Class shares, and has not been adjusted to include the higher expenses applicable to Sweep Class shares. If these expenses had been included, returns for Sweep Class shares would be lower.

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

⁶  Weighted Average Maturity (WAM): WAM is an average of the effective maturities of all securities held in the portfolio, weighted by each security’s percentage of total investments. The maturity of a portfolio security is the period remaining until the date on which the principal amount is unconditionally required to be paid, or in the case of a security called for redemption, the date on which the redemption payment is unconditionally required to be made. WAM calculations allow for the maturities of certain securities with demand features or periodic interest rate resets to be shortened. WAM is a way to measure a fund’s sensitivity to potential interest rate changes. WAM is subject to change and may have changed since the date specified.

⁷  Weighted Average Life (WAL): WAL is an average of the final maturities of all securities held in the portfolio, weighted by their percentage of total investments. The maturity of a portfolio security is the period remaining until the date on which the principal amount is unconditionally required to be paid, or in the case of a security called for redemption, the date on which the redemption payment is unconditionally required to be made. In contrast to WAM, the calculation of WAL allows for the maturities of certain securities with demand features to be shortened, but not the periodic interest rate resets. WAL is a way to measure a fund’s potential sensitivity to credit spread changes. WAL is subject to change and may have changed since the date specified.

8 Wells Fargo Government Money Market Fund Performance highlights (unaudited)

MANAGER’S DISCUSSION

The Fund’s fiscal year that ended January 31, 2019, was characterized by steadily rising interest rates. The fiscal year began with the target range on the federal funds rate set by the U.S. Federal Reserve (Fed) at 1.25% to 1.50%. The Fed raised the target range by 0.25% four times during the year—in March, June, September, and December—with the resulting federal funds target rate set at 2.25% to 2.50% at the end of the period. In addition to raising interest rates, the Fed also continued to shrink its balance sheet by systematically allowing a portion of the U.S. Treasury and mortgage-backed securities it acquired during its quantitative easing programs to mature without being reinvested. Both the interest rate and balance sheet actions represent steps by the Fed to normalize monetary policy, effectively unwinding the policies it used to assist the economy’s recovery from the financial crisis.

The U.S. economy grew strongly throughout the year. Gross domestic product grew at an average rate of approximately 3.1% on an annualized basis, compared with a solid 2.5% rate for the prior year. The unemployment rate was largely unchanged, ending the fiscal year at 4.0%, down from 4.1% a year earlier. In addition, the underemployment rate, which includes workers marginally attached to the labor force and those working part time for economic reasons, also fell slightly, from 8.2% to 8.1% over the same period. Both measures were at or below their lows in the years preceding the financial crisis. These measures, among others, likely gave the Fed the confidence it displayed in moving to normalize interest rates and its balance sheet.

Interest rates on all categories of government money market securities moved gradually higher throughout the year, consistent with the Fed’s moves. The 3-month Treasury bill (T-bill) yields averaged 1.58% during February 2018, the first month of the fiscal year; 2.40% during January 2019, the last month of the fiscal year; and 2.04% on average for the entire fiscal year. This compares with an average of 1.01% for the year that ended January 31, 2018. Similarly, average 6-month T-bill yields were 1.77% in February 2018; 2.50% in January 2019; and 2.21% over the whole fiscal year, up from an average of 1.14% in the previous fiscal year. The higher yields on T-bills were due not only to the Fed’s interest rate hikes but also to an increased supply of T-bills from the U.S. Treasury, which needed to finance the growing U.S. federal deficit. The total amount of T-bills outstanding grew from $1.964 trillion at the beginning of the fiscal year to $2.289 trillion at the end.

The yields on repurchase agreements (repos) generally followed the same path and were also heavily influenced by the Fed’s decisions. Overnight Treasury repo rates, as measured by the Fed’s Tri-Party General Collateral Rate, averaged 1.31% in February 2018, the fiscal year’s first month, and 2.44% in January 2019, the fiscal year’s last month. For the entire fiscal year that ended January 31, 2019 the average Treasury repo yield was 1.92%, up from 0.94% for the previous fiscal year.

Similarly, yields on government-sponsored enterprise (GSE) discount notes moved higher in lockstep with other government securities throughout the year. Average GSE discount note yields for 3-, 6-, and 12-month tenors were 1.00%, 1.09%, and 1.24%, respectively, in the prior reporting period. The yields moved to averages of 2.01%, 2.13%, and 2.32%, respectively, for the fiscal year that ended January 31, 2019.

Our portfolio strategy continued to emphasize maintaining both a stable $1.00 net asset value and adequate liquidity to meet shareholder redemptions. Accordingly, we invested in T-bills; U.S. Treasury notes; GSE discount notes; and other securities, including floating-rate notes and repos collateralized by Treasury securities and GSE obligations.

Strategic outlook

The economy has continued its solid performance, with a consistently strong labor market and gradually rising—but still below target—inflation. At the end of the fiscal year, the Fed signaled that it will proceed more cautiously, weighing incoming economic data and other factors and modifying its interest rate path accordingly. As the Fed is no longer projecting further gradual increases in interest rates and is instead espousing patience, the interest rate outlook as the fiscal year begins is for steady rates, and the direction of the next move in interest rates will depend on the evolution of the economy. The fiscal impulse from the federal tax cut that helped boost the economy over the past year may fade somewhat, potentially leading to slower economic growth over the following year. These factors suggest that interest rates on U.S. government money market securities may be little changed for at least the early part of the fiscal year. The risks to this outlook appear to be roughly balanced, as a still-strong economy could eventually call for higher rates, while rates could fall if the economy weakens due to a variety of factors, such as political developments in both the U.S. and abroad; a pullback in risk asset valuations; and a turn in the economic cycle, as the current expansion is well aged by historical standards. In the face of this uncertainty, we believe that our investment strategy, with its focus on capital preservation and liquidity, should enable the Fund to continue to meet its objectives.

Fund expenses (unaudited) Wells Fargo Government Money Market Fund 9

As a shareholder of the Fund, you incur ongoing costs, including management fees, distribution (12b-1) and/or shareholder servicing fees, and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The example is based on an investment of $1,000 invested at the beginning of the six-month period and held for the entire period from August 1, 2018 to January 31, 2019.

Actual expenses

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

Hypothetical example for comparison purposes

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

Please note that the expenses shown in the table are meant to highlight your ongoing costs only. Therefore, the “Hypothetical” line of the table is useful in comparing ongoing costs only and will not help you determine the relative total costs of owning different funds.

	Beginning account value 8-1-2018		Ending account value 1-31-2019		Expenses paid during the period¹		Annualized net expense ratio
Class A
Actual	$	1,000.00	$	1,008.21	$	3.03		0.60	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,022.18	$	3.06		0.60	%
Administrator Class
Actual	$	1,000.00	$	1,009.54	$	1.71		0.34	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,023.51	$	1.72		0.34	%
Institutional Class
Actual	$	1,000.00	$	1,010.24	$	1.01		0.20	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,024.20	$	1.02		0.20	%
Select Class
Actual	$	1,000.00	$	1,010.54	$	0.71		0.14	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,024.50	$	0.72		0.14	%
Service Class
Actual	$	1,000.00	$	1,008.72	$	2.53		0.50	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,022.69	$	2.55		0.50	%
Sweep Class
Actual	$	1,000.00	$	1,007.36	$	3.88		0.77	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.34	$	3.90		0.77	%

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

10 Wells Fargo Government Money Market Fund Portfolio of investments—January 31, 2019

Security name	Interest rate			Maturity date		Principal		Value
Government Agency Debt: 33.53%
FFCB (z)		2.23	%		2-4-2019	$	15,000,000	$	14,997,238
FFCB (z)		2.26			2-26-2019		20,000,000		19,968,889
FFCB (z)		2.27			2-27-2019		80,000,000		79,870,109
FFCB (z)		2.28			3-4-2019		25,000,000		24,951,563
FFCB (z)		2.29			3-18-2019		10,000,000		9,971,750
FFCB (z)		2.32			2-19-2019		15,000,000		14,982,750
FFCB (1 Month LIBOR -0.14%) ±		2.38			6-13-2019		88,000,000		87,963,295
FFCB (3 Month LIBOR -0.21%) ±		2.39			8-6-2020		16,500,000		16,481,813
FFCB (1 Month LIBOR -0.11%) ±		2.40			10-28-2019		75,000,000		74,988,957
FFCB (1 Month LIBOR -0.10%) ±		2.41			7-19-2019		145,000,000		144,996,593
FFCB (1 Month LIBOR -0.10%) ±		2.41			8-15-2019		118,000,000		117,995,239
FFCB (1 Month LIBOR -0.09%) ±		2.41			8-19-2019		200,000,000		199,994,458
FFCB (1 Month LIBOR -0.10%) ±		2.42			7-25-2019		295,500,000		295,490,594
FFCB (3 Month LIBOR -0.13%) ±		2.42			8-1-2019		100,000,000		100,000,000
FFCB (1 Month LIBOR -0.10%) ±		2.42			12-2-2019		37,000,000		36,991,435
FFCB (1 Month LIBOR -0.10%) ±		2.42			10-8-2019		116,500,000		116,481,371
FFCB (1 Month LIBOR -0.08%) ±		2.42			11-20-2019		150,000,000		149,975,610
FFCB (1 Month LIBOR -0.08%) ±		2.43			4-29-2019		100,000,000		99,999,026
FFCB (3 Month LIBOR -0.16%) ±		2.43			5-5-2020		50,000,000		49,997,311
FFCB (1 Month LIBOR -0.08%) ±		2.43			1-30-2020		75,000,000		74,994,101
FFCB (1 Month LIBOR -0.08%) ±		2.43			7-15-2019		200,000,000		199,995,492
FFCB (1 Month LIBOR -0.08%) ±		2.43			10-25-2019		208,000,000		207,997,627
FFCB (1 Month LIBOR -0.08%) ±		2.43			9-23-2019		150,000,000		149,999,574
FFCB (1 Month LIBOR -0.08%) ±		2.43			11-12-2019		100,000,000		100,000,129
FFCB (3 Month U.S. Treasury Bill Money Market Yield +0.05%) ±		2.43			3-23-2020		200,000,000		199,990,926
FFCB (3 Month U.S. Treasury Bill Money Market Yield +0.05%) ±		2.43			6-18-2020		100,000,000		99,993,807
FFCB (3 Month LIBOR -0.21%) ±		2.43			5-20-2020		125,000,000		124,881,914
FFCB (1 Month LIBOR -0.08%) ±		2.44			6-10-2019		200,000,000		199,993,056
FFCB (1 Month LIBOR -0.08%) ±		2.44			6-5-2019		35,000,000		34,999,411
FFCB (1 Month LIBOR -0.08%) ±		2.44			5-11-2020		189,295,000		189,170,556
FFCB (3 Month U.S. Treasury Bill Money Market Yield +0.05%) ±		2.44			4-16-2020		350,000,000		349,983,228
FFCB (3 Month U.S. Treasury Bill Money Market Yield +0.05%) ±		2.44			10-21-2020		100,000,000		99,991,501
FFCB (1 Month LIBOR -0.08%) ±		2.44			7-10-2019		147,200,000		147,200,000
FFCB (1 Month LIBOR -0.07%) ±		2.44			4-18-2019		150,000,000		150,003,423
FFCB (3 Month U.S. Treasury Bill Money Market Yield +0.06%) ±		2.44			7-22-2020		300,000,000		299,982,529
FFCB (3 Month U.S. Treasury Bill Money Market Yield +0.06%) ±		2.44			8-6-2020		150,000,000		149,996,629
FFCB (3 Month U.S. Treasury Bill Money Market Yield +0.06%) ±		2.44			9-4-2020		150,000,000		149,989,270
FFCB (z)		2.45			4-5-2019		25,000,000		24,894,125
FFCB (1 Month LIBOR -0.07%) ±		2.45			7-9-2020		137,000,000		136,902,497
FFCB (1 Month LIBOR -0.06%) ±		2.45			2-27-2020		48,500,000		48,497,927
FFCB (1 Month LIBOR -0.07%) ±		2.45			9-12-2019		100,000,000		99,996,939
FFCB (3 Month U.S. Treasury Bill Money Market Yield +0.06%) ±		2.45			10-15-2020		100,000,000		99,991,581
FFCB (1 Month LIBOR -0.05%) ±		2.45			8-27-2020		25,000,000		24,985,969
FFCB (3 Month U.S. Treasury Bill Money Market Yield +0.07%) ±		2.45			5-15-2020		225,000,000		225,004,499
FFCB (3 Month U.S. Treasury Bill Money Market Yield +0.07%) ±		2.45			7-24-2020		100,000,000		99,995,602
FFCB (1 Month LIBOR -0.05%) ±		2.46			1-22-2020		200,000,000		199,991,962
FFCB (1 Month LIBOR -0.05%) ±		2.46			2-7-2020		26,530,000		26,524,810
FFCB (1 Month LIBOR -0.05%) ±		2.47			3-12-2020		250,000,000		249,991,704
FFCB (1 Month LIBOR -0.05%) ±		2.47			5-14-2020		300,000,000		299,984,712
FFCB (3 Month U.S. Treasury Bill Money Market Yield +0.09%) ±		2.47			3-26-2020		100,000,000		99,996,584

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

Portfolio of investments—January 31, 2019 Wells Fargo Government Money Market Fund 11

Security name	Interest rate			Maturity date		Principal		Value
Government Agency Debt (continued)
FFCB (z)		2.48	%		4-22-2019	$	15,000,000	$	14,918,333
FFCB (1 Month LIBOR -0.03%) ±		2.48			4-9-2020		250,000,000		249,985,251
FFCB (3 Month LIBOR -0.13%) ±		2.49			8-14-2019		100,000,000		99,997,874
FFCB (z)		2.49			5-9-2019		106,000,000		105,299,175
FFCB (1 Month LIBOR -0.02%) ±		2.49			8-5-2020		90,000,000		89,961,395
FFCB (3 Month LIBOR -0.13%) ±		2.50			11-16-2020		130,000,000		129,986,974
FFCB (3 Month U.S. Treasury Bill Money Market Yield +0.11%) ±		2.50			12-28-2020		84,000,000		83,968,072
FFCB (1 Month LIBOR +0.01%) ±		2.51			5-26-2020		250,000,000		249,986,909
FFCB (1 Month LIBOR +0.01%) ±		2.51			11-27-2020		100,000,000		99,995,497
FFCB (1 Month LIBOR +0.00%) ±		2.51			6-25-2020		5,000,000		5,002,688
FFCB (1 Month LIBOR +0.01%) ±		2.51			8-19-2020		250,000,000		249,972,204
FFCB (3 Month LIBOR -0.19%) ±		2.52			2-28-2020		75,000,000		75,000,000
FFCB (z)		2.52			5-21-2019		20,000,000		19,849,822
FFCB (z)		2.53			5-28-2019		10,000,000		9,919,444
FFCB (1 Month LIBOR +0.03%) ±		2.54			12-14-2020		50,000,000		49,996,193
FFCB (1 Month LIBOR +0.04%) ±		2.54			1-28-2021		207,500,000		207,500,292
FFCB (3 Month LIBOR -0.20%) ±		2.54			3-6-2020		75,000,000		74,996,745
FFCB (1 Month LIBOR +0.05%) ±		2.55			1-27-2020		158,500,000		158,671,552
FFCB (z)		2.56			6-11-2019		100,000,000		99,090,000
FFCB (1 Month LIBOR +0.07%) ±		2.57			12-28-2020		250,000,000		250,000,000
FFCB (3 Month LIBOR -0.14%) ±		2.57			8-28-2019		25,000,000		25,000,000
FFCB (z)		2.57			7-11-2019		60,000,000		59,328,000
FFCB (3 Month LIBOR -0.20%) ±		2.58			4-16-2019		25,000,000		24,999,518
FFCB (3 Month LIBOR -0.12%) ±		2.59			11-30-2020		75,000,000		75,000,000
FFCB (1 Month LIBOR +0.07%) ±		2.59			1-8-2021		300,000,000		299,919,744
FFCB (3 Month LIBOR -0.15%) ±		2.59			3-2-2020		100,000,000		99,997,849
FFCB (3 Month LIBOR -0.19%) ±		2.59			6-13-2019		125,000,000		125,000,723
FFCB (z)		2.60			7-1-2019		5,000,000		4,946,875
FFCB (3 Month LIBOR -0.13%) ±		2.61			9-4-2020		115,000,000		115,000,000
FFCB (z)		2.61			7-10-2019		100,000,000		98,869,333
FFCB (z)		2.62			7-16-2019		15,000,000		14,823,313
FFCB (3 Month LIBOR -0.17%) ±		2.63			4-9-2020		100,000,000		99,995,303
FFCB (3 Month LIBOR -0.12%) ±		2.64			1-27-2020		10,000,000		10,009,685
FFCB (3 Month LIBOR -0.13%) ±		2.65			9-12-2019		100,000,000		99,997,556
FFCB (1 Month LIBOR +0.15%) ±		2.65			4-3-2019		14,330,000		14,336,111
FFCB (1 Month LIBOR +0.16%) ±		2.68			12-2-2019		25,000,000		25,049,088
FFCB (3 Month LIBOR -0.06%) ±		2.71			10-25-2019		42,400,000		42,442,792
FFCB (3 Month LIBOR -0.10%) ±		2.71			12-28-2020		235,000,000		234,982,416
FFCB (z)		2.75			11-4-2019		67,000,000		65,623,373
FFCB (3 Month LIBOR -0.01%) ±		2.81			9-23-2019		20,000,000		20,023,547
FHLB (3 Month LIBOR -0.28%) ±		2.26			2-1-2019		200,000,000		200,000,000
FHLB		2.28			9-20-2019		395,350,000		395,350,000
FHLB (3 Month LIBOR -0.28%) ±		2.30			2-4-2019		200,000,000		200,000,000
FHLB (z)		2.35			2-6-2019		50,000,000		49,983,750
FHLB (z)		2.36			3-1-2019		144,000,000		143,737,749
FHLB (z)		2.36			3-4-2019		50,000,000		49,899,250
FHLB (1 Month LIBOR -0.14%) ±		2.37			2-28-2019		300,000,000		300,000,000
FHLB (z)		2.37			2-22-2019		50,000,000		49,931,458
FHLB (z)		2.37			2-8-2019		50,000,000		49,977,085
FHLB (1 Month LIBOR -0.13%) ±		2.37			3-22-2019		200,000,000		200,000,000
FHLB (1 Month LIBOR -0.13%) ±		2.38			4-15-2019		200,000,000		200,000,000

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

12 Wells Fargo Government Money Market Fund Portfolio of investments—January 31, 2019

Security name	Interest rate			Maturity date		Principal		Value
Government Agency Debt (continued)
FHLB (z)		2.38	%		2-13-2019	$	100,000,000	$	99,921,100
FHLB (z)		2.38			2-15-2019		100,000,000		99,907,912
FHLB (1 Month LIBOR -0.13%) ±		2.38			2-6-2019		200,000,000		200,000,000
FHLB (1 Month LIBOR -0.12%) ±		2.38			2-22-2019		200,000,000		200,000,000
FHLB (1 Month LIBOR -0.12%) ±		2.38			2-22-2019		200,000,000		200,000,000
FHLB (1 Month LIBOR -0.13%) ±		2.39			7-16-2019		100,000,000		100,000,000
FHLB (1 Month LIBOR -0.13%) ±		2.39			6-7-2019		205,000,000		204,999,141
FHLB (z)		2.39			2-20-2019		100,000,000		99,874,706
FHLB (1 Month LIBOR -0.12%) ±		2.39			2-15-2019		200,000,000		200,000,000
FHLB (1 Month LIBOR -0.11%) ±		2.39			2-22-2019		150,000,000		150,000,000
FHLB (1 Month LIBOR -0.12%) ±		2.39			4-18-2019		300,000,000		300,000,000
FHLB (1 Month LIBOR -0.11%) ±		2.40			7-19-2019		19,995,000		19,993,877
FHLB (z)		2.40			2-27-2019		100,000,000		99,827,750
FHLB		2.40			10-11-2019		367,750,000		367,750,000
FHLB		2.40			10-15-2019		300,000,000		300,000,000
FHLB (z)		2.41			2-1-2019		192,550,000		192,550,000
FHLB (1 Month LIBOR -0.10%) ±		2.41			10-21-2019		200,000,000		200,000,000
FHLB (1 Month LIBOR -0.09%) ±		2.41			7-22-2019		100,000,000		100,000,021
FHLB (z)		2.42			3-6-2019		100,000,000		99,779,083
FHLB (1 Month LIBOR -0.09%) ±		2.42			7-17-2019		100,000,000		100,000,037
FHLB (1 Month LIBOR -0.09%) ±		2.42			7-16-2019		100,000,000		100,000,000
FHLB (1 Month LIBOR -0.10%) ±		2.42			3-8-2019		200,000,000		200,000,000
FHLB (1 Month LIBOR -0.08%) ±		2.42			3-19-2019		100,000,000		100,000,000
FHLB (1 Month LIBOR -0.08%) ±		2.42			3-20-2019		100,000,000		100,000,000
FHLB (1 Month LIBOR -0.08%) ±		2.43			2-4-2019		100,000,000		100,000,000
FHLB (z)		2.43			3-8-2019		270,000,000		269,366,452
FHLB (1 Month LIBOR -0.08%) ±		2.43			3-15-2019		100,000,000		100,000,000
FHLB (1 Month LIBOR -0.07%) ±		2.43			5-28-2019		150,000,000		150,000,000
FHLB (1 Month LIBOR -0.08%) ±		2.43			2-7-2020		150,000,000		150,000,000
FHLB (1 Month LIBOR -0.07%) ±		2.44			7-17-2019		100,000,000		100,000,000
FHLB (z)		2.44			4-4-2019		100,000,000		99,583,222
FHLB (1 Month LIBOR -0.06%) ±		2.44			4-26-2019		150,000,000		150,000,000
FHLB (1 Month LIBOR -0.06%) ±		2.44			10-28-2019		200,000,000		200,000,000
FHLB (1 Month LIBOR -0.06%) ±		2.44			2-20-2020		200,000,000		200,000,000
FHLB (1 Month LIBOR -0.06%) ±		2.44			2-21-2020		125,000,000		125,000,000
FHLB (U.S. SOFR +0.06%) ±		2.45			9-10-2019		75,000,000		75,000,000
FHLB (1 Month LIBOR -0.06%) ±		2.45			8-7-2019		35,000,000		35,005,497
FHLB (1 Month LIBOR -0.07%) ±		2.45			4-24-2019		200,000,000		200,000,000
FHLB (1 Month LIBOR -0.06%) ±		2.46			12-16-2019		114,100,000		114,135,825
FHLB (3 Month LIBOR -0.19%) ±		2.46			2-20-2020		200,000,000		200,000,000
FHLB (1 Month LIBOR -0.05%) ±		2.46			10-9-2019		150,000,000		150,000,000
FHLB (1 Month LIBOR -0.05%) ±		2.46			12-13-2019		100,000,000		100,000,000
FHLB (z)		2.47			4-8-2019		50,000,000		49,775,875
FHLB (z)		2.48			4-17-2019		200,000,000		198,977,084
FHLB (3 Month LIBOR -0.20%) ±		2.48			11-26-2019		100,000,000		100,000,000
FHLB (z)		2.48			4-16-2019		100,000,000		99,495,361
FHLB (z)		2.48			4-22-2019		150,000,000		149,179,444
FHLB (z)		2.49			4-23-2019		50,000,000		49,722,688
FHLB (z)		2.50			5-1-2019		46,050,000		45,768,801
FHLB (1 Month LIBOR +0.00%) ±		2.50			10-26-2020		230,000,000		230,000,323

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

Portfolio of investments—January 31, 2019 Wells Fargo Government Money Market Fund 13

Security name	Interest rate			Maturity date		Principal		Value
Government Agency Debt (continued)
FHLB (z)		2.52	%		5-16-2019	$	50,000,000	$	49,641,056
FHLB (z)		2.52			5-15-2019		67,300,000		66,821,402
FHLB (3 Month LIBOR -0.16%) ±		2.52			5-24-2019		142,000,000		142,009,071
FHLB (3 Month LIBOR -0.16%) ±		2.52			5-24-2019		200,000,000		200,008,695
FHLB (3 Month LIBOR -0.19%) ±		2.52			8-28-2019		200,000,000		200,000,000
FHLB (3 Month U.S. Treasury Bill +0.07%) ±		2.52			1-30-2020		150,000,000		150,000,000
FHLB (3 Month LIBOR -0.26%) ±		2.54			10-7-2019		75,000,000		74,945,510
FHLB (3 Month LIBOR -0.26%) ±		2.54			10-11-2019		312,400,000		312,170,504
FHLB (3 Month LIBOR -0.16%) ±		2.55			5-28-2019		550,000,000		550,043,097
FHLB (3 Month LIBOR -0.16%) ±		2.55			5-28-2019		27,500,000		27,501,229
FHLB (3 Month LIBOR -0.20%) ±		2.58			2-18-2020		250,000,000		250,000,000
FHLB (3 Month LIBOR -0.21%) ±		2.59			7-6-2020		200,000,000		200,000,000
FHLB (3 Month LIBOR -0.16%) ±		2.59			6-5-2019		10,000,000		10,001,311
FHLB (3 Month LIBOR -0.21%) ±		2.59			6-19-2020		200,000,000		200,000,000
FHLB (3 Month LIBOR -0.16%) ±		2.62			6-12-2019		466,855,000		466,856,442
FHLB (3 Month LIBOR -0.16%) ±		2.62			10-22-2019		150,000,000		150,000,000
FHLB (3 Month LIBOR -0.16%) ±		2.63			6-20-2019		59,680,000		59,687,060
FHLB (3 Month LIBOR -0.15%) ±		2.65			1-2-2020		150,000,000		150,000,000
FHLB (3 Month LIBOR -0.14%) ±		2.65			12-20-2019		250,000,000		249,973,366
FHLB (3 Month LIBOR -0.12%) ±		2.66			12-13-2019		150,000,000		150,000,000
FHLB (3 Month LIBOR -0.11%) ±		2.67			1-25-2021		50,000,000		50,000,769
FHLB (3 Month LIBOR -0.14%) ±		2.68			12-26-2019		225,000,000		225,000,000
FHLB		2.75			10-24-2019		9,775,000		9,775,518
FHLMC		1.25			8-1-2019		63,648,000		63,205,751
FHLMC		1.25			10-2-2019		144,295,000		142,899,297
FHLMC (U.S. SOFR +0.03%) ±		2.42			6-19-2019		120,000,000		120,000,000
FHLMC (1 Month LIBOR -0.10%) ±		2.42			8-8-2019		100,000,000		100,000,000
FHLMC		2.53			9-20-2019		300,000,000		300,000,000
FHLMC (3 Month LIBOR -0.22%) ±		2.55			6-10-2019		150,000,000		150,000,000
FHLMC		3.75			3-27-2019		20,997,000		21,040,575
FNMA		0.88			8-2-2019		383,635,000		380,284,072
FNMA		1.00			8-28-2019		41,983,000		41,584,341
FNMA		1.00			10-24-2019		51,029,000		50,395,743
FNMA		1.75			9-12-2019		50,000,000		49,703,012
FNMA (U.S. SOFR +0.04%) ±		2.43			4-30-2019		50,000,000		50,000,000
FNMA (U.S. SOFR +0.07%) ±		2.46			10-30-2019		25,000,000		25,000,000
FNMA (U.S. SOFR +0.10%) ±		2.49			4-30-2020		15,000,000		15,000,000
FNMA (1 Month LIBOR +0.00%) ±		2.50			2-28-2019		15,000,000		15,001,231
National Credit Union Administration Guaranteed Note Series A4		3.00			6-12-2019		20,900,000		20,929,314
Overseas Private Investment Corporation (3 Month U.S. Treasury Bill +0.00%) ±§		2.40			11-15-2025		6,600,000		6,600,000
Overseas Private Investment Corporation (3 Month U.S. Treasury Bill +0.00%) ±§		2.40			10-15-2032		22,705,128		22,705,128
Overseas Private Investment Corporation (3 Month U.S. Treasury Bill +0.00%) ±§		2.40			6-15-2034		18,420,940		18,420,940
Overseas Private Investment Corporation (3 Month U.S. Treasury Bill +0.00%) ±§		2.41			8-15-2019		6,000,000		6,000,000
Overseas Private Investment Corporation (3 Month U.S. Treasury Bill +0.00%) ±§		2.41			11-15-2022		21,700,000		21,700,000
Overseas Private Investment Corporation (3 Month U.S. Treasury Bill +0.00%) ±§		2.41			11-15-2023		20,000,000		20,000,000
Overseas Private Investment Corporation (3 Month U.S. Treasury Bill +0.00%) ±§		2.41			1-20-2027		68,000,000		68,000,000
Overseas Private Investment Corporation (3 Month U.S. Treasury Bill +0.00%) ±§		2.41			7-19-2027		10,000,000		10,000,000
Overseas Private Investment Corporation (3 Month U.S. Treasury Bill +0.00%) ±§		2.41			9-20-2027		25,000,000		25,000,000
Overseas Private Investment Corporation (3 Month U.S. Treasury Bill +0.00%) ±§		2.41			9-2-2031		10,000,000		10,000,000

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

14 Wells Fargo Government Money Market Fund Portfolio of investments—January 31, 2019

Security name	Interest rate			Maturity date		Principal		Value
Government Agency Debt (continued)
Overseas Private Investment Corporation (3 Month U.S. Treasury Bill +0.00%) ±§		2.41	%		9-2-2031	$	11,755,000	$	11,755,000
Overseas Private Investment Corporation (3 Month U.S. Treasury Bill +0.00%) ±§		2.41			9-2-2031		8,830,000		8,830,000
Overseas Private Investment Corporation (3 Month U.S. Treasury Bill +0.00%) ±§		2.41			9-2-2031		6,730,000		6,730,000
Overseas Private Investment Corporation (3 Month U.S. Treasury Bill +0.00%) ±§		2.41			9-2-2031		5,875,000		5,875,000
Overseas Private Investment Corporation (3 Month U.S. Treasury Bill +0.00%) ±§		2.41			9-30-2031		11,647,170		11,647,170
Overseas Private Investment Corporation (3 Month U.S. Treasury Bill +0.00%) ±§		2.41			6-28-2032		31,051,405		31,051,405
Overseas Private Investment Corporation (3 Month U.S. Treasury Bill +0.00%) ±§		2.41			5-15-2033		3,773,401		3,773,401
Overseas Private Investment Corporation (3 Month U.S. Treasury Bill +0.00%) ±§		2.41			1-20-2035		12,000,000		12,000,000
Overseas Private Investment Corporation (3 Month U.S. Treasury Bill +0.00%) ±§		2.41			1-20-2035		10,400,000		10,400,000
Overseas Private Investment Corporation (3 Month U.S. Treasury Bill +0.00%) ±§		2.41			1-20-2035		9,900,000		9,900,000
Overseas Private Investment Corporation (3 Month U.S. Treasury Bill +0.00%) ±§		2.41			1-20-2035		4,000,000		4,000,000
Overseas Private Investment Corporation (3 Month U.S. Treasury Bill +0.00%) ±§		2.41			4-20-2035		17,500,000		17,500,000
Overseas Private Investment Corporation (3 Month U.S. Treasury Bill +0.00%) ±§		2.41			4-20-2035		5,000,000		5,000,000
Overseas Private Investment Corporation (3 Month U.S. Treasury Bill +0.00%) ±§		2.41			4-20-2035		5,000,000		5,000,000
Overseas Private Investment Corporation (3 Month U.S. Treasury Bill +0.00%) ±§		2.41			10-15-2039		14,965,000		14,965,000
Overseas Private Investment Corporation (3 Month U.S. Treasury Bill +0.00%) ±§		2.41			10-15-2039		15,000,000		15,000,000
Overseas Private Investment Corporation (3 Month U.S. Treasury Bill +0.00%) ±§		2.41			1-15-2040		3,976,000		3,976,000
Overseas Private Investment Corporation (3 Month U.S. Treasury Bill +0.00%) ±§		2.41			1-15-2040		11,928,000		11,928,000
Overseas Private Investment Corporation (3 Month U.S. Treasury Bill +0.00%) ±§		2.41			7-7-2040		19,995,900		19,995,900
Overseas Private Investment Corporation (3 Month U.S. Treasury Bill +0.00%) ±§		2.41			7-7-2040		8,598,237		8,598,237
Overseas Private Investment Corporation (3 Month U.S. Treasury Bill +0.00%) ±§		2.41			7-7-2040		8,498,258		8,498,258
Overseas Private Investment Corporation (3 Month U.S. Treasury Bill +0.00%) ±§		2.41			7-7-2040		10,997,745		10,997,745
Overseas Private Investment Corporation (3 Month U.S. Treasury Bill +0.00%) ±§		2.41			7-15-2040		9,840,600		9,840,600
Overseas Private Investment Corporation (3 Month U.S. Treasury Bill +0.00%) ±§		2.41			10-15-2040		7,000,000		7,000,000
Overseas Private Investment Corporation (3 Month U.S. Treasury Bill +0.00%) ±§		2.42			12-15-2019		11,088,000		11,088,000
Overseas Private Investment Corporation (3 Month U.S. Treasury Bill +0.00%) ±§		2.42			7-9-2026		70,451,250		70,451,250
Overseas Private Investment Corporation (3 Month U.S. Treasury Bill +0.00%) ±§		2.42			1-15-2030		16,603,774		16,603,774
Overseas Private Investment Corporation Series 1 (3 Month U.S. Treasury Bill +0.00%) ±§		2.41			8-15-2026		15,447,168		15,447,168
Overseas Private Investment Corporation Series 1 (3 Month U.S. Treasury Bill +0.00%) ±§		2.41			9-30-2031		4,585,500		4,585,500
Overseas Private Investment Corporation Series 1 (3 Month U.S. Treasury Bill +0.00%) ±§		2.41			1-15-2040		9,940,000		9,940,000
Overseas Private Investment Corporation Series 2 (3 Month U.S. Treasury Bill +0.00%) ±§		2.41			10-10-2025		6,591,600		6,591,600
Overseas Private Investment Corporation Series 2 (3 Month U.S. Treasury Bill +0.00%) ±§		2.41			9-30-2031		10,730,070		10,730,070
Overseas Private Investment Corporation Series 2 (3 Month U.S. Treasury Bill +0.00%) ±§		2.41			9-20-2038		4,000,000		4,000,000
Overseas Private Investment Corporation Series 2-2 (3 Month U.S. Treasury Bill +0.00%) ±§		2.41			7-15-2040		3,479,000		3,479,000
Overseas Private Investment Corporation Series 3 (3 Month U.S. Treasury Bill +0.00%) ±§		2.41			10-10-2025		8,569,080		8,569,080
Overseas Private Investment Corporation Series 3 (3 Month U.S. Treasury Bill +0.00%) ±§		2.41			7-15-2026		5,284,620		5,284,620
Overseas Private Investment Corporation Series 4 (3 Month U.S. Treasury Bill +0.00%) ±§		2.40			11-15-2033		24,341,881		24,341,881
Overseas Private Investment Corporation Series 4 (3 Month U.S. Treasury Bill +0.00%) ±§		2.41			9-2-2031		3,500,000		3,500,000

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

Portfolio of investments—January 31, 2019 Wells Fargo Government Money Market Fund 15

Security name	Interest rate			Maturity date		Principal		Value
Government Agency Debt (continued)
Overseas Private Investment Corporation Series 4 (3 Month U.S. Treasury Bill +0.00%) ±§		2.41	%		9-30-2031	$	6,236,280	$	6,236,280
Overseas Private Investment Corporation Series 4 (3 Month U.S. Treasury Bill +0.00%) ±§		2.41			1-20-2035		9,000,000		9,000,000
Overseas Private Investment Corporation Series 5 (3 Month U.S. Treasury Bill +0.00%) ±§		2.41			9-30-2031		6,419,700		6,419,700
Overseas Private Investment Corporation Series 6 (3 Month U.S. Treasury Bill +0.00%) ±§		2.41			9-30-2031		6,419,700		6,419,700
Overseas Private Investment Corporation Series 6 (3 Month U.S. Treasury Bill +0.00%) ±§		2.41			4-20-2035		8,900,000		8,900,000
Overseas Private Investment Corporation Series 6 (3 Month U.S. Treasury Bill +0.00%) ±§		2.41			7-7-2040		4,898,996		4,898,996
Overseas Private Investment Corporation Series 7 (3 Month U.S. Treasury Bill +0.00%) ±§		2.41			9-30-2031		3,668,400		3,668,400
Overseas Private Investment Corporation Series 7 (3 Month U.S. Treasury Bill +0.00%) ±§		2.41			1-20-2035		2,900,000		2,900,000
Overseas Private Investment Corporation Series 8 (3 Month U.S. Treasury Bill +0.00%) ±§		2.41			9-30-2031		13,756,500		13,756,500
Overseas Private Investment Corporation Series 9 (3 Month U.S. Treasury Bill +0.00%) ±§		2.40			5-15-2030		25,296,000		25,296,000
Overseas Private Investment Corporation Series 9 (3 Month U.S. Treasury Bill +0.00%) ±§		2.41			9-30-2031		4,310,370		4,310,370
Total Government Agency Debt (Cost $25,454,541,261)									25,454,541,261
Municipal Obligations: 0.07%
New York: 0.02%
Variable Rate Demand Notes ø: 0.02%
New York City NY Housing Development Corporation Taxable-90 West Street-Series B (Housing Revenue, FNMA LOC, FNMA LIQ)		2.45			3-15-2036		5,650,000		5,650,000
New York HFA 11th Avenue Housing Series B (Housing Revenue, FNMA LOC, FNMA LIQ)		2.45			5-15-2041		6,000,000		6,000,000
New York HFA Series B (Housing Revenue, FNMA LOC, FNMA LIQ)		2.45			5-15-2033		2,100,000		2,100,000
									13,750,000
Washington: 0.03%
Variable Rate Demand Notes ø: 0.03%
Washington Housing Finance Commission Ballard Landmark Inn Project Series B (Housing Revenue, FHLB LOC)		2.39			12-15-2041		12,900,000		12,900,000
Washington Housing Finance Commission Eagles Landing Apartments Project Series A (Housing Revenue, FNMA LOC, FNMA LIQ)		2.45			12-15-2036		1,520,000		1,520,000
Washington Housing Finance Commission Fairwinds Project Series B (Housing Revenue, FHLB LOC)		2.43			7-1-2041		2,945,000		2,945,000
Washington Housing Finance Commission Fairwinds Redmond Project (Housing Revenue, FHLB LOC)		2.43			7-1-2041		4,600,000		4,600,000
Washington Housing Finance Commission The Lodge at Eagle Ridge Series B (Housing Revenue, FHLB LOC)		2.43			8-1-2041		3,425,000		3,425,000
									25,390,000

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

16 Wells Fargo Government Money Market Fund Portfolio of investments—January 31, 2019

Security name	Interest rate			Maturity date		Principal		Value
Wisconsin: 0.02%
Variable Rate Demand Notes ø: 0.02%
Wisconsin PFA Assisted Living Facilities Brannan Park Project (Housing Revenue, FHLB LOC)		2.39	%		1-1-2048	$	12,320,000	$	12,320,000
Total Municipal Obligations (Cost $51,460,000)									51,460,000
Repurchase Agreements ^^: 60.64%
Bank of America Corporation, dated 1-31-2019, maturity value $1,455,103,871 (1)		2.57			2-1-2019		1,455,000,000		1,455,000,000
Bank of Montreal, dated 1-17-2019, maturity value $400,894,667 (2)§		2.44			2-19-2019		400,000,000		400,000,000
Bank of Montreal, dated 1-31-2019, maturity value $700,049,972 (3)		2.57			2-1-2019		700,000,000		700,000,000
Bank of Nova Scotia, dated 1-31-2019, maturity value $1,405,100,301 (4)		2.57			2-1-2019		1,405,000,000		1,405,000,000
Barclays Capital Incorporated, dated 1-10-2019, maturity value $400,792,667 (5)		2.46			2-8-2019		400,000,000		400,000,000
BNP Paribas Securities Corporation, dated 1-31-2019, maturity value $100,007,194 (6)		2.59			2-1-2019		100,000,000		100,000,000
BNP Paribas Securities Corporation, dated 1-31-2019, maturity value $200,435,556 (7)		2.45			3-4-2019		200,000,000		200,000,000
BNP Paribas Securities Corporation, dated 1-31-2019, maturity value $640,046,222 (8)		2.60			2-1-2019		640,000,000		640,000,000
BNP Paribas Securities Corporation, dated 12-3-2018, maturity value $301,850,333 (9)		2.44			2-6-2019		300,000,000		300,000,000
BNP Paribas Securities Corporation, dated 12-6-2018, maturity value $301,260,667 (10)		2.44			3-4-2019		300,000,000		300,000,000
Citibank NA, dated 1-31-2019, maturity value $250,017,847 (11)		2.57			2-1-2019		250,000,000		250,000,000
Citibank NA, dated 1-31-2019, maturity value $250,118,611 (12)		2.44			2-7-2019		250,000,000		250,000,000
Citigroup Global Markets Incorporated, dated 1-29-2019, maturity value $250,117,153 (13)		2.41			2-5-2019		250,000,000		250,000,000
Citigroup Global Markets Incorporated, dated 1-31-2019, maturity value $2,000,142,778 (14)		2.57			2-1-2019		2,000,000,000		2,000,000,000
Credit Agricole SA, dated 1-25-2019, maturity value $400,187,444 (15)		2.41			2-1-2019		400,000,000		400,000,000
Credit Agricole SA, dated 1-31-2019, maturity value $1,250,089,236 (16)		2.57			2-1-2019		1,250,000,000		1,250,000,000
Credit Agricole SA, dated 1-31-2019, maturity value $850,055,486 (17)		2.35			2-1-2019		850,000,000		850,000,000
Deutsche Bank Securities, dated 1-31-2019, maturity value $200,014,333 (18)		2.58			2-1-2019		200,000,000		200,000,000
Deutsche Bank Securities, dated 1-31-2019, maturity value $500,034,722 (19)		2.50			2-1-2019		500,000,000		500,000,000
Deutsche Bank Securities, dated 1-31-2019, maturity value $500,036,111 (20)		2.60			2-1-2019		500,000,000		500,000,000
Fixed Income Clearing Corporation, dated 1-31-2019, maturity value $6,890,489,956 (21)		2.56			2-1-2019		6,890,000,000		6,890,000,000
Goldman Sachs & Company, dated 1-31-2019, maturity value $145,010,231 (22)		2.54			2-1-2019		145,000,000		145,000,000
ING Financial Markets LLC, dated 1-15-2019, maturity value $201,374,167 (23)		2.55			4-22-2019		200,000,000		200,000,000
ING Financial Markets LLC, dated 1-25-2019, maturity value $300,140,583 (24)		2.41			2-1-2019		300,000,000		300,000,000
ING Financial Markets LLC, dated 1-29-2019, maturity value $251,568,750 (25)		2.51			4-29-2019		250,000,000		250,000,000
ING Financial Markets LLC, dated 1-30-2019, maturity value $500,234,306 (26)		2.41			2-6-2019		500,000,000		500,000,000
ING Financial Markets LLC, dated 1-31-2019, maturity value $1,100,078,604 (27)		2.57			2-1-2019		1,100,000,076		1,100,000,076
ING Financial Markets LLC, dated 1-4-2019, maturity value $503,185,000 (28)		2.52			4-5-2019		500,000,000		500,000,000
ING Financial Markets LLC, dated 1-7-2019, maturity value $200,868,000 (29)		2.48			3-11-2019		200,000,000		200,000,000
ING Financial Markets LLC, dated 11-19-2018, maturity value $176,048,056 (30)		2.45			2-15-2019		175,000,000		175,000,000
ING Financial Markets LLC, dated 11-30-2018, maturity value $301,331,000 (31)		2.42			2-4-2019		300,000,000		300,000,000
ING Financial Markets LLC, dated 11-5-2018, maturity value $101,294,222 (32)		2.56			5-6-2019		100,000,000		100,000,000
ING Financial Markets LLC, dated 12-10-2018, maturity value $150,940,333 (33)		2.48			3-11-2019		150,000,000		150,000,000
ING Financial Markets LLC, dated 12-19-2018, maturity value $150,945,000 (34)		2.52			3-19-2019		150,000,000		150,000,000

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

Portfolio of investments—January 31, 2019 Wells Fargo Government Money Market Fund 17

Security name	Interest rate			Maturity date		Principal		Value
Repurchase Agreements ^^ (continued)
ING Financial Markets LLC, dated 12-28-2018, maturity value $350,843,889 (35)		2.48	%		2-1-2019	$	350,000,000	$	350,000,000
JPMorgan Securities, dated 1-31-2019, maturity value $3,100,221,306 (36)		2.57			2-1-2019		3,100,000,000		3,100,000,000
JPMorgan Securities, dated 1-31-2019, maturity value $615,043,563 (37)		2.55			2-1-2019		615,000,000		615,000,000
Merrill Lynch Pierce Fenner Smith Incorporated, dated 1-31-2019, maturity value $100,007,139 (38)		2.57			2-1-2019		100,000,000		100,000,000
MetLife Incorporated, dated 1-31-2019, maturity value $350,026,549 (39)		2.57			2-1-2019		350,001,563		350,001,563
Mitsubishi Bank, dated 1-31-2019, maturity value $250,017,917 (40)		2.58			2-1-2019		250,000,000		250,000,000
Mizuho Bank, dated 1-31-2019, maturity value $650,046,403 (41)		2.57			2-1-2019		650,000,000		650,000,000
MUFG Securities Canada Limited, dated 1-31-2019, maturity value $1,470,104,125 (42)		2.55			2-1-2019		1,470,000,000		1,470,000,000
Nomura Securities International Incorporated, dated 1-29-2019, maturity value $1,200,562,333 (43)		2.41			2-5-2019		1,200,000,000		1,200,000,000
Nomura Securities International Incorporated, dated 1-31-2019, maturity value $1,000,071,667 (44)		2.58			2-1-2019		1,000,000,000		1,000,000,000
Prudential Insurance Company of America, dated 1-31-2019, maturity value $109,436,623 (45)		2.59			2-1-2019		109,428,750		109,428,750
Prudential Insurance Company of America, dated 1-31-2019, maturity value $676,058,635 (46)		2.59			2-1-2019		676,010,000		676,010,000
RBC Capital Markets, dated 1-31-2019, maturity value $1,700,120,417 (47)		2.55			2-1-2019		1,700,000,000		1,700,000,000
RBC Capital Markets, dated 1-31-2019, maturity value $2,750,196,319 (48)		2.57			2-1-2019		2,750,000,000		2,750,000,000
Royal Bank of Canada, dated 1-11-2019, maturity value $300,632,917 (49) §		2.45			2-11-2019		300,000,000		300,000,000
Royal Bank of Canada, dated 1-14-2019, maturity value $601,265,833 (50) §		2.45			2-14-2019		600,000,000		600,000,000
Royal Bank of Canada, dated 1-16-2019, maturity value $250,457,500 (51) §		2.44			2-12-2019		250,000,000		250,000,000
Royal Bank of Canada, dated 1-17-2019, maturity value $300,691,333 (52) §		2.44			2-20-2019		300,000,000		300,000,000
Royal Bank of Canada, dated 1-31-2019, maturity value $1,000,071,389 (53)		2.57			2-1-2019		1,000,000,000		1,000,000,000
Royal Bank of Canada, dated 11-29-2018, maturity value $502,133,333 (54) §		2.40			2-1-2019		500,000,000		500,000,000
Royal Bank of Canada, dated 12-20-2018, maturity value $301,245,417 (55) §		2.45			2-19-2019		300,000,000		300,000,000
Royal Bank of Scotland, dated 1-31-2019, maturity value $900,064,500 (56)		2.58			2-1-2019		900,000,000		900,000,000
Societe Generale, dated 1-25-2019, maturity value $500,234,306 (57)		2.41			2-1-2019		500,000,000		500,000,000
Sumitomo Mitsui Banking Corporation, dated 1-18-2019, maturity value $619,732,216 (58) §		2.47			2-1-2019		619,137,500		619,137,500
Sumitomo Mitsui Banking Corporation, dated 1-22-2019, maturity value $179,609,860 (59) §		2.47			2-5-2019		179,437,500		179,437,500
Sumitomo Mitsui Banking Corporation, dated 1-24-2019, maturity value $619,599,589 (60) §		2.47			2-7-2019		619,005,000		619,005,000
Sumitomo Mitsui Banking Corporation, dated 1-25-2019, maturity value $619,946,171 (61) §		2.47			2-8-2019		619,351,250		619,351,250
Sumitomo Mitsui Banking Corporation, dated 1-31-2019, maturity value $619,394,392 (62) §		2.47			2-14-2019		618,800,000		618,800,000
Sumitomo Mitsui Banking Corporation, dated 2-1-2019, maturity value $619,799,781 (63)		2.47			2-15-2019		619,205,000		619,205,000
Sumitomo Mitsui Banking Corporation, dated 2-5-2019, maturity value $180,172,900 (64)		2.47			2-19-2019		180,000,000		180,000,000
TD Securities, dated 1-31-2019, maturity value $300,021,417 (65)		2.57			2-1-2019		300,000,000		300,000,000
Total Repurchase Agreements (Cost $46,035,376,639)									46,035,376,639
Treasury Debt: 7.01%
U.S. Treasury Bill (z)		2.20			2-7-2019		370,000,000		369,865,732
U.S. Treasury Bill (z)		2.22			2-14-2019		150,000,000		149,881,099
U.S. Treasury Bill (z)		2.23			2-21-2019		230,000,000		229,718,500
U.S. Treasury Bill (z)		2.23			2-28-2019		180,000,000		179,702,326

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

18 Wells Fargo Government Money Market Fund Portfolio of investments—January 31, 2019

Security name	Interest rate			Maturity date		Principal		Value
Treasury Debt (continued)
U.S. Treasury Bill (z)		2.27	%		3-7-2019	$	250,000,000	$	249,469,576
U.S. Treasury Bill (z)		2.30			3-14-2019		150,000,000		149,612,208
U.S. Treasury Bill (z)		2.42			4-11-2019		60,000,000		59,725,437
U.S. Treasury Bill (z)		2.46			4-4-2019		220,000,000		219,074,306
U.S. Treasury Bill (z)		2.47			4-25-2019		50,000,000		49,717,569
U.S. Treasury Note		0.75			2-15-2019		220,000,000		219,876,422
U.S. Treasury Note		0.75			7-15-2019		70,000,000		69,422,067
U.S. Treasury Note		0.75			8-15-2019		70,000,000		69,304,593
U.S. Treasury Note		0.88			7-31-2019		20,000,000		19,831,633
U.S. Treasury Note		1.00			3-15-2019		150,000,000		149,783,432
U.S. Treasury Note		1.25			3-31-2019		200,000,000		199,607,536
U.S. Treasury Note		1.25			4-30-2019		513,500,000		511,985,885
U.S. Treasury Note		1.25			5-31-2019		95,000,000		94,647,949
U.S. Treasury Note		1.25			6-30-2019		130,000,000		129,288,344
U.S. Treasury Note		1.38			2-28-2019		220,000,000		219,858,198
U.S. Treasury Note		1.38			7-31-2019		20,000,000		19,885,327
U.S. Treasury Note		1.50			2-28-2019		208,000,000		207,883,928
U.S. Treasury Note		1.50			5-31-2019		130,000,000		129,624,748
U.S. Treasury Note		1.63			3-31-2019		75,000,000		74,919,595
U.S. Treasury Note		1.63			4-30-2019		30,000,000		29,948,438
U.S. Treasury Note		1.63			7-31-2019		150,000,000		149,267,435
U.S. Treasury Note (3 Month U.S. Treasury Bill Money Market Yield +0.05%) ±		2.45			10-31-2020		500,000,000		499,262,600
U.S. Treasury Note (3 Month U.S. Treasury Bill Money Market Yield +0.12%) ±		2.52			1-31-2021		310,000,000		310,016,258
U.S. Treasury Note		2.75			2-15-2019		113,000,000		113,021,168
U.S. Treasury Note		3.13			5-15-2019		420,000,000		420,756,918
U.S. Treasury Note		3.63			8-15-2019		30,000,000		30,161,949
Total Treasury Debt (Cost $5,325,121,176)									5,325,121,176

Total investments in securities (Cost $76,866,499,076)	101.25	%		76,866,499,076
Other assets and liabilities, net	(1.25	)		(950,912,538	)
Total net assets	100.00	%	$	75,915,586,538

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

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

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

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

^^ Collateralized by:

(1) U.S. government securities, 3.00% to 3.50%, 8-20-2042 to 10-20-2046, fair value including accrued interest is $1,498,650,000.

(2) U.S. government securities, 2.50% to 6.00%, 5-15-2021 to 1-20-2049, fair value including accrued interest is $411,816,202.

(3) U.S. government securities, 1.13% to 8.00%, 5-31-2019 to 11-15-2053, fair value including accrued interest is $719,094,113.

(4) U.S. government securities, 2.00% to 7.00%, 12-1-2023 to 1-20-2049, fair value including accrued interest is $1,447,098,875.

(5) U.S. government securities, 2.63% to 3.38%, 1-31-2026 to 11-15-2048, fair value including accrued interest is $408,000,014.

(6) U.S. government securities, 0.00% to 6.25%, 2-1-2019 to 11-15-2039, fair value including accrued interest is $102,000,057.

(7) U.S. government securities, 0.00% to 6.50%, 7-1-2021 to 12-1-2048, fair value including accrued interest is $205,999,993.

(8) U.S. government securities, 1.13% to 7.00%, 2-28-2019 to 12-1-2048, fair value including accrued interest is $658,601,906.

(9) U.S. government securities, 1.88% to 7.50%, 6-1-2019 to 1-1-2049, fair value including accrued interest is $308,999,999.

(10) U.S. government securities, 0.63% to 7.00%, 3-1-2019 to 1-1-2049, fair value including accrued interest is $308,982,714.

(11) U.S. government securities, 0.00% to 10.00%, 2-13-2019 to 9-15-2060, fair value including accrued interest is $255,181,325.

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

Portfolio of investments—January 31, 2019 Wells Fargo Government Money Market Fund 19

(12) U.S. government securities, 0.00% to 8.88%, 3-18-2019 to 10-20-2067, fair value including accrued interest is $255,336,632.

(13) U.S. government securities, 0.00% to 9.00%, 9-12-2019 to 1-1-2049, fair value including accrued interest is $256,112,483.

(14) U.S. government securities, 0.13% to 5.63%, 9-30-2019 to 5-15-2045, fair value including accrued interest is $2,040,017,168.

(15) U.S. government securities, 3.00% to 6.50%, 1-1-2027 to 11-1-2048, fair value including accrued interest is $412,000,000.

(16) U.S. government securities, 2.00% to 4.00%, 1-5-2022 to 12-1-2048, fair value including accrued interest is $1,286,532,166.

(17) U.S. government securities, 0.00% to 2.25%, 1-30-2025 to 7-15-2026, fair value including accrued interest is $867,000,040.

(18) U.S. government securities, 0.00%, 5-15-2019 to 11-15-2027, fair value is $204,000,000.

(19) U.S. government securities, 0.00%, 2-15-2019 to 2-15-2028, fair value is $510,000,000.

(20) U.S. government securities, 0.00% to 6.50%, 6-1-2019 to 1-1-2049, fair value including accrued interest is $513,787,691.

(21) U.S. government securities, 0.13% to 6.50%, 2-28-2021 to 8-15-2043, fair value including accrued interest is $7,027,813,244.

(22) U.S. government securities, 2.00% to 6.00%, 1-1-2020 to 2-1-2049, fair value including accrued interest is $149,349,993.

(23) U.S. government securities, 2.25% to 6.00%, 8-1-2024 to 11-1-2048, fair value including accrued interest is $206,000,000.

(24) U.S. government securities, 0.00% to 5.50%, 12-5-2019 to 1-1-2049, fair value including accrued interest is $308,706,297.

(25) U.S. government securities, 0.00% to 5.00%, 12-5-2019 to 2-1-2049, fair value including accrued interest is $257,411,027.

(26) U.S. government securities, 0.00% to 5.00%, 2-15-2019 to 2-1-2049, fair value including accrued interest is $514,599,881.

(27) U.S. government securities, 0.00% to 7.00%, 2-5-2019 to 2-1-2049, fair value including accrued interest is $1,128,930,717.

(28) U.S. government securities, 0.00% to 6.00%, 6-30-2019 to 2-1-2049, fair value including accrued interest is $514,930,983.

(29) U.S. government securities, 0.00% to 6.50%, 2-5-2019 to 2-1-2049, fair value including accrued interest is $205,747,120.

(30) U.S. government securities, 0.00% to 6.00%, 2-5-2019 to 1-1-2049, fair value including accrued interest is $180,202,010.

(31) U.S. government securities, 0.00% to 6.50%, 6-30-2019 to 2-1-2049, fair value including accrued interest is $308,980,540.

(32) U.S. government securities, 0.00% to 5.14%, 1-30-2020 to 2-1-2049, fair value including accrued interest is $102,884,343.

(33) U.S. government securities, 0.00% to 7.00%, 12-5-2019 to 2-1-2049, fair value including accrued interest is $154,306,144.

(34) U.S. government securities, 2.50% to 4.50%, 11-1-2027 to 2-1-2049, fair value including accrued interest is $154,500,000.

(35) U.S. government securities, 0.00% to 7.50%, 12-5-2019 to 2-1-2049, fair value including accrued interest is $360,356,661.

(36) U.S. government securities, 0.00% to 9.38%, 4-15-2020 to 12-15-2058, fair value including accrued interest is $3,189,646,463.

(37) U.S. government securities, 0.00% to 1.88%, 2-19-2019 to 8-15-2026, fair value including accrued interest is $627,300,064.

(38) U.S. government securities, 3.50% to 4.00%, 3-1-2048 to 6-1-2048, fair value including accrued interest is $103,000,000.

(39) U.S. government securities, 2.50% to 4.00%, 5-1-2027 to 9-1-2042, fair value including accrued interest is $355,904,770.

(40) U.S. government securities, 0.00% to 5.50%, 10-15-2020 to 7-20-2048, fair value including accrued interest is $256,300,871.

(41) U.S. government securities, 3.00% to 7.00%, 7-1-2032 to 9-1-2048, fair value including accrued interest is $669,500,001.

(42) U.S. government securities, 0.13% to 3.50%, 4-15-2019 to 2-15-2047, fair value including accrued interest is $1,499,400,001.

(43) U.S. government securities, 0.00% to 7.13%, 6-6-2019 to 11-20-2048, fair value including accrued interest is $1,234,390,021.

(44) U.S. government securities, 0.00% to 7.50%, 2-1-2019 to 1-1-2049, fair value including accrued interest is $1,028,913,528.

(45) U.S. government securities, 0.00% to 3.00%, 5-15-2020 to 5-15-2045, fair value including accrued interest is $111,617,325.

(46) U.S. government securities, 0.00% to 2.38%, 11-15-2021 to 11-15-2028, fair value including accrued interest is $689,530,200.

(47) U.S. government securities, 0.0% to 4.63%, 2-28-2019 to 8-15-2048, fair value including accrued interest is $1,734,000,018.

(48) U.S. government securities, 1.00% to 5.00%, 5-30-2019 to 11-20-2048, fair value including accrued interest is $2,831,061,218.

(49) U.S. government securities, 2.52% to 4.50%, 10-1-2028 to 12-1-2048, fair value including accrued interest is $309,000,000.

(50) U.S. government securities, 2.63% to 6.00%, 11-1-2025 to 1-20-2049, fair value including accrued interest is $618,000,000.

(51) U.S. government securities, 2.84% to 4.60%, 7-1-2027 to 12-15-2056, fair value including accrued interest is $257,500,000.

(52) U.S. government securities, 2.09% to 5.00%, 11-1-2025 to 12-1-2048, fair value including accrued interest is $309,000,000.

(53) U.S. government securities, 2.56% to 4.53%, 6-1-2038 to 6-1-2056, fair value including accrued interest is $1,030,000,000.

(54) U.S. government securities, 2.93% to 6.00%, 3-1-2021 to 8-15-2058, fair value including accrued interest is $515,000,000.

(55) U.S. government securities, 3.00% to 5.00%, 10-1-2028 to 12-15-2056, fair value including accrued interest is $309,000,000.

(56) U.S. government securities, 0.00% to 6.63%, 4-15-2019 to 5-15-2046, fair value including accrued interest is $918,000,021.

(57) U.S. government securities, 0.00% to 6.00%, 10-12-2021 to 12-20-2048, fair value including accrued interest is $514,705,503.

(58) U.S. government securities, 4.00% to 5.00%, 4-1-2032 to 12-1-2048, fair value including accrued interest is $639,971,823.

(59) U.S. government securities, 4.00% to 5.00%, 4-1-2032 to 12-1-2048, fair value including accrued interest is $185,468,020.

(60) U.S. government securities, 4.00% to 5.00%, 4-1-2032 to 12-1-2048, fair value including accrued interest is $639,895,770.

(61) U.S. government securities, 4.00% to 5.00%, 4-1-2032 to 12-1-2048, fair value including accrued interest is $640,143,352.

(62) U.S. government securities, 4.00% to 5.00%, 4-1-2032 to 12-1-2048, fair value including accrued interest is $639,996,359.

(63) U.S. government securities, 4.00% to 5.00%, 4-1-2032 to 12-1-2048, fair value including accrued interest is $639,948,933.

(64) U.S. government securities, 4.00% to 5.00%, 4-1-2032 to 12-1-2048, fair value including accrued interest is $185,775,382.

(65) U.S. government securities, 3.50% to 4.50%, 5-1-2042 to 1-20-2049, fair value including accrued interest is $309,000,001.

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

20 Wells Fargo Government Money Market Fund Portfolio of investments—January 31, 2019

Abbreviations:

FFCB Federal Farm Credit Banks

FHLB Federal Home Loan Bank

FHLMC Federal Home Loan Mortgage Corporation

FNMA Federal National Mortgage Association

HFA Housing Finance Authority

LIBOR London Interbank Offered Rate

LIQ Liquidity agreement

LOC Letter of credit

PFA Public Finance Authority

SOFR Secured Overnight Financing Rate

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

Statement of assets and liabilities—January 31, 2019 Wells Fargo Government Money Market Fund 21

Assets
Investments in repurchase agreements, at amortized cost	$	46,035,376,639
Investments in unaffiliated securities, at amortized cost		30,831,122,437
Cash		1,084,855
Receivable for Fund shares sold		2,560,969
Receivable for interest		81,562,180
Prepaid expenses and other assets		1,309,689
Total assets		76,953,016,769
Liabilities
Payable for investments purchased		949,289,729
Dividends payable		62,071,164
Payable for Fund shares redeemed		13,393,992
Management fee payable		6,669,115
Administration fees payable		3,699,387
Trustees’ fees and expenses payable		1,711
Distribution fee payable		30
Accrued expenses and other liabilities		2,305,103
Total liabilities		1,037,430,231
Total net assets	$	75,915,586,538
NET ASSETS CONSIST OF
Paid-in capital	$	75,915,420,705
Total distributable earnings		165,833
Total net assets	$	75,915,586,538
COMPUTATION OF NET ASSET VALUE PER SHARE
Net assets – Class A	$	311,616,465
Shares outstanding – Class A1		311,617,987
Net asset value per share – Class A		$1.00
Net assets – Administrator Class	$	2,411,490,130
Shares outstanding – Administrator Class1		2,411,482,730
Net asset value per share – Administrator Class		$1.00
Net assets – Institutional Class	$	26,000,569,038
Shares outstanding – Institutional Class1		26,000,527,800
Net asset value per share – Institutional Class		$1.00
Net assets – Select Class	$	45,335,384,862
Shares outstanding – Select Class1		45,335,377,323
Net asset value per share – Select Class		$1.00
Net assets – Service Class	$	1,856,425,968
Shares outstanding – Service Class1		1,856,376,694
Net asset value per share – Service Class		$1.00
Net assets – Sweep Class	$	100,075
Shares outstanding – Sweep Class1		100,075
Net asset value per share – Sweep Class		$1.00

¹  The Fund has an unlimited number of authorized shares.

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

22 Wells Fargo Government Money Market Fund Statement of operations—year ended January 31, 2019

Investment income
Interest	$	1,435,073,930
Expenses
Management fee		96,045,984
Administration fees
Class A		625,711
Administrator Class		1,788,946
Institutional Class		19,083,934
Select Class		17,795,955
Service Class		2,771,299
Sweep Class		29
Shareholder servicing fees
Class A		711,035
Administrator Class		1,788,744
Service Class		5,773,539
Sweep Class		252
Distribution fee
Sweep Class		350
Custody and accounting fees		2,284,060
Professional fees		59,536
Registration fees		325,956
Shareholder report expenses		142,083
Trustees’ fees and expenses		21,298
Other fees and expenses		533,102
Total expenses		149,751,813
Less: Fee waivers and/or expense reimbursements		(20,465,841	)
Net expenses		129,285,972
Net investment income		1,305,787,958
Net realized gains on investments		113,882
Net increase in net assets resulting from operations	$	1,305,901,840

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

Statement of changes in net assets Wells Fargo Government Money Market Fund 23

	Year ended January 31, 2019						Year ended January 31, 20181
Operations
Net investment income				$	1,305,787,958					$	541,486,847
Net realized gains on investments					113,882						221,993
Net increase in net assets resulting from operations					1,305,901,840						541,708,840
Distributions to shareholders from net investment income and net realized gains
Class A					(3,957,680	)					(1,001,854	)
Administrator Class					(29,903,434	)					(5,785,431	)
Institutional Class					(426,556,283	)					(176,946,416	)
Select Class					(811,926,883	)					(343,849,202	)
Service Class					(33,480,248	)					(14,140,246	)
Sweep Class					(1,208	)					(243	)
Total distributions to shareholders					(1,305,825,736	)					(541,723,392	)
Capital share transactions		Shares						Shares
Proceeds from shares sold
Class A		180,404,669			180,404,669			120,907,015			120,907,015
Administrator Class		12,061,432,644			12,061,432,644			7,034,796,210			7,034,796,210
Institutional Class		167,832,722,754			167,832,722,754			141,879,382,084			141,879,382,084
Select Class		503,603,165,936			503,603,165,936			442,120,856,126			442,120,856,126
Service Class		67,069,453,268			67,069,453,268			86,534,648,298			86,534,648,298
					750,747,179,271						677,690,589,733
Reinvestment of distributions
Class A		3,921,415			3,921,415			998,459			998,459
Administrator Class		9,796,111			9,796,111			1,796,796			1,796,796
Institutional Class		141,402,397			141,402,397			68,325,146			68,325,146
Select Class		518,390,777			518,390,777			205,315,441			205,315,441
Service Class		4,616,938			4,616,938			2,433,539			2,433,539
Sweep Class		0			0			70			70
					678,127,638						278,869,451
Payment for shares redeemed
Class A		(137,442,666	)		(137,442,666	)		(131,252,757	)		(131,252,757	)
Administrator Class		(11,214,508,321	)		(11,214,508,321	)		(5,925,317,715	)		(5,925,317,715	)
Institutional Class		(163,904,920,231	)		(163,904,920,231	)		(143,258,743,793	)		(143,258,743,793	)
Select Class		(505,074,881,063	)		(505,074,881,063	)		(435,036,950,209	)		(435,036,950,209	)
Service Class		(67,724,591,715	)		(67,724,591,715	)		(87,022,938,107	)		(87,022,938,107	)
					(748,056,343,996	)					(671,375,202,581	)
Net increase in net assets resulting from capital share transactions					3,368,962,913						6,594,256,603
Total increase in net assets					3,369,039,017						6,594,242,051
Net assets
Beginning of period					72,546,547,521						65,952,305,470
End of period				$	75,915,586,538					$	72,546,547,521

¹  Effective for all filings after November 4, 2018, the SEC prospectively eliminated the requirement to parenthetically disclose undistributed net investment income at the end of the period and permitted the aggregation of distributions, with the exception of tax basis returns of capital. Undistributed net investment income at January 31, 2018 was $51,952. The disaggregated distributions information for the year ended January 31, 2018 is included in Note 5, Distributions to Shareholders, in the notes to the financial statements.

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

24 Wells Fargo Government Money Market Fund Financial highlights

(For a share outstanding throughout each period)

	Year ended January 31
CLASS A	2019			2018			2017			2016			2015
Net asset value, beginning of period		$1.00			$1.00			$1.00			$1.00			$1.00
Net investment income		0.01			0.00	1		0.00	1		0.00	1		0.00	1
Net realized gains (losses) on investments		0.00	1		0.00	1		0.00	1		0.00	1		(0.00	)2
Total from investment operations		0.01			0.00	1		0.00	1		0.00	1		0.00	1
Distributions to shareholders from
Net investment income		(0.01	)		(0.00	)1		(0.00	)1		(0.00	)1		(0.00	)1
Net realized gains		(0.00	)1		(0.00	)1		0.00			0.00			(0.00	)1
Total distributions to shareholders		(0.01	)		(0.00	)1		(0.00	)1		(0.00	)1		(0.00	)1
Net asset value, end of period		$1.00			$1.00			$1.00			$1.00			$1.00
Total return		1.38	%		0.38	%		0.01	%		0.01	%		0.01	%
Ratios to average net assets (annualized)
Gross expenses		0.61	%		0.61	%		0.61	%		0.61	%		0.61	%
Net expenses		0.60	%		0.61	%		0.41	%		0.13	%		0.09	%
Net investment income		1.39	%		0.38	%		0.01	%		0.01	%		0.01	%
Supplemental data
Net assets, end of period (000s omitted)		$311,616			$264,735			$274,083			$265,119			$308,757

¹  Amount is less than $0.005.

²  Amount is more than $(0.005).

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

Financial highlights Wells Fargo Government Money Market Fund 25

(For a share outstanding throughout each period)

	Year ended January 31
ADMINISTRATOR CLASS	2019			2018			2017			2016			2015
Net asset value, beginning of period		$1.00			$1.00			$1.00			$1.00			$1.00
Net investment income		0.02			0.01			0.00	1		0.00	1		0.00	1
Net realized gains (losses) on investments		0.00	1		0.00	1		0.00	1		0.00	1		(0.00	)2
Total from investment operations		0.02			0.01			0.00	1		0.00	1		0.00	1
Distributions to shareholders from
Net investment income		(0.02	)		(0.01	)		(0.00	)1		(0.00	)1		(0.00	)1
Net realized gains		(0.00	)1		(0.00	)1		0.00			0.00			(0.00	)1
Total distributions to shareholders		(0.02	)		(0.01	)		(0.00	)1		(0.00	)1		(0.00	)1
Net asset value, end of period		$1.00			$1.00			$1.00			$1.00			$1.00
Total return		1.65	%		0.65	%		0.10	%		0.01	%		0.01	%
Ratios to average net assets (annualized)
Gross expenses		0.34	%		0.34	%		0.34	%		0.34	%		0.34	%
Net expenses		0.34	%		0.34	%		0.31	%		0.12	%		0.09	%
Net investment income		1.67	%		0.72	%		0.11	%		0.01	%		0.01	%
Supplemental data
Net assets, end of period (000s omitted)		$2,411,490			$1,554,764			$443,500			$382,043			$644,666

¹  Amount is less than $0.005.

²  Amount is more than $(0.005).

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

26 Wells Fargo Government Money Market Fund Financial highlights

(For a share outstanding throughout each period)

	Year ended January 31
INSTITUTIONAL CLASS	2019			2018			2017			2016			2015
Net asset value, beginning of period		$1.00			$1.00			$1.00			$1.00			$1.00
Net investment income		0.02			0.01			0.00	1		0.00	1		0.00	1
Net realized gains (losses) on investments		0.00	1		0.00	1		0.00	1		0.00	1		(0.00	)2
Total from investment operations		0.02			0.01			0.00	1		0.00	1		0.00	1
Distributions to shareholders from
Net investment income		(0.02	)		(0.01	)		(0.00	)1		(0.00	)1		(0.00	)1
Net realized gains		(0.00	)1		(0.00	)1		0.00			0.00			(0.00	)1
Total distributions to shareholders		(0.02	)		(0.01	)		(0.00	)1		(0.00	)1		(0.00	)1
Net asset value, end of period		$1.00			$1.00			$1.00			$1.00			$1.00
Total return		1.79	%		0.79	%		0.24	%		0.02	%		0.01	%
Ratios to average net assets (annualized)
Gross expenses		0.22	%		0.22	%		0.22	%		0.22	%		0.22	%
Net expenses		0.20	%		0.20	%		0.17	%		0.12	%		0.09	%
Net investment income		1.79	%		0.79	%		0.25	%		0.02	%		0.01	%
Supplemental data
Net assets, end of period (000s omitted)		$26,000,569			$21,931,321			$23,242,417			$14,212,988			$17,509,698

¹  Amount is less than $0.005.

²  Amount is more than $(0.005).

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

Financial highlights Wells Fargo Government Money Market Fund 27

(For a share outstanding throughout each period)

	Year ended January 31
SELECT CLASS	2019			2018			2017			20161
Net asset value, beginning of period		$1.00			$1.00			$1.00			$1.00
Net investment income		0.02			0.01			0.00	2		0.00	2
Net realized gains on investments		0.00	2		0.00			0.00	2		0.00	2
Total from investment operations		0.02			0.01			0.00	2		0.00	2
Distributions to shareholders from
Net investment income		(0.02	)		(0.01	)		(0.00	)2		(0.00	)2
Net realized gains		(0.00	)2		(0.00	)2		0.00			0.00
Total distributions to shareholders		(0.02	)		(0.01	)		(0.00	)2		(0.00	)2
Net asset value, end of period		$1.00			$1.00			$1.00			$1.00
Total return3		1.85	%		0.85	%		0.30	%		0.04	%
Ratios to average net assets (annualized)
Gross expenses		0.18	%		0.18	%		0.18	%		0.18	%
Net expenses		0.14	%		0.14	%		0.11	%		0.10	%
Net investment income		1.82	%		0.86	%		0.34	%		0.08	%
Supplemental data
Net assets, end of period (000s omitted)		$45,335,385			$46,288,730			$38,999,425			$7,985,195

¹  For the period from June 30, 2015 (commencement of class operations) to January 31, 2016

²  Amount is less than $0.005.

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

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

28 Wells Fargo Government Money Market Fund Financial highlights

(For a share outstanding throughout each period)

	Year ended January 31
SERVICE CLASS	2019			2018			2017			2016			2015
Net asset value, beginning of period		$1.00			$1.00			$1.00			$1.00			$1.00
Net investment income		0.01			0.00	1		0.00	1		0.00	1		0.00	1
Net realized gains (losses) on investments		0.00	1		0.00	1		0.00	1		0.00	1		(0.00	)2
Total from investment operations		0.01			0.00	1		0.00	1		0.00	1		0.00	1
Distributions to shareholders from
Net investment income		(0.01	)		(0.00	)1		(0.00	)1		(0.00	)1		(0.00	)1
Net realized gains		(0.00	)1		(0.00	)1		0.00			0.00			(0.00	)1
Total distributions to shareholders		(0.01	)		(0.00	)1		(0.00	)1		(0.00	)1		(0.00	)1
Net asset value, end of period		$1.00			$1.00			$1.00			$1.00			$1.00
Total return		1.48	%		0.49	%		0.02	%		0.01	%		0.01	%
Ratios to average net assets (annualized)
Gross expenses		0.51	%		0.51	%		0.51	%		0.51	%		0.51	%
Net expenses		0.50	%		0.50	%		0.40	%		0.13	%		0.09	%
Net investment income		1.45	%		0.48	%		0.02	%		0.01	%		0.01	%
Supplemental data
Net assets, end of period (000s omitted)		$1,856,426			$2,506,898			$2,992,780			$2,963,813			$4,129,813

¹  Amount is less than $0.005.

²  Amount is more than $(0.005).

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

Financial highlights Wells Fargo Government Money Market Fund 29

(For a share outstanding throughout each period)

	Year ended January 31
SWEEP CLASS	2019			2018			2017			2016			2015
Net asset value, beginning of period		$1.00			$1.00			$1.00			$1.00			$1.00
Net investment income		0.01			0.00	1		0.00	1		0.00	1		0.00	1
Net realized gains (losses) on investments		0.00	1		0.00	1		0.00	1		0.00	1		(0.00	)2
Total from investment operations		0.01			0.00	1		0.00	1		0.00	1		0.00	1
Distributions to shareholders from
Net investment income		(0.01	)		(0.00	)1		(0.00	)1		(0.00	)1		(0.00	)1
Net realized gains		(0.00	)1		(0.00	)1		0.00			0.00			(0.00	)1
Total distributions to shareholders		(0.01	)		(0.00	)1		(0.00	)1		(0.00	)1		(0.00	)1
Net asset value, end of period		$1.00			$1.00			$1.00			$1.00			$1.00
Total return		1.21	%		0.24	%		0.01	%		0.01	%		0.01	%
Ratios to average net assets (annualized)
Gross expenses		0.77	%		0.77	%		0.96	%		0.96	%		0.96	%
Net expenses		0.77	%		0.75	%		0.38	%		0.13	%		0.09	%
Net investment income		1.21	%		0.24	%		0.01	%		0.01	%		0.01	%
Supplemental data
Net assets, end of period (000s omitted)		$100			$100			$100			$2,977			$6,615

¹  Amount is less than $0.005.

²  Amount is more than $(0.005).

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

30 Wells Fargo Government Money Market Fund 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 Government Money Market Fund (the “Fund”) which is a diversified series of the Trust.

2. SIGNIFICANT ACCOUNTING POLICIES

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

Securities valuation

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

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

Repurchase agreements

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

When-issued transactions

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

Security transactions and income recognition

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

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

Notes to financial statements Wells Fargo Government Money Market Fund 31

Distributions to shareholders

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

Federal and other taxes

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

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

As of January 31, 2019, the cost of investments for federal income tax purposes is substantially the same as for financial reporting purposes.

Class allocations

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

3. FAIR VALUATION MEASUREMENTS

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

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

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

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

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

The following is a summary of the inputs used in valuing the Fund’s assets and liabilities as of January 31, 2019:

	Quoted prices (Level 1)		Other significant observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total
Assets
Investments in:
Government agency debt	$	0	$	25,454,541,261	$	0	$	25,454,541,261
Municipal obligations		0		51,460,000		0		51,460,000
Repurchase agreements		0		46,035,376,639		0		46,035,376,639
Treasury debt		0		5,325,121,176		0		5,325,121,176
Total assets	$	0	$	76,866,499,076	$	0	$	76,866,499,076

32 Wells Fargo Government Money Market Fund Notes to financial statements

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

At January 31, 2019, the Fund did not have any transfers into/out of Level 3.

4. TRANSACTIONS WITH AFFILIATES

Management fee

Funds Management, an indirect wholly owned subsidiary of Wells Fargo & Company (“Wells Fargo”), is the manager of the Fund and provides advisory and fund-level administrative services under an investment management agreement. Under the investment management agreement, Funds Management is responsible for, among other services, implementing the investment objectives and strategies of the Fund, supervising the subadviser and providing fund-level administrative services in connection with the Fund’s operations. As compensation for its services under the investment management agreement, Funds Management is entitled to receive an annual management fee starting at 0.15% and declining to 0.13% as the average daily net assets of the Fund increase. For the year ended January 31, 2019, the management fee was equivalent to an annual rate of 0.13% of the Fund’s average daily net assets.

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

Administration fees

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

	Class-level administration fee
Class A		0.22	%
Administrator Class		0.10
Institutional Class		0.08
Select Class		0.04
Service Class		0.12
Sweep Class		0.03

Funds Management has contractually waived and/or reimbursed management and administration fees to the extent necessary to maintain certain net operating expense ratios for the Fund. When each class of the Fund has exceeded its expense cap, Funds Management has waived fees and/or reimbursed expenses from fund level expenses on a proportionate basis and then from class specific expenses; otherwise, waivers and/or reimbursements are applied against class specific expenses before fund level expenses. Funds Management has committed through May 31, 2019 to waive fees and/or reimburse expenses to the extent necessary to cap the Fund’s expenses at 0.60% for Class A shares, 0.35% for Administrator Class shares, 0.20% for Institutional Class shares, 0.14% for Select Class shares, 0.50% for Service Class shares, and 0.77% for Sweep Class shares. Prior to or after the commitment expiration date, the cap may be increased or the commitment to maintain the cap may be terminated only with the approval of the Board of Trustees. Prior to June 1, 2018, the Fund’s expenses were capped at 0.65% for Class A shares, 0.16% for Select Class shares, and 0.79% for Sweep Class shares.

Distribution fee

The Trust has adopted a distribution plan for Sweep Class shares of the Fund pursuant to Rule 12b-1 under the 1940 Act. A distribution fee is charged to Sweep Class shares and paid to Wells Fargo Funds Distributor, LLC, the principal underwriter, at an annual rate of 0.35% of the average daily net assets of Sweep Class shares.

Notes to financial statements Wells Fargo Government Money Market Fund 33

Shareholder servicing fees

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

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

Interfund transactions

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

5. DISTRIBUTIONS TO SHAREHOLDERS

The tax character of distributions paid was $1,305,825,736 and $541,723,392 of ordinary income for the years ended January 31, 2019 and January 31, 2018, respectively.

As of January 31, 2019, distributable earnings on a tax basis consisted of $62,281,704 in undistributed ordinary income.

Effective for all filings after November 4, 2018, the Securities and Exchange Commission eliminated the requirement to separately state the components of distributions to shareholders under U.S. generally accepted accounting principles. The amounts of distributions to shareholders for the year ended January 31, 2018 were as follows:

	Net investment income		Net realized gains
Class A	$	1,001,046	$	808
Administrator Class		5,781,998		3,433
Institutional Class		176,872,690		73,726
Select Class		343,698,404		150,798
Service Class		14,132,467		7,779
Sweep Class		242		1

6. 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.

7. 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.

34 Wells Fargo Government Money Market Fund Report of independent registered public accounting firm

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 Government Money Market Fund (the Fund), one of the funds constituting Wells Fargo Funds Trust, including the portfolio of investments, as of January 31, 2019, 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 or periods 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 January 31, 2019, 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 or periods 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 January 31, 2019, by correspondence with the custodian 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 auditor of one or more Wells Fargo Funds investment companies, however we are aware that we have served as the auditor of one or more Wells Fargo Funds investment companies since at least 1955.

Boston, Massachusetts

March 27, 2019

Other information (unaudited) Wells Fargo Government Money Market Fund 35

TAX INFORMATION

For the fiscal year ended January 31, 2019, $1,278,927,198 has been designated as interest-related dividends for nonresident alien shareholders pursuant to Section 871 of the Internal Revenue Code.

For the fiscal year ended January 31, 2019, $37,777 has been designated as short-term capital gain dividends for nonresident alien shareholders pursuant to Section 871 of the Internal Revenue Code.

For the fiscal year ended January 31, 2019, 46.70% of the ordinary income distributed was derived from interest on U.S. government securities.

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 1-800-222-8222, visiting our website at wellsfargofunds.com, or visiting the SEC website at sec.gov. Information regarding how the Fund voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is available on the Fund’s website at wellsfargofunds.com or by visiting the SEC website at sec.gov.

PORTFOLIO HOLDINGS INFORMATION

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

36 Wells Fargo Government Money Market Fund Other information (unaudited)

BOARD OF TRUSTEES AND OFFICERS

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

Other information (unaudited) Wells Fargo Government Money Market Fund 37

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
Pamela Wheelock (Born 1959)	Trustee, since 2018; Advisory Board Member, from 2017 to 2018	Board member of the Destination Medical Center Economic Development Agency, Rochester, Minnesota since 2019. Chief Operating Officer, Twin Cities Habitat for Humanity from 2017 to 2019. Vice President of University Services, University of Minnesota from 2012 to 2016. Prior thereto, on the Board of Directors, Governance Committee and Finance Committee for the Minnesota Philanthropy Partners (Saint Paul Foundation) from 2012 to 2018, Interim Chief Executive Officer of Blue Cross Blue Shield of Minnesota from 2011 to 2012, Chairman of the Board from 2009 to 2012 and Board Director from 2003 to 2015. Vice President, Leadership and Community Engagement, Bush Foundation, Saint Paul, Minnesota (a private foundation) from 2009 to 2011. Executive Vice President and Chief Financial Officer, Minnesota Sports and Entertainment from 2004 to 2009 and Senior Vice President from 2002 to 2004. Executive Vice President of the Minnesota Wild Foundation from 2004 to 2008. Commissioner of Finance, State of Minnesota, from 1999 to 2002. Currently Board Chair of the Minnesota Wild Foundation since 2010.	N/A

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

38 Wells Fargo Government Money Market Fund Other information (unaudited)

Officers

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

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

² The Statement of Additional Information includes additional information about the Trustees and is available, without charge, upon request, by calling 1-800-222-8222 or by visiting the website at wellsfargofunds.com.

³  Mr. Harris became Chairman of the Audit Committee effective January 1, 2019.

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For more information

More information about Wells Fargo Funds is available free upon request. To obtain literature, please write, visit the Fund’s website, or call:

Wells Fargo Funds

P.O. Box 219967

Kansas City, MO 64121-9967

Website: wellsfargofunds.com

Individual investors: 1-800-222-8222

Retail investment professionals: 1-888-877-9275

Institutional investment professionals: 1-866-765-0778

This report and the financial statements contained herein are submitted for the general information of the shareholders of the Fund. If this report is used for promotional purposes, distribution of the report must be accompanied or preceded by a current prospectus. Before investing, please consider the investment objectives, risks, charges, and expenses of the investment. For a current prospectus and, if available, a summary prospectus, containing this information, call 1-800-222-8222 or visit the Fund’s website at wellsfargofunds.com. Read the prospectus carefully before you invest or send money.

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

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

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

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

320765 03-19 A303/AR303 01-19

Annual Report

January 31, 2019

Government Money Market Funds

∎ Wells Fargo 100% Treasury Money Market Fund

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

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

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

Reduce clutter. Save trees.

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

Contents

Letter to shareholders	2
Performance highlights	6
Fund expenses	9
Portfolio of investments	10
Financial statements
Statement of assets and liabilities	12
Statement of operations	13
Statement of changes in net assets	14
Financial highlights	15
Notes to financial statements	20
Report of independent registered public accounting firm	24
Other information	25

The views expressed and any forward-looking statements are as of January 31, 2019, 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 100% Treasury Money Market Fund Letter to shareholders (unaudited)

Andrew Owen

President

Wells Fargo Funds

Global trade tensions escalated during the second quarter of 2018.

Dear Shareholder:

We are pleased to offer you this annual report for the Wells Fargo 100% Treasury Money Market Fund for the 12-month period that ended January 31, 2019. An upward trend for short-term interest rates, inflation concerns, trade tensions, and geopolitical events contributed to investment market volatility throughout the year.

For the period, U.S. stocks, as measured by the S&P 500 Index,¹ fell 2.31% and international stocks, as measured by the MSCI ACWI ex USA Index (Net),² declined 12.58%. Based on the MSCI EM Index (Net),³ emerging market stocks lost 14.24%. For bond investors, the Bloomberg Barclays U.S. Aggregate Bond Index⁴ added 2.25% while the Bloomberg Barclays Global Aggregate ex-USD Index⁵ fell 3.26%. The Bloomberg Barclays Municipal Bond Index⁶ added 3.26%, and the ICE BofAML U.S. High Yield Index⁷ gained 1.57%.

A move to normalize U.S. monetary policy influenced markets.

Through January 2018, the S&P 500 Index and MSCI ACWI ex USA Index (Net) delivered positive returns every month for more than a year. In February 2018, that streak ended. The S&P 500 Index fell 3.69% during February and the MSCI ACWI ex USA Index (Net) dropped 4.72%. For the quarter, the S&P 500 Index recorded its first negative quarterly return since 2014. The MSCI ACWI ex USA Index (Net) fell 1.18% for the quarter.

During the year, the U.S. Federal Reserve (Fed) sought to normalize accommodative monetary policies in place since the 2008 global financial crisis and recession. Short-term interest rates, as measured by U.S. Treasury bills—maturities ranging from 3 to 12 months—increased an average of 89 basis points (bps; 100 bps equal 1.00%). Rates for 10-year and 30-year Treasuries increased 17 bps and 18 bps, respectively. Slower growth of long-term rates raised concerns for a flattening yield curve, sometimes associated with recessions. The Fed raised the federal funds rate by 25 bps in March 2018 to a target range of between 1.50% and 1.75%. The Bank of England (BOE) indicated a bias to increase rates later in 2018. The European Central Bank, the Bank of Japan, and the People’s Bank of China (PBOC) maintained low interest rates.

Global trade tensions heightened investor concerns.

Global trade tensions escalated during the second quarter of 2018. A tit-for-tat tariff spat intensified between the U.S. and other governments. The Fed raised the federal funds rate by 25 bps to a target range of between 1.75% and 2.00% in June. Market index results reflected the global concerns. The MSCI ACWI ex USA Index (Net) lost 2.61% while the Bloomberg Barclays Global Aggregate ex-USD Index dropped 4.76%.

¹ The S&P 500 Index consists of 500 stocks chosen for market size, liquidity, and industry group representation. It is a market-value-weighted index with each stock’s weight in the index proportionate to its market value. You cannot invest directly in an index.

²  The Morgan Stanley Capital International (MSCI) All Country World Index (ACWI) ex USA Index (Net) is a free-float-adjusted market-capitalization-weighted index that is designed to measure the equity market performance of developed markets, excluding the United States and Canada. Source: MSCI. MSCI makes no express or implied warranties or representations and shall have no liability whatsoever with respect to any MSCI data contained herein. The MSCI data may not be further redistributed or used as a basis for other indices or any securities or financial products. This report is not approved, reviewed, or produced by MSCI. You cannot invest directly in an index.

³  The MSCI Emerging Markets (EM) Index (Net) is a free-float-adjusted market-capitalization-weighted index that is designed to measure large- and mid-cap equity market performance of emerging markets. The MSCI EM Index (Net) consists of the following 24 emerging market country indices: Brazil, Chile, China, Colombia, Czech Republic, Egypt, Greece, Hungary, India, Indonesia, Korea, Malaysia, Mexico, Pakistan, Peru, the Philippines, Poland, Qatar, Russia, South Africa, Taiwan, Thailand, Turkey, and the United Arab Emirates. You cannot invest directly in an index.

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

⁵  The Bloomberg Barclays Global Aggregate ex-USD Index is an unmanaged index that provides a broad-based measure of the global investment-grade fixed-income markets excluding the U.S. dollar-denominated debt market. You cannot invest directly in an index.

⁶  The Bloomberg Barclays Municipal Bond Index is an unmanaged index composed of long-term tax-exempt bonds with a minimum credit rating of Baa. You cannot invest directly in an index.

⁷ The ICE BofAML U.S. High Yield Index is a market-capitalization-weighted index of domestic and Yankee high-yield bonds. The index tracks the performance of high-yield securities traded in the U.S. bond market. You cannot invest directly in an index. Copyright 2019. ICE Data Indices, LLC. All rights reserved.

Letter to shareholders (unaudited) Wells Fargo 100% Treasury Money Market Fund 3

Not all news was bad. The U.S. Bureau of Economic Analysis reported second-quarter gross domestic product (GDP) annualized growth of 4.2%. Hiring improved. Employment data remained strong. Consumer confidence and spending increased. The S&P 500 Index recorded a 3.43% second-quarter gain. Stocks of companies with smaller capitalizations were even better, as measured by the Russell 2000^® Index,⁸ adding 7.75%.

Investors appeared to shake off lingering concerns during the third quarter.

Favorable third-quarter economic indicators and corporate earnings reports encouraged domestic stock investors. U.S. trade negotiations with Mexico and Canada progressed. The Conference Board Consumer Confidence Index^®9 reached its highest level in 18 years during September. The Fed raised the federal funds rate by 25 bps to a target range of between 2.00% and 2.25% in September. For the quarter that ended September 30, 2018, the S&P 500 Index added 7.71%.

Investors in international markets were not as reassured. Tensions between the U.S. and China increased. The U.S. imposed $200 billion in tariffs on Chinese goods. China reacted with $60 billion in tariffs on U.S. goods. Economic growth in China caused concern. The BOE raised its monetary policy rate to 0.75% in August. During the quarter, the MSCI ACWI ex USA Index (Net) gained 0.71%. The MSCI EM Index (Net) declined 1.09%. In fixed-income markets, U.S. bonds were flat, as measured by the Bloomberg Barclays U.S. Aggregate Bond Index. The Bloomberg Barclays Global Aggregate ex-USD Index fell 1.74%.

Conflicting data unsettled markets during the fourth quarter.

For the S&P 500 Index and the MSCI ACWI ex USA Index (Net), negative stock market performance during October and December bracketed positive November returns. December’s S&P 500 Index performance was the worst since 1931. Globally, fixed-income investments fared better than stocks during the last two months of the year.

November’s U.S. mid-term elections shifted control of the House of Representatives from Republicans to Democrats, presaging potential partisan clashes. The Bureau of Economic Analysis reported that third-quarter U.S. GDP grew at an annualized 3.4% rate, solid, but lower than the second quarter rate. Brexit efforts stalled ahead of the March 2019 deadline. The PBOC cut reserve requirement ratios, accelerated infrastructure spending, and cut taxes even as the value of the yuan declined to low levels last seen in 2008.

After the Fed increased the federal funds rate by 25 bps to a target range of between 2.25% and 2.50% in December—the ninth such increase since the Fed began three years ago to raise rates from near zero—it softened its outlook for further interest rate increases in 2019.

The market climbs a wall of worry.

Investors entered 2019 with reasons to be concerned. A partial U.S government shutdown driven by partisan spending and immigration policy disputes extended into January. Investors expected high levels of stock market volatility to continue based on the VIX¹⁰.

Favorable third-quarter economic indicators and corporate earnings reports encouraged domestic stock investors.

⁸  The Russell 2000^® Index measures the performance of the 2,000 smallest companies in the Russell 3000^® Index, which represents approximately 8% of the total market capitalization of the Russell 3000^® Index. You cannot invest directly in an index.

⁹  The Conference Board Consumer Confidence Index^® measures the degree of optimism on the state of the U.S. economy that consumers are expressing through their activities of savings and spending. You cannot invest directly in an index.

¹⁰  The Chicago Board Options Exchange Market Volatility Index (VIX) is a popular measure of the implied volatility of S&P 500 Index options. It represents one measure of the market’s expectation of stock market volatility over the next 30-day period. You cannot invest directly in an index.

4 Wells Fargo 100% Treasury Money Market Fund Letter to shareholders (unaudited)

January’s returns tended to support the investing adage that markets climb a wall of worry. The S&P 500 Index gained 8.01% for the month that ended January 31, 2019, its best monthly performance in 30 years. Returns for the MSCI ACWI ex USA Index (Net), the Bloomberg Barclays U.S. Aggregate Bond Index, and the Bloomberg Barclays Global Aggregate ex-USD Index also were positive.

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

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

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

Sincerely,

Andrew Owen

President

Wells Fargo Funds

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

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6 Wells Fargo 100% Treasury Money Market Fund Performance highlights (unaudited)

Investment objective

The Fund seeks current income exempt from most state and local individual income taxes, while preserving capital and liquidity.

Manager

Wells Fargo Funds Management, LLC

Subadviser

Wells Capital Management Incorporated

Portfolio managers

Michael C. Bird, CFA^®‡

Jeffrey L. Weaver, CFA^®‡

Laurie White

Average annual total returns (%) as of January 31, 2019

								Expense ratios1 (%)
	Inception date	1 year		5 year		10 year		Gross		Net2
Class A (WFTXX)	11-8-1999		1.35		0.33		0.17		0.68		0.60
Administrator Class (WTRXX)3	6-30-2010		1.67		0.48		0.25		0.41		0.30
Institutional Class (WOTXX)4	10-31-2014		1.77		0.54		0.28		0.29		0.20
Service Class (NWTXX)	12-3-1990		1.46		0.39		0.20		0.58		0.50
Sweep Class5	6-30-2010		1.13		0.26		0.14		0.84		0.83

Yield summary (%) as of January 31, 2019²

	Class A	Administrator Class		Institutional Class		Service Class		Sweep Class
7-day current yield	1.83		2.13		2.23		1.93		1.60
7-day compound yield	1.85		2.15		2.26		1.95		1.61
30-day simple yield	1.82		2.12		2.22		1.92		1.59
30-day compound yield	1.84		2.15		2.25		1.94		1.61

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

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

For government money market funds: You could lose money by investing in the Fund. Although the Fund seeks to preserve the value of your investment at $1.00 per share, it cannot guarantee it will do so. An investment in the Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The Fund’s sponsor has no legal obligation to provide financial support to the Fund, and you should not expect that the sponsor will provide financial support to the Fund at any time.

Please see footnotes on page 7.

Performance highlights (unaudited) Wells Fargo 100% Treasury Money Market Fund 7

Portfolio composition as of January 31, 2019⁶

Effective maturity distribution as of January 31, 2019⁶

Weighted average maturity as of January 31, 2019⁷

32 days

Weighted average life as of January 31, 2019⁸

92 days

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

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

²  The manager has contractually committed through May 31, 2019, to waive fees and/or reimburse expenses to the extent necessary to cap the expenses of each class after fee waivers at the amounts shown. Brokerage commissions, stamp duty fees, interest, taxes, acquired fund fees and expenses (if any), and extraordinary expenses are excluded from the expense cap. Prior to or after the commitment expiration date, the cap may be increased or the commitment to maintain the cap may be terminated only with the approval of the Board of Trustees. Without this cap, the Fund’s returns would have been lower. Without waived fees and/or reimbursed expenses, the Fund’s 7-day current yield would have been 1.76%, 2.03%, 2.15%, 1.86%, and 1.60% for Class A, Administrator Class, Institutional Class, Service Class, and Sweep Class, respectively. The expense ratio paid by an investor is the net expense ratio (the total annual fund operating expenses after fee waivers) as stated in the prospectuses.

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

⁴  Historical performance shown for Institutional Class shares prior to their inception reflects the performance of Administrator Class shares, and includes the higher expenses applicable to Administrator Class shares. If these expenses had not been included, returns for Institutional Class shares would be higher.

⁵  Historical performance shown for Sweep Class shares prior to their inception reflects the performance of Service Class shares, and has not been adjusted to reflect the higher expenses applicable to Sweep Class shares. If these expenses had been adjusted, returns for Sweep Class shares would be lower.

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

⁷  Weighted Average Maturity (WAM): WAM is an average of the effective maturities of all securities held in the portfolio, weighted by each security’s percentage of total investments. The maturity of a portfolio security is the period remaining until the date on which the principal amount is unconditionally required to be paid, or in the case of a security called for redemption, the date on which the redemption payment is unconditionally required to be made. WAM calculations allow for the maturities of certain securities with demand features or periodic interest rate resets to be shortened. WAM is a way to measure a fund’s sensitivity to potential interest rate changes. WAM is subject to change and may have changed since the date specified.

⁸  Weighted Average Life (WAL): WAL is an average of the final maturities of all securities held in the portfolio, weighted by their percentage of total investments. The maturity of a portfolio security is the period remaining until the date on which the principal amount is unconditionally required to be paid, or in the case of a security called for redemption, the date on which the redemption payment is unconditionally required to be made. In contrast to WAM, the calculation of WAL allows for the maturities of certain securities with demand features to be shortened, but not the periodic interest rate resets. WAL is a way to measure a fund’s potential sensitivity to credit spread changes. WAL is subject to change and may have changed since the date specified.

8 Wells Fargo 100% Treasury Money Market Fund Performance highlights (unaudited)

MANAGER’S DISCUSSION

The Fund’s fiscal year that ended January 31, 2019, was characterized by steadily rising interest rates. The fiscal year began with the target range on the federal funds rate set by the U.S. Federal Reserve (the Fed) at 1.25% to 1.50%. The Fed raised the target range by 0.25% four times during the year—in March, June, September, and December—with the resulting federal funds target rate set at 2.25% to 2.50% at the end of the period. In addition to raising interest rates, the Fed also continued to shrink its balance sheet by systematically allowing a portion of the U.S. Treasury and mortgage-backed securities it acquired during its quantitative easing programs to mature without being reinvested. Both the interest rate and balance sheet actions represent steps by the Fed to normalize monetary policy, effectively unwinding the policies it used to assist the economy’s recovery from the financial crisis.

The U.S. economy grew strongly throughout the year. Gross domestic product grew at an average rate of approximately 3.1% on an annualized basis, compared with a solid 2.5% rate for the prior year. Employment data remained strong, with the unemployment rate, ending the fiscal year at 4.0%, down from 4.1% a year earlier. In addition, the underemployment rate, which includes workers marginally attached to the labor force and those working part time for economic reasons, also fell slightly, from 8.2% to 8.1% over the same period. Both measures were at or below their lows in the years preceding the financial crisis. These measures, among others, likely gave the Fed the confidence it displayed in moving to normalize interest rates and its balance sheet.

Interest rates on all categories of government money market securities moved gradually higher throughout the year, consistent with the Fed’s moves. The 3-month Treasury bill (T-bill) yields averaged 1.58% during February 2018, the first month of the fiscal year; 2.40% during January 2019, the last month of the fiscal year; and 2.04% on average for the entire fiscal year. This compares with an average of 1.01% for the year that ended January 31, 2018. Similarly, average 6-month T-bill yields were 1.77% in February 2018; 2.50% in January 2019; and averaged 2.21% over the whole fiscal year, up from an average of 1.14% in the previous fiscal year. The higher yields on T-bills were due not only to the Fed’s interest rate hikes but also to an increased supply of T-bills from the U.S. Treasury, which needed to finance the growing U.S. federal deficit. The total amount of T-bills outstanding grew from $1.964 trillion at the beginning of the fiscal year to $2.289 trillion at the end.

Our investment strategy remained consistent. We invested in T-bills and U.S. Treasury notes—including floating-rate notes—while taking into account the Fund’s overall level of liquidity and average maturity and seeking to maintain a stable $1.00 net asset value.

Strategic outlook

The economy has continued its solid performance, with a consistently strong labor market and gradually rising—but still below target—inflation. At the end of the fiscal year, the Fed signaled that it will proceed more cautiously, weighing incoming economic data and other factors and modifying its interest rate path accordingly. As the Fed is no longer projecting further gradual increases in interest rates and is instead espousing patience, the interest rate outlook as the fiscal year begins is for steady rates, and the direction of the next move in interest rates will depend on the evolution of the economy. The fiscal impulse from the federal tax cut that helped boost the economy over the past year may fade somewhat, potentially leading to slower economic growth over the following year. These factors suggest that interest rates on U.S. government money market securities may be little changed for at least the early part of the fiscal year. The risks to this outlook appear to be roughly balanced, as a still-strong economy could eventually call for higher rates, while rates could fall if the economy weakens due to a variety of factors, such as political developments in both the U.S. and abroad; a pullback in risk asset valuations; and a turn in the economic cycle, as the current expansion is well aged by historical standards. In the face of this uncertainty, we believe that our investment strategy, with its focus on capital preservation and liquidity, should enable the Fund to continue to meet its objectives.

Fund expenses (unaudited) Wells Fargo 100% Treasury Money Market Fund 9

As a shareholder of the Fund, you incur ongoing costs, including management fees, distribution (12b-1) and/or shareholder servicing fees, and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The example is based on an investment of $1,000 invested at the beginning of the six-month period and held for the entire period from August 1, 2018 to January 31, 2019.

Actual expenses

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

Hypothetical example for comparison purposes

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

Please note that the expenses shown in the table are meant to highlight your ongoing costs only. Therefore, the “Hypothetical” line of the table is useful in comparing ongoing costs only and will not help you determine the relative total costs of owning different funds.

	Beginning account value 8-1-2018		Ending account value 1-31-2019		Expenses paid during the period¹		Annualized net expense ratio
Class A
Actual	$	1,000.00	$	1,008.16	$	3.04		0.60	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,022.18	$	3.06		0.60	%
Administrator Class
Actual	$	1,000.00	$	1,009.68	$	1.52		0.30	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,023.69	$	1.53		0.30	%
Institutional Class
Actual	$	1,000.00	$	1,010.19	$	1.01		0.20	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,024.20	$	1.02		0.20	%
Service Class
Actual	$	1,000.00	$	1,008.67	$	2.53		0.50	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,022.69	$	2.55		0.50	%
Sweep Class
Actual	$	1,000.00	$	1,006.99	$	4.20		0.83	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.02	$	4.23		0.83	%

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

10 Wells Fargo 100% Treasury Money Market Fund Portfolio of investments—January 31, 2019

Security name	Interest rate			Maturity date		Principal		Value
Treasury Debt: 108.95%
U.S. Treasury Bill (z)		2.30	%		2-7-2019	$	200,000,000	$	199,923,931
U.S. Treasury Bill (z)		2.34			2-21-2019		170,000,000		169,780,667
U.S. Treasury Bill (z)		2.34			2-14-2019		170,000,000		169,857,072
U.S. Treasury Bill (z)		2.35			2-28-2019		130,000,000		129,772,263
U.S. Treasury Bill (z)		2.36			3-7-2019		190,000,000		189,578,991
U.S. Treasury Bill (z)		2.37			2-26-2019		1,374,780,000		1,372,525,327
U.S. Treasury Bill (z)		2.37			3-26-2019		300,000,000		298,955,605
U.S. Treasury Bill (z)		2.38			2-19-2019		704,350,000		703,515,389
U.S. Treasury Bill (z)		2.38			2-12-2019		1,340,730,000		1,339,759,179
U.S. Treasury Bill (z)		2.38			3-14-2019		170,000,000		169,542,565
U.S. Treasury Bill (z)##		2.38			2-5-2019		1,573,120,000		1,572,705,086
U.S. Treasury Bill (z)		2.38			3-19-2019		100,000,000		99,696,847
U.S. Treasury Bill (z)		2.39			3-5-2019		1,400,000,000		1,397,354,088
U.S. Treasury Bill (z)		2.39			3-21-2019		230,000,000		229,271,066
U.S. Treasury Bill (z)%%		2.39			4-2-2019		350,000,000		348,701,344
U.S. Treasury Bill (z)		2.40			5-2-2019		150,000,000		149,106,563
U.S. Treasury Bill (z)		2.40			3-12-2019		250,000,000		249,352,708
U.S. Treasury Bill (z)		2.42			4-18-2019		200,000,000		198,984,260
U.S. Treasury Bill (z)		2.42			3-28-2019		100,000,000		99,631,806
U.S. Treasury Bill (z)		2.43			4-11-2019		260,000,000		258,800,550
U.S. Treasury Bill (z)		2.43			4-25-2019		150,000,000		149,167,118
U.S. Treasury Bill (z)		2.45			4-4-2019		380,000,000		378,410,173
U.S. Treasury Bill (z)		2.49			5-9-2019		40,000,000		39,735,406
U.S. Treasury Bill (z)		2.49			8-1-2019		30,000,000		29,628,573
U.S. Treasury Bill (z)		2.50			5-23-2019		30,000,000		29,771,756
U.S. Treasury Bill (z)		2.50			5-16-2019		30,000,000		29,785,933
U.S. Treasury Bill (z)		2.51			6-13-2019		20,000,000		19,817,913
U.S. Treasury Note		0.75			2-15-2019		20,000,000		19,988,766
U.S. Treasury Note		0.75			7-15-2019		24,740,000		24,544,529
U.S. Treasury Note		0.75			8-15-2019		30,000,000		29,701,968
U.S. Treasury Note		0.88			7-31-2019		30,000,000		29,747,449
U.S. Treasury Note		1.00			3-15-2019		80,000,000		79,874,826
U.S. Treasury Note		1.00			10-15-2019		30,000,000		29,638,458
U.S. Treasury Note		1.13			2-28-2019		20,000,000		19,980,728
U.S. Treasury Note		1.25			3-31-2019		40,000,000		39,921,486
U.S. Treasury Note		1.25			4-30-2019		160,300,000		159,823,605
U.S. Treasury Note		1.25			5-31-2019		10,000,000		9,962,942
U.S. Treasury Note		1.25			6-30-2019		30,000,000		29,835,772
U.S. Treasury Note		1.38			2-28-2019		114,000,000		113,918,164
U.S. Treasury Note		1.38			7-31-2019		80,000,000		79,523,658
U.S. Treasury Note		1.50			2-28-2019		30,000,000		29,982,231
U.S. Treasury Note		1.50			5-31-2019		20,000,000		19,942,269
U.S. Treasury Note		1.63			3-31-2019		20,000,000		19,975,563
U.S. Treasury Note (U.S. Treasury 3 Month Bill Money Market Yield +0.00%) ±		2.40			1-31-2020		270,000,000		269,938,865
U.S. Treasury Note (U.S. Treasury 3 Month Bill Money Market Yield +0.03%) ±		2.44			4-30-2020		360,000,000		359,997,061
U.S. Treasury Note (U.S. Treasury 3 Month Bill Money Market Yield +0.04%) ±		2.45			7-31-2020		240,000,000		239,999,077
U.S. Treasury Note (U.S. Treasury 3 Month Bill Money Market Yield +0.05%) ±		2.45			10-31-2020		310,000,000		309,775,740
U.S. Treasury Note (U.S. Treasury 3 Month Bill Money Market Yield +0.05%) ±		2.45			10-31-2019		195,000,000		195,022,465
U.S. Treasury Note (U.S. Treasury 3 Month Bill Money Market Yield +0.06%) ±		2.46			7-31-2019		60,000,000		60,001,083
U.S. Treasury Note (U.S. Treasury 3 Month Bill Money Market Yield +0.07%) ±		2.47			4-30-2019		150,000,000		150,024,902

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

Portfolio of investments—January 31, 2019 Wells Fargo 100% Treasury Money Market Fund 11

Security name	Interest rate			Maturity date		Principal		Value
Treasury Debt (continued)
U.S. Treasury Note (U.S. Treasury 3 Month Bill Money Market Yield +0.12%) ±		2.52	%		1-31-2021	$	120,000,000	$	120,006,306
U.S. Treasury Note		2.75			2-15-2019		10,000,000		10,001,873
U.S. Treasury Note		3.13			5-15-2019		141,000,000		141,244,476
U.S. Treasury Note		3.63			8-15-2019		10,000,000		10,053,983
Total Treasury Debt (Cost $12,625,560,424)									12,625,560,424

Total investments in securities (Cost $12,625,560,424)	108.95	%		12,625,560,424
Other assets and liabilities, net	(8.95	)		(1,037,167,291	)
Total net assets	100.00	%	$	11,588,393,133

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

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

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

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

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

12 Wells Fargo 100% Treasury Money Market Fund Statement of assets and liabilities—January 31, 2019

Assets
Investments in unaffiliated securities, at amortized cost	$	12,625,560,424
Cash		3,158
Receivable for investments sold		498,191,953
Receivable for Fund shares sold		21,763,985
Receivable for interest		3,799,077
Prepaid expenses and other assets		61,286
Total assets		13,149,379,883
Liabilities
Payable for investments purchased		1,546,477,654
Dividends payable		7,862,575
Payable for Fund shares redeemed		3,151,872
Management fee payable		1,161,819
Administration fees payable		903,826
Distribution fee payable		125,625
Trustees’ fees and expenses payable		1,625
Accrued expenses and other liabilities		1,301,754
Total liabilities		1,560,986,750
Total net assets	$	11,588,393,133
NET ASSETS CONSIST OF
Paid-in capital	$	11,588,292,861
Total distributable earnings		100,272
Total net assets	$	11,588,393,133
COMPUTATION OF NET ASSET VALUE PER SHARE
Net assets – Class A	$	384,013,451
Shares outstanding – Class A1		383,992,506
Net asset value per share – Class A		$1.00
Net assets – Administrator Class	$	692,247,065
Shares outstanding – Administrator Class1		692,206,098
Net asset value per share – Administrator Class		$1.00
Net assets – Institutional Class	$	7,296,689,777
Shares outstanding – Institutional Class1		7,296,307,238
Net asset value per share – Institutional Class		$1.00
Net assets – Service Class	$	2,796,396,860
Shares outstanding – Service Class1		2,796,253,024
Net asset value per share – Service Class		$1.00
Net assets – Sweep Class	$	419,045,980
Shares outstanding – Sweep Class1		419,023,543
Net asset value per share – Sweep Class		$1.00

¹  The Fund has an unlimited number of authorized shares.

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

Statement of operations—year ended January 31, 2019 Wells Fargo 100% Treasury Money Market Fund 13

Investment income
Interest	$	208,310,167
Expenses
Management fee		24,287,376
Administration fees
Class A		584,616
Administrator Class		749,199
Institutional Class		5,021,984
Service Class		3,400,254
Sweep Class		128,603
Shareholder servicing fees
Class A		664,336
Administrator Class		748,995
Service Class		7,083,368
Sweep Class		1,071,691
Distribution fee
Sweep Class		1,500,368
Custody and accounting fees		306,927
Professional fees		52,575
Registration fees		174,460
Shareholder report expenses		41,682
Trustees’ fees and expenses		14,034
Other fees and expenses		128,393
Total expenses		45,958,861
Less: Fee waivers and/or expense reimbursements		(11,791,056	)
Net expenses		34,167,805
Net investment income		174,142,362
Net realized losses on investments		(440,382	)
Net increase in net assets resulting from operations	$	173,701,980

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

14 Wells Fargo 100% Treasury Money Market Fund Statement of changes in net assets

	Year ended January 31, 2019						Year ended January 31, 20181
Operations
Net investment income				$	174,142,362					$	57,973,078
Net realized losses on investments					(440,382	)					(87,084	)
Net increase in net assets resulting from operations					173,701,980						57,885,994
Distributions to shareholders from net investment income and net realized gains
Class A					(3,585,269	)					(982,581	)
Administrator Class					(12,151,739	)					(6,687,100	)
Institutional Class					(112,222,067	)					(34,596,069	)
Service Class					(40,839,299	)					(14,744,677	)
Sweep Class					(4,851,067	)					(857,243	)
Total distributions to shareholders					(173,649,441	)					(57,867,670	)
Capital share transactions		Shares						Shares
Proceeds from shares sold
Class A		1,137,578,905			1,137,578,905			1,135,806,761			1,135,806,761
Administrator Class		2,946,536,440			2,946,536,440			3,968,753,750			3,968,753,750
Institutional Class		20,906,716,859			20,906,716,859			13,161,870,367			13,161,870,367
Service Class		16,011,789,165			16,011,789,165			19,403,845,448			19,403,845,448
Sweep Class		4,479,924,845			4,479,924,845			3,679,356,512			3,679,356,512
					45,482,546,214						41,349,632,838
Reinvestment of distributions
Class A		3,581,445			3,581,445			981,504			981,504
Administrator Class		6,604,565			6,604,565			3,277,129			3,277,129
Institutional Class		78,887,331			78,887,331			22,397,562			22,397,562
Service Class		9,489,778			9,489,778			2,682,696			2,682,696
Sweep Class		4,851,067			4,851,067			857,222			857,222
					103,414,186						30,196,113
Payment for shares redeemed
Class A		(1,048,396,260	)		(1,048,396,260	)		(1,209,172,771	)		(1,209,172,771	)
Administrator Class		(3,175,348,441	)		(3,175,348,441	)		(4,284,479,032	)		(4,284,479,032	)
Institutional Class		(18,389,742,128	)		(18,389,742,128	)		(12,050,337,321	)		(12,050,337,321	)
Service Class		(16,170,354,767	)		(16,170,354,767	)		(19,798,151,954	)		(19,798,151,954	)
Sweep Class		(4,547,426,565	)		(4,547,426,565	)		(3,870,749,117	)		(3,870,749,117	)
					(43,331,268,161	)					(41,212,890,195	)
Net increase in net assets resulting from capital share transactions					2,254,692,239						166,938,756
Total increase in net assets					2,254,744,778						166,957,080
Net assets
Beginning of period					9,333,648,355						9,166,691,275
End of period				$	11,588,393,133					$	9,333,648,355

¹  Effective for all filings after November 4, 2018, the SEC prospectively eliminated the requirement to parenthetically disclose undistributed net investment income at the end of the period and permitted the aggregation of distributions, with the exception of tax basis returns of capital. Undistributed net investment income at January 31, 2018 was $3,119. The disaggregated distributions information for the year ended January 31, 2018 is included in Note 5, 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 100% Treasury Money Market Fund 15

(For a share outstanding throughout each period)

	Year ended January 31
CLASS A	2019			2018			2017			2016			2015
Net asset value, beginning of period		$1.00			$1.00			$1.00			$1.00			$1.00
Net investment income (loss)		0.01			0.00	1		0.00	1		0.00	1,2		(0.00	)2,3
Net realized gains (losses) on investments		(0.00	)3		(0.00	)3		0.00	1		(0.00	)3		0.00	1
Total from investment operations		0.01			0.00	1		0.00	1		(0.00	)3		0.00	1
Distributions to shareholders from
Net investment income		(0.01	)		(0.00	)1		(0.00	)1		(0.00	)1		(0.00	)1
Net realized gains		(0.00	)1		(0.00	)1		(0.00	)1		(0.00	)1		(0.00	)1
Total distributions to shareholders		(0.01	)		(0.00	)1		(0.00	)1		(0.00	)1		(0.00	)1
Net asset value, end of period		$1.00			$1.00			$1.00			$1.00			$1.00
Total return		1.35	%		0.32	%		0.01	%		0.00	%		0.00	%
Ratios to average net assets (annualized)
Gross expenses		0.71	%		0.79	%		0.79	%		0.79	%		0.79	%
Net expenses		0.62	%		0.64	%		0.36	%		0.08	%		0.04	%
Net investment income (loss)		1.35	%		0.31	%		0.00	%		0.00	%		(0.00	)%
Supplemental data
Net assets, end of period (000s omitted)		$384,013			$291,246			$363,639			$464,176			$1,009,623

¹  Amount is less than $0.005.

²  Calculated based upon average shares outstanding

³  Amount is more than $(0.005).

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

16 Wells Fargo 100% Treasury Money Market Fund Financial highlights

(For a share outstanding throughout each period)

	Year ended January 31
ADMINISTRATOR CLASS	2019			2018			2017			2016			2015
Net asset value, beginning of period		$1.00			$1.00			$1.00			$1.00			$1.00
Net investment income (loss)		0.02			0.01			0.00	1		0.00	1		(0.00	)2,3
Net realized gains (losses) on investments		(0.00	)2		(0.00	)2		0.00	1		(0.00	)2		0.00	1
Total from investment operations		0.02			0.01			0.00	1		(0.00	)2		0.00	1
Distributions to shareholders from
Net investment income		(0.02	)		(0.01	)		(0.00	)1		(0.00	)1		(0.00	)1
Net realized gains		(0.00	)1		(0.00	)1		(0.00	)1		(0.00	)1		(0.00	)1
Total distributions to shareholders		(0.02	)		(0.01	)		(0.00	)1		(0.00	)1		(0.00	)1
Net asset value, end of period		$1.00			$1.00			$1.00			$1.00			$1.00
Total return		1.67	%		0.67	%		0.07	%		0.00	%		0.00	%
Ratios to average net assets (annualized)
Gross expenses		0.44	%		0.52	%		0.52	%		0.51	%		0.51	%
Net expenses		0.30	%		0.30	%		0.30	%		0.08	%		0.04	%
Net investment income (loss)		1.63	%		0.65	%		0.06	%		0.00	%		(0.00	)%
Supplemental data
Net assets, end of period (000s omitted)		$692,247			$914,471			$1,226,947			$1,945,991			$2,656,805

¹  Amount is less than $0.005.

²  Amount is more than $(0.005).

³  Calculated based upon average shares outstanding

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

Financial highlights Wells Fargo 100% Treasury Money Market Fund 17

(For a share outstanding throughout each period)

	Year ended January 31
INSTITUTIONAL CLASS	2019			2018			2017			2016			20151
Net asset value, beginning of period		$1.00			$1.00			$1.00			$1.00			$1.00
Net investment income (loss)		0.02			0.01			0.00	2		0.00	2		(0.00	)3,4
Net realized gains (losses) on investments		(0.00	)3		(0.00	)3		0.00	2		(0.00	)3		0.00	2
Total from investment operations		0.02			0.01			0.00	2		0.00	2		0.00	2
Distributions to shareholders from
Net investment income		(0.02	)		(0.01	)		(0.00	)2		(0.00	)2		(0.00	)2
Net realized gains		(0.00	)2		(0.00	)2		(0.00	)2		(0.00	)2		(0.00	)2
Total distributions to shareholders		(0.02	)		(0.01	)		(0.00	)2		(0.00	)2		(0.00	)2
Net asset value, end of period		$1.00			$1.00			$1.00			$1.00			$1.00
Total return5		1.77	%		0.77	%		0.17	%		0.01	%		0.00	%
Ratios to average net assets (annualized)
Gross expenses		0.31	%		0.40	%		0.40	%		0.40	%		0.39	%
Net expenses		0.20	%		0.20	%		0.20	%		0.11	%		0.04	%
Net investment income (loss)		1.79	%		0.78	%		0.18	%		0.01	%		(0.00	)%
Supplemental data
Net assets, end of period (000s omitted)		$7,296,690			$4,700,731			$3,566,678			$632,263			$100

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

²  Amount is less than $0.005.

³  Amount is more than $(0.005).

⁴  Calculated based upon average shares outstanding

⁵  Returns for periods of less than one year are not annualized.

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

18 Wells Fargo 100% Treasury Money Market Fund Financial highlights

(For a share outstanding throughout each period)

	Year ended January 31
SERVICE CLASS	2019			2018			2017			2016			2015
Net asset value, beginning of period		$1.00			$1.00			$1.00			$1.00			$1.00
Net investment income (loss)		0.01			0.00	1		0.00	1		0.00	1		(0.00	)2,3
Net realized gains (losses) on investments		(0.00	)2		(0.00	)2		0.00	1		(0.00	)2		0.00	1
Total from investment operations		0.01			0.00	1		0.00	1		(0.00	)2		0.00	1
Distributions to shareholders from
Net investment income		(0.01	)		(0.00	)1		(0.00	)1		(0.00	)1		(0.00	)1
Net realized gains		(0.00	)1		(0.00	)1		(0.00	)1		(0.00	)1		(0.00	)1
Total distributions to shareholders		(0.01	)		(0.00	)1		(0.00	)1		(0.00	)1		(0.00	)1
Net asset value, end of period		$1.00			$1.00			$1.00			$1.00			$1.00
Total return		1.46	%		0.46	%		0.01	%		0.00	%		0.00	%
Ratios to average net assets (annualized)
Gross expenses		0.61	%		0.69	%		0.69	%		0.69	%		0.68	%
Net expenses		0.50	%		0.50	%		0.36	%		0.09	%		0.05	%
Net investment income (loss)		1.45	%		0.45	%		0.00	%		0.00	%		(0.00	)%
Supplemental data
Net assets, end of period (000s omitted)		$2,796,397			$2,945,498			$3,337,172			$5,614,425			$6,962,725

¹  Amount is less than $0.005.

²  Amount is more than $(0.005).

³  Calculated based upon average shares outstanding

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

Financial highlights Wells Fargo 100% Treasury Money Market Fund 19

(For a share outstanding throughout each period)

	Year ended January 31
SWEEP CLASS	2019			2018			2017			2016			2015
Net asset value, beginning of period		$1.00			$1.00			$1.00			$1.00			$1.00
Net investment income (loss)		0.01			0.00	1		0.00	1		0.00	1		(0.00	)2,3
Net realized gains (losses) on investments		(0.00	)2		(0.00	)2		0.00	1		(0.00	)2		0.00	1
Total from investment operations		0.01			0.00	1		0.00	1		(0.00	)2		0.00	1
Distributions to shareholders from
Net investment income		(0.01	)		(0.00	)1		(0.00	)1		(0.00	)1		(0.00	)1
Net realized gains		(0.00	)1		(0.00	)1		(0.00	)1		(0.00	)1		(0.00	)1
Total distributions to shareholders		(0.01	)		(0.00	)1		(0.00	)1		(0.00	)1		(0.00	)1
Net asset value, end of period		$1.00			$1.00			$1.00			$1.00			$1.00
Total return		1.13	%		0.18	%		0.01	%		0.00	%		0.00	%
Ratios to average net assets (annualized)
Gross expenses		0.87	%		0.95	%		1.11	%		1.14	%		1.14	%
Net expenses		0.83	%		0.77	%		0.36	%		0.09	%		0.04	%
Net investment income (loss)		1.14	%		0.16	%		0.00	%		0.00	%		(0.00	)%
Supplemental data
Net assets, end of period (000s omitted)		$419,046			$481,702			$672,256			$473,246			$427,778

¹  Amount is less than $0.005.

²  Amount is more than $(0.005).

³  Calculated based upon average shares outstanding

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

20 Wells Fargo 100% Treasury Money Market Fund 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 100% Treasury Money Market Fund (the “Fund”) which is a diversified series of the Trust.

2. SIGNIFICANT ACCOUNTING POLICIES

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

Securities valuation

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

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

When-issued transactions

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

Security transactions and income recognition

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

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

Distributions to shareholders

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

Federal and other taxes

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

Notes to financial statements Wells Fargo 100% Treasury Money Market Fund 21

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

As of January 31, 2019, the cost of investments for federal income tax purposes is substantially the same as for financial reporting purposes.

Class allocations

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

3. FAIR VALUATION MEASUREMENTS

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

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

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

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

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

The following is a summary of the inputs used in valuing the Fund’s assets and liabilities as of January 31, 2019:

	Quoted prices (Level 1)		Other significant observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total
Assets
Investments in:
Treasury debt	$	0	$	12,625,560,424	$	0	$	12,625,560,424

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

At January 31, 2019, the Fund did not have any transfers into/out of Level 3.

4. TRANSACTIONS WITH AFFILIATES

Management fee

Funds Management, an indirect wholly owned subsidiary of Wells Fargo & Company (“Wells Fargo”), is the manager of the Fund and provides advisory and fund-level administrative services under an investment management agreement. Under the investment management agreement, Funds Management is responsible for, among other services, implementing the investment objectives and strategies of the Fund, supervising the subadviser and providing fund-level administrative services in connection with the Fund’s operations. As compensation for its services under the investment management agreement, Funds Management is entitled to receive an annual management fee starting at 0.20% and declining to 0.18% as the average daily net assets of the Fund increase. Prior to June 1, 2018, Funds Management received a fee at an annual rate which started at 0.35% and declined to 0.23% as the average daily net assets of the Fund increased. For the year ended January 31, 2019, the management fee was equivalent to an annual rate of 0.23% of the Fund’s average daily net assets.

22 Wells Fargo 100% Treasury Money Market Fund Notes to financial statements

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

Administration fees

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

	Class-level administration fee
Class A		0.22	%
Administrator Class		0.10
Institutional Class		0.08
Service Class		0.12
Sweep Class		0.03

Funds Management has contractually waived and/or reimbursed management and administration fees to the extent necessary to maintain certain net operating expense ratios for the Fund. When each class of the Fund has exceeded its expense cap, Funds Management has waived fees and/or reimbursed expenses from fund level expenses on a proportionate basis and then from class specific expenses; otherwise, waivers and/or reimbursements are applied against class specific expenses before fund level expenses. Funds Management has committed through May 31, 2019 to waive fees and/or reimburse expenses to the extent necessary to cap the Fund’s expenses at 0.60% for Class A shares, 0.30% for Administrator Class shares, 0.20% for Institutional Class shares, 0.50% for Service Class shares, and 0.83% for Sweep Class shares. Prior to or after the commitment expiration date, the cap may be increased or the commitment to maintain the cap may be terminated only with the approval of the Board of Trustees. Prior to June 1, 2018, the Fund’s expenses were capped at 0.65% for Class A shares.

Distribution fee

The Trust has adopted a distribution plan for Sweep Class shares of the Fund pursuant to Rule 12b-1 under the 1940 Act. A distribution fee is charged to Sweep Class shares and paid to Wells Fargo Funds Distributor, LLC, the principal underwriter, at an annual rate of 0.35% of the average daily net assets of Sweep Class shares.

Shareholder servicing fees

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

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

Interfund transactions

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

5. DISTRIBUTIONS TO SHAREHOLDERS

The tax character of distributions paid during the years ended January 31, 2019 and January 31, 2018 were as follows:

	Year ended January 31
	2019		2018
Ordinary income	$	173,649,441	$	57,848,084
Long-term capital gain		0		19,586

Notes to financial statements Wells Fargo 100% Treasury Money Market Fund 23

As of January 31, 2019, distributable earnings on a tax basis consisted of $7,966,917 in undistributed ordinary income.

Effective for all filings after November 4, 2018, the Securities and Exchange Commission eliminated the requirement to separately state the components of distributions to shareholders under U.S. generally accepted accounting principles. The amounts of distributions to shareholders for the year ended January 31, 2018 were as follows:

	Net investment income		Net realized gains
Class A	$	965,544	$	17,037
Administrator Class		6,627,174		59,926
Institutional Class		34,332,395		263,674
Service Class		14,586,653		158,024
Sweep Class		831,054		26,189

6. 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.

7. NEW ACCOUNTING PRONOUNCEMENT

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

24 Wells Fargo 100% Treasury Money Market Fund Report of independent registered public accounting firm

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 100% Treasury Money Market Fund (the Fund), one of the funds constituting Wells Fargo Funds Trust, including the portfolio of investments, as of January 31, 2019, 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 or periods 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 January 31, 2019, 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 or periods 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 January 31, 2019, by correspondence with the custodian 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 auditor of one or more Wells Fargo Funds investment companies, however we are aware that we have served as the auditor of one or more Wells Fargo Funds investment companies since at least 1955.

Boston, Massachusetts

March 27, 2019

Other information (unaudited) Wells Fargo 100% Treasury Money Market Fund 25

TAX INFORMATION

For the fiscal year ended January 31, 2019, $168,999,454 has been designated as interest-related dividends for nonresident alien shareholders pursuant to Section 871 of the Internal Revenue Code.

For the fiscal year ended January 31, 2019, $335,089 has been designated as short-term capital gain dividends for nonresident alien shareholders pursuant to Section 871 of the Internal Revenue Code.

For the fiscal year ended January 31, 2019, 100% of the ordinary income distributed was derived from interest on U.S. government securities.

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 1-800-222-8222, visiting our website at wellsfargofunds.com, or visiting the SEC website at sec.gov. Information regarding how the Fund voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is available on the Fund’s website at wellsfargofunds.com or by visiting the SEC website at sec.gov.

PORTFOLIO HOLDINGS INFORMATION

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

26 Wells Fargo 100% Treasury Money Market Fund Other information (unaudited)

BOARD OF TRUSTEES AND OFFICERS

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

Other information (unaudited) Wells Fargo 100% Treasury Money Market Fund 27

Name and year of birth	Position held and length of service*	Principal occupations during past five years or longer	Current other public company or investment company directorships
Olivia S. Mitchell (Born 1953)	Trustee, since 2006; 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
Pamela Wheelock (Born 1959)	Trustee, since 2018; Advisory Board Member, from 2017 to 2018	Board member of the Destination Medical Center Economic Development Agency, Rochester, Minnesota since 2019. Chief Operating Officer, Twin Cities Habitat for Humanity from 2017 to 2019. Vice President of University Services, University of Minnesota from 2012 to 2016. Prior thereto, on the Board of Directors, Governance Committee and Finance Committee for the Minnesota Philanthropy Partners (Saint Paul Foundation) from 2012 to 2018, Interim Chief Executive Officer of Blue Cross Blue Shield of Minnesota from 2011 to 2012, Chairman of the Board from 2009 to 2012 and Board Director from 2003 to 2015. Vice President, Leadership and Community Engagement, Bush Foundation, Saint Paul, Minnesota (a private foundation) from 2009 to 2011. Executive Vice President and Chief Financial Officer, Minnesota Sports and Entertainment from 2004 to 2009 and Senior Vice President from 2002 to 2004. Executive Vice President of the Minnesota Wild Foundation from 2004 to 2008. Commissioner of Finance, State of Minnesota, from 1999 to 2002. Currently Board Chair of the Minnesota Wild Foundation since 2010.	N/A

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

28 Wells Fargo 100% Treasury Money Market Fund Other information (unaudited)

Officers

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

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

² The Statement of Additional Information includes additional information about the Trustees and is available, without charge, upon request, by calling 1-800-222-8222 or by visiting the website at wellsfargofunds.com.

³  Mr. Harris became Chairman of the Audit Committee effective January 1, 2019.

For more information

More information about Wells Fargo Funds is available free upon request. To obtain literature, please write, visit the Fund’s website, or call:

Wells Fargo Funds

P.O. Box 219967

Kansas City, MO 64121-9967

Website: wellsfargofunds.com

Individual investors: 1-800-222-8222

Retail investment professionals: 1-888-877-9275

Institutional investment professionals: 1-866-765-0778

This report and the financial statements contained herein are submitted for the general information of the shareholders of the Fund. If this report is used for promotional purposes, distribution of the report must be accompanied or preceded by a current prospectus. Before investing, please consider the investment objectives, risks, charges, and expenses of the investment. For a current prospectus and, if available, a summary prospectus, containing this information, call 1-800-222-8222 or visit the Fund’s website at wellsfargofunds.com. Read the prospectus carefully before you invest or send money.

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

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

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

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

320766 03-19 A300/AR300 01-19

Annual Report

January 31, 2019

Government Money Market Funds

∎ Wells Fargo Treasury Plus Money Market Fund

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

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

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

Reduce clutter. Save trees.

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

Contents

Letter to shareholders	2
Performance highlights	6
Fund expenses	9
Portfolio of investments	10
Financial statements
Statement of assets and liabilities	12
Statement of operations	13
Statement of changes in net assets	14
Financial highlights	15
Notes to financial statements	20
Report of independent registered public accounting firm	24
Other information	25

The views expressed and any forward-looking statements are as of January 31, 2019, 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 Treasury Plus Money Market Fund Letter to shareholders (unaudited)

Andrew Owen

President

Wells Fargo Funds

Global trade tensions escalated during the second quarter of 2018.

Dear Shareholder:

We are pleased to offer you this annual report for the Wells Fargo Treasury Plus Money Market Fund for the 12-month period that ended January 31, 2019. An upward trend for short-term interest rates, inflation concerns, trade tensions, and geopolitical events contributed to investment market volatility throughout the year.

For the period, U.S. stocks, as measured by the S&P 500 Index,¹ fell 2.31% and international stocks, as measured by the MSCI ACWI ex USA Index (Net),² declined 12.58%. Based on the MSCI EM Index (Net),³ emerging market stocks lost 14.24%. For bond investors, the Bloomberg Barclays U.S. Aggregate Bond Index⁴ added 2.25% while the Bloomberg Barclays Global Aggregate ex-USD Index⁵ fell 3.26%. The Bloomberg Barclays Municipal Bond Index⁶ added 3.26%, and the ICE BofAML U.S. High Yield Index⁷ gained 1.57%.

A move to normalize U.S. monetary policy influenced markets.

Through January 2018, the S&P 500 Index and MSCI ACWI ex USA Index (Net) delivered positive returns every month for more than a year. In February 2018, that streak ended. The S&P 500 Index fell 3.69% during February and the MSCI ACWI ex USA Index (Net) dropped 4.72%. For the quarter, the S&P 500 Index recorded its first negative quarterly return since 2014. The MSCI ACWI ex USA Index (Net) fell 1.18% for the quarter.

During the year, the U.S. Federal Reserve (Fed) sought to normalize accommodative monetary policies in place since the 2008 global financial crisis and recession. Short-term interest rates, as measured by U.S. Treasury bills—maturities ranging from 3 to 12 months—increased an average of 89 basis points (bps; 100 bps equal 1.00%). Rates for 10-year and 30-year Treasuries increased 17 bps and 18 bps, respectively. Slower growth of long-term rates raised concerns for a flattening yield curve, sometimes associated with recessions. The Fed raised the federal funds rate by 25 bps in March 2018 to a target range of between 1.50% and 1.75%. The Bank of England (BOE) indicated a bias to increase rates later in 2018. The European Central Bank, the Bank of Japan, and the People’s Bank of China (PBOC) maintained low interest rates.

Global trade tensions heightened investor concerns.

Global trade tensions escalated during the second quarter of 2018. A tit-for-tat tariff spat intensified between the U.S. and other governments. The Fed raised the federal funds rate by 25 bps to a target range of between 1.75% and 2.00% in June. Market index results reflected the global concerns. The MSCI ACWI ex USA Index (Net) lost 2.61% while the Bloomberg Barclays Global Aggregate ex-USD Index dropped 4.76%.

¹ The S&P 500 Index consists of 500 stocks chosen for market size, liquidity, and industry group representation. It is a market-value-weighted index with each stock’s weight in the index proportionate to its market value. You cannot invest directly in an index.

²  The Morgan Stanley Capital International (MSCI) All Country World Index (ACWI) ex USA Index (Net) is a free-float-adjusted market-capitalization-weighted index that is designed to measure the equity market performance of developed markets, excluding the United States and Canada. Source: MSCI. MSCI makes no express or implied warranties or representations and shall have no liability whatsoever with respect to any MSCI data contained herein. The MSCI data may not be further redistributed or used as a basis for other indices or any securities or financial products. This report is not approved, reviewed, or produced by MSCI. You cannot invest directly in an index.

³  The MSCI Emerging Markets (EM) Index (Net) is a free-float-adjusted market-capitalization-weighted index that is designed to measure large- and mid-cap equity market performance of emerging markets. The MSCI EM Index (Net) consists of the following 24 emerging market country indices: Brazil, Chile, China, Colombia, Czech Republic, Egypt, Greece, Hungary, India, Indonesia, Korea, Malaysia, Mexico, Pakistan, Peru, the Philippines, Poland, Qatar, Russia, South Africa, Taiwan, Thailand, Turkey, and the United Arab Emirates. You cannot invest directly in an index.

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

⁵  The Bloomberg Barclays Global Aggregate ex-USD Index is an unmanaged index that provides a broad-based measure of the global investment-grade fixed-income markets excluding the U.S. dollar-denominated debt market. You cannot invest directly in an index.

⁶  The Bloomberg Barclays Municipal Bond Index is an unmanaged index composed of long-term tax-exempt bonds with a minimum credit rating of Baa. You cannot invest directly in an index.

⁷ The ICE BofAML U.S. High Yield Index is a market-capitalization-weighted index of domestic and Yankee high-yield bonds. The index tracks the performance of high-yield securities traded in the U.S. bond market. You cannot invest directly in an index. Copyright 2019. ICE Data Indices, LLC. All rights reserved.

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

Not all news was bad. The U.S. Bureau of Economic Analysis reported second-quarter gross domestic product (GDP) annualized growth of 4.2%. Hiring improved. Employment data remained strong. Consumer confidence and spending increased. The S&P 500 Index recorded a 3.43% second-quarter gain. Stocks of companies with smaller capitalizations were even better, as measured by the Russell 2000^® Index,⁸ adding 7.75%.

Investors appeared to shake off lingering concerns during the third quarter.

Favorable third-quarter economic indicators and corporate earnings reports encouraged domestic stock investors. U.S. trade negotiations with Mexico and Canada progressed. The Conference Board Consumer Confidence Index^®9 reached its highest level in 18 years during September. The Fed raised the federal funds rate by 25 bps to a target range of between 2.00% and 2.25% in September. For the quarter that ended September 30, 2018, the S&P 500 Index added 7.71%.

Investors in international markets were not as reassured. Tensions between the U.S. and China increased. The U.S. imposed $200 billion in tariffs on Chinese goods. China reacted with $60 billion in tariffs on U.S. goods. Economic growth in China caused concern. The BOE raised its monetary policy rate to 0.75% in August. During the quarter, the MSCI ACWI ex USA Index (Net) gained 0.71%. The MSCI EM Index (Net) declined 1.09%. In fixed-income markets, U.S. bonds were flat, as measured by the Bloomberg Barclays U.S. Aggregate Bond Index. The Bloomberg Barclays Global Aggregate ex-USD Index fell 1.74%.

Conflicting data unsettled markets during the fourth quarter.

For the S&P 500 Index and the MSCI ACWI ex USA Index (Net), negative stock market performance during October and December bracketed positive November returns. December’s S&P 500 Index performance was the worst since 1931. Globally, fixed-income investments fared better than stocks during the last two months of the year.

November’s U.S. mid-term elections shifted control of the House of Representatives from Republicans to Democrats, presaging potential partisan clashes. The Bureau of Economic Analysis reported that third-quarter U.S. GDP grew at an annualized 3.4% rate, solid, but lower than the second quarter rate. Brexit efforts stalled ahead of the March 2019 deadline. The PBOC cut reserve requirement ratios, accelerated infrastructure spending, and cut taxes even as the value of the yuan declined to low levels last seen in 2008.

After the Fed increased the federal funds rate by 25 bps to a target range of between 2.25% and 2.50% in December—the ninth such increase since the Fed began three years ago to raise rates from near zero—it softened its outlook for further interest rate increases in 2019.

The market climbs a wall of worry.

Investors entered 2019 with reasons to be concerned. A partial U.S government shutdown driven by partisan spending and immigration policy disputes extended into January. Investors expected high levels of stock market volatility to continue based on the VIX¹⁰.

Favorable third-quarter economic indicators and corporate earnings reports encouraged domestic stock investors.

⁸  The Russell 2000^® Index measures the performance of the 2,000 smallest companies in the Russell 3000^® Index, which represents approximately 8% of the total market capitalization of the Russell 3000^® Index. You cannot invest directly in an index.

⁹  The Conference Board Consumer Confidence Index^® measures the degree of optimism on the state of the U.S. economy that consumers are expressing through their activities of savings and spending. You cannot invest directly in an index.

¹⁰  The Chicago Board Options Exchange Market Volatility Index (VIX) is a popular measure of the implied volatility of S&P 500 Index options. It represents one measure of the market’s expectation of stock market volatility over the next 30-day period. You cannot invest directly in an index.

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

January’s returns tended to support the investing adage that markets climb a wall of worry. The S&P 500 Index gained 8.01% for the month that ended January 31, 2019, its best monthly performance in 30 years. Returns for the MSCI ACWI ex USA Index (Net), the Bloomberg Barclays U.S. Aggregate Bond Index, and the Bloomberg Barclays Global Aggregate ex-USD Index also were positive.

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

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

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

Sincerely,

Andrew Owen

President

Wells Fargo Funds

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

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6 Wells Fargo Treasury Plus Money Market Fund Performance highlights (unaudited)

Investment objective

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

Manager

Wells Fargo Funds Management, LLC

Subadviser

Wells Capital Management Incorporated

Portfolio managers

Michael C. Bird, CFA^®‡

Jeffrey L. Weaver, CFA^®‡

Laurie White

Average annual total returns (%) as of January 31, 2019

								Expense ratios1 (%)
	Inception date	1 year		5 year		10 year		Gross		Net2
Class A (PIVXX)	7-28-2003		1.37		0.35		0.18		0.62		0.60
Administrator Class (WTPXX)	3-31-2008		1.63		0.47		0.24		0.35		0.34
Institutional Class (PISXX)	8-11-1995		1.78		0.56		0.29		0.23		0.20
Service Class (PRVXX)	10-1-1985		1.53		0.42		0.22		0.52		0.45
Sweep Class3	6-30-2010		1.20		0.29		0.15		0.78		0.77

Yield summary (%) as of January 31, 2019²

	Class A	Administrator Class		Institutional Class		Service Class		Sweep Class
7-day current yield	1.85		2.11		2.25		2.00		1.68
7-day compound yield	1.87		2.13		2.27		2.02		1.69
30-day simple yield	1.86		2.12		2.26		2.01		1.69
30-day compound yield	1.88		2.14		2.29		2.03		1.70

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

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

For government money market funds: You could lose money by investing in the Fund. Although the Fund seeks to preserve the value of your investment at $1.00 per share, it cannot guarantee it will do so. An investment in the Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The Fund’s sponsor has no legal obligation to provide financial support to the Fund, and you should not expect that the sponsor will provide financial support to the Fund at any time.

Please see footnotes on page 7.

Performance highlights (unaudited) Wells Fargo Treasury Plus Money Market Fund 7

Portfolio composition as of January 31, 2019⁴

Effective maturity distribution as of January 31, 2019⁴

Weighted average maturity as of January 31, 2019⁵

20 days

Weighted average life as of January 31, 2019⁶

103 days

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

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

²  The manager has contractually committed through May 31, 2019 (May 31, 2020 for Administrator Class and Sweep Class), to waive fees and/or reimburse expenses to the extent necessary to cap the expenses of each class after fee waivers at 0.60% for Class A, 0.34% for Administrator Class, 0.20% for Institutional Class, 0.45% for Service Class, and 0.77% for Sweep Class. Brokerage commissions, stamp duty fees, interest, taxes, acquired fund fees and expenses (if any), and extraordinary expenses are excluded from the expense cap. Prior to or after the commitment expiration date, the cap may be increased or the commitment to maintain the cap may be terminated only with the approval of the Board of Trustees. Without this cap, the Fund’s returns would have been lower. Without waived fees and/or reimbursed expenses, the Fund’s 7-day current yield would have been 1.84%, 2.11%, 2.23%, 1.94%, and 1.68% for Class A, Administrator Class, Institutional Class, Service Class, and Sweep Class, respectively. The expense ratio paid by an investor is the net expense ratio (the total annual fund operating expenses after fee waivers) as stated in the prospectuses.

³  Historical performance shown for Sweep Class shares prior to their inception reflects the performance of Class A shares, and has not been adjusted to include the higher expenses applicable to Sweep Class shares. If these expenses had been adjusted, returns for Sweep Class shares would be lower.

⁴  Amounts are calculated based on the total investments of the Fund. These amounts are subject to change and may have changed since the date specified.

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

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

8 Wells Fargo Treasury Plus Money Market Fund Performance highlights (unaudited)

MANAGER’S DISCUSSION

The Fund’s fiscal year that ended January 31, 2019, was characterized by steadily rising interest rates. The fiscal year began with the target range on the federal funds rate set by the U.S. Federal Reserve (the Fed) at 1.25% to 1.50%. The Fed raised the target range by 0.25% four times during the year—in March, June, September, and December—with the resulting federal funds target rate set at 2.25% to 2.50% at the end of the period. In addition to raising interest rates, the Fed also continued to shrink its balance sheet by systematically allowing a portion of the U.S. Treasury and mortgage-backed securities it acquired during its quantitative easing programs to mature without being reinvested. Both the interest rate and balance sheet actions represent steps by the Fed to normalize monetary policy, effectively unwinding the policies it used to assist the economy’s recovery from the financial crisis.

The U.S. economy grew strongly throughout the year. Gross domestic product grew at an average rate of approximately 3.1% on an annualized basis, compared with a solid 2.5% rate for the prior year. The unemployment rate was largely unchanged, ending the fiscal year at 4.0%, down from 4.1% a year earlier. In addition, the underemployment rate, which includes workers marginally attached to the labor force and those working part time for economic reasons, also fell slightly from 8.2% to 8.1% over the same period. Both measures were at or below their lows in the years preceding the financial crisis. These measures, among others, likely gave the Fed the confidence it displayed in moving to normalize interest rates and its balance sheet.

Interest rates on all categories of government money market securities moved gradually higher throughout the year, consistent with the Fed’s moves. The 3-month Treasury bill (T-bill) yields averaged 1.58% during February 2018, the first month of the fiscal year; 2.40% during January 2019, the last month of the fiscal year; and 2.04% on average for the entire fiscal year. This compares with an average of 1.01% for the year that ended January 31, 2018. Similarly, average 6-month T-bill yields were 1.77% in February 2018; 2.50% in January 2019; and 2.21% over the whole fiscal year, up from an average of 1.14% in the previous fiscal year. The higher yields on T-bills were due not only to the Fed’s interest rate hikes but also to an increased supply of T-bills from the U.S. Treasury, which needed to finance the growing U.S. federal deficit. The total amount of T-bills outstanding grew from $1.964 trillion at the beginning of the fiscal year to $2.289 trillion at the end.

The yields on repurchase agreements (repos) generally followed the same path and were also heavily influenced by the Fed’s decisions. Overnight Treasury repo rates, as measured by the Fed’s Tri-Party General Collateral Rate, averaged 1.31% in February 2018, the fiscal year’s first month, and 2.44% in January 2019, the fiscal year’s last month. For the entire fiscal year that ended January 31, 2019, the average Treasury repo yield was 1.92%, up from 0.94% for the previous fiscal year.

Our investment strategy remained consistent throughout the year. We invested in T-bills and U.S. Treasury notes— including floating-rate notes—as well as repos collateralized by Treasury securities, while taking into account the Fund’s overall level of liquidity and average maturity.

Strategic outlook

The economy has continued its solid performance, with a consistently strong labor market and gradually rising—but still below target—inflation. At the end of the fiscal year, the Fed signaled that it will proceed more cautiously, weighing incoming economic data and other factors and modifying its interest rate path accordingly. As the Fed is no longer projecting further gradual increases in interest rates and is instead espousing patience, the interest rate outlook as the fiscal year begins is for steady rates, and the direction of the next move in interest rates will depend on the evolution of the economy. The fiscal impulse from the federal tax cut that helped boost the economy over the past year may fade somewhat, potentially leading to slower economic growth over the following year. These factors suggest that interest rates on U.S. government money market securities may be little changed for at least the early part of the fiscal year. The risks to this outlook appear to be roughly balanced, as a still-strong economy could eventually call for higher rates, while rates could fall if the economy weakens due to a variety of factors, such as political developments in both the U.S. and abroad; a pullback in risk asset valuations; and a turn in the economic cycle, as the current expansion is well aged by historical standards. In the face of this uncertainty, we believe that our investment strategy, with its focus on capital preservation and liquidity, should enable the Fund to continue to meet its objectives.

Fund expenses (unaudited) Wells Fargo Treasury Plus Money Market Fund 9

As a shareholder of the Fund, you incur ongoing costs, including management fees, distribution (12b-1) and/or shareholder servicing fees, and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The example is based on an investment of $1,000 invested at the beginning of the six-month period and held for the entire period from August 1, 2018 to January 31, 2019.

Actual expenses

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

Hypothetical example for comparison purposes

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

Please note that the expenses shown in the table are meant to highlight your ongoing costs only. Therefore, the “Hypothetical” line of the table is useful in comparing ongoing costs only and will not help you determine the relative total costs of owning different funds.

	Beginning account value 8-1-2018		Ending account value 1-31-2019		Expenses paid during the period¹		Annualized net expense ratio
Class A
Actual	$	1,000.00	$	1,008.25	$	3.04		0.60	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,022.18	$	3.06		0.60	%
Administrator Class
Actual	$	1,000.00	$	1,009.55	$	1.74		0.34	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,023.48	$	1.75		0.34	%
Institutional Class
Actual	$	1,000.00	$	1,010.28	$	1.01		0.20	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,024.20	$	1.02		0.20	%
Service Class
Actual	$	1,000.00	$	1,009.01	$	2.28		0.45	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,022.94	$	2.29		0.45	%
Sweep Class
Actual	$	1,000.00	$	1,007.38	$	3.90		0.77	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.32	$	3.93		0.77	%

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

10 Wells Fargo Treasury Plus Money Market Fund Portfolio of investments—January 31, 2019

Security name	Interest rate			Maturity date		Principal		Value
Repurchase Agreements ^^: 62.52%
Bank of Nova Scotia, dated 1-31-2019, maturity value $450,031,875 (1)		2.55	%		2-1-2019	$	450,000,000	$	450,000,000
Barclays Capital Incorporated, dated 1-10-2019, maturity value $100,198,167 (2)		2.46			2-8-2019		100,000,000		100,000,000
Barclays Capital Incorporated, dated 1-31-2019, maturity value $1,935,237,070 (3)		2.55			2-1-2019		1,935,100,000		1,935,100,000
BNP Paribas, dated 1-31-2019, maturity value $200,433,778 (4)		2.44			3-4-2019		200,000,000		200,000,000
BNP Paribas, dated 1-31-2019, maturity value $1,150,082,417 (5)		2.58			2-1-2019		1,150,000,000		1,150,000,000
Citigroup Global Markets Incorporated, dated 1-31-2019, maturity value $250,117,639 (6)		2.42			2-7-2019		250,000,000		250,000,000
Credit Agricole, dated 1-31-2019, maturity value $500,035,417 (7)		2.55			2-1-2019		500,000,000		500,000,000
Deutsche Bank Securities, dated 1-31-2019, maturity value $550,039,417 (8)		2.58			2-1-2019		550,000,000		550,000,000
Fixed Income Clearing Corporation, dated 1-31-2019, maturity value $2,535,180,267 (9)		2.56			2-1-2019		2,535,000,000		2,535,000,000
JPMorgan Securities, dated 1-2-2019, maturity value $551,168,750 (10)¢øø§		2.55			2-1-2019		550,000,000		550,000,000
Merrill Lynch Pierce Fenner & Smith Incorporated, dated 1-31-2019, maturity value $190,013,458 (11)		2.55			2-1-2019		190,000,000		190,000,000
MUFG Securities Canada Limited, dated 1-31-2019, maturity value $330,023,375 (12)		2.55			2-1-2019		330,000,000		330,000,000
Prudential, dated 1-31-2019, maturity value $164,127,807 (13)		2.59			2-1-2019		164,116,000		164,116,000
Royal Bank of Scotland, dated 1-31-2019, maturity value $600,043,000 (14)		2.58			2-1-2019		600,000,000		600,000,000
Total Repurchase Agreements (Cost $9,504,216,000)									9,504,216,000
Treasury Debt: 37.67%
U.S. Treasury Bill (z)		2.20			2-7-2019		140,000,000		139,949,221
U.S. Treasury Bill (z)		2.21			2-21-2019		50,000,000		49,939,167
U.S. Treasury Bill (z)		2.22			2-14-2019		30,000,000		29,976,220
U.S. Treasury Bill (z)		2.23			2-28-2019		90,000,000		89,851,163
U.S. Treasury Bill (z)		2.28			3-7-2019		10,000,000		9,978,703
U.S. Treasury Bill (z)		2.30			3-14-2019		30,000,000		29,922,442
U.S. Treasury Bill (z)		2.41			4-11-2019		80,000,000		79,634,971
U.S. Treasury Bill (z)		2.45			4-4-2019		250,000,000		248,952,889
U.S. Treasury Bill (z)		2.47			4-25-2019		50,000,000		49,717,569
U.S. Treasury Bill (z)		2.49			5-9-2019		60,000,000		59,603,108
U.S. Treasury Bill (z)		2.49			8-1-2019		30,000,000		29,628,573
U.S. Treasury Bill (z)		2.50			5-23-2019		70,000,000		69,467,431
U.S. Treasury Bill (z)		2.50			5-16-2019		40,000,000		39,714,578
U.S. Treasury Bill (z)		2.51			6-13-2019		30,000,000		29,726,870
U.S. Treasury Note		0.75			7-15-2019		180,000,000		178,549,406
U.S. Treasury Note		0.75			8-15-2019		50,000,000		49,503,280
U.S. Treasury Note		0.88			7-31-2019		100,000,000		99,151,296
U.S. Treasury Note		1.00			3-15-2019		30,000,000		29,956,686
U.S. Treasury Note		1.00			10-15-2019		70,000,000		69,156,401
U.S. Treasury Note		1.25			3-31-2019		60,000,000		59,882,229
U.S. Treasury Note		1.25			4-30-2019		237,700,000		236,997,106
U.S. Treasury Note		1.25			5-31-2019		30,000,000		29,888,826
U.S. Treasury Note		1.25			6-30-2019		40,000,000		39,781,029
U.S. Treasury Note		1.38			2-28-2019		190,000,000		189,860,353
U.S. Treasury Note		1.38			7-31-2019		160,000,000		159,045,833
U.S. Treasury Note		1.38			9-30-2019		100,000,000		99,209,297
U.S. Treasury Note		1.50			2-28-2019		70,000,000		69,960,073
U.S. Treasury Note		1.50			5-31-2019		50,000,000		49,855,672

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

Portfolio of investments—January 31, 2019 Wells Fargo Treasury Plus Money Market Fund 11

Security name	Interest rate			Maturity date		Principal		Value
Treasury Debt (continued)
U.S. Treasury Note		1.63	%		3-31-2019	$	86,000,000	$	85,886,402
U.S. Treasury Note		1.63			4-30-2019		50,000,000		49,914,113
U.S. Treasury Note		1.75			9-30-2019		25,000,000		24,849,050
U.S. Treasury Note (U.S. Treasury 3 Month Bill Money Market Yield +0.00%) ±		2.40			1-31-2020		430,000,000		429,896,092
U.S. Treasury Note (U.S. Treasury 3 Month Bill Money Market Yield +0.03%) ±		2.44			4-30-2020		650,000,000		650,001,038
U.S. Treasury Note (U.S. Treasury 3 Month Bill Money Market Yield +0.04%) ±		2.45			7-31-2020		460,000,000		459,994,902
U.S. Treasury Note (U.S. Treasury 3 Month Bill Money Market Yield +0.05%) ±		2.45			10-31-2020		470,000,000		469,662,201
U.S. Treasury Note (U.S. Treasury 3 Month Bill Money Market Yield +0.05%) ±		2.45			10-31-2019		307,000,000		307,035,084
U.S. Treasury Note (U.S. Treasury 3 Month Bill Money Market Yield +0.06%) ±		2.46			7-31-2019		90,000,000		90,001,626
U.S. Treasury Note (U.S. Treasury 3 Month Bill Money Market Yield +0.07%) ±		2.47			4-30-2019		323,000,000		323,053,622
U.S. Treasury Note (U.S. Treasury 3 Month Bill Money Market Yield +0.12%) ±		2.52			1-31-2021		170,000,000		170,008,966
U.S. Treasury Note		2.75			2-15-2019		25,000,000		25,004,683
U.S. Treasury Note		3.13			5-15-2019		314,668,000		315,216,256
U.S. Treasury Note		3.63			8-15-2019		10,000,000		10,053,983
Total Treasury Debt (Cost $5,727,438,410)									5,727,438,410

Total investments in securities (Cost $15,231,654,410)	100.19	%		15,231,654,410
Other assets and liabilities, net	(0.19	)		(29,181,703	)
Total net assets	100.00	%	$	15,202,472,707

^^ Collateralized by:

(1) U.S. government securities, 0.00% to 8.88%, 2-15-2019 to 2-15-2047, fair value including accrued interest is $459,000,071.

(2) U.S. government securities, 2.63% to 3.38%, 1-31-2026 to 11-15-2048, fair value including accrued interest is $102,000,003.

(3) U.S. government securities, 1.75% to 7.25%, 12-31-2020 to 8-31-2025, fair value including accrued interest is $1,973,802,054.

(4) U.S. government securities, 0.00% to 4.75%, 2-28-2019 to 8-15-2047, fair value including accrued interest is $204,000,000.

(5) U.S. government securities, 0.00% to 8.75%, 2-5-2019 to 2-15-2048, fair value including accrued interest is $1,173,000,040.

(6) U.S. government securities, 0.13% to 3.00%, 2-28-2019 to 5-15-2042, fair value including accrued interest is $255,000,039.

(7) U.S. government securities, 0.00% to 2.00%, 1-30-2020 to 2-15-2025, fair value including accrued interest is $510,000,066.

(8) U.S. government securities, 0.00%, 5-15-2019 to 11-15-2027, fair value is $561,000,000.

(9) U.S. government securities, 1.13% to 2.88%, 8-31-2020 to 8-15-2025, fair value including accrued interest is $2,585,706,326.

(10) U.S. government securities, 0.00% to 3.00%, 4-18-2019 to 11-15-2045, fair value including accrued interest is $561,000,095.

(11) U.S. government securities, 0.00% to 1.38%, 1-15-2020 to 2-15-2026, fair value including accrued interest is $193,800,061.

(12) U.S. government securities, 0.13% to 3.50%, 4-15-2019 to 2-15-2047, fair value including accrued interest is $336,600,000.

(13) U.S. government securities, 0.00% to 3.00%, 11-15-2021 to 11-15-2047, fair value including accrued interest is $167,398,320.

(14) U.S. government securities, 0.00% to 6.63%, 4-15-2019 to 5-15-2046, fair value including accrued interest is $612,000,014.

¢ The security represents a long-dated and extendible repurchase agreement which automatically renews on previously set terms. The maturity date represents the next put date.

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

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

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

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

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

12 Wells Fargo Treasury Plus Money Market Fund Statement of assets and liabilities—January 31, 2019

Assets
Investments in repurchase agreements, at amortized cost	$	9,504,216,000
Investments in unaffiliated securities, at amortized cost		5,727,438,410
Cash		19,157
Receivable for Fund shares sold		3,844,428
Receivable for interest		9,367,563
Prepaid expenses and other assets		855,111
Total assets		15,245,740,669
Liabilities
Payable for Fund shares redeemed		20,732,177
Dividends payable		18,757,986
Management fee payable		1,509,179
Administration fees payable		1,259,420
Trustees’ fees and expenses payable		2,010
Distribution fee payable		30
Accrued expenses and other liabilities		1,007,160
Total liabilities		43,267,962
Total net assets	$	15,202,472,707
NET ASSETS CONSIST OF
Paid-in capital	$	15,202,713,893
Total distributable loss		(241,186	)
Total net assets	$	15,202,472,707
COMPUTATION OF NET ASSET VALUE PER SHARE
Net assets – Class A	$	1,202,749,011
Shares outstanding – Class A1		1,202,603,797
Net asset value per share – Class A		$1.00
Net assets – Administrator Class	$	101,339,678
Shares outstanding – Administrator Class1		101,324,600
Net asset value per share – Administrator Class		$1.00
Net assets – Institutional Class	$	12,466,863,784
Shares outstanding – Institutional Class1		12,465,307,764
Net asset value per share – Institutional Class		$1.00
Net assets – Service Class	$	1,431,420,149
Shares outstanding – Service Class1		1,431,259,061
Net asset value per share – Service Class		$1.00
Net assets – Sweep Class	$	100,085
Shares outstanding – Sweep Class1		100,073
Net asset value per share – Sweep Class		$1.00

¹  The Fund has an unlimited number of authorized shares.

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

Statement of operations—year ended January 31, 2019 Wells Fargo Treasury Plus Money Market Fund 13

Investment income
Interest	$	291,855,804
Expenses
Management fee		20,811,510
Administration fees
Class A		3,069,797
Administrator Class		95,290
Institutional Class		9,590,937
Service Class		1,650,700
Sweep Class		29
Shareholder servicing fees
Class A		3,488,405
Administrator Class		95,290
Service Class		3,438,959
Sweep Class		252
Distribution fee
Sweep Class		350
Custody and accounting fees		335,950
Professional fees		49,563
Registration fees		91,053
Shareholder report expenses		39,143
Trustees’ fees and expenses		23,445
Other fees and expenses		86,871
Total expenses		42,867,544
Less: Fee waivers and/or expense reimbursements		(3,929,839	)
Net expenses		38,937,705
Net investment income		252,918,099
Net realized gains on investments		48,547
Net increase in net assets resulting from operations	$	252,966,646

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

14 Wells Fargo Treasury Plus Money Market Fund Statement of changes in net assets

	Year ended January 31, 2019						Year ended January 31, 20181
Operations
Net investment income				$	252,918,099					$	114,264,498
Net realized gains on investments					48,547						81,289
Net increase in net assets resulting from operations					252,966,646						114,345,787
Distributions to shareholders from net investment income and net realized gains
Class A					(19,056,287	)					(5,765,518	)
Administrator Class					(1,412,617	)					(533,042	)
Institutional Class					(211,798,222	)					(100,116,838	)
Service Class					(20,731,069	)					(7,926,287	)
Sweep Class					(1,194	)					(238	)
Total distributions to shareholders					(252,999,389	)					(114,341,923	)
Capital share transactions		Shares						Shares
Proceeds from shares sold
Class A		11,127,666,658			11,127,666,658			9,977,869,822			9,977,869,822
Administrator Class		897,131,428			897,131,428			947,917,891			947,917,891
Institutional Class		96,585,943,995			96,585,943,995			129,675,413,942			129,675,413,942
Service Class		5,871,089,621			5,871,089,621			6,215,918,108			6,215,918,108
					114,481,831,702						146,817,119,763
Reinvestment of distributions
Class A		9,016,382			9,016,382			2,542,405			2,542,405
Administrator Class		1,299,659			1,299,659			471,776			471,776
Institutional Class		73,636,342			73,636,342			33,325,578			33,325,578
Service Class		5,760,060			5,760,060			2,548,849			2,548,849
Sweep Class		0			0			68			68
					89,712,443						38,888,676
Payment for shares redeemed
Class A		(11,225,626,967	)		(11,225,626,967	)		(10,434,003,791	)		(10,434,003,791	)
Administrator Class		(939,295,687	)		(939,295,687	)		(912,432,946	)		(912,432,946	)
Institutional Class		(97,277,939,890	)		(97,277,939,890	)		(128,113,332,177	)		(128,113,332,177	)
Service Class		(5,904,735,073	)		(5,904,735,073	)		(6,259,590,464	)		(6,259,590,464	)
					(115,347,597,617	)					(145,719,359,378	)
Net increase (decrease) in net assets resulting from capital share transactions					(776,053,472	)					1,136,649,061
Total increase (decrease) in net assets					(776,086,215	)					1,136,652,925
Net assets
Beginning of period					15,978,558,922						14,841,905,997
End of period				$	15,202,472,707					$	15,978,558,922

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 January 31, 2018 was $289,731. The disaggregated distributions information for the year ended January 31, 2018 is included in Note 5, 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 Treasury Plus Money Market Fund 15

(For a share outstanding throughout each period)

	Year ended January 31
CLASS A	2019			2018			2017			2016			2015
Net asset value, beginning of period		$1.00			$1.00			$1.00			$1.00			$1.00
Net investment income		0.01			0.00	1		0.00	1		0.00	1		0.00	1
Net realized gains (losses) on investments		0.00	1		0.00	1		0.00	1		0.00	1		(0.00	)2
Total from investment operations		0.01			0.00	1		0.00	1		0.00	1		0.00	1
Distributions to shareholders from
Net investment income		(0.01	)		(0.00	)1		(0.00	)1		(0.00	)1		(0.00	)1
Net realized gains		(0.00	)1		(0.00	)1		0.00			0.00			(0.00	)1
Total distributions to shareholders		(0.01	)		(0.00	)1		(0.00	)1		(0.00	)1		(0.00	)1
Net asset value, end of period		$1.00			$1.00			$1.00			$1.00			$1.00
Total return		1.37	%		0.38	%		0.01	%		0.01	%		0.01	%
Ratios to average net assets (annualized)
Gross expenses		0.61	%		0.62	%		0.62	%		0.62	%		0.62	%
Net expenses		0.60	%		0.61	%		0.39	%		0.11	%		0.06	%
Net investment income		1.36	%		0.38	%		0.01	%		0.01	%		0.01	%
Supplemental data
Net assets, end of period (000s omitted)		$1,202,749			$1,291,723			$1,745,419			$1,956,626			$1,733,107

¹  Amount is less than $0.005.

²  Amount is more than $(0.005).

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

16 Wells Fargo Treasury Plus Money Market Fund Financial highlights

(For a share outstanding throughout each period)

	Year ended January 31
ADMINISTRATOR CLASS	2019			2018			2017			2016			2015
Net asset value, beginning of period		$1.00			$1.00			$1.00			$1.00			$1.00
Net investment income		0.02			0.01			0.00	1		0.00	1		0.00	1
Net realized gains (losses) on investments		0.00	1		0.00	1		0.00	1		0.00	1		(0.00	)2
Total from investment operations		0.02			0.01			0.00	1		0.00	1		0.00	1
Distributions to shareholders from
Net investment income		(0.02	)		(0.01	)		(0.00	)1		(0.00	)1		(0.00	)1
Net realized gains		(0.00	)1		(0.00	)1		0.00			0.00			(0.00	)1
Total distributions to shareholders		(0.02	)		(0.01	)		(0.00	)1		(0.00	)1		(0.00	)1
Net asset value, end of period		$1.00			$1.00			$1.00			$1.00			$1.00
Total return		1.63	%		0.65	%		0.06	%		0.01	%		0.01	%
Ratios to average net assets (annualized)
Gross expenses		0.35	%		0.35	%		0.34	%		0.34	%		0.34	%
Net expenses		0.35	%		0.35	%		0.34	%		0.10	%		0.06	%
Net investment income		1.48	%		0.61	%		0.05	%		0.01	%		0.01	%
Supplemental data
Net assets, end of period (000s omitted)		$101,340			$142,198			$106,246			$101,432			$106,179

¹  Amount is less than $0.005.

²  Amount is more than $(0.005).

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

Financial highlights Wells Fargo Treasury Plus Money Market Fund 17

(For a share outstanding throughout each period)

	Year ended January 31
INSTITUTIONAL CLASS	2019			2018			2017			2016			2015
Net asset value, beginning of period		$1.00			$1.00			$1.00			$1.00			$1.00
Net investment income		0.02			0.01			0.00	1		0.00	1		0.00	1
Net realized gains (losses) on investments		0.00	1		0.00	1		0.00	1		0.00	1		(0.00	)2
Total from investment operations		0.02			0.01			0.00	1		0.00	1		0.00	1
Distributions to shareholders from
Net investment income		(0.02	)		(0.01	)		(0.00	)1		(0.00	)1		(0.00	)1
Net realized gains		(0.00	)1		(0.00	)1		0.00			0.00			(0.00	)1
Total distributions to shareholders		(0.02	)		(0.01	)		(0.00	)1		(0.00	)1		(0.00	)1
Net asset value, end of period		$1.00			$1.00			$1.00			$1.00			$1.00
Total return		1.78	%		0.79	%		0.20	%		0.02	%		0.01	%
Ratios to average net assets (annualized)
Gross expenses		0.22	%		0.23	%		0.23	%		0.23	%		0.23	%
Net expenses		0.20	%		0.20	%		0.20	%		0.10	%		0.06	%
Net investment income		1.77	%		0.81	%		0.20	%		0.02	%		0.01	%
Supplemental data
Net assets, end of period (000s omitted)		$12,466,864			$13,085,244			$11,489,674			$12,617,153			$11,190,887

¹  Amount is less than $0.005.

²  Amount is more than $(0.005).

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

18 Wells Fargo Treasury Plus Money Market Fund Financial highlights

(For a share outstanding throughout each period)

	Year ended January 31
SERVICE CLASS	2019			2018			2017			2016			2015
Net asset value, beginning of period		$1.00			$1.00			$1.00			$1.00			$1.00
Net investment income		0.02			0.01			0.00	1		0.00	1		0.00	1
Net realized gains (losses) on investments		0.00	1		0.00	1		0.00	1		0.00	1		(0.00	)2
Total from investment operations		0.02			0.01			0.00	1		0.00	1		0.00	1
Distributions to shareholders from
Net investment income		(0.02	)		(0.01	)		(0.00	)1		(0.00	)1		(0.00	)1
Net realized gains		(0.00	)1		(0.00	)1		0.00			0.00			(0.00	)1
Total distributions to shareholders		(0.02	)		(0.01	)		(0.00	)1		(0.00	)1		(0.00	)1
Net asset value, end of period		$1.00			$1.00			$1.00			$1.00			$1.00
Total return		1.53	%		0.54	%		0.02	%		0.01	%		0.01	%
Ratios to average net assets (annualized)
Gross expenses		0.51	%		0.52	%		0.52	%		0.52	%		0.52	%
Net expenses		0.45	%		0.45	%		0.38	%		0.11	%		0.06	%
Net investment income		1.51	%		0.54	%		0.03	%		0.01	%		0.01	%
Supplemental data
Net assets, end of period (000s omitted)		$1,431,420			$1,459,295			$1,500,467			$1,339,895			$1,845,375

¹  Amount is less than $0.005.

²  Amount is more than $(0.005).

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

Financial highlights Wells Fargo Treasury Plus Money Market Fund 19

(For a share outstanding throughout each period)

	Year ended January 31
SWEEP CLASS	2019			2018			2017			2016			2015
Net asset value, beginning of period		$1.00			$1.00			$1.00			$1.00			$1.00
Net investment income		0.01			0.00	1		0.00	1,2		0.00	1		0.00	1
Net realized gains (losses) on investments		0.00	1		0.00	1		0.00	1		0.00	1		(0.00	)3
Total from investment operations		0.01			0.00	1		0.00	1		0.00	1		0.00	1
Distributions to shareholders from
Net investment income		(0.01	)		(0.00	)1		(0.00	)1		(0.00	)1		(0.00	)1
Net realized gains		(0.00	)1		(0.00	)1		0.00			0.00			(0.00	)1
Total distributions to shareholders		(0.01	)		(0.00	)1		(0.00	)1		(0.00	)1		(0.00	)1
Net asset value, end of period		$1.00			$1.00			$1.00			$1.00			$1.00
Total return		1.20	%		0.24	%		0.01	%		0.01	%		0.01	%
Ratios to average net assets (annualized)
Gross expenses		0.77	%		0.77	%		0.96	%		0.97	%		0.97	%
Net expenses		0.77	%		0.75	%		0.34	%		0.11	%		0.06	%
Net investment income		1.19	%		0.24	%		0.01	%		0.01	%		0.01	%
Supplemental data
Net assets, end of period (000s omitted)		$100			$100			$100			$3,145			$3,054

¹  Amount is less than $0.005.

²  Calculated based upon average shares outstanding

³  Amount is more than $(0.005).

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

20 Wells Fargo Treasury Plus Money Market Fund 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 Treasury Plus Money Market Fund (the “Fund”) which is a diversified series of the Trust.

2. SIGNIFICANT ACCOUNTING POLICIES

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

Securities valuation

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

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

Repurchase agreements

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

When-issued transactions

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

Security transactions and income recognition

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

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

Notes to financial statements Wells Fargo Treasury Plus Money Market Fund 21

Distributions to shareholders

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

Federal and other taxes

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

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

As of January 31, 2019, the cost of investments for federal income tax purposes is substantially the same as for financial reporting purposes.

Class allocations

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

3. FAIR VALUATION MEASUREMENTS

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

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

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

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

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

The following is a summary of the inputs used in valuing the Fund’s assets and liabilities as of January 31, 2019:

	Quoted prices (Level 1)		Other significant observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total
Assets
Investments in:
Repurchase agreements	$	0	$	9,504,216,000	$	0	$	9,504,216,000
Treasury debt		0		5,727,438,410		0		5,727,438,410
Total assets	$	0	$	15,231,654,410	$	0	$	15,231,654,410

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

At January 31, 2019, the Fund did not have any transfers into/out of Level 3.

22 Wells Fargo Treasury Plus Money Market Fund Notes to financial statements

4. TRANSACTIONS WITH AFFILIATES

Management fee

Funds Management, an indirect wholly owned subsidiary of Wells Fargo & Company (“Wells Fargo”), is the manager of the Fund and provides advisory and fund-level administrative services under an investment management agreement. Under the investment management agreement, Funds Management is responsible for, among other services, implementing the investment objectives and strategies of the Fund, supervising the subadviser and providing fund-level administrative services in connection with the Fund’s operations. As compensation for its services under the investment management agreement, Funds Management is entitled to receive an annual management fee starting at 0.15% and declining to 0.13% as the average daily net assets of the Fund increase. For the year ended January 31, 2019, the management fee was equivalent to an annual rate of 0.14% of the Fund’s average daily net assets.

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

Administration fees

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

	Class-level administration fee
Class A		0.22	%
Administrator Class		0.10
Institutional Class		0.08
Service Class		0.12
Sweep Class		0.03

Funds Management has contractually waived and/or reimbursed management and administration fees to the extent necessary to maintain certain net operating expense ratios for the Fund. When each class of the Fund has exceeded its expense cap, Funds Management has waived fees and/or reimbursed expenses from fund level expenses on a proportionate basis and then from class specific expenses; otherwise, waivers and/or reimbursements are applied against class specific expenses before fund level expenses. Funds Management has committed through May 31, 2019 to waive fees and/or reimburse expenses to the extent necessary to cap the Fund’s expenses at 0.60% for Class A shares, 0.35% for Administrator Class shares, 0.20% for Institutional Class shares, 0.45% for Service Class shares, and 0.83% for Sweep Class shares. Prior to or after the commitment expiration date, the cap may be increased or the commitment to maintain the cap may be terminated only with the approval of the Board of Trustees. Prior to June 1, 2018, the Fund’s expenses were capped at 0.65% for Class A shares.

Distribution fee

The Trust has adopted a distribution plan for Sweep Class shares of the Fund pursuant to Rule 12b-1 under the 1940 Act. A distribution fee is charged to Sweep Class shares and paid to Wells Fargo Funds Distributor, LLC, the principal underwriter, at an annual rate of 0.35% of the average daily net assets of Sweep Class shares.

Shareholder servicing fees

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

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

Interfund transactions

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

Notes to financial statements Wells Fargo Treasury Plus Money Market Fund 23

5. DISTRIBUTIONS TO SHAREHOLDERS

The tax character of distributions paid was $252,999,389 and $114,341,923 of ordinary income for the years ended January 31, 2019 and January 31, 2018, respectively.

As of January 31, 2019, distributable earnings on a tax basis consisted of $18,737,343 in undistributed ordinary income.

Effective for all filings after November 4, 2018, the Securities and Exchange Commission eliminated the requirement to separately state the components of distributions to shareholders under U.S. generally accepted accounting principles. The amounts of distributions to shareholders for the year ended January 31, 2018 were as follows:

	Net investment income		Net realized gains
Class A		$    5,757,833		$  7,685
Administrator Class		532,884		158
Institutional Class		100,053,459		63,379
Service Class		7,920,085		6,202
Sweep Class		237		1

6. 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.

7. NEW ACCOUNTING PRONOUNCEMENT

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

24 Wells Fargo Treasury Plus Money Market Fund Report of independent registered public accounting firm

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 Treasury Plus Money Market Fund (the Fund), one of the funds constituting Wells Fargo Funds Trust, including the portfolio of investments, as of January 31, 2019, 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 January 31, 2019, 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 January 31, 2019, by correspondence with the custodian 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 auditor of one or more Wells Fargo Funds investment companies, however we are aware that we have served as the auditor of one or more Wells Fargo Funds investment companies since at least 1955.

Boston, Massachusetts

March 27, 2019

Other information (unaudited) Wells Fargo Treasury Plus Money Market Fund 25

TAX INFORMATION

For the fiscal year ended January 31, 2019, $243,963,929 has been designated as interest-related dividends for nonresident alien shareholders pursuant to Section 871 of the Internal Revenue Code.

For the fiscal year ended January 31, 2019, $81,289 has been designated as short-term capital gain dividends for nonresident alien shareholders pursuant to Section 871 of the Internal Revenue Code.

For the fiscal year ended January 31, 2019, 41.22% of the ordinary income distributed was derived from interest on U.S. government securities.

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 1-800-222-8222, visiting our website at wellsfargofunds.com, or visiting the SEC website at sec.gov. Information regarding how the Fund voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is available on the Fund’s website at wellsfargofunds.com or by visiting the SEC website at sec.gov.

PORTFOLIO HOLDINGS INFORMATION

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

26 Wells Fargo Treasury Plus Money Market Fund Other information (unaudited)

BOARD OF TRUSTEES AND OFFICERS

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

Other information (unaudited) Wells Fargo Treasury Plus Money Market Fund 27

Name and year of birth	Position held and length of service*	Principal occupations during past five years or longer	Current other public company or investment company directorships
Olivia S. Mitchell (Born 1953)	Trustee, since 2006; 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
Pamela Wheelock (Born 1959)	Trustee, since 2018; Advisory Board Member, from 2017 to 2018	Board member of the Destination Medical Center Economic Development Agency, Rochester, Minnesota since 2019. Chief Operating Officer, Twin Cities Habitat for Humanity from 2017 to 2019. Vice President of University Services, University of Minnesota from 2012 to 2016. Prior thereto, on the Board of Directors, Governance Committee and Finance Committee for the Minnesota Philanthropy Partners (Saint Paul Foundation) from 2012 to 2018, Interim Chief Executive Officer of Blue Cross Blue Shield of Minnesota from 2011 to 2012, Chairman of the Board from 2009 to 2012 and Board Director from 2003 to 2015. Vice President, Leadership and Community Engagement, Bush Foundation, Saint Paul, Minnesota (a private foundation) from 2009 to 2011. Executive Vice President and Chief Financial Officer, Minnesota Sports and Entertainment from 2004 to 2009 and Senior Vice President from 2002 to 2004. Executive Vice President of the Minnesota Wild Foundation from 2004 to 2008. Commissioner of Finance, State of Minnesota, from 1999 to 2002. Currently Board Chair of the Minnesota Wild Foundation since 2010.	N/A

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

28 Wells Fargo Treasury Plus Money Market Fund Other information (unaudited)

Officers

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

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

² The Statement of Additional Information includes additional information about the Trustees and is available, without charge, upon request, by calling 1-800-222-8222 or by visiting the website at wellsfargofunds.com.

³  Mr. Harris became Chairman of the Audit Committee effective January 1, 2019.

For more information

More information about Wells Fargo Funds is available free upon request. To obtain literature, please write, visit the Fund’s website, or call:

Wells Fargo Funds

P.O. Box 219967

Kansas City, MO 64121-9967

Website: wellsfargofunds.com

Individual investors: 1-800-222-8222

Retail investment professionals: 1-888-877-9275

Institutional investment professionals: 1-866-765-0778

This report and the financial statements contained herein are submitted for the general information of the shareholders of the Fund. If this report is used for promotional purposes, distribution of the report must be accompanied or preceded by a current prospectus. Before investing, please consider the investment objectives, risks, charges, and expenses of the investment. For a current prospectus and, if available, a summary prospectus, containing this information, call 1-800-222-8222 or visit the Fund’s website at wellsfargofunds.com. Read the prospectus carefully before you invest or send money.

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

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

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

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

320767 03-19 A314/AR314 01-19

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 January 31, 2019		Fiscal year ended January 31, 2018
Audit fees	$	317,230	$	311,525
Audit-related fees		—		—
Tax fees (1)		15,520		15,360
All other fees		—		—
	$	332,750	$	326,885

⁽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 each series of Wells Fargo Funds Trust is included as part of the report to shareholders filed under Item 1 of this Form.

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

Not applicable.

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

Not applicable.

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

Not applicable.

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

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

ITEM 11. CONTROLS AND PROCEDURES

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

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

ITEM 12. DISCLOSURES OF SECURITIES LENDING ACTIVITES 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: March 27, 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:	March 27, 2019

By:	/s/ Nancy Wiser
	Nancy Wiser
	Treasurer
Date:	March 27, 2019