UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSRS

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number: 811-09253

Wells Fargo Funds Trust

(Exact name of registrant as specified in charter)

525 Market St., San Francisco, CA 94105

(Address of principal executive offices) (Zip code)

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: August 31

Registrant is making a filing for 9 of its series:

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

Date of reporting period: February 28, 2019

ITEM 1. REPORT TO STOCKHOLDERS

Semi-Annual Report

February 28, 2019

Wells Fargo Core Plus Bond Fund

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

If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from the Fund electronically at any time by contacting your financial intermediary (such as a broker-dealer or bank) or, if you are a direct investor, by 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	8
Portfolio of investments	9
Financial statements
Statement of assets and liabilities	24
Statement of operations	25
Statement of changes in net assets	26
Financial highlights	27
Notes to financial statements	32
Other information	42
Appendix A	46

The views expressed and any forward-looking statements are as of February 28, 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 Core Plus Bond Fund Letter to shareholders (unaudited)

Andrew Owen

President

Wells Fargo Funds

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

Dear Shareholder:

We are pleased to offer you this semi-annual report for the Wells Fargo Core Plus Bond Fund for the six-month period that ended February 28, 2019. Higher short-term interest rates, inflation concerns, trade tensions, slowing economic growth outside the U.S., and geopolitical events contributed to investment market volatility throughout the period.

For the period, U.S. stocks, as measured by the S&P 500 Index,¹ fell 3.04% and international stocks, as measured by the MSCI ACWI ex USA Index (Net),² declined 2.47%. Based on the MSCI EM Index (Net),³ emerging market stocks gained 0.33%. For bond investors, the Bloomberg Barclays U.S. Aggregate Bond Index⁴ added 1.99% while the Bloomberg Barclays Global Aggregate ex-USD Index⁵ gained 0.63%. The Bloomberg Barclays Municipal Bond Index⁶ added 2.34%, and the ICE BofAML U.S. High Yield Index⁷ advanced 1.98%.

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^®8 reached its highest level in 18 years during September 2018. The U.S. Federal Reserve (Fed) raised the federal funds rate by 25 basis points (bps; 100 bps equal 1.00%) to a target range of between 2.00% and 2.25% in September 2018. For the quarter that ended September 30, 2018, the S&P 500 Index added 7.71%.

Investors in international markets were not as confident. 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 Bank of England (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%.

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.

⁸ 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.

Letter to shareholders (unaudited) Wells Fargo Core Plus Bond Fund 3

Conflicting data unsettled markets during the fourth quarter.

November’s U.S. midterm elections shifted control of the House of Representatives from Republicans to Democrats, presaging potential partisan clashes. Third-quarter U.S. gross domestic product (GDP) was announced at an annualized 3.4% rate, lower than the second-quarter rate. Brexit efforts stalled ahead of the March 2019 deadline. The People’s Bank of China 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.

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. The Fed increased the federal funds rate by 25 bps in December 2018 to a target range of between 2.25% and 2.50% and softened its outlook for 2019 rate increases.

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 VIX⁹.

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.

In February, concerns over slowing global growth reemerged. The Bureau of Economic Analysis announced fourth-quarter 2018 GDP grew at an annualized 2.2% rate, down from the 4.2% annualized rate for the second quarter and the 3.4% annualized rate for the third quarter. Analysts attributed the lower growth rate to a slowing housing market and larger trade deficit. The U.S. Labor Department said that the economy created just 20,000 jobs in February. In a February report, the BOE forecast the slowest growth since the financial crisis for 2019. China and the U.S., while putting future tariffs on hold for the time being, continued to wrangle over trade issues.

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.

January’s returns tended to support the investing adage that markets climb a wall of worry.

⁹  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 Core Plus Bond Fund Letter to shareholders (unaudited)

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

Sincerely,

Andrew Owen

President

Wells Fargo Funds

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

This page is intentionally left blank.

6 Wells Fargo Core Plus Bond Fund Performance highlights (unaudited)

Investment objective

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

Manager

Wells Fargo Funds Management, LLC

Subadviser

Wells Capital Management Incorporated

Portfolio managers

Christopher Y. Kauffman, CFA^®‡

Jay N. Mueller, CFA^®‡

Thomas M. Price, CFA^®‡

Janet S. Rilling, CFA^®‡, CPA

Michael J. Schueller, CFA^®‡

Noah M. Wise, CFA^®‡

Average annual total returns (%) as of February 28, 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 (STYAX)	7-13-1998		-1.72		2.28		4.52		2.89		3.22		4.99		0.93		0.74
Class C (WFIPX)	7-13-1998		1.09		2.44		4.22		2.09		2.44		4.22		1.68		1.49
Class R6 (STYJX)3	10-31-2016		–		–		–		3.28		3.55		5.34		0.55		0.36
Administrator Class (WIPDX)4	7-30-2010		–		–		–		3.00		3.33		5.13		0.87		0.63
Institutional Class (WIPIX)	7-18-2008		–		–		–		3.14		3.51		5.32		0.60		0.41
Bloomberg Barclays U.S. Aggregate Bond Index5	–		–		–		–		3.17		2.32		3.71		–		–

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

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

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

Bond values fluctuate in response to the financial condition of individual issuers, general market and economic conditions, and changes in interest rates. Changes in market conditions and government policies may lead to periods of heightened volatility in the bond market and reduced liquidity for certain bonds held by the Fund. In general, when interest rates rise, bond values fall and investors may lose principal value. Interest-rate changes and their impact on the Fund and its share price can be sudden and unpredictable. Loans are subject to risks similar to those associated with other below-investment-grade bond investments, such as risk of greater volatility in value, credit risk (for example, risk of issuer default), and risk that the loan may become illiquid or difficult to price. The use of derivatives may reduce returns and/or increase volatility. Certain investment strategies tend to increase the total risk of an investment (relative to the broader market). The Fund is exposed to foreign investment risk, high-yield securities risk, and mortgage and asset-backed securities risk. High-yield securities have a greater risk of default and tend to be more volatile than higher rated debt securities. Consult the Fund’s prospectus for additional information on these and other risks.

Please see footnotes on page 7.

Performance highlights (unaudited) Wells Fargo Core Plus Bond Fund 7

Ten largest holdings (%) as of February 28, 20196
FNMA, 3.50%, 3-1-2048	2.28
Vaneck Vectors JP Morgan Emerging Markets Local Currency Bond ETF	1.83
FNMA, 3.00%, 11-1-2047	1.38
U.S. Treasury Note, 2.00%, 10-31-2022	1.34
FNMA, 4.00%, 6-1-2048	1.26
U.S. Treasury Bond, 0.00%, 11-15-2027	1.26
FNMA, 4.50%, 3-13-2049	1.26
GNMA, 3.50%, 12-20-2047	1.25
U.S. Treasury Bond, 4.25%, 11-15-2040	1.21
U.S. Treasury Bond, 3.00%, 8-15-2048	1.11

Portfolio composition as of February 28, 2019⁷

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

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

²  The manager has contractually committed through December 31, 2019, to waive fees and/or reimburse expenses to the extent necessary to cap the expenses of each class after fee waivers at 0.73% for Class A, 1.48% for Class C, 0.35% for Class R6, 0.62% for Administrator Class, and 0.40% for Institutional Class. Brokerage commissions, stamp duty fees, interest, taxes, acquired fund fees and expenses (if any), and extraordinary expenses are excluded from the expense cap. Prior to or after the commitment expiration date, the cap may be increased or the commitment to maintain the cap may be terminated only with the approval of the Board of Trustees. Without this cap, the Fund’s returns would have been lower. The expense ratio paid by an investor is the net expense ratio (the total annual fund operating expenses after fee waivers) as stated in the prospectuses.

³  Historical performance shown for Class R6 shares prior to their inception reflects the performance of the Institutional Class shares, and includes the higher expenses applicable to the Institutional Class shares. If these expenses had not been included, returns for Class R6 shares would be higher.

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

⁵  The Bloomberg Barclays U.S. Aggregate Bond Index is a broad-based benchmark that measures the investment-grade, U.S. dollar–denominated, fixed-rate taxable bond market, including Treasuries, government-related and corporate securities, mortgage-backed securities (agency fixed-rate and hybrid adjustable-rate mortgage pass-throughs), asset-backed securities, and commercial mortgage-backed securities. You cannot invest directly in an index.

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

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

8 Wells Fargo Core Plus Bond Fund Fund expenses (unaudited)

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

The example is based on an investment of $1,000 invested at the beginning of the six-month period and held for the entire period from September 1, 2018 to February 28, 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 sales charges (loads) and contingent deferred sales charges. Therefore, the “Hypothetical” line of the table is useful in comparing ongoing costs only and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

	Beginning account value 9-1-2018		Ending account value 2-28-2019		Expenses paid during the period¹		Annualized net expense ratio
Class A
Actual	$	1,000.00	$	1,022.96	$	3.66		0.73	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.17	$	3.66		0.73	%
Class C
Actual	$	1,000.00	$	1,019.00	$	7.41		1.48	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,017.46	$	7.40		1.48	%
Class R6
Actual	$	1,000.00	$	1,024.82	$	1.76		0.35	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,023.06	$	1.76		0.35	%
Administrator Class
Actual	$	1,000.00	$	1,023.50	$	3.11		0.62	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.72	$	3.11		0.62	%
Institutional Class
Actual	$	1,000.00	$	1,024.59	$	2.01		0.40	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,022.81	$	2.01		0.40	%

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

Portfolio of investments—February 28, 2019 (unaudited) Wells Fargo Core Plus Bond Fund 9

Security name	Interest rate			Maturity date		Principal		Value
Agency Securities: 24.70%
FHLB		3.25	%		11-16-2028	$	5,850,000	$	5,968,591
FHLMC		3.50			12-1-2045		3,452,415		3,468,127
FHLMC		3.50			12-1-2045		1,217,744		1,223,286
FHLMC		4.00			6-1-2044		2,579,033		2,640,778
FHLMC (12 Month LIBOR +1.33%) ±		4.15			1-1-2036		20,872		21,536
FHLMC		5.00			6-1-2036		247,257		264,524
FHLMC		5.00			8-1-2040		226,495		242,819
FHLMC		5.50			8-1-2038		55,097		59,689
FHLMC		5.50			12-1-2038		491,227		532,332
FHLMC		5.50			6-1-2040		808,773		872,497
FHLMC		8.00			2-1-2030		208		237
FHLMC Series 2015-SC01 Class 1A		3.50			5-25-2045		879,540		873,294
FHLMC Series 3774 Class AB		3.50			12-15-2020		62,320		62,606
FHLMC Series K020 Class X1 ±±(c)		1.41			5-25-2022		13,212,539		499,011
FHLMC Series T-42 Class A5		7.50			2-25-2042		1,445,001		1,681,330
FHLMC Series T-57 Class 2A1 ±±		4.10			7-25-2043		44,135		46,696
FHLMC Series T-59 Class 2A1 ±±		3.97			10-25-2043		223,772		227,106
FNMA		3.50			3-1-2048		13,683,782		13,701,910
FNMA ¤		0.00			10-9-2019		5,000,000		4,922,312
FNMA		2.27			3-1-2019		2,397,455		2,392,730
FNMA (12 Month LIBOR +1.61%) ±		2.49			5-1-2046		1,355,806		1,346,530
FNMA (12 Month LIBOR +1.61%) ±		2.51			3-1-2046		1,236,140		1,229,482
FNMA		3.00			2-1-2034		1,843,254		1,840,462
FNMA		3.00			11-1-2045		2,050,565		2,006,585
FNMA		3.00			12-1-2045		5,194,762		5,081,739
FNMA		3.00			12-1-2046		2,388,562		2,335,842
FNMA		3.00			11-1-2047		8,448,289		8,259,377
FNMA		3.00			4-1-2048		5,867,802		5,734,821
FNMA		3.02			2-1-2026		3,176,692		3,167,104
FNMA		3.27			7-1-2022		1,200,581		1,219,229
FNMA		3.50			10-1-2043		1,001,244		1,008,577
FNMA		3.50			4-1-2045		271,169		272,442
FNMA		3.50			8-1-2045		6,174,468		6,201,547
FNMA		3.95			9-1-2021		401,782		412,104
FNMA		4.00			2-1-2046		488,592		500,004
FNMA		4.00			4-1-2046		2,718,755		2,782,535
FNMA		4.00			6-1-2048		7,419,019		7,567,361
FNMA		4.00			9-1-2048		4,909,293		5,007,943
FNMA		4.00			9-1-2048		3,988,529		4,068,675
FNMA		4.00			10-1-2048		689,085		702,863
FNMA		4.26			4-1-2021		2,643,464		2,721,248
FNMA %%		4.50			3-13-2049		7,295,000		7,547,360
FNMA (1 Year Treasury Constant Maturity +2.26%) ±		4.50			8-1-2036		776,940		817,191
FNMA (12 Month LIBOR +1.78%) ±		4.56			8-1-2036		20,827		21,765
FNMA (12 Month LIBOR +1.73%) ±		4.60			9-1-2036		16,347		17,017
FNMA (1 Year Treasury Constant Maturity +2.27%) ±		4.91			1-1-2036		66,227		69,813
FNMA		5.00			1-1-2024		59,295		60,704
FNMA		5.00			2-1-2036		25,846		27,610
FNMA		5.00			6-1-2040		89,789		96,124
FNMA		5.00			8-1-2040		1,522,046		1,629,432

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

10 Wells Fargo Core Plus Bond Fund Portfolio of investments—February 28, 2019 (unaudited)

Security name	Interest rate			Maturity date		Principal		Value
Agency Securities (continued)
FNMA		5.50	%		11-1-2023	$	41,904	$	43,528
FNMA		5.50			8-1-2034		89,210		97,077
FNMA		5.50			2-1-2035		27,294		29,702
FNMA		5.50			8-1-2038		103,746		109,982
FNMA		5.50			8-1-2038		305,044		323,380
FNMA		6.00			10-1-2037		464,958		511,287
FNMA		6.00			11-1-2037		35,495		39,095
FNMA		6.50			7-1-2036		21,258		23,786
FNMA		6.50			7-1-2036		10,749		12,004
FNMA		6.50			11-1-2036		4,665		5,130
FNMA		7.00			12-1-2022		118,314		121,219
FNMA		7.00			7-1-2036		10,709		11,347
FNMA		7.00			11-1-2037		6,071		6,621
FNMA		7.50			5-1-2038		1,924		1,939
FNMA Series 2002-T12 Class A3		7.50			5-25-2042		6,192		7,194
FNMA Series 2003-W08 Class 4A ±±		4.46			11-25-2042		142,883		146,374
FNMA Series 2003-W14 Class 2A ±±		4.25			6-25-2045		102,984		108,755
FNMA Series 2003-W14 Class 2A ±±		4.59			1-25-2043		248,321		259,205
FNMA Series 2004-W11 Class 1A3		7.00			5-25-2044		1,155,273		1,344,963
FNMA Series 2004-W15 Class 1A3		7.00			8-25-2044		580,438		659,176
GNMA		3.00			11-20-2045		4,299,250		4,256,445
GNMA		3.50			9-20-2047		3,534,577		3,567,068
GNMA		3.50			12-20-2047		7,440,032		7,508,423
GNMA		4.00			12-20-2047		4,491,774		4,613,239
GNMA		4.50			10-20-2048		2,011,485		2,083,232
GNMA		5.00			7-20-2040		612,362		655,569
GNMA %%		5.00			3-21-2049		1,110,000		1,155,996
GNMA		7.50			12-15-2029		654		714
GNMA Series 2008-22 Class XM ±±(c)		0.96			2-16-2050		1,042,650		26,258
STRIPS ¤		0.00			5-15-2039		4,670,000		2,521,109
TVA		5.88			4-1-2036		3,540,000		4,579,047
Total Agency Securities (Cost $148,195,551)									148,283,761
Asset-Backed Securities: 5.16%
CarMax Auto Owner Trust Series 2015-3 Class A3		1.63			5-15-2020		31,353		31,340
CCG Receivables Trust Series 2016-1 Class A2 144A		1.69			9-14-2022		397,634		396,667
Citibank Credit Card Issuance Trust Series 2014-A6 Class A6		2.15			7-15-2021		2,650,000		2,645,490
Citibank Credit Card Issuance Trust Series 2016-A1 Class A1		1.75			11-19-2021		370,000		367,519
Dell Equipment Finance Trust Series 2017-2 Class A2B (1 Month LIBOR +0.30%) 144A±		2.78			2-24-2020		445,914		445,914
Discover Card Execution Note Trust Series 2014 Class A4		2.12			12-15-2021		1,015,000		1,013,490
Educational Services of America Series 2015-1 Class A (1 Month LIBOR +0.80%) 144A±		3.29			10-25-2056		1,115,725		1,106,640
Five Guys Funding LLC Series 17-1A Class A2 144A		4.60			7-25-2047		1,597,925		1,622,156
GMF Floorplan Owner Revolving Trust Series 2016-1 Class A2 (1 Month LIBOR +0.85%) 144A±		3.34			5-17-2021		2,105,000		2,107,666
Hertz Vehicle Financing LLC Series 2018-2A Class A 144A		3.65			6-27-2022		1,800,000		1,808,244
Lendmark Funding Trust Series 2018-1A Class A 144A		3.81			12-21-2026		2,085,000		2,099,614
MMAF Equipment Finance LLC Series 2017-AA Class A4 144A		2.41			8-16-2024		1,975,000		1,944,601
Navient Student Loan Trust Series 2017-A Class A1 (1 Month LIBOR +0.40%) 144A±		2.89			12-16-2058		841,109		841,516
Nissan Auto Lease Trust Series 2017-B Class A3		2.05			9-15-2020		1,625,000		1,619,100

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

Portfolio of investments—February 28, 2019 (unaudited) Wells Fargo Core Plus Bond Fund 11

Security name	Interest rate			Maturity date		Principal		Value
Asset-Backed Securities (continued)
SLM Student Loan Trust Series 2004-1 Class A4 (3 Month LIBOR +0.26%) ±		3.03	%		10-27-2025	$	1,558,972	$	1,557,880
South Carolina Student Loan Corporation Series 2014-1 Class A1 (1 Month LIBOR +0.75%) ±		3.26			5-1-2030		2,120,252		2,126,793
Student Loan Consolidation Center Series 2011-1 Class A (1 Month LIBOR +1.22%) 144A±		3.71			10-25-2027		1,808,523		1,815,972
Towd Point Asset Trust Series 2018-SL1 Class A (1 Month LIBOR +0.60%) 144A±		3.11			1-25-2046		3,278,370		3,242,334
Volvo Financial Equipment LLC Series 2018-AA (1 Month LIBOR +0.52%) 144A±		3.01			7-17-2023		2,590,000		2,594,147
Wheels SPV LLC Series 2018-1A Class A2 144A		3.06			4-20-2027		1,600,000		1,599,833
Total Asset-Backed Securities (Cost $30,999,092)									30,986,916
Corporate Bonds and Notes: 16.85%
Communication Services: 2.42%
Diversified Telecommunication Services: 1.03%
AT&T Incorporated		4.75			5-15-2046		1,075,000		998,140
AT&T Incorporated		5.65			2-15-2047		1,050,000		1,092,072
Hughes Satellite Systems Corporation		6.50			6-15-2019		2,400,000		2,415,000
Verizon Communications Incorporated		5.01			4-15-2049		882,000		923,220
Verizon Communications Incorporated		5.50			3-16-2047		675,000		750,400
									6,178,832
Media: 0.54%
CCO Holdings LLC 144A		5.13			5-1-2027		1,300,000		1,275,625
Charter Communications Operating LLC		5.38			4-1-2038		705,000		681,601
Charter Communications Operating LLC		6.48			10-23-2045		655,000		704,504
Discovery Communications LLC		6.35			6-1-2040		550,000		588,032
									3,249,762
Wireless Telecommunication Services: 0.85%
Crown Castle Towers LLC 144A		3.22			5-15-2042		2,600,000		2,586,218
SBA Tower Trust 144A		3.72			4-9-2048		1,968,000		1,969,971
Sprint Spectrum Company 144A		5.15			9-20-2029		530,000		533,975
									5,090,164
Consumer Discretionary: 0.48%
Internet & Direct Marketing Retail: 0.15%
Amazon.com Incorporated		4.95			12-5-2044		815,000		927,891
Multiline Retail: 0.16%
Macy’s Retail Holdings Incorporated		3.45			1-15-2021		940,000		935,606
Specialty Retail: 0.17%
Asbury Automotive Group Incorporated		6.00			12-15-2024		1,000,000		1,015,000
Consumer Staples: 0.28%
Beverages: 0.28%
Anheuser-Busch InBev Worldwide Incorporated		4.60			4-15-2048		1,810,000		1,668,239

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

12 Wells Fargo Core Plus Bond Fund Portfolio of investments—February 28, 2019 (unaudited)

Security name	Interest rate			Maturity date		Principal		Value
Energy: 1.69%
Energy Equipment & Services: 0.11%
Oceaneering International Incorporated		6.00	%		2-1-2028	$	680,000	$	642,600
Oil, Gas & Consumable Fuels: 1.58%
Baker Hughes LLC		2.77			12-15-2022		1,870,000		1,840,496
BP Capital Markets America Incorporated		3.22			11-28-2023		2,170,000		2,173,279
Energy Transfer Operating Partners LP		5.25			4-15-2029		905,000		946,347
Energy Transfer Partners LP		6.13			12-15-2045		1,330,000		1,389,000
Rockies Express Pipeline LLC 144A		5.63			4-15-2020		2,250,000		2,295,000
SemGroup Corporation «		7.25			3-15-2026		875,000		846,563
									9,490,685
Financials: 6.84%
Banks: 1.93%
Bank of America Corporation (3 Month LIBOR +0.94%) ±		3.86			7-23-2024		1,310,000		1,331,222
Bank of America Corporation		3.95			4-21-2025		1,170,000		1,169,161
Bank of America Corporation (3 Month LIBOR +3.90%) ±		6.10			12-29-2049		1,290,000		1,371,257
BBVA Bancomer SA of Texas 144A		7.25			4-22-2020		1,000,000		1,033,760
Citigroup Incorporated (3 Month LIBOR +4.52%) ±		6.25			12-29-2049		1,030,000		1,082,695
JPMorgan Chase & Company		2.97			1-15-2023		2,550,000		2,534,664
JPMorgan Chase & Company (3 Month LIBOR +3.25%) ±		5.15			12-29-2049		1,370,000		1,359,725
PNC Financial Services (3 Month LIBOR +3.30%) ±		5.00			12-29-2049		565,000		546,638
Santander Holdings USA Incorporated		3.70			3-28-2022		1,125,000		1,124,311
									11,553,433
Capital Markets: 1.02%
Blackstone Holdings Finance Company LLC 144A		5.00			6-15-2044		1,015,000		1,018,378
Goldman Sachs Group Incorporated (3 Month LIBOR +0.82%) ±		2.88			10-31-2022		1,910,000		1,881,381
Morgan Stanley		3.70			10-23-2024		3,235,000		3,249,127
									6,148,886
Consumer Finance: 2.24%
Daimler Finance NA LLC 144A		1.75			10-30-2019		2,215,000		2,195,659
ERAC USA Finance LLC 144A		4.50			2-15-2045		1,695,000		1,593,304
Ford Motor Credit Company LLC		3.20			1-15-2021		2,890,000		2,843,635
General Motors Financial Company Incorporated		5.65			1-17-2029		1,330,000		1,352,800
PACCAR Financial Corporation		2.30			8-10-2022		3,000,000		2,908,494
Synchrony Financial		3.95			12-1-2027		2,800,000		2,563,968
									13,457,860
Diversified Financial Services: 0.44%
Brookfield Finance LLC		4.00			4-1-2024		2,005,000		2,007,830
LPL Holdings Incorporated 144A		5.75			9-15-2025		600,000		606,750
									2,614,580
Insurance: 1.21%
Brighthouse Financial Incorporated		3.70			6-22-2027		1,035,000		929,017
Brighthouse Financial Incorporated		4.70			6-22-2047		1,345,000		1,065,735
Guardian Life Insurance Company 144A		4.85			1-24-2077		1,045,000		1,049,382

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

Portfolio of investments—February 28, 2019 (unaudited) Wells Fargo Core Plus Bond Fund 13

Security name	Interest rate			Maturity date		Principal		Value
Insurance (continued)
National Life Insurance Company (3 Month LIBOR +3.31%) 144A±		5.25	%		7-19-2068	$	1,668,000	$	1,641,085
PartnerRe Finance II Incorporated (3 Month LIBOR +2.33%) ±		4.95			12-1-2066		1,345,000		1,103,371
Transatlantic Holdings Incorporated		8.00			11-30-2039		1,100,000		1,462,487
									7,251,077
Health Care: 0.63%
Health Care Providers & Services: 0.63%
CHS Incorporated «		5.13			8-1-2021		1,000,000		981,250
CVS Health Corporation		4.78			3-25-2038		2,100,000		2,042,803
Highmark Incorporated 144A		6.13			5-15-2041		710,000		768,362
									3,792,415
Industrials: 1.54%
Industrial Conglomerates: 0.68%
General Electric Company		2.70			10-9-2022		1,355,000		1,309,796
General Electric Company (3 Month LIBOR +3.33%) ±		5.00			12-29-2049		2,930,000		2,763,283
									4,073,079
Transportation Infrastructure: 0.86%
Toll Road Investors Partnership II LP 144A ¤		0.00			2-15-2026		5,630,000		3,777,817
Toll Road Investors Partnership II LP 144A ¤		0.00			2-15-2027		1,050,000		681,979
Toll Road Investors Partnership II LP 144A ¤		0.00			2-15-2028		1,150,000		705,474
									5,165,270
Information Technology: 0.81%
Communications Equipment: 0.16%
Motorola Solutions Incorporated		4.60			2-23-2028		1,000,000		980,169
Semiconductors & Semiconductor Equipment: 0.25%
Broadcom Corporation		3.88			1-15-2027		1,640,000		1,519,089
Software: 0.17%
Citrix Systems Incorporated		4.50			12-1-2027		1,045,000		1,001,485
Technology Hardware, Storage & Peripherals: 0.23%
Diamond 1 Finance Corporation 144A		8.35			7-15-2046		1,175,000		1,375,051
Materials: 0.35%
Containers & Packaging: 0.35%
Silgan Holdings Incorporated		3.25			3-15-2025		1,800,000		2,108,831
Real Estate: 1.19%
Equity REITs: 0.48%
Federal Realty Investment Trust		3.63			8-1-2046		915,000		798,781
Omega Healthcare Investors Incorporated		4.50			1-15-2025		2,130,000		2,119,750
									2,918,531

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

14 Wells Fargo Core Plus Bond Fund Portfolio of investments—February 28, 2019 (unaudited)

Security name	Interest rate			Maturity date		Principal		Value
Real Estate Management & Development: 0.71%
Newmark Group Incorporated 144A		6.13	%		11-15-2023	$	1,985,000	$	1,994,862
Washington Prime Group		3.85			4-1-2020		2,275,000		2,249,602
									4,244,464
Utilities: 0.62%
Electric Utilities: 0.49%
Basin Electric Power Cooperative 144A		4.75			4-26-2047		1,315,000		1,342,180
Oglethorpe Power Corporation 144A		5.05			10-1-2048		1,060,000		1,099,951
South Carolina Edison Company		4.13			3-1-2048		505,000		464,815
									2,906,946
Independent Power & Renewable Electricity Producers: 0.13%
Tri-State Generation and Transmission Association Incorporated		4.25			6-1-2046		850,000		791,289
Total Corporate Bonds and Notes (Cost $100,442,304)									101,101,234
						Shares
Exchange-Traded Funds: 2.27%
SPDR Barclays High Yield Bond ETF «							74,000		2,641,060
Vaneck Vectors JP Morgan Emerging Markets Local Currency Bond ETF							322,000		10,989,860
Total Exchange-Traded Funds (Cost $13,566,037)									13,630,920
						Principal
Foreign Corporate Bonds and Notes @: 3.44%
Communication Services: 0.34%
Media: 0.34%
Altice SA (EUR) 144A		7.25			5-15-2022		1,800,000		2,044,678
Consumer Discretionary: 0.56%
Auto Components: 0.22%
HP Pelzer Holding GmbH (EUR) 144A		4.13			4-1-2024		1,200,000		1,303,517
Automobiles: 0.34%
Peugeot SA Company (EUR)		2.00			3-20-2025		1,800,000		2,031,152
Consumer Staples: 0.74%
Food Products: 0.74%
Danone SA (EUR) (5 Year EUR Swap +1.43%) ±		1.75			12-31-2099		2,600,000		2,861,254
Sigma Holdings Company BV (EUR) 144A		5.75			5-15-2026		1,500,000		1,593,140
									4,454,394
Energy: 0.60%
Oil, Gas & Consumable Fuels: 0.60%
Petroleos Mexicanos (EUR)		3.75			2-21-2024		1,000,000		1,140,903
Total SA (EUR) (5 Year EUR Swap +3.78%) ±		3.88			12-29-2049		2,000,000		2,468,693
									3,609,596

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

Portfolio of investments—February 28, 2019 (unaudited) Wells Fargo Core Plus Bond Fund 15

Security name	Interest rate			Maturity date		Principal		Value
Financials: 0.57%
Banks: 0.22%
Bankia SA (EUR) (5 Year EUR Swap +5.82%) ±		6.00	%		12-31-2099		1,200,000	$	1,340,436
Diversified Financial Services: 0.35%
LKQ European Holdings BV Company (EUR) 144A		3.63			4-1-2026		1,800,000		2,078,120
Industrials: 0.53%
Commercial Services & Supplies: 0.19%
Paprec Holding SA (EUR) 144A		4.00			3-31-2025		1,200,000		1,159,347
Road & Rail: 0.34%
Europcar Groupe SA (EUR) 144A		4.13			11-15-2024		1,800,000		2,034,613
Real Estate: 0.10%
Real Estate Management & Development: 0.10%
ATF Netherlands BV (EUR)		1.50			7-15-2024		500,000		564,462
Total Foreign Corporate Bonds and Notes (Cost $21,750,786)									20,620,315
Foreign Government Bonds @: 1.09%
Brazil (BRL)		10.00			1-1-2025		8,600,000		2,423,128
Brazil (BRL)		10.00			1-1-2027		4,700,000		1,325,306
Indonesia (IDR)		7.88			4-15-2019		25,000,000,000		1,780,736
Mexico (MXN)		6.50			6-9-2022		20,000,000		991,878
Total Foreign Government Bonds (Cost $7,143,740)									6,521,048
Loans: 1.27%
Communication Services: 0.55%
Interactive Media & Services: 0.15%
Match Group Incorporated (2 Month LIBOR +2.50%) ±‡		5.09			11-16-2022	$	880,000		876,154
Media: 0.20%
Ancestry.com Incorporated (1 Month LIBOR +3.25%) ±		5.75			10-19-2023		1,215,625		1,207,517
Wireless Telecommunication Services: 0.20%
Sprint Communications Incorporated (1 Month LIBOR +2.50%) ±		5.00			2-2-2024		1,228,125		1,211,238
Energy: 0.19%
Oil, Gas & Consumable Fuels: 0.19%
Lucid Energy Group II Borrower LLC (1 Month LIBOR +3.00%) ±		5.49			2-17-2025		1,240,625		1,155,779
Health Care: 0.20%
Health Care Providers & Services: 0.20%
Surgery Center Holdings Incorporated (1 Month LIBOR +3.25%) ±		5.75			9-2-2024		1,234,375		1,202,997
Industrials: 0.21%
Communications Equipment: 0.21%
Virgin Media Bristol LLC (1 Month LIBOR +2.50%) ±		4.99			1-15-2026		1,250,000		1,240,638

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

16 Wells Fargo Core Plus Bond Fund Portfolio of investments—February 28, 2019 (unaudited)

Security name	Interest rate			Maturity date		Principal		Value
Information Technology: 0.12%
IT Services: 0.12%
First Data Corporation (1 Month LIBOR +2.00%) ±		4.49	%		7-8-2022	$	736,879	$	735,898
Total Loans (Cost $7,784,110)									7,630,221
Municipal Obligations: 3.46%
California: 0.59%
Airport Revenue: 0.36%
San Jose CA Series B (AGM Insured)		6.60			3-1-2041		2,000,000		2,128,140
Transportation Revenue: 0.23%
Alameda CA Corridor Transportation Authority CAB Refunding Bond Subordinated Series B (Ambac Insured) ¤		0.00			10-1-2028		2,115,000		1,386,425
									3,514,565
Illinois: 1.50%
GO Revenue: 0.98%
Chicago IL		5.43			1-1-2042		1,000,000		886,200
Cook County IL Series B (Build America Mutual Assurance Company Insured)		6.36			11-15-2033		1,745,000		2,164,847
Illinois Taxable Pension		5.10			6-1-2033		1,395,000		1,323,144
Will County IL Lincoln-Way Community High School District #210 Unrefunded CAB (AGM Insured) ¤		0.00			1-1-2025		1,820,000		1,518,189
									5,892,380
Tax Revenue: 0.52%
Chicago IL Transit Authority Taxable Pension Funding Series A		6.90			12-1-2040		1,075,000		1,369,045
Metropolitan Pier & Exposition Authority Illinois CAB McCormick Place Expansion Project Series 2010-B1 (AGM Insured) ¤		0.00			6-15-2026		1,975,000		1,579,783
Metropolitan Pier & Exposition Authority Illinois CAB McCormick Place Expansion Project Series 2012-B ¤		0.00			12-15-2051		765,000		153,803
									3,102,631
									8,995,011
Maryland: 0.16%
Education Revenue: 0.16%
Maryland Health & HEFAR Green Street Academy Series B 144A		6.75			7-1-2023		975,000		961,233
Michigan: 0.28%
Miscellaneous Revenue: 0.28%
Michigan Finance Authority Local Government Loan Program Project Series E		7.19			11-1-2022		1,585,000		1,710,294
New Jersey: 0.17%
Miscellaneous Revenue: 0.17%
New Jersey EDA Series B		3.29			7-1-2019		1,000,000		999,970

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

Portfolio of investments—February 28, 2019 (unaudited) Wells Fargo Core Plus Bond Fund 17

Security name	Interest rate			Maturity date		Principal		Value
Pennsylvania: 0.48%
Health Revenue: 0.15%
Quakertown PA General Authority USDA Loan Anticipation Notes Series 2017-B		3.80	%		7-1-2021	$	900,000	$	892,089
Miscellaneous Revenue: 0.33%
Commonwealth of Pennsylvania Financing Authority Series A		4.14			6-1-2038		1,995,000		2,009,085
									2,901,174
Texas: 0.28%
Transportation Revenue: 0.28%
North Texas Tollway Authority Build America Bonds Subordinate Lien Series B-2		8.91			2-1-2030		1,595,000		1,672,039
Total Municipal Obligations (Cost $19,821,947)									20,754,286
Non-Agency Mortgage-Backed Securities: 8.78%
American Money Management Corporation Series 2015-16A Class AR (3 Month LIBOR +1.26%) 144A±		4.06			4-14-2029		3,000,000		2,995,857
Arbor Realty Collateralized Series 2016-FL Class A (1 Month LIBOR +1.70%) 144A±		4.19			9-15-2026		1,000,000		991,611
Banc of America Commercial Mortgage Securities Incorporated Series 2007-1 Class AMFX ±±		5.48			1-15-2049		662,241		664,330
Banc of America Funding Corporation Series 2016-R1 Class A1 144A±±		2.50			3-25-2040		771,019		748,322
BDS Limited Series 2018-FL2 Class A (1 Month LIBOR +0.95%) 144A±		3.44			8-15-2035		1,767,920		1,756,864
Bluemountain CLO Limited Series 2012-2A Class AR2 (3 Month LIBOR +1.05%) 144A±		3.69			11-20-2028		935,000		932,822
BX Trust 2017 Series A (1 Month LIBOR +1.05%) 144A±		3.54			10-15-2032		2,860,000		2,859,514
Cascade Funding Mortgage Trust Series 2018- RM2 Class A 144A±±‡		4.00			10-25-2068		617,174		622,321
CD Commercial Mortgage Trust Series 2017-6 Class A5		3.46			11-13-2050		1,035,000		1,028,862
CIFC Funding Limited Series 2012-2RA Class A1 (3 Month LIBOR +0.80%) 144A±		3.56			1-20-2028		2,525,000		2,502,815
Commercial Mortgage Trust Series 2014-CR15 Class A2		2.93			2-10-2047		510,482		510,057
Credit Suisse First Boston Commercial Mortgage Trust Series 1998-C2 Class AX ±±(c)		0.23			11-15-2030		93,534		0
Crown Point Limited Series 2015-3A Class A1AR (3 Month LIBOR +0.91%) 144A±		3.70			12-31-2027		2,500,000		2,488,643
Crown Point Limited Series 2018-6A Class A1 (3 Month LIBOR +1.17%) 144A±		3.98			10-20-2028		3,500,000		3,488,814
CSAIL Commercial Mortgage Trust Series 2015-C4 Class A1		2.01			11-15-2048		1,641,275		1,628,757
Financial Asset Securitization Incorporated Series 1997-NAM2 Class B2 ±±†		7.88			7-25-2027		21,600		1,076
FirstKey Mortgage Trust Series 2014-1 Class A2 144A±±		3.00			11-25-2044		1,259,965		1,252,805
GAHR Commercial Mortgage Trust Series 2015-NRF Class AFX 144A		3.23			12-15-2034		1,600,000		1,598,960
Great Wolf Trust Series 2017-A (1 Month LIBOR +0.85%) 144A±		3.49			9-15-2034		2,350,000		2,344,066
GS Mortgage Securities Trust Series 2007 Class AM ±±		5.77			8-10-2045		79,072		79,359
Jamestown Collateralized Loan Obligation Limited Series 2016-9A Class A1A (3 Month LIBOR +1.57%) 144A±		4.33			10-20-2028		2,000,000		2,000,796
JPMorgan Chase Commercial Mortgage Securities Trust Series 2007-CB18 Class AMFL (1 Month LIBOR +0.17%) ±		2.68			6-12-2047		3,883		3,876
JPMorgan Chase Commercial Mortgage Securities Trust Series 2007-LDPX Class AM ±±		5.46			1-15-2049		242,119		242,228
Lendmark Funding Trust Series 2018 -2A Class A 144A		4.23			4-20-2027		600,000		610,705
Mach One Trust Commercial Mortgage Backed Series 2004-1 Class X 144A±±(c)		0.66			5-28-2040		87,252		0
Morgan Stanley Capital I Series 2004-RR2 Class X 144A±±(c)		0.35			10-28-2033		5,938		24
Neuberger Berman Limited Series 2015-20A Class AR (3 Month LIBOR +0.80%) 144A±		3.59			1-15-2028		1,575,000		1,561,664
Octagon Investment Partners Series 2015-1A Class A1R (3 Month LIBOR +0.90%) 144A±		3.54			5-21-2027		3,000,000		2,986,242
Octagon Investment Partners Series 2017-1A Class B1 (3 Month LIBOR +1.70%) 144A±		4.46			7-20-2030		1,000,000		992,490
RAIT Trust Series 2017-FL8 Class A (1 Month LIBOR +0.85%) 144A±		3.34			12-15-2037		648,214		647,929

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

18 Wells Fargo Core Plus Bond Fund Portfolio of investments—February 28, 2019 (unaudited)

Security name	Interest rate			Maturity date		Principal		Value
Non-Agency Mortgage-Backed Securities (continued)
Sound Point Collateralized Loan Obligation Limited Series 2013-2RA Class A1 (3 Month LIBOR +0.95%) 144A±		3.74	%		4-15-2029	$	2,825,000	$	2,795,038
Stonemont Portfolio Trust Series 2017 Class A (1 Month LIBOR +0.85%) 144A±		3.33			8-20-2030		2,501,613		2,492,173
UBS Commercial Mortgage Trust Series 2017-C5 Class A5		3.47			11-15-2050		1,140,000		1,130,134
Voya Collateralized Loan Obligation Limited Series 2015-2A Class AR (3 Month LIBOR +0.97%) 144A±		3.74			7-23-2027		2,900,000		2,882,615
West Collateralized Loan Obligation Limited Series 2014-2A Class A1 (3 Month LIBOR +0.87%) 144A±		3.65			1-16-2027		3,000,000		2,988,885
Whitehorse Limited Series 2014-1A Class AR (3 Month LIBOR +0.90%) 144A±		3.64			5-1-2026		2,869,592		2,863,167
Total Non-Agency Mortgage-Backed Securities (Cost $53,107,264)									52,693,821
U.S. Treasury Securities: 10.56%
TIPS		1.38			2-15-2044		3,029,461		3,196,496
U.S. Treasury Bond ¤		0.00			5-15-2044		9,125,000		4,151,247
U.S. Treasury Bond ¤		0.00			11-15-2027		9,620,000		7,552,304
U.S. Treasury Bond		2.75			11-15-2042		4,850,000		4,588,934
U.S. Treasury Bond		2.88			8-15-2045		2,495,000		2,401,243
U.S. Treasury Bond		3.00			8-15-2048		6,755,000		6,638,635
U.S. Treasury Bond		3.38			11-15-2048		975,000		1,030,758
U.S. Treasury Bond		3.63			2-15-2044		2,820,000		3,089,442
U.S. Treasury Bond		3.75			8-15-2041		3,965,000		4,428,409
U.S. Treasury Bond		4.25			11-15-2040		6,040,000		7,235,259
U.S. Treasury Bond		6.13			11-15-2027		3,875,000		4,899,302
U.S. Treasury Note		1.63			8-31-2022		465,000		451,250
U.S. Treasury Note		2.00			10-31-2022		8,210,000		8,062,156
U.S. Treasury Note		2.63			2-15-2029		1,540,000		1,527,247
U.S. Treasury Note		2.88			9-30-2023		4,080,000		4,140,403
Total U.S. Treasury Securities (Cost $62,842,081)									63,393,085
Yankee Corporate Bonds and Notes: 9.97%
Communication Services: 0.61%
Diversified Telecommunication Services: 0.14%
Telefonica Emisiones SAU		5.21			3-8-2047		885,000		847,739
Wireless Telecommunication Services: 0.47%
British Telecommunication		5.13			12-4-2028		2,740,000		2,838,879
Consumer Staples: 0.31%
Beverages: 0.31%
Coca-Cola Femsa SAB de CV		3.88			11-26-2023		1,810,000		1,843,100
Energy: 0.47%
Energy Equipment & Services: 0.16%
Ensco plc		5.75			10-1-2044		1,500,000		963,750
Oil, Gas & Consumable Fuels: 0.31%
Comision Federal de Electricidad 144A		4.75			2-23-2027		1,140,000		1,117,211
Petroleos Mexicanos		6.50			1-23-2029		765,000		723,958
									1,841,169

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

Portfolio of investments—February 28, 2019 (unaudited) Wells Fargo Core Plus Bond Fund 19

Security name	Interest rate			Maturity date		Principal		Value
Financials: 6.71%
Banks: 3.48%
ABN AMRO Bank NV 144A		4.75	%		7-28-2025	$	1,800,000	$	1,833,631
Banco de Bogota SA 144A		4.38			8-3-2027		1,110,000		1,074,214
Banco do Brasil SA 144A		4.63			1-15-2025		1,615,000		1,598,850
Banco General SA 144A		4.13			8-7-2027		1,035,000		985,838
Banco Internacional del Peru SAA Interbank 144A		3.38			1-18-2023		1,526,000		1,493,954
Banco Safra SA 144A		4.13			2-8-2023		1,695,000		1,678,050
Banco Santander Mexico (5 Year Treasury Constant Maturity +3.00%) 144A±		5.95			10-1-2028		1,700,000		1,731,450
Banco Santander SA		4.25			4-11-2027		1,600,000		1,558,148
Banistmo SA 144A		3.65			9-19-2022		1,160,000		1,131,000
Banque Ouest Africaine de Developpement 144A		5.00			7-27-2027		2,520,000		2,488,500
BPCE SA 144A		5.15			7-21-2024		1,725,000		1,769,365
Danske Bank 144A		5.38			1-12-2024		1,705,000		1,756,240
Perrigo Finance Unlimited Company %%		4.38			3-15-2026		1,365,000		1,292,368
Sumitomo Mitsui Financial Group Incorporated		2.44			10-19-2021		500,000		490,120
									20,881,728
Capital Markets: 0.54%
Cadillac Fairview Corporation Limited 144A		4.13			2-1-2029		1,760,000		1,799,119
Credit Suisse Group Funding Limited (3 Month LIBOR +1.20%) 144A±		3.00			12-14-2023		1,485,000		1,436,858
									3,235,977
Consumer Finance: 0.19%
UBS Group Funding Switzerland 144A		3.49			5-23-2023		1,165,000		1,161,441
Diversified Financial Services: 1.24%
Banco Nacional de Comercio Exterior SNC 144A		4.38			10-14-2025		2,350,000		2,279,500
Corporacion Financiera de Desarrollo SA (3 Month LIBOR +5.61%) 144A±		5.25			7-15-2029		1,185,000		1,207,231
General Electric Capital International Funding Company		2.34			11-15-2020		1,390,000		1,366,512
Teva Pharmaceutical Finance Netherlands III BV		6.75			3-1-2028		800,000		817,830
UBS Group Funding Switzerland AG (5 Year USD Swap +4.87%) ±		7.00			12-29-2049		1,650,000		1,751,063
									7,422,136
Insurance: 0.88%
Axis Specialty Finance plc		2.65			4-1-2019		1,970,000		1,969,063
Sompo International Holdings Limited		7.00			7-15-2034		1,330,000		1,579,909
Validus Holdings Limited		8.88			1-26-2040		1,210,000		1,758,307
									5,307,279
Thrifts & Mortgage Finance: 0.38%
Nationwide Building Society (5 Year USD Swap Rate +1.85%) 144A±		4.13			10-18-2032		2,500,000		2,281,373
Health Care: 1.05%
Pharmaceuticals: 1.05%
Bausch Health Companies Incorporated 144A		6.13			4-15-2025		750,000		721,875
Perrigo Finance Unlimited Company		3.50			3-15-2021		1,305,000		1,273,450
Shire Acquisitions Investment Ireland Limited		2.40			9-23-2021		2,550,000		2,492,012
Teva Pharmaceutical Finance BV		2.20			7-21-2021		600,000		570,082
Teva Pharmaceutical Finance BV		4.10			10-1-2046		1,700,000		1,229,549
									6,286,968

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

20 Wells Fargo Core Plus Bond Fund Portfolio of investments—February 28, 2019 (unaudited)

Security name	Interest rate			Maturity date		Principal		Value
Industrials: 0.37%
Trading Companies & Distributors: 0.29%
Aercap Ireland Limited		4.88	%		1-16-2024	$	1,705,000	$	1,744,725
Transportation Infrastructure: 0.08%
Mexico City Airport Trust 144A		5.50			7-31-2047		570,000		491,625
Utilities: 0.45%
Electric Utilities: 0.45%
Western Power Distributions Holdings Limited 144A		7.38			12-15-2028		2,265,000		2,698,861
Total Yankee Corporate Bonds and Notes (Cost $59,474,114)									59,846,750
Yankee Government Bonds: 3.69%
Bermuda 144A		3.72			1-25-2027		995,000		970,453
Bermuda 144A		4.14			1-3-2023		1,210,000		1,229,130
Federative Republic of Brazil		4.63			1-13-2028		1,795,000		1,783,350
Hashemite Kingdom of Jordan		3.00			6-30-2025		3,000,000		3,013,689
Province of Santa Fe 144A		7.00			3-23-2023		2,000,000		1,743,000
Republic of Argentina		6.88			4-22-2021		1,280,000		1,212,800
Republic of Argentina		6.88			1-11-2048		1,000,000		749,010
Republic of Argentina		7.50			4-22-2026		1,350,000		1,173,825
Republic of Chile		3.86			6-21-2047		1,000,000		972,500
Republic of Kenya 144A		8.25			2-28-2048		750,000		755,025
Republic of Paraguay 144A		5.40			3-30-2050		1,000,000		1,013,490
Republic of Senegal 144A		6.25			5-23-2033		750,000		712,500
Saudi Arabia 144A		4.38			4-16-2029		2,840,000		2,896,743
Ukraine		1.47			9-29-2021		3,000,000		2,915,610
Ukraine 144A		7.38			9-25-2032		1,200,000		1,033,585
Total Yankee Government Bonds (Cost $23,236,574)									22,174,710
	Yield					Shares
Short-Term Investments: 9.66%
Investment Companies: 9.32%
Securities Lending Cash Investments LLC (l)(u)(r)		2.56					3,511,916		3,512,267
Wells Fargo Government Money Market Fund Select Class (l)(u)##		2.34					52,397,075		52,397,075
									55,909,342
						Principal
U.S. Treasury Securities: 0.34%
U.S. Treasury Bill (z)#		2.21			3-14-2019	$	1,900,000		1,898,387
U.S. Treasury Bill (z)#		2.29			3-28-2019		180,000		179,684
									2,078,071
Total Short-Term Investments (Cost $57,987,329)									57,987,413

Total investments in securities (Cost $606,350,929)	100.90	%		605,624,480
Other assets and liabilities, net	(0.90	)		(5,388,888	)
Total net assets	100.00	%	$	600,235,592

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

Portfolio of investments—February 28, 2019 (unaudited) Wells Fargo Core Plus Bond Fund 21

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

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

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

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

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

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

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

@ Foreign bond principal is denominated in the local currency of the issuer.

‡ Security is valued using significant unobservable inputs.

† Non-income-earning security

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

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

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

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

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

# All or a portion of this security is segregated as collateral for investments in derivative instruments.

Abbreviations:

AGM Assured Guaranty Municipal

Ambac Ambac Financial Group Incorporated

AUD Australian dollar

BRL Brazilian real

CAB Capital appreciation bond

EDA Economic Development Authority

EUR Euro

FHLB Federal Home Loan Bank

FHLMC Federal Home Loan Mortgage Corporation

FNMA Federal National Mortgage Association

GNMA Government National Mortgage Association

GO General obligation

HEFAR Higher Education Facilities Authority Revenue

IDR Indonesian rupiah

LIBOR London Interbank Offered Rate

MXN Mexican peso

REIT Real estate investment trust

STRIPS Separate trading of registered interest and principal securities

TIPS Treasury inflation-protected securities

TVA Tennessee Valley Authority

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

22 Wells Fargo Core Plus Bond Fund Portfolio of investments—February 28, 2019 (unaudited)

Futures Contracts

Description	Number of contracts		Expiration date		Notional cost			Notional value			Unrealized gains		Unrealized losses
Long
Euro BTP Future		20		3-7-2019	$	2,808,878		$	2,917,330		$	108,452	$	0
U.S. Long Term Bond		44		6-19-2019		6,386,952			6,356,625			0		(30,327	)
10-Year U.S. Treasury Notes		165		6-19-2019		20,164,167			20,130,000			0		(34,167	)
10-Year Ultra Futures		10		6-19-2019		1,297,986			1,294,531			0		(3,455	)
5-Year U.S. Treasury Notes		208		6-28-2019		23,832,737			23,829,000			0		(3,737	)
2-Year U.S. Treasury Notes		258		6-28-2019		54,742,724			54,746,391			3,667		0
Short
Euro-Bund Futures		(60)		3-7-2019		(11,079,116	)		(11,281,905	)		0		(202,789	)
Euro-BOBL Futures		(85)		3-7-2019		(12,779,450	)		(12,831,794	)		0		(52,344	)
U.S. Ultra Bond		(4)		6-19-2019		(647,993	)		(638,375	)		9,618		0
											$	121,737	$	(326,819	)

Forward Foreign Currency Contracts

Currency to be received	Currency to be delivered	Counterparty	Settlement date	Unrealized gains		Unrealized losses
6,669,500 EUR	7,625,906 USD	Citibank	3-29-2019	$	0	$	(23,687	)
2,840,673 USD	4,000,000 AUD	Citibank	3-29-2019		2,023		0
36,620,562 USD	32,055,000 EUR	Citibank	3-29-2019		82,718		0
1,423,334 USD	1,900,000 CAD	Citibank	3-29-2019		0		(21,489	)
2,950,000 EUR	3,355,823 USD	Citibank	3-29-2019		6,730		0
1,225,000 EUR	1,409,715 USD	Citibank	3-29-2019		0		(13,401	)
314,000,000 JPY	2,802,700 USD	Citibank	3-29-2019		19,944		0
				$	111,415	$	(58,577	)

Centrally Cleared Credit Default Swaps

Reference index	Fixed rate received			Payment frequency		Maturity date		Notional amount		Value		Premiums paid		Unrealized gains		Unrealized losses
Sell protection
Markit iTraxx Europe Index		1.00	%		Quarterly		12-20-2023		4,000,000 EUR	$	83,723	$	70,600	$	13,123	$	0
Markit CDX North American High Yield Index		5.00			Quarterly		12-20-2023		5,390,000 USD		337,666		107,419		230,247		0
												$	178,019	$	243,370	$	0

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

Portfolio of investments—February 28, 2019 (unaudited) Wells Fargo Core Plus Bond Fund 23

Investments in Affiliates

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

	Shares, beginning of period		Shares purchased		Shares sold		Shares, end of period		Net realized gains (losses)			Net change in unrealized gains (losses)		Income from affiliated securities		Value, end of period		% of net assets
Short-Term Investments
Investment Companies
Securities Lending Cash Investments LLC		892,078		36,742,238		34,122,400		3,511,916	$	(2	)	$	3	$	25,621	$	3,512,267
Wells Fargo Government Money Market Fund Select Class		25,332,190		157,212,593		130,147,708		52,397,075		0			0		237,110		52,397,075
									$	(2	)	$	3	$	262,731	$	55,909,342		9.32	%

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

24 Wells Fargo Core Plus Bond Fund Statement of assets and liabilities—February 28, 2019 (unaudited)

Assets
Investments in unaffiliated securities (including $3,436,608 of securities loaned), at value (cost $550,441,650)	$	549,715,138
Investments in affiliated securities, at value (cost $55,909,279)		55,909,342
Cash		30,938
Cash at broker segregated for centrally cleared swaps		672,827
Foreign currency, at value (cost $1,769,042)		1,789,727
Principal paydown receivable		1,757
Receivable for investments sold		918,091
Receivable for Fund shares sold		2,549,313
Receivable for interest		4,058,015
Receivable for daily variation margin on open futures contracts		46,563
Receivable for securities lending income		2,465
Unrealized gains on forward foreign currency contracts		111,415
Prepaid expenses and other assets		269,673
Total assets		616,075,264
Liabilities
Payable for investments purchased		11,143,394
Payable upon receipt of securities loaned		3,511,340
Payable for Fund shares redeemed		325,226
Cash collateral due to broker for forward foreign currency contracts		280,000
Management fee payable		117,323
Payable for daily variation margin on open futures contracts		110,188
Payable for daily variation margin on centrally cleared swaps		72,756
Unrealized losses on forward foreign currency contracts		58,577
Administration fees payable		49,808
Distribution fee payable		9,388
Trustees’ fees and expenses payable		2,963
Accrued expenses and other liabilities		158,709
Total liabilities		15,839,672
Total net assets	$	600,235,592
NET ASSETS CONSIST OF
Paid-in capital	$	602,134,515
Total distributable loss		(1,898,923	)
Total net assets	$	600,235,592
COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE PER SHARE
Net assets – Class A	$	231,612,519
Shares outstanding – Class A1		18,705,930
Net asset value per share – Class A		$12.38
Maximum offering price per share – Class A2		$12.96
Net assets – Class C	$	15,426,924
Shares outstanding – Class C1		1,246,021
Net asset value per share – Class C		$12.38
Net assets – Class R6	$	55,405,677
Shares outstanding – Class R61		4,468,308
Net asset value per share – Class R6		$12.40
Net assets – Administrator Class	$	19,664,611
Shares outstanding – Administrator Class1		1,590,538
Net asset value per share – Administrator Class		$12.36
Net assets – Institutional Class	$	278,125,861
Shares outstanding – Institutional Class1		22,439,587
Net asset value per share – Institutional Class		$12.39

¹  The Fund has an unlimited number of authorized shares.

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

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

Statement of operations—six months ended February 28, 2019 (unaudited) Wells Fargo Core Plus Bond Fund 25

Investment income
Interest (net of foreign interest withholding taxes of $12,374)	$	10,599,951
Income from affiliated securities		249,028
Dividends		144,654
Total investment income		10,993,633
Expenses
Management fee		1,247,214
Administration fees
Class A		176,743
Class C		15,188
Class R6		6,886
Administrator Class		12,755
Institutional Class		98,764
Shareholder servicing fees
Class A		276,161
Class C		23,731
Administrator Class		31,886
Distribution fee
Class C		71,192
Custody and accounting fees		29,260
Professional fees		33,234
Registration fees		48,767
Shareholder report expenses		44,377
Trustees’ fees and expenses		10,728
Other fees and expenses		6,823
Total expenses		2,133,709
Less: Fee waivers and/or expense reimbursements		(533,600	)
Net expenses		1,600,109
Net investment income		9,393,524
REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS
Net realized gains (losses) on:
Unaffiliated securities		(4,008,592	)
Affiliated securities		(2	)
Futures contracts		1,019,603
Forward foreign currency contracts		1,288,411
Credit default swap contracts		163,574
Net realized losses on investments		(1,537,006	)
Net change in unrealized gains (losses) on:
Unaffiliated securities		5,300,887
Affiliated securities		3
Futures contracts		(107,191	)
Forward foreign currency contracts		(31,997	)
Credit default swap contracts		275,606
Net change in unrealized gains (losses) on investments		5,437,308
Net realized and unrealized gains (losses) on investments		3,900,302
Net increase in net assets resulting from operations	$	13,293,826

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

26 Wells Fargo Core Plus Bond Fund Statement of changes in net assets

	Six months ended February 28, 2019 (unaudited)						Year ended August 31, 20181
Operations
Net investment income				$	9,393,524					$	16,082,992
Net realized losses on investments					(1,537,006	)					(2,470,659	)
Net change in unrealized gains (losses) on investments					5,437,308						(17,907,347	)
Net increase (decrease) in net assets resulting from operations					13,293,826						(4,295,014	)
Distributions to shareholders from net investment income and net realized gains
Class A					(3,116,010	)					(6,592,901	)
Class C					(192,760	)					(396,945	)
Class R6					(737,293	)					(1,205,963	)
Administrator Class					(358,842	)					(1,057,877	)
Institutional Class					(3,885,248	)					(7,080,934	)
Total distributions to shareholders					(8,290,153	)					(16,334,620	)
Capital share transactions		Shares						Shares
Proceeds from shares sold
Class A		1,405,968			17,242,733			3,153,880			39,493,506
Class C		143,170			1,753,397			574,528			7,177,070
Class R6		867,188			10,704,103			1,231,456			15,394,192
Administrator Class		150,463			1,833,286			1,331,903			16,514,724
Institutional Class		7,696,233			94,476,046			15,277,371			190,922,160
					126,009,565						269,501,652
Reinvestment of distributions
Class A		236,491			2,888,174			490,954			6,097,803
Class C		14,700			179,425			29,298			363,379
Class R6		46,574			569,720			81,463			1,012,889
Administrator Class		29,293			356,872			84,932			1,053,385
Institutional Class		295,167			3,607,520			530,646			6,583,306
					7,601,711						15,110,762
Payment for shares redeemed
Class A		(1,661,849	)		(20,287,434	)		(5,034,990	)		(62,673,141	)
Class C		(587,776	)		(7,245,609	)		(426,093	)		(5,284,028	)
Class R6		(121,594	)		(1,490,679	)		(107,920	)		(1,336,675	)
Administrator Class		(1,221,993	)		(14,929,001	)		(2,078,726	)		(25,750,208	)
Institutional Class		(7,076,312	)		(86,356,610	)		(7,127,474	)		(88,356,112	)
					(130,309,333	)					(183,400,164	)
Net increase in net assets resulting from capital share transactions					3,301,943						101,212,250
Total increase in net assets					8,305,616						80,582,616
Net assets
Beginning of period					591,929,976						511,347,360
End of period				$	600,235,592					$	591,929,976

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 August 31, 2018 was $2,094,155. The disaggregated distributions information for the year ended August 31, 2018 is included in Note 8, Distributions to Shareholders, in the notes to the financial statements.

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

Financial highlights Wells Fargo Core Plus Bond Fund 27

(For a share outstanding throughout each period)

	Six months ended February 28, 2019 (unaudited)			Year ended August 31
CLASS A				2018			2017			2016			2015			2014
Net asset value, beginning of period		$12.27			$12.71			$12.70			$12.14			$12.24			$11.66
Net investment income		0.19			0.34			0.36	1		0.33			0.21	1		0.26
Net realized and unrealized gains (losses) on investments		0.09			(0.45	)		(0.01	)		0.60			(0.08	)		0.57
Total from investment operations		0.28			(0.11	)		0.35			0.93			0.13			0.83
Distributions to shareholders from
Net investment income		(0.17	)		(0.33	)		(0.33	)		(0.33	)		(0.21	)		(0.25	)
Net realized gains		0.00			0.00			(0.01	)		(0.04	)		(0.02	)		0.00
Total distributions to shareholders		(0.17	)		(0.33	)		(0.34	)		(0.37	)		(0.23	)		(0.25	)
Net asset value, end of period		$12.38			$12.27			$12.71			$12.70			$12.14			$12.24
Total return2		2.30	%		(0.84	)%		2.78	%		7.78	%		1.04	%		7.16	%
Ratios to average net assets (annualized)
Gross expenses		0.92	%		0.92	%		0.93	%		0.93	%		0.91	%		0.93	%
Net expenses		0.73	%		0.73	%		0.76	%		0.84	%		0.84	%		0.85	%
Net investment income		3.19	%		2.63	%		2.88	%		2.76	%		1.69	%		2.10	%
Supplemental data
Portfolio turnover rate		52	%		148	%		199	%		288	%		322	%		267	%
Net assets, end of period (000s omitted)		$231,613			$229,688			$255,668			$349,852			$223,755			$129,646

¹  Calculated based upon average shares outstanding

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

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

28 Wells Fargo Core Plus Bond Fund Financial highlights

(For a share outstanding throughout each period)

	Six months ended February 28, 2019 (unaudited)			Year ended August 31
CLASS C				2018			2017			2016			2015			2014
Net asset value, beginning of period		$12.26			$12.71			$12.70			$12.14			$12.23			$11.65
Net investment income		0.14	1		0.23			0.26			0.24	1		0.12	1		0.16
Net realized and unrealized gains (losses) on investments		0.10			(0.44	)		(0.01	)		0.59			(0.08	)		0.58
Total from investment operations		0.24			(0.21	)		0.25			0.83			0.04			0.74
Distributions to shareholders from
Net investment income		(0.12	)		(0.24	)		(0.23	)		(0.23	)		(0.11	)		(0.16	)
Net realized gains		0.00			0.00			(0.01	)		(0.04	)		(0.02	)		0.00
Total distributions to shareholders		(0.12	)		(0.24	)		(0.24	)		(0.27	)		(0.13	)		(0.16	)
Net asset value, end of period		$12.38			$12.26			$12.71			$12.70			$12.14			$12.23
Total return2		1.90	%		(1.66	)%		2.01	%		6.99	%		0.35	%		6.35	%
Ratios to average net assets (annualized)
Gross expenses		1.67	%		1.67	%		1.68	%		1.68	%		1.66	%		1.68	%
Net expenses		1.48	%		1.48	%		1.51	%		1.59	%		1.59	%		1.60	%
Net investment income		2.44	%		1.89	%		2.12	%		2.00	%		0.95	%		1.35	%
Supplemental data
Portfolio turnover rate		52	%		148	%		199	%		288	%		322	%		267	%
Net assets, end of period (000s omitted)		$15,427			$20,550			$19,036			$21,216			$20,381			$24,212

¹  Calculated based upon average shares outstanding

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

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

Financial highlights Wells Fargo Core Plus Bond Fund 29

(For a share outstanding throughout each period)

	Six months ended February 28, 2019 (unaudited)			Year ended August 31
CLASS R6				2018			20171
Net asset value, beginning of period		$12.28			$12.73			$12.59
Net investment income		0.21			0.39			0.33	2
Net realized and unrealized gains (losses) on investments		0.10			(0.46	)		0.12
Total from investment operations		0.31			(0.07	)		0.45
Distributions to shareholders from
Net investment income		(0.19	)		(0.38	)		(0.30	)
Net realized gains		0.00			0.00			(0.01	)
Total distributions to shareholders		(0.19	)		(0.38	)		(0.31	)
Net asset value, end of period		$12.40			$12.28			$12.73
Total return3		2.48	%		(0.55	)%		3.64	%
Ratios to average net assets (annualized)
Gross expenses		0.54	%		0.54	%		0.55	%
Net expenses		0.35	%		0.35	%		0.35	%
Net investment income		3.57	%		3.05	%		3.12	%
Supplemental data
Portfolio turnover rate		52	%		148	%		199	%
Net assets, end of period (000s omitted)		$55,406			$45,159			$31,451

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

²  Calculated based upon average shares outstanding

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

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

30 Wells Fargo Core Plus Bond Fund Financial highlights

(For a share outstanding throughout each period)

	Six months ended February 28, 2019 (unaudited)			Year ended August 31
ADMINISTRATOR CLASS				2018			2017			2016			2015			2014
Net asset value, beginning of period		$12.25			$12.69			$12.68			$12.12			$12.22			$11.64
Net investment income		0.19	1		0.35			0.37			0.34			0.22			0.27	1
Net realized and unrealized gains (losses) on investments		0.09			(0.44	)		(0.01	)		0.60			(0.08	)		0.57
Total from investment operations		0.28			(0.09	)		0.36			0.94			0.14			0.84
Distributions to shareholders from
Net investment income		(0.17	)		(0.35	)		(0.34	)		(0.34	)		(0.22	)		(0.26	)
Net realized gains		0.00			0.00			(0.01	)		(0.04	)		(0.02	)		0.00
Total distributions to shareholders		(0.17	)		(0.35	)		(0.35	)		(0.38	)		(0.24	)		(0.26	)
Net asset value, end of period		$12.36			$12.25			$12.69			$12.68			$12.12			$12.22
Total return2		2.35	%		(0.74	)%		2.90	%		7.92	%		1.15	%		7.31	%
Ratios to average net assets (annualized)
Gross expenses		0.86	%		0.86	%		0.87	%		0.87	%		0.85	%		0.87	%
Net expenses		0.62	%		0.62	%		0.66	%		0.72	%		0.72	%		0.72	%
Net investment income		3.28	%		2.74	%		2.97	%		2.84	%		1.82	%		2.24	%
Supplemental data
Portfolio turnover rate		52	%		148	%		199	%		288	%		322	%		267	%
Net assets, end of period (000s omitted)		$19,665			$32,241			$41,806			$71,133			$85,431			$101,653

¹  Calculated based upon average shares outstanding

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

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

Financial highlights Wells Fargo Core Plus Bond Fund 31

(For a share outstanding throughout each period)

	Six months ended February 28, 2019 (unaudited)			Year ended August 31
INSTITUTIONAL CLASS				2018			2017			2016			2015			2014
Net asset value, beginning of period		$12.28			$12.72			$12.71			$12.15			$12.24			$11.67
Net investment income		0.21			0.37	1		0.38			0.36			0.24	1		0.28
Net realized and unrealized gains (losses) on investments		0.09			(0.44	)		0.01			0.60			(0.07	)		0.57
Total from investment operations		0.30			(0.07	)		0.39			0.96			0.17			0.85
Distributions to shareholders from
Net investment income		(0.19	)		(0.37	)		(0.37	)		(0.36	)		(0.24	)		(0.28	)
Net realized gains		0.00			0.00			(0.01	)		(0.04	)		(0.02	)		0.00
Total distributions to shareholders		(0.19	)		(0.37	)		(0.38	)		(0.40	)		(0.26	)		(0.28	)
Net asset value, end of period		$12.39			$12.28			$12.72			$12.71			$12.15			$12.24
Total return2		2.46	%		(0.52	)%		3.10	%		8.05	%		1.37	%		7.36	%
Ratios to average net assets (annualized)
Gross expenses		0.59	%		0.59	%		0.60	%		0.60	%		0.58	%		0.60	%
Net expenses		0.40	%		0.40	%		0.44	%		0.58	%		0.58	%		0.58	%
Net investment income		3.52	%		3.00	%		3.17	%		3.04	%		1.95	%		2.38	%
Supplemental data
Portfolio turnover rate		52	%		148	%		199	%		288	%		322	%		267	%
Net assets, end of period (000s omitted)		$278,126			$264,292			$163,387			$79,687			$54,419			$32,438

¹  Calculated based upon average shares outstanding

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

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

32 Wells Fargo Core Plus Bond Fund Notes to financial statements (unaudited)

1. ORGANIZATION

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

2. SIGNIFICANT ACCOUNTING POLICIES

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

Securities valuation

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

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

Equity securities and futures contracts that are listed on a foreign or domestic exchange or market are valued at the official closing price or, if none, the last sales price. If no sale occurs on the principal exchange or market that day, a fair value price will be determined in accordance with the Fund’s Valuation Procedures.

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

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

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

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

Foreign currency translation

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

Notes to financial statements (unaudited) Wells Fargo Core Plus Bond Fund 33

Forward foreign currency contracts

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

Securities lending

The Fund may lend its securities from time to time in order to earn additional income in the form of fees or interest on securities received as collateral or the investment of any cash received as collateral. The Fund continues to receive interest or dividends on the securities loaned. The Fund receives collateral in the form of cash or securities with a value at least equal to the value of the securities on loan. The value of the loaned securities is determined at the close of each business day and any additional required collateral is delivered to the Fund on the next business day. In a securities lending transaction, the net asset value of the Fund will be affected by an increase or decrease in the value of the securities loaned and by an increase or decrease in the value of the instrument in which collateral is invested. The amount of securities lending activity undertaken by the Fund fluctuates from time to time. In the event of default or bankruptcy by the borrower, the Fund may be prevented from recovering the loaned securities or gaining access to the collateral or may experience delays or costs in doing so. In addition, the investment of any cash collateral received may lose all or part of its value. The Fund has the right under the lending agreement to recover the securities from the borrower on demand.

The Fund lends its securities through an unaffiliated securities lending agent. Cash collateral received in connection with its securities lending transactions is invested in Securities Lending Cash Investments, LLC (the “Securities Lending Fund”). The Securities Lending Fund is exempt from registration under Section 3(c)(7) of the 1940 Act and is managed by Funds Management and is subadvised by Wells Capital Management Incorporated (“WellsCap”), an affiliate of Funds Management and an indirect wholly owned subsidiary of Wells Fargo & Company (“Wells Fargo”). Funds Management receives an advisory fee starting at 0.05% and declining to 0.01% as the average daily net assets of the Securities Lending Fund increase. All of the fees received by Funds Management are paid to WellsCap for its services as subadviser. The Securities Lending Fund seeks to provide a positive return compared to the daily Fed Funds Open Rate by investing in high-quality, U.S. dollar-denominated short-term money market instruments. Securities Lending Fund investments are valued at the evaluated bid price provided by an independent pricing service. Income earned from investment in the Securities Lending Fund (net of fees and rebates), if any, is included in income from affiliated securities on the Statement of Operations.

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.

Loans

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

Futures contracts

The Fund is subject to interest rate risk and foreign currency risk in the normal course of pursuing its investment objectives. Futures contracts are agreements between the Fund and a counterparty to buy or sell a specific amount of a commodity, financial instrument or currency at specified price and on a specified date. The Fund may buy and sell futures

34 Wells Fargo Core Plus Bond Fund Notes to financial statements (unaudited)

contracts in order to gain exposure to, or protect against, changes in interest rates and foreign exchange rates. The primary risks associated with the use of futures contracts are the imperfect correlation between changes in market values of securities held by the Fund and the prices of futures contracts, and the possibility of an illiquid market. Futures contracts are generally entered into on a regulated futures exchange and cleared through a clearinghouse associated with the exchange. With futures contracts, there is minimal counterparty risk to the Fund since futures contracts are exchange traded and the exchange’s clearinghouse, as counterparty to all exchange traded futures, guarantees the futures contracts against default.

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

Swap contracts

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

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

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

Credit default swaps

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

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

Notes to financial statements (unaudited) Wells Fargo Core Plus Bond Fund 35

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

Certain credit default swap contracts entered into by the Fund provide for conditions that result in events of default or termination that enable the counterparty to the agreement to cause an early termination of the transactions under those agreements.

Security transactions and income recognition

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

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

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

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

Distributions to shareholders

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

Federal and other taxes

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

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

As of February 28, 2019, the aggregate cost of all investments for federal income tax purposes was $604,220,631 and the unrealized gains (losses) consisted of:

Gross unrealized gains	$	9,279,403
Gross unrealized losses		(7,784,428	)
Net unrealized gains	$	1,494,975

As of August 31, 2018, the Fund had capital loss carryforwards which consisted of $2,883,692 in short-term capital losses and $57,244 in long-term capital losses.

Class allocations

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

3. FAIR VALUATION MEASUREMENTS

Fair value measurements of investments are determined within a framework that has established a fair value hierarchy based upon the various data inputs utilized in determining the value of the Fund’s investments. The three-level hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority

36 Wells Fargo Core Plus Bond Fund Notes to financial statements (unaudited)

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

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

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

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

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

The following is a summary of the inputs used in valuing the Fund’s assets and liabilities as of February 28, 2019:

	Quoted prices (Level 1)		Other significant observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total
Assets
Investments in:
Agency securities	$	0	$	148,283,761	$	0	$	148,283,761
Asset-backed securities		0		30,986,916		0		30,986,916
Corporate bonds and notes		0		101,101,234		0		101,101,234
Exchange-traded funds		13,630,920		0		0		13,630,920
Foreign corporate bonds and notes		0		20,620,315		0		20,620,315
Foreign government bonds		0		6,521,048		0		6,521,048
Loans		0		6,754,067		876,154		7,630,221
Municipal obligations		0		20,754,286		0		20,754,286
Non-agency mortgage-backed securities		0		52,071,500		622,321		52,693,821
U.S. Treasury securities		51,689,534		11,703,551		0		63,393,085
Yankee corporate bonds and notes		0		59,846,750		0		59,846,750
Yankee government bonds		0		22,174,710		0		22,174,710
Short-term investments
Investment companies		52,397,075		3,512,267		0		55,909,342
U.S. Treasury securities		2,078,071		0		0		2,078,071
		119,795,600		484,330,405		1,498,475		605,624,480
Futures contracts		121,737		0		0		121,737
Forward foreign currency contracts		0		111,415		0		111,415
Credit default swap contracts		0		243,370		0		243,370
Total assets	$	119,917,337	$	484,685,190	$	1,498,475	$	606,101,002
Liabilities
Futures contracts	$	326,819	$	0	$	0	$	326,819
Forward foreign currency contracts		0		58,577		0		58,577
Total liabilities	$	326,819	$	58,577	$	0	$	385,396

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

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

At February 28, 2019, the Fund did not have any transfers into/out of Level 3.

Notes to financial statements (unaudited) Wells Fargo Core Plus Bond Fund 37

4. TRANSACTIONS WITH AFFILIATES

Management fee

Funds Management, an indirect wholly owned subsidiary of Wells Fargo, is the manager of the Fund and provides advisory and fund-level administrative services under an investment management agreement. Under the investment management agreement, Funds Management is responsible for, among other services, implementing the investment objectives and strategies of the Fund, supervising the subadviser and providing fund-level administrative services in connection with the Fund’s operations. As compensation for its services under the investment management agreement, Funds Management is entitled to receive a management fee at the following annual rate based on the Fund’s average daily net assets:

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

For the six months ended February 28, 2019, the management fee was equivalent to an annual rate of 0.44% of the Fund’s average daily net assets.

Funds Management has retained the services of a subadviser to provide daily portfolio management to the Fund. The fee for subadvisory services is borne by Funds Management. WellsCap is the subadviser to the Fund and is entitled to receive a fee from Funds Management at an annual rate starting at 0.20% and declining to 0.10% as the average daily net assets of the Fund increase.

Administration fees

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

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

Funds Management has contractually waived and/or reimbursed management and administration fees to the extent necessary to maintain certain net operating expense ratios for the Fund. When each class of the Fund has exceeded its expense cap, Funds Management has waived fees and/or reimbursed expenses from fund level expenses on a proportionate basis and then from class specific expenses. When only certain classes exceed their expense caps, waivers and/or reimbursements are applied against class specific expenses before fund level expenses. Funds Management has committed through December 31, 2019 to waive fees and/or reimburse expenses to the extent necessary to cap the Fund’s expenses at 0.73% for Class A shares, 1.48% for Class C shares, 0.35% for Class R6 shares, 0.62% for Administrator Class shares, and 0.40% for Institutional Class shares. Prior to or after the commitment expiration date, the cap may be increased or the commitment to maintain the cap may be terminated only with the approval of the Board of Trustees.

Distribution fee

The Trust has adopted a distribution plan for Class C shares of the Fund pursuant to 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.

38 Wells Fargo Core Plus Bond Fund Notes to financial statements (unaudited)

In addition, Funds Distributor is entitled to receive the front-end sales charge from the purchase of Class A shares and a contingent deferred sales charge on the redemption of certain Class A shares. Funds Distributor is also entitled to receive the contingent deferred sales charges from redemptions of Class C shares. For the six months ended February 28, 2019, Funds Distributor received $3,276 from the sale of Class A shares. No contingent deferred sales charges were incurred by Class A and Class C shares for the six months ended February 28, 2019.

Shareholder servicing fees

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

Interfund transactions

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

5. INVESTMENT PORTFOLIO TRANSACTIONS

Purchases and sales of investments, excluding short-term securities, for the six months ended February 28, 2019 were as follows:

Purchases at cost		Sales proceeds
U.S. government	Non-U.S. government	U.S. government	Non-U.S. government
$177,334,088	$106,919,490	$179,382,557	$109,778,448

6. DERIVATIVE TRANSACTIONS

During the six months ended February 28, 2019, the Fund entered into futures contracts to speculate on interest rates and to help manage the duration of the portfolio and entered into forward foreign currency contracts for economic hedging purposes. The Fund entered into credit default swap contracts to hedge risks and/or enhance total returns.

The volume of the Fund’s derivative activity during the six months ended February 28, 2019 was as follows:

Futures contracts
Average notional balance on long futures	$	106,848,764
Average notional balance on short futures		27,703,751
Forward foreign currency contracts
Average contract amounts to buy		10,839,762
Average contract amounts to sell		43,264,806
Credit default swap contracts
Average notional balance		13,382,759

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

Notes to financial statements (unaudited) Wells Fargo Core Plus Bond Fund 39

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

The fair value of derivative instruments as of February 28, 2019 was as follows for the Fund:

	Asset derivatives				Liability derivatives
	Statement of Assets and Liabilities location	Fair value			Statement of Assets and Liabilities location	Fair value
Interest rate risk	Unrealized gains on futures contracts	$	13,285	*	Unrealized losses on futures contracts	$	71,686	*
Foreign currency risk	Unrealized gains on futures contracts		108,452	*	Unrealized losses on futures contracts		255,133	*
Foreign currency risk	Unrealized gains on forward foreign currency contracts		111,415		Unrealized losses on forward foreign currency contracts		58,577
Credit risk	Unrealized gains on swap contracts		243,370	*	Unrealized losses on swap contracts		0	*
		$	476,522			$	385,396

* Amount represents cumulative unrealized gains (losses) as reported in the tables following the Portfolio of Investments. Only the current day’s variation margin as of February 28, 2019 is reported separately on the Statement of Assets and Liabilities.

The effect of derivative instruments on the Statement of Operations for the six months ended February 28, 2019 was as follows for the Fund:

	Amount of realized gains (losses) on derivatives
	Futures contracts			Forward foreign currency contracts			Swap contracts		Total
Interest rate risk	$	1,138,116		$	0		$	0	$	1,138,116
Foreign currency risk		(118,513	)		1,288,411			0		1,169,898
Credit risk		0			0			163,574		163,574
	$	1,019,603		$	1,288,411		$	163,574	$	2,471,588
	Change in unrealized gains (losses) on derivatives
	Futures contracts			Forward foreign currency contracts			Swap contracts		Total
Interest rate risk	$	(8,624	)	$	0		$	0	$	(8,624	)
Foreign currency risk		(98,567	)		(31,997	)		0		(130,564	)
Credit risk		0			0			275,606		275,606
	$	(107,191	)	$	(31,997	)	$	275,606	$	136,418

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

40 Wells Fargo Core Plus Bond Fund Notes to financial statements (unaudited)

transactions between the Fund and the applicable counterparty. A reconciliation of the gross amounts on the Statement of Assets and Liabilities to the net amounts by counterparty, including any collateral exposure, is as follows:

Counterparty	Gross amounts of assets in the Statement of Assets and Liabilities		Amounts subject to netting agreements			Collateral received		Net amount of assets
Citibank	$	111,415	$	(58,577	)	$	0	$	52,838

Counterparty	Gross amounts of liabilities in the Statement of Assets and Liabilities		Amounts subject to netting agreements			Collateral pledged		Net amount of liabilities
Citibank	$	58,577	$	(58,577	)	$	0	$	0

7. BANK BORROWINGS

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

For the six months ended February 28, 2019, there were no borrowings by the Fund under the agreement.

8. DISTRIBUTIONS TO SHAREHOLDERS

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

	Net investment income
Class A		$6,592,901
Class C		396,945
Class R6		1,205,963
Administrator Class		1,057,877
Institutional Class		7,080,934

9. INDEMNIFICATION

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

10. NEW ACCOUNTING PRONOUNCEMENTS

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

Notes to financial statements (unaudited) Wells Fargo Core Plus Bond Fund 41

In March 2017, FASB issued ASU No. 2017-08, Premium Amortization on Purchased Callable Debt Securities. ASU 2017-08 shortens the amortization period for certain callable debt securities held at a premium. The amendments require the premium to be amortized to the earliest call date. The amendments do not require an accounting change for securities held at a discount; the discount continues to be amortized to maturity. ASU 2017-08 is effective for fiscal years beginning after December 15, 2018 and for interim periods within those fiscal years. Management is currently evaluating the potential impact of this new guidance to the financial statements.

42 Wells Fargo Core Plus Bond Fund Other information (unaudited)

PROXY VOTING INFORMATION

A description of the policies and procedures used to determine how to vote proxies relating to portfolio securities is available, upon request, by calling 1-800-222-8222, visiting our website at wfam.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 wfam.com or by visiting the SEC website at sec.gov.

PORTFOLIO HOLDINGS INFORMATION

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

Other information (unaudited) Wells Fargo Core Plus Bond Fund 43

BOARD OF TRUSTEES AND OFFICERS

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

Independent Trustees

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

44 Wells Fargo Core Plus Bond Fund Other information (unaudited)

Name and year of birth	Position held and length of service*	Principal occupations during past five years or longer	Current other public company or investment company directorships
Olivia S. Mitchell (Born 1953)	Trustee, since 2006; Nominating and Governance Committee Chairman, since 2018	International Foundation of Employee Benefit Plans Professor, Wharton School of the University of Pennsylvania since 1993. Director of Wharton’s Pension Research Council and Boettner Center on Pensions & Retirement Research, and Research Associate at the National Bureau of Economic Research. Previously, Cornell University Professor from 1978 to 1993.	N/A
Timothy J. Penny (Born 1951)	Trustee, since 1996; Chairman, since 2018	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	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	Chief Operating Officer, Twin Cities Habitat for Humanity, since January, 2017. Vice President of University Services, University of Minnesota from 2012 to 2017. Prior thereto, on the Board of Directors, Governance Committee and Finance Committee for the Minnesota Philanthropy Partners (Saint Paul Foundation) from 2012 to 2018, Interim President and Chief Executive Officer of Blue Cross Blue Shield of Minnesota from 2010 to 2011, Chairman of the Board from 2009 to 2011 and Board Director from 2003 to 2015. Vice President, Leadership and Community Engagement, Bush Foundation, Saint Paul, Minnesota (a private foundation) from 2009 to 2011. Executive Vice President and Chief Financial Officer, Minnesota Sports and Entertainment from 2004 to 2009 and Senior Vice President from 2002 to 2004. Commissioner of Finance, State of Minnesota, from 1999 to 2002. Currently the Board Chair of the Minnesota Wild Foundation since 2010.	N/A

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

Other information (unaudited) Wells Fargo Core Plus Bond Fund 45

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 and 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 wfam.com.

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

46 Wells Fargo Core Plus Bond Fund Appendix A (unaudited)

SALES CHARGE REDUCTIONS AND WAIVERS FOR CERTAIN INTERMEDIARIES

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

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

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

• Shares purchased in an investment advisory program.

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

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

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

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

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

• Death or disability of the shareholder.

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

• Return of excess contributions from an IRA Account.

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

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

• Shares acquired through a right of reinstatement.

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

• Breakpoints as described in the Fund’s Prospectus.

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

This page is intentionally left blank.

This page is intentionally left blank.

For more information

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

Wells Fargo Funds

P.O. Box 219967

Kansas City, MO 64121-9967

Website: wfam.com

Individual investors: 1-800-222-8222

Retail investment professionals: 1-888-877-9275

Institutional investment professionals: 1-866-765-0778

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

321627 04-19 SA219/SAR219 02-19

Semi-Annual Report

February 28, 2019

Wells Fargo

Short Duration Government Bond Fund

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

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	8
Portfolio of investments	9
Financial statements
Statement of assets and liabilities	13
Statement of operations	14
Statement of changes in net assets	15
Financial highlights	16
Notes to financial statements	21
Other information	26
Appendix A	30

The views expressed and any forward-looking statements are as of February 28, 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 Short Duration Government Bond Fund Letter to shareholders (unaudited)

Andrew Owen

President

Wells Fargo Funds

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

Dear Shareholder:

We are pleased to offer you this semi-annual report for the Wells Fargo Short Duration Government Bond Fund for the six-month period that ended February 28, 2019. Higher short-term interest rates, inflation concerns, trade tensions, slowing economic growth outside the U.S., and geopolitical events contributed to investment market volatility throughout the period.

For the period, U.S. stocks, as measured by the S&P 500 Index,¹ fell 3.04% and international stocks, as measured by the MSCI ACWI ex USA Index (Net),² declined 2.47%. Based on the MSCI EM Index (Net),³ emerging market stocks gained 0.33%. For bond investors, the Bloomberg Barclays U.S. Aggregate Bond Index⁴ added 1.99% while the Bloomberg Barclays Global Aggregate ex-USD Index⁵ gained 0.63%. The Bloomberg Barclays Municipal Bond Index⁶ added 2.34%, and the ICE BofAML U.S. High Yield Index⁷ advanced 1.98%.

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^®8 reached its highest level in 18 years during September 2018. The U.S. Federal Reserve (Fed) raised the federal funds rate by 25 basis points (bps; 100 bps equal 1.00%) to a target range of between 2.00% and 2.25% in September 2018. For the quarter that ended September 30, 2018, the S&P 500 Index added 7.71%.

Investors in international markets were not as confident. 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 Bank of England (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%.

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.

⁸ 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.

Letter to shareholders (unaudited) Wells Fargo Short Duration Government Bond Fund 3

Conflicting data unsettled markets during the fourth quarter.

November’s U.S. midterm elections shifted control of the House of Representatives from Republicans to Democrats, presaging potential partisan clashes. Third-quarter U.S. gross domestic product (GDP) was announced at an annualized 3.4% rate, lower than the second-quarter rate. Brexit efforts stalled ahead of the March 2019 deadline. The People’s Bank of China 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.

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. The Fed increased the federal funds rate by 25 bps in December 2018 to a target range of between 2.25% and 2.50% and softened its outlook for 2019 rate increases.

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 VIX⁹.

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.

In February, concerns over slowing global growth reemerged. The Bureau of Economic Analysis announced fourth-quarter 2018 GDP grew at an annualized 2.2% rate, down from the 4.2% annualized rate for the second quarter and the 3.4% annualized rate for the third quarter. Analysts attributed the lower growth rate to a slowing housing market and larger trade deficit. The U.S. Labor Department said that the economy created just 20,000 jobs in February. In a February report, the BOE forecast the slowest growth since the financial crisis for 2019. China and the U.S., while putting future tariffs on hold for the time being, continued to wrangle over trade issues.

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.

January’s returns tended to support the investing adage that markets climb a wall of worry.

⁹  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 Short Duration Government Bond Fund Letter to shareholders (unaudited)

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

Sincerely,

Andrew Owen

President

Wells Fargo Funds

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

This page is intentionally left blank.

6 Wells Fargo Short Duration Government Bond Fund Performance highlights (unaudited)

Investment objective

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

Manager

Wells Fargo Funds Management, LLC

Subadviser

Wells Capital Management Incorporated

Portfolio managers

Maulik Bhansali, CFA^®‡

Thomas O’Connor, CFA^®‡

Jarad Vasquez

Average annual total returns (%) as of February 28, 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 (MSDAX)	3-11-1996		-0.59		0.13		1.27		1.44		0.54		1.48		0.80		0.78
Class C (MSDCX)	5-31-2002		-0.31		-0.19		0.73		0.69		-0.19		0.73		1.55		1.53
Class R6 (MSDRX)3	11-30-2012		–		–		–		1.86		0.97		1.93		0.42		0.37
Administrator Class (MNSGX)	12-18-1992		–		–		–		1.63		0.74		1.69		0.74		0.60
Institutional Class (WSGIX)	4-8-2005		–		–		–		1.81		0.92		1.88		0.47		0.42
Bloomberg Barclays U.S. 1-3 Year Government Bond Index4	–		–		–		–		2.30		0.84		1.09		–		–

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

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

For Class A shares, the maximum front-end sales charge is 2.00%. For Class C shares, the maximum contingent deferred sales charge is 1.00%. Performance including a contingent deferred sales charge assumes the sales charge for the corresponding time period. Class R6, Administrator Class, and Institutional Class shares are sold without a front-end sales charge or contingent deferred sales charge.

Bond values fluctuate in response to the financial condition of individual issuers, general market and economic conditions, and changes in interest rates. Changes in market conditions and government policies may lead to periods of heightened volatility in the bond market and reduced liquidity for certain bonds held by the Fund. In general, when interest rates rise, bond values fall and investors may lose principal value. Interest-rate changes and their impact on the Fund and its share price can be sudden and unpredictable. Securities issued by U.S. government agencies or government sponsored entities may not be guaranteed by the U.S. Treasury. Certain investment strategies tend to increase the total risk of an investment (relative to the broader market). The Fund is exposed to mortgage- and asset-backed securities risk. The U.S. government guarantee applies to certain underlying securities and not to shares of the Fund. Consult the Fund’s prospectus for additional information on these and other risks.

Please see footnotes on page 7.

Performance highlights (unaudited) Wells Fargo Short Duration Government Bond Fund 7

Ten largest holdings (%) as of February 28, 20195
U.S. Treasury Note, 2.00%, 8-31-2021	11.14%
GNMA, 5.00%, 12-20-2048	7.46%
U.S. Treasury Note, 2.50%, 2-15-2022	7.45%
U.S. Treasury Note, 2.13%, 8-15-2021	4.53%
U.S. Treasury Note, 2.50%, 1-15-2022	4.05%
U.S. Treasury Note, 2.63%, 5-15-2021	3.78%
GNMA, 5.00%, 11-20-2048	3.66%
FNMA, 3.00%, 7-1-2026	3.40%
GNMA, 5.00%, 4-20-2049	2.52%
FNMA, 4.50%, 3-13-2049	2.41%

Portfolio composition as of February 28, 2019⁶

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

²  The manager has contractually committed through December 31, 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. The expense ratio paid by an investor is the net expense ratio (the total annual fund operating expenses after fee waivers) as stated in the prospectuses.

³  Historical performance shown for Class R6 shares prior to their inception reflects the performance of Institutional Class shares and includes the higher expenses applicable to Institutional Class shares. If these expenses had not been included, returns for Class R6 shares would be higher.

⁴  The Bloomberg Barclays U.S. 1–3 Year Government Bond Index is composed of all publicly issued, nonconvertible domestic debt of the U.S. government and its agencies. The index also includes corporate debt guaranteed by the U.S. government. Only notes and bonds with a minimum maturity of one year up to a maximum maturity of 2.9 years are included. You cannot invest directly in an index.

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

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

8 Wells Fargo Short Duration Government Bond Fund Fund expenses (unaudited)

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

The example is based on an investment of $1,000 invested at the beginning of the six-month period and held for the entire period from September 1, 2018 to February 28, 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 sales charges (loads) and contingent deferred sales charges. Therefore, the “Hypothetical” line of the table is useful in comparing ongoing costs only and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

	Beginning account value 9-1-2018		Ending account value 2-28-2019		Expenses paid during the period¹		Annualized net expense ratio
Class A
Actual	$	1,000.00	$	1,011.89	$	3.89		0.78	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.93	$	3.91		0.78	%
Class C
Actual	$	1,000.00	$	1,008.14	$	7.62		1.53	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,017.21	$	7.65		1.53	%
Class R6
Actual	$	1,000.00	$	1,013.94	$	1.85		0.37	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,022.96	$	1.86		0.37	%
Administrator Class
Actual	$	1,000.00	$	1,012.79	$	2.99		0.60	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.82	$	3.01		0.60	%
Institutional Class
Actual	$	1,000.00	$	1,013.68	$	2.10		0.42	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,022.71	$	2.11		0.42	%

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

Portfolio of investments—February 28, 2019 (unaudited) Wells Fargo Short Duration Government Bond Fund 9

Security name	Interest rate			Maturity date		Principal		Value
Agency Securities: 43.16%
FHLMC (12 Month LIBOR +1.84%) ±		3.40	%		5-1-2042	$	2,288,923	$	2,317,203
FHLMC		4.00			10-1-2033		720,433		746,527
FHLMC		4.00			1-1-2034		639,691		662,863
FHLMC		4.50			4-1-2031		1,545,657		1,616,782
FHLMC Multifamily Structured Pass-Through Certificates Series KI02 Class A (1 Month LIBOR +0.20%) ±		2.71			2-25-2023		2,440,992		2,437,323
FHLMC Series 3632 Class PK		5.00			2-15-2040		4,260,901		4,518,078
FHLMC Series 3653 Class AU		4.00			4-15-2040		1,434,965		1,487,004
FNMA		2.00			3-25-2028		2,142,246		2,088,782
FNMA (12 Month LIBOR +1.61%) ±		2.76			3-1-2047		7,207,189		7,191,467
FNMA (12 Month LIBOR +1.60%) ±		2.95			8-1-2047		4,330,825		4,342,462
FNMA		3.00			7-1-2026		19,508,445		19,774,267
FNMA (12 Month LIBOR +1.62%) ±		3.75			8-1-2048		3,434,648		3,509,914
FNMA (12 Month LIBOR +1.62%) ±		3.83			9-1-2048		2,093,748		2,139,855
FNMA (12 Month LIBOR +1.61%) ±		3.86			12-1-2048		522,571		534,255
FNMA		4.00			4-1-2032		668,164		691,294
FNMA		4.00			10-1-2033		1,069,070		1,103,489
FNMA		4.00			1-1-2034		5,734,382		5,926,230
FNMA		4.00			1-1-2034		5,038,271		5,200,607
FNMA		4.00			2-1-2034		5,893,577		6,097,765
FNMA		4.00			7-1-2034		1,437,092		1,482,926
FNMA		4.50			2-1-2034		1,444,000		1,494,223
FNMA		4.50			2-1-2034		3,012,000		3,135,356
FNMA		4.50			9-1-2037		651,453		686,454
FNMA		4.50			11-1-2048		9,093,806		9,415,989
FNMA %%		4.50			3-13-2049		13,500,000		13,990,693
FNMA		5.00			10-1-2040		1,302,188		1,393,091
FNMA		5.00			5-1-2046		481,884		514,415
FNMA		5.00			1-1-2049		12,604,000		13,414,004
FNMA Series 2009-20 Class DT		4.50			4-25-2039		1,997,358		2,119,621
FNMA Series 2013-103 Class H		4.50			3-25-2038		2,446,764		2,514,771
FNMA Series 2013-90 Class A		4.00			11-25-2038		3,436,541		3,479,515
FNMA Series 2015-57 Class AB		3.00			8-25-2045		3,315,714		3,301,128
FNMA Series 2015-M10 Class FA (1 Month LIBOR +0.25%) ±		2.75			3-25-2019		33,470		33,410
GNMA		4.50			2-20-2049		4,821,000		5,040,203
GNMA		5.00			10-15-2039		1,212,577		1,290,591
GNMA		5.00			3-20-2048		3,463,170		3,626,051
GNMA		5.00			9-20-2048		6,360,760		6,644,322
GNMA		5.00			11-20-2048		20,413,609		21,310,068
GNMA		5.00			12-20-2048		41,490,056		43,381,808
GNMA		5.00			12-20-2048		4,622,845		4,751,374
GNMA		5.00			1-20-2049		8,692,799		9,083,816
GNMA		5.00			2-20-2049		499,000		521,446
GNMA %% (a)		5.00			4-20-2049		14,066,000		14,656,113
GNMA 2012-124 Class PT		6.00			10-20-2042		2,402,757		2,642,982
GNMA 2012-141 Class WD ±±		4.97			7-20-2040		2,543,983		2,730,429
GNMA Series 2011-137 Class WA ±±		5.56			7-20-2040		2,882,443		3,169,337
GNMA Series 2016-112 Class AW ±±		7.12			12-20-2040		2,397,790		2,737,896
Total Agency Securities (Cost $251,698,418)									250,948,199

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

10 Wells Fargo Short Duration Government Bond Fund Portfolio of investments—February 28, 2019 (unaudited)

Security name	Interest rate			Maturity date		Principal		Value
Asset-Backed Securities: 14.74%
Avis Budget Rental Car Funding LLC Series 19-1A Class A 144A		3.45	%		3-20-2023	$	4,179,000	$	4,196,489
Ford Credit Auto Owner Trust Series 2017-1 Class A 144A		2.62			8-15-2028		6,085,000		6,008,355
Hertz Fleet Lease Funding LP Series 2018-1 Class A2 144A		3.23			5-10-2032		4,640,000		4,644,788
Hertz Vehicle Financing LLC Series 2015-3A Class A 144A		2.67			9-25-2021		2,652,000		2,626,674
Hertz Vehicle Financing LLC Series 2019-1A Class A 144A		3.71			3-25-2023		4,975,000		5,007,454
Navient Student Loan Trust Series 2014-CTA Class A (1 Month LIBOR +0.70%) ±144A		3.19			9-16-2024		2,303,047		2,306,789
Nelnet Student Loan Trust Series 2004-4 Class A5 (3 Month LIBOR +0.16%) ±		2.93			1-25-2037		4,211,444		4,144,999
Nelnet Student Loan Trust Series 2016-1A Class A (1 Month LIBOR +0.80%) ±144A		3.29			9-25-2065		5,937,768		5,964,283
Nelnet Student Loan Trust Series 2018-3A Class A2 (1 Month LIBOR +0.44%) ±144A		2.93			9-27-2066		3,773,000		3,766,924
SLC Student Loan Trust Series 2010-1 Class A (3 Month LIBOR +0.88%) ±		3.53			11-25-2042		1,360,693		1,366,453
SLM Student Loan Trust Series 2004-10 Class A7A (3 Month LIBOR +0.60%) ±144A		3.37			10-25-2029		3,874,000		3,878,167
SLM Student Loan Trust Series 2004-10 Class A7B (3 Month LIBOR +0.60%) ±144A		3.37			10-25-2029		6,174,000		6,177,606
SLM Student Loan Trust Series 2005-6 Class A6 (3 Month LIBOR +0.14%) ±		2.91			10-27-2031		3,182,950		3,163,886
SLM Student Loan Trust Series 2010-A Class 1A (PRIME -0.05%) 144A±		5.45			5-16-2044		400,654		404,257
SLM Student Loan Trust Series 2012-3 Class A (1 Month LIBOR +0.65%) ±		3.14			12-27-2038		5,993,235		5,978,096
SLM Student Loan Trust Series 2014-A Class A2A 144A		2.59			1-15-2026		500,746		500,378
SLM Student Loan Trust Series 2014-A Class A2B (1 Month LIBOR +1.15%) ±144A		3.64			1-15-2026		730,330		731,497
SMB Private Education Loan Trust Series 2015-A Class A2A 144A		2.49			6-15-2027		3,035,119		3,009,365
SMB Private Education Loan Trust Series 2015-C Class A2A 144A		2.75			7-15-2027		3,194,274		3,179,580
SMB Private Education Loan Trust Series 2016-B Class A2B (1 Month LIBOR +1.45%) ±144A		3.94			2-17-2032		2,253,361		2,294,473
SMB Private Education Loan Trust Series 2017-B Class A2B (1 Month LIBOR +0.75%) ±144A		3.24			10-15-2035		3,950,000		3,947,267
SoFi Professional Loan Program LLC Series 2016-C Class A1 (1 Month LIBOR +1.10%) ±144A		3.59			10-27-2036		1,382,021		1,399,969
SoFi Professional Loan Program LLC Series 2016-D Class A1 (1 Month LIBOR +0.95%) ±144A		3.44			1-25-2039		3,002,203		3,020,898
SoFi Professional Loan Program LLC Series 2016-E Class A1 (1 Month LIBOR +0.85%) ±144A		3.34			7-25-2039		1,298,047		1,303,766
SoFi Professional Loan Program LLC Series 2017-A Class A1 (1 Month LIBOR +0.70%) ±144A		3.19			3-26-2040		1,676,632		1,681,061
SoFi Professional Loan Program LLC Series 2017-C Class A1 (1 Month LIBOR +0.60%) ±144A		3.09			7-25-2040		1,570,719		1,573,658
World Financial Network Credit Card Master Trust Series 2019-A Class A		3.14			12-15-2025		2,812,000		2,817,821
Total Asset-Backed Securities (Cost $76,170,029)									85,094,953
Non-Agency Mortgage-Backed Securities: 1.65%
Colt Funding LLC Series 2018-3 Class A1 ±±144A		3.69			10-26-2048		2,471,926		2,475,508
Colt Funding LLC Series 2018-4 Class A1 ±±144A		4.01			12-28-2048		1,728,339		1,733,610
Colt Funding LLC Series 2019-1 Class A1 ±±144A		3.71			3-25-2049		1,037,561		1,039,717
Commercial Mortgage Trust Series 2013 - LC6 Class A3		2.67			1-10-2046		3,099,489		3,063,616
DBUBS Mortgage Trust Series 2011-LC2A Class A1 144A		3.53			7-10-2044		272,036		272,923
GS Mortgage Securities Trust Series 2010-C1 Class A1 144A		3.68			8-10-2043		493,536		494,883
GS Mortgage Securities Trust Series 2010-C2 Class A1 144A		3.85			12-10-2043		433,483		436,665
GS Mortgage Securities Trust Series 2012-GCJ7 Class AAB		2.94			5-10-2045		1,467,397		1,465,695
JPMorgan Chase Commercial Mortgage Securities Trust Series 2010-C1 Class A2 144A		4.61			6-15-2043		1,347,244		1,363,622
JPMorgan Chase Commercial Mortgage Securities Trust Series 2012-CBX Class A3		3.14			6-15-2045		611,020		610,364
JPMorgan Mortgage Trust Series 2017-5 Class A1 ±±144A		3.18			10-26-2048		3,160,552		3,147,742
Morgan Stanley Capital I Trust Series 2011-C2 Class A3 144A		4.21			6-15-2044		259,991		262,663
Verus Securitization Trust Series 2018-2 Class A1 ±±144A		3.68			6-1-2058		3,112,366		3,124,215

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

Portfolio of investments—February 28, 2019 (unaudited) Wells Fargo Short Duration Government Bond Fund 11

Security name	Interest rate			Maturity date		Principal		Value
Non-Agency Mortgage-Backed Securities (continued)
Verus Securitization Trust Series 2019-1 Class A1 ±±144A		3.84	%		2-25-2059	$	3,064,000	$	3,063,961
Total Non-Agency Mortgage-Backed Securities (Cost $31,748,379)									22,555,184
U.S. Treasury Securities: 40.30%
U.S. Treasury Note		2.00			8-31-2021		65,579,000		64,761,824
U.S. Treasury Note		2.13			8-15-2021		26,608,000		26,361,667
U.S. Treasury Note		2.38			4-15-2021		6,129,000		6,109,847
U.S. Treasury Note ##		2.50			1-31-2021		2,621,000		2,619,464
U.S. Treasury Note		2.50			2-28-2021		12,823,000		12,817,991
U.S. Treasury Note ##		2.50			1-15-2022		23,532,000		23,528,323
U.S. Treasury Note		2.50			2-15-2022		43,342,000		43,347,079
U.S. Treasury Note		2.50			1-31-2024		8,785,000		8,775,391
U.S. Treasury Note		2.63			5-15-2021		21,921,000		21,966,383
U.S. Treasury Note		2.63			7-15-2021		2,833,000		2,840,083
U.S. Treasury Note		2.75			8-15-2021		6,332,000		6,367,370
U.S. Treasury Note		2.88			10-15-2021		13,563,000		13,686,444
U.S. Treasury Note		2.88			11-15-2021		1,151,000		1,161,836
Total U.S. Treasury Securities (Cost $234,266,166)									234,343,702
	Yield					Shares
Short-Term Investments: 0.84%
Investment Companies: 0.84%
Wells Fargo Government Money Market Fund Select Class (l)(u)##		2.34					4,855,779		4,855,779
Total Short-Term Investments (Cost $4,855,779)									4,855,779

Total investments in securities (Cost $598,738,771)	102.81	%		597,797,817
Other assets and liabilities, net	(2.81	)		(16,329,502	)
Total net assets	100.00	%	$	581,468,315

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

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

(a) The security is fair valued in accordance with procedures approved by the Board of Trustees.

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

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

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

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

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

Futures Contracts

Description	Number of contracts		Expiration date		Notional cost			Notional value			Unrealized gains		Unrealized losses
Long
2-Year U.S. Treasury Notes		595		6-28-2019	$	126,317,771		$	126,256,211		$	0	$	(61,560	)
Short
10-Year Ultra Futures		(73)		6-19-2019		(9,478,444	)		(9,450,078	)		28,366		0
5-Year U.S. Treasury Notes		(552)		6-28-2019		(63,319,388	)		(63,238,500	)		80,888		0
											$	109,254	$	(61,560	)

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

12 Wells Fargo Short Duration Government Bond Fund Portfolio of investments—February 28, 2019 (unaudited)

Investments in Affiliates

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

	Shares, beginning of period		Shares purchased		Shares sold		Shares, end of period		Net realized gains (losses)		Net change in unrealized gains (losses)		Income from affiliated securities		Value, end of period		% of net assets
Short-Term Investments
Investment Companies
Wells Fargo Government Money Market Fund Select Class		11,514,693		339,258,662		345,917,576		4,855,779	$	0	$	0	$	168,135	$	4,855,779		0.84	%

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

Statement of assets and liabilities—February 28, 2019 (unaudited) Wells Fargo Short Duration Government Bond Fund 13

Assets
Investments in unaffiliated securities, at value (cost $593,882,992)	$	592,942,038
Investments in affiliated securities, at value (cost $4,855,779)		4,855,779
Segregated cash for future contracts		503,746
Receivable for investments sold		95,748,558
Principal paydown receivable		24,395
Receivable for Fund shares sold		770,944
Receivable for interest		1,652,387
Receivable for daily variation margin on open futures contracts		110,452
Prepaid expenses and other assets		104,689
Total assets		696,712,988
Liabilities
Payable for investments purchased		113,863,688
Payable for Fund shares redeemed		956,850
Management fee payable		121,216
Dividends payable		61,794
Payable for daily variation margin on open futures contracts		60,427
Administration fees payable		37,033
Distribution fee payable		7,533
Trustees’ fees and expenses payable		2,702
Accrued expenses and other liabilities		133,430
Total liabilities		115,244,673
Total net assets	$	581,468,315
NET ASSETS CONSIST OF
Paid-in capital	$	662,819,036
Total distributable loss		(81,350,721	)
Total net assets	$	581,468,315
COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE PER SHARE
Net assets – Class A	$	31,728,058
Shares outstanding – Class A1		3,306,814
Net asset value per share – Class A		$9.59
Maximum offering price per share – Class A2		$9.79
Net assets – Class C		$12,595,522
Shares outstanding – Class C1		1,310,477
Net asset value per share – Class C		$9.61
Net assets – Class R6		$37,696,040
Shares outstanding – Class R61		3,914,002
Net asset value per share – Class R6		$9.63
Net assets – Administrator Class		$56,251,840
Shares outstanding – Administrator Class1		5,851,363
Net asset value per share – Administrator Class		$9.61
Net assets – Institutional Class		$443,196,855
Shares outstanding – Institutional Class1		46,115,639
Net asset value per share – Institutional Class		$9.61

¹  The Fund has an unlimited number of authorized shares.

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

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

14 Wells Fargo Short Duration Government Bond Fund Statement of operations—six months ended February 28, 2019 (unaudited)

Investment income
Interest	$	8,968,864
Income from affiliated securities		168,135
Total investment income		9,136,999
Expenses
Management fee		1,032,707
Administration fees
Class A		23,363
Class C		11,285
Class R6		5,271
Administrator Class		29,862
Institutional Class		180,777
Shareholder servicing fees
Class A		36,505
Class C		17,633
Administrator Class		74,314
Distribution fee
Class C		52,899
Custody and accounting fees		32,516
Professional fees		26,332
Registration fees		39,012
Shareholder report expenses		34,137
Trustees’ fees and expenses		10,728
Other fees and expenses		9,752
Total expenses		1,617,093
Less: Fee waivers and/or expense reimbursements		(202,652	)
Net expenses		1,414,441
Net investment income		7,722,558
REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS
Net realized losses on:
Unaffiliated securities		(2,622,056	)
Futures contracts		(619,184	)
Net realized losses on investments		(3,241,240	)
Net change in unrealized gains (losses) on:
Unaffiliated securities		3,244,007
Futures contracts		104,886
Net change in unrealized gains (losses) on investments		3,348,893
Net realized and unrealized gains (losses) on investments		107,653
Net increase in net assets resulting from operations	$	7,830,211

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

Statement of changes in net assets Wells Fargo Short Duration Government Bond Fund 15

	Six months ended February 28, 2019 (unaudited)						Year ended August 31, 20181
Operations
Net investment income				$	7,722,558					$	12,199,482
Net realized losses on investments					(3,241,240	)					(11,314,289	)
Net change in unrealized gains (losses) on investments					3,348,893						(3,340,788	)
Net increase (decrease) in net assets resulting from operations					7,830,211						(2,455,595	)
Distributions to shareholders from net investment income and net realized gains
Class A					(380,637	)					(735,153	)
Class C					(130,351	)					(217,568	)
Class R6					(529,365	)					(1,398,687	)
Administrator Class					(828,835	)					(1,726,039	)
Institutional Class					(6,662,406	)					(12,631,240	)
Total distributions to shareholders					(8,531,594	)					(160,619,718	)
Capital share transactions		Shares						Shares
Proceeds from shares sold
Class A		447,299			4,289,519			376,228			3,627,108
Class C		97,739			937,540			22,308			218,154
Class R6		908,516			8,730,085			2,144,288			20,939,039
Administrator Class		153,572			1,473,187			395,318			3,847,681
Institutional Class		6,451,931			61,924,486			13,527,957			131,987,736
					77,354,817						160,619,718
Reinvestment of distributions
Class A		37,874			362,912			71,432			692,759
Class C		12,466			119,679			20,781			201,738
Class R6		46,318			445,590			126,725			1,239,028
Administrator Class		85,921			824,753			178,230			1,730,952
Institutional Class		661,399			6,348,799			1,256,662			12,199,437
					8,101,733						16,063,914
Payment for shares redeemed
Class A		(358,697	)		(3,437,047	)		(2,532,682	)		(24,674,032	)
Class C		(368,780	)		(3,542,155	)		(502,772	)		(4,888,594	)
Class R6		(721,260	)		(6,929,455	)		(15,996,524	)		(157,173,416	)
Administrator Class		(1,871,973	)		(17,927,486	)		(2,179,946	)		(21,230,405	)
Institutional Class		(12,294,938	)		(117,922,102	)		(22,222,211	)		(216,535,537	)
					(149,758,245	)					(424,501,984	)
Net decrease in net assets resulting from capital share transactions					(64,301,695	)					(247,818,352	)
Total decrease in net assets					(65,003,078	)					(266,982,634	)
Net assets
Beginning of period					646,471,393						913,454,027
End of period				$	581,468,315					$	646,471,393

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 August 31, 2018 was $480,677. The disaggregated distributions information for the year ended August 31, 2018 is included in Note 8, Distributions to Shareholders, in the notes to the financial statements.

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

16 Wells Fargo Short Duration Government Bond Fund Financial highlights

(For a share outstanding throughout each period)

	Six months ended February 28, 2019 (unaudited)			Year ended August 31
CLASS A				2018			2017			2016			2015			2014
Net asset value, beginning of period		$9.60			$9.85			$9.96			$10.02			$10.08			$10.09
Net investment income		0.11			0.14			0.07			0.07			0.04			0.03
Net realized and unrealized gains (losses) on investments		0.00	1		(0.20	)		(0.03	)		0.02			0.02			0.07
Total from investment operations		0.11			(0.06	)		0.04			0.09			0.06			0.10
Distributions to shareholders from
Net investment income		(0.12	)		(0.19	)		(0.15	)		(0.15	)		(0.12	)		(0.11	)
Net asset value, end of period		$9.59			$9.60			$9.85			$9.96			$10.02			$10.08
Total return2		1.19	%		(0.56	)%		0.45	%		0.90	%		0.55	%		1.03	%
Ratios to average net assets (annualized)
Gross expenses		0.81	%		0.80	%		0.79	%		0.78	%		0.78	%		0.80	%
Net expenses		0.78	%		0.78	%		0.78	%		0.78	%		0.78	%		0.78	%
Net investment income		2.34	%		1.36	%		0.79	%		0.70	%		0.55	%		0.38	%
Supplemental data
Portfolio turnover rate		317	%		331	%		348	%		284	%		500	%		408	%
Net assets, end of period (000s omitted)		$31,728			$30,538			$51,890			$57,976			$62,504			$107,005

¹  Amount is less than $0.005.

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

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

Financial highlights Wells Fargo Short Duration Government Bond Fund 17

(For a share outstanding throughout each period)

	Six months ended February 28, 2019 (unaudited)			Year ended August 31
CLASS C				2018			2017			2016			2015			2014
Net asset value, beginning of period		$9.62			$9.87			$9.98			$10.03			$10.10			$10.11
Net investment income (loss)		0.07			0.06	1		(0.00	)1,2		(0.01	)		(0.03	)		(0.05	)
Net realized and unrealized gains (losses) on investments		0.01			(0.19	)		(0.03	)		0.03			0.00	2		0.08
Total from investment operations		0.08			(0.13	)		(0.03	)		0.02			(0.03	)		0.03
Distributions to shareholders from
Net investment income		(0.09	)		(0.12	)		(0.08	)		(0.07	)		(0.04	)		(0.04	)
Net asset value, end of period		$9.61			$9.62			$9.87			$9.98			$10.03			$10.10
Total return3		0.81	%		(1.30	)%		(0.30	)%		0.25	%		(0.30	)%		0.28	%
Ratios to average net assets (annualized)
Gross expenses		1.56	%		1.55	%		1.54	%		1.53	%		1.53	%		1.55	%
Net expenses		1.53	%		1.53	%		1.53	%		1.53	%		1.53	%		1.53	%
Net investment income (loss)		1.57	%		0.62	%		0.04	%		(0.05	)%		(0.20	)%		(0.37	)%
Supplemental data
Portfolio turnover rate		317	%		331	%		348	%		284	%		500	%		408	%
Net assets, end of period (000s omitted)		$12,596			$15,093			$20,026			$27,454			$31,910			$44,423

¹  Calculated based upon average shares outstanding

²  Amount is more than $(0.005).

³  Total return calculations do not include any sales charges. Returns for periods of less than one year are not annualized.

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

18 Wells Fargo Short Duration Government Bond Fund Financial highlights

(For a share outstanding throughout each period)

	Six months ended February 28, 2019 (unaudited)			Year ended August 31
CLASS R6				2018			2017			2016			2015			2014
Net asset value, beginning of period		$9.64			$9.89			$9.99			$10.05			$10.11			$10.13
Net investment income		0.13			0.16	1		0.12	1		0.12			0.09	1		0.08	1
Net realized and unrealized gains (losses) on investments		0.00	2		(0.17	)		(0.02	)		0.01			0.01			0.05
Total from investment operations		0.13			(0.01	)		0.10			0.13			0.10			0.13
Distributions to shareholders from
Net investment income		(0.14	)		(0.24	)		(0.20	)		(0.19	)		(0.16	)		(0.15	)
Net asset value, end of period		$9.63			$9.64			$9.89			$9.99			$10.05			$10.11
Total return2		1.39	%		(0.14	)%		0.96	%		1.32	%		0.96	%		1.35	%
Ratios to average net assets (annualized)
Gross expenses		0.43	%		0.42	%		0.41	%		0.40	%		0.40	%		0.41	%
Net expenses		0.37	%		0.37	%		0.37	%		0.37	%		0.37	%		0.37	%
Net investment income		2.74	%		1.64	%		1.19	%		1.11	%		0.88	%		0.76	%
Supplemental data
Portfolio turnover rate		317	%		331	%		348	%		284	%		500	%		408	%
Net assets, end of period (000s omitted)		$37,696			$35,472			$172,106			$233,993			$231,878			$48,446

¹  Calculated based upon average shares outstanding

²  Amount is less than $0.005.

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

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

Financial highlights Wells Fargo Short Duration Government Bond Fund 19

(For a share outstanding throughout each period)

	Six months ended February 28, 2019 (unaudited)			Year ended August 31
ADMINISTRATOR CLASS				2018			2017			2016			2015			2014
Net asset value, beginning of period		$9.62			$9.87			$9.98			$10.03			$10.10			$10.11
Net investment income		0.12	1		0.15	1		0.08			0.08			0.06			0.06	1
Net realized and unrealized gains (losses) on investments		0.00	2		(0.19	)		(0.02	)		0.04			0.00	2		0.06
Total from investment operations		0.12			(0.04	)		0.06			0.12			0.06			0.12
Distributions to shareholders from
Net investment income		(0.13	)		(0.21	)		(0.17	)		(0.17	)		(0.13	)		(0.13	)
Net asset value, end of period		$9.61			$9.62			$9.87			$9.98			$10.03			$10.10
Total return3		1.28	%		(0.37	)%		0.63	%		1.18	%		0.63	%		1.21	%
Ratios to average net assets (annualized)
Gross expenses		0.75	%		0.74	%		0.73	%		0.72	%		0.72	%		0.74	%
Net expenses		0.60	%		0.60	%		0.60	%		0.60	%		0.60	%		0.60	%
Net investment income		2.49	%		1.56	%		0.96	%		0.87	%		0.73	%		0.56	%
Supplemental data
Portfolio turnover rate		317	%		331	%		348	%		284	%		500	%		408	%
Net assets, end of period (000s omitted)		$56,252			$71,997			$89,743			$121,576			$156,669			$191,469

¹  Calculated based upon average shares outstanding

²  Amount is less than $0.005.

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

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

20 Wells Fargo Short Duration Government Bond Fund Financial highlights

(For a share outstanding throughout each period)

	Six months ended February 28, 2019 (unaudited)			Year ended August 31
INSTITUTIONAL CLASS				2018			2017			2016			2015			2014
Net asset value, beginning of period		$9.62			$9.87			$9.98			$10.03			$10.10			$10.10
Net investment income		0.13			0.17			0.11			0.11			0.09	1		0.07
Net realized and unrealized gains (losses) on investments		0.00	2		(0.19	)		(0.03	)		0.03			(0.01	)		0.08
Total from investment operations		0.13			(0.02	)		0.08			0.14			0.08			0.15
Distributions to shareholders from
Net investment income		(0.14	)		(0.23	)		(0.19	)		(0.19	)		(0.15	)		(0.15	)
Net asset value, end of period		$9.61			$9.62			$9.87			$9.98			$10.03			$10.10
Total return3		1.37	%		(0.20	)%		0.81	%		1.37	%		0.81	%		1.50	%
Ratios to average net assets (annualized)
Gross expenses		0.48	%		0.47	%		0.46	%		0.45	%		0.45	%		0.47	%
Net expenses		0.42	%		0.42	%		0.42	%		0.42	%		0.42	%		0.42	%
Net investment income		2.67	%		1.75	%		1.15	%		1.06	%		0.92	%		0.74	%
Supplemental data
Portfolio turnover rate		317	%		331	%		348	%		284	%		500	%		408	%
Net assets, end of period (000s omitted)		$443,197			$493,372			$579,690			$664,047			$587,835			$903,096

¹  Calculated based upon average shares outstanding

²  Amount is less than $0.005.

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

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

Notes to financial statements (unaudited) Wells Fargo Short Duration Government Bond Fund 21

1. ORGANIZATION

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

2. SIGNIFICANT ACCOUNTING POLICIES

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

Securities valuation

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

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

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

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

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

When-issued transactions

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

Futures contracts

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

Upon entering into a futures contracts, the Fund is required to deposit either cash or securities (initial margin) with the broker in an amount equal to a certain percentage of the contract value. Subsequent payments (variation margin) are

22 Wells Fargo Short Duration Government Bond Fund Notes to financial statements (unaudited)

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

Security transactions and income recognition

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

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

Distributions to shareholders

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

Federal and other taxes

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

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

As of February 28, 2019 the aggregate cost of all investments for federal income tax purposes was $598,571,973 and the unrealized gains (losses) consisted of:

Gross unrealized gains	$	1,317,966
Gross unrealized losses		(2,044,428	)
Net unrealized losses	$	(726,462	)

As of August 31, 2018, the Fund had capital loss carryforwards which consisted of $44,623,890 in short-term capital losses and $32,137,541 in long-term capital losses.

Class allocations

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

3. FAIR VALUATION MEASUREMENTS

Fair value measurements of investments are determined within a framework that has established a fair value hierarchy based upon the various data inputs utilized in determining the value of the Fund’s investments. The three-level hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1) and the

Notes to financial statements (unaudited) Wells Fargo Short Duration Government Bond Fund 23

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

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

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

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

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

The following is a summary of the inputs used in valuing the Fund’s assets and liabilities as of February 28, 2019:

	Quoted prices (Level 1)		Other significant observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total
Assets
Investments in:
Agency securities	$	0	$	250,948,199	$	0	$	250,948,199
Asset-backed securities		0		85,094,953		0		85,094,953
Non-agency mortgage-backed securities		0		22,555,184		0		22,555,184
U.S. Treasury securities		234,343,702		0		0		234,343,702
Short-term investments
Investment companies		4,855,779		0		0		4,855,779
		239,199,481		358,598,336		0		597,797,817
Futures contracts		109,254		0		0		109,254
Total assets	$	239,308,735	$	358,598,336	$	0	$	597,907,071
Liabilities
Futures contracts	$	61,560	$	0	$	0	$	61,560
Total liabilities	$	61,560	$	0	$	0	$	61,560

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

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

At February 28, 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 a management fee at the following annual rate based on the Fund’s average daily net assets:

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

24 Wells Fargo Short Duration Government Bond Fund Notes to financial statements (unaudited)

For the six months ended February 28, 2019, the management fee was equivalent to an annual rate of 0.35% of the Fund’s average daily net assets.

Administration fees

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

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

Funds Management has contractually waived and/or reimbursed management and administration fees to the extent necessary to maintain certain net operating expense ratios for the Fund. When each class of the Fund has exceeded its expense cap, Funds Management has waived fees and/or reimbursed expenses from fund level expenses on a proportionate basis and then from class specific expenses. When only certain classes exceed their expense caps, waivers and/or reimbursements are applied against class specific expenses before fund level expenses. Funds Management has committed through December 31, 2019 to waive fees and/or reimburse expenses to the extent necessary to cap the Fund’s expenses at 0.78% for Class A shares, 1.53% for Class C shares, 0.37% for Class R6 shares, 0.60% for Administrator Class shares, and 0.42% for Institutional Class shares. Prior to or after the commitment expiration date, the cap may be increased or the commitment to maintain the cap may be terminated only with the approval of the Board of Trustees.

Distribution fee

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

In addition, Funds Distributor is entitled to receive the front-end sales charge from the purchase of Class A shares and a contingent deferred sales charge on the redemption of certain Class A shares. Funds Distributor is also entitled to receive the contingent deferred sales charges from redemptions of Class C shares. For the six months ended February 28, 2019, Funds Distributor received $247 from the sale of Class A shares. No contingent deferred sales charges were incurred by Class A and Class C shares for the six months ended February 28, 2019.

Shareholder servicing fees

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

Interfund transactions

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

5. INVESTMENT PORTFOLIO TRANSACTIONS

Purchases and sales of investments, excluding short-term securities, for the six months ended February 28, 2019 were as follows:

Purchases at cost		Sales proceeds
U.S. government	Non-U.S. government	U.S. government	Non-U.S. government
$1,892,215,510	$45,321,211	$1,917,500,548	$46,216,198

Notes to financial statements (unaudited) Wells Fargo Short Duration Government Bond Fund 25

6. DERIVATIVE TRANSACTIONS

During the six months ended February 28, 2019, the Fund entered into futures contracts to speculate on interest rates and to help manage the duration of the portfolio. The Fund had an average notional amount of $142,510,771 in long futures contracts and $80,244,775 in short futures contracts during the six months ended February 28, 2019.

7. BANK BORROWINGS

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

For the six months ended February 28, 2019, there were no borrowings by the Fund under the agreement.

8. DISTRIBUTIONS TO SHAREHOLDERS

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

	Net investment income
Class A	$	735,153
Class C		217,568
Class R6		1,398,687
Administrator Class		1,726,039
Institutional Class		12,631,240

9. INDEMNIFICATION

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

10. NEW ACCOUNTING PRONOUNCEMENTS

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

In March 2017, FASB issued ASU No. 2017-08, Premium Amortization on Purchased Callable Debt Securities. ASU 2017-08 shortens the amortization period for certain callable debt securities held at a premium. The amendments require the premium to be amortized to the earliest call date. The amendments do not require an accounting change for securities held at a discount; the discount continues to be amortized to maturity. ASU 2017-08 is effective for fiscal years beginning after December 15, 2018 and for interim periods within those fiscal years . Management is currently evaluating the potential impact of this new guidance to the financial statements.

26 Wells Fargo Short Duration Government Bond Fund Other information (unaudited)

PROXY VOTING INFORMATION

A description of the policies and procedures used to determine how to vote proxies relating to portfolio securities is available, upon request, by calling 1-800-222-8222, visiting our website at wfam.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 wfam.com or by visiting the SEC website at sec.gov.

PORTFOLIO HOLDINGS INFORMATION

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

Other information (unaudited) Wells Fargo Short Duration Government Bond Fund 27

BOARD OF TRUSTEES AND OFFICERS

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

Independent Trustees

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

28 Wells Fargo Short Duration Government Bond Fund Other information (unaudited)

Name and year of birth	Position held and length of service*	Principal occupations during past five years or longer	Current other public company or investment company directorships
Olivia S. Mitchell (Born 1953)	Trustee, since 2006; Nominating and Governance Committee Chairman, since 2018	International Foundation of Employee Benefit Plans Professor, Wharton School of the University of Pennsylvania since 1993. Director of Wharton’s Pension Research Council and Boettner Center on Pensions & Retirement Research, and Research Associate at the National Bureau of Economic Research. Previously, Cornell University Professor from 1978 to 1993.	N/A
Timothy J. Penny (Born 1951)	Trustee, since 1996; Chairman, since 2018	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	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	Chief Operating Officer, Twin Cities Habitat for Humanity, since January, 2017. Vice President of University Services, University of Minnesota from 2012 to 2017. Prior thereto, on the Board of Directors, Governance Committee and Finance Committee for the Minnesota Philanthropy Partners (Saint Paul Foundation) from 2012 to 2018, Interim President and Chief Executive Officer of Blue Cross Blue Shield of Minnesota from 2010 to 2011, Chairman of the Board from 2009 to 2011 and Board Director from 2003 to 2015. Vice President, Leadership and Community Engagement, Bush Foundation, Saint Paul, Minnesota (a private foundation) from 2009 to 2011. Executive Vice President and Chief Financial Officer, Minnesota Sports and Entertainment from 2004 to 2009 and Senior Vice President from 2002 to 2004. Commissioner of Finance, State of Minnesota, from 1999 to 2002. Currently the Board Chair of the Minnesota Wild Foundation since 2010.	N/A

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

Other information (unaudited) Wells Fargo Short Duration Government Bond Fund 29

Officers

Name and year of birth	Position held and length of service	Principal occupations during past five years or longer
Andrew Owen (Born 1960)	President, since 2017	Executive Vice President of Wells Fargo & Company and Head of Affiliated Managers, Wells Fargo Asset Management, since 2014. In addition, Mr. Owen is currently President, Chief Executive Officer and Director of Wells Fargo Funds Management, LLC since 2017. Prior thereto, Executive Vice President responsible for marketing, investments and product development for Wells Fargo Funds Management, LLC, from 2009 to 2014.
Nancy Wiser1 (Born 1967)	Treasurer, since 2012	Executive Vice President of Wells Fargo Funds Management, LLC since 2011. Chief Operating Officer and Chief Compliance Officer at LightBox Capital Management LLC, from 2008 to 2011.
Alexander Kymn (Born 1973)	Secretary and 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 wfam.com.

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

30 Wells Fargo Short Duration Government Bond Fund Appendix A (unaudited)

SALES CHARGE REDUCTIONS AND WAIVERS FOR CERTAIN INTERMEDIARIES

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

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

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

• Shares purchased in an investment advisory program.

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

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

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

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

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

• Death or disability of the shareholder.

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

• Return of excess contributions from an IRA Account.

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

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

• Shares acquired through a right of reinstatement.

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

• Breakpoints as described in the Fund’s Prospectus.

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

This page is intentionally left blank.

This page is intentionally left blank.

For more information

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

Wells Fargo Funds

P.O. Box 219967

Kansas City, MO 64121-9967

Website: wfam.com

Individual investors: 1-800-222-8222

Retail investment professionals: 1-888-877-9275

Institutional investment professionals: 1-866-765-0778

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

321628 04-19 SA220/SAR220 02-19

Semi-Annual Report

February 28, 2019

Wells Fargo Government Securities Fund

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

If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from the Fund electronically at any time by contacting your financial intermediary (such as a broker-dealer or bank) or, if you are a direct investor, by 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	8
Portfolio of investments	9
Financial statements
Statement of assets and liabilities	19
Statement of operations	20
Statement of changes in net assets	21
Financial highlights	22
Notes to financial statements	26
Other information	31
Appendix A	35

The views expressed and any forward-looking statements are as of February 28, 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 Securities Fund Letter to shareholders (unaudited)

Andrew Owen

President

Wells Fargo Funds

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

Dear Shareholder:

We are pleased to offer you this semi-annual report for the Wells Fargo Government Securities Fund for the six-month period that ended February 28, 2019. Higher short-term interest rates, inflation concerns, trade tensions, slowing economic growth outside the U.S., and geopolitical events contributed to investment market volatility throughout the period.

For the period, U.S. stocks, as measured by the S&P 500 Index,¹ fell 3.04% and international stocks, as measured by the MSCI ACWI ex USA Index (Net),² declined 2.47%. Based on the MSCI EM Index (Net),³ emerging market stocks gained 0.33%. For bond investors, the Bloomberg Barclays U.S. Aggregate Bond Index⁴ added 1.99% while the Bloomberg Barclays Global Aggregate ex-USD Index⁵ gained 0.63%. The Bloomberg Barclays Municipal Bond Index⁶ added 2.34%, and the ICE BofAML U.S. High Yield Index⁷ advanced 1.98%.

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^®8 reached its highest level in 18 years during September 2018. The U.S. Federal Reserve (Fed) raised the federal funds rate by 25 basis points (bps; 100 bps equal 1.00%) to a target range of between 2.00% and 2.25% in September 2018. For the quarter that ended September 30, 2018, the S&P 500 Index added 7.71%.

Investors in international markets were not as confident. 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 Bank of England (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%.

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.

⁸ 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.

Letter to shareholders (unaudited) Wells Fargo Government Securities Fund 3

Conflicting data unsettled markets during the fourth quarter.

November’s U.S. midterm elections shifted control of the House of Representatives from Republicans to Democrats, presaging potential partisan clashes. Third-quarter U.S. gross domestic product (GDP) was announced at an annualized 3.4% rate, lower than the second-quarter rate. Brexit efforts stalled ahead of the March 2019 deadline. The People’s Bank of China 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.

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. The Fed increased the federal funds rate by 25 bps in December 2018 to a target range of between 2.25% and 2.50% and softened its outlook for 2019 rate increases.

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 VIX⁹.

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.

In February, concerns over slowing global growth reemerged. The Bureau of Economic Analysis announced fourth-quarter 2018 GDP grew at an annualized 2.2% rate, down from the 4.2% annualized rate for the second quarter and the 3.4% annualized rate for the third quarter. Analysts attributed the lower growth rate to a slowing housing market and larger trade deficit. The U.S. Labor Department said that the economy created just 20,000 jobs in February. In a February report, the BOE forecast the slowest growth since the financial crisis for 2019. China and the U.S., while putting future tariffs on hold for the time being, continued to wrangle over trade issues.

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.

January’s returns tended to support the investing adage that markets climb a wall of worry.

⁹  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 Securities Fund Letter to shareholders (unaudited)

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

Sincerely,

Andrew Owen

President

Wells Fargo Funds

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

This page is intentionally left blank.

6 Wells Fargo Government Securities Fund Performance highlights (unaudited)

Investment objective

The Fund seeks current income.

Manager

Wells Fargo Funds Management, LLC

Subadviser

Wells Capital Management Incorporated

Portfolio managers

Christopher Y. Kauffman, CFA^®‡

Jay N. Mueller, CFA^®‡

Michal Stanczyk

Average annual total returns (%) as of February 28, 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 (SGVDX)	8-31-1999		-1.94		0.56		2.10		2.68		1.49		2.58		0.90		0.85
Class C (WGSCX)	12-26-2002		0.92		0.75		1.81		1.92		0.75		1.81		1.65		1.60
Administrator Class (WGSDX)	4-8-2005		–		–		–		2.90		1.72		2.79		0.84		0.64
Institutional Class (SGVIX)	8-31-1999		–		–		–		3.16		1.89		2.97		0.57		0.48
Bloomberg Barclays U.S. Aggregate ex Credit Index3	–		–		–		–		3.38		1.96		2.97		–		–
Bloomberg Barclays Intermediate U.S. Government Bond Index4	–		–		–		–		3.07		1.33		2.02		–		–

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

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

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

Bond values fluctuate in response to the financial condition of individual issuers, general market and economic conditions, and changes in interest rates. Changes in market conditions and government policies may lead to periods of heightened volatility in the bond market and reduced liquidity for certain bonds held by the Fund. In general, when interest rates rise, bond values fall and investors may lose principal value. Interest rate changes and their impact on the Fund and its share price can be sudden and unpredictable. The use of derivatives may reduce returns and/or increase volatility. Securities issued by U.S. government agencies or government sponsored entities may not be guaranteed by the U.S. Treasury. Certain investment strategies tend to increase the total risk of an investment (relative to the broader market). The Fund is exposed to mortgage- and asset-backed securities risk. The U.S. government guarantee applies to certain underlying securities and not to shares of the Fund. Consult the Fund’s prospectus for additional information on these and other risks.

Please see footnotes on page 7.

Performance highlights (unaudited) Wells Fargo Government Securities Fund 7

Ten largest holdings (%) as of February 28, 20195
FNMA, 3.00%, 12-1-2045	3.93
FNMA, 4.50%, 3-13-2049	3.59
FNMA, 4.00%, 4-1-2046	2.61
FNMA, 3.00%, 3-18-2034	2.56
GNMA, 3.50%, 12-20-2047	2.45
Resolution Funding Corporation STRIPS, 0.00%, 7-15-2020	2.37
FNMA, 3.50%, 3-18-2034	2.32
U.S. Treasury Bond, 4.25%, 11-15-2040	2.13
GNMA, 4.00%, 12-20-2047	1.89
U.S. Treasury Bond, 3.75%, 11-15-2043	1.88

Portfolio composition as of February 28, 2019⁶

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

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

²  The manager has contractually committed through December 31, 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. The expense ratio paid by an investor is the net expense ratio (the total annual fund operating expenses after fee waivers) as stated in the prospectuses.

³  The Bloomberg Barclays U.S. Aggregate ex Credit Index is composed of the Bloomberg Barclays U.S. Government Bond Index and the Bloomberg Barclays U.S. Mortgage-Backed Securities Index and it includes Treasury issues, agency issues, and mortgage-backed securities. You cannot invest directly in an index.

⁴  The Bloomberg Barclays Intermediate U.S. Government Bond Index is an unmanaged index composed of U.S. government securities with maturities in the one to 10-year range, including securities issued by the U.S. Treasury and U.S. government agencies. You cannot invest directly in an index.

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

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

8 Wells Fargo Government Securities Fund Fund expenses (unaudited)

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

The example is based on an investment of $1,000 invested at the beginning of the six-month period and held for the entire period from September 1, 2018 to February 28, 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 sales charges (loads) and contingent deferred sales charges. Therefore, the “Hypothetical” line of the table is useful in comparing ongoing costs only and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

	Beginning account value 9-1-2018		Ending account value 2-28-2019		Expenses paid during the period¹		Annualized net expense ratio
Class A
Actual	$	1,000.00	$	1,017.70	$	4.25		0.85	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.58	$	4.26		0.85	%
Class C
Actual	$	1,000.00	$	1,013.92	$	7.99		1.60	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,016.86	$	8.00		1.60	%
Administrator Class
Actual	$	1,000.00	$	1,018.75	$	3.20		0.64	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.62	$	3.21		0.64	%
Institutional Class
Actual	$	1,000.00	$	1,019.56	$	2.40		0.48	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,022.41	$	2.41		0.48	%

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

Portfolio of investments—February 28, 2019 (unaudited) Wells Fargo Government Securities Fund 9

Security name	Interest rate			Maturity date		Principal		Value
Agency Securities: 88.04%
FDIC Series 2010-R1 Class A 144A		2.18	%		5-25-2050	$	140,916	$	140,850
FDIC Series 2013-R1 Class A 144A		1.15			3-25-2033		1,293,208		1,274,178
FHLB		3.25			11-16-2028		7,155,000		7,300,046
FHLB		5.63			3-14-2036		6,020,000		7,750,238
FHLMC		5.00			6-1-2026		1,673,988		1,737,518
FHLMC		2.38			4-25-2023		1,171,895		1,163,313
FHLMC		2.46			3-25-2022		3,048,315		3,027,960
FHLMC		2.62			12-25-2026		4,013,828		3,935,336
FHLMC		2.75			3-25-2027		6,022,210		5,979,572
FHLMC		2.90			4-25-2026		6,422,589		6,448,638
FHLMC		3.00			5-15-2026		703,699		702,790
FHLMC		3.00			1-15-2054		154,309		153,672
FHLMC		3.50			8-1-2045		5,480,019		5,504,957
FHLMC		3.50			11-1-2045		9,919,391		9,964,533
FHLMC		3.50			12-1-2045		7,007,029		7,038,918
FHLMC		3.50			12-1-2045		2,215,942		2,226,027
FHLMC (11th District Cost of Funds +1.25%) ±		3.51			7-1-2032		387,744		390,298
FHLMC (3 Year Treasury Constant Maturity +2.24%) ±		3.62			5-1-2026		32,106		32,129
FHLMC (1 Month LIBOR +1.18%) ±		3.67			12-15-2036		362,144		374,621
FHLMC		4.00			12-15-2024		1,850,000		1,892,009
FHLMC		4.00			6-1-2044		4,853,569		4,969,769
FHLMC (1 Year Treasury Constant Maturity +2.25%) ±		4.33			6-1-2032		20,562		21,196
FHLMC (1 Year Treasury Constant Maturity +2.14%) ±		4.34			10-1-2026		132,229		136,241
FHLMC (1 Year Treasury Constant Maturity +2.40%) ±		4.37			7-1-2029		91,215		94,139
FHLMC (12 Month LIBOR +1.75%) ±		4.42			7-1-2038		1,679,563		1,759,178
FHLMC		4.50			3-1-2042		411,024		432,289
FHLMC		4.50			9-1-2044		3,655,661		3,808,583
FHLMC (12 Month LIBOR +1.91%) ±		4.66			9-1-2031		3,266		3,304
FHLMC (12 Month LIBOR +1.91%) ±		4.66			9-1-2031		43,894		44,139
FHLMC (12 Month LIBOR +2.00%) ±		4.97			1-1-2038		1,048,179		1,107,340
FHLMC		5.00			4-1-2019		821		825
FHLMC		5.00			4-1-2019		542		545
FHLMC		5.00			6-1-2019		10,303		10,359
FHLMC		5.00			8-1-2019		44,900		45,556
FHLMC		5.00			10-1-2019		28,204		28,358
FHLMC		5.00			2-1-2020		99,193		99,736
FHLMC		5.00			8-1-2040		1,058,315		1,134,587
FHLMC		5.50			7-1-2035		3,148,821		3,415,828
FHLMC		5.50			12-1-2038		1,966,245		2,130,777
FHLMC		6.00			10-1-2032		27,057		29,726
FHLMC		6.00			5-25-2043		4,304,971		4,713,245
FHLMC (1 Year Treasury Constant Maturity +2.13%) ±		6.38			1-1-2026		53,480		51,513
FHLMC		6.50			4-1-2021		1,298		1,313
FHLMC		6.50			4-1-2022		30,204		33,156
FHLMC		6.50			9-1-2028		15,102		16,577
FHLMC		6.50			9-1-2028		18,353		20,146
FHLMC		6.50			7-1-2031		2		3
FHLMC		7.00			12-1-2023		2,270		2,427
FHLMC		7.00			12-1-2026		1,861		1,891
FHLMC		7.00			12-1-2026		382		405

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

10 Wells Fargo Government Securities Fund Portfolio of investments—February 28, 2019 (unaudited)

Security name	Interest rate			Maturity date		Principal		Value
Agency Securities (continued)
FHLMC		7.00	%		4-1-2029	$	1,374	$	1,539
FHLMC		7.00			5-1-2029		8,297		9,334
FHLMC		7.00			4-1-2032		90,827		102,964
FHLMC		7.50			11-1-2031		185,288		210,063
FHLMC		7.50			4-1-2032		158,908		178,442
FHLMC		8.00			8-1-2023		6,503		6,821
FHLMC		8.00			6-1-2024		3,561		3,794
FHLMC		8.00			6-1-2024		2,570		2,596
FHLMC		8.00			6-1-2024		4,853		4,974
FHLMC		8.00			8-1-2026		13,687		15,416
FHLMC		8.00			11-1-2026		13,006		14,541
FHLMC		8.00			11-1-2028		8,677		9,300
FHLMC		8.50			7-1-2022		891		900
FHLMC		8.50			12-1-2025		8,782		9,479
FHLMC		8.50			5-1-2026		1,211		1,292
FHLMC		8.50			8-1-2026		4,748		4,798
FHLMC		8.50			8-1-2026		16,652		16,697
FHLMC		9.00			1-1-2020		1		1
FHLMC		9.00			2-1-2020		24		24
FHLMC		9.00			3-1-2020		176		175
FHLMC		9.00			9-1-2020		8		8
FHLMC		9.00			9-1-2020		190		191
FHLMC		9.00			12-1-2020		3		3
FHLMC		9.00			3-1-2021		444		447
FHLMC		9.00			4-1-2021		111		112
FHLMC		9.00			4-1-2021		74		76
FHLMC		9.00			7-1-2021		1,239		1,242
FHLMC		9.00			7-1-2021		1,798		1,804
FHLMC		9.00			8-1-2021		90		93
FHLMC		9.00			7-1-2022		53		53
FHLMC		9.00			9-1-2024		271		274
FHLMC		9.50			8-1-2019		5		5
FHLMC		9.50			6-1-2020		8		8
FHLMC		9.50			8-1-2020		42		43
FHLMC		9.50			9-1-2020		14		14
FHLMC		9.50			9-1-2020		173		174
FHLMC		9.50			10-1-2020		22		22
FHLMC		9.50			11-1-2020		17		18
FHLMC		9.50			5-1-2021		68		70
FHLMC		9.50			9-17-2022		37,312		37,379
FHLMC		9.50			4-1-2025		13,370		13,511
FHLMC		10.00			12-1-2019		24		24
FHLMC		10.00			3-1-2020		1		1
FHLMC		10.00			6-1-2020		4		4
FHLMC		10.00			8-1-2020		7		7
FHLMC		10.00			10-1-2021		1,473		1,482
FHLMC		10.00			8-17-2022		1,081		1,081
FHLMC		10.00			2-17-2025		59,429		59,678

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

Portfolio of investments—February 28, 2019 (unaudited) Wells Fargo Government Securities Fund 11

Security name	Interest rate			Maturity date		Principal		Value
Agency Securities (continued)
FHLMC		10.50	%		8-1-2019	$	146	$	146
FHLMC		10.50			12-1-2019		3,072		3,074
FHLMC		10.50			5-1-2020		625		625
FHLMC		10.50			8-1-2020		1,810		1,817
FHLMC Multifamily Structured Pass-through Series K075 Class A2 ±±		3.65			2-25-2028		4,370,000		4,505,304
FHLMC Series 2015-SC01 Class 1A		3.50			5-25-2045		2,282,806		2,266,594
FHLMC Series 2882 Class TF (1 Month LIBOR +0.25%) ±		2.74			10-15-2034		198,638		198,739
FHLMC Series 3767 Class PD		4.00			7-15-2040		4,215		4,210
FHLMC Series 3948 Class DA		3.00			12-15-2024		104,841		104,842
FHLMC Series 4218 Class DF (1 Month LIBOR +0.25%) ±		2.74			7-15-2042		696,350		693,381
FHLMC Series K020 Class X1 ±±(c)		1.41			5-25-2022		43,974,658		1,660,835
FHLMC Series K032 Class A2 ±±		3.31			5-25-2023		2,800,000		2,848,078
FHLMC Series K039 Class A2		3.30			7-25-2024		325,000		330,699
FHLMC Series KF15 Class A (1 Month LIBOR +0.67%) ±		3.18			2-25-2023		393,695		394,123
FHLMC Series KJ14 Class A1		2.20			11-25-2023		4,001,677		3,912,041
FHLMC Series M036 Class A		4.16			12-15-2029		3,660,000		3,827,372
FHLMC Series T-15 Class A6 (1 Month LIBOR +0.40%) ±		2.89			11-25-2028		206,691		206,361
FHLMC Series T-23 Class A (1 Month LIBOR +0.14%) ±		2.63			5-25-2030		600,508		599,170
FHLMC Series T-35 Class A (1 Month LIBOR +0.14%) ±		2.79			9-25-2031		733,896		726,707
FHLMC Series T-42 Class A6		9.50			2-25-2042		775,869		930,094
FHLMC Series T-55 Class 2A1 ±±		3.83			3-25-2043		418,022		413,632
FHLMC Series T-57 Class 1A1		6.50			7-25-2043		1,004,920		1,142,231
FHLMC Series T-57 Class 2A1 ±±		4.10			7-25-2043		1,956,867		2,070,441
FHLMC Series T-62 Class 1A1 (12 Month Treasury Average +1.20%) ±		3.53			10-25-2044		1,078,411		1,090,695
FHLMC Series T-67 Class 1A1C ±±		3.93			3-25-2036		734,902		739,115
FHLMC Series T-67 Class 2A1C ±±		3.61			3-25-2036		1,374,126		1,355,973
FHLMC Series T-75 Class A1 (1 Month LIBOR +0.04%) ±		2.55			12-25-2036		669,905		669,494
FNMA ¤		0.00			10-9-2019		9,590,000		9,440,995
FNMA ¤		0.00			5-15-2030		7,700,000		5,316,177
FNMA		1.71			12-1-2022		3,123,299		3,054,265
FNMA		1.78			5-1-2020		892,923		881,649
FNMA (11th District Cost of Funds +1.26%) ±		2.41			5-1-2036		1,261,726		1,256,973
FNMA (12 Month LIBOR +1.61%) ±		2.49			5-1-2046		5,078,858		5,044,112
FNMA		2.50			4-25-2039		46,945		46,488
FNMA		2.55			3-1-2022		1,606,199		1,597,176
FNMA (11th District Cost of Funds +1.58%) ±		2.68			5-1-2023		92,628		92,796
FNMA (11th District Cost of Funds +1.25%) ±		2.73			9-1-2027		180,200		181,282
FNMA (1 Month LIBOR +0.25%) ±		2.74			6-27-2036		102,811		100,901
FNMA ±±		2.79			2-25-2027		10,000,000		9,744,895
FNMA (1 Month LIBOR +0.35%) ±		2.84			2-25-2032		558,413		558,854
FNMA		2.86			11-1-2021		2,548,104		2,556,091
FNMA		2.91			1-1-2024		2,790,837		2,846,648
FNMA		3.00			5-1-2027		1,386,920		1,390,534
FNMA %%		3.00			3-18-2034		14,910,000		14,879,714
FNMA		3.00			4-1-2045		126,520		123,924
FNMA		3.00			11-1-2045		10,157,288		9,939,440
FNMA		3.00			12-1-2045		23,358,738		22,850,515
FNMA		3.00			12-1-2046		783,206		765,919
FNMA		3.02			2-1-2026		6,193,816		6,175,122
FNMA		3.31			9-25-2020		3,214,790		3,227,994

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

12 Wells Fargo Government Securities Fund Portfolio of investments—February 28, 2019 (unaudited)

Security name	Interest rate			Maturity date		Principal		Value
Agency Securities (continued)
FNMA (11th District Cost of Funds +1.25%) ±		3.36	%		5-1-2036	$	427,494	$	439,410
FNMA		3.38			9-1-2020		1,864,051		1,878,821
FNMA		3.49			12-1-2020		3,360,375		3,397,620
FNMA %%		3.50			3-18-2034		13,320,000		13,527,755
FNMA		3.50			2-1-2043		61,825		62,344
FNMA		3.50			2-1-2045		1,923,581		1,934,398
FNMA ##		3.50			4-1-2045		5,429,828		5,455,319
FNMA		3.50			8-1-2045		702,983		706,066
FNMA		3.50			12-1-2045		2,586,926		2,598,272
FNMA		3.50			2-1-2046		2,490,310		2,501,231
FNMA (12 Month LIBOR +1.64%) ±		3.89			4-1-2032		75,362		76,195
FNMA		4.00			10-25-2025		248,008		4,352
FNMA ##		4.00			4-1-2046		14,852,458		15,200,885
FNMA		4.00			3-1-2047		1,532,223		1,577,418
FNMA %%		4.00			3-13-2049		1,475,000		1,503,665
FNMA (1 Year Treasury Constant Maturity +2.20%) ±		4.09			2-1-2027		3,143		3,133
FNMA (1 Year Treasury Constant Maturity +2.22%) ±		4.19			6-1-2032		114,111		118,586
FNMA (1 Year Treasury Constant Maturity +2.21%) ±		4.31			9-1-2031		29,686		31,107
FNMA (1 Year Treasury Constant Maturity +2.23%) ±		4.38			12-1-2040		25,181		26,392
FNMA (1 Year Treasury Constant Maturity +2.30%) ±		4.42			6-1-2034		459,330		478,020
FNMA (1 Year Treasury Constant Maturity +2.27%) ±		4.48			9-1-2031		237,287		247,118
FNMA (12 Month LIBOR +1.54%) ±		4.50			1-1-2043		362,881		374,426
FNMA		4.50			1-1-2026		123,088		125,081
FNMA		4.50			10-1-2046		424,846		440,209
FNMA %%		4.50			3-13-2049		20,177,000		20,874,995
FNMA (12 Month LIBOR +1.78%) ±		4.56			8-1-2036		544,502		569,046
FNMA (12 Month LIBOR +1.73%) ±		4.60			9-1-2036		445,279		463,520
FNMA (1 Year Treasury Constant Maturity +2.19%) ±		4.64			11-1-2031		124,530		130,543
FNMA		4.68			2-1-2020		3,014,272		3,062,208
FNMA (1 Year Treasury Constant Maturity +2.23%) ±		4.69			12-1-2034		599,328		625,812
FNMA (1 Year Treasury Constant Maturity +2.42%) ±		4.79			10-1-2027		119,327		123,351
FNMA		5.00			4-1-2023		186,581		193,210
FNMA		5.00			6-1-2023		377,790		387,004
FNMA		5.00			3-1-2034		466,162		497,875
FNMA		5.00			8-1-2040		5,798,006		6,207,080
FNMA		5.00			10-1-2040		690,886		739,633
FNMA		5.00			1-1-2042		546,031		584,477
FNMA %%		5.00			3-13-2049		4,025,000		4,220,087
FNMA (1 Year Treasury Constant Maturity +2.32%) ±		5.01			7-1-2026		124,018		128,383
FNMA		5.39			1-1-2024		1,558,099		1,636,250
FNMA		5.50			6-1-2020		106,593		107,186
FNMA		5.50			11-1-2023		62,051		64,456
FNMA		5.50			1-1-2025		29,579		30,467
FNMA		5.50			1-1-2025		142,417		146,885
FNMA		5.50			9-1-2033		1,869,027		2,034,279
FNMA		5.50			9-1-2033		754,421		820,562
FNMA		5.50			8-1-2035		558,900		607,980
FNMA		5.50			1-1-2037		552,793		601,504
FNMA		5.50			4-1-2040		1,442,291		1,569,627
FNMA		5.61			2-1-2021		945,845		961,658

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

Portfolio of investments—February 28, 2019 (unaudited) Wells Fargo Government Securities Fund 13

Security name	Interest rate			Maturity date		Principal		Value
Agency Securities (continued)
FNMA		5.67	%		11-1-2021	$	4,992,485	$	5,196,300
FNMA		5.75			5-1-2021		3,118,110		3,237,513
FNMA (6 Month LIBOR +2.86%) ±		5.86			4-1-2033		11,668		12,085
FNMA		5.95			6-1-2024		1,582,882		1,671,484
FNMA		6.00			3-1-2024		58,832		63,235
FNMA		6.00			1-1-2028		841,260		904,270
FNMA		6.00			2-1-2035		1,218,630		1,314,560
FNMA		6.00			11-1-2037		458,145		504,602
FNMA		6.00			7-1-2038		161,834		178,046
FNMA		6.50			1-1-2024		18,160		19,918
FNMA		6.50			3-1-2028		13,714		14,294
FNMA		6.50			12-1-2029		198,123		219,541
FNMA		6.50			11-1-2031		46,246		50,724
FNMA		6.50			7-1-2036		323,690		362,175
FNMA		6.50			7-1-2036		299,214		334,151
FNMA		6.50			7-25-2042		1,398,037		1,566,254
FNMA (6 Month LIBOR +3.13%) ±		6.61			7-1-2033		139,817		143,387
FNMA		7.00			11-1-2026		5,001		5,292
FNMA		7.00			9-1-2031		3,739		3,741
FNMA		7.00			1-1-2032		2,054		2,236
FNMA		7.00			2-1-2032		81,586		93,569
FNMA		7.00			10-1-2032		173,143		197,139
FNMA		7.00			2-1-2034		1,924		2,126
FNMA		7.00			4-1-2034		127,891		145,966
FNMA		7.00			1-1-2036		6,276		6,592
FNMA		7.50			9-1-2031		80,756		92,180
FNMA		7.50			11-25-2031		362,372		413,103
FNMA		7.50			2-1-2032		30,939		35,212
FNMA		7.50			10-1-2037		818,457		963,187
FNMA		8.00			5-1-2027		27,005		27,165
FNMA		8.00			6-1-2028		4,901		5,295
FNMA		8.00			2-1-2030		52,893		57,012
FNMA		8.00			7-1-2031		898,939		1,010,211
FNMA		8.50			8-1-2024		5,118		5,127
FNMA		8.50			5-1-2026		94,308		101,175
FNMA		8.50			7-1-2026		21,215		21,752
FNMA		8.50			8-1-2026		10,992		11,031
FNMA		8.50			10-1-2026		55		55
FNMA		8.50			10-1-2026		3,534		3,540
FNMA		8.50			11-1-2026		26,453		26,749
FNMA		8.50			11-1-2026		6,916		7,100
FNMA		8.50			12-1-2026		119,304		131,381
FNMA		8.50			12-1-2026		14,805		16,108
FNMA		8.50			12-1-2026		250		250
FNMA		8.50			2-1-2027		166		181
FNMA		8.50			2-1-2027		6,052		6,063
FNMA		8.50			3-1-2027		741		783
FNMA		8.50			6-1-2027		61,352		63,163
FNMA		9.00			3-1-2021		4,669		4,697
FNMA		9.00			6-1-2021		55		57

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

14 Wells Fargo Government Securities Fund Portfolio of investments—February 28, 2019 (unaudited)

Security name	Interest rate			Maturity date		Principal		Value
Agency Securities (continued)
FNMA		9.00	%		7-1-2021	$	1,912	$	1,917
FNMA		9.00			8-1-2021		64		67
FNMA		9.00			10-1-2021		691		695
FNMA		9.00			1-1-2025		14,881		15,996
FNMA		9.00			3-1-2025		1,784		1,787
FNMA		9.00			3-1-2025		900		902
FNMA		9.00			4-1-2025		320		320
FNMA		9.00			7-1-2028		4,152		4,182
FNMA		9.50			11-1-2020		22		22
FNMA		9.50			12-15-2020		5,322		5,369
FNMA		9.50			6-1-2022		406		409
FNMA		9.50			7-1-2028		5,427		5,440
FNMA		11.00			10-15-2020		168		170
FNMA Series 1989-100 Class Z		8.75			12-25-2019		1,829		1,846
FNMA Series 1989-12 Class Y		10.00			3-25-2019		125		125
FNMA Series 1989-22 Class G		10.00			5-25-2019		1,959		1,962
FNMA Series 1989-63 Class Z		9.40			10-25-2019		297		300
FNMA Series 1990-144 Class W		9.50			12-25-2020		10,896		11,368
FNMA Series 1990-75 Class Z		9.50			7-25-2020		21,655		22,300
FNMA Series 1990-84 Class Y		9.00			7-25-2020		2,034		2,091
FNMA Series 1990-96 Class Z		9.67			8-25-2020		27,935		28,849
FNMA Series 1991-5 Class Z		8.75			1-25-2021		4,116		4,162
FNMA Series 1991-85 Class Z		8.00			6-25-2021		14,650		15,203
FNMA Series 1992-45 Class Z		8.00			4-25-2022		39,502		41,525
FNMA Series 1999-W6 Class A ±±		9.73			9-25-2028		438		437
FNMA Series 2000-T6 Class A2		9.50			11-25-2040		670,535		753,939
FNMA Series 2001-T10 Class A3		9.50			12-25-2041		872,101		1,001,493
FNMA Series 2001-T12 Class A3		9.50			8-25-2041		241,474		285,000
FNMA Series 2002-T12 Class A5 ±±		4.80			10-25-2041		826,109		843,501
FNMA Series 2002-T19 Class A1		6.50			7-25-2042		3,890,028		4,406,731
FNMA Series 2002-T5 Class A1 (1 Month LIBOR +0.24%) ±		2.73			5-25-2032		176,696		174,194
FNMA Series 2002-W4 Class A4		6.25			5-25-2042		597,305		658,457
FNMA Series 2003-T2 Class A1 (1 Month LIBOR +0.14%) ±		2.79			3-25-2033		1,032,894		1,012,542
FNMA Series 2003-W09 Class A (1 Month LIBOR +0.12%) ±		2.84			6-25-2033		87,752		86,196
FNMA Series 2003-W1 Class 1A1 ±±		5.37			12-25-2042		567,394		597,211
FNMA Series 2003-W11 Class A1 ±±		5.63			6-25-2033		50,376		52,613
FNMA Series 2003-W3 Class 1A4 ±±		4.17			8-25-2042		2,440,467		2,525,036
FNMA Series 2003-W5 Class A (1 Month LIBOR +0.11%) ±		2.82			4-25-2033		303,942		297,287
FNMA Series 2003-W6 Class 6A ±±		4.42			8-25-2042		1,463,531		1,490,080
FNMA Series 2003-W6 Class PT4 ±±		8.66			10-25-2042		1,417,074		1,724,565
FNMA Series 2003-W8 Class PT1 ±±		10.64			12-25-2042		533,034		600,427
FNMA Series 2004-79 Class FA (1 Month LIBOR +0.29%) ±		2.78			8-25-2032		191,854		191,914
FNMA Series 2004-T1 Class 1A2		6.50			1-25-2044		543,548		607,777
FNMA Series 2004-W01 Class 2A2		7.00			12-25-2033		1,166,374		1,334,899
FNMA Series 2004-W15 Class 1A3		7.00			8-25-2044		737,428		837,462
FNMA Series 2005-71 Class DB		4.50			8-25-2025		541,092		547,428
FNMA Series 2007-W10 Class 2A ±±		6.34			8-25-2047		356,409		383,779
FNMA Series 2011-15 Class HI (c)		5.50			3-25-2026		274,529		9,363
FNMA Series 2013-17 Class PC		2.00			3-25-2039		1,627,454		1,607,495
FNMA Series 2014-20 Class TM ±±		4.60			4-25-2044		1,414,220		1,559,177

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

Portfolio of investments—February 28, 2019 (unaudited) Wells Fargo Government Securities Fund 15

Security name	Interest rate			Maturity date		Principal		Value
Agency Securities (continued)
FNMA Series 2015-M10 Class FA (1 Month LIBOR +0.25%) ±		2.75	%		3-25-2019	$	10,743	$	10,724
FNMA Series 2018-M13 Class A2 ±±		3.70			9-25-2030		460,000		472,382
FNMA Series 265 Class 2		9.00			3-25-2024		59,929		66,676
FNMA Series G-8 Class E		9.00			4-25-2021		18,902		19,400
FNMA Series G92-30 Class Z		7.00			6-25-2022		26,686		27,400
FNMA Series G93-39 Class ZQ		6.50			12-25-2023		919,051		966,593
GNMA		3.00			11-20-2045		10,996,528		10,887,043
GNMA (1 Year Treasury Constant Maturity +0.45%) ±		3.04			5-20-2066		5,529,539		5,526,629
GNMA (1 Month LIBOR +0.70%) ±		3.21			8-20-2065		3,570,855		3,601,007
GNMA (1 Month LIBOR +0.73%) ±		3.24			9-20-2063		4,115,958		4,139,013
GNMA (1 Month LIBOR +0.90%) ±		3.41			8-20-2065		3,766,469		3,808,655
GNMA (1 Month LIBOR +0.90%) ±		3.41			4-20-2066		4,926,040		4,984,395
GNMA		3.50			12-20-2047		14,108,784		14,238,476
GNMA %%		3.50			3-21-2049		8,105,000		8,173,861
GNMA (1 Year Treasury Constant Maturity +1.50%) ±		4.00			8-20-2020		28,867		28,869
GNMA		4.00			11-15-2024		1,406,752		1,442,678
GNMA		4.00			12-20-2047		10,723,288		11,013,265
GNMA (1 Year Treasury Constant Maturity +1.50%) ±		4.13			11-20-2020		16,445		16,460
GNMA		4.25			6-20-2036		483,414		505,093
GNMA		4.50			10-20-2048		3,158,081		3,270,726
GNMA		5.00			7-20-2040		1,201,371		1,286,138
GNMA %%		5.00			3-21-2049		6,085,000		6,337,148
GNMA		5.50			4-20-2034		727,510		767,951
GNMA		6.00			8-20-2034		105,396		112,078
GNMA		6.50			12-15-2025		23,719		26,058
GNMA		6.50			5-15-2029		638		701
GNMA		6.50			5-15-2031		1,246		1,369
GNMA		6.50			9-20-2033		46,786		52,651
GNMA		7.00			12-15-2022		12,513		12,904
GNMA		7.00			5-15-2026		1,827		1,915
GNMA		7.00			3-15-2028		36,172		38,061
GNMA		7.00			4-15-2031		925		938
GNMA		7.00			8-15-2031		18,919		19,493
GNMA		7.00			3-15-2032		14,180		14,395
GNMA		7.34			10-20-2021		21,987		22,125
GNMA		7.34			2-20-2022		533		532
GNMA		7.34			9-20-2022		6,980		6,989
GNMA		8.00			6-15-2023		2,825		2,969
GNMA		8.00			12-15-2023		163,379		174,765
GNMA		8.00			2-15-2024		558		591
GNMA		8.00			9-15-2024		2,865		2,902
GNMA		8.00			6-15-2025		55		56
GNMA		8.35			4-15-2020		12,245		12,265
GNMA		8.40			5-15-2020		13,644		13,670
GNMA		9.50			10-20-2019		121		121
GNMA Series 2002-53 Class IO ±±(c)		0.60			4-16-2042		411,754		20
GNMA Series 2005-23 Class IO ±±(c)		0.02			6-17-2045		1,901,765		977
GNMA Series 2006-32 Class XM ±±(c)		0.03			11-16-2045		5,936,887		5,657
GNMA Series 2006-68 Class D ±±		5.31			12-16-2037		458,982		459,534
GNMA Series 2007-69 Class D ±±		5.25			6-16-2041		475,001		485,820

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

16 Wells Fargo Government Securities Fund Portfolio of investments—February 28, 2019 (unaudited)

Security name	Interest rate			Maturity date		Principal		Value
Agency Securities (continued)
GNMA Series 2008-22 Class XM ±±(c)		1.00	%		2-16-2050	$	14,265,257	$	359,251
GNMA Series 2010-158 Class EI		4.00			12-16-2025		9,290,070		773,681
GNMA Series 2012-12 Class HD		2.00			5-20-2062		915,523		910,194
GNMA Series 2016-H07 Class FE (1 Month LIBOR +1.15%) ±		3.66			3-20-2066		4,306,936		4,401,192
GNMA Series 2016-H07 Class FH (1 Month LIBOR +1.00%) ±		3.51			2-20-2066		3,978,547		4,040,974
Resolution Funding Corporation STRIPS ¤		0.00			7-15-2020		14,300,000		13,796,338
Resolution Funding Corporation STRIPS ¤		0.00			4-15-2030		6,100,000		4,261,746
Resolution Funding Corporation STRIPS ¤		0.00			5-15-2039		8,275,000		4,467,276
TVA ¤		0.00			11-1-2025		10,000,000		8,181,028
TVA		2.88			2-1-2027		2,430,000		2,412,256
TVA		4.63			9-15-2060		7,550,000		9,055,183
TVA		5.38			4-1-2056		2,385,000		3,200,773
TVA		5.88			4-1-2036		4,380,000		5,665,600
Total Agency Securities (Cost $511,615,628)									512,319,303
Asset-Backed Securities: 1.03%
MMAF Equipment Finance LLC Series 2017-AA Class A4 144A		2.41			8-16-2024		4,445,000		4,376,583
Tesla Auto Lease Trust Series 2018-B Class A 144A		3.71			8-20-2021		1,595,223		1,611,211
Total Asset-Backed Securities (Cost $6,040,119)									5,987,794
Corporate Bonds and Notes: 1.09%
Financials: 1.09%
Banks: 0.42%
Inter-American Development Bank		7.00			6-15-2025		2,000,000		2,428,156
Mortgage REITs: 0.67%
American Tower Trust I 144A		3.65			3-15-2048		4,000,000		3,926,642
Total Corporate Bonds and Notes (Cost $6,409,685)									6,354,798
Municipal Obligations: 1.67%
New Jersey: 0.61%
GO Revenue: 0.61%
Newark NJ		3.75			11-1-2019		3,515,000		3,524,384
Texas: 1.06%
Miscellaneous Revenue: 1.06%
San Antonio TX Retama Development Corporation		10.00			12-15-2020		5,405,000		6,182,077
Total Municipal Obligations (Cost $9,367,233)									9,706,461
Non-Agency Mortgage-Backed Securities: 4.82%
Benchmark Mortgage Trust Series 2018-B1 Class A4		3.40			1-15-2051		305,000		302,744
CD Commercial Mortgage Trust Series 2017-6 Class A5		3.46			11-13-2050		2,340,000		2,326,122
CGBAM Commercial Mortgage Trust Series 2015-SMRT Class A 144A		2.81			4-10-2028		5,000,000		4,988,091
GS Mortgage Securities Trust Series 2013-G1 Class A2 144A±±		3.56			4-10-2031		5,349,842		5,316,797
JPMorgan Chase Commercial Mortgage Securities Corporation Series 2015-C28 Class A4		3.23			10-15-2048		5,000,000		4,976,688
Morgan Stanley Capital I Trust Series 2011-C2 Class A4 144A		4.66			6-15-2044		4,900,000		5,036,058
Northwood %%(a)		3.86			2-1-2049		849,000		879,113

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

Portfolio of investments—February 28, 2019 (unaudited) Wells Fargo Government Securities Fund 17

Security name	Interest rate			Maturity date		Principal		Value
Non-Agency Mortgage-Backed Securities (continued)
UBS Commercial Mortgage Trust Series 2017-C5 Class A5		3.47	%		11-15-2050	$	2,581,000	$	2,558,664
Vendee Mortgage Trust Series 1995-1 Class 4 ±±		8.30			2-15-2025		152,347		167,013
Vendee Mortgage Trust Series 1995-2C Class 3A		8.79			6-15-2025		203,817		227,780
Vendee Mortgage Trust Series 2011-1 Class DA		3.75			2-15-2035		1,275,376		1,288,032
Total Non-Agency Mortgage-Backed Securities (Cost $28,556,011)									28,067,102
U.S. Treasury Securities: 8.91%
TIPS		1.38			2-15-2044		2,959,385		3,122,555
U.S. Treasury Bond ##		2.88			5-15-2028		1,170,000		1,185,722
U.S. Treasury Bond ##		3.63			8-15-2043		5,170,000		5,660,746
U.S. Treasury Bond ##		3.63			2-15-2044		7,065,000		7,740,039
U.S. Treasury Bond ##		3.75			8-15-2041		3,310,000		3,696,856
U.S. Treasury Bond ##		3.75			11-15-2043		9,770,000		10,913,395
U.S. Treasury Bond ##		4.25			11-15-2040		10,330,000		12,374,210
U.S. Treasury Note ##		2.88			9-30-2023		4,000,000		4,059,219
U.S. Treasury Note ##		3.00			2-15-2049		3,170,000		3,117,249
Total U.S. Treasury Securities (Cost $52,006,139)									51,869,991
Yankee Government Bonds: 5.43%
Hashemite Kingdom of Jordan		3.00			6-30-2025		10,636,000		10,684,533
State of Israel		5.50			12-4-2023		9,030,000		10,165,047
Ukraine		1.47			9-29-2021		11,090,000		10,778,038
Total Yankee Government Bonds (Cost $32,861,176)									31,627,618
	Yield					Shares
Short-Term Investments: 0.83%
Investment Companies: 0.45%
Wells Fargo Government Money Market Fund Select Class (l)(u)##		2.34					2,599,775		2,599,775
	Interest rate					Principal
U.S. Treasury Securities: 0.38%
U.S. Treasury Bill (z)#		2.21			3-14-2019	$	2,225,000		2,223,111
Total Short-Term Investments (Cost $4,822,867)									4,822,886

Total investments in securities (Cost $651,678,858)	111.82	%		650,755,953
Other assets and liabilities, net	(11.82	)		(68,805,616	)
Total net assets	100.00	%	$	581,950,337

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

18 Wells Fargo Government Securities Fund Portfolio of investments—February 28, 2019 (unaudited)

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

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

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

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

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

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

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

(a) The security is fair valued in accordance with procedures approved by the Board of Trustees.

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

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

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

# All or a portion of this security is segregated as collateral for investments in derivative instruments.

Abbreviations:

FDIC Federal Deposit Insurance Corporation

FHLB Federal Home Loan Bank

FHLMC Federal Home Loan Mortgage Corporation

FNMA Federal National Mortgage Association

GNMA Government National Mortgage Association

GO General obligation

LIBOR London Interbank Offered Rate

STRIPS Separate trading of registered interest and principal securities

TIPS Treasury inflation-protected securities

TVA Tennessee Valley Authority

Futures Contracts

Description	Number of contracts		Expiration date		Notional cost			Notional value			Unrealized gains		Unrealized losses
Long
5-Year U.S. Treasury Notes		259		6-28-2019	$	29,687,387		$	29,671,688		$	0	$	(15,699	)
10-Year U.S. Treasury Notes		55		6-19-2019		6,720,363			6,710,000			0		(10,363	)
Short
U.S. Long Term Bonds		(132)		6-19-2019		(19,185,144	)		(19,069,875	)		115,269		0
U.S. Ultra Bond		(35)		6-19-2019		(5,654,459	)		(5,585,781	)		68,678		0
10-Year Ultra Futures		(69)		6-19-2019		(8,973,600	)		(8,932,266	)		41,334		0
2-Year U.S. Treasury Notes		(105)		6-28-2019		(22,293,313	)		(22,280,508	)		12,805		0
											$	238,086	$	(26,062	)

Investments in Affiliates

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

	Shares, beginning of period		Shares purchased		Shares sold		Shares, end of period		Net realized gains (losses)		Net change in unrealized gains (losses)		Income from affiliated securities		Value, end of period		% of net assets
Short-Term Investments
Investment Companies
Wells Fargo Government Money Market Fund Select Class		18,303,812		106,002,394		121,706,431		2,599,775	$	0	$	0	$	317,033	$	2,599,775		0.45	%

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

Statement of assets and liabilities—February 28, 2019 (unaudited) Wells Fargo Government Securities Fund 19

Assets
Investments in unaffiliated securities, at value (cost $649,079,083)	$	648,156,178
Investments in affiliated securities, at value (cost $2,599,775)		2,599,775
Receivable for investments sold		31,441,950
Receivable for interest		2,698,235
Receivable for Fund shares sold		641,172
Receivable for daily variation margin on open futures contracts		110,016
Principal paydown receivable		84,010
Prepaid expenses and other assets		52,014
Total assets		685,783,350
Liabilities
Payable for investments purchased		102,278,776
Payable for Fund shares redeemed		754,755
Distributions payable		196,047
Management fee payable		184,609
Collateral due to broker		146,357
Administration fees payable		61,379
Payable for daily variation margin on open futures contracts		42,383
Distribution fee payable		6,969
Trustees’ fees and expenses payable		2,847
Accrued expenses and other liabilities		158,891
Total liabilities		103,833,013
Total net assets	$	581,950,337
NET ASSETS CONSIST OF
Paid-in capital	$	616,739,061
Total distributable loss		(34,788,724	)
Total net assets	$	581,950,337
COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE PER SHARE
Net assets – Class A	$	273,946,112
Shares outstanding – Class A1		25,569,160
Net asset value per share – Class A		$10.71
Maximum offering price per share – Class A2		$11.21
Net assets – Class C	$	11,313,424
Shares outstanding – Class C1		1,056,129
Net asset value per share – Class C		$10.71
Net assets – Administrator Class	$	86,122,392
Shares outstanding – Administrator Class1		8,040,585
Net asset value per share – Administrator Class		$10.71
Net assets – Institutional Class	$	210,568,409
Shares outstanding – Institutional Class1		19,661,225
Net asset value per share – Institutional Class		$10.71

¹  The Fund has an unlimited number of authorized shares.

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

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

20 Wells Fargo Government Securities Fund Statement of operations—six months ended February 28, 2019 (unaudited)

Investment income
Interest	$	9,857,939
Income from affiliated securities		317,033
Total investment income		10,174,972
Expenses
Management fee		1,515,100
Administration fees
Class A		219,657
Class C		11,121
Administrator Class		43,130
Institutional Class		123,827
Shareholder servicing fees
Class A		343,214
Class C		17,377
Administrator Class		107,040
Distribution fee
Class C		52,130
Custody and accounting fees		37,186
Professional fees		39,500
Registration fees		31,698
Shareholder report expenses		56,082
Trustees’ fees and expenses		10,728
Other fees and expenses		8,424
Total expenses		2,616,214
Less: Fee waivers and/or expense reimbursements		(319,076	)
Net expenses		2,297,138
Net investment income		7,877,834
REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS
Net realized gains (losses) on:
Unaffiliated securities		(1,539,648	)
Futures contracts		7,725
Net realized losses on investments		(1,531,923	)
Net change in unrealized gains (losses) on:
Unaffiliated securities		6,784,052
Futures contracts		289,016
Net change in unrealized gains (losses) on investments		7,073,068
Net realized and unrealized gains (losses) on investments		5,541,145
Net increase in net assets resulting from operations	$	13,418,979

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

Statement of changes in net assets Wells Fargo Government Securities Fund 21

	Six months ended February 28, 2019 (unaudited)						Year ended August 31, 2018¹
Operations
Net investment income				$	7,877,834					$	16,455,144
Net realized losses on investments					(1,531,923	)					(5,443,980	)
Net change in unrealized gains (losses) on investments					7,073,068						(23,108,606	)
Net increase (decrease) in net assets resulting from operations					13,418,979						(12,097,442	)
Distributions to shareholders from net investment income and net realized gains
Class A					(3,309,205	)					(6,375,215	)
Class C					(114,898	)					(199,378	)
Administrator Class					(1,130,536	)					(4,147,365	)
Institutional Class					(4,308,581	)					(5,781,887	)
Total distributions to shareholders					(8,863,220	)					(16,503,845	)
Capital share transactions		Shares						Shares
Proceeds from shares sold
Class A		1,898,521			20,202,404			3,569,871			38,348,367
Class C		100,070			1,063,151			63,470			684,459
Administrator Class		1,044,970			11,091,835			6,511,960			70,326,132
Institutional Class		6,741,502			71,638,856			19,558,475			209,166,296
					103,996,246						318,525,254
Reinvestment of distributions
Class A		271,815			2,889,410			525,663			5,649,695
Class C		4,456			47,365			7,721			82,914
Administrator Class		103,983			1,105,137			380,074			4,081,678
Institutional Class		343,117			3,645,783			438,702			4,717,547
					7,687,695						14,531,834
Payment for shares redeemed
Class A		(4,068,529	)		(43,269,913	)		(12,470,498	)		(133,691,683	)
Class C		(504,610	)		(5,375,155	)		(443,637	)		(4,768,963	)
Administrator Class		(1,717,694	)		(18,246,268	)		(16,318,494	)		(174,401,645	)
Institutional Class		(16,633,915	)		(178,092,481	)		(28,678,375	)		(311,030,462	)
					(244,983,817	)					(623,892,753	)
Net decrease in net assets resulting from capital share transactions					(133,299,876	)					(290,835,665	)
Total decrease in net assets					(128,744,117	)					(319,436,952	)
Net assets
Beginning of period					710,694,454						1,030,131,406
End of period				$	581,950,337					$	710,694,454

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 August 31, 2018 was $12,956,930. The disaggregated distributions information for the year ended August 31, 2018 is included in Note 8, Distributions to Shareholders, in the notes to the financial statements.

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

22 Wells Fargo Government Securities Fund Financial highlights

(For a share outstanding throughout each period)

	Six months ended February 28, 2019 (unaudited)			Year ended August 31
CLASS A				2018			2017			2016			2015			2014
Net asset value, beginning of period		$10.65			$11.01			$11.51			$11.22			$11.11			$10.77
Net investment income		0.11	1		0.19			0.15			0.11	1		0.07	1		0.05
Net realized and unrealized gains (losses) on investments		0.07			(0.35	)		(0.22	)		0.34			0.13			0.40
Total from investment operations		0.18			(0.16	)		(0.07	)		0.45			0.20			0.45
Distributions to shareholders from
Net investment income		(0.12	)		(0.20	)		(0.16	)		(0.10	)		(0.09	)		(0.11	)
Net realized gains		0.00			0.00			(0.27	)		(0.06	)		0.00			0.00
Total distributions to shareholders		(0.12	)		(0.20	)		(0.43	)		(0.16	)		(0.09	)		(0.11	)
Net asset value, end of period		$10.71			$10.65			$11.01			$11.51			$11.22			$11.11
Total return2		1.77	%		(1.44	)%		(0.52	)%		4.03	%		1.84	%		4.19	%
Ratios to average net assets (annualized)
Gross expenses		0.91	%		0.90	%		0.88	%		0.87	%		0.87	%		0.88	%
Net expenses		0.85	%		0.85	%		0.85	%		0.85	%		0.85	%		0.86	%
Net investment income		2.11	%		1.86	%		1.38	%		0.94	%		0.59	%		0.56	%
Supplemental data
Portfolio turnover rate		97	%		197	%		299	%		397	%		349	%		349	%
Net assets, end of period (000s omitted)		$273,946			$292,550			$394,645			$483,112			$232,545			$173,772

¹  Calculated based upon average shares outstanding

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

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

Financial highlights Wells Fargo Government Securities Fund 23

(For a share outstanding throughout each period)

	Six months ended February 28, 2019 (unaudited)			Year ended August 31
CLASS C				2018			2017			2016			2015			2014
Net asset value, beginning of period		$10.65			$11.01			$11.51			$11.21			$11.11			$10.77
Net investment income (loss)		0.07¹			0.12	1		0.07	1		0.02	1		(0.01	)1		(0.02	)1
Net realized and unrealized gains (losses) on investments		0.08			(0.36	)		(0.23	)		0.36			0.12			0.39
Total from investment operations		0.15			(0.24	)		(0.16	)		0.38			0.11			0.37
Distributions to shareholders from
Net investment income		(0.09	)		(0.12	)		(0.07	)		(0.02	)		(0.01	)		(0.03	)
Net realized gains		0.00			0.00			(0.27	)		(0.06	)		0.00			0.00
Total distributions to shareholders		(0.09	)		(0.12	)		(0.34	)		(0.08	)		(0.01	)		(0.03	)
Net asset value, end of period		$10.71			$10.65			$11.01			$11.51			$11.21			$11.11
Total return2		1.39	%		(2.18	)%		(1.26	)%		3.25	%		1.08	%		3.42	%
Ratios to average net assets (annualized)
Gross expenses		1.66	%		1.65	%		1.61	%		1.62	%		1.62	%		1.63	%
Net expenses		1.60	%		1.60	%		1.60	%		1.60	%		1.60	%		1.61	%
Net investment income (loss)		1.36	%		1.12	%		0.63	%		0.16	%		(0.13	)%		(0.20	)%
Supplemental data
Portfolio turnover rate		97	%		197	%		299	%		397	%		349	%		349	%
Net assets, end of period (000s omitted)		$11,313			$15,508			$20,132			$27,085			$26,981			$31,908

¹  Calculated based upon average shares outstanding

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

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

24 Wells Fargo Government Securities Fund Financial highlights

(For a share outstanding throughout each period)

	Six months ended February 28, 2019 (unaudited)			Year ended August 31
ADMINISTRATOR CLASS				2018			2017			2016			2015			2014
Net asset value, beginning of period		$10.65			$11.01			$11.51			$11.21			$11.11			$10.76
Net investment income		0.12	1		0.22	1		0.18	1		0.13			0.10			0.06
Net realized and unrealized gains (losses) on investments		0.08			(0.35	)		(0.23	)		0.36			0.12			0.42
Total from investment operations		0.20			(0.13	)		(0.05	)		0.49			0.22			0.48
Distributions to shareholders from
Net investment income		(0.14	)		(0.23	)		(0.18	)		(0.13	)		(0.12	)		(0.13	)
Net realized gains		0.00			0.00			(0.27	)		(0.06	)		0.00			0.00
Total distributions to shareholders		(0.14	)		(0.23	)		(0.45	)		(0.19	)		(0.12	)		(0.13	)
Net asset value, end of period		$10.71			$10.65			$11.01			$11.51			$11.21			$11.11
Total return2		1.88	%		(1.23	)%		(0.31	)%		4.34	%		1.97	%		4.51	%
Ratios to average net assets (annualized)
Gross expenses		0.84	%		0.84	%		0.82	%		0.81	%		0.80	%		0.81	%
Net expenses		0.64	%		0.64	%		0.64	%		0.64	%		0.64	%		0.64	%
Net investment income		2.32	%		2.07	%		1.60	%		1.13	%		0.82	%		0.79	%
Supplemental data
Portfolio turnover rate		97	%		197	%		299	%		397	%		349	%		349	%
Net assets, end of period (000s omitted)		$86,122			$91,671			$198,520			$229,169			$216,428			$211,589

¹  Calculated based upon average shares outstanding

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

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

Financial highlights Wells Fargo Government Securities Fund 25

(For a share outstanding throughout each period)

	Six months ended February 28, 2019 (unaudited)			Year ended August 31
INSTITUTIONAL CLASS				2018			2017			2016			2015			2014
Net asset value, beginning of period		$10.65			$11.00			$11.50			$11.21			$11.10			$10.76
Net investment income		0.13	1		0.24	1		0.19	1		0.15			0.11	1		0.10
Net realized and unrealized gains (losses) on investments		0.07			(0.35	)		(0.22	)		0.35			0.14			0.39
Total from investment operations		0.20			(0.11	)		(0.03	)		0.50			0.25			0.49
Distributions to shareholders from
Net investment income		(0.14	)		(0.24	)		(0.20	)		(0.15	)		(0.14	)		(0.15	)
Net realized gains		0.00			0.00			(0.27	)		(0.06	)		0.00			0.00
Total distributions to shareholders		(0.14	)		(0.24	)		(0.47	)		(0.21	)		(0.14	)		(0.15	)
Net asset value, end of period		$10.71			$10.65			$11.00			$11.50			$11.21			$11.10
Total return2		1.96	%		(0.99	)%		(0.15	)%		4.42	%		2.22	%		4.59	%
Ratios to average net assets (annualized)
Gross expenses		0.58	%		0.57	%		0.55	%		0.54	%		0.54	%		0.55	%
Net expenses		0.48	%		0.48	%		0.48	%		0.48	%		0.48	%		0.48	%
Net investment income		2.48	%		2.22	%		1.75	%		1.28	%		0.99	%		0.94	%
Supplemental data
Portfolio turnover rate		97	%		197	%		299	%		397	%		349	%		349	%
Net assets, end of period (000s omitted)		$210,568			$310,966			$416,834			$487,113			$468,859			$540,684

¹  Calculated based upon average shares outstanding

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

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

26 Wells Fargo Government Securities Fund Notes to financial statements (unaudited)

1. ORGANIZATION

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

2. SIGNIFICANT ACCOUNTING POLICIES

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

Securities valuation

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

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

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

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

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

When-issued transactions

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

Futures contracts

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

Upon entering into a futures contracts, the Fund is required to deposit either cash or securities (initial margin) with the broker in an amount equal to a certain percentage of the contract value. Subsequent payments (variation margin) are paid to or from the broker each day equal to the daily changes in the contract value. Such payments are recorded as unrealized gains or losses and,

Notes to financial statements (unaudited) Wells Fargo Government Securities Fund 27

if any, shown as variation margin receivable (payable) in the Statement of Assets and Liabilities. Should the Fund fail to make requested variation margin payments, the broker can gain access to the initial margin to satisfy the Fund’s payment obligations. When the contracts are closed, a realized gain or loss is recorded in the Statement of Operations.

Security transactions and income recognition

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

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

Distributions to shareholders

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

Federal and other taxes

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

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

As of February 28, 2019, the aggregate cost of all investments for federal income tax purposes was $665,256,913 and the unrealized gains (losses) consisted of:

Gross unrealized gains	$	7,917,088
Gross unrealized losses		(22,206,024	)
Net unrealized losses	$	(14,288,936	)

As of August 31, 2018, the Fund had capital loss carryforwards which consist of $16,765,738 in short-term capital losses and $1,766,136 in long-term capital losses.

Class allocations

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

3. FAIR VALUATION MEASUREMENTS

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

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

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

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

28 Wells Fargo Government Securities Fund Notes to financial statements (unaudited)

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

The following is a summary of the inputs used in valuing the Fund’s assets and liabilities as of February 28, 2019:

	Quoted prices (Level 1)		Other significant observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total
Assets
Investments in:
Agency securities	$	0	$	512,319,303	$	0	$	512,319,303
Asset-backed securities		0		5,987,794		0		5,987,794
Corporate bonds and notes		0		6,354,798		0		6,354,798
Municipal obligations		0		9,706,461		0		9,706,461
Non-agency mortgage-backed securities		0		28,067,102		0		28,067,102
U.S. Treasury securities		51,869,991		0		0		51,869,991
Yankee corporate bonds and notes		0		31,627,618		0		31,627,618
Short-term investments
Investment companies		2,599,775		0		0		2,599,775
U.S. Treasury securities		2,223,111		0		0		2,223,111
		56,692,877		594,063,076		0		650,755,953
Futures contracts		238,086		0		0		238,086
Total assets	$	56,930,963	$	594,063,076	$	0	$	650,994,039
Liabilities
Futures contracts	$	26,062	$	0	$	0	$	26,062
Total liabilities	$	26,062	$	0	$	0	$	26,062

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

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

At February 28, 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 a management fee at the following annual rate based on the Fund’s average daily net assets:

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

Notes to financial statements (unaudited) Wells Fargo Government Securities Fund 29

For the six months ended February 28, 2019, the management fee was equivalent to an annual rate of 0.44% of the Fund’s average daily net assets.

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

Administration fees

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

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

Funds Management has contractually waived and/or reimbursed management and administration fees to the extent necessary to maintain certain net operating expense ratios for the Fund. When each class of the Fund has exceeded its expense cap, Funds Management has waived fees and/or reimbursed expenses from fund level expenses on a proportionate basis and then from class specific expenses. When only certain classes exceed their expense caps, waivers and/or reimbursements are applied against class specific expenses before fund level expenses. Funds Management has committed through December 31, 2019 to waive fees and/or reimburse expenses to the extent necessary to cap the Fund’s expenses at 0.85% for Class A shares, 1.60% for Class C shares, 0.64% for Administrator Class shares, and 0.48% for Institutional Class shares. Prior to or after the commitment expiration date, the cap may be increased or the commitment to maintain the cap may be terminated only with the approval of the Board of Trustees.

Distribution fee

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

In addition, Funds Distributor is entitled to receive the front-end sales charge from the purchase of Class A shares and a contingent deferred sales charge on the redemption of certain Class A shares. Funds Distributor is also entitled to receive the contingent deferred sales charges from redemptions of Class C shares. For the six months ended February 28, 2019, Funds Distributor received $1,738 from the sale of Class A shares and $163 in contingent deferred sales charges from redemptions of Class C shares. No contingent deferred sales charges were incurred by Class A shares for the six months ended February 28, 2019.

Shareholder servicing fees

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

Interfund transactions

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

5. INVESTMENT PORTFOLIO TRANSACTIONS

Purchases and sales of investments, excluding short-term securities, for the six months ended February 28, 2019 were as follows:

Purchases at cost		Sales proceeds
U.S. government	Non-U.S. government	U.S. government	Non-U.S. government
$691,780,965	$38,227,192	$793,376,912	$49,141,630

30 Wells Fargo Government Securities Fund Notes to financial statements (unaudited)

6. DERIVATIVE TRANSACTIONS

During the six months ended February 28, 2019, the Fund entered into futures contracts to help manage duration. The Fund had an average notional amount of $19,883,369 in long futures contracts and $48,630,057 in short futures contracts during the six months ended February 28, 2019.

7. BANK BORROWINGS

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

For the six months ended February 28, 2019, there were no borrowings by the Fund under the agreement.

8. DISTRIBUTIONS TO SHAREHOLDERS

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

	Net investment income
Class A	$	6,375,215
Class C		199,378
Administrator Class		4,147,365
Institutional Class		5,781,887

9. INDEMNIFICATION

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

10. NEW ACCOUNTING PRONOUNCEMENTS

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

In March 2017, FASB issued ASU No. 2017-08, Premium Amortization on Purchased Callable Debt Securities. ASU 2017-08 shortens the amortization period for certain callable debt securities held at a premium. The amendments require the premium to be amortized to the earliest call date. The amendments do not require an accounting change for securities held at a discount; the discount continues to be amortized to maturity. ASU 2017-08 is effective for fiscal years beginning after December 15, 2018 and for interim periods within those fiscal years. Management is currently evaluating the potential impact of this new guidance to the financial statements.

Other information (unaudited) Wells Fargo Government Securities Fund 31

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 wfam.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 wfam.com or by visiting the SEC website at sec.gov.

PORTFOLIO HOLDINGS INFORMATION

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

32 Wells Fargo Government Securities Fund Other information (unaudited)

BOARD OF TRUSTEES AND OFFICERS

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

Independent Trustees

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

Other information (unaudited) Wells Fargo Government Securities Fund 33

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	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	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	Chief Operating Officer, Twin Cities Habitat for Humanity, since January, 2017. Vice President of University Services, University of Minnesota from 2012 to 2017. Prior thereto, on the Board of Directors, Governance Committee and Finance Committee for the Minnesota Philanthropy Partners (Saint Paul Foundation) from 2012 to 2018, Interim President and Chief Executive Officer of Blue Cross Blue Shield of Minnesota from 2010 to 2011, Chairman of the Board from 2009 to 2011 and Board Director from 2003 to 2015. Vice President, Leadership and Community Engagement, Bush Foundation, Saint Paul, Minnesota (a private foundation) from 2009 to 2011. Executive Vice President and Chief Financial Officer, Minnesota Sports and Entertainment from 2004 to 2009 and Senior Vice President from 2002 to 2004. Commissioner of Finance, State of Minnesota, from 1999 to 2002. Currently the Board Chair of the Minnesota Wild Foundation since 2010.	N/A

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

34 Wells Fargo Government Securities 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 and 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 wfam.com.

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

Appendix A (unaudited) Wells Fargo Government Securities Fund 35

SALES CHARGE REDUCTIONS AND WAIVERS FOR CERTAIN INTERMEDIARIES

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

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

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

• Shares purchased in an investment advisory program.

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

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

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

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

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

• Death or disability of the shareholder.

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

• Return of excess contributions from an IRA Account.

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

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

• Shares acquired through a right of reinstatement.

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

• Breakpoints as described in the Fund’s Prospectus.

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

This page is intentionally left blank.

For more information

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

Wells Fargo Funds

P.O. Box 219967

Kansas City, MO 64121-9967

Website: wfam.com

Individual investors: 1-800-222-8222

Retail investment professionals: 1-888-877-9275

Institutional investment professionals:
1-866-765-0778

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

321625 04-19 SA216/SAR216 02-19

Semi-Annual Report

February 28, 2019

Wells Fargo Short-Term Bond Fund

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

If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from the Fund electronically at any time by contacting your financial intermediary (such as a broker-dealer or bank) or, if you are a direct investor, by 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	8
Portfolio of investments	9
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	28
Other information	34
Appendix A	38

The views expressed and any forward-looking statements are as of February 28, 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 Short-Term Bond Fund Letter to shareholders (unaudited)

Andrew Owen

President

Wells Fargo Funds

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

Dear Shareholder:

We are pleased to offer you this semi-annual report for the Wells Fargo Short-Term Bond Fund for the six-month period that ended February 28, 2019. Higher short-term interest rates, inflation concerns, trade tensions, slowing economic growth outside the U.S., and geopolitical events contributed to investment market volatility throughout the period.

For the period, U.S. stocks, as measured by the S&P 500 Index,¹ fell 3.04% and international stocks, as measured by the MSCI ACWI ex USA Index (Net),² declined 2.47%. Based on the MSCI EM Index (Net),³ emerging market stocks gained 0.33%. For bond investors, the Bloomberg Barclays U.S. Aggregate Bond Index⁴ added 1.99% while the Bloomberg Barclays Global Aggregate ex-USD Index⁵ gained 0.63%. The Bloomberg Barclays Municipal Bond Index⁶ added 2.34%, and the ICE BofAML U.S. High Yield Index⁷ advanced 1.98%.

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^®8 reached its highest level in 18 years during September 2018. The U.S. Federal Reserve (Fed) raised the federal funds rate by 25 basis points (bps; 100 bps equal 1.00%) to a target range of between 2.00% and 2.25% in September 2018. For the quarter that ended September 30, 2018, the S&P 500 Index added 7.71%.

Investors in international markets were not as confident. 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 Bank of England (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%.

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.

⁸ 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.

Letter to shareholders (unaudited) Wells Fargo Short-Term Bond Fund 3

Conflicting data unsettled markets during the fourth quarter.

November’s U.S. midterm elections shifted control of the House of Representatives from Republicans to Democrats, presaging potential partisan clashes. Third-quarter U.S. gross domestic product (GDP) was announced at an annualized 3.4% rate, lower than the second-quarter rate. Brexit efforts stalled ahead of the March 2019 deadline. The People’s Bank of China 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.

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. The Fed increased the federal funds rate by 25 bps in December 2018 to a target range of between 2.25% and 2.50% and softened its outlook for 2019 rate increases.

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 VIX⁹.

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.

In February, concerns over slowing global growth reemerged. The Bureau of Economic Analysis announced fourth-quarter 2018 GDP grew at an annualized 2.2% rate, down from the 4.2% annualized rate for the second quarter and the 3.4% annualized rate for the third quarter. Analysts attributed the lower growth rate to a slowing housing market and larger trade deficit. The U.S. Labor Department said that the economy created just 20,000 jobs in February. In a February report, the BOE forecast the slowest growth since the financial crisis for 2019. China and the U.S., while putting future tariffs on hold for the time being, continued to wrangle over trade issues.

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.

January’s returns tended to support the investing adage that markets climb a wall of worry.

⁹  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 Short-Term Bond Fund Letter to shareholders (unaudited)

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

Sincerely,

Andrew Owen

President

Wells Fargo Funds

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

This page is intentionally left blank.

6 Wells Fargo Short-Term Bond Fund Performance highlights (unaudited)

Investment objective

The Fund seeks current income consistent with capital preservation.

Manager

Wells Fargo Funds Management, LLC

Subadviser

Wells Capital Management Incorporated

Portfolio managers

Christopher Y. Kauffman, CFA^®‡

Jay N. Mueller, CFA^®‡

Noah M. Wise, CFA^®‡

Average annual total returns (%) as of February 28, 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 (SSTVX)	8-31-1999		0.39		0.82		2.23		2.44		1.23		2.44		0.83		0.73
Class C (WFSHX)	3-31-2008		0.67		0.48		1.67		1.67		0.48		1.67		1.58		1.48
Class R6 (SSTYX)3	7-31-2018		–		–		–		2.63		1.50		2.72		0.45		0.41
Institutional Class (SSHIX)	8-31-1999		–		–		–		2.71		1.52		2.73		0.50		0.46
Bloomberg Barclays U.S. 1-3 Year Government/Credit Bond Index4	–		–		–		–		2.52		1.07		1.57		–		–

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

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

For Class A shares, the maximum front-end sales charge is 2.00%. For Class C shares, the maximum contingent deferred sales charge is 1.00%. Performance including a contingent deferred sales charge assumes the sales charge for the corresponding time period. Class R6 and Institutional Class shares are sold without a front-end sales charge or contingent deferred sales charge.

Bond values fluctuate in response to the financial condition of individual issuers, general market and economic conditions, and changes in interest rates. Changes in market conditions and government policies may lead to periods of heightened volatility in the bond market and reduced liquidity for certain bonds held by the Fund. In general, when interest rates rise, bond values fall and investors may lose principal value. Interest-rate changes and their impact on the Fund and its share price can be sudden and unpredictable. Loans are subject to risks similar to those associated with other below-investment-grade bond investments, such as credit risk (for example, risk of issuer default), below investment- grade bond risk (for example, risk of greater volatility in value), and risk that the loan may become illiquid or difficult to price. The use of derivatives may reduce returns and/or increase volatility. Certain investment strategies tend to increase the total risk of an investment (relative to the broader market). Foreign investments are especially volatile and can rise or fall dramatically due to differences in the political and economic conditions of the host country. These risks are generally intensified in emerging markets. The Fund is exposed to high-yield securities risk and mortgage- and asset backed securities risk. Consult the Fund’s prospectus for additional information on these and other risks.

Please see footnotes on page 7.

Performance highlights (unaudited) Wells Fargo Short-Term Bond Fund 7

Ten largest holdings (%) as of February 28, 20195
Jackson National Life Global Company, 2.50%, 6-27-2022	1.16
BX Trust 2017 Series A, 3.54%, 10-15-2032	0.92
GS Mortgage Securities Trust Series 2010-C1 Class A2, 4.59%, 8-10-2043	0.77
Illinois Series 2014, 5.00%, 5-1-2019	0.73
HSBC Bank USA NA, 4.88%, 8-24-2020	0.73
Comcast Corporation, 3.45%, 10-1-2021	0.72
Duke Energy Corporation, 5.05%, 9-15-2019	0.72
Charter Communications Operating LLC, 3.58%, 7-23-2020	0.72
SBA Tower Trust Series 2014-1A Class C, 2.90%, 10-15-2044	0.71
Enable Midstream Partner LP, 2.40%, 5-15-2019	0.71

Portfolio composition as of February 28, 2019⁶

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

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

²  The manager has contractually committed through December 31, 2019, to waive fees and/or reimburse expenses to the extent necessary to cap the expenses of each class after fee waivers at 0.72% for Class A, 1.47% for Class C, 0.40% for Class R6, and 0.45% for Institutional Class. Brokerage commissions, stamp duty fees, interest, taxes, acquired fund fees and expenses (if any), and extraordinary expenses are excluded from the expense cap. Prior to or after the commitment expiration date, the cap may be increased or the commitment to maintain the cap may be terminated only with the approval of the Board of Trustees. Without this cap, the Fund’s returns would have been lower. The expense ratio paid by an investor is the net expense ratio (the total annual fund operating expenses after fee waivers) as stated in the prospectuses.

³  Historical performance shown for Class R6 shares prior to their inception reflects the performance of Institutional Class shares and includes the higher expenses applicable to Institutional Class shares. If these expenses had not been included, returns for Class R6 shares would be higher.

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

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

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

8 Wells Fargo Short-Term Bond Fund Fund expenses (unaudited)

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

The example is based on an investment of $1,000 invested at the beginning of the six-month period and held for the entire period from September 1, 2018 to February 28, 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 sales charges (loads) and contingent deferred sales charges. Therefore, the “Hypothetical” line of the table is useful in comparing ongoing costs only and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

	Beginning account value 9-1-2018		Ending account value 2-28-2019		Expenses paid during the period¹		Annualized net expense ratio
Class A
Actual	$	1,000.00	$	1,015.98	$	3.60		0.72	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.22	$	3.61		0.72	%
Class C
Actual	$	1,000.00	$	1,012.22	$	7.33		1.47	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,017.50	$	7.35		1.47	%
Class R6
Actual	$	1,000.00	$	1,016.42	$	2.00		0.40	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,022.81	$	2.01		0.40	%
Institutional Class
Actual	$	1,000.00	$	1,018.51	$	2.25		0.45	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,022.56	$	2.26		0.45	%

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

Portfolio of investments—February 28, 2019 (unaudited) Wells Fargo Short-Term Bond Fund 9

Security name	Interest rate			Maturity date		Principal		Value
Agency Securities: 4.52%
FDIC Series 2010-R1 Class A 144A		2.18	%		5-25-2050	$	331,678	$	331,523
FDIC Series 2013-R1 Class A 144A		1.15			3-25-2033		404,127		398,181
FHLMC		3.50			10-15-2025		466,934		475,874
FHLMC		3.50			6-15-2038		189,954		190,160
FHLMC (3 Year Treasury Constant Maturity +2.24%) ±		3.62			5-1-2026		28,127		28,146
FHLMC		4.00			5-1-2025		853,528		877,300
FHLMC (1 Year Treasury Constant Maturity +2.25%) ±		4.12			4-1-2032		35,967		37,648
FHLMC (1 Year Treasury Constant Maturity +2.40%) ±		4.37			7-1-2029		2,209		2,280
FHLMC (12 Month LIBOR +1.91%) ±		4.66			9-1-2031		2,450		2,478
FHLMC (1 Year Treasury Constant Maturity +2.25%) ±		4.74			4-1-2038		241,671		254,095
FHLMC		6.00			10-1-2021		101,360		103,802
FHLMC		9.00			6-1-2019		392		392
FHLMC		9.00			10-1-2019		7,187		7,201
FHLMC		9.50			12-1-2022		4,207		4,241
FHLMC		10.50			4-1-2019		11		11
FHLMC		10.50			5-1-2019		10		10
FHLMC		10.50			6-1-2019		22		22
FHLMC		10.50			7-1-2019		47		47
FHLMC Series 2597 Series AE		5.50			4-15-2033		56,809		59,963
FHLMC Series 2642 Class AR		4.50			7-15-2023		207,753		211,151
FHLMC Series 3266 Class D		5.00			1-15-2022		232		232
FHLMC Series 3609 Class LA		4.00			12-15-2024		10,502		10,501
FHLMC Series 3855 Class HL		3.50			2-15-2026		58,303		58,301
FHLMC Series 3920 Class AB		3.00			9-15-2025		264,748		265,322
FHLMC Series KI01 Class A (1 Month LIBOR +0.16%) ±		2.67			9-25-2022		132,619		132,331
FHLMC Series KP04 Class AG1 (1 Month LIBOR +0.22%) ±		2.73			7-25-2020		1,485,000		1,484,404
FHLMC Series QO04 Class AFL (12 Month Treasury Average +0.74%) ±		3.07			5-25-2044		1,126,965		1,128,313
FHLMC Series T-42 Class A6		9.50			2-25-2042		313,676		376,028
FHLMC Series T-57 Class 2A1 ±±		4.10			7-25-2043		76,133		80,551
FHLMC Series T-59 Class 2A1 ±±		3.97			10-25-2043		879,963		893,073
FNMA		3.02			11-1-2020		251,599		251,800
FNMA (1 Year Treasury Constant Maturity +1.27%) ±		3.71			8-1-2034		245,058		248,194
FNMA		4.00			6-25-2026		471,507		492,838
FNMA		4.00			8-25-2037		349,276		354,115
FNMA (12 Month LIBOR +1.81%) ±		4.44			9-1-2040		723,989		757,600
FNMA (1 Year Treasury Constant Maturity +2.26%) ±		4.50			8-1-2036		1,165,410		1,225,786
FNMA (12 Month Treasury Average +2.29%) ±		4.57			10-1-2036		850,669		884,516
FNMA (1 Year Treasury Constant Maturity +2.19%) ±		4.64			11-1-2031		41,510		43,514
FNMA (12 Month Treasury Average +2.43%) ±		4.68			7-1-2036		926,812		968,756
FNMA		5.50			3-1-2023		394,464		407,221
FNMA		6.00			4-1-2021		38,894		39,524
FNMA		6.00			3-1-2033		477,205		516,773
FNMA		6.50			8-1-2031		195,176		220,881
FNMA		8.00			9-1-2023		893		898
FNMA		8.33			7-15-2020		1,217		1,224
FNMA		9.00			2-15-2020		85		86
FNMA		9.00			11-1-2024		37,281		39,789
FNMA		11.00			10-15-2020		1,081		1,093
FNMA Grantor Trust Series 2002-T12 Class A4		9.50			5-25-2042		516,086		604,632
FNMA Series 1989-29 Class Z		10.00			6-25-2019		3,155		3,169

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

10 Wells Fargo Short-Term Bond Fund Portfolio of investments—February 28, 2019 (unaudited)

Security name	Interest rate			Maturity date		Principal		Value
Agency Securities (continued)
FNMA Series 1989-63 Class Z		9.40	%		10-25-2019	$	636	$	643
FNMA Series 2002-T1 Class A4		9.50			11-25-2031		33,649		38,959
FNMA Series 2003-41 Class PE		5.50			5-25-2023		243,100		247,319
FNMA Series 2003-W11 Class A1 ±±		5.63			6-25-2033		6,919		7,227
FNMA Series 2003-W6 Class 6A ±±		4.42			8-25-2042		685,054		697,481
FNMA Series 2003-W6 Class PT4 ±±		8.66			10-25-2042		64,487		78,480
FNMA Series 2004-32 Class AY		4.00			5-25-2019		1,430		1,430
FNMA Series 2005-84 Class MB		5.75			10-25-2035		378,199		406,272
FNMA Series 2008-53 Class CA		5.00			7-25-2023		40,147		40,191
FNMA Series 2009-M01 Class A2		4.29			7-25-2019		204,593		204,471
FNMA Series 2010-37 Class A1		5.41			5-25-2035		1,650,402		1,700,226
FNMA Series 2011-133 Class A		3.50			6-25-2029		158,346		158,522
FNMA Series 2011-39 Class CA		3.00			5-25-2024		821		820
GNMA		4.50			4-20-2035		100,040		102,576
GNMA		8.00			12-15-2023		12,550		13,424
GNMA		9.00			11-15-2024		3,111		3,216
GNMA Series 2011-70 Class BE		3.00			8-25-2026		28,318		28,282
GNMA Series 2017-H13 Class FJ (1 Month LIBOR +0.20%) ±		2.71			5-20-2067		346,773		346,426
GNMA Series 2017-H16 Class FD (1 Month LIBOR +0.20%) ±		2.71			8-20-2067		513,191		512,977
Total Agency Securities (Cost $18,846,414)									19,064,932
Asset-Backed Securities: 9.38%
Ascentium Equipment Receivables LLC Series 2017-2A Class A2 144A		2.00			5-11-2020		1,100,136		1,096,907
Chesapeake Funding LLC Series 2017-3A Class A1 144A		1.91			8-15-2029		2,012,255		1,991,865
Dell Equipment Finance Trust Series 2017-2 Class A2B (1 Month LIBOR +0.30%) 144A±		2.78			2-24-2020		388,191		388,191
DT Auto Owner Trust Series 2017-2A Class D 144A		3.89			1-15-2023		535,000		537,797
Education Loan Asset-Backed Trust Series 2013-1 Class A1 (1 Month LIBOR +0.80%) 144A±		3.29			6-25-2026		924,404		925,515
Enterprise Fleet Financing Trust Series 2017-1 Class A2 144A		2.13			7-20-2022		2,028,500		2,019,898
Flagship Credit Auto Trust Series 2014-2 Class C 144A		3.95			12-15-2020		1,497,832		1,500,830
Ford Credit Auto Lease Trust Series 2017-B Class A2A		1.80			6-15-2020		516,196		515,515
GM Financial Securitized Term Auto Receivables Trust Series 2018-1 Class A2A		2.08			1-19-2021		2,244,676		2,240,476
GMF Floorplan Owner Revolving Trust Series 2016-1 Class A2 (1 Month LIBOR +0.85%) 144A±		3.34			5-17-2021		1,830,000		1,832,318
Home Equity Asset Trust Series 2003-6 Class M1 (1 Month LIBOR +1.05%) ±		3.54			2-25-2034		932,129		911,081
Jimmy John’s Funding LLC Series 2017-1A Class A2I 144A		3.61			7-30-2047		1,231,250		1,218,876
John Deere Owner Trust Series 2016-A Class A3		1.36			4-15-2020		145,545		145,382
Lendmark Funding Trust Series 2018-1A Class A 144A		3.81			12-21-2026		1,855,000		1,868,002
Navistar Financial Dealer Note Master Trust Series 2017-1 Class A (1 Month LIBOR +0.78%) 144A±		3.27			6-27-2022		2,000,000		2,001,407
Nissan Auto Lease Trust Series 2017-B Class A3		2.05			9-15-2020		1,775,000		1,768,555
Santander Retail Auto Lease Trust Series 2017-A Class A2A 144A		2.02			3-20-2020		1,556,755		1,554,725
SLC Student Loan Trust Series 2006-2 Class A5 (3 Month LIBOR +0.10%) ±		2.89			9-15-2026		1,386,023		1,383,532
SLM Student Loan Trust Series 2007- 4 Class B1 (3 Month LIBOR +0.14%) ±		2.91			7-25-2025		1,985,463		1,974,650
SLM Student Loan Trust Series 2011-1 Class A1 (1 Month LIBOR +0.52%) ±		3.01			3-25-2026		330,910		331,210
SLM Student Loan Trust Series 2011-2 Class A1 (1 Month LIBOR +0.60%) ±		3.09			11-25-2027		307,754		308,940
SLM Student Loan Trust Series 2012-3 Class A (1 Month LIBOR +0.65%) ±		3.14			12-27-2038		1,984,163		1,979,150
Student Loan Consolidation Center Series 2011-1 Class A (1 Month LIBOR +1.22%) 144A±		3.71			10-25-2027		1,811,771		1,819,235
Tesla Auto Lease Trust Series 2018-B Class A 144A		3.71			8-20-2021		927,786		937,084

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

Portfolio of investments—February 28, 2019 (unaudited) Wells Fargo Short-Term Bond Fund 11

Security name	Interest rate			Maturity date		Principal		Value
Asset-Backed Securities (continued)
Towd Point Asset Trust Series 2018-SL1 Class A (1 Month LIBOR +0.60%) 144A±		3.11	%		1-25-2046	$	2,458,778	$	2,431,751
Verizon Owner Trust Series 2017-1A Class A 144A		2.06			9-20-2021		1,800,000		1,793,120
Volvo Financial Equipment LLC Series 2016-1A Class A3 144A		1.67			2-18-2020		158,026		157,903
Volvo Financial Equipment LLC Series 2018-AA (1 Month LIBOR +0.52%) 144A±		3.01			7-17-2023		2,240,000		2,243,587
Wheels SPV LLC Series 2018-1A Class A2 144A		3.06			4-20-2027		1,375,000		1,374,856
World Omni Auto Receivables Trust Series 2017-A Class A2		1.68			12-16-2019		266,062		265,921
Total Asset-Backed Securities (Cost $39,584,555)									39,518,279
Corporate Bonds and Notes: 45.12%
Communication Services: 5.21%
Diversified Telecommunication Services: 1.45%
AT&T Incorporated		2.80			2-17-2021		1,910,000		1,897,924
AT&T Incorporated		5.00			3-1-2021		1,085,000		1,131,350
Broadcom Corporation		3.00			1-15-2022		1,415,000		1,388,742
Hughes Satellite Systems Corporation		6.50			6-15-2019		1,700,000		1,710,625
									6,128,641
Media: 3.47%
Charter Communications Operating LLC		3.58			7-23-2020		3,000,000		3,013,574
Comcast Corporation		3.45			10-1-2021		3,000,000		3,034,849
Discovery Communications LLC 144A		3.50			6-15-2022		2,025,000		2,003,218
Fox Corporation 144A		4.03			1-25-2024		1,070,000		1,090,472
Interpublic Group Companies		3.75			2-15-2023		2,025,000		2,019,855
NBCUniversal Enterprise Incorporated 144A		5.25			12-31-2049		1,655,000		1,681,662
TEGNA Incorporated		5.13			7-15-2020		1,740,000		1,755,225
									14,598,855
Wireless Telecommunication Services: 0.29%
Sprint Spectrum Company LLC 144A		3.36			3-20-2023		1,210,000		1,203,950
Consumer Discretionary: 2.07%
Hotels, Restaurants & Leisure: 0.65%
GLP Capital LP		4.88			11-1-2020		1,340,000		1,360,100
MGM Resorts International		5.25			3-31-2020		1,340,000		1,363,785
									2,723,885
Household Durables: 0.65%
D.R. Horton Incorporated		4.75			2-15-2023		2,000,000		2,035,753
Lennar Corporation		4.50			11-15-2019		445,000		446,669
Lennar Corporation		4.75			11-15-2022		251,000		256,569
									2,738,991
Internet & Direct Marketing Retail: 0.18%
Amazon.com Incorporated		1.90			8-21-2020		765,000		756,196
Multiline Retail: 0.28%
Macy’s Retail Holdings Incorporated		3.45			1-15-2021		1,205,000		1,199,368

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

12 Wells Fargo Short-Term Bond Fund Portfolio of investments—February 28, 2019 (unaudited)

Security name	Interest rate			Maturity date		Principal		Value
Specialty Retail: 0.31%
Group 1 Automotive Incorporated		5.00	%		6-1-2022	$	1,300,000	$	1,306,500
Consumer Staples: 3.12%
Food Products: 2.05%
Campbell Soup Company		3.30			3-15-2021		2,380,000		2,376,235
Conagra Brands Incorporated		3.80			10-22-2021		1,440,000		1,452,254
General Mills Incorporated		3.20			4-16-2021		1,800,000		1,804,605
Hershey Company		3.38			5-15-2023		2,950,000		2,992,890
									8,625,984
Tobacco: 1.07%
Altria Group Incorporated		2.85			8-9-2022		2,805,000		2,757,211
British American Tobacco Capital Corporation		2.30			8-14-2020		1,785,000		1,758,678
									4,515,889
Energy: 2.53%
Oil, Gas & Consumable Fuels: 2.53%
Baker Hughes LLC		2.77			12-15-2022		1,360,000		1,338,543
BP AMI Leasing Incorporated 144A		5.52			5-8-2019		825,000		829,097
DCP Midstream Operating LP 144A		5.35			3-15-2020		1,005,000		1,022,588
Enable Midstream Partner LP		2.40			5-15-2019		3,000,000		2,995,852
Energy Transfer Partners LP		5.20			2-1-2022		2,060,000		2,146,956
Rockies Express Pipeline LLC 144A		5.63			4-15-2020		2,300,000		2,346,000
									10,679,036
Financials: 16.33%
Banks: 5.99%
Australia & New Zealand Banking Group Limited		2.25			11-9-2020		2,210,000		2,184,405
Bank of America Corporation		2.15			11-9-2020		2,000,000		1,974,497
Bank of America NA (3 Month LIBOR +0.65%) ±		3.34			1-25-2023		1,000,000		1,004,749
BBVA Bancomer SA 144A		7.25			4-22-2020		2,240,000		2,315,622
Citibank NA		3.40			7-23-2021		2,000,000		2,016,530
Citigroup Incorporated		2.50			7-29-2019		2,235,000		2,232,064
Citizens Bank		2.20			5-26-2020		2,000,000		1,978,919
Fifth Third Bank		2.30			3-15-2019		1,845,000		1,844,820
HSBC Bank USA NA		4.88			8-24-2020		3,000,000		3,077,331
JPMorgan Chase		1.65			9-23-2019		2,000,000		1,987,957
JPMorgan Chase (3 Month LIBOR +0.61%) ±		3.51			6-18-2022		1,000,000		1,009,257
Synchrony Bank		3.65			5-24-2021		1,075,000		1,079,629
US Bank NA		2.05			10-23-2020		2,540,000		2,507,252
									25,213,032
Capital Markets: 0.91%
Goldman Sachs Group Incorporated		2.30			12-13-2019		1,000,000		995,609
Goldman Sachs Group Incorporated (3 Month LIBOR +0.82%) ±		2.88			10-31-2022		2,900,000		2,856,548
									3,852,157

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

Portfolio of investments—February 28, 2019 (unaudited) Wells Fargo Short-Term Bond Fund 13

Security name	Interest rate			Maturity date		Principal		Value
Consumer Finance: 4.39%
American Express Company		3.40	%		2-27-2023	$	1,120,000	$	1,127,380
Capital One Financial Corporation		2.50			5-12-2020		3,000,000		2,979,799
Daimler Finance North America LLC 144A		2.20			5-5-2020		520,000		514,047
Daimler Finance North America LLC 144A		3.00			2-22-2021		2,850,000		2,830,586
Ford Motor Credit Company LLC		3.20			1-15-2021		1,335,000		1,313,582
Ford Motor Credit Company LLC (3 Month LIBOR +0.88%) ±		3.68			10-12-2021		1,160,000		1,118,312
General Motors Financial Company Incorporated		3.45			4-10-2022		3,000,000		2,978,248
Nissan Motor Acceptance Corporation 144A		2.00			3-8-2019		2,000,000		1,999,856
Nissan Motor Acceptance Corporation 144A		3.88			9-21-2023		2,030,000		2,012,077
Synchrony Financial		2.70			2-3-2020		1,645,000		1,638,052
									18,511,939
Diversified Financial Services: 1.15%
IBM Credit LLC		3.45			11-30-2020		2,590,000		2,614,031
WEA Finance LLC 144A		3.25			10-5-2020		2,205,000		2,208,440
									4,822,471
Insurance: 3.89%
Axis Specialty Finance LLC		5.88			6-1-2020		1,794,000		1,846,746
Jackson National Life Global Company 144A		3.30			6-11-2021		2,340,000		2,349,039
Jackson National Life Global Company 144A		2.50			6-27-2022		5,000,000		4,868,282
Metropolitan Life Global Funding Incorporated 144A		1.55			9-13-2019		1,820,000		1,808,753
OneBeacon US Holdings Incorporated		4.60			11-9-2022		2,075,000		2,095,226
Protective Life Global Funding 144A		2.26			4-8-2020		1,450,000		1,440,225
Reliance Standard Life Insurance 144A		2.38			5-4-2020		2,000,000		1,981,641
									16,389,912
Health Care: 4.41%
Biotechnology: 0.49%
Abbvie Incorporated		3.38			11-14-2021		2,065,000		2,078,338
Health Care Providers & Services: 2.00%
Anthem Incorporated		2.50			11-21-2020		1,235,000		1,223,472
Cigna Holding Company		4.00			2-15-2022		2,095,000		2,135,049
CVS Health Corporation		2.80			7-20-2020		2,360,000		2,347,672
HCA Incorporated		6.50			2-15-2020		1,315,000		1,354,325
Tenet Healthcare Corporation		6.00			10-1-2020		1,340,000		1,381,875
									8,442,393
Pharmaceuticals: 1.92%
Bayer US Finance LLC 144A		3.88			12-15-2023		1,725,000		1,719,802
Eli Lilly and Company		2.35			5-15-2022		3,000,000		2,954,802
EMD Finance LLC 144A		2.40			3-19-2020		1,925,000		1,912,634
Teva Pharmaceutical Finance LLC		2.25			3-18-2020		1,500,000		1,477,479
									8,064,717

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

14 Wells Fargo Short-Term Bond Fund Portfolio of investments—February 28, 2019 (unaudited)

Security name	Interest rate			Maturity date		Principal		Value
Industrials: 2.32%
Aerospace & Defense: 0.95%
Rockwell Collins Incorporated		1.95	%		7-15-2019	$	1,530,000	$	1,524,885
Spirit AeroSystems Incorporated (3 Month LIBOR +0.80%) ±		3.59			6-15-2021		2,500,000		2,483,229
									4,008,114
Airlines: 0.54%
Delta Air Lines Incorporated		3.40			4-19-2021		1,000,000		998,500
Delta Air Lines Incorporated		4.75			11-7-2021		1,273,140		1,288,799
									2,287,299
Industrial Conglomerates: 0.71%
General Electric Company		2.50			3-28-2020		3,000,000		2,975,277
Professional Services: 0.12%
Equifax Incorporated		3.60			8-15-2021		500,000		499,634
Information Technology: 3.69%
IT Services: 0.57%
IBM Corporation		1.80			5-17-2019		2,405,000		2,401,079
Semiconductors & Semiconductor Equipment: 1.16%
Broadcom Corporation		2.65			1-15-2023		3,000,000		2,859,532
KLA-Tencor Corporation		3.38			11-1-2019		2,000,000		2,004,313
									4,863,845
Technology Hardware, Storage & Peripherals: 1.96%
Apple Incorporated		2.15			2-9-2022		3,000,000		2,950,125
EMC Corporation		2.65			6-1-2020		2,840,000		2,811,047
Hewlett Packard Enterprise Company		3.60			10-15-2020		2,500,000		2,513,162
									8,274,334
Materials: 1.08%
Chemicals: 0.49%
DowDuPont Incorporated		4.21			11-15-2023		2,010,000		2,074,133
Paper & Forest Products: 0.59%
Georgia Pacific LLC 144A		2.54			11-15-2019		2,495,000		2,489,355
Real Estate: 1.61%
Equity REITs: 0.71%
DDR Corporation		4.63			7-15-2022		739,000		756,163
Sabra Health Care LP		5.50			2-1-2021		2,200,000		2,231,625
									2,987,788
Real Estate Management & Development: 0.90%
Newmark Group Incorporated 144A		6.13			11-15-2023		1,745,000		1,753,670
Washington Prime Group		3.85			4-1-2020		2,065,000		2,041,947
									3,795,617

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

Portfolio of investments—February 28, 2019 (unaudited) Wells Fargo Short-Term Bond Fund 15

Security name	Interest rate			Maturity date		Principal		Value
Utilities: 2.75%
Electric Utilities: 1.95%
Duke Energy Corporation		5.05	%		9-15-2019	$	3,000,000	$	3,033,583
Edison International		2.13			4-15-2020		1,200,000		1,175,913
Exelon Corporation		3.50			6-1-2022		1,895,000		1,881,369
NV Energy Incorporated		6.25			11-15-2020		2,000,000		2,102,664
									8,193,529
Multi-Utilities: 0.80%
Centerpoint Energy Incorporated		3.60			11-1-2021		2,000,000		2,014,366
Dominion Resources Incorporated		2.96			7-1-2019		1,365,000		1,364,832
									3,379,198
Total Corporate Bonds and Notes (Cost $190,213,240)									190,081,456
Municipal Obligations: 2.55%
California: 0.23%
Miscellaneous Revenue: 0.23%
Roman Catholic Diocese of Oakland CA		6.04			11-1-2019		935,000		951,479
Georgia: 0.25%
Health Revenue: 0.25%
Medical Center GA Hospital Authority Taxable Refunding Bond Columbus Regional Healthcare System Incorporated Project		4.88			8-1-2022		1,000,000		1,047,060
Illinois: 0.95%
Miscellaneous Revenue: 0.73%
Illinois Series 2014		5.00			5-1-2019		3,070,000		3,083,324
Tax Revenue: 0.22%
Chicago IL Retiree Health Series B		6.30			12-1-2021		870,000		912,447
									3,995,771
Michigan: 0.47%
Water & Sewer Revenue: 0.47%
Michigan Finance Authority Series D5		2.85			7-1-2019		2,000,000		1,999,120
Oregon: 0.24%
GO Revenue: 0.24%
Portland OR Taxable Pension (m)(n)		2.98			6-1-2019		1,000,000		1,000,000
Pennsylvania: 0.21%
Miscellaneous Revenue: 0.21%
Philadelphia PA IDA Pension Funding Series B (Ambac Insured) ¤		0.00			4-15-2021		970,000		901,479

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

16 Wells Fargo Short-Term Bond Fund Portfolio of investments—February 28, 2019 (unaudited)

Security name	Interest rate			Maturity date		Principal		Value
Rhode Island: 0.20%
Industrial Development Revenue: 0.20%
Rhode Island EDA (AGM Insured)		7.75	%		11-1-2020	$	800,000	$	829,616
Total Municipal Obligations (Cost $10,711,393)									10,724,525
Non-Agency Mortgage-Backed Securities: 16.07%
Barclays Commercial Mortgage Trust Series 2015-STP Class A 144A		3.32			9-10-2028		1,988,157		1,993,813
BDS Limited Series 2018-FL2 Class A (1 Month LIBOR +0.95%) 144A±		3.44			8-15-2035		1,157,094		1,149,857
Benefit Street Partners CLO Limited Series 2014 - IVA Class A1R (3 Month LIBOR +1.49%) 144A±		4.25			1-20-2029		2,300,000		2,304,407
BlueMountain CLO Limited Series 2012-2A Class AR2 (3 Month LIBOR +1.05%) 144A±		3.69			11-20-2028		1,400,000		1,396,739
BX Trust 2017 Series A (1 Month LIBOR +1.05%) 144A±		3.54			10-15-2032		3,890,000		3,889,339
Cascade Funding Mortgage Trust Series 2018- RM2 Class A 144A±±‡		4.00			10-25-2068		529,700		534,118
CD Commercial Mortgage Trust Series 2017-CD3 Class A1		1.97			2-10-2050		1,131,092		1,117,988
CGBAM Commercial Mortgage Trust Series 2015-SMRT Class A 144A		2.81			4-10-2028		1,365,000		1,361,749
CGDBB Commercial Mortgage Trust Series 2017-BIOC Class A (1 Month LIBOR +0.79%) 144A±		3.28			7-15-2032		2,850,000		2,846,310
CIFC Funding Limited Series 2012-2RA Class A1 (3 Month LIBOR +0.80%) 144A±		3.56			1-20-2028		2,440,000		2,418,562
Citigroup Commercial Mortgage Trust Series 2016-P5 Class A2		2.40			10-10-2049		128,000		126,503
Citigroup Commercial Mortgage Trust Series 2017-1500 Class A (1 Month LIBOR +0.85%) 144A±		3.34			7-15-2032		2,100,000		2,100,655
Citigroup Commercial Mortgage Trust Series 2017-MDRB Class A (1 Month LIBOR +1.10%) 144A±		3.59			7-15-2030		1,056,867		1,056,967
Commercial Mortgage Trust Series 2012-CR1 Class ASB		3.05			5-15-2045		1,943,136		1,945,141
Commercial Mortgage Trust Series 2014-LC17 Class A2		3.16			10-10-2047		2,113,278		2,114,764
Commercial Mortgage Trust Series 2015-CR27 Class A1		1.58			10-10-2048		1,242,157		1,230,709
ContiMortgage Home Equity Trust Series 1996-2 Class IO ±±(c)		0.00			7-15-2027		617,259		11,376
Countrywide Home Loans Mortgage Pass-Through Trust Series 2001-HYB1 Class 2A1 ±±		4.46			6-19-2031		103,080		101,926
Credit Suisse Mortgage Trust Series 2019-SKLZ Class A (1 Month LIBOR +1.25%) 144A±		3.76			1-15-2034		1,400,000		1,403,475
Crown Point Limited Series 2018-6A Class A1 (3 Month LIBOR +1.17%) 144A±		3.98			10-20-2028		2,350,000		2,342,489
Deutsche Bank UBS Securities Mortgage Trust Series 2011-LC2A Class A4 144A		4.54			7-10-2044		704,384		723,608
EquiFirst Mortgage Loan Trust Series 2003-2 Class 3A3 (1 Month LIBOR +1.13%) ±		3.61			9-25-2033		247,526		242,617
Golden National Mortgage Asset-Backed Certificates Series 1998-GN1 Class M2 ††		1.00			2-25-2027		34,322		34,198
Great Wolf Trust Series 2017-A (1 Month LIBOR +0.85%) 144A±		3.49			9-15-2034		2,150,000		2,144,571
GS Mortgage Securities Trust Series 2010-C1 Class A2 144A		4.59			8-10-2043		3,210,000		3,259,585
GS Mortgage Securities Trust Series 2013-G1 Class A2 144A±±		3.56			4-10-2031		530,140		526,865
GS Mortgage Securities Trust Series 2016-GS3 Class A1		1.43			10-10-2049		1,607,956		1,582,539
GSMPS Mortgage Loan Trust Series 1998-1 Class A 144A±±		8.00			9-19-2027		171,720		169,417
Hospitality Mortgage Trust Series 2017-HIT Class A (1 Month LIBOR +0.85%) 144A±		3.36			5-8-2030		750,000		748,731
JPMorgan Chase Commercial Mortgage Securities Trust Series 2007-CB18 Class AMFL (1 Month LIBOR +0.17%) ±		2.68			6-12-2047		5,572		5,561
JPMorgan Chase Commercial Mortgage Securities Trust Series 2007-LDPX Class AM ±±		5.46			1-15-2049		403,532		403,713
JPMorgan Chase Commercial Mortgage Securities Trust Series 2018-PHH Class A (1 Month LIBOR +0.91%) 144A±		3.40			6-15-2035		1,085,000		1,082,602
KKR Financial Holdings LLC (3 Month LIBOR +1.34%) 144A±		4.13			4-15-2029		2,250,000		2,250,054
Lendmark Funding Trust Series 2018 -2A Class A 144A		4.23			4-20-2027		160,000		162,855
LStar Commercial Mortgage Trust Series 2017-5 Class A1 144A		2.42			3-10-2050		502,123		497,757
Master Mortgages Trust Series 2002-3 Class 4A1 ±±		4.32			10-25-2032		3,016		3,016
Mello Warehouse Securitization Series 2018 - W1 Class A (1 Month LIBOR +0.85%) 144A±		3.34			11-25-2051		2,000,000		2,001,015
Morgan Stanley Capital I Trust Series 2016-C30 Class A1		1.39			9-15-2049		1,287,801		1,263,819

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

Portfolio of investments—February 28, 2019 (unaudited) Wells Fargo Short-Term Bond Fund 17

Security name	Interest rate			Maturity date		Principal		Value
Non-Agency Mortgage-Backed Securities (continued)
Neuberger Berman Limited Series 2015-20A Class AR (3 Month LIBOR +0.80%) 144A±		3.59	%		1-15-2028	$	1,340,000	$	1,328,654
Oaktree CLO Limited Series 15-1A Class A1R (3 Month LIBOR +0.87%) 144A±		3.63			10-20-2027		1,500,000		1,490,684
Octagon Investment Partners Series 2015-1A Class A1R (3 Month LIBOR +0.90%) 144A±		3.54			5-21-2027		2,000,000		1,990,828
Palmer Square Loan Funding Limited Series 2017-1A Class A1 (3 Month LIBOR +0.74%) 144A±		3.53			10-15-2025		1,614,723		1,606,733
Palmer Square Loan Funding Limited Series 2018 - 4A Class A1 (3 Month LIBOR +0.90%) 144A±		3.52			11-15-2026		1,661,619		1,653,944
RAIT Trust Series 2017-FL7 Class A (1 Month LIBOR +0.95%) 144A±		3.44			6-15-2037		714,522		706,436
RAIT Trust Series 2017-FL8 Class A (1 Month LIBOR +0.85%) 144A±		3.34			12-15-2037		630,647		630,370
ReadyCap Commercial Mortgage Trust Series 2019-5 Class A 144A		3.67			2-25-2052		1,688,742		1,697,471
RETL Series 2018 - RVP Class A (1 Month LIBOR +1.10%) 144A±		3.59			3-15-2033		740,287		738,411
Salem Fields CLO Limited Series 2016 - 2a Class A (3 Month LIBOR +1.15%) 144A±		3.92			10-25-2028		1,800,000		1,792,769
SBA Tower Trust Series 2014-1A Class C 144A		2.90			10-15-2044		3,000,000		2,998,417
Stonemont Portfolio Trust Series 2017 Class A (1 Month LIBOR +0.85%) 144A±		3.33			8-20-2030		1,734,517		1,727,971
Vendee Mortgage Trust Series 2011-1 Class DA		3.75			2-15-2035		591,456		597,326
Wilshire Funding Corporation Series 1996-3 Class M2 ±±		7.09			8-25-2032		81,560		79,472
Wilshire Funding Corporation Series 1996-3 Class M3 ±±		7.09			8-25-2032		86,727		83,354
Wilshire Funding Corporation Series 1998-2 Class M1 ±±		2.00			12-28-2037		10,801		10,796
Total Non-Agency Mortgage-Backed Securities (Cost $68,042,421)									67,683,046
U.S. Treasury Securities: 0.37%
U.S. Treasury Note		2.50			1-15-2022		1,545,000		1,544,759
Total U.S. Treasury Securities (Cost $1,543,817)									1,544,759
Yankee Corporate Bonds and Notes: 15.46%
Consumer Discretionary: 0.26%
Auto Components: 0.15%
IHO Verwaltungs GmbH 144A		4.13			9-15-2021		650,000		643,500
Automobiles: 0.11%
Jaguar Land Rover Limited 144A		4.25			11-15-2019		445,000		442,775
Consumer Staples: 0.68%
Beverages: 0.68%
Suntory Holdings Limited 144A		2.55			6-28-2022		2,975,000		2,869,441
Energy: 0.24%
Oil, Gas & Consumable Fuels: 0.24%
Petroleos Mexicanos Company		5.38			3-13-2022		995,000		997,139
Financials: 11.93%
Banks: 9.59%
Banco de Credito del Peru 144A		2.25			10-25-2019		1,500,000		1,490,250
Banco Internacional del Peru 144A		3.38			1-18-2023		1,305,000		1,277,595
Banco Santander SA 144A		4.13			11-9-2022		2,095,000		2,102,856
Banque Federative du Credit Mutuel SA 144A		2.20			7-20-2020		2,530,000		2,498,775
BPCE SA		2.50			7-15-2019		755,000		753,241
Commonwealth Bank of Australia 144A		1.75			11-7-2019		1,750,000		1,737,765
Cooperatieve Rabobank U.A.		2.75			1-10-2022		3,000,000		2,978,645
Corporacion Andina de Fomento		2.13			9-27-2021		3,000,000		2,917,710

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

18 Wells Fargo Short-Term Bond Fund Portfolio of investments—February 28, 2019 (unaudited)

Security name	Interest rate			Maturity date		Principal		Value
Banks (continued)
Credit Suisse Group Funding Limited		3.13	%		12-10-2020	$	2,110,000	$	2,105,138
Danske Bank AS 144A		1.65			9-6-2019		3,000,000		2,975,968
Danske Bank AS 144A		5.00			1-12-2022		1,405,000		1,433,632
Global Bank Corporation 144A		4.50			10-20-2021		470,000		472,491
Macquarie Bank Limited 144A«		2.85			7-29-2020		3,000,000		2,990,709
Mitsubishi UFJ Trust and Banking Corporation 144A		2.45			10-16-2019		3,000,000		2,992,342
Mizuho Financial Group 144A		2.63			4-12-2021		1,000,000		987,246
Nordea Bank AB 144A		3.75			8-30-2023		2,000,000		1,998,892
Santander UK plc		3.40			6-1-2021		2,000,000		2,004,086
Sumitomo Mitsui Financial Group (3 Month LIBOR +0.80%) ±		3.58			10-16-2023		2,000,000		1,998,606
Svenska Handelsbanken AB		1.88			9-7-2021		2,500,000		2,433,675
UniCredit SpA 144A		6.57			1-14-2022		2,220,000		2,275,854
									40,425,476
Diversified Financial Services: 1.84%
AerCap Ireland Capital DAC		4.45			12-16-2021		1,410,000		1,428,526
Enel Finance International NV 144A		4.25			9-14-2023		2,500,000		2,517,401
General Electric Capital International Funding Company		2.34			11-15-2020		1,300,000		1,278,033
UBS AG 144A		2.20			6-8-2020		1,275,000		1,262,110
UBS AG		2.38			8-14-2019		1,270,000		1,268,195
									7,754,265
Insurance: 0.50%
Sompo International Holdings Limited		4.70			10-15-2022		2,058,000		2,095,837
Health Care: 0.97%
Pharmaceuticals: 0.97%
Perrigo Company plc		4.00			11-15-2023		323,000		306,061
Perrigo Finance Unlimited Company		3.50			3-15-2021		1,065,000		1,039,252
Shire Acquisitions Investment Ireland Limited		1.90			9-23-2019		1,010,000		1,002,936
Shire Acquisitions Investment Ireland Limited		2.40			9-23-2021		980,000		957,714
Teva Pharmaceutical Finance BV		2.20			7-21-2021		805,000		764,860
									4,070,823
Industrials: 0.58%
Semiconductors & Semiconductor Equipment: 0.14%
NXP BV 144A		4.13			6-1-2021		585,000		589,183
Transportation Infrastructure: 0.44%
Asciano Finance Limited 144A		4.63			9-23-2020		1,821,000		1,842,662
Materials: 0.80%
Chemicals: 0.47%
Syngenta Finance NV 144A		4.44			4-24-2023		2,000,000		2,000,343
Metals & Mining: 0.33%
ArcelorMittal SA		5.50			3-1-2021		1,340,000		1,392,252
Total Yankee Corporate Bonds and Notes (Cost $65,189,885)									65,123,696

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

Portfolio of investments—February 28, 2019 (unaudited) Wells Fargo Short-Term Bond Fund 19

Security name	Yield					Shares		Value
Short-Term Investments: 6.11%
Investment Companies: 5.96%
Securities Lending Cash Investments LLC (l)(r)(u)		2.56	%				2,906,709	$	2,907,000
Wells Fargo Government Money Market Fund Select Class (l)(u)		2.34					22,212,805		22,212,805
									25,119,805
				Maturity date		Principal
U.S. Treasury Securities: 0.15%
U.S. Treasury Bill #(z)		2.21			3-14-2019	$	625,000		624,469
Total Short-Term Investments (Cost $25,744,269)									25,744,274

Total investments in securities (Cost $419,875,994)	99.58	%		419,484,967
Other assets and liabilities, net	0.42			1,790,310
Total net assets	100.00	%	$	421,275,277

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

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

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

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

(n) The auction to set the interest rate on the security failed at period end due to insufficient investor interest. A failed auction does not itself cause a default.

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

‡ Security is valued using significant unobservable inputs.

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

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

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

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

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

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

# All or a portion of this security is segregated as collateral for investments in derivative instruments.

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

Abbreviations:

AGM Assured Guaranty Municipal

Ambac Ambac Financial Group Incorporated

EDA Economic Development Authority

FDIC Federal Deposit Insurance Corporation

FHLMC Federal Home Loan Mortgage Corporation

FNMA Federal National Mortgage Association

GNMA Government National Mortgage Association

GO General obligation

IDA Industrial Development Authority

LIBOR London Interbank Offered Rate

REIT Real Estate Investment Trust

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

20 Wells Fargo Short-Term Bond Fund Portfolio of investments—February 28, 2019 (unaudited)

Futures Contracts

Description	Number of contracts		Expiration date		Notional cost			Notional value			Unrealized gains		Unrealized losses
Long
2-Year U.S. Treasury Notes		761		6-28-2019	$	161,473,104		$	161,480,632		$	7,528	$	0
Short
5-Year U.S. Treasury Notes		(265)		6-28-2019		(30,393,398	)		(30,359,062	)		34,336		0
											$	41,864	$	0

Investments in Affiliates

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

	Shares, beginning of period		Shares purchased		Shares sold		Shares, end of period		Net realized gains (losses)		Net change in unrealized gains (losses)		Income from affiliated securities		Value, end of period		% of net assets
Short-Term Investments
Investment Companies
Securities Lending Cash Investments LLC		0		6,416,160		3,509,451		2,906,709	$	0	$	0	$	5,788	$	2,907,000
Wells Fargo Government Money Market Fund Select Class		14,823,405		97,014,992		89,625,592		22,212,805		0		0		180,126		22,212,805
									$	0	$	0	$	185,914	$	25,119,805		5.96	%

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

Statement of assets and liabilities—February 28, 2019 (unaudited) Wells Fargo Short-Term Bond Fund 21

Assets
Investments in unaffiliated securities (including $2,847,055 of securities loaned), at value (cost $394,756,189)	$	394,365,162
Investments in affiliated securities, at value (cost $25,119,805)		25,119,805
Receivable for investments sold		2,148,857
Principal paydown receivable		7,481
Receivable for Fund shares sold		708,264
Receivable for interest		2,699,297
Receivable for daily variation margin on open futures contracts		31,055
Receivable for securities lending income		60
Prepaid expenses and other assets		31,665
Total assets		425,111,646
Liabilities
Payable upon receipt of securities loaned		2,906,937
Payable for Fund shares redeemed		415,325
Dividends payable		220,943
Management fee payable		90,938
Payable for daily variation margin on open futures contracts		71,336
Administration fees payable		35,316
Distribution fee payable		4,499
Trustees’ fees and expenses payable		2,774
Accrued expenses and other liabilities		88,301
Total liabilities		3,836,369
Total net assets	$	421,275,277
NET ASSETS CONSIST OF
Paid-in capital	$	424,915,585
Total distributable loss		(3,640,308	)
Total net assets	$	421,275,277
COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE PER SHARE
Net assets – Class A	$	170,208,365
Shares outstanding – Class A1		19,581,140
Net asset value per share – Class A		$8.69
Maximum offering price per share – Class A2		$8.87
Net assets – Class C	$	7,652,467
Shares outstanding – Class C1		881,396
Net asset value per share – Class C		$8.68
Net assets – Class R6	$	33,767,888
Shares outstanding – Class R61		3,887,029
Net asset value per share – Class R6		$8.69
Net assets – Institutional Class	$	209,646,557
Shares outstanding – Institutional Class1		24,107,234
Net asset value per share – Institutional Class		$8.70

¹  The Fund has an unlimited number of authorized shares.

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

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

22 Wells Fargo Short-Term Bond Fund Statement of operations—six months ended February 28, 2019 (unaudited)

Investment income
Interest	$	5,858,069
Income from affiliated securities		180,956
Total investment income		6,039,025
Expenses
Management fee		706,113
Administration fees
Class A		134,889
Class C		6,539
Class R6		2,796
Institutional Class		83,228
Shareholder servicing fees
Class A		210,764
Class C		10,217
Distribution fee
Class C		30,651
Custody and accounting fees		20,434
Professional fees		26,603
Registration fees		34,137
Shareholder report expenses		27,309
Trustees’ fees and expenses		10,728
Other fees and expenses		5,365
Total expenses		1,309,773
Less: Fee waivers and/or expense reimbursements		(137,264	)
Net expenses		1,172,509
Net investment income		4,866,516
REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS
Net realized gains (losses) on:
Unaffiliated securities		(317,564	)
Futures contracts		102,754
Net realized losses on investments		(214,810	)
Net change in unrealized gains (losses) on:
Unaffiliated securities		2,265,806
Futures contracts		32,034
Net change in unrealized gains (losses) on investments		2,297,840
Net realized and unrealized gains (losses) on investments		2,083,030
Net increase in net assets resulting from operations	$	6,949,546

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

Statement of changes in net assets Wells Fargo Short-Term Bond Fund 23

	Six months ended February 28, 2019 (unaudited)						Year ended August 31, 20181
Operations
Net investment income				$	4,866,516					$	8,088,723
Net realized losses on investments					(214,810	)					(2,019,738	)
Net change in unrealized gains (losses) on investments					2,297,840						(4,384,603	)
Net increase in net assets resulting from operations					6,949,546						1,684,382
Distributions to shareholders from net investment income and net realized gains
Class A					(1,915,216	)					(3,469,175	)
Class C					(62,140	)					(90,525	)
Class R6					(252,806	)					(4,529	)2
Institutional Class					(2,644,207	)					(4,526,238	)
Total distributions to shareholders					(4,874,369	)					(8,090,467	)
Capital share transactions		Shares						Shares
Proceeds from shares sold
Class A		1,170,757			10,116,439			2,950,320			25,683,232
Class C		140,778			1,214,874			199,067			1,725,463
Class R6		4,464,437			38,468,844			295,683	2		2,557,641	2
Institutional Class		5,147,411			44,475,891			9,805,488			85,201,932
					94,276,048						115,168,268
Reinvestment of distributions
Class A		208,144			1,800,290			376,379			3,266,179
Class C		6,164			53,251			8,860			76,773
Class R6		130			1,126			517	2		4,475	2
Institutional Class		214,736			1,858,208			346,975			3,011,667
					3,712,875						6,359,094
Payment for shares redeemed
Class A		(2,860,720	)		(24,699,754	)		(8,005,429	)		(69,532,343	)
Class C		(259,623	)		(2,243,519	)		(510,548	)		(4,431,866	)
Class R6		(872,427	)		(7,536,242	)		(1,311	)2		(11,344	)2
Institutional Class		(7,448,437	)		(64,284,131	)		(10,231,298	)		(88,878,420	)
					(98,763,646	)					(162,853,973	)
Net decrease in net assets resulting from capital share transactions					(774,723	)					(41,326,611	)
Total increase (decrease) in net assets					1,300,454						(47,732,696	)
Net assets
Beginning of period					419,974,823						467,707,519
End of period				$	421,275,277					$	419,974,823

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 August 31, 2018 was $37,877. The disaggregated distributions information for the year ended August 31, 2018 is included in Note 8, Distributions to Shareholders, in the notes to the financial statements.

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

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

24 Wells Fargo Short-Term Bond Fund Financial highlights

(For a share outstanding throughout each period)

	Six months ended February 28, 2019 (unaudited)			Year ended August 31
CLASS A				2018			2017			2016			2015			2014
Net asset value, beginning of period		$8.65			$8.77			$8.78			$8.77			$8.82			$8.77
Net investment income		0.10			0.15			0.12			0.11			0.09			0.10
Net realized and unrealized gains (losses) on investments		0.04			(0.12	)		(0.01	)		0.04			(0.03	)		0.05
Total from investment operations		0.14			0.03			0.11			0.15			0.06			0.15
Distributions to shareholders from
Net investment income		(0.10	)		(0.15	)		(0.12	)		(0.11	)		(0.09	)		(0.10	)
Net realized gains		0.00			0.00			0.00			(0.03	)		(0.02	)		0.00
Total distributions to shareholders		(0.10	)		(0.15	)		(0.12	)		(0.14	)		(0.11	)		(0.10	)
Net asset value, end of period		$8.69			$8.65			$8.77			$8.78			$8.77			$8.82
Total return1		1.60	%		0.31	%		1.25	%		1.77	%		0.66	%		1.72	%
Ratios to average net assets (annualized)
Gross expenses		0.82	%		0.82	%		0.81	%		0.81	%		0.80	%		0.82	%
Net expenses		0.72	%		0.72	%		0.72	%		0.72	%		0.74	%		0.78	%
Net investment income		2.25	%		1.68	%		1.35	%		1.29	%		1.00	%		1.12	%
Supplemental data
Portfolio turnover rate		26	%		43	%		50	%		59	%		57	%		70	%
Net assets, end of period (000s omitted)		$170,208			$182,179			$225,797			$278,802			$65,454			$59,962

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

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

Financial highlights Wells Fargo Short-Term Bond Fund 25

(For a share outstanding throughout each period)

	Six months ended February 28, 2019 (unaudited)			Year ended August 31
CLASS C				2018			2017			2016			2015			2014
Net asset value, beginning of period		$8.64			$8.76			$8.77			$8.76			$8.81			$8.76
Net investment income		0.06			0.08			0.05			0.05			0.02			0.03
Net realized and unrealized gains (losses) on investments		0.04			(0.12	)		(0.01	)		0.04			(0.03	)		0.05
Total from investment operations		0.10			(0.04	)		0.04			0.09			(0.01	)		0.08
Distributions to shareholders from
Net investment income		(0.06	)		(0.08	)		(0.05	)		(0.05	)		(0.02	)		(0.03	)
Net realized gains		0.00			0.00			0.00			(0.03	)		(0.02	)		0.00
Total distributions to shareholders		(0.06	)		(0.08	)		(0.05	)		(0.08	)		(0.04	)		(0.03	)
Net asset value, end of period		$8.68			$8.64			$8.76			$8.77			$8.76			$8.81
Total return1		1.22	%		(0.44	)%		0.49	%		1.01	%		(0.09	)%		0.97	%
Ratios to average net assets (annualized)
Gross expenses		1.57	%		1.57	%		1.56	%		1.56	%		1.55	%		1.57	%
Net expenses		1.47	%		1.47	%		1.47	%		1.47	%		1.49	%		1.53	%
Net investment income		1.51	%		0.93	%		0.61	%		0.53	%		0.25	%		0.37	%
Supplemental data
Portfolio turnover rate		26	%		43	%		50	%		59	%		57	%		70	%
Net assets, end of period (000s omitted)		$7,652			$8,588			$11,361			$14,204			$11,508			$14,852

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

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

26 Wells Fargo Short-Term Bond Fund Financial highlights

(For a share outstanding throughout each period)

CLASS R6	Six months ended February 28, 2019 (unaudited)			Year ended August 31, 20181
Net asset value, beginning of period		$8.66			$8.64
Net investment income		0.12	2		0.02	2
Net realized and unrealized gains (losses) on investments		0.02			0.02
Total from investment operations		0.14			0.04
Distributions to shareholders from
Net investment income		(0.11	)		(0.02	)
Net asset value, end of period		$8.69			$8.66
Total return3		1.64	%		0.42	%
Ratios to average net assets (annualized)
Gross expenses		0.44	%		0.44	%
Net expenses		0.40	%		0.40	%
Net investment income		2.70	%		2.24	%
Supplemental data
Portfolio turnover rate		26	%		43	%
Net assets, end of period (000s omitted)		$33,768			$2,553

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

²  Calculated based upon average shares outstanding

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

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

Financial highlights Wells Fargo Short-Term Bond Fund 27

(For a share outstanding throughout each period)

	Six months ended February 28, 2019 (unaudited)			Year ended August 31
INSTITUTIONAL CLASS				2018			2017			2016			2015			2014
Net asset value, beginning of period		$8.65			$8.78			$8.79			$8.77			$8.83			$8.77
Net investment income		0.11			0.17			0.14			0.13			0.11			0.12
Net realized and unrealized gains (losses) on investments		0.05			(0.13	)		(0.01	)		0.05			(0.04	)		0.07
Total from investment operations		0.16			0.04			0.13			0.18			0.07			0.19
Distributions to shareholders from
Net investment income		(0.11	)		(0.17	)		(0.14	)		(0.13	)		(0.11	)		(0.13	)
Net realized gains		0.00			0.00			0.00			(0.03	)		(0.02	)		0.00
Total distributions to shareholders		(0.11	)		(0.17	)		(0.14	)		(0.16	)		(0.13	)		(0.13	)
Net asset value, end of period		$8.70			$8.65			$8.78			$8.79			$8.77			$8.83
Total return1		1.85	%		0.46	%		1.49	%		2.14	%		0.82	%		2.15	%
Ratios to average net assets (annualized)
Gross expenses		0.49	%		0.49	%		0.48	%		0.48	%		0.47	%		0.49	%
Net expenses		0.45	%		0.46	%		0.48	%		0.48	%		0.47	%		0.47	%
Net investment income		2.52	%		1.95	%		1.59	%		1.51	%		1.26	%		1.42	%
Supplemental data
Portfolio turnover rate		26	%		43	%		50	%		59	%		57	%		70	%
Net assets, end of period (000s omitted)		$209,647			$226,655			$230,549			$252,961			$306,832			$330,613

¹  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 Short-Term Bond Fund Notes to financial statements (unaudited)

1. ORGANIZATION

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

2. SIGNIFICANT ACCOUNTING POLICIES

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

Securities valuation

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

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

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

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

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

Securities lending

The Fund may lend its securities from time to time in order to earn additional income in the form of fees or interest on securities received as collateral or the investment of any cash received as collateral. The Fund continues to receive interest or dividends on the securities loaned. The Fund receives collateral in the form of cash or securities with a value at least equal to the value of the securities on loan. The value of the loaned securities is determined at the close of each business day and any additional required collateral is delivered to the Fund on the next business day. In a securities lending transaction, the net asset value of the Fund will be affected by an increase or decrease in the value of the securities loaned and by an increase or decrease in the value of the instrument in which collateral is invested. The amount of securities lending activity undertaken by the Fund fluctuates from time to time. In the event of default or bankruptcy by the borrower, the Fund may be prevented from recovering the loaned securities or gaining access to the collateral or may experience delays or costs in doing so. In addition, the investment of any cash collateral received may lose all or part of its value. The Fund has the right under the lending agreement to recover the securities from the borrower on demand.

The Fund lends its securities through an unaffiliated securities lending agent. Cash collateral received in connection with its securities lending transactions is invested in Securities Lending Cash Investments, LLC (the “Securities Lending Fund”). The Securities Lending Fund is exempt from registration under Section 3(c)(7) of the 1940 Act and is managed by Funds Management and is subadvised by Wells Capital Management Incorporated (“WellsCap”), an affiliate of Funds Management and an indirect wholly owned subsidiary of Wells Fargo & Company (“Wells Fargo”). Funds Management receives an advisory fee starting at 0.05% and declining to 0.01% as the average daily net assets of the Securities Lending Fund increase. All of the fees received by Funds Management are paid to WellsCap for its services as subadviser. The

Notes to financial statements (unaudited) Wells Fargo Short-Term Bond Fund 29

Securities Lending Fund seeks to provide a positive return compared to the daily Fed Funds Open Rate by investing in high-quality, U.S. dollar-denominated short-term money market instruments. Securities Lending Fund investments are valued at the evaluated bid price provided by an independent pricing service. Income earned from investment in the Securities Lending Fund (net of fees and rebates), if any, is included in income from affiliated securities on the Statement of Operations.

Futures contracts

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

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

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.

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

Distributions to shareholders

Distributions to shareholders from net investment income are declared daily and paid monthly. Distributions from net realized gains, if any, are recorded on 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.

30 Wells Fargo Short-Term Bond Fund Notes to financial statements (unaudited)

As of February 28, 2019, the aggregate cost of all investments for federal income tax purposes was $419,866,164 and the unrealized gains (losses) consisted of:

Gross unrealized gains	$	1,577,565
Gross unrealized losses		(1,916,898	)
Net unrealized losses	$	(339,333	)

As of August 30, 2018, the Fund had capital loss carryforwards which consisted of $170,149 in short-term capital losses and $1,246,541 in long-term capital losses.

As of August 30, 2018, the Fund had current year deferred post-October capital losses consisting of $744,588 in short-term losses and $935,251 in long-term losses which were recognized on the first day of the current fiscal year.

Class allocations

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

3. FAIR VALUATION MEASUREMENTS

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

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

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

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

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

The following is a summary of the inputs used in valuing the Fund’s assets and liabilities as of February 28, 2019:

	Quoted prices (Level 1)		Other significant observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total
Assets
Investments in:
Agency securities	$	0	$	19,064,932	$	0	$	19,064,932
Asset-backed securities		0		39,518,279		0		39,518,279
Corporate bonds and notes		0		190,081,456		0		190,081,456
Municipal obligations		0		10,724,525		0		10,724,525
Non-agency mortgage-backed securities		0		67,148,928		534,118		67,683,046
U.S. Treasury securities		1,544,759		0		0		1,544,759
Yankee corporate bonds and notes		0		65,123,696		0		65,123,696
Short-term investments
Investment companies		22,212,805		2,907,000		0		25,119,805
U.S. Treasury securities		624,469		0		0		624,469
		24,382,033		394,568,816		534,118		419,484,967
Futures contracts		41,864		0		0		41,864
Total assets	$	24,423,897	$	394,568,816	$	534,118	$	419,526,831

Notes to financial statements (unaudited) Wells Fargo Short-Term Bond Fund 31

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

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

At February 28, 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, is the manager of the Fund and provides advisory and fund-level administrative services under an investment management agreement. Under the investment management agreement, Funds Management is responsible for, among other services, implementing the investment objectives and strategies of the Fund, supervising the subadviser and providing fund-level administrative services in connection with the Fund’s operations. As compensation for its services under the investment management agreement, Funds Management is entitled to receive a management fee at the following annual rate based on the Fund’s average daily net assets:

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

For the six months ended February 28, 2019, the management fee was equivalent to an annual rate of 0.35% of the Fund’s average daily net assets.

Funds Management has retained the services of a subadviser to provide daily portfolio management to the Fund. The fee for subadvisory services is borne by Funds Management. WellsCap is the subadviser to the Fund and is entitled to receive a fee from Funds Management at an annual rate starting at 0.15% and declining to 0.05% as the average daily net assets of the Fund increase.

Administration fees

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

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

Funds Management has contractually waived and/or reimbursed management and administration fees to the extent necessary to maintain certain net operating expense ratios for the Fund. When each class of the Fund has exceeded its expense cap, Funds Management has waived fees and/or reimbursed expenses from fund level expenses on a proportionate basis and then from class specific expenses. When only certain classes exceed their expense caps, waivers and/or reimbursements are applied against class specific expenses before fund level expenses. Funds Management has committed through December 31, 2019 to waive fees and/or reimburse expenses to the extent necessary to cap the Fund’s expenses at 0.72% for Class A shares, 1.47% for Class C shares, 0.40% for Class R6 shares, and 0.45% for Institutional Class shares. Prior to or after the commitment expiration date, the cap may be increased or the commitment to maintain the cap may be terminated only with the approval of the Board of Trustees.

32 Wells Fargo Short-Term Bond Fund Notes to financial statements (unaudited)

Distribution fee

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

In addition, Funds Distributor is entitled to receive the front-end sales charge from the purchase of Class A shares and a contingent deferred sales charge on the redemption of certain Class A shares. Funds Distributor is also entitled to receive the contingent deferred sales charges from redemptions of Class C shares. For the six months ended February 28, 2019, Funds Distributor received $42 from the sale of Class A shares. No contingent deferred sales charges were incurred by Class A and Class C shares for the six months ended February 28, 2019.

Shareholder servicing fees

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

Interfund transactions

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

5. INVESTMENT PORTFOLIO TRANSACTIONS

Purchases and sales of investments, excluding short-term securities, for the six months ended February 28, 2019 were as follows:

Purchases at cost		Sales proceeds
U.S. government	Non-U.S. government	U.S. government	Non-U.S. government
$2,113,774	$123,663,659	$1,373,135	$99,608,831

6. DERIVATIVE TRANSACTIONS

During the six months ended February 28, 2019, the Fund entered into futures contracts to help manage the duration. The Fund had an average notional amount of $166,714,413 in long futures contracts and $31,429,933 in short futures contracts during the six months ended February 28, 2019.

7. BANK BORROWINGS

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

For the six months ended February 28, 2019, there were no borrowings by the Fund under the agreement.

8. DISTRIBUTIONS TO SHAREHOLDERS

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

	Net investment income
Class A		$3,469,175
Class C		90,525
Class R6		4,5291
Institutional Class		4,526,238

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

Notes to financial statements (unaudited) Wells Fargo Short-Term Bond Fund 33

9. INDEMNIFICATION

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

10. NEW ACCOUNTING PRONOUNCEMENTS

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

In March 2017, FASB issued ASU No. 2017-08, Premium Amortization on Purchased Callable Debt Securities. ASU 2017-08 shortens the amortization period for certain callable debt securities held at a premium. The amendments require the premium to be amortized to the earliest call date. The amendments do not require an accounting change for securities held at a discount; the discount continues to be amortized to maturity. ASU 2017-08 is effective for fiscal years beginning after December 15, 2018 and for interim periods within those fiscal years. Management is currently evaluating the potential impact of this new guidance to the financial statements.

34 Wells Fargo Short-Term Bond Fund Other information (unaudited)

PROXY VOTING INFORMATION

A description of the policies and procedures used to determine how to vote proxies relating to portfolio securities is available, upon request, by calling 1-800-222-8222, visiting our website at wfam.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 wfam.com or by visiting the SEC website at sec.gov.

PORTFOLIO HOLDINGS INFORMATION

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

Other information (unaudited) Wells Fargo Short-Term Bond Fund 35

BOARD OF TRUSTEES AND OFFICERS

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

Independent Trustees

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

36 Wells Fargo Short-Term Bond Fund Other information (unaudited)

Name and year of birth	Position held and length of service*	Principal occupations during past five years or longer	Current other public company or investment company directorships
Olivia S. Mitchell (Born 1953)	Trustee, since 2006; Nominating and Governance Committee Chairman, since 2018	International Foundation of Employee Benefit Plans Professor, Wharton School of the University of Pennsylvania since 1993. Director of Wharton’s Pension Research Council and Boettner Center on Pensions & Retirement Research, and Research Associate at the National Bureau of Economic Research. Previously, Cornell University Professor from 1978 to 1993.	N/A
Timothy J. Penny (Born 1951)	Trustee, since 1996; Chairman, since 2018	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	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	Chief Operating Officer, Twin Cities Habitat for Humanity, since January, 2017. Vice President of University Services, University of Minnesota from 2012 to 2017. Prior thereto, on the Board of Directors, Governance Committee and Finance Committee for the Minnesota Philanthropy Partners (Saint Paul Foundation) from 2012 to 2018, Interim President and Chief Executive Officer of Blue Cross Blue Shield of Minnesota from 2010 to 2011, Chairman of the Board from 2009 to 2011 and Board Director from 2003 to 2015. Vice President, Leadership and Community Engagement, Bush Foundation, Saint Paul, Minnesota (a private foundation) from 2009 to 2011. Executive Vice President and Chief Financial Officer, Minnesota Sports and Entertainment from 2004 to 2009 and Senior Vice President from 2002 to 2004. Commissioner of Finance, State of Minnesota, from 1999 to 2002. Currently the Board Chair of the Minnesota Wild Foundation since 2010.	N/A

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

Other information (unaudited) Wells Fargo Short-Term Bond Fund 37

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 and 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 wfam.com.

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

38 Wells Fargo Short-Term Bond Fund Appendix A (unaudited)

SALES CHARGE REDUCTIONS AND WAIVERS FOR CERTAIN INTERMEDIARIES

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

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

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

• Shares purchased in an investment advisory program.

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

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

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

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

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

• Death or disability of the shareholder.

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

• Return of excess contributions from an IRA Account.

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

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

• Shares acquired through a right of reinstatement.

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

• Breakpoints as described in the Fund’s Prospectus.

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

This page is intentionally left blank.

This page is intentionally left blank.

For more information

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

Wells Fargo Funds

P.O. Box 219967

Kansas City, MO 64121-9967

Website: wfam.com

Individual investors: 1-800-222-8222

Retail investment professionals: 1-888-877-9275

Institutional investment professionals: 1-866-765-0778

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

321629 04-19 SA221/SAR221 02-19

Semi-Annual Report

February 28, 2019

Wells Fargo Short-Term High Yield Bond Fund

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

If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from the Fund electronically at any time by contacting your financial intermediary (such as a broker-dealer or bank) or, if you are a direct investor, by 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	8
Portfolio of investments	9
Financial statements
Statement of assets and liabilities	16
Statement of operations	17
Statement of changes in net assets	18
Financial highlights	19
Notes to financial statements	23
Other information	28
Appendix A	32

The views expressed and any forward-looking statements are as of February 28, 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 Short-Term High Yield Bond Fund Letter to shareholders (unaudited)

Andrew Owen

President

Wells Fargo Funds

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

Dear Shareholder:

We are pleased to offer you this semi-annual report for the Wells Fargo Short-Term High Yield Bond Fund for the six-month period that ended February 28, 2019. Higher short-term interest rates, inflation concerns, trade tensions, slowing economic growth outside the U.S., and geopolitical events contributed to investment market volatility throughout the period.

For the period, U.S. stocks, as measured by the S&P 500 Index,¹ fell 3.04% and international stocks, as measured by the MSCI ACWI ex USA Index (Net),² declined 2.47%. Based on the MSCI EM Index (Net),³ emerging market stocks gained 0.33%. For bond investors, the Bloomberg Barclays U.S. Aggregate Bond Index⁴ added 1.99% while the Bloomberg Barclays Global Aggregate ex-USD Index⁵ gained 0.63%. The Bloomberg Barclays Municipal Bond Index⁶ added 2.34%, and the ICE BofAML U.S. High Yield Index⁷ advanced 1.98%.

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^®8 reached its highest level in 18 years during September 2018. The U.S. Federal Reserve (Fed) raised the federal funds rate by 25 basis points (bps; 100 bps equal 1.00%) to a target range of between 2.00% and 2.25% in September 2018. For the quarter that ended September 30, 2018, the S&P 500 Index added 7.71%.

Investors in international markets were not as confident. 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 Bank of England (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%.

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.

⁸ 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.

Letter to shareholders (unaudited) Wells Fargo Short-Term High Yield Bond Fund 3

Conflicting data unsettled markets during the fourth quarter.

November’s U.S. midterm elections shifted control of the House of Representatives from Republicans to Democrats, presaging potential partisan clashes. Third-quarter U.S. gross domestic product (GDP) was announced at an annualized 3.4% rate, lower than the second-quarter rate. Brexit efforts stalled ahead of the March 2019 deadline. The People’s Bank of China 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.

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. The Fed increased the federal funds rate by 25 bps in December 2018 to a target range of between 2.25% and 2.50% and softened its outlook for 2019 rate increases.

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 VIX⁹.

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.

In February, concerns over slowing global growth reemerged. The Bureau of Economic Analysis announced fourth-quarter 2018 GDP grew at an annualized 2.2% rate, down from the 4.2% annualized rate for the second quarter and the 3.4% annualized rate for the third quarter. Analysts attributed the lower growth rate to a slowing housing market and larger trade deficit. The U.S. Labor Department said that the economy created just 20,000 jobs in February. In a February report, the BOE forecast the slowest growth since the financial crisis for 2019. China and the U.S., while putting future tariffs on hold for the time being, continued to wrangle over trade issues.

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.

January’s returns tended to support the investing adage that markets climb a wall of worry.

⁹  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 Short-Term High Yield Bond Fund Letter to shareholders (unaudited)

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

Sincerely,

Andrew Owen

President

Wells Fargo Funds

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

This page is intentionally left blank.

6 Wells Fargo Short-Term High Yield Bond Fund Performance highlights (unaudited)

Investment objective

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

Manager

Wells Fargo Funds Management, LLC

Subadviser

Wells Capital Management Incorporated

Portfolio managers

Kevin J. Maas, CFA^®‡

Thomas M. Price, CFA^®‡

Michael J. Schueller, CFA^®‡

Average annual total returns (%) as of February 28, 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 (SSTHX)	2-29-2000		0.25		1.81		4.02		3.36		2.43		4.34		0.94		0.82
Class C (WFHYX)	3-31-2008		1.58		1.66		3.56		2.58		1.66		3.56		1.69		1.57
Administrator Class (WDHYX)3	7-30-2010		–		–		–		3.39		2.57		4.47		0.88		0.66
Institutional Class (STYIX)4	11-30-2012		–		–		–		3.55		2.72		4.54		0.61		0.51
Short-Term High Yield Bond Index III5	–		–		–		–		5.07		4.02		8.97		–		–
ICE BofAML High Yield U.S. Corporates, Cash Pay, B Rated, 1-5 Year Index6	–		–		–		–		5.59		3.86		9.78		–		–
ICE BofAML High Yield U.S. Corporates, Cash Pay, BB Rated, 1-5 Year Index7	–		–		–		–		4.84		4.08		8.62		–		–

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

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

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

Bond values fluctuate in response to the financial condition of individual issuers, general market and economic conditions, and changes in interest rates. Changes in market conditions and government policies may lead to periods of heightened volatility in the bond market and reduced liquidity for certain bonds held by the Fund. In general, when interest rates rise, bond values fall and investors may lose principal value. Interest rate changes and their impact on the Fund and its share price can be sudden and unpredictable. High-yield securities have a greater risk of default and tend to be more volatile than higher-rated debt securities. Loans are subject to risks similar to those associated with other below investment- grade bond investments, such as credit risk (for example, risk of issuer default), below-investment-grade bond risk (for example, risk of greater volatility in value), and risk that the loan may become illiquid or difficult to price. The use of derivatives may reduce returns and/or increase volatility. Certain investment strategies tend to increase the total risk of an investment (relative to the broader market). The Fund is exposed to foreign investment risk. Consult the Fund’s prospectus for additional information on these and other risks.

Please see footnotes on page 7.

Performance highlights (unaudited) Wells Fargo Short-Term High Yield Bond Fund 7

Ten largest holdings (%) as of February 28, 20198
Charter Communications Operating LLC, 4.50%, 4-30-2025	1.85
Ally Financial Incorporated, 3.75%, 11-18-2019	1.73
Ineos US Finance LLC, 4.49%, 3-31-2024	1.64
Sabra Health Care LP, 5.50%, 2-1-2021	1.61
Cable One Incorporated, 5.75%, 6-15-2022	1.47
B&G Foods Incorporated, 4.63%, 6-1-2021	1.45
Service Corporation International, 5.38%, 1-15-2022	1.44
Netflix Incorporated, 5.38%, 2-1-2021	1.44
Teva Pharmaceutical Finance BV, 2.20%, 7-21-2021	1.44
Sinclair Television Group Incorporated, 6.13%, 10-1-2022	1.40

Credit quality as of February 28, 2019⁹

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

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

²  The manager has contractually committed through December 31, 2019, to waive fees and/or reimburse expenses to the extent necessary to cap the the expenses of each class after fee waivers at 0.81% for Class A, 1.56% for Class C, 0.65% for Administrator Class, and 0.50% for Institutional Class. Brokerage commissions, stamp duty fees, interest, taxes, acquired fund fees and expenses (if any), and extraordinary expenses are excluded from the expense cap. Prior to or after the commitment expiration date, the cap may be increased or the commitment to maintain the cap may be terminated only with the approval of the Board of Trustees. Without this cap, the Fund’s returns would have been lower. The expense ratio paid by an investor is the net expense ratio (the total annual fund operating expenses after fee waivers) as stated in the prospectuses.

³  Historical performance shown for Administrator Class shares prior to their inception reflects the performance of Class A shares and includes the higher expenses applicable to Class A 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  Source: Wells Fargo Funds Management, LLC. The Short-Term High Yield Bond Index III is comprised of 70% of ICE BofAML High Yield U.S. Corporates, Cash Pay, BB Rated, 1-5 Year Index and 30% of ICE BofAML High Yield U.S. Corporates, Cash Pay, B Rated, 1-5 Year Index. You cannot invest directly in an index. Copyright 2018. ICE Data Indices, LLC. All rights reserved.

⁶  The ICE BofAML High Yield U.S. Corporates, Cash Pay, B Rated, 1-5 Year Index is an unmanaged index that generally tracks the performance of B rated U.S. dollar-denominated corporate bonds publicly issued in the U.S. domestic market with maturities of one to five years. You cannot invest directly in an index.

⁷  The ICE BofAML High Yield U.S. Corporates, Cash Pay, BB Rated, 1-5 Year Index is an unmanaged index that generally tracks the performance of BB rated U.S. dollar-denominated corporate bonds publicly issued in the U.S. domestic market with maturities of one to five years. You cannot invest directly in an index.

⁸  The ten largest holdings, excluding cash, cash equivalents and any money market funds, are calculated based on the value of the investments divided by total net assets of the Fund. Holdings are subject to change and may have changed since the date specified.

⁹  The credit quality distribution of portfolio holdings reflected in the chart is based on ratings from Standard & Poor’s, Moody’s Investors Service, and/or Fitch Ratings Ltd. Credit quality ratings apply to the underlying holdings of the Fund and not to the Fund itself. The percentages of the Fund’s portfolio with the ratings depicted in the chart are calculated based on the total market value of fixed income securities held by the Fund. If a security was rated by all three rating agencies, the middle rating was utilized. If rated by two of three rating agencies, the lower rating was utilized, and if rated by one of the rating agencies, that rating was utilized. Standard & Poor’s rates the creditworthiness of bonds, ranging from AAA (highest) to D (lowest). Ratings from A to CCC may be modified by the addition of a plus (+) or minus (-) sign to show relative standing within the rating categories. Standard & Poor’s rates the creditworthiness of short-term notes from SP-1 (highest) to SP-3 (lowest). Moody’s rates the creditworthiness of bonds, ranging from Aaa (highest) to C (lowest). Ratings Aa to B may be modified by the addition of a number 1 (highest) to 3 (lowest) to show relative standing within the ratings categories. Moody’s rates the creditworthiness of short-term U.S. tax-exempt municipal securities from MIG 1/VMIG 1 (highest) to SG (lowest). Fitch rates the creditworthiness of bonds, ranging from AAA (highest) to D (lowest). Credit quality distribution is subject to change and may have changed since the date specified.

8 Wells Fargo Short-Term High Yield Bond Fund Fund expenses (unaudited)

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

The example is based on an investment of $1,000 invested at the beginning of the six-month period and held for the entire period from September 1, 2018 to February 28, 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 sales charges (loads) and contingent deferred sales charges. Therefore, the “Hypothetical” line of the table is useful in comparing ongoing costs only and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

	Beginning account value 9-1-2018		Ending account value 2-28-2019		Expenses paid during the period¹		Annualized net expense ratio
Class A
Actual	$	1,000.00	$	1,020.32	$	4.06		0.81	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.78	$	4.06		0.81	%
Class C
Actual	$	1,000.00	$	1,015.27	$	7.79		1.56	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,017.06	$	7.80		1.56	%
Administrator Class
Actual	$	1,000.00	$	1,019.86	$	3.26		0.65	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.57	$	3.26		0.65	%
Institutional Class
Actual	$	1,000.00	$	1,020.62	$	2.51		0.50	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,022.32	$	2.51		0.50	%

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

Portfolio of investments—February 28, 2019 (unaudited) Wells Fargo Short-Term High Yield Bond Fund 9

Security name	Interest rate			Maturity date		Principal		Value
Corporate Bonds and Notes: 62.92%
Communication Services: 13.74%
Diversified Telecommunication Services: 0.53%
Hughes Satellite Systems Corporation		6.50	%		6-15-2019	$	5,115,000	$	5,146,969
Entertainment: 1.44%
Netflix Incorporated		5.38			2-1-2021		13,445,000		13,898,769
Media: 10.30%
Cable One Incorporated 144A		5.75			6-15-2022		13,918,000		14,161,565
DISH DBS Corporation		7.88			9-1-2019		11,065,000		11,286,300
Lamar Media Corporation		5.00			5-1-2023		5,115,000		5,204,513
National CineMedia LLC		6.00			4-15-2022		10,175,000		10,288,451
Nexstar Broadcasting Group Incorporated		5.88			11-15-2022		1,220,000		1,247,450
Nexstar Broadcasting Group Incorporated 144A		6.13			2-15-2022		11,535,000		11,708,025
Outfront Media Capital Corporation		5.25			2-15-2022		10,515,000		10,675,880
Sinclair Television Group Incorporated		6.13			10-1-2022		13,200,000		13,493,040
Sirius XM Radio Incorporated «144A		3.88			8-1-2022		10,730,000		10,659,719
TEGNA Incorporated		5.13			10-15-2019		6,174,000		6,189,435
TEGNA Incorporated		5.13			7-15-2020		4,505,000		4,544,419
									99,458,797
Wireless Telecommunication Services: 1.47%
Sprint Corporation		7.25			9-15-2021		5,010,000		5,291,813
T-Mobile USA Incorporated		4.00			4-15-2022		8,922,000		8,944,305
									14,236,118
Consumer Discretionary: 12.44%
Auto Components: 0.49%
American Axle & Manufacturing Incorporated		7.75			11-15-2019		2,040,000		2,088,715
Cooper Tire & Rubber Company		8.00			12-15-2019		2,568,000		2,641,830
									4,730,545
Diversified Consumer Services: 2.28%
Service Corporation International		5.38			1-15-2022		13,800,000		13,938,000
TRI Pointe Group Incorporated		4.38			6-15-2019		8,142,000		8,131,823
									22,069,823
Hotels, Restaurants & Leisure: 2.91%
GLP Capital LP		4.88			11-1-2020		11,929,000		12,107,935
MGM Resorts International		5.25			3-31-2020		9,365,000		9,531,229
NCL Corporation Limited 144A		4.75			12-15-2021		6,382,000		6,491,579
									28,130,743
Household Durables: 2.59%
KB Home		4.75			5-15-2019		7,835,000		7,835,784
Lennar Corporation		4.50			6-15-2019		3,400,000		3,408,500
Lennar Corporation		6.63			5-1-2020		2,485,000		2,562,656
Pulte Group Incorporated		4.25			3-1-2021		11,145,000		11,228,588
									25,035,528

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

10 Wells Fargo Short-Term High Yield Bond Fund Portfolio of investments—February 28, 2019 (unaudited)

Security name	Interest rate			Maturity date		Principal		Value
Specialty Retail: 3.13%
Gap Incorporated		5.95	%		4-12-2021	$	8,965,000	$	9,317,722
Group 1 Automotive Incorporated		5.00			6-1-2022		7,855,000		7,894,275
Penske Auto Group Incorporated		3.75			8-15-2020		1,905,000		1,892,846
Penske Auto Group Incorporated		5.75			10-1-2022		10,920,000		11,083,800
									30,188,643
Textiles, Apparel & Luxury Goods: 1.04%
The William Carter Company		5.25			8-15-2021		9,890,000		10,025,988
Consumer Staples: 2.52%
Food Products: 1.46%
B&G Foods Incorporated		4.63			6-1-2021		14,070,000		14,052,413
Personal Products: 1.06%
Edgewell Personal Care Company		4.70			5-19-2021		10,124,000		10,250,550
Energy: 3.95%
Oil, Gas & Consumable Fuels: 3.95%
DCP Midstream Operating LP		2.70			4-1-2019		9,700,000		9,688,360
DCP Midstream Operating LP 144A		5.35			3-15-2020		5,668,000		5,767,190
Rockies Express Pipeline LLC 144A		5.63			4-15-2020		3,390,000		3,457,800
Sabine Pass Liquefaction LLC		5.63			2-1-2021		10,000,000		10,341,564
Southern Star Central Corporation 144A		5.13			7-15-2022		8,995,000		8,905,050
									38,159,964
Financials: 5.84%
Consumer Finance: 4.84%
Ally Financial Incorporated		3.75			11-18-2019		16,660,000		16,709,980
Ford Motor Credit Company LLC		3.34			3-18-2021		4,840,000		4,749,685
Ford Motor Credit Company LLC		5.60			1-7-2022		4,840,000		4,958,499
Navient Corporation		5.00			10-26-2020		4,950,000		4,993,313
Navient Corporation		8.00			3-25-2020		5,000,000		5,221,650
Springleaf Finance Corporation		5.25			12-15-2019		9,980,000		10,129,700
									46,762,827
Real Estate Management & Development: 1.00%
Realogy Group LLC «144A		5.25			12-1-2021		9,645,000		9,620,888
Health Care: 6.46%
Health Care Equipment & Supplies: 0.85%
Kinetics Concepts Incorporated 144A		7.88			2-15-2021		8,042,000		8,212,893
Health Care Providers & Services: 5.61%
Acadia Healthcare Company Incorporated		5.13			7-1-2022		7,232,000		7,123,520
Acadia Healthcare Company Incorporated		6.13			3-15-2021		1,618,000		1,620,023
Centene Corporation		4.75			5-15-2022		10,555,000		10,752,906
DaVita HealthCare Partners Incorporated		5.75			8-15-2022		7,755,000		7,895,986
HCA Incorporated		6.50			2-15-2020		4,120,000		4,243,209

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

Portfolio of investments—February 28, 2019 (unaudited) Wells Fargo Short-Term High Yield Bond Fund 11

Security name	Interest rate			Maturity date		Principal		Value
Health Care Providers & Services (continued)
MEDNAX Incorporated 144A		5.25	%		12-1-2023	$	4,985,000	$	5,041,081
Select Medical Corporation		6.38			6-1-2021		5,345,000		5,365,044
Tenet Healthcare Corporation		6.00			10-1-2020		8,550,000		8,817,188
Vizient Incorporated 144A		10.38			3-1-2024		3,120,000		3,377,400
									54,236,357
Industrials: 4.14%
Aerospace & Defense: 2.30%
Alcoa Incorporated		6.15			8-15-2020		8,830,000		9,116,975
Moog Incorporated 144A		5.25			12-1-2022		12,865,000		13,068,653
									22,185,628
Commercial Services & Supplies: 1.16%
Clean Harbors Incorporated		5.13			6-1-2021		11,195,000		11,195,000
Industrial Conglomerates: 0.53%
General Electric Company		5.55			5-4-2020		5,025,000		5,139,703
Machinery: 0.15%
CNH Industrial Capital LLC		4.38			11-6-2020		1,425,000		1,438,253
Information Technology: 4.14%
Electronic Equipment, Instruments & Components: 1.25%
Sanmina Corporation 144A		4.38			6-1-2019		12,100,000		12,100,000
Software: 0.49%
Symantec Corporation		4.20			9-15-2020		4,635,000		4,685,892
Technology Hardware, Storage & Peripherals: 2.40%
Dell International LLC 144A		5.88			6-15-2021		2,170,000		2,212,753
EMC Corporation		2.65			6-1-2020		11,850,000		11,729,193
NCR Corporation		4.63			2-15-2021		9,333,000		9,286,335
									23,228,281
Materials: 5.16%
Chemicals: 1.35%
Chemours Company		6.63			5-15-2023		9,445,000		9,799,660
Huntsman International LLC		4.88			11-15-2020		3,175,000		3,256,359
									13,056,019
Containers & Packaging: 1.60%
Ball Corporation		4.38			12-15-2020		10,425,000		10,633,500
Reynolds Group Holdings		5.75			10-15-2020		4,768,010		4,777,546
									15,411,046
Metals & Mining: 2.21%
Freeport-McMoRan Incorporated		3.10			3-15-2020		1,840,000		1,844,232
Freeport-McMoRan Incorporated		4.00			11-14-2021		6,530,000		6,530,000
Steel Dynamics Incorporated		5.13			10-1-2021		12,883,000		12,955,467
									21,329,699

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

12 Wells Fargo Short-Term High Yield Bond Fund Portfolio of investments—February 28, 2019 (unaudited)

Security name	Interest rate			Maturity date		Principal		Value
Real Estate: 4.01%
Equity REITs: 3.15%
CoreCivic Incorporated		4.13	%		4-1-2020	$	2,545,000	$	2,541,819
Equinix Incorporated		5.38			1-1-2022		12,030,000		12,368,344
Sabra Health Care LP		5.50			2-1-2021		15,339,000		15,559,498
									30,469,661
Real Estate Management & Development: 0.86%
Taylor Morrison Communities Incorporated 144A		5.25			4-15-2021		8,285,000		8,295,356
Utilities: 0.52%
Independent Power & Renewable Electricity Producers: 0.52%
TerraForm Power Operating LLC 144A		4.25			1-31-2023		5,035,000		4,988,214
Total Corporate Bonds and Notes (Cost $611,387,150)									607,740,567
Loans: 24.13%
Communication Services: 2.48%
Diversified Telecommunication Services: 0.54%
Level 3 Financing Incorporated (3 Month LIBOR +2.25%) ±		4.73			2-22-2024		5,258,850		5,234,449
Media: 1.39%
CSC Holdings LLC (3 Month LIBOR +2.50%) ±		4.99			1-25-2026		10,979,683		10,911,060
Neptune Finco Corporation (3 Month LIBOR +2.25%) ±		4.74			1-15-2026		2,475,000		2,441,588
									13,352,648
Wireless Telecommunication Services: 0.55%
SBA Senior Finance II LLC (3 Month LIBOR +2.00%) ±		4.50			4-11-2025		5,387,869		5,332,751
Consumer Discretionary: 2.06%
Auto Components: 0.77%
Allison Transmission Incorporated (3 Month LIBOR +1.75%) ±		3.75			9-23-2022		7,515,033		7,499,401
Household Products: 1.05%
Michaels Stores Incorporated 31 Month LIBOR +2.50%) ±‡		4.99			1-30-2023		5,377,321		5,325,806
The ServiceMaster Company LLC (3 Month LIBOR +2.50%) ±		4.99			11-8-2023		4,828,273		4,804,132
									10,129,938
Specialty Retail: 0.24%
Sally Beauty Holdings Incorporated (3 Month LIBOR +2.25%) ±		4.75			7-5-2024		2,335,438		2,301,877
Consumer Staples: 0.69%
Food Products: 0.69%
Post Holdings Incorporated 3 Month LIBOR +2.00%) ±		4.49			5-24-2024		6,651,665		6,623,927
Financials: 3.06%
Diversified Consumer Services: 0.71%
TransUnion LLC (3 Month LIBOR +2.00%) ±		4.49			6-19-2025		6,854,291		6,811,451

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

Portfolio of investments—February 28, 2019 (unaudited) Wells Fargo Short-Term High Yield Bond Fund 13

Security name	Interest rate			Maturity date		Principal		Value
Diversified Financial Services: 2.35%
Delos Finance SARL (3 Month LIBOR +1.75%) ±		4.55	%		10-6-2023	$	9,865,000	$	9,856,911
LPL Holdings Incorporated (3 Month LIBOR +2.25%) ±		4.73			9-23-2024		12,998,523		12,884,786
									22,741,697
Health Care: 1.58%
Health Care Providers & Services: 1.58%
HCA Incorporated (3 Month LIBOR +1.75%)		4.24			3-18-2023		10,032,035		10,023,106
Select Medical Corporation (3 Month LIBOR +2.50%) ±‡		4.99			3-6-2025		5,330,147		5,283,509
									15,306,615
Industrials: 8.54%
Airlines: 0.79%
United Airlines Incorporated (3 Month LIBOR +1.75%) ±		4.24			4-1-2024		7,791,225		7,674,357
Commercial Services & Supplies: 4.18%
Advanced Disposal Services Incorporated (3 Month LIBOR +2.25%) ±		4.67			11-10-2023		12,005,937		11,985,888
Aramark Services Incorporated (3 Month LIBOR +1.75%) ±		4.24			3-28-2024		5,082,497		5,058,660
Aramark Services Incorporated (3 Month LIBOR +1.75%) ±		4.24			3-11-2025		5,931,734		5,902,075
KAR Auction Services Incorporated (3 Month LIBOR +2.25%) ±‡		5.06			3-11-2021		13,195,203		13,195,203
Sensata Technologies BV (3 Month LIBOR +1.75%) ±		4.25			10-14-2021		4,187,303		4,191,657
									40,333,483
Communications Equipment: 2.32%
Charter Communications Operating LLC (3 Month LIBOR +2.00%) ±		4.50			4-30-2025		17,926,369		17,867,212
Virgin Media Bristol LLC (3 Month LIBOR +2.50%) ±		4.99			1-15-2026		4,615,000		4,580,434
									22,447,646
Machinery: 1.25%
Columbus McKinnon Corporation (3 Month LIBOR +2.50%) ±‡		5.30			1-31-2024		5,429,738		5,402,590
RBS Global Incorporated (3 Month LIBOR +2.00%) ±		4.49			8-21-2024		6,706,250		6,680,163
									12,082,753
Information Technology: 1.97%
Communications Equipment: 0.19%
CommScope Incorporated (3 Month LIBOR +2.00%) ±		4.49			12-29-2022		1,805,217		1,800,704
Electronic Equipment, Instruments & Components: 0.61%
Dell Incorporated (3 Month LIBOR +2.00%) ±		4.50			9-7-2023		2,640,831		2,630,559
Zebra Technologies Corporation (3 Month LIBOR +1.75%) ±		4.26			11-15-2021		3,302,863		3,302,863
									5,933,422
IT Services: 0.85%
First Data Corporation (3 Month LIBOR +2.00%) ±		4.49			7-8-2022		8,253,040		8,242,063
Semiconductors & Semiconductor Equipment: 0.32%
Micron Technology Incorporated (3 Month LIBOR +1.75%) ±		4.25			4-26-2022		3,064,286		3,054,082

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

14 Wells Fargo Short-Term High Yield Bond Fund Portfolio of investments—February 28, 2019 (unaudited)

Security name	Interest rate			Maturity date		Principal		Value
Materials: 3.22%
Chemicals: 2.22%
Ashland LLC (3 Month LIBOR +1.75%) ±		4.24	%		5-17-2024	$	5,658,825	$	5,637,604
Ineos US Finance LLC (3 Month LIBOR +2.00%) ±		4.49			3-31-2024		16,056,883		15,836,101
									21,473,705
Containers & Packaging: 1.00%
Berry Plastics Group Incorporated (3 Month LIBOR +1.75%) ±		4.27			2-8-2020		9,650,545		9,632,498
Real Estate: 0.53%
Equity REITs: 0.53%
MGM Growth Properties LLC (3 Month LIBOR +2.00%) ±		4.49			3-21-2025		5,101,060		5,070,096
Total Loans (Cost $235,052,387)									233,079,563
Non-Agency Mortgage-Backed Securities: 0.00%
Salomon Brothers Mortgage Securities VII Series 1994-5 Class B2 ±±		4.89			4-25-2024		24,874		22,616
Total Non-Agency Mortgage-Backed Securities (Cost $24,634)									22,616
Yankee Corporate Bonds and Notes: 9.01%
Communication Services: 1.33%
Media: 1.33%
Nielsen Holding and Finance BV 144A		5.50			10-1-2021		12,710,000		12,821,213
Consumer Discretionary: 1.32%
Auto Components: 1.32%
IHO Verwaltungs GmbH 144A		4.13			9-15-2021		12,890,000		12,761,100
Financials: 0.54%
Diversified Financial Services: 0.54%
General Electric Capital International Funding Company		2.34			11-15-2020		5,225,000		5,136,708
Virgin Media Finance plc		5.25			1-15-2021		75,000		76,568
									5,213,276
Health Care: 2.69%
Pharmaceuticals: 2.69%
Bausch Health Companies Incorporated 144A		6.50			3-15-2022		11,695,000		12,118,944
Teva Pharmaceutical Finance BV		2.20			7-21-2021		14,600,000		13,871,991
									25,990,935
Industrials: 0.56%
Airlines: 0.56%
Air Canada Company 144A		7.75			4-15-2021		5,000,000		5,350,000
Information Technology: 0.52%
Communications Equipment: 0.32%
Nokia Corporation		5.38			5-15-2019		3,094,000		3,101,735

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

Portfolio of investments—February 28, 2019 (unaudited) Wells Fargo Short-Term High Yield Bond Fund 15

Security name	Interest rate			Maturity date		Principal		Value
Semiconductors & Semiconductor Equipment: 0.20%
NXP BV/NXP Funding LLC 144A		4.13	%		6-15-2020	$	1,900,000	$	1,913,775
Materials: 2.06%
Chemicals: 0.99%
Park Aerospace Holdings Company 144A		5.25			8-15-2022		9,305,000		9,525,622
Metals & Mining: 1.07%
ArcelorMittal SA		5.50			3-1-2021		9,970,000		10,358,802
Total Yankee Corporate Bonds and Notes (Cost $87,096,335)									87,036,458
	Yield					Shares
Investment Companies: 4.40%
Securities Lending Cash Investments LLC (l)(r)(u)		2.56					2,978,816		2,979,114
Wells Fargo Government Money Market Fund Select Class (l)(u)		2.34					39,518,481		39,518,481
Total Short-Term Investments (Cost $42,497,595)									42,497,595

Total investments in securities (Cost $976,058,101)	100.46	%		970,376,799
Other assets and liabilities, net	(0.46	)		(4,397,324	)
Total net assets	100.00	%	$	965,979,475

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

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

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

‡ Security is valued using significant unobservable inputs.

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

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

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

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

Abbreviations:

GO General obligation

LIBOR London Interbank Offered Rate

REIT Real estate investment trust

Investments in Affiliates

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

	Shares, beginning of period		Shares purchased		Shares sold		Shares, end of period		Net realized gains (losses)		Net change in unrealized gains (losses)		Income from affiliated securities		Value, end of period		% of net assets
Short-Term Investments
Investment Companies
Securities Lending Cash Investments LLC		146,956		11,398,711		8,566,851		2,978,816	$	0	$	0	$	33,315	$	2,979,114
Wells Fargo Government Money Market Fund Select Class		48,392,907		239,327,224		248,201,650		39,518,481		0		0		458,778		39,518,481
									$	0	$	0	$	492,093	$	42,497,595		4.40	%

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

16 Wells Fargo Short-Term High Yield Bond Fund Statement of assets and liabilities—February 28, 2019 (unaudited)

Assets
Investments in unaffiliated securities (including $2,919,011 of securities loaned), at value (cost $933,560,506)	$	927,879,204
Investments in affiliated securities, at value (cost $42,497,595)		42,497,595
Receivable for investments sold		7,245,204
Receivable for Fund shares sold		710,117
Receivable for interest		10,534,363
Receivable for securities lending income		682
Prepaid expenses and other assets		14,421
Total assets		988,881,586
Liabilities
Payable for investments purchased		16,483,409
Payable upon receipt of securities loaned		2,979,113
Payable for Fund shares redeemed		2,064,958
Dividends payable		726,714
Management fee payable		268,939
Administration fees payable		71,326
Distribution fee payable		37,769
Trustees’ fees and expenses payable		2,706
Accrued expenses and other liabilities		267,177
Total liabilities		22,902,111
Total net assets	$	965,979,475
NET ASSETS CONSIST OF
Paid-in capital	$	1,008,669,951
Total distributable loss		(42,690,476	)
Total net assets	$	965,979,475
COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE PER SHARE
Net assets – Class A	$	113,090,962
Shares outstanding – Class A1		14,109,378
Net asset value per share – Class A		$8.02
Maximum offering price per share – Class A2		$8.27
Net assets – Class C	$	65,178,757
Shares outstanding – Class C1		8,129,308
Net asset value per share – Class C		$8.02
Net assets – Administrator Class	$	89,530,269
Shares outstanding – Administrator Class1		11,170,517
Net asset value per share – Administrator Class		$8.01
Net assets – Institutional Class	$	698,179,487
Shares outstanding – Institutional Class1		87,230,618
Net asset value per share – Institutional Class		$8.00

¹  The Fund has an unlimited number of authorized shares.

²  Maximum offering price is computed as 100/97 of net asset value. On investments of $50,000 or more, the offering price is reduced.

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

Statement of operations—six months ended February 28, 2019 (unaudited) Wells Fargo Short-Term High Yield Bond Fund 17

Investment income
Interest	$	20,050,923
Income from affiliated securities		463,248
Total investment income		20,514,171
Expenses
Management fee		2,388,109
Administration fees
Class A		93,390
Class C		55,311
Administrator Class		46,020
Institutional Class		281,318
Shareholder servicing fees
Class A		145,922
Class C		86,423
Administrator Class		112,104
Distribution fee
Class C		259,269
Custody and accounting fees		39,012
Professional fees		27,307
Registration fees		48,767
Shareholder report expenses		48,226
Trustees’ fees and expenses		10,728
Other fees and expenses		13,165
Total expenses		3,655,071
Less: Fee waivers and/or expense reimbursements		(530,134	)
Net expenses		3,124,937
Net investment income		17,389,234
REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS
Net realized losses on investments		(2,267,049	)
Net change in unrealized gains (losses) on investments		3,487,882
Net realized and unrealized gains (losses) on investments		1,220,833
Net increase in net assets resulting from operations	$	18,610,067

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

18 Wells Fargo Short-Term High Yield Bond Fund Statement of changes in net assets

	Six months ended February 28, 2019 (unaudited)						Year ended August 31, 20181
Operations
Net investment income				$	17,389,234					$	39,073,468
Net realized losses on investments					(2,267,049	)					(3,235,869	)
Net change in unrealized gains (losses) on investments					3,487,882						(9,350,210	)
Net increase in net assets resulting from operations					18,610,067						26,487,389
Distributions to shareholders from net investment income and net realized gains
Class A					(1,960,679	)					(4,410,776	)
Class C					(896,502	)					(2,041,138	)
Administrator Class					(1,617,576	)					(3,531,933	)
Institutional Class					(12,914,636	)					(29,089,633	)
Total distributions to shareholders					(17,389,393	)					(39,073,480	)
Capital share transactions		Shares						Shares
Proceeds from shares sold
Class A		1,285,886			10,234,431			3,772,243			30,248,401
Class C		361,323			2,875,947			821,295			6,596,115
Administrator Class		1,560,821			12,441,163			4,344,267			34,806,968
Institutional Class		19,712,046			156,773,585			40,175,145			322,039,713
					182,325,126						393,691,197
Reinvestment of distributions
Class A		234,345			1,864,563			534,775			4,287,383
Class C		108,361			862,341			250,383			2,008,417
Administrator Class		194,262			1,545,443			424,158			3,399,349
Institutional Class		1,276,663			10,142,684			2,938,060			23,529,667
					14,415,031						33,224,816
Payment for shares redeemed
Class A		(3,299,345	)		(26,225,756	)		(9,754,483	)		(78,216,370	)
Class C		(1,989,727	)		(15,845,832	)		(5,207,987	)		(41,812,691	)
Administrator Class		(3,427,902	)		(27,226,806	)		(8,542,255	)		(68,570,248	)
Institutional Class		(29,538,101	)		(234,228,735	)		(72,766,723	)		(582,432,153	)
					(303,527,129	)					(771,031,462	)
Net decrease in net assets resulting from capital share transactions					(106,786,972	)					(344,115,449	)
Total decrease in net assets					(105,566,298	)					(356,701,540	)
Net assets
Beginning of period					1,071,545,773						1,428,247,313
End of period				$	965,979,475					$	1,071,545,773

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 August 31, 2018 was $7. The disaggregated distributions information for the year ended August 31, 2018 is included in Note 7, Distributions to Shareholders, in the notes to the financial statements.

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

Financial highlights Wells Fargo Short-Term High Yield Bond Fund 19

(For a share outstanding throughout each period)

	Six months ended February 28, 2019 (unaudited)			Year ended August 31
CLASS A				2018			2017			2016			2015			2014
Net asset value, beginning of period		$7.99			$8.07			$8.10			$8.07			$8.20			$8.21
Net investment income		0.13			0.24			0.23			0.24			0.25			0.27
Net realized and unrealized gains (losses) on investments		0.03			(0.08	)		(0.03	)		0.03			(0.13	)		0.01
Total from investment operations		0.16			0.16			0.20			0.27			0.12			0.28
Distributions to shareholders from
Net investment income		(0.13	)		(0.24	)		(0.23	)		(0.24	)		(0.25	)		(0.27	)
Net realized gains		0.00			0.00			0.00			0.00			0.00			(0.02	)
Total distributions to shareholders		(0.13	)		(0.24	)		(0.23	)		(0.24	)		(0.25	)		(0.29	)
Net asset value, end of period		$8.02			$7.99			$8.07			$8.10			$8.07			$8.20
Total return1		2.03	%		2.00	%		2.51	%		3.37	%		1.46	%		3.40	%
Ratios to average net assets (annualized)
Gross expenses		0.93	%		0.93	%		0.92	%		0.92	%		0.92	%		0.91	%
Net expenses		0.81	%		0.81	%		0.81	%		0.81	%		0.81	%		0.81	%
Net investment income		3.30	%		2.96	%		2.88	%		2.95	%		3.11	%		3.27	%
Supplemental data
Portfolio turnover rate		20	%		34	%		35	%		32	%		40	%		28	%
Net assets, end of period (000s omitted)		$113,091			$127,024			$172,151			$296,817			$203,856			$276,436

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

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

20 Wells Fargo Short-Term High Yield Bond Fund Financial highlights

(For a share outstanding throughout each period)

	Six months ended February 28, 2019 (unaudited)			Year ended August 31
CLASS C				2018			2017			2016			2015			2014
Net asset value, beginning of period		$8.00			$8.07			$8.10			$8.07			$8.20			$8.21
Net investment income		0.10			0.18			0.17			0.18			0.19			0.21
Net realized and unrealized gains (losses) on investments		0.02			(0.07	)		(0.03	)		0.03			(0.13	)		0.01
Total from investment operations		0.12			0.11			0.14			0.21			0.06			0.22
Distributions to shareholders from
Net investment income		(0.10	)		(0.18	)		(0.17	)		(0.18	)		(0.19	)		(0.21	)
Net realized gains		0.00			0.00			0.00			0.00			0.00			(0.02	)
Total distributions to shareholders		(0.10	)		(0.18	)		(0.17	)		(0.18	)		(0.19	)		(0.23	)
Net asset value, end of period		$8.02			$8.00			$8.07			$8.10			$8.07			$8.20
Total return1		1.53	%		1.36	%		1.75	%		2.60	%		0.70	%		2.62	%
Ratios to average net assets (annualized)
Gross expenses		1.69	%		1.68	%		1.67	%		1.67	%		1.67	%		1.66	%
Net expenses		1.56	%		1.56	%		1.56	%		1.56	%		1.56	%		1.56	%
Net investment income		2.55	%		2.21	%		2.11	%		2.20	%		2.36	%		2.52	%
Supplemental data
Portfolio turnover rate		20	%		34	%		35	%		32	%		40	%		28	%
Net assets, end of period (000s omitted)		$65,179			$77,169			$111,268			$123,745			$123,521			$143,444

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

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

Financial highlights Wells Fargo Short-Term High Yield Bond Fund 21

(For a share outstanding throughout each period)

	Six months ended February 28, 2019 (unaudited)			Year ended August 31
ADMINISTRATOR CLASS				2018			2017			2016			2015			2014
Net asset value, beginning of period		$7.99			$8.07			$8.10			$8.07			$8.20			$8.20
Net investment income		0.13			0.25			0.24			0.25			0.26			0.28
Net realized and unrealized gains (losses) on investments		0.02			(0.08	)		(0.03	)		0.03			(0.13	)		0.02
Total from investment operations		0.15			0.17			0.21			0.28			0.13			0.30
Distributions to shareholders from
Net investment income		(0.13	)		(0.25	)		(0.24	)		(0.25	)		(0.26	)		(0.28	)
Net realized gains		0.00			0.00			0.00			0.00			0.00			(0.02	)
Total distributions to shareholders		(0.13	)		(0.25	)		(0.24	)		(0.25	)		(0.26	)		(0.30	)
Net asset value, end of period		$8.01			$7.99			$8.07			$8.10			$8.07			$8.20
Total return1		1.99	%		2.16	%		2.68	%		3.54	%		1.62	%		3.69	%
Ratios to average net assets (annualized)
Gross expenses		0.87	%		0.86	%		0.86	%		0.86	%		0.85	%		0.84	%
Net expenses		0.65	%		0.65	%		0.65	%		0.65	%		0.65	%		0.65	%
Net investment income		3.45	%		3.13	%		3.03	%		3.11	%		3.28	%		3.44	%
Supplemental data
Portfolio turnover rate		20	%		34	%		35	%		32	%		40	%		28	%
Net assets, end of period (000s omitted)		$89,530			$102,673			$134,070			$274,878			$328,934			$509,059

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

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

22 Wells Fargo Short-Term High Yield Bond Fund Financial highlights

(For a share outstanding throughout each period)

	Six months ended February 28, 2019 (unaudited)			Year ended August 31
INSTITUTIONAL CLASS				2018			2017			2016			2015			2014
Net asset value, beginning of period		$7.98			$8.06			$8.09			$8.06			$8.18			$8.19
Net investment income		0.14			0.27			0.25			0.26			0.28			0.29
Net realized and unrealized gains (losses) on investments		0.02			(0.08	)		(0.02	)		0.03			(0.13	)		0.01
Total from investment operations		0.16			0.19			0.23			0.29			0.15			0.30
Distributions to shareholders from
Net investment income		(0.14	)		(0.27	)		(0.26	)		(0.26	)		(0.27	)		(0.29	)
Net realized gains		0.00			0.00			0.00			0.00			0.00			(0.02	)
Total distributions to shareholders		(0.14	)		(0.27	)		(0.26	)		(0.26	)		(0.27	)		(0.31	)
Net asset value, end of period		$8.00			$7.98			$8.06			$8.09			$8.06			$8.18
Total return1		2.06	%		2.31	%		2.83	%		3.69	%		1.90	%		3.72	%
Ratios to average net assets (annualized)
Gross expenses		0.60	%		0.59	%		0.59	%		0.59	%		0.59	%		0.58	%
Net expenses		0.50	%		0.50	%		0.50	%		0.50	%		0.50	%		0.50	%
Net investment income		3.61	%		3.27	%		3.16	%		3.26	%		3.40	%		3.58	%
Supplemental data
Portfolio turnover rate		20	%		34	%		35	%		32	%		40	%		28	%
Net assets, end of period (000s omitted)		$698,179			$764,680			$1,010,757			$735,285			$608,704			$540,824

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

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

Notes to financial statements (unaudited) Wells Fargo Short-Term High Yield Bond 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 Short-Term High Yield Bond Fund (the “Fund”) which is a diversified series of the Trust.

2. SIGNIFICANT ACCOUNTING POLICIES

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

Securities valuation

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

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

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

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

Securities lending

The Fund may lend its securities from time to time in order to earn additional income in the form of fees or interest on securities received as collateral or the investment of any cash received as collateral. The Fund continues to receive interest or dividends on the securities loaned. The Fund receives collateral in the form of cash or securities with a value at least equal to the value of the securities on loan. The value of the loaned securities is determined at the close of each business day and any additional required collateral is delivered to the Fund on the next business day. In a securities lending transaction, the net asset value of the Fund will be affected by an increase or decrease in the value of the securities loaned and by an increase or decrease in the value of the instrument in which collateral is invested. The amount of securities lending activity undertaken by the Fund fluctuates from time to time. In the event of default or bankruptcy by the borrower, the Fund may be prevented from recovering the loaned securities or gaining access to the collateral or may experience delays or costs in doing so. In addition, the investment of any cash collateral received may lose all or part of its value. The Fund has the right under the lending agreement to recover the securities from the borrower on demand.

The Fund lends its securities through an unaffiliated securities lending agent. Cash collateral received in connection with its securities lending transactions is invested in Securities Lending Cash Investments, LLC (the “Securities Lending Fund”). The Securities Lending Fund is exempt from registration under Section 3(c)(7) of the 1940 Act and is managed by Funds Management and is subadvised by Wells Capital Management Incorporated (“WellsCap”), an affiliate of Funds Management and an indirect wholly owned subsidiary of Wells Fargo & Company (“Wells Fargo”). Funds Management receives an advisory fee starting at 0.05% and declining to 0.01% as the average daily net assets of the Securities Lending Fund increase. All of the fees received by Funds Management are paid to WellsCap for its services as subadviser. The Securities Lending Fund seeks to provide a positive return compared to the daily Fed Funds Open Rate by investing in high-quality, U.S. dollar-denominated short-term money market instruments. Securities Lending Fund investments are

24 Wells Fargo Short-Term High Yield Bond Fund Notes to financial statements (unaudited)

valued at the evaluated bid price provided by an independent pricing service. Income earned from investment in the Securities Lending Fund (net of fees and rebates), if any, is included in income from affiliated securities on the Statement of Operations.

Loans

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

Security transactions and income recognition

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

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

Distributions to shareholders

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

Federal and other taxes

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

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

As of February 28, 2019, the aggregate cost of all investments for federal income tax purposes was $976,061,406 and the unrealized gains (losses) consisted of:

Gross unrealized gains	$	1,615,775
Gross unrealized losses		(7,300,382	)
Net unrealized losses	$	(5,684,607	)

As of August 31, 2018, the Fund had capital loss carryforwards which consisted of $11,356,983 in short-term capital losses and $23,380,190 in long-term capital losses.

Class allocations

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

Notes to financial statements (unaudited) Wells Fargo Short-Term High Yield Bond Fund 25

3. FAIR VALUATION MEASUREMENTS

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

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

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

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

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

The following is a summary of the inputs used in valuing the Fund’s assets and liabilities as of February 28, 2019:

	Quoted prices (Level 1)		Other significant observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total
Assets
Investments in:
Corporate bonds and notes	$	0	$	607,740,567	$	0	$	607,740,567
Loans		0		203,872,455		29,207,108		233,079,563
Non-agency mortgage-backed securities		0		22,616		0		22,616
Yankee corporate bonds and notes		0		87,036,458		0		87,036,458
Short-term investments
Investment companies		39,518,481		2,979,114		0		42,497,595
Total assets	$	39,518,481	$	901,651,210	$	29,207,108	$	970,376,799

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

	Loans
Balance as of August 30, 2018	$	6,104,686
Accrued discounts (premiums)		(1,612	)
Realized gains (losses)		(2,051	)
Change in unrealized gains (losses)		(31,107	)
Purchases		0
Sales		(667,326	)
Transfer into Level 3		23,804,518
Transfer out of Level 3		0
Balance as of February 28, 2019	$	29,207,108
Change in unrealized gains (losses) relating to securities still held at February 28, 2019	$	(33,936	)

The investment type categorized above was valued using indicative broker quotes. These indicative broker quotes are considered Level 3 inputs. Quantitative unobservable inputs used by the brokers are often proprietary and not provided to the Fund and therefore the disclosure that would address these inputs is not included above.

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

26 Wells Fargo Short-Term High Yield Bond Fund Notes to financial statements (unaudited)

4. TRANSACTIONS WITH AFFILIATES

Management fee

Funds Management, an indirect wholly owned subsidiary of Wells Fargo, is the manager of the Fund and provides advisory and fund-level administrative services under an investment management agreement. Under the investment management agreement, Funds Management is responsible for, among other services, implementing the investment objectives and strategies of the Fund, supervising the subadviser and providing fund-level administrative services in connection with the Fund’s operations. As compensation for its services under the investment management agreement, Funds Management is entitled to receive a management fee at the following annual rate based on the Fund’s average daily net assets:

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

For the six months ended February 28, 2019, the management fee was equivalent to an annual rate of 0.48% of the Fund’s average daily net assets.

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

Administration fees

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

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

Funds Management has contractually waived and/or reimbursed management and administration fees to the extent necessary to maintain certain net operating expense ratios for the Fund. When each class of the Fund has exceeded its expense cap, Funds Management has waived fees and/or reimbursed expenses from fund level expenses on a proportionate basis and then from class specific expenses. When only certain classes exceed their expense caps, waivers and/or reimbursements are applied against class specific expenses before fund level expenses. Funds Management has committed through December 31, 2019 to waive fees and/or reimburse expenses to the extent necessary to cap the Fund’s expenses at 0.81% for Class A shares, 1.56% for Class C shares, 0.65% for Administrator Class shares, and 0.50% for Institutional Class shares. Prior to or after the commitment expiration date, the cap may be increased or the commitment to maintain the cap may be terminated only with the approval of the Board of Trustees.

Distribution fee

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

In addition, Funds Distributor is entitled to receive the front-end sales charge from the purchase of Class A shares and a contingent deferred sales charge on the redemption of certain Class A shares. Funds Distributor is also entitled to receive the contingent deferred sales charges from redemptions of Class C shares. For the six months ended February 28, 2019, Funds Distributor received $1,495 from the sale of Class A shares and $320 in contingent deferred sales charges from redemptions of Class C shares. No contingent deferred sales charges were incurred by Class A shares for the six months ended February 28, 2019.

Notes to financial statements (unaudited) Wells Fargo Short-Term High Yield Bond Fund 27

Shareholder servicing fees

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

Interfund transactions

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

5. INVESTMENT PORTFOLIO TRANSACTIONS

Purchases and sales of investments, excluding U.S. government obligations (if any) and short-term securities, for the six months ended February 28, 2019 were $189,779,588 and $233,342,013, respectively.

6. BANK BORROWINGS

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

For the six months ended February 28, 2019, there were no borrowings by the Fund under the agreement.

7. DISTRIBUTIONS TO SHAREHOLDERS

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

	Net investment income
Class A	$	4,410,776
Class C		2,041,138
Administrator Class		3,531,933
Institutional Class		29,089,633

8. INDEMNIFICATION

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

9. NEW ACCOUNTING PRONOUNCEMENTS

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

In March 2017, FASB issued ASU No. 2017-08, Premium Amortization on Purchased Callable Debt Securities. ASU 2017-08 shortens the amortization period for certain callable debt securities held at a premium. The amendments require the premium to be amortized to the earliest call date. The amendments do not require an accounting change for securities held at a discount; the discount continues to be amortized to maturity. ASU 2017-08 is effective for fiscal years beginning after December 15, 2018 and for interim periods within those fiscal years. Management is currently evaluating the potential impact of this new guidance to the financial statements.

28 Wells Fargo Short-Term High Yield Bond Fund Other information (unaudited)

PROXY VOTING INFORMATION

A description of the policies and procedures used to determine how to vote proxies relating to portfolio securities is available, upon request, by calling 1-800-222-8222, visiting our website at wfam.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 wfam.com or by visiting the SEC website at sec.gov.

PORTFOLIO HOLDINGS INFORMATION

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

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

30 Wells Fargo Short-Term High Yield Bond Fund Other information (unaudited)

Name and year of birth	Position held and length of service*	Principal occupations during past five years or longer	Current other public company or investment company directorships
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	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	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	Chief Operating Officer, Twin Cities Habitat for Humanity, since January, 2017. Vice President of University Services, University of Minnesota from 2012 to 2017. Prior thereto, on the Board of Directors, Governance Committee and Finance Committee for the Minnesota Philanthropy Partners (Saint Paul Foundation) from 2012 to 2018, Interim President and Chief Executive Officer of Blue Cross Blue Shield of Minnesota from 2010 to 2011, Chairman of the Board from 2009 to 2011 and Board Director from 2003 to 2015. Vice President, Leadership and Community Engagement, Bush Foundation, Saint Paul, Minnesota (a private foundation) from 2009 to 2011. Executive Vice President and Chief Financial Officer, Minnesota Sports and Entertainment from 2004 to 2009 and Senior Vice President from 2002 to 2004. Commissioner of Finance, State of Minnesota, from 1999 to 2002. Currently the Board Chair of the Minnesota Wild Foundation since 2010.	N/A

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

Other information (unaudited) Wells Fargo Short-Term High Yield Bond 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 and 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 wfam.com.

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

32 Wells Fargo Short-Term High Yield Bond Fund Appendix A (unaudited)

SALES CHARGE REDUCTIONS AND WAIVERS FOR CERTAIN INTERMEDIARIES

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

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

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

• Shares purchased in an investment advisory program.

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

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

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

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

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

• Death or disability of the shareholder.

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

• Return of excess contributions from an IRA Account.

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

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

• Shares acquired through a right of reinstatement.

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

• Breakpoints as described in the Fund’s Prospectus.

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

For more information

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

Wells Fargo Funds

P.O. Box 219967

Kansas City, MO 64121-9967

Website: wfam.com

Individual investors: 1-800-222-8222

Retail investment professionals: 1-888-877-9275

Institutional investment professionals: 1-866-765-0778

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

321630 04-19 SA222/SAR222 02-19

Semi-Annual Report

February 28, 2019

Wells Fargo Ultra Short-Term Income Fund

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

If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from the Fund electronically at any time by contacting your financial intermediary (such as a broker-dealer or bank) or, if you are a direct investor, by 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	8
Portfolio of investments	9
Financial statements
Statement of assets and liabilities	22
Statement of operations	23
Statement of changes in net assets	24
Financial highlights	25
Notes to financial statements	29
Other information	35
Appendix A	39

The views expressed and any forward-looking statements are as of February 28, 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 Ultra Short-Term Income Fund Letter to shareholders (unaudited)

Andrew Owen

President

Wells Fargo Funds

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

Dear Shareholder:

We are pleased to offer you this semi-annual report for the Wells Fargo Ultra Short-Term Income Fund for the six-month period that ended February 28, 2019. Higher short-term interest rates, inflation concerns, trade tensions, slowing economic growth outside the U.S., and geopolitical events contributed to investment market volatility throughout the period.

For the period, U.S. stocks, as measured by the S&P 500 Index,¹ fell 3.04% and international stocks, as measured by the MSCI ACWI ex USA Index (Net),² declined 2.47%. Based on the MSCI EM Index (Net),³ emerging market stocks gained 0.33%. For bond investors, the Bloomberg Barclays U.S. Aggregate Bond Index⁴ added 1.99% while the Bloomberg Barclays Global Aggregate ex-USD Index⁵ gained 0.63%. The Bloomberg Barclays Municipal Bond Index⁶ added 2.34%, and the ICE BofAML U.S. High Yield Index⁷ advanced 1.98%.

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^®8 reached its highest level in 18 years during September 2018. The U.S. Federal Reserve (Fed) raised the federal funds rate by 25 basis points (bps; 100 bps equal 1.00%) to a target range of between 2.00% and 2.25% in September 2018. For the quarter that ended September 30, 2018, the S&P 500 Index added 7.71%.

Investors in international markets were not as confident. 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 Bank of England (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%.

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.

⁸ 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.

Letter to shareholders (unaudited) Wells Fargo Ultra Short-Term Income Fund 3

Conflicting data unsettled markets during the fourth quarter.

November’s U.S. midterm elections shifted control of the House of Representatives from Republicans to Democrats, presaging potential partisan clashes. Third-quarter U.S. gross domestic product (GDP) was announced at an annualized 3.4% rate, lower than the second-quarter rate. Brexit efforts stalled ahead of the March 2019 deadline. The People’s Bank of China 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.

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. The Fed increased the federal funds rate by 25 bps in December 2018 to a target range of between 2.25% and 2.50% and softened its outlook for 2019 rate increases.

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 VIX⁹.

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.

In February, concerns over slowing global growth reemerged. The Bureau of Economic Analysis announced fourth-quarter 2018 GDP grew at an annualized 2.2% rate, down from the 4.2% annualized rate for the second quarter and the 3.4% annualized rate for the third quarter. Analysts attributed the lower growth rate to a slowing housing market and larger trade deficit. The U.S. Labor Department said that the economy created just 20,000 jobs in February. In a February report, the BOE forecast the slowest growth since the financial crisis for 2019. China and the U.S., while putting future tariffs on hold for the time being, continued to wrangle over trade issues.

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.

January’s returns tended to support the investing adage that markets climb a wall of worry.

⁹  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 Ultra Short-Term Income Fund Letter to shareholders (unaudited)

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

Sincerely,

Andrew Owen

President

Wells Fargo Funds

Notice to shareholders

At a meeting held February 20 - 21, 2019, the Board of Trustees of the Fund approved the following change to the Fund’s strategy:

“While we may purchase securities of any maturity or duration, under normal circumstances, we expect the Fund’s dollar-weighted average effective maturity to be 1.5 years or less and the Fund’s dollar-weighted average effective duration to be 1 year or less.”

This change was made effective immediately and is now included in the Fund’s prospectus.

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

This page is intentionally left blank.

6 Wells Fargo Ultra Short-Term Income Fund Performance highlights (unaudited)

Investment objective

The Fund seeks current income consistent with capital preservation.

Manager

Wells Fargo Funds Management, LLC

Subadviser

Wells Capital Management Incorporated

Portfolio managers

Christopher Y. Kauffman, CFA^®‡

Jay N. Mueller, CFA^®‡

Noah M. Wise, CFA^®‡

Average annual total returns (%) as of February 28, 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 (SADAX)	8-31-1999		0.36		0.62		1.71		2.41		1.02		1.92		0.81		0.71
Class C (WUSTX)	7-18-2008		0.64		0.25		1.16		1.64		0.25		1.16		1.56		1.46
Administrator Class (WUSDX)	4-8-2005		–		–		–		2.44		1.15		2.05		0.75		0.56
Institutional Class (SADIX)	8-31-1999		–		–		–		2.64		1.35		2.27		0.48		0.36
Bloomberg Barclays Short-Term Government/Corporate Bond Index3	–		–		–		–		2.31		0.93		0.77		–		–

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

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

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

Bond values fluctuate in response to the financial condition of individual issuers, general market and economic conditions, and changes in interest rates. Changes in market conditions and government policies may lead to periods of heightened volatility in the bond market and reduced liquidity for certain bonds held by the Fund. In general, when interest rates rise, bond values fall and investors may lose principal value. Interest rate changes and their impact on the Fund and its share price can be sudden and unpredictable. Loans are subject to risks similar to those associated with other below-investment-grade bond investments, such as credit risk (for example, risk of issuer default), below-investment-grade bond risk (for example, risk of greater volatility in value), and risk that the loan may become illiquid or difficult to price. The use of derivatives may reduce returns and/or increase volatility. Foreign investments are especially volatile and can rise or fall dramatically due to differences in the political and economic conditions of the host country. These risks are generally intensified in emerging markets. Certain investment strategies tend to increase the total risk of an investment (relative to the broader market). The Fund is exposed to high-yield securities risk and mortgage- and asset-backed securities risk. Consult the Fund’s prospectus for additional information on these and other risks.

Please see footnotes on page 7.

Performance highlights (unaudited) Wells Fargo Ultra Short-Term Income Fund 7

Ten largest holdings (%) as of February 28, 20194
SPDR Portfolio Short Term Corporate Bond ETF	2.88
AT&T Incorporated, 5.00%, 3-1-2021	0.98
Deutsche Telekom International Finance BV, 2.23%, 1-17-2020	0.94
Volvo Financial Equipment LLC Series 2017 -1A Class A3, 1.92%, 3-15-2021	0.94
General Electric Capital International Funding Company, 2.34%, 11-15-2020	0.93
Drive Auto Receivables Trust Series 2016 - CA Class C, 3.02%, 11-15-2021	0.85
ANZ New Zealand International Limited, 2.60%, 9-23-2019	0.77
Banco Santander Chile, 2.50%, 12-15-2020	0.77
Connecticut Series A, 4.41%, 4-1-2019	0.77
Corporacion Andina de Fomento, 2.00%, 5-10-2019	0.76

Portfolio composition as of February 28, 2019⁵

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

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

² The manager has contractually committed through December 31, 2019 to waive fees and/or reimburse expenses to the extent necessary to cap the expenses of each class after fee waivers at 0.70% for Class A, 1.45% for Class C, 0.55% for Administrator Class, and 0.35% for Institutional Class. Brokerage commissions, stamp duty fees, interest, taxes, acquired fund fees and expenses (if any), and extraordinary expenses are excluded from the expense cap. Prior to or after the commitment expiration date, the cap may be increased or the commitment to maintain the cap may be terminated only with the approval of the Board of Trustees. Without this cap, the Fund’s returns would have been lower. The expense ratio paid by an investor is the net expense ratio (the total annual fund operating expenses after fee waivers) as stated in the prospectuses.

³  The Bloomberg Barclays Short-Term Government/Corporate Bond Index contains securities that have fallen out of the Bloomberg Barclays U.S. Government/Credit Bond Index because of the standard minimum one-year-to-maturity constraint. Securities in the Bloomberg Barclays Short-Term Government/Corporate Bond Index must have a maturity from 1 up to (but not including) 12 months. You cannot invest directly in an index.

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

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

8 Wells Fargo Ultra Short-Term Income Fund Fund expenses (unaudited)

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

The example is based on an investment of $1,000 invested at the beginning of the six-month period and held for the entire period from September 1, 2018 to February 28, 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 sales charges (loads) and contingent deferred sales charges. Therefore, the “Hypothetical” line of the table is useful in comparing ongoing costs only and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

	Beginning account value 9-1-2018		Ending account value 2-28-2019		Expenses paid during the period¹		Annualized net expense ratio
Class A
Actual	$	1,000.00	$	1,014.59	$	3.50		0.70	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.32	$	3.51		0.70	%
Class C
Actual	$	1,000.00	$	1,009.64	$	7.23		1.45	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,017.60	$	7.25		1.45	%
Administrator Class
Actual	$	1,000.00	$	1,014.16	$	2.75		0.55	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,022.07	$	2.76		0.55	%
Institutional Class
Actual	$	1,000.00	$	1,015.15	$	1.75		0.35	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,023.06	$	1.76		0.35	%

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

Portfolio of investments—February 28, 2019 (unaudited) Wells Fargo Ultra Short-Term Income Fund 9

Security name	Interest rate			Maturity date		Principal		Value
Agency Securities: 8.22%
FDIC Series 2013-R1 Class A 144A		1.15	%		3-25-2033	$	889,080	$	875,997
FHLMC		1.73			7-25-2019		3,296,966		3,282,601
FHLMC (1 Month LIBOR +0.50%) ±		2.99			9-15-2041		1,748,669		1,754,766
FHLMC (1 Year Treasury Constant Maturity +2.25%) ±		4.12			4-1-2032		85,421		89,414
FHLMC (1 Year Treasury Constant Maturity +2.19%) ±		4.14			5-1-2035		307,224		322,614
FHLMC (1 Year Treasury Constant Maturity +2.33%) ±		4.21			1-1-2029		35,413		35,556
FHLMC (1 Year Treasury Constant Maturity +2.25%) ±		4.33			6-1-2032		1,588		1,637
FHLMC (1 Year Treasury Constant Maturity +2.40%) ±		4.37			7-1-2029		2,209		2,280
FHLMC (1 Year Treasury Constant Maturity +2.23%) ±		4.39			3-1-2035		699,398		733,716
FHLMC (1 Year Treasury Constant Maturity +2.25%) ±		4.46			11-1-2035		2,177,811		2,285,799
FHLMC (1 Year Treasury Constant Maturity +2.25%) ±		4.49			10-1-2038		783,046		830,614
FHLMC		4.50			2-1-2020		124,739		126,756
FHLMC		4.50			8-1-2020		79,996		81,289
FHLMC		4.50			1-1-2022		78,058		79,321
FHLMC		4.50			6-1-2024		1,039,000		1,069,493
FHLMC		4.50			9-1-2026		1,636,155		1,683,867
FHLMC (1 Year Treasury Constant Maturity +2.25%) ±		4.58			9-1-2038		1,324,601		1,393,121
FHLMC (1 Year Treasury Constant Maturity +2.25%) ±		4.74			4-1-2038		728,413		765,858
FHLMC		5.00			12-1-2019		173,990		176,450
FHLMC		5.50			12-1-2022		459,317		475,151
FHLMC		5.50			12-1-2023		478,305		496,288
FHLMC		6.00			10-1-2021		521,970		534,792
FHLMC		6.00			10-1-2021		566,517		580,166
FHLMC		6.00			1-1-2024		441,870		456,577
FHLMC		7.00			6-1-2031		246,597		270,232
FHLMC		9.00			10-1-2019		2,106		2,110
FHLMC		9.50			9-1-2020		10,390		10,441
FHLMC		9.50			12-1-2022		7,193		7,252
FHLMC		10.00			11-17-2021		3,451		3,464
FHLMC		10.50			5-1-2020		12,507		12,589
FHLMC Series 2611 Class HD		5.00			5-15-2023		537,355		553,543
FHLMC Series 2649 Class WL		4.00			7-15-2023		1,053,967		1,062,876
FHLMC Series 2704 Class BH		4.50			11-15-2023		377,177		382,705
FHLMC Series 2849 Class B		5.00			8-15-2019		16,454		16,468
FHLMC Series 2855 Class WN		4.00			9-15-2019		3,250		3,251
FHLMC Series 2881 Class AE		5.00			8-15-2034		197,361		201,381
FHLMC Series 2896 Class CB		4.50			11-15-2019		10,440		10,484
FHLMC Series 2953 Class LD		5.00			12-15-2034		170,049		171,181
FHLMC Series 3166 Class AC		5.00			6-15-2021		907,155		909,592
FHLMC Series 3266 Class D		5.00			1-15-2022		537		538
FHLMC Series 3609 Class LA		4.00			12-15-2024		16,328		16,328
FHLMC Series 3821 Class LA		3.50			4-15-2025		133,179		133,211
FHLMC Series 3834 Class EA		3.50			6-15-2029		240,023		242,505
FHLMC Series 3888 Class NA		2.25			1-15-2040		1,630,987		1,611,187
FHLMC Series 3898 Class NE		4.00			7-15-2040		145,859		145,460
FHLMC Series 4172 Class PB		1.50			7-15-2040		346,383		337,245
FHLMC Series 4318 Class LC		2.00			6-15-2038		411,000		405,450
FHLMC Series 4348 Class MH		3.00			6-15-2039		2,230,464		2,229,309
FHLMC Series K005 Class A2		4.32			11-25-2019		500,000		501,874
FHLMC Series KF15 Class A (1 Month LIBOR +0.67%) ±		3.18			2-25-2023		1,040,603		1,041,736

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

10 Wells Fargo Ultra Short-Term Income Fund Portfolio of investments—February 28, 2019 (unaudited)

Security name	Interest rate			Maturity date		Principal		Value
Agency Securities (continued)
FHLMC Series KJ13 Class A1		2.06	%		9-25-2021	$	1,388,863	$	1,380,955
FHLMC Series KP04 Class AG1 (1 Month LIBOR +0.22%) ±		2.73			7-25-2020		4,515,000		4,513,189
FHLMC Series QO04 Class AFL (12 Month Treasury Average +0.74%) ±		3.07			5-25-2044		3,532,331		3,536,556
FHLMC Series T-42 Class A6		9.50			2-25-2042		603,224		723,131
FNMA		2.00			4-1-2023		3,210,440		3,161,801
FNMA (1 Year Treasury Constant Maturity +1.86%) ±		3.86			1-1-2023		5,911		5,904
FNMA (6 Month LIBOR +1.39%) ±		4.04			10-1-2031		118,717		121,573
FNMA (6 Month LIBOR +1.51%) ±		4.11			9-1-2037		339,971		351,285
FNMA (1 Year Treasury Constant Maturity +2.22%) ±		4.19			6-1-2032		95,853		99,612
FNMA (1 Year Treasury Constant Maturity +2.22%) ±		4.25			6-1-2034		879,156		926,831
FNMA (1 Year Treasury Constant Maturity +2.27%) ±		4.29			2-1-2033		360,294		376,066
FNMA (1 Year Treasury Constant Maturity +2.23%) ±		4.38			12-1-2040		132,198		138,557
FNMA (1 Year Treasury Constant Maturity +2.19%) ±		4.40			2-1-2035		949,645		996,177
FNMA (1 Year Treasury Constant Maturity +2.13%) ±		4.40			5-1-2032		4,965		5,112
FNMA (1 Year Treasury Constant Maturity +2.02%) ±		4.41			12-1-2034		378,485		395,189
FNMA (12 Month LIBOR +1.81%) ±		4.44			9-1-2040		2,171,966		2,272,799
FNMA (1 Year Treasury Constant Maturity +2.19%) ±		4.44			4-1-2038		1,906,782		2,001,175
FNMA (12 Month Treasury Average +2.25%) ±		4.50			8-1-2045		620,186		644,600
FNMA		4.50			6-1-2019		4,795		4,872
FNMA		4.50			1-1-2027		1,884,366		1,936,269
FNMA (1 Year Treasury Constant Maturity +2.21%) ±		4.50			7-1-2038		1,297,774		1,364,009
FNMA (1 Year Treasury Constant Maturity +2.26%) ±		4.50			8-1-2036		1,981,196		2,083,836
FNMA (12 Month Treasury Average +2.29%) ±		4.56			5-1-2036		794,764		819,124
FNMA (1 Year Treasury Constant Maturity +2.25%) ±		4.58			11-1-2033		1,610,445		1,693,063
FNMA (1 Year Treasury Constant Maturity +2.19%) ±		4.64			11-1-2031		59,662		62,543
FNMA (1 Year Treasury Constant Maturity +2.31%) ±		4.66			5-1-2036		633,089		666,424
FNMA (1 Year Treasury Constant Maturity +2.28%) ±		4.71			11-1-2032		467,570		489,125
FNMA (1 Year Treasury Constant Maturity +2.36%) ±		4.72			11-1-2034		898,663		949,665
FNMA (1 Year Treasury Constant Maturity +2.26%) ±		4.76			11-1-2035		153,596		161,479
FNMA (1 Year Treasury Constant Maturity +2.27%) ±		4.98			2-1-2036		1,528,781		1,605,825
FNMA		5.00			5-1-2022		352,431		359,061
FNMA		5.00			6-1-2024		2,006,469		2,055,656
FNMA (6 Month LIBOR +2.86%) ±		5.86			4-1-2033		778		806
FNMA		6.00			4-1-2021		72,232		73,401
FNMA		6.00			1-1-2023		1,121,200		1,161,308
FNMA		6.50			8-1-2031		314,014		355,371
FNMA		8.33			7-15-2020		1,695		1,704
FNMA		9.00			2-15-2020		9,618		9,773
FNMA		9.00			10-15-2021		5,692		5,767
FNMA		9.00			6-1-2024		11,289		11,366
FNMA		9.50			12-1-2020		9,237		9,310
FNMA		10.50			4-1-2022		117		118
FNMA Series 1989-30 Class Z		9.50			6-25-2019		623		624
FNMA Series 1990-111 Class Z		8.75			9-25-2020		1,629		1,675
FNMA Series 1990-119 Class J		9.00			10-25-2020		10,882		11,251
FNMA Series 1990-124 Class Z		9.00			10-25-2020		4,188		4,306
FNMA Series 1990-21 Class Z		9.00			3-25-2020		16,090		16,411
FNMA Series 1990-27 Class Z		9.00			3-25-2020		7,521		7,662
FNMA Series 1990-30 Class D		9.75			3-25-2020		2,191		2,246
FNMA Series 1990-77 Class D		9.00			6-25-2020		6,965		7,044

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

Portfolio of investments—February 28, 2019 (unaudited) Wells Fargo Ultra Short-Term Income Fund 11

Security name	Interest rate			Maturity date		Principal		Value
Agency Securities (continued)
FNMA Series 1991-132 Class Z		8.00	%		10-25-2021	$	26,064	$	27,235
FNMA Series 1992-71 Class X		8.25			5-25-2022		15,683		16,691
FNMA Series 2000-T6 Class A2		9.50			11-25-2040		322,043		362,100
FNMA Series 2001-T10 Class A3		9.50			12-25-2041		572,803		657,789
FNMA Series 2001-T12 Class A3		9.50			8-25-2041		530,729		626,395
FNMA Series 2002-T1 Class A4		9.50			11-25-2031		627,737		726,807
FNMA Series 2002-W04 Class A6 ±±		4.56			5-25-2042		664,857		679,147
FNMA Series 2003-W11 Class A1 ±±		5.63			6-25-2033		17,840		18,632
FNMA Series 2003-W3 Class 1A4 ±±		4.17			8-25-2042		34,144		35,327
FNMA Series 2004-10 Class FA (1 Month LIBOR +0.35%) ±		2.84			2-25-2034		77,211		77,241
FNMA Series 2004-32 Class AY		4.00			5-25-2019		608		608
FNMA Series 2004-92 Class QY		4.50			8-25-2034		56,889		56,815
FNMA Series 2007-W2 Class 1A1 (1 Month LIBOR +0.32%) ±		2.81			3-25-2037		334,443		334,490
FNMA Series 2008-76 Class GF (1 Month LIBOR +0.65%) ±		3.14			9-25-2023		5,613		5,608
FNMA Series 2009-31 Class B		4.00			5-25-2024		646,932		646,947
FNMA Series 2010-115 Class NC		2.75			1-25-2039		802,620		797,108
FNMA Series 2010-25 Class ND		3.50			3-25-2025		22,693		22,560
FNMA Series 2010-37 Class A1		5.41			5-25-2035		4,971,788		5,121,881
FNMA Series 2010-57 Class DQ		3.00			6-25-2025		227,017		225,511
FNMA Series 2010-89 Class DP		3.00			6-25-2038		1,125,567		1,126,151
FNMA Series 2011-122 Class A		3.00			12-25-2025		227,122		226,676
FNMA Series 2011-33 Class GA		3.50			10-25-2028		31,729		31,670
FNMA Series 2011-40 Class CA		3.50			12-25-2028		204,166		204,046
FNMA Series 2012-72 Class QE		3.00			1-25-2038		386,483		386,884
FNMA Series 2012-94 Class E		3.00			6-25-2022		13,742		13,725
FNMA Series 2013-26 Class AK		2.50			11-25-2038		3,556,395		3,524,812
FNMA Series 2014-19 Class HA		2.00			6-25-2040		899,131		872,168
GNMA		7.00			6-15-2033		399,949		464,232
GNMA Series 2011-70 Class BE		3.00			8-25-2026		70,715		70,624
GNMA Series 2012-57 Class LG		1.50			3-16-2035		119,025		118,434
GNMA Series 2016-H19 Class FE (1 Month LIBOR +0.37%) ±		2.88			6-20-2061		675,793		675,653
GNMA Series 2017-H13 Class FJ (1 Month LIBOR +0.20%) ±		2.71			5-20-2067		1,040,319		1,039,279
GNMA Series 2017-H16 Class FD (1 Month LIBOR +0.20%) ±		2.71			8-20-2067		1,595,364		1,594,699
Total Agency Securities (Cost $86,549,389)									86,786,086
Asset-Backed Securities: 13.99%
AmeriCredit Automobile Receivables Trust Series 2017-2 Class A3		1.98			12-20-2021		5,305,000		5,284,366
Avis Budget Rental Car Funding LLC Series 2014-1A Class A 144A		2.46			7-20-2020		833,333		832,690
Bank of the West Auto Trust Series 2018-1 Class A2 144A		3.09			4-15-2021		5,000,000		5,007,360
CCG Receivables Trust Series 2016-1 Class A2 144A		1.69			9-14-2022		917,434		915,201
CCG Receivables Trust Series 2017-1 Class A2 144A		1.84			11-14-2023		3,718,643		3,696,466
Chesapeake Funding II LLC Series 2017-3A Class A1 144A		1.91			8-15-2029		5,870,167		5,810,683
Chesapeake Funding II LLC Series 2018-3A Class A1 144A		3.39			1-15-2031		6,500,000		6,543,516
Dell Equipment Finance Trust Series 2017-2 Class A2B (1 Month LIBOR +0.30%) 144A±		2.78			2-24-2020		988,515		988,515
DLL Securitization Trust Series 2017-A Class A2 144A		1.89			7-15-2020		1,742,041		1,738,387
Drive Auto Receivables Trust Series 2016 - BA Class C 144A		3.19			7-15-2022		936,350		936,932
Drive Auto Receivables Trust Series 2016 - CA Class C 144A		3.02			11-15-2021		9,007,514		9,009,651
DT Auto Owner Trust Series 2018-3A Class A 144A		3.02			2-15-2022		3,461,839		3,461,403

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

12 Wells Fargo Ultra Short-Term Income Fund Portfolio of investments—February 28, 2019 (unaudited)

Security name	Interest rate			Maturity date		Principal		Value
Asset-Backed Securities (continued)
Education Loan Asset-Backed Trust Series 2013-1 Class A1 (1 Month LIBOR +0.80%) 144A±		3.29	%		6-25-2026	$	2,793,890	$	2,797,247
Educational Services of America Incorporated Series 2015-2 Class A (1 Month LIBOR +1.00%) 144A±		3.49			12-25-2056		1,020,369		1,027,754
Enterprise Fleet Financing Trust Series 2016-2 Class A2 144A		1.74			2-22-2022		3,872,271		3,860,984
Enterprise Fleet Financing Trust Series 2017-1 Class A2 144A		2.13			7-20-2022		5,655,074		5,631,092
Enterprise Fleet Financing Trust Series 2017-2 Class A2 144A		1.97			1-20-2023		751,210		746,808
GMF Floorplan Owner Revolving Trust Series 2016-1 Class A2 (1 Month LIBOR +0.85%) 144A±		3.34			5-17-2021		4,655,000		4,660,895
Honda Auto Receivables Owner Trust Series 2018-3 Class A2		2.67			12-21-2020		6,365,269		6,367,023
Hyundai Auto Lease Securitization Trust Series 2017-C Class A3 144A		2.12			2-16-2021		5,320,000		5,297,974
John Deere Owner Trust Series 2016-A Class A3		1.36			4-15-2020		145,545		145,382
Kubota Credit Owner Trust Series 2017-1A Class A2 144A		1.66			5-15-2020		870,163		868,538
Mercedes-Benz Auto Lease Trust Series 2019-A Class A2		3.01			2-16-2021		5,750,000		5,762,903
MMAF Equipment Finance LLC Series 2015-AA Class A4 144A		1.93			7-16-2021		4,152,114		4,143,009
Navistar Financial Dealer Note Master Trust Series 2017-1 Class A (1 Month LIBOR +0.78%) 144A±		3.27			6-27-2022		6,000,000		6,004,221
Prestige Auto Receivables Trust Series 2016 - 2A Class A3 144A		1.76			1-15-2021		1,843,378		1,842,567
Santander Retail Auto Lease Trust Series 2017-A Class A2A 144A		2.02			3-20-2020		1,240,956		1,239,338
SLC Student Loan Trust Series 2006-2 Class A5 (3 Month LIBOR +0.10%) ±		2.89			9-15-2026		1,528,572		1,525,826
SLM Student Loan Trust Series 2004-8A Class A5 (3 Month LIBOR +0.50%) 144A±		3.27			4-25-2024		368,706		369,309
SLM Student Loan Trust Series 2006-10 Class A5A (3 Month LIBOR +0.10%) ±		2.87			4-25-2027		1,377,357		1,374,978
SLM Student Loan Trust Series 2011-2 Class A1 (1 Month LIBOR +0.60%) ±		3.09			11-25-2027		1,788,049		1,794,940
SLM Student Loan Trust Series 2012-3 Class A (1 Month LIBOR +0.65%) ±		3.14			12-27-2038		5,038,047		5,025,321
SLM Student Loan Trust Series 2013-1 Class A3 (1 Month LIBOR +0.55%) ±		3.04			5-26-2055		4,631,922		4,614,466
South Texas Higher Education 2012-1 Class A2 (3 Month LIBOR +0.85%) ±		3.65			10-1-2024		4,364,217		4,367,272
Structured Asset Securities Corporation Series 1998-2 Class A (1 Month LIBOR +0.52%) ±		3.01			2-25-2028		70,353		69,913
Student Loan Consolidation Center Series 2011-1 Class A (1 Month LIBOR +1.22%) 144A±		3.71			10-25-2027		5,517,618		5,540,347
Tesla Auto Lease Trust Series 2018-B Class A 144A		3.71			8-20-2021		2,333,665		2,357,053
Towd Point Asset Trust Series 2018-SL1 Class A (1 Month LIBOR +0.60%) 144A±		3.11			1-25-2046		4,917,555		4,863,501
Verizon Owner Trust Series 2017-1A Class A 144A		2.06			9-20-2021		5,175,000		5,155,220
Volvo Financial Equipment LLC Series 2016-1A Class A3 144A		1.67			2-18-2020		32,505		32,480
Volvo Financial Equipment LLC Series 2017-1A Class A3 144A		1.92			3-15-2021		9,951,107		9,899,133
Wheels SPV LLC Series 2018-1A Class A2 144A		3.06			4-20-2027		3,385,000		3,384,646
World Omni Auto Receivables Trust Series 2016-B Class A3		1.30			2-15-2022		2,678,119		2,654,063
Total Asset-Backed Securities (Cost $147,646,047)									147,649,373
Corporate Bonds and Notes: 33.56%
Communication Services: 4.62%
Diversified Telecommunication Services: 2.38%
AT&T Incorporated		5.00			3-1-2021		9,915,000		10,338,554
Broadcom Corporation		2.20			1-15-2021		7,000,000		6,836,693
Broadcom Corporation		3.00			1-15-2022		3,585,000		3,518,474
Hughes Satellite Systems Corporation		6.50			6-15-2019		4,400,000		4,427,500
									25,121,221

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

Portfolio of investments—February 28, 2019 (unaudited) Wells Fargo Ultra Short-Term Income Fund 13

Security name	Interest rate			Maturity date		Principal		Value
Media: 1.95%
Discovery Communications LLC		2.20	%		9-20-2019	$	3,725,000	$	3,706,779
Fox Corporation 144A		3.67			1-25-2022		3,880,000		3,925,168
Interpublic Group Companies		3.50			10-1-2020		2,000,000		2,009,904
NBCUniversal Enterprise Incorporated 144A		5.25			12-31-2049		6,000,000		6,096,660
TEGNA Incorporated		5.13			7-15-2020		4,755,000		4,796,606
									20,535,117
Wireless Telecommunication Services: 0.29%
Sprint Spectrum Company LLC 144A		3.36			3-20-2023		3,093,750		3,078,281
Consumer Discretionary: 1.10%
Hotels, Restaurants & Leisure: 0.70%
GLP Capital LP		4.88			11-1-2020		3,660,000		3,714,900
MGM Resorts International		5.25			3-31-2020		3,660,000		3,724,965
									7,439,865
Household Durables: 0.40%
D.R. Horton Incorporated		3.75			3-1-2019		2,990,000		2,990,000
Lennar Corporation		4.50			11-15-2019		1,220,000		1,224,575
									4,214,575
Consumer Staples: 2.06%
Food Products: 0.91%
Campbell Soup Company		3.30			3-15-2021		6,040,000		6,030,446
Conagra Brands Incorporated		3.80			10-22-2021		3,560,000		3,590,296
									9,620,742
Tobacco: 1.15%
Altria Group Incorporated		4.75			5-5-2021		5,000,000		5,169,681
British American Tobacco Capital Corporation		2.30			8-14-2020		5,215,000		5,138,097
Reynolds American Incorporated		8.13			6-23-2019		1,793,000		1,820,452
									12,128,230
Energy: 2.40%
Oil, Gas & Consumable Fuels: 2.40%
DCP Midstream Operating LP 144A		5.35			3-15-2020		2,510,000		2,553,925
Enable Midstream Partner LP		2.40			5-15-2019		7,465,000		7,454,677
Energy Transfer Partners LP		5.20			2-1-2022		5,435,000		5,664,420
Rockies Express Pipeline LLC 144A		5.63			4-15-2020		5,950,000		6,069,000
Sabine Pass Liquefaction LLC		5.63			2-1-2021		3,500,000		3,619,547
									25,361,569
Financials: 14.60%
Banks: 6.56%
Australia & New Zealand Banking Group Limited		2.25			11-9-2020		5,790,000		5,722,942
Bank of America Corporation (3 Month LIBOR +0.63%) ±		2.33			10-1-2021		5,000,000		4,949,132

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

14 Wells Fargo Ultra Short-Term Income Fund Portfolio of investments—February 28, 2019 (unaudited)

Security name	Interest rate			Maturity date		Principal		Value
Banks (continued)
BB&T Corporation		2.15	%		2-1-2021	$	7,000,000	$	6,897,522
BBVA Bancomer SA of Texas 144A		7.25			4-22-2020		5,000,000		5,168,800
Citigroup Incorporated		2.45			1-10-2020		4,000,000		3,984,110
Citigroup Incorporated		2.50			7-29-2019		6,087,000		6,079,003
Fifth Third Bank		2.30			3-15-2019		4,470,000		4,469,565
Huntington National Bank		2.38			3-10-2020		8,000,000		7,954,839
JPMorgan Chase & Company (3 Month LIBOR +0.61%) ±		3.51			6-18-2022		7,000,000		7,064,802
PNC Bank		2.45			11-5-2020		7,000,000		6,938,812
Synchrony Bank		3.65			5-24-2021		2,650,000		2,661,412
US Bank NA		2.05			10-23-2020		7,460,000		7,363,818
									69,254,757
Capital Markets: 0.86%
Goldman Sachs Group Incorporated		2.00			4-25-2019		4,000,000		3,995,756
Goldman Sachs Group Incorporated		5.38			3-15-2020		5,000,000		5,117,181
									9,112,937
Consumer Finance: 4.43%
BMW US Capital LLC 144A		2.15			4-6-2020		1,000,000		992,797
Capital One Financial Corporation		2.50			5-12-2020		7,000,000		6,952,864
Daimler Finance North America LLC 144A		1.50			7-5-2019		3,000,000		2,986,580
Daimler Finance North America LLC 144A		2.20			5-5-2020		1,480,000		1,463,057
Daimler Finance North America LLC 144A		2.30			2-12-2021		4,000,000		3,929,186
Ford Motor Credit Company LLC		3.20			1-15-2021		3,665,000		3,606,202
Ford Motor Credit Company LLC (3 Month LIBOR +0.88%) ±		3.68			10-12-2021		2,840,000		2,737,937
General Motors Financial Company Incorporated		4.20			11-6-2021		5,000,000		5,063,884
Hyundai Capital America Incorporated 144A		2.75			9-18-2020		4,000,000		3,951,650
John Deere Capital Corporation		1.95			6-22-2020		3,000,000		2,966,748
Nissan Motor Acceptance Corporation 144A		2.25			1-13-2020		4,000,000		3,965,750
Nissan Motor Acceptance Corporation 144A		3.65			9-21-2021		4,000,000		3,981,300
Synchrony Financial		2.70			2-3-2020		4,140,000		4,122,515
									46,720,470
Diversified Financial Services: 1.00%
IBM Credit LLC		3.45			11-30-2020		6,500,000		6,560,310
WEA Finance LLC 144A		2.70			9-17-2019		2,975,000		2,971,956
WEA Finance LLC 144A		3.25			10-5-2020		1,000,000		1,001,560
									10,533,826
Insurance: 1.75%
Axis Specialty Finance LLC		5.88			6-1-2020		1,685,000		1,734,541
Jackson National Life Global Funding 144A		2.30			4-16-2019		3,251,000		3,250,108
Metropolitan Life Global Funding Incorporated 144A		1.55			9-13-2019		5,180,000		5,147,991
Metropolitan Life Global Funding Incorporated 144A		1.75			9-19-2019		3,000,000		2,984,265
PartnerRe Finance B LLC		5.50			6-1-2020		1,000,000		1,023,871
Protective Life Global Funding 144A		2.26			4-8-2020		4,415,000		4,385,236
									18,526,012

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

Portfolio of investments—February 28, 2019 (unaudited) Wells Fargo Ultra Short-Term Income Fund 15

Security name	Interest rate			Maturity date		Principal		Value
Health Care: 3.30%
Biotechnology: 0.47%
Abbvie Incorporated		3.38	%		11-14-2021	$	4,935,000	$	4,966,875
Health Care Providers & Services: 2.27%
Anthem Incorporated		2.50			11-21-2020		5,040,000		4,992,956
Cigna Holding Company		4.00			2-15-2022		5,375,000		5,477,750
CVS Health Corporation		2.80			7-20-2020		5,910,000		5,879,129
HCA Incorporated		6.50			2-15-2020		3,685,000		3,795,200
Tenet Healthcare Corporation		6.00			10-1-2020		3,660,000		3,774,375
									23,919,410
Pharmaceuticals: 0.56%
EMD Finance LLC 144A		2.40			3-19-2020		5,965,000		5,926,682
Industrials: 1.71%
Air Freight & Logistics: 0.48%
FedEx Corporation		3.40			1-14-2022		5,000,000		5,041,842
Airlines: 0.57%
Delta Air Lines Incorporated		3.40			4-19-2021		3,000,000		2,995,500
Delta Air Lines Incorporated		3.63			3-15-2022		3,000,000		2,989,827
									5,985,327
Machinery: 0.32%
CNH Industrial Capital LLC		4.38			11-6-2020		3,375,000		3,406,388
Road & Rail: 0.34%
ERAC USA Finance LLC 144A		2.35			10-15-2019		3,605,000		3,588,637
Information Technology: 1.29%
Technology Hardware, Storage & Peripherals: 1.29%
EMC Corporation		2.65			6-1-2020		6,660,000		6,592,104
Hewlett Packard Enterprise Company		3.60			10-15-2020		7,000,000		7,036,853
									13,628,957
Materials: 1.21%
Chemicals: 0.48%
DowDuPont Incorporated		3.77			11-15-2020		5,000,000		5,059,400
Paper & Forest Products: 0.73%
Georgia Pacific LLC 144A		2.54			11-15-2019		7,740,000		7,722,490
Real Estate: 0.55%
Equity REITs: 0.55%
Sabra Health Care LP		5.50			2-1-2021		5,700,000		5,781,938

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

16 Wells Fargo Ultra Short-Term Income Fund Portfolio of investments—February 28, 2019 (unaudited)

Security name	Interest rate			Maturity date		Principal		Value
Utilities: 0.72%
Electric Utilities: 0.37%
Duke Energy Florida LLC		2.10	%		12-15-2019	$	1,000,000	$	997,160
Pinnacle West Capital Corporation		2.25			11-30-2020		3,000,000		2,948,733
									3,945,893
Multi-Utilities: 0.35%
Dominion Resources Incorporated		2.96			7-1-2019		3,635,000		3,634,554
Total Corporate Bonds and Notes (Cost $355,127,816)									354,255,995
						Shares
Exchange-Traded Funds: 2.88%
SPDR Portfolio Short Term Corporate Bond ETF							1,000,000		30,420,000
Total Exchange-Traded Funds (Cost $30,200,000)									30,420,000
						Principal
Municipal Obligations: 1.65%
Connecticut: 0.90%
GO Revenue: 0.90%
Connecticut Series A		4.41			4-1-2019	$	8,100,000		8,108,586
Connecticut Series A		5.46			3-1-2019		1,420,000		1,420,000
									9,528,586
Illinois: 0.47%
Miscellaneous Revenue: 0.47%
Illinois Series 2014		5.00			5-1-2019		4,930,000		4,951,396
Michigan: 0.05%
Miscellaneous Revenue: 0.05%
Michigan Finance Authority Subordinated Bond Series C-4 (Municipal Government Guaranty Insured)		2.27			4-1-2019		500,000		499,780
Wisconsin: 0.23%
Housing Revenue: 0.23%
Wisconsin Public Finance Authority Affinity Living Group Project (Citizens Bank LOC)		3.75			2-1-2022		2,500,000		2,496,800
Total Municipal Obligations (Cost $17,473,819)									17,476,562
Non-Agency Mortgage-Backed Securities: 16.25%
Banc of America Funding Corporation Series 2016-R1 Class A1 144A±±		2.50			3-25-2040		1,638,416		1,590,184
BDS Limited Series 2018-FL2 Class A (1 Month LIBOR +0.95%) 144A±		3.44			8-15-2035		2,835,625		2,817,891
BX Trust 2017 Series A (1 Month LIBOR +1.05%) 144A±		3.54			10-15-2032		1,615,000		1,614,726
Cascade Funding Mortgage Trust Series 2018- RM2 Class A 144A±±‡		4.00			10-25-2068		1,302,383		1,313,245
CD Commercial Mortgage Trust Series 2017-CD3 Class A1		1.97			2-10-2050		3,512,686		3,471,991
CGDBB Commercial Mortgage Trust Series 2017-BIOC Class A (1 Month LIBOR +0.79%) 144A±		3.28			7-15-2032		5,600,000		5,592,750
CIFC Funding Limited Series 2012-2RA Class A1 (3 Month LIBOR +0.80%) 144A±		3.56			1-20-2028		7,550,000		7,483,666

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

Portfolio of investments—February 28, 2019 (unaudited) Wells Fargo Ultra Short-Term Income Fund 17

Security name	Interest rate			Maturity date		Principal		Value
Non-Agency Mortgage-Backed Securities (continued)
CIFC Funding Limited Series 2015-2A Class AR (3 Month LIBOR +0.78%) 144A±		3.57	%		4-15-2027	$	7,000,000	$	6,950,874
Citigroup Commercial Mortgage Trust Series 2008-C7 Class AMA ±±		6.33			12-10-2049		102,729		102,729
Citigroup Commercial Mortgage Trust Series 2014-GC25 Class A2		3.26			10-10-2047		3,563,000		3,566,863
Citigroup Commercial Mortgage Trust Series 2017-1500 Class A (1 Month LIBOR +0.85%) 144A±		3.34			7-15-2032		6,150,000		6,151,918
Citigroup Commercial Mortgage Trust Series 2017-MDRB Class A (1 Month LIBOR +1.10%) 144A±		3.59			7-15-2030		3,104,805		3,105,099
Collateralized Mortgage Obligation Trust Series 66 Class Z		8.00			9-20-2021		6,600		6,756
Commercial Mortgage Pass-Through Certificate Series 2010-C1 Class A3 144A		4.21			7-10-2046		2,078,190		2,105,440
Commercial Mortgage Trust Series 2014-CR15 Class A2		2.93			2-10-2047		4,105,809		4,102,390
Commercial Mortgage Trust Series 2014-CR16 Class ASB		3.65			4-10-2047		4,055,000		4,120,371
Commercial Mortgage Trust Series 2014-CR19 Class A2		2.97			8-10-2047		1,310,000		1,309,557
Commercial Mortgage Trust Series 2014-LC17 Class A2		3.16			10-10-2047		7,281,621		7,286,740
Commercial Mortgage Trust Series 2014-UBS5 Class A2		3.03			9-10-2047		4,726,759		4,726,811
Commercial Mortgage Trust Series 2015-LC23 Class A1		1.81			10-10-2048		3,920,577		3,886,913
Countrywide Home Loans Mortgage Pass-Through Trust Series 2001-HYB1 Class 1A1 ±±		3.81			6-19-2031		142,251		142,244
Countrywide Home Loans Mortgage Pass-Through Trust Series 2001-HYB1 Class 2A1 ±±		4.46			6-19-2031		88,006		87,021
Credit Suisse Mortgage Trust Series 2019-SKLZ Class A (1 Month LIBOR +1.25%) 144A±		3.76			1-15-2034		3,600,000		3,608,936
Crown Point Limited Series 2015-3A Class A1AR (3 Month LIBOR +0.91%) 144A±		3.70			12-31-2027		7,030,000		6,998,063
CSAIL Commercial Mortgage Trust Series 2015-C4 Class A1		2.01			11-15-2048		1,176,509		1,167,536
DLJ Mortgage Acceptance Corporation Series 1990-2 Class A ±±		3.57			1-25-2022		5,458		5,492
EquiFirst Mortgage Loan Trust Series 2003-2 Class 3A3 (1 Month LIBOR +1.13%) ±		3.61			9-25-2033		327,747		321,247
FirstKey Mortgage Trust Series 2014-1 Class A2 144A±±		3.00			11-25-2044		2,796,620		2,780,728
GS Mortgage Securities Trust Series 2010-C1 Class A1 144A		3.68			8-10-2043		1,171,623		1,174,822
GS Mortgage Securities Trust Series 2010-C2 Class A2 144A±±		5.16			12-10-2043		3,190,000		3,297,633
GS Mortgage Securities Trust Series 2011-GC3 Class A4 144A		4.75			3-10-2044		5,999,051		6,163,983
GS Mortgage Securities Trust Series 2015-GS1 Class A1		1.94			11-10-2048		453,319		449,626
GS Mortgage Securities Trust Series 2016-GS3 Class A1		1.43			10-10-2049		1,315,600		1,294,805
GSMPS Mortgage Loan Trust Series 1998-1 Class A 144A±±		8.00			9-19-2027		39,496		38,966
Halcyon Loan Advisors Funding Series 2014-3A Class AR (3 Month LIBOR +1.10%) 144A±		3.86			10-22-2025		5,702,668		5,698,893
Housing Securities Incorporated Series 1992-8 Class E ±±		5.29			6-25-2024		33,035		33,396
JPMorgan Chase Commercial Mortgage Securities Trust Series 2007-CB18 Class AMFL (1 Month LIBOR +0.17%) ±		2.68			6-12-2047		13,406		13,381
JPMorgan Chase Commercial Mortgage Securities Trust Series 2011-C5 Class A3		4.17			8-15-2046		5,057,937		5,168,961
JPMorgan Chase Commercial Mortgage Securities Trust Series 2015-C28 Class A2		2.77			10-15-2048		98,688		98,432
JPMorgan Chase Commercial Mortgage Securities Trust Series 2015-C33 Class A1		1.90			12-15-2048		2,774,323		2,757,234
JPMorgan Chase Commercial Mortgage Securities Trust Series 2017-JP5 Class A1		2.09			3-15-2050		3,306,688		3,263,588
JPMorgan Chase Commercial Mortgage Securities Trust Series 2018-PHH Class A (1 Month LIBOR +0.91%) 144A±		3.40			6-15-2035		3,915,000		3,906,348
Master Mortgages Trust Series 2002-3 Class 4A1 ±±		4.32			10-25-2032		6,032		6,033
Mello Warehouse Securitization Series 2018 - W1 Class A (1 Month LIBOR +0.85%) 144A±		3.34			11-25-2051		5,500,000		5,502,790
Morgan Stanley Bank of America Merrill Lynch Trust Series 2013-C11 Class A2		3.09			8-15-2046		685,279		684,709
Morgan Stanley Bank of America Merrill Lynch Trust Series 2016-C28 Class A1		1.53			1-15-2049		1,076,158		1,063,820
Morgan Stanley Capital I Trust Series 2011-C2 Class A4 144A		4.66			6-15-2044		3,125,000		3,211,772
Morgan Stanley Capital I Trust Series 2016-C30 Class A1		1.39			9-15-2049		4,829,252		4,739,321

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

18 Wells Fargo Ultra Short-Term Income Fund Portfolio of investments—February 28, 2019 (unaudited)

Security name	Interest rate			Maturity date		Principal		Value
Non-Agency Mortgage-Backed Securities (continued)
Neuberger Berman Limited Series 2015-20A Class AR (3 Month LIBOR +0.80%) 144A±		3.59	%		1-15-2028	$	4,085,000	$	4,050,412
Octagon Investment Partners Series 2015-1A Class A1R (3 Month LIBOR +0.90%) 144A±		3.54			5-21-2027		6,300,000		6,271,108
Palmer Square Loan Funding Limited Series 2018 - 4A Class A1 (3 Month LIBOR +0.90%) 144A±		3.52			11-15-2026		4,202,920		4,183,506
RAIT Trust Series 2017-FL7 Class A (1 Month LIBOR +0.95%) 144A±		3.44			6-15-2037		1,932,850		1,910,977
ReadyCap Commercial Mortgage Trust Series 2019-5 Class A 144A		3.78			2-25-2052		4,271,523		4,293,604
Salomon Brothers Mortgage Securities VII Series 1990-2 Class A ±±		2.87			11-25-2020		132,657		132,676
Stonemont Portfolio Trust Series 2017 Class A (1 Month LIBOR +0.85%) 144A±		3.33			8-20-2030		5,081,402		5,062,226
Structured Asset Mortgage Investments Incorporated Series 2001-4 Class A2 ±±		8.15			10-25-2024		6,228		6,232
UBS Commercial Mortgage Trust Series 2012-C1 Class A3		3.40			5-10-2045		1,450,550		1,463,144
Vendee Mortgage Trust Series 2011-1 Class DA		3.75			2-15-2035		1,774,367		1,791,977
Venture CDO Limited Series 2015-20A Class AR (3 Month LIBOR +0.82%) 144A±		3.61			4-15-2027		7,000,000		6,960,982
Wilshire Funding Corporation Series 1996-3 Class M2 ±±		7.09			8-25-2032		134,807		131,357
Wilshire Funding Corporation Series 1996-3 Class M3 ±±		7.09			8-25-2032		126,374		121,459
Wilshire Funding Corporation Series 1998-2 Class M1 ±±		2.00			12-28-2037		206,298		206,199
Total Non-Agency Mortgage-Backed Securities (Cost $172,311,609)									171,572,553
Yankee Corporate Bonds and Notes: 18.48%
Communication Services: 0.94%
Diversified Telecommunication Services: 0.94%
Deutsche Telekom International Finance BV 144A		2.23			1-17-2020		10,000,000		9,928,333
Consumer Discretionary: 0.11%
Automobiles: 0.11%
Jaguar Land Rover Limited 144A		4.25			11-15-2019		1,220,000		1,213,900
Consumer Staples: 0.51%
Beverages: 0.08%
Suntory Holdings Limited 144A		2.55			9-29-2019		850,000		846,749
Food & Staples Retailing: 0.43%
Seven & I Holdings Company Limited 144A		3.35			9-17-2021		4,500,000		4,526,777
Energy: 0.89%
Oil, Gas & Consumable Fuels: 0.89%
Petroleos Mexicanos Company		5.38			3-13-2022		2,525,000		2,530,429
TransCanada PipeLines Limited		9.88			1-1-2021		6,200,000		6,898,359
									9,428,788
Financials: 13.67%
Banks: 9.64%
ABN AMRO Bank NV 144A		3.40			8-27-2021		7,000,000		7,041,006
ANZ New Zealand International Limited 144A		2.60			9-23-2019		8,175,000		8,166,751
Banco de Credito del Peru 144A		2.25			10-25-2019		4,500,000		4,470,750
Banco Santander Chile 144A		2.50			12-15-2020		8,255,000		8,151,813
Banque Federative du Credit Mutuel SA 144A		2.20			7-20-2020		7,470,000		7,377,806

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

Portfolio of investments—February 28, 2019 (unaudited) Wells Fargo Ultra Short-Term Income Fund 19

Security name	Interest rate			Maturity date		Principal		Value
Banks (continued)
BPCE SA		2.50	%		7-15-2019	$	2,245,000	$	2,239,769
Commonwealth Bank of Australia 144A		1.75			11-7-2019		5,250,000		5,213,295
Cooperatieve Rabobank		1.38			8-9-2019		7,000,000		6,960,233
Danske Bank AS 144A		5.00			1-12-2022		3,565,000		3,637,650
DNB Bank ASA 144A		2.13			10-2-2020		7,000,000		6,902,760
Federation des Caisses Desjardins du Quebec 144A«		2.25			10-30-2020		5,000,000		4,940,642
Global Bank Corporation 144A		4.50			10-20-2021		1,180,000		1,186,254
ING Bank NV 144A		1.65			8-15-2019		7,000,000		6,966,948
Sumitomo Mitsui Banking Corporation (3 Month LIBOR +0.37%) ±		3.15			10-16-2020		5,000,000		4,999,111
Sumitomo Mitsui Trust Bank Limited 144A		1.95			9-19-2019		7,000,000		6,966,396
Suncorp-Metway Limited 144A		2.38			11-9-2020		4,000,000		3,948,883
Svenska Handelsbanken AB		1.88			9-7-2021		7,000,000		6,814,289
UniCredit SpA 144A		6.57			1-14-2022		5,615,000		5,756,269
									101,740,625
Capital Markets: 0.66%
BP Capital Markets plc		1.68			5-3-2019		7,000,000		6,988,309
Diversified Financial Services: 2.74%
AerCap Ireland Capital DAC		4.45			12-16-2021		3,590,000		3,637,168
Corporacion Andina de Fomento		2.00			5-10-2019		8,000,000		7,974,606
General Electric Capital International Funding Company		2.34			11-15-2020		10,027,000		9,857,565
UBS AG 144A		2.20			6-8-2020		3,725,000		3,687,340
UBS AG		2.38			8-14-2019		3,730,000		3,724,700
									28,881,379
Insurance: 0.63%
Axis Specialty Finance plc		2.65			4-1-2019		6,641,000		6,637,840
Health Care: 1.31%
Pharmaceuticals: 1.31%
Perrigo Finance Unlimited Company		3.50			3-15-2021		2,665,000		2,600,569
Shire Acquisitions Investment Ireland Limited		1.90			9-23-2019		2,880,000		2,859,856
Shire Acquisitions Investment Ireland Limited		2.40			9-23-2021		2,520,000		2,462,694
Teva Pharmaceutical Finance BV		1.70			7-19-2019		4,029,000		4,004,613
Teva Pharmaceutical Finance BV		2.20			7-21-2021		1,965,000		1,867,018
									13,794,750
Industrials: 0.21%
Semiconductors & Semiconductor Equipment: 0.21%
NXP BV 144A		4.13			6-1-2021		2,215,000		2,230,837
Materials: 0.84%
Chemicals: 0.48%
Syngenta Finance NV 144A		3.70			4-24-2020		5,000,000		5,011,593
Metals & Mining: 0.36%
ArcelorMittal SA		5.50			3-1-2021		3,660,000		3,802,712
Total Yankee Corporate Bonds and Notes (Cost $195,226,715)									195,032,592

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

20 Wells Fargo Ultra Short-Term Income Fund Portfolio of investments—February 28, 2019 (unaudited)

Security name	Yield					Shares		Value
Short-Term Investments: 4.47%
Investment Companies: 4.28%
Securities Lending Cash Investments LLC (l)(r)(u)		2.56	%				798,658	$	798,738
Wells Fargo Government Money Market Fund Select Class (l)(u)		2.34					44,399,604		44,399,604
									45,198,342
				Maturity date		Principal
U.S. Treasury Securities: 0.19%
U.S. Treasury Bill (z)#		2.21			3-14-2019	$	1,950,000		1,948,344
Total Short-Term Investments (Cost $47,146,669)									47,146,686

Total investments in securities (Cost $1,051,682,064)	99.50	%		1,050,339,847
Other assets and liabilities, net	0.50			5,313,704
Total net assets	100.00	%	$	1,055,653,551

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

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

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

‡ Security is valued using significant unobservable inputs.

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

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

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

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

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

# All or a portion of this security is segregated as collateral for investments in derivative instruments.

Abbreviations:

CDO Collateralized debt obligation

FDIC Federal Deposit Insurance Corporation

FHLMC Federal Home Loan Mortgage Corporation

FNMA Federal National Mortgage Association

GNMA Government National Mortgage Association

GO General obligation

LIBOR London Interbank Offered Rate

LOC Letter of credit

REIT Real estate investment trust

Futures Contracts

Description	Number of contracts		Expiration date		Notional cost			Notional value			Unrealized gains		Unrealized losses
Short
2-Year U.S. Treasury Notes		(1,337)		6-28-2019	$	(283,817,817	)	$	(283,705,132	)	$	112,685	$	0
5-Year U.S. Treasury Notes		(24)		6-28-2019		(2,752,610	)		(2,749,500	)		3,110		0
											$	115,795	$	0

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

Portfolio of investments—February 28, 2019 (unaudited) Wells Fargo Ultra Short-Term Income Fund 21

Investments in Affiliates

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

	Shares, beginning of period		Shares purchased		Shares sold		Shares, end of period		Net realized gains (losses)		Net change in unrealized gains (losses)		Income from affiliated securities		Value, end of period		% of net assets
Short-Term Investments
Investment Companies
Securities Lending Cash Investments LLC		6,848,410		25,603,690		31,653,442		798,658	$	0	$	0	$	14,612	$	798,738
Wells Fargo Government Money Market Fund Select Class		33,367,503		332,282,960		321,250,859		44,399,604		0		0		569,961		44,399,604
									$	0	$	0	$	584,573	$	45,198,342		4.28	%

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

22 Wells Fargo Ultra Short-Term Income Fund Statement of assets and liabilities—February 28, 2019 (unaudited)

Assets
Investments in unaffiliated securities (including $781,556 of securities loaned), at value (cost $1,006,483,722)	$	1,005,141,505
Investments in affiliated securities, at value (cost $45,198,342)		45,198,342
Cash at broker		10,168
Receivable for investments sold		3,708,051
Principal paydown receivable		142,960
Receivable for Fund shares sold		1,329,264
Receivable for interest		6,071,172
Receivable for daily variation margin on open futures contracts		117,972
Receivable for securities lending income		172
Total assets		1,061,719,606
Liabilities
Payable for Fund shares redeemed		3,657,335
Dividends payable		904,403
Payable upon receipt of securities loaned		798,738
Management fee payable		189,459
Administration fees payable		79,141
Distribution fee payable		3,166
Trustees’ fees and expenses payable		2,956
Accrued expenses and other liabilities		430,857
Total liabilities		6,066,055
Total net assets	$	1,055,653,551
NET ASSETS CONSIST OF
Paid-in capital	$	1,091,170,823
Total distributable loss		(35,517,272	)
Total net assets	$	1,055,653,551
COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE PER SHARE
Net assets – Class A	$	226,102,075
Shares outstanding – Class A1		26,610,668
Net asset value per share – Class A		$8.50
Maximum offering price per share – Class A2		$8.67
Net assets – Class C	$	4,906,714
Shares outstanding – Class C1		578,130
Net asset value per share – Class C		$8.49
Net assets – Administrator Class	$	13,635,230
Shares outstanding – Administrator Class1		1,611,757
Net asset value per share – Administrator Class		$8.46
Net assets – Institutional Class	$	811,009,532
Shares outstanding – Institutional Class1		95,497,312
Net asset value per share – Institutional Class		$8.49

¹  The Fund has an unlimited number of authorized shares.

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

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

Statement of operations—six months ended February 28, 2019 (unaudited) Wells Fargo Ultra Short-Term Income Fund 23

Investment income
Interest (net of foreign interest withholding taxes of $1,924)	$	12,521,683
Income from affiliated securities		579,248
Dividends		415,345
Total investment income		13,516,276
Expenses
Management fee		1,757,221
Administration fees
Class A		183,897
Class C		4,448
Administrator Class		6,873
Institutional Class		302,871
Shareholder servicing fees
Class A		287,340
Class C		6,949
Administrator Class		16,978
Distribution fee
Class C		20,848
Custody and accounting fees		43,889
Professional fees		36,086
Registration fees		65,835
Shareholder report expenses		34,137
Trustees’ fees and expenses		10,728
Other fees and expenses		10,910
Total expenses		2,789,010
Less: Fee waivers and/or expense reimbursements		(581,289	)
Net expenses		2,207,721
Net investment income		11,308,555
REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS
Net realized losses on:
Unaffiliated securities		(361,079	)
Futures contracts		(1,180,073	)
Net realized losses on investments		(1,541,152	)
Net change in unrealized gains (losses) on:
Unaffiliated securities		5,243,997
Futures contracts		276,093
Net change in unrealized gains (losses) on investments		5,520,090
Net realized and unrealized gains (losses) on investments		3,978,938
Net increase in net assets resulting from operations	$	15,287,493

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

24 Wells Fargo Ultra Short-Term Income Fund Statement of changes in net assets

	Six months ended February 28, 2019 (unaudited)						Year ended August 31, 20181
Operations
Net investment income				$	11,308,555					$	20,741,167
Net realized gains (losses) on investments					(1,541,152	)					5,245,220
Net change in unrealized gains (losses) on investments					5,520,090						(8,633,812	)
Net increase in net assets resulting from operations					15,287,493						17,352,575
Distributions to shareholders from net investment income and net realized gains
Class A					(2,268,052	)					(3,917,235	)
Class C					(34,401	)					(37,856	)
Administrator Class					(145,856	)					(394,368	)
Institutional Class					(8,837,015	)					(16,292,768	)
Total distributions to shareholders					(11,285,324	)					(20,642,227	)
Capital share transactions		Shares						Shares
Proceeds from shares sold
Class A		1,731,618			14,655,251			9,821,346			83,149,259
Class C		293,792			2,481,741			132,182			1,117,321
Administrator Class		152,055			1,281,451			5,167,624			43,651,565
Institutional Class		44,581,420			377,089,321			96,798,778			819,199,382
					395,507,764						947,117,527
Reinvestment of distributions
Class A		259,588			2,198,863			449,252			3,800,963
Class C		4,017			33,993			4,431			37,441
Administrator Class		17,275			145,661			46,300			390,336
Institutional Class		459,250			3,888,113			710,263			6,007,655
					6,266,630						10,236,395
Payment for shares redeemed
Class A		(4,194,975	)		(35,505,616	)		(13,762,670	)		(116,485,682	)
Class C		(317,655	)		(2,689,720	)		(218,323	)		(1,846,435	)
Administrator Class		(341,727	)		(2,879,067	)		(6,654,246	)		(56,159,888	)
Institutional Class		(37,577,289	)		(317,893,976	)		(134,706,249	)		(1,139,718,949	)
					(358,968,379	)					(1,314,210,954	)
Net increase (decrease) in net assets resulting from capital share transactions					42,806,015						(356,857,032	)
Total increase (decrease) in net assets					46,808,184						(360,146,684	)
Net assets
Beginning of period					1,008,845,367						1,368,992,051
End of period				$	1,055,653,551					$	1,008,845,367

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 August 31, 2018 was $597,033. The disaggregated distributions information for the year ended August 31, 2018 is included in Note 8, Distributions to Shareholders, in the notes to the financial statements.

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

Financial highlights Wells Fargo Ultra Short-Term Income Fund 25

(For a share outstanding throughout each period)

	Six months ended February 28, 2019 (unaudited)			Year ended August 31
CLASS A				2018			2017			2016			2015			2014
Net asset value, beginning of period		$8.46			$8.48			$8.49			$8.46			$8.53			$8.53
Net investment income		0.08			0.13			0.09			0.08			0.05			0.06
Net realized and unrealized gains (losses) on investments		0.04			(0.02	)		(0.01	)		0.03			(0.06	)		0.00
Total from investment operations		0.12			0.11			0.08			0.11			(0.01	)		0.06
Distributions to shareholders from
Net investment income		(0.08	)		(0.13	)		(0.09	)		(0.08	)		(0.05	)		(0.06	)
Tax basis return of capital		0.00			0.00			0.00			0.00			(0.01	)		0.00
Total distributions to shareholders		(0.08	)		(0.13	)		(0.09	)		(0.08	)		(0.06	)		(0.06	)
Net asset value, end of period		$8.50			$8.46			$8.48			$8.49			$8.46			$8.53
Total return1		1.46	%		1.24	%		0.97	%		1.28	%		(0.07	)%		0.74	%
Ratios to average net assets (annualized)
Gross expenses		0.80	%		0.80	%		0.79	%		0.79	%		0.77	%		0.78	%
Net expenses		0.70	%		0.70	%		0.70	%		0.70	%		0.70	%		0.70	%
Net investment income		1.97	%		1.47	%		1.09	%		0.93	%		0.64	%		0.70	%
Supplemental data
Portfolio turnover rate		19	%		55	%		56	%		51	%		70	%		47	%
Net assets, end of period (000s omitted)		$226,102			$243,909			$274,079			$319,565			$151,561			$196,459

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

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

26 Wells Fargo Ultra Short-Term Income Fund Financial highlights

(For a share outstanding throughout each period)

	Six months ended February 28, 2019 (unaudited)			Year ended August 31
CLASS C				2018			2017			2016			2015			2014
Net asset value, beginning of period		$8.46			$8.47			$8.48			$8.45			$8.52			$8.52
Net investment income (loss)		0.05			0.06			0.02			0.01			(0.01	)		(0.01	)
Net realized and unrealized gains (losses) on investments		0.03			(0.01	)		0.00			0.03			(0.06	)		0.01
Total from investment operations		0.08			0.05			0.02			0.04			(0.07	)		0.00
Distributions to shareholders from
Net investment income		(0.05	)		(0.06	)		(0.03	)		(0.01	)		(0.00	)1		(0.00	)1
Tax basis return of capital		0.00			0.00			0.00			0.00			(0.00	)1		0.00
Total distributions to shareholders		(0.05	)		(0.06	)		(0.03	)		(0.01	)		(0.00	)1		(0.00	)1
Net asset value, end of period		$8.49			$8.46			$8.47			$8.48			$8.45			$8.52
Total return2		0.96	%		0.60	%		0.22	%		0.52	%		(0.81	)%		0.05	%
Ratios to average net assets (annualized)
Gross expenses		1.55	%		1.55	%		1.54	%		1.54	%		1.52	%		1.53	%
Net expenses		1.45	%		1.45	%		1.45	%		1.45	%		1.45	%		1.45	%
Net investment income (loss)		1.24	%		0.72	%		0.34	%		0.17	%		(0.10	)%		(0.05	)%
Supplemental data
Portfolio turnover rate		19	%		55	%		56	%		51	%		70	%		47	%
Net assets, end of period (000s omitted)		$4,907			$5,056			$5,760			$7,464			$7,642			$9,078

¹  Amount is less than $0.005.

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

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

Financial highlights Wells Fargo Ultra Short-Term Income Fund 27

(For a share outstanding throughout each period)

	Six months ended February 28, 2019 (unaudited)			Year ended August 31
ADMINISTRATOR CLASS				2018			2017			2016			2015			2014
Net asset value, beginning of period		$8.43			$8.45			$8.46			$8.42			$8.50			$8.50
Net investment income		0.09			0.13			0.10			0.09			0.07	1		0.07
Net realized and unrealized gains (losses) on investments		0.03			(0.01	)		(0.01	)		0.04			(0.07	)		0.01
Total from investment operations		0.12			0.12			0.09			0.13			0.00			0.08
Distributions to shareholders from
Net investment income		(0.09	)		(0.14	)		(0.10	)		(0.09	)		(0.07	)		(0.08	)
Tax basis return of capital		0.00			0.00			0.00			0.00			(0.01	)		0.00
Total distributions to shareholders		(0.09	)		(0.14	)		(0.10	)		(0.09	)		(0.08	)		(0.08	)
Net asset value, end of period		$8.46			$8.43			$8.45			$8.46			$8.42			$8.50
Total return2		1.42	%		1.39	%		1.12	%		1.55	%		(0.04	)%		0.89	%
Ratios to average net assets (annualized)
Gross expenses		0.74	%		0.74	%		0.73	%		0.73	%		0.71	%		0.72	%
Net expenses		0.55	%		0.55	%		0.55	%		0.55	%		0.55	%		0.55	%
Net investment income		2.11	%		1.54	%		1.24	%		1.05	%		0.81	%		0.84	%
Supplemental data
Portfolio turnover rate		19	%		55	%		56	%		51	%		70	%		47	%
Net assets, end of period (000s omitted)		$13,635			$15,037			$27,245			$26,679			$44,682			$119,884

¹  Calculated based upon average shares outstanding

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

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

28 Wells Fargo Ultra Short-Term Income Fund Financial highlights

(For a share outstanding throughout each period)

	Six months ended February 28, 2019 (unaudited)			Year ended August 31
INSTITUTIONAL CLASS				2018			2017			2016			2015			2014
Net asset value, beginning of period		$8.46			$8.48			$8.49			$8.45			$8.53			$8.52
Net investment income		0.10			0.15			0.12			0.11			0.08			0.09
Net realized and unrealized gains (losses) on investments		0.03			(0.02	)		(0.01	)		0.04			(0.07	)		0.01
Total from investment operations		0.13			0.13			0.11			0.15			0.01			0.10
Distributions to shareholders from
Net investment income		(0.10	)		(0.15	)		(0.12	)		(0.11	)		(0.08	)		(0.09	)
Tax basis return of capital		0.00			0.00			0.00			0.00			(0.01	)		0.00
Total distributions to shareholders		(0.10	)		(0.15	)		(0.12	)		(0.11	)		(0.09	)		(0.09	)
Net asset value, end of period		$8.49			$8.46			$8.48			$8.49			$8.45			$8.53
Total return1		1.51	%		1.59	%		1.33	%		1.75	%		0.16	%		1.21	%
Ratios to average net assets (annualized)
Gross expenses		0.47	%		0.47	%		0.46	%		0.46	%		0.44	%		0.45	%
Net expenses		0.35	%		0.35	%		0.35	%		0.35	%		0.35	%		0.35	%
Net investment income		2.33	%		1.80	%		1.43	%		1.27	%		0.99	%		1.05	%
Supplemental data
Portfolio turnover rate		19	%		55	%		56	%		51	%		70	%		47	%
Net assets, end of period (000s omitted)		$811,010			$744,844			$1,061,908			$1,197,514			$1,137,808			$1,418,101

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

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

Notes to financial statements (unaudited) Wells Fargo Ultra Short-Term Income Fund 29

1. ORGANIZATION

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

2. SIGNIFICANT ACCOUNTING POLICIES

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

Securities valuation

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

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

Equity securities and futures contracts that are listed on a foreign or domestic exchange or market are valued at the official closing price or, if none, the last sales price. If no sale occurs on the principal exchange or market that day, a fair value price will be determined in accordance with the Fund’s Valuation Procedures.

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

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

Securities lending

The Fund may lend its securities from time to time in order to earn additional income in the form of fees or interest on securities received as collateral or the investment of any cash received as collateral. The Fund continues to receive interest or dividends on the securities loaned. The Fund receives collateral in the form of cash or securities with a value at least equal to the value of the securities on loan. The value of the loaned securities is determined at the close of each business day and any additional required collateral is delivered to the Fund on the next business day. In a securities lending transaction, the net asset value of the Fund will be affected by an increase or decrease in the value of the securities loaned and by an increase or decrease in the value of the instrument in which collateral is invested. The amount of securities lending activity undertaken by the Fund fluctuates from time to time. In the event of default or bankruptcy by the borrower, the Fund may be prevented from recovering the loaned securities or gaining access to the collateral or may experience delays or costs in doing so. In addition, the investment of any cash collateral received may lose all or part of its value. The Fund has the right under the lending agreement to recover the securities from the borrower on demand.

The Fund lends its securities through an unaffiliated securities lending agent. Cash collateral received in connection with its securities lending transactions is invested in Securities Lending Cash Investments, LLC (the “Securities Lending Fund”). The Securities Lending Fund is exempt from registration under Section 3(c)(7) of the 1940 Act and is managed by Funds Management and is subadvised by Wells Capital Management Incorporated (“WellsCap”), an affiliate of Funds Management and an indirect wholly owned subsidiary of Wells Fargo & Company (“Wells Fargo”). Funds Management receives an advisory fee starting at 0.05% and declining to 0.01% as the average daily net assets of the Securities Lending Fund increase. All of the

30 Wells Fargo Ultra Short-Term Income Fund Notes to financial statements (unaudited)

fees received by Funds Management are paid to WellsCap for its services as subadviser. The Securities Lending Fund seeks to provide a positive return compared to the daily Fed Funds Open Rate by investing in high-quality, U.S. dollar-denominated short-term money market instruments. Securities Lending Fund investments are valued at the evaluated bid price provided by an independent pricing service. Income earned from investment in the Securities Lending Fund (net of fees and rebates), if any, is included in income from affiliated securities on the Statement of Operations.

When-issued transactions

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

Futures contracts

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

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

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.

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

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

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 (unaudited) Wells Fargo Ultra Short-Term Income Fund 31

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

As of February 28, 2019, the aggregate cost of all investments for federal income tax purposes was $1,051,521,766 and the unrealized gains (losses) consisted of:

Gross unrealized gains	$	3,232,646
Gross unrealized losses		(4,298,770	)
Net unrealized losses	$	(1,066,124	)

Capital loss carryforwards that do not expire are required to be utilized prior to capital loss carryforwards that expire. As of August 31, 2018, capital loss carryforwards available to offset future net realized capital gains were as follows through the indicated expiration dates:

	No expiration
2019	Short-term	Long-term
$7,448,920	$1,631,759	$23,255,515

Class allocations

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

3. FAIR VALUATION MEASUREMENTS

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

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

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

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

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

32 Wells Fargo Ultra Short-Term Income Fund Notes to financial statements (unaudited)

The following is a summary of the inputs used in valuing the Fund’s assets and liabilities as of February 28, 2019:

	Quoted prices (Level 1)		Other significant observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total
Assets
Investments in:
Agency securities	$	0	$	86,786,086	$	0	$	86,786,086
Asset-backed securities		0		147,649,373		0		147,649,373
Corporate bonds and notes		0		354,255,995		0		354,255,995
Exchange-traded funds		30,420,000		0		0		30,420,000
Municipal obligations		0		17,476,562		0		17,476,562
Non-agency mortgage-backed securities		0		170,259,308		1,313,245		171,572,553
Yankee corporate bonds and notes		0		195,032,592		0		195,032,592
Short-term investments
Investment companies		44,399,604		798,738		0		45,198,342
U.S. Treasury securities		1,948,344		0		0		1,948,344
		76,767,948		972,258,654		1,313,245		1,050,339,847
Futures contracts		115,795		0		0		115,795
Total assets	$	76,883,743	$	972,258,654	$	1,313,245	$	1,050,455,642

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

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

At February 28, 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, is the manager of the Fund and provides advisory and fund-level administrative services under an investment management agreement. Under the investment management agreement, Funds Management is responsible for, among other services, implementing the investment objectives and strategies of the Fund, supervising the subadviser and providing fund-level administrative services in connection with the Fund’s operations. As compensation for its services under the investment management agreement, Funds Management is entitled to receive a management fee at the following annual rate based on the Fund’s average daily net assets:

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

For the six months ended February 28, 2019, the management fee was equivalent to an annual rate of 0.35% of the Fund’s average daily net assets.

Funds Management has retained the services of a subadviser to provide daily portfolio management to the Fund. The fee for subadvisory services is borne by Funds Management. WellsCap is the subadviser to the Fund and is entitled to receive a fee from Funds Management at an annual rate starting at 0.15% and declining to 0.05% as the average daily net assets of the Fund increase.

Notes to financial statements (unaudited) Wells Fargo Ultra Short-Term Income Fund 33

Administration fees

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

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

Funds Management has contractually waived and/or reimbursed management and administration fees to the extent necessary to maintain certain net operating expense ratios for the Fund. When each class of the Fund has exceeded its expense cap, Funds Management has waived fees and/or reimbursed expenses from fund level expenses on a proportionate basis and then from class specific expenses. When only certain classes exceed their expense caps, waivers and/or reimbursements are applied against class specific expenses before fund level expenses. Funds Management has committed through December 31, 2019 to waive fees and/or reimburse expenses to the extent necessary to cap the Fund’s expenses at 0.70% for Class A shares, 1.45% for Class C shares, 0.55% for Administrator Class shares, and 0.35% for Institutional Class shares. Prior to or after the commitment expiration date, the cap may be increased or the commitment to maintain the cap may be terminated only with the approval of the Board of Trustees. 

Distribution fee

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

In addition, Funds Distributor is entitled to receive the front-end sales charge from the purchase of Class A shares and a contingent deferred sales charge on the redemption of certain Class A shares. Funds Distributor is also entitled to receive the contingent deferred sales charges from redemptions of Class C shares. For the six months ended February 28, 2019, Funds Distributor received $472 from the sale of Class A shares. No contingent deferred sales charges were incurred by Class A and Class C shares for the six months ended February 28, 2019.

Shareholder servicing fees

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

Interfund transactions

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

5. INVESTMENT PORTFOLIO TRANSACTIONS

Purchases and sales of investments, excluding short-term securities, for the six months ended February 28, 2019 were as follows:

Purchases at cost		Sales proceeds
U.S. government	Non-U.S. government	U.S. government	Non-U.S. government
$7,557,270	$318,184,273	$5,044,279	$174,915,554

34 Wells Fargo Ultra Short-Term Income Fund Notes to financial statements (unaudited)

6. DERIVATIVE TRANSACTIONS

During the six months ended February 28, 2019, the Fund entered into futures contracts to help manage duration. The Fund had an average notional amount of $264,416,859 in short futures contracts during the six months ended February 28, 2019.

7. BANK BORROWINGS

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

For the six months ended February 28, 2019, there were no borrowings by the Fund under the agreement.

8. DISTRIBUTIONS TO SHAREHOLDERS

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

	Net investment income
Class A		$3,917,235
Class C		37,856
Administrator Class		394,368
Institutional Class		16,292,768

9. INDEMNIFICATION

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

10. NEW ACCOUNTING PRONOUNCEMENTS

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

In March 2017, FASB issued ASU No. 2017-08, Premium Amortization on Purchased Callable Debt Securities. ASU 2017-08 shortens the amortization period for certain callable debt securities held at a premium. The amendments require the premium to be amortized to the earliest call date. The amendments do not require an accounting change for securities held at a discount; the discount continues to be amortized to maturity. ASU 2017-08 is effective for fiscal years beginning after December 15, 2018 and for interim periods within those fiscal years. Management is currently evaluating the potential impact of this new guidance to the financial statements.

Other information (unaudited) Wells Fargo Ultra Short-Term Income Fund 35

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 wfam.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 wfam.com or by visiting the SEC website at sec.gov.

PORTFOLIO HOLDINGS INFORMATION

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

36 Wells Fargo Ultra Short-Term Income Fund Other information (unaudited)

BOARD OF TRUSTEES AND OFFICERS

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

Independent Trustees

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

Other information (unaudited) Wells Fargo Ultra Short-Term Income 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	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	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	Chief Operating Officer, Twin Cities Habitat for Humanity, since January, 2017. Vice President of University Services, University of Minnesota from 2012 to 2017. Prior thereto, on the Board of Directors, Governance Committee and Finance Committee for the Minnesota Philanthropy Partners (Saint Paul Foundation) from 2012 to 2018, Interim President and Chief Executive Officer of Blue Cross Blue Shield of Minnesota from 2010 to 2011, Chairman of the Board from 2009 to 2011 and Board Director from 2003 to 2015. Vice President, Leadership and Community Engagement, Bush Foundation, Saint Paul, Minnesota (a private foundation) from 2009 to 2011. Executive Vice President and Chief Financial Officer, Minnesota Sports and Entertainment from 2004 to 2009 and Senior Vice President from 2002 to 2004. Commissioner of Finance, State of Minnesota, from 1999 to 2002. Currently the Board Chair of the Minnesota Wild Foundation since 2010.	N/A

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

38 Wells Fargo Ultra Short-Term Income 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 and 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 wfam.com.

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

Appendix A (unaudited) Wells Fargo Ultra Short-Term Income Fund 39

SALES CHARGE REDUCTIONS AND WAIVERS FOR CERTAIN INTERMEDIARIES

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

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

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

• Shares purchased in an investment advisory program.

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

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

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

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

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

• Death or disability of the shareholder.

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

• Return of excess contributions from an IRA Account.

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

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

• Shares acquired through a right of reinstatement.

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

• Breakpoints as described in the Fund’s Prospectus.

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

This page is intentionally left blank.

For more information

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

Wells Fargo Funds

P.O. Box 219967

Kansas City, MO 64121-9967

Website: wfam.com

Individual investors: 1-800-222-8222

Retail investment professionals: 1-888-877-9275

Institutional investment professionals: 1-866-765-0778

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

321631 04-19 SA223/SAR223 02-19

Semi-Annual Report

February 28, 2019

Wells Fargo
Adjustable Rate Government Fund

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

If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from the Fund electronically at any time by contacting your financial intermediary (such as a broker-dealer or bank) or, if you are a direct investor, by 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	8
Portfolio of investments	9
Financial statements
Statement of assets and liabilities	23
Statement of operations	24
Statement of changes in net assets	25
Financial highlights	26
Notes to financial statements	30
Other information	35
Appendix A	39

The views expressed and any forward-looking statements are as of February 28, 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 Adjustable Rate Government Fund Letter to shareholders (unaudited)

Andrew Owen

President

Wells Fargo Funds

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

Dear Shareholder:

We are pleased to offer you this semi-annual report for the Wells Fargo Adjustable Rate Government Fund for the six-month period that ended February 28, 2019. Higher short-term interest rates, inflation concerns, trade tensions, slowing economic growth outside the U.S., and geopolitical events contributed to investment market volatility throughout the period.

For the period, U.S. stocks, as measured by the S&P 500 Index,¹ fell 3.04% and international stocks, as measured by the MSCI ACWI ex USA Index (Net),² declined 2.47%. Based on the MSCI EM Index (Net),³ emerging market stocks gained 0.33%. For bond investors, the Bloomberg Barclays U.S. Aggregate Bond Index⁴ added 1.99% while the Bloomberg Barclays Global Aggregate ex-USD Index⁵ gained 0.63%. The Bloomberg Barclays Municipal Bond Index⁶ added 2.34%, and the ICE BofAML U.S. High Yield Index⁷ advanced 1.98%.

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^®8 reached its highest level in 18 years during September 2018. The U.S. Federal Reserve (Fed) raised the federal funds rate by 25 basis points (bps; 100 bps equal 1.00%) to a target range of between 2.00% and 2.25% in September 2018. For the quarter that ended September 30, 2018, the S&P 500 Index added 7.71%.

Investors in international markets were not as confident. 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 Bank of England (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%.

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.

⁸ 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.

Letter to shareholders (unaudited) Wells Fargo Adjustable Rate Government Fund 3

Conflicting data unsettled markets during the fourth quarter.

November’s U.S. midterm elections shifted control of the House of Representatives from Republicans to Democrats, presaging potential partisan clashes. Third-quarter U.S. gross domestic product (GDP) was announced at an annualized 3.4% rate, lower than the second-quarter rate. Brexit efforts stalled ahead of the March 2019 deadline. The People’s Bank of China 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.

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. The Fed increased the federal funds rate by 25 bps in December 2018 to a target range of between 2.25% and 2.50% and softened its outlook for 2019 rate increases.

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 VIX⁹.

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.

In February, concerns over slowing global growth reemerged. The Bureau of Economic Analysis announced fourth-quarter 2018 GDP grew at an annualized 2.2% rate, down from the 4.2% annualized rate for the second quarter and the 3.4% annualized rate for the third quarter. Analysts attributed the lower growth rate to a slowing housing market and larger trade deficit. The U.S. Labor Department said that the economy created just 20,000 jobs in February. In a February report, the BOE forecast the slowest growth since the financial crisis for 2019. China and the U.S., while putting future tariffs on hold for the time being, continued to wrangle over trade issues.

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.

January’s returns tended to support the investing adage that markets climb a wall of worry.

⁹  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 Adjustable Rate Government Fund Letter to shareholders (unaudited)

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

Sincerely,

Andrew Owen

President

Wells Fargo Funds

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

This page is intentionally left blank.

6 Wells Fargo Adjustable Rate Government Fund Performance highlights (unaudited)

Investment objective

The Fund seeks current income consistent with capital preservation.

Manager

Wells Fargo Funds Management, LLC

Subadviser

Wells Capital Management Incorporated

Portfolio managers

Christopher Y. Kauffman, CFA^®‡

Michal Stanczyk

Average annual total returns (%) as of February 28, 2019¹

		Including sales charge						Excluding sales charge						Expense ratios2 (%)
	Inception date	1 year		5 year		10 year		1 year		5 year		10 year		Gross		Net3
Class A (ESAAX)	6-30-2000		-0.39		0.12		1.21		1.61		0.53		1.42		0.83		0.74
Class C (ESACX)	6-30-2000		-0.26		-0.25		0.65		0.74		-0.25		0.65		1.58		1.49
Administrator Class (ESADX)4	7-30-2010		–		–		–		1.64		0.67		1.56		0.77		0.60
Institutional Class (EKIZX)	10-1-1991		–		–		–		1.78		0.81		1.69		0.50		0.46
Bloomberg Barclays 6-Month Treasury Bill Index5	–		–		–		–		2.16		0.87		0.59		–		–

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

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

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

Bond values fluctuate in response to the financial condition of individual issuers, general market and economic conditions, and changes in interest rates. Changes in market conditions and government policies may lead to periods of heightened volatility in the bond market and reduced liquidity for certain bonds held by the Fund. In general, when interest rates rise, bond values fall and investors may lose principal value. Interest rate changes and their impact on the Fund and its share price can be sudden and unpredictable. The use of derivatives may reduce returns and/or increase volatility. Securities issued by U.S. government agencies or government-sponsored entities may not be guaranteed by the U.S. Treasury. Certain investment strategies tend to increase the total risk of an investment (relative to the broader market). The Fund is exposed to mortgage- and asset-backed securities risk. The U.S. government guarantee applies to certain underlying securities and not to shares of the Fund. Consult the Fund’s prospectus for additional information on these and other risks.

Please see footnotes on page 7.

Performance highlights (unaudited) Wells Fargo Adjustable Rate Government Fund 7

Ten largest holdings (%) as of February 28, 20196
FNMA Series 2002-66 Class A3, 4.34%, 4-25-2042	2.31
FNMA Series 2004-W15 Class 3A, 4.40%, 6-25-2044	1.72
GNMA Series 2017-H11 Class FE, 2.84%, 5-20-2067	1.53
FNMA Series 2006-W01 Class 3A, 4.26%, 10-25-2045	1.38
FNMA Series 2004-W12 Class 2A, 4.32%, 6-25-2044	1.36
FHLMC Series T-67 Class 1A1C, 3.93%, 3-25-2036	1.32
FNMA Series 2001-T12 Class A4, 4.53%, 8-25-2041	1.19
FNMA Series 2003-W18 Class 2A, 4.30%, 6-25-2043	1.10
FHLMC Series T-67 Class 2A1C, 3.61%, 3-25-2036	1.09
FHLMC Series T-62 Class 1A1, 3.53%, 10-25-2044	1.02

Portfolio composition as of February 28, 2019⁷

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

¹  Historical performance shown for all classes of the Fund prior to July 12, 2010, is based on the performance of the Fund’s predecessor, Evergreen Adjustable Rate Fund.

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

³  The manager has contractually committed through December 31, 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. The expense ratio paid by an investor is the net expense ratio (the total annual fund operating expenses after fee waivers) as stated in the prospectuses.

⁴  Historical performance shown for Administrator Class shares prior to their inception reflects the performance of Institutional Class shares, adjusted to reflect the higher expenses applicable to Administrator Class shares.

⁵  The Bloomberg Barclays 6-Month Treasury Bill Index tracks the performance and attributes of recently issued 6-Month U.S. Treasury bills. The index follows Bloomberg Barclays’ monthly rebalancing conventions. You cannot invest directly in an index.

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

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

8 Wells Fargo Adjustable Rate Government Fund Fund expenses (unaudited)

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) on management fees, distribution (12b-1) and/or shareholder servicing fees, and other Fund expenses. This example is purchase payments and contingent deferred sales charges (if any) on redemptions and (2) ongoing costs, including 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 September 1, 2018 to February 28, 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 sales charges (loads) and contingent deferred sales charges. Therefore, the “Hypothetical” line of the table is useful in comparing ongoing costs only and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

	Beginning account value 9-1-2018		Ending account value 2-28-2019		Expenses paid during the period¹		Annualized net expense ratio
Class A
Actual	$	1,000.00	$	1,009.82	$	3.69		0.74	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.12	$	3.71		0.74	%
Class C
Actual	$	1,000.00	$	1,004.95	$	7.41		1.49	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,017.41	$	7.45		1.49	%
Administrator Class
Actual	$	1,000.00	$	1,010.53	$	2.99		0.60	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.82	$	3.01		0.60	%
Institutional Class
Actual	$	1,000.00	$	1,011.22	$	2.29		0.46	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,022.51	$	2.31		0.46	%

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

Portfolio of investments—February 28, 2019 (unaudited) Wells Fargo Adjustable Rate Government Fund 9

Security name	Interest rate			Maturity date		Principal		Value
Agency Securities: 96.22%
FDIC Series 2010-S2 Class 3A (1 Month LIBOR +0.70%) 144A±		3.20	%		12-29-2045	$	407,837	$	408,518
FHLMC (10 Year Treasury Constant Maturity -0.85%) ±		1.90			3-15-2024		320,920		318,815
FHLMC (11th District Cost of Funds +1.25%) ±		2.25			5-1-2019		536		534
FHLMC (11th District Cost of Funds +1.25%) ±		2.27			1-1-2030		2,528		2,489
FHLMC (11th District Cost of Funds +1.25%) ±		2.27			1-1-2030		1,807		1,788
FHLMC (11th District Cost of Funds +1.25%) ±		2.27			7-1-2030		138,442		136,592
FHLMC (11th District Cost of Funds +1.39%) ±		2.33			1-1-2022		1,140		1,135
FHLMC (11th District Cost of Funds +1.25%) ±		2.33			2-1-2035		140,798		138,802
FHLMC (11th District Cost of Funds +1.36%) ±		2.38			10-1-2030		3,773		3,756
FHLMC (11th District Cost of Funds +1.88%) ±		2.77			6-1-2019		2,879		2,870
FHLMC (1 Year Treasury Constant Maturity +0.70%) ±		2.84			4-1-2030		49,274		49,607
FHLMC (11th District Cost of Funds +1.82%) ±		2.86			3-1-2025		32,669		32,653
FHLMC (11th District Cost of Funds +1.25%) ±		2.94			11-1-2030		85,830		86,513
FHLMC (11th District Cost of Funds +2.19%) ±		3.10			6-1-2029		60,875		61,638
FHLMC (11th District Cost of Funds +2.25%) ±		3.13			8-1-2019		2,780		2,775
FHLMC (3 Year Treasury Constant Maturity +2.27%) ±		3.19			4-1-2032		83,481		85,443
FHLMC (11th District Cost of Funds +2.39%) ±		3.21			6-1-2021		29,777		29,854
FHLMC (12 Month Treasury Average +1.90%) ±		3.46			5-1-2028		200,577		207,047
FHLMC (1 Year Treasury Constant Maturity +0.00%) ±		3.62			5-1-2020		14		14
FHLMC (2 Year Treasury Constant Maturity +2.44%) ±		3.63			8-1-2029		96,056		99,006
FHLMC (12 Month LIBOR +1.67%) ±		3.67			8-1-2035		140,037		143,025
FHLMC (3 Year Treasury Constant Maturity +2.44%) ±		3.80			5-1-2031		102,293		107,276
FHLMC (5 Year Treasury Constant Maturity +2.44%) ±		3.82			8-1-2027		33,208		33,224
FHLMC (3 Year Treasury Constant Maturity +2.44%) ±		3.89			5-1-2032		202,057		200,055
FHLMC (12 Month LIBOR +1.85%) ±		3.92			4-1-2035		1,182,804		1,240,118
FHLMC (12 Month LIBOR +1.87%) ±		3.99			4-1-2037		499,012		524,754
FHLMC (12 Month Treasury Average +2.46%) ±		4.00			10-1-2029		96,471		98,497
FHLMC (1 Year Treasury Constant Maturity +2.13%) ±		4.01			7-1-2019		103		103
FHLMC (12 Month LIBOR +1.75%) ±		4.05			4-1-2035		191,842		200,568
FHLMC (12 Month LIBOR +1.91%) ±		4.05			3-1-2032		785,429		826,402
FHLMC (1 Year Treasury Constant Maturity +1.88%) ±		4.05			5-1-2035		293,725		306,981
FHLMC (1 Year Treasury Constant Maturity +2.17%) ±		4.06			5-1-2037		126,787		132,845
FHLMC (1 Year Treasury Constant Maturity +2.23%) ±		4.07			4-1-2034		223,391		233,813
FHLMC (12 Month LIBOR +1.75%) ±		4.10			2-1-2037		209,146		220,249
FHLMC (1 Year Treasury Constant Maturity +2.23%) ±		4.11			4-1-2034		293,232		307,280
FHLMC (1 Year Treasury Constant Maturity +2.18%) ±		4.13			4-1-2023		152,698		153,027
FHLMC (1 Year Treasury Constant Maturity +2.25%) ±		4.13			5-1-2034		174,023		182,093
FHLMC (1 Year Treasury Constant Maturity +2.23%) ±		4.14			3-1-2034		737,884		771,446
FHLMC (1 Year Treasury Constant Maturity +2.23%) ±		4.19			5-1-2034		928,338		971,346
FHLMC (1 Year Treasury Constant Maturity +2.04%) ±		4.20			1-1-2030		14,702		15,149
FHLMC (6 Month LIBOR +1.42%) ±		4.21			2-1-2037		4,572		4,695
FHLMC (12 Month Treasury Average +2.30%) ±		4.22			6-1-2028		87,613		89,340
FHLMC (6 Month LIBOR +1.66%) ±		4.22			6-1-2037		384,166		395,428
FHLMC (1 Year Treasury Constant Maturity +2.48%) ±		4.23			2-1-2030		29,160		29,546
FHLMC (1 Year Treasury Constant Maturity +2.23%) ±		4.23			5-1-2032		41,302		42,740
FHLMC (1 Year Treasury Constant Maturity +2.23%) ±		4.23			3-1-2034		664,990		695,839
FHLMC (12 Month LIBOR +1.75%) ±		4.23			5-1-2037		1,017,062		1,064,473
FHLMC (1 Year Treasury Constant Maturity +2.36%) ±		4.23			4-1-2038		1,103,429		1,163,651
FHLMC (1 Year Treasury Constant Maturity +2.05%) ±		4.24			8-1-2033		1,324,696		1,374,270
FHLMC (1 Year Treasury Constant Maturity +2.02%) ±		4.25			12-1-2035		518,830		542,094

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

10 Wells Fargo Adjustable Rate Government Fund Portfolio of investments—February 28, 2019 (unaudited)

Security name	Interest rate			Maturity date		Principal		Value
Agency Securities (continued)
FHLMC (1 Year Treasury Constant Maturity +2.29%) ±		4.25	%		9-1-2033	$	518,727	$	545,805
FHLMC (1 Year Treasury Constant Maturity +2.48%) ±		4.26			6-1-2030		77,965		79,512
FHLMC (1 Year Treasury Constant Maturity +2.01%) ±		4.26			6-1-2020		61		61
FHLMC (12 Month LIBOR +1.77%) ±		4.27			10-1-2036		423,502		443,377
FHLMC (6 Month LIBOR +1.68%) ±		4.27			1-1-2037		1,001,510		1,039,061
FHLMC (1 Year Treasury Constant Maturity +2.25%) ±		4.27			3-1-2036		525,352		550,462
FHLMC (1 Year Treasury Constant Maturity +1.55%) ±		4.28			7-1-2030		2,628		2,622
FHLMC (12 Month LIBOR +1.75%) ±		4.28			5-1-2033		185,458		195,528
FHLMC (1 Year Treasury Constant Maturity +2.25%) ±		4.28			4-1-2038		868,239		912,989
FHLMC (11th District Cost of Funds +2.57%) ±		4.28			12-1-2025		304,558		315,979
FHLMC (1 Year Treasury Constant Maturity +2.03%) ±		4.28			3-1-2025		36,257		37,404
FHLMC (1 Year Treasury Constant Maturity +2.23%) ±		4.28			9-1-2035		1,263,154		1,327,668
FHLMC (1 Year Treasury Constant Maturity +2.25%) ±		4.29			9-1-2038		181,039		186,059
FHLMC (1 Year Treasury Constant Maturity +2.44%) ±		4.32			4-1-2029		85,457		86,416
FHLMC (US Treasury H15 Treasury Bill 6 Month Auction High Discount +1.75%) ±		4.32			1-1-2023		19,397		20,198
FHLMC (Federal Cost of Funds +2.72%) ±		4.32			4-1-2023		8,362		8,417
FHLMC (1 Year Treasury Constant Maturity +2.24%) ±		4.32			8-1-2027		4,948		4,996
FHLMC (11th District Cost of Funds +2.29%) ±		4.33			12-1-2025		13,641		13,719
FHLMC (12 Month LIBOR +1.89%) ±		4.33			4-1-2037		490,972		516,713
FHLMC (1 Year Treasury Constant Maturity +2.40%) ±		4.33			7-1-2029		52,480		54,584
FHLMC (1 Year Treasury Constant Maturity +2.25%) ±		4.36			6-1-2035		96,567		101,498
FHLMC (1 Year Treasury Constant Maturity +2.36%) ±		4.36			6-1-2035		337,411		353,853
FHLMC (1 Year Treasury Constant Maturity +2.23%) ±		4.36			5-1-2038		751,171		788,787
FHLMC (12 Month LIBOR +1.87%) ±		4.37			5-1-2035		136,629		144,638
FHLMC (12 Month LIBOR +1.75%) ±		4.39			6-1-2033		572,642		599,339
FHLMC (1 Year Treasury Constant Maturity +2.28%) ±		4.40			4-1-2037		1,164,652		1,224,339
FHLMC (1 Year Treasury Constant Maturity +2.27%) ±		4.40			7-1-2031		757,610		780,246
FHLMC (1 Year Treasury Constant Maturity +2.10%) ±		4.41			10-1-2037		1,015,085		1,060,288
FHLMC (3 Year Treasury Constant Maturity +2.70%) ±		4.41			6-1-2035		792,458		830,116
FHLMC (1 Year Treasury Constant Maturity +2.20%) ±		4.41			11-1-2036		891,376		938,538
FHLMC (1 Year Treasury Constant Maturity +2.24%) ±		4.41			4-1-2037		446,471		472,631
FHLMC (12 Month LIBOR +1.76%) ±		4.42			10-1-2035		749,885		781,913
FHLMC (1 Year Treasury Constant Maturity +2.26%) ±		4.42			7-1-2035		503,646		528,555
FHLMC (1 Year Treasury Constant Maturity +2.52%) ±		4.44			11-1-2029		97,284		100,153
FHLMC (5 Year Treasury Constant Maturity +2.13%) ±		4.44			8-1-2029		8,730		8,714
FHLMC (1 Year Treasury Constant Maturity +2.26%) ±		4.44			5-1-2034		1,245,981		1,304,064
FHLMC (1 Year Treasury Constant Maturity +2.40%) ±		4.45			11-1-2029		456,352		473,508
FHLMC (1 Year Treasury Constant Maturity +2.34%) ±		4.45			7-1-2034		476,615		494,913
FHLMC (1 Year Treasury Constant Maturity +2.25%) ±		4.45			8-1-2035		1,542,059		1,621,705
FHLMC (1 Year Treasury Constant Maturity +2.25%) ±		4.46			11-1-2035		747,654		784,727
FHLMC (1 Year Treasury Constant Maturity +2.21%) ±		4.46			1-1-2037		893,315		939,724
FHLMC (1 Year Treasury Constant Maturity +2.23%) ±		4.46			7-1-2036		254,898		264,034
FHLMC (12 Month LIBOR +1.74%) ±		4.46			9-1-2037		330,063		345,693
FHLMC (1 Year Treasury Constant Maturity +2.25%) ±		4.47			8-1-2035		408,912		429,254
FHLMC (1 Year Treasury Constant Maturity +2.31%) ±		4.47			1-1-2036		443,228		465,952
FHLMC (1 Year Treasury Constant Maturity +2.47%) ±		4.47			7-1-2034		781,996		820,496
FHLMC (1 Year Treasury Constant Maturity +2.34%) ±		4.47			9-1-2032		1,364,663		1,430,993
FHLMC (1 Year Treasury Constant Maturity +2.22%) ±		4.47			8-1-2033		223,964		235,436
FHLMC (1 Year Treasury Constant Maturity +2.24%) ±		4.47			3-1-2035		609,793		640,131
FHLMC (1 Year Treasury Constant Maturity +2.35%) ±		4.47			2-1-2036		98,407		103,669

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

Portfolio of investments—February 28, 2019 (unaudited) Wells Fargo Adjustable Rate Government Fund 11

Security name	Interest rate			Maturity date		Principal		Value
Agency Securities (continued)
FHLMC (1 Year Treasury Constant Maturity +2.25%) ±		4.47	%		11-1-2036	$	791,516	$	833,581
FHLMC (1 Year Treasury Constant Maturity +2.24%) ±		4.48			3-1-2027		85,840		87,235
FHLMC (1 Year Treasury Constant Maturity +2.60%) ±		4.48			6-1-2032		137,366		139,092
FHLMC (1 Year Treasury Constant Maturity +2.23%) ±		4.48			11-1-2026		65,456		67,348
FHLMC (1 Year Treasury Constant Maturity +2.25%) ±		4.48			10-1-2034		791,414		830,988
FHLMC (6 Month LIBOR +1.73%) ±		4.48			6-1-2024		6,310		6,320
FHLMC (1 Year Treasury Constant Maturity +1.99%) ±		4.49			11-1-2034		287,963		302,307
FHLMC (1 Year Treasury Constant Maturity +2.35%) ±		4.49			7-1-2038		462,086		485,413
FHLMC (1 Year Treasury Constant Maturity +2.43%) ±		4.50			8-1-2029		67,002		68,041
FHLMC (1 Year Treasury Constant Maturity +2.16%) ±		4.50			6-1-2033		450,820		471,563
FHLMC (1 Year Treasury Constant Maturity +2.40%) ±		4.50			9-1-2031		64,866		65,797
FHLMC (1 Year Treasury Constant Maturity +2.24%) ±		4.50			2-1-2036		876,538		919,969
FHLMC (12 Month LIBOR +1.77%) ±		4.51			6-1-2035		705,721		742,177
FHLMC (1 Year Treasury Constant Maturity +2.36%) ±		4.51			7-1-2027		468,841		471,940
FHLMC (1 Year Treasury Constant Maturity +2.32%) ±		4.51			9-1-2029		539,226		564,940
FHLMC (1 Year Treasury Constant Maturity +2.23%) ±		4.51			10-1-2036		334,936		352,404
FHLMC (1 Year Treasury Constant Maturity +2.48%) ±		4.51			10-1-2025		55,576		56,416
FHLMC (1 Year Treasury Constant Maturity +2.36%) ±		4.52			2-1-2031		430,826		451,616
FHLMC (1 Year Treasury Constant Maturity +2.26%) ±		4.52			2-1-2036		433,243		454,771
FHLMC (1 Year Treasury Constant Maturity +2.17%) ±		4.52			6-1-2036		834,969		874,783
FHLMC (1 Year Treasury Constant Maturity +2.48%) ±		4.52			10-1-2024		72,887		75,357
FHLMC (1 Year Treasury Constant Maturity +2.25%) ±		4.53			2-1-2036		531,833		558,459
FHLMC (12 Month LIBOR +1.77%) ±		4.53			9-1-2037		456,209		477,248
FHLMC (1 Year Treasury Constant Maturity +2.33%) ±		4.54			9-1-2030		150,105		156,785
FHLMC (1 Year Treasury Constant Maturity +2.25%) ±		4.56			9-1-2033		150,692		158,310
FHLMC (1 Year Treasury Constant Maturity +2.25%) ±		4.57			2-1-2036		922,114		968,545
FHLMC (12 Month LIBOR +1.78%) ±		4.57			11-1-2035		349,410		363,937
FHLMC (1 Year Treasury Constant Maturity +2.28%) ±		4.58			10-1-2036		389,192		410,479
FHLMC (1 Year Treasury Constant Maturity +2.24%) ±		4.60			7-1-2037		440,262		462,243
FHLMC (12 Month LIBOR +1.82%) ±		4.60			5-1-2039		728,396		767,272
FHLMC (1 Year Treasury Constant Maturity +2.33%) ±		4.60			6-1-2035		787,602		828,225
FHLMC (1 Year Treasury Constant Maturity +2.33%) ±		4.60			9-1-2033		751,624		793,937
FHLMC (1 Year Treasury Constant Maturity +2.31%) ±		4.60			3-1-2037		282,121		296,927
FHLMC (12 Month LIBOR +1.73%) ±		4.61			1-1-2035		402,918		425,420
FHLMC (1 Year Treasury Constant Maturity +2.31%) ±		4.61			7-1-2038		552,185		581,327
FHLMC (1 Year Treasury Constant Maturity +2.22%) ±		4.61			10-1-2033		268,194		281,404
FHLMC (12 Month LIBOR +1.74%) ±		4.62			12-1-2036		265,993		277,711
FHLMC (1 Year Treasury Constant Maturity +2.38%) ±		4.62			6-1-2035		1,194,451		1,242,724
FHLMC (1 Year Treasury Constant Maturity +2.22%) ±		4.63			10-1-2033		887,130		929,522
FHLMC (1 Year Treasury Constant Maturity +2.43%) ±		4.63			6-1-2025		51,145		51,724
FHLMC (1 Year Treasury Constant Maturity +2.23%) ±		4.63			1-1-2034		672,400		707,832
FHLMC (1 Year Treasury Constant Maturity +2.48%) ±		4.63			6-1-2030		250,477		260,793
FHLMC (1 Year Treasury Constant Maturity +2.36%) ±		4.64			1-1-2028		2,266		2,376
FHLMC (6 Month LIBOR +2.12%) ±		4.64			5-1-2037		46,465		48,666
FHLMC (1 Year Treasury Constant Maturity +2.27%) ±		4.65			5-1-2025		61,502		62,237
FHLMC (1 Year Treasury Constant Maturity +2.22%) ±		4.65			10-1-2033		530,665		558,734
FHLMC (1 Year Treasury Constant Maturity +2.32%) ±		4.66			7-1-2031		168,170		177,577
FHLMC (1 Year Treasury Constant Maturity +2.29%) ±		4.66			11-1-2027		409,785		428,517
FHLMC (1 Year Treasury Constant Maturity +2.25%) ±		4.67			4-1-2036		446,690		469,569
FHLMC (1 Year Treasury Constant Maturity +2.17%) ±		4.68			8-1-2034		834,071		874,022

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

12 Wells Fargo Adjustable Rate Government Fund Portfolio of investments—February 28, 2019 (unaudited)

Security name	Interest rate			Maturity date		Principal		Value
Agency Securities (continued)
FHLMC (US Treasury H15 Treasury Bill 6 Month Auction High Discount +1.94%) ±		4.69	%		7-1-2024	$	28,059	$	27,961
FHLMC (1 Year Treasury Constant Maturity +2.23%) ±		4.69			7-1-2034		115,151		120,932
FHLMC (1 Year Treasury Constant Maturity +2.29%) ±		4.69			2-1-2036		605,015		635,778
FHLMC (1 Year Treasury Constant Maturity +2.38%) ±		4.69			1-1-2037		1,410,451		1,488,542
FHLMC (1 Year Treasury Constant Maturity +2.36%) ±		4.70			6-1-2035		447,738		471,863
FHLMC (6 Month LIBOR +2.08%) ±		4.71			6-1-2026		710,651		729,483
FHLMC (1 Year Treasury Constant Maturity +2.34%) ±		4.71			10-1-2033		1,212,111		1,266,458
FHLMC (12 Month LIBOR +1.99%) ±		4.72			7-1-2036		692,395		727,280
FHLMC (1 Year Treasury Constant Maturity +2.25%) ±		4.72			5-1-2034		75,577		79,515
FHLMC (1 Year Treasury Constant Maturity +2.22%) ±		4.73			12-1-2033		479,441		501,310
FHLMC (1 Year Treasury Constant Maturity +2.25%) ±		4.74			2-1-2034		541,122		574,551
FHLMC (12 Month LIBOR +1.87%) ±		4.74			9-1-2036		616,378		648,767
FHLMC (1 Year Treasury Constant Maturity +2.25%) ±		4.77			12-1-2034		313,946		330,858
FHLMC (1 Year Treasury Constant Maturity +2.27%) ±		4.77			11-1-2029		39,094		39,699
FHLMC (1 Year Treasury Constant Maturity +2.26%) ±		4.77			9-1-2038		537,084		559,885
FHLMC (1 Year Treasury Constant Maturity +2.36%) ±		4.77			1-1-2028		16,507		17,216
FHLMC (1 Year Treasury Constant Maturity +2.38%) ±		4.78			4-1-2034		365,736		380,938
FHLMC (1 Year Treasury Constant Maturity +2.44%) ±		4.78			10-1-2030		1,282,643		1,338,975
FHLMC (1 Year Treasury Constant Maturity +2.29%) ±		4.79			11-1-2029		64,419		65,686
FHLMC (1 Year Treasury Constant Maturity +2.22%) ±		4.79			1-1-2033		343,801		359,169
FHLMC (1 Year Treasury Constant Maturity +2.25%) ±		4.80			1-1-2037		117,563		123,744
FHLMC (1 Year Treasury Constant Maturity +2.61%) ±		4.82			9-1-2030		97,729		99,496
FHLMC (12 Month LIBOR +1.93%) ±		4.84			4-1-2035		860,447		904,478
FHLMC (1 Year Treasury Constant Maturity +2.28%) ±		4.84			1-1-2035		334,375		352,251
FHLMC (1 Year Treasury Constant Maturity +2.28%) ±		4.84			2-1-2034		1,133,811		1,190,523
FHLMC (6 Month LIBOR +2.38%) ±		4.85			2-1-2024		14,324		14,368
FHLMC (12 Month LIBOR +1.98%) ±		4.85			11-1-2032		111,705		114,042
FHLMC (1 Year Treasury Constant Maturity +2.30%) ±		4.88			11-1-2035		1,035,681		1,089,025
FHLMC (1 Year Treasury Constant Maturity +2.25%) ±		4.89			11-1-2022		70,594		72,202
FHLMC (FHLMC National Average Mortgage Contract +3.27%) ±		4.89			2-1-2021		4,499		4,497
FHLMC (1 Year Treasury Constant Maturity +2.41%) ±		4.90			12-1-2032		267,244		280,370
FHLMC (1 Year Treasury Constant Maturity +2.61%) ±		4.94			5-1-2028		177,256		183,468
FHLMC (1 Year Treasury Constant Maturity +2.25%) ±		4.95			2-1-2036		822,369		863,630
FHLMC (1 Year Treasury Constant Maturity +2.55%) ±		4.96			9-1-2029		121,229		122,744
FHLMC (1 Year Treasury Constant Maturity +2.23%) ±		4.96			2-1-2034		926,919		969,235
FHLMC (1 Year Treasury Constant Maturity +2.23%) ±		4.98			2-1-2034		465,696		490,850
FHLMC		5.00			10-1-2022		7,115		7,269
FHLMC (1 Year Treasury Constant Maturity +2.36%) ±		5.00			2-1-2035		820,884		870,709
FHLMC (1 Year Treasury Constant Maturity +2.48%) ±		5.07			6-1-2030		30,121		30,723
FHLMC (1 Year Treasury Constant Maturity +2.32%) ±		5.49			8-1-2024		189,957		189,042
FHLMC (6 Month LIBOR +3.33%) ±		5.97			11-1-2026		68,869		70,507
FHLMC Series 0020 Class F ±±		3.11			7-1-2029		9,412		9,635
FHLMC Series 1671 Class QA (11th District Cost of Funds +0.95%) ±		2.01			2-15-2024		590,190		599,498
FHLMC Series 1686 Class FE (11th District Cost of Funds +1.10%) ±		2.16			2-15-2024		15,159		15,430
FHLMC Series 1730 Class FA (10 Year Treasury Constant Maturity -0.60%) ±		2.15			5-15-2024		102,274		102,149
FHLMC Series 2315 Class FW (1 Month LIBOR +0.55%) ±		3.04			4-15-2027		70,412		70,837
FHLMC Series 2391 Class EF (1 Month LIBOR +0.50%) ±		2.99			6-15-2031		67,638		68,114
FHLMC Series 2454 Class SL (1 Month LIBOR +8.00%) ±(c)		5.51			3-15-2032		128,376		21,234
FHLMC Series 2461 Class FI (1 Month LIBOR +0.50%) ±		2.99			4-15-2028		90,964		91,443
FHLMC Series 2464 Class FE (1 Month LIBOR +1.00%) ±		3.49			3-15-2032		83,672		85,955

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

Portfolio of investments—February 28, 2019 (unaudited) Wells Fargo Adjustable Rate Government Fund 13

Security name	Interest rate			Maturity date		Principal		Value
Agency Securities (continued)
FHLMC Series 2466 Class FV (1 Month LIBOR +0.55%) ±		3.04	%		3-15-2032	$	168,309	$	169,893
FHLMC Series 2538 Class F (1 Month LIBOR +0.60%) ±		3.09			12-15-2032		363,483		367,640
FHLMC Series 3436 Class A ±±		4.40			11-15-2036		663,805		679,578
FHLMC Series T-15 Class A6 (1 Month LIBOR +0.40%) ±		2.89			11-25-2028		443,447		442,740
FHLMC Series T-16 Class A (1 Month LIBOR +0.10%) ±		2.59			6-25-2029		1,221,420		1,225,304
FHLMC Series T-20 Class A7 (1 Month LIBOR +0.15%) ±		2.81			12-25-2029		2,459,450		2,417,012
FHLMC Series T-21 Class A (1 Month LIBOR +0.18%) ±		2.87			10-25-2029		1,027,065		1,020,792
FHLMC Series T-23 Class A (1 Month LIBOR +0.14%) ±		2.63			5-25-2030		1,449,792		1,446,563
FHLMC Series T-27 Class A (1 Month LIBOR +0.15%) ±		2.81			10-25-2030		941,138		948,501
FHLMC Series T-30 Class A7 (1 Month LIBOR +0.24%) ±		2.73			12-25-2030		1,051,646		1,020,419
FHLMC Series T-35 Class A (1 Month LIBOR +0.14%) ±		2.79			9-25-2031		2,574,617		2,549,397
FHLMC Series T-48 Class 2A ±±		4.18			7-25-2033		2,004,881		2,005,604
FHLMC Series T-54 Class 4A ±±		4.13			2-25-2043		1,412,724		1,399,360
FHLMC Series T-55 Class 1A1		6.50			3-25-2043		57,354		63,763
FHLMC Series T-56 Class 3AF (1 Month LIBOR +1.00%) ±		3.49			5-25-2043		946,685		967,929
FHLMC Series T-62 Class 1A1 (12 Month Treasury Average +1.20%) ±		3.53			10-25-2044		3,212,126		3,248,715
FHLMC Series T-63 Class 1A1 (12 Month Treasury Average +1.20%) ±		3.31			2-25-2045		2,876,980		2,878,806
FHLMC Series T-66 Class 2A1 ±±		4.23			1-25-2036		1,835,869		1,832,209
FHLMC Series T-67 Class 1A1C ±±		3.93			3-25-2036		4,189,153		4,213,167
FHLMC Series T-67 Class 2A1C ±±		3.61			3-25-2036		3,543,850		3,497,035
FHLMC Series T-75 Class A1 (1 Month LIBOR +0.04%) ±		2.55			12-25-2036		587,894		587,533
FNMA (11th District Cost of Funds +1.25%) ±		2.27			11-1-2020		87,261		86,779
FNMA (11th District Cost of Funds +1.25%) ±		2.27			3-1-2033		108,854		108,873
FNMA (11th District Cost of Funds +1.25%) ±		2.29			4-1-2021		16,783		16,714
FNMA (11th District Cost of Funds +1.25%) ±		2.30			11-1-2024		1,759		1,754
FNMA (11th District Cost of Funds +1.25%) ±		2.31			4-1-2042		1,850,933		1,842,029
FNMA (11th District Cost of Funds +1.25%) ±		2.31			10-1-2044		953,838		948,922
FNMA (11th District Cost of Funds +1.26%) ±		2.33			1-1-2035		775,779		781,015
FNMA (11th District Cost of Funds +1.25%) ±		2.33			11-1-2023		12,218		12,122
FNMA (11th District Cost of Funds +1.25%) ±		2.38			3-1-2021		34		34
FNMA (11th District Cost of Funds +1.25%) ±		2.38			1-1-2038		77,374		77,098
FNMA (11th District Cost of Funds +1.63%) ±		2.44			5-1-2028		18,821		18,790
FNMA (3 Year Treasury Constant Maturity +1.21%) ±		2.45			3-1-2030		16,583		16,624
FNMA (11th District Cost of Funds +1.25%) ±		2.51			9-1-2037		1,816,484		1,808,854
FNMA (11th District Cost of Funds +1.45%) ±		2.54			4-1-2024		1,431,977		1,434,438
FNMA (11th District Cost of Funds +1.78%) ±		2.68			1-1-2036		203,290		204,446
FNMA (11th District Cost of Funds +1.87%) ±		2.75			10-1-2024		664		662
FNMA (11th District Cost of Funds +1.25%) ±		2.77			7-1-2020		203,298		202,797
FNMA (11th District Cost of Funds +1.82%) ±		2.78			5-1-2028		43,040		43,189
FNMA (11th District Cost of Funds +1.92%) ±		2.84			9-1-2030		228,256		227,317
FNMA (11th District Cost of Funds +1.83%) ±		2.85			1-1-2036		56,960		57,183
FNMA (11th District Cost of Funds +1.79%) ±		2.86			3-1-2033		257,013		257,797
FNMA (11th District Cost of Funds +1.78%) ±		2.91			11-1-2022		15,555		15,548
FNMA (11th District Cost of Funds +1.86%) ±		2.97			10-1-2027		398,000		401,846
FNMA (3 Year Treasury Constant Maturity +2.14%) ±		3.02			10-1-2025		5,885		5,893
FNMA (11th District Cost of Funds +2.02%) ±		3.02			11-1-2024		27,368		27,554
FNMA (11th District Cost of Funds +1.70%) ±		3.03			4-1-2030		870		863
FNMA (11th District Cost of Funds +1.99%) ±		3.05			1-1-2021		6,871		6,861
FNMA (11th District Cost of Funds +1.20%) ±		3.05			10-1-2034		109,449		109,850
FNMA (11th District Cost of Funds +2.11%) ±		3.06			4-1-2020		583,699		582,572

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

14 Wells Fargo Adjustable Rate Government Fund Portfolio of investments—February 28, 2019 (unaudited)

Security name	Interest rate			Maturity date		Principal		Value
Agency Securities (continued)
FNMA (11th District Cost of Funds +1.25%) ±		3.15	%		4-1-2034	$	1,115,831	$	1,133,124
FNMA (3 Year Treasury Constant Maturity +2.47%) ±		3.22			6-1-2024		14,860		14,914
FNMA (1 Year Treasury Constant Maturity +1.25%) ±		3.27			1-1-2021		611		616
FNMA (1 Year Treasury Constant Maturity +1.25%) ±		3.28			1-1-2021		996		1,006
FNMA (1 Year Treasury Constant Maturity +1.58%) ±		3.35			3-1-2034		296,340		309,816
FNMA (6 Month LIBOR +1.00%) ±		3.50			12-1-2020		2,944		2,939
FNMA (Federal Cost of Funds +2.00%) ±		3.50			8-1-2029		38,635		40,265
FNMA (1 Year Treasury Constant Maturity +1.67%) ±		3.54			4-1-2033		177,149		184,434
FNMA (1 Month LIBOR +1.17%) ±		3.55			5-1-2029		42,448		43,858
FNMA (6 Month LIBOR +1.00%) ±		3.56			6-1-2021		13,655		13,919
FNMA (6 Month LIBOR +1.08%) ±		3.58			9-1-2032		52,435		52,371
FNMA (5 Year Treasury Constant Maturity +1.90%) ±		3.58			9-1-2031		192,250		196,884
FNMA (12 Month Treasury Average +1.40%) ±		3.65			12-1-2030		68,630		67,897
FNMA (1 Year Treasury Constant Maturity +1.50%) ±		3.72			8-1-2030		1,035,687		1,058,864
FNMA (6 Month LIBOR +1.18%) ±		3.75			8-1-2033		168,213		174,398
FNMA (1 Year Treasury Constant Maturity +1.52%) ±		3.75			8-1-2033		911,993		939,584
FNMA (1 Year Treasury Constant Maturity +1.89%) ±		3.77			6-1-2032		57,298		57,435
FNMA (3 Year Treasury Constant Maturity +2.15%) ±		3.77			10-1-2024		29,049		29,203
FNMA (1 Year Treasury Constant Maturity +2.28%) ±		3.78			7-1-2024		8,595		8,685
FNMA (1 Year Treasury Constant Maturity +1.88%) ±		3.85			4-1-2030		55,582		55,966
FNMA (6 Month LIBOR +1.38%) ±		3.88			8-1-2031		124,956		127,063
FNMA (1 Year Treasury Constant Maturity +2.40%) ±		3.90			6-1-2024		33,023		33,296
FNMA (12 Month LIBOR +1.75%) ±		3.91			4-1-2033		351,616		365,032
FNMA (6 Month LIBOR +1.42%) ±		3.92			9-1-2031		128,440		131,476
FNMA (6 Month LIBOR +1.42%) ±		3.92			12-1-2031		30,241		30,657
FNMA (1 Year Treasury Constant Maturity +1.76%) ±		3.97			8-1-2032		130,969		133,474
FNMA (1 Year Treasury Constant Maturity +2.19%) ±		3.98			3-1-2035		471,030		490,669
FNMA (1 Year Treasury Constant Maturity +2.12%) ±		4.00			3-1-2031		32,037		32,076
FNMA (6 Month LIBOR +1.16%) ±		4.00			8-1-2033		3,341		3,390
FNMA (1 Year Treasury Constant Maturity +1.91%) ±		4.00			7-1-2038		715,804		744,833
FNMA (1 Year Treasury Constant Maturity +2.13%) ±		4.00			5-1-2033		523,221		547,396
FNMA (12 Month LIBOR +1.75%) ±		4.01			5-1-2035		755,917		791,515
FNMA (1 Year Treasury Constant Maturity +2.13%) ±		4.02			5-1-2033		354,883		372,779
FNMA (6 Month LIBOR +1.15%) ±		4.02			8-1-2032		217,260		217,649
FNMA (6 Month LIBOR +1.41%) ±		4.03			10-1-2037		644,772		663,728
FNMA (1 Year Treasury Constant Maturity +2.02%) ±		4.04			11-1-2027		22,290		22,384
FNMA (6 Month LIBOR +1.42%) ±		4.04			12-1-2031		210,491		218,068
FNMA (12 Month LIBOR +1.75%) ±		4.04			4-1-2034		272,037		285,208
FNMA (6 Month LIBOR +1.52%) ±		4.05			11-1-2034		345,302		356,803
FNMA (1 Year Treasury Constant Maturity +1.88%) ±		4.06			8-1-2031		56,597		58,639
FNMA (1 Year Treasury Constant Maturity +2.18%) ±		4.06			5-1-2035		179,701		190,133
FNMA (1 Year Treasury Constant Maturity +2.12%) ±		4.07			5-1-2034		466,756		489,232
FNMA (12 Month LIBOR +1.68%) ±		4.08			11-1-2038		384,254		400,833
FNMA (1 Year Treasury Constant Maturity +2.21%) ±		4.08			5-1-2037		908,221		949,301
FNMA (1 Year Treasury Constant Maturity +2.15%) ±		4.08			4-1-2033		841,931		886,204
FNMA (1 Year Treasury Constant Maturity +2.22%) ±		4.09			4-1-2033		643,701		669,979
FNMA (6 Month LIBOR +1.55%) ±		4.09			3-1-2034		246,716		254,799
FNMA (11th District Cost of Funds +1.87%) ±		4.10			5-1-2034		159,382		163,384
FNMA (1 Year Treasury Constant Maturity +2.12%) ±		4.12			8-1-2026		28,766		29,019
FNMA (Federal Cost of Funds +2.38%) ±		4.12			2-1-2029		965,611		990,049

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

Portfolio of investments—February 28, 2019 (unaudited) Wells Fargo Adjustable Rate Government Fund 15

Security name	Interest rate			Maturity date		Principal		Value
Agency Securities (continued)
FNMA (1 Year Treasury Constant Maturity +2.25%) ±		4.13	%		6-1-2025	$	5,541	$	5,540
FNMA (1 Year Treasury Constant Maturity +2.26%) ±		4.13			5-1-2035		412,387		433,631
FNMA (12 Month Treasury Average +1.88%) ±		4.14			11-1-2035		30,817		31,535
FNMA (1 Year Treasury Constant Maturity +2.21%) ±		4.14			6-1-2033		254,490		263,550
FNMA (12 Month Treasury Average +1.88%) ±		4.15			11-1-2035		764,049		795,376
FNMA (1 Year Treasury Constant Maturity +2.06%) ±		4.15			9-1-2035		1,451,941		1,521,924
FNMA (12 Month Treasury Average +1.92%) ±		4.15			6-1-2035		607,057		622,125
FNMA (1 Year Treasury Constant Maturity +2.23%) ±		4.15			1-1-2032		51,974		52,732
FNMA (1 Year Treasury Constant Maturity +2.32%) ±		4.16			4-1-2028		122,755		126,095
FNMA (1 Year Treasury Constant Maturity +2.22%) ±		4.16			5-1-2033		188,116		197,934
FNMA (6 Month LIBOR +1.55%) ±		4.17			12-1-2022		4,503		4,511
FNMA (1 Year Treasury Constant Maturity +2.21%) ±		4.17			6-1-2035		608,176		641,189
FNMA (12 Month Treasury Average +1.90%) ±		4.17			11-1-2035		134,412		138,011
FNMA (1 Year Treasury Constant Maturity +2.11%) ±		4.17			9-1-2036		340,576		354,425
FNMA (12 Month Treasury Average +1.95%) ±		4.18			7-1-2035		685,605		703,217
FNMA (1 Year Treasury Constant Maturity +2.03%) ±		4.19			12-1-2032		599,698		621,065
FNMA (1 Year Treasury Constant Maturity +2.24%) ±		4.19			7-1-2028		143		148
FNMA (1 Year Treasury Constant Maturity +2.10%) ±		4.19			7-1-2035		203,404		210,361
FNMA (1 Year Treasury Constant Maturity +2.31%) ±		4.19			5-1-2035		914,021		967,462
FNMA (12 Month Treasury Average +2.48%) ±		4.19			6-1-2040		739,211		760,558
FNMA (12 Month Treasury Average +1.97%) ±		4.19			7-1-2035		949,362		974,591
FNMA (5 Year Treasury Constant Maturity +2.46%) ±		4.21			6-1-2019		34		34
FNMA (5 Year Treasury Constant Maturity +2.43%) ±		4.21			6-1-2028		27,481		27,661
FNMA (1 Year Treasury Constant Maturity +2.19%) ±		4.21			7-1-2035		958,558		1,009,814
FNMA (1 Year Treasury Constant Maturity +2.09%) ±		4.21			8-1-2025		18,671		18,890
FNMA (1 Year Treasury Constant Maturity +2.22%) ±		4.21			6-1-2035		466,489		491,332
FNMA (1 Year Treasury Constant Maturity +2.20%) ±		4.22			6-1-2033		353,539		368,449
FNMA (1 Year Treasury Constant Maturity +2.15%) ±		4.22			1-1-2037		782,491		822,844
FNMA (12 Month Treasury Average +1.97%) ±		4.24			11-1-2035		877,966		905,879
FNMA (6 Month LIBOR +1.74%) ±		4.24			10-1-2024		35,711		35,839
FNMA (12 Month LIBOR +1.74%) ±		4.24			5-1-2032		163,389		165,857
FNMA (6 Month LIBOR +1.37%) ±		4.24			1-1-2032		207,090		214,161
FNMA (6 Month LIBOR +1.73%) ±		4.24			4-1-2033		312,314		328,043
FNMA (12 Month LIBOR +1.72%) ±		4.24			12-1-2033		908,669		948,567
FNMA (11th District Cost of Funds +1.82%) ±		4.24			6-1-2034		145,143		149,293
FNMA (11th District Cost of Funds +1.93%) ±		4.25			12-1-2036		77,143		80,302
FNMA (6 Month LIBOR +1.63%) ±		4.25			1-1-2022		5,101		5,095
FNMA (6 Month LIBOR +1.38%) ±		4.25			12-1-2031		18,364		18,401
FNMA (1 Year Treasury Constant Maturity +2.18%) ±		4.25			6-1-2035		367,079		386,499
FNMA (1 Year Treasury Constant Maturity +2.22%) ±		4.27			8-1-2026		270,084		280,459
FNMA (12 Month Treasury Average +1.99%) ±		4.27			10-1-2035		454,682		467,348
FNMA (12 Month LIBOR +1.53%) ±		4.27			9-1-2035		1,055,005		1,095,520
FNMA (1 Year Treasury Constant Maturity +2.22%) ±		4.28			6-1-2027		76,299		77,676
FNMA (1 Year Treasury Constant Maturity +2.38%) ±		4.29			4-1-2038		415,820		434,722
FNMA (1 Year Treasury Constant Maturity +2.35%) ±		4.29			6-1-2027		67,291		68,052
FNMA (1 Year Treasury Constant Maturity +2.27%) ±		4.30			6-1-2036		140,109		148,008
FNMA (1 Year Treasury Constant Maturity +2.20%) ±		4.31			9-1-2035		419,734		442,351
FNMA (6 Month LIBOR +1.54%) ±		4.32			1-1-2035		1,151,163		1,189,519
FNMA (1 Year Treasury Constant Maturity +2.14%) ±		4.32			10-1-2033		243,173		254,776
FNMA (1 Year Treasury Constant Maturity +2.11%) ±		4.32			7-1-2035		535,047		560,531

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

16 Wells Fargo Adjustable Rate Government Fund Portfolio of investments—February 28, 2019 (unaudited)

Security name	Interest rate			Maturity date		Principal		Value
Agency Securities (continued)
FNMA (12 Month LIBOR +1.80%) ±		4.32	%		5-1-2033	$	375,670	$	392,792
FNMA (12 Month Treasury Average +2.08%) ±		4.33			1-1-2035		372,419		381,589
FNMA (1 Year Treasury Constant Maturity +2.19%) ±		4.33			2-1-2036		537,788		564,370
FNMA (1 Year Treasury Constant Maturity +2.24%) ±		4.33			12-1-2040		1,272,970		1,339,166
FNMA (12 Month LIBOR +1.70%) ±		4.33			3-1-2037		329,216		345,520
FNMA (12 Month LIBOR +1.61%) ±		4.33			1-1-2040		205,221		214,154
FNMA (1 Year Treasury Constant Maturity +2.25%) ±		4.33			4-1-2033		439,276		461,825
FNMA (12 Month LIBOR +1.70%) ±		4.33			4-1-2034		535,101		558,514
FNMA (1 Year Treasury Constant Maturity +2.06%) ±		4.34			12-1-2033		655,674		678,684
FNMA (1 Year Treasury Constant Maturity +2.23%) ±		4.34			7-1-2037		375,664		395,473
FNMA (1 Year Treasury Constant Maturity +2.33%) ±		4.34			9-1-2037		546,686		580,751
FNMA (12 Month LIBOR +1.75%) ±		4.34			7-1-2035		495,569		519,033
FNMA (1 Year Treasury Constant Maturity +2.22%) ±		4.35			7-1-2035		157,303		165,468
FNMA (1 Year Treasury Constant Maturity +1.63%) ±		4.36			11-1-2029		7,155		7,167
FNMA (1 Year Treasury Constant Maturity +2.18%) ±		4.36			9-1-2036		483,206		510,981
FNMA (1 Year Treasury Constant Maturity +2.18%) ±		4.36			1-1-2036		810,595		851,110
FNMA (6 Month LIBOR +1.74%) ±		4.37			12-1-2024		50,947		51,037
FNMA (1 Year Treasury Constant Maturity +1.74%) ±		4.37			1-1-2035		41,777		43,323
FNMA (US Treasury H15 Treasury Bill 6 Month Auction High Discount +2.25%) ±		4.37			7-1-2020		361		360
FNMA (1 Year Treasury Constant Maturity +2.21%) ±		4.38			7-1-2033		57,640		60,538
FNMA (1 Year Treasury Constant Maturity +2.23%) ±		4.38			1-1-2035		468,133		492,120
FNMA (1 Year Treasury Constant Maturity +2.31%) ±		4.39			2-1-2035		494,654		518,940
FNMA (12 Month LIBOR +1.84%) ±		4.39			6-1-2041		641,883		670,407
FNMA (12 Month LIBOR +1.74%) ±		4.39			6-1-2041		577,219		600,089
FNMA (12 Month LIBOR +1.68%) ±		4.40			9-1-2038		678,540		709,043
FNMA (12 Month LIBOR +1.67%) ±		4.40			7-1-2035		1,117,846		1,168,439
FNMA (12 Month LIBOR +1.65%) ±		4.40			9-1-2037		568,412		591,430
FNMA (12 Month LIBOR +1.71%) ±		4.40			2-1-2038		496,963		518,611
FNMA (1 Year Treasury Constant Maturity +2.04%) ±		4.41			6-1-2034		469,613		491,424
FNMA (12 Month LIBOR +1.72%) ±		4.41			6-1-2035		151,310		158,426
FNMA (1 Year Treasury Constant Maturity +2.25%) ±		4.41			10-1-2029		66,859		68,151
FNMA (12 Month LIBOR +1.79%) ±		4.41			6-1-2036		239,119		250,717
FNMA (1 Year Treasury Constant Maturity +2.29%) ±		4.42			6-1-2037		537,895		562,125
FNMA (1 Year Treasury Constant Maturity +1.70%) ±		4.42			2-1-2033		268,654		276,940
FNMA (1 Year Treasury Constant Maturity +2.23%) ±		4.42			11-1-2037		540,869		567,962
FNMA (1 Year Treasury Constant Maturity +2.22%) ±		4.42			4-1-2038		701,029		734,928
FNMA (12 Month LIBOR +1.62%) ±		4.42			9-1-2036		633,070		656,631
FNMA (1 Year Treasury Constant Maturity +2.11%) ±		4.42			5-1-2034		600,943		631,756
FNMA (1 Year Treasury Constant Maturity +2.43%) ±		4.43			7-1-2037		411,726		430,725
FNMA (1 Year Treasury Constant Maturity +2.21%) ±		4.43			1-1-2027		292,879		295,495
FNMA (1 Year Treasury Constant Maturity +2.22%) ±		4.43			9-1-2033		446,325		465,471
FNMA (1 Year Treasury Constant Maturity +2.18%) ±		4.43			12-1-2040		263,328		276,210
FNMA (1 Year Treasury Constant Maturity +2.22%) ±		4.44			7-1-2035		658,325		692,541
FNMA (1 Year Treasury Constant Maturity +2.22%) ±		4.44			5-1-2033		1,170,823		1,215,757
FNMA ±±		4.44			11-1-2019		31		31
FNMA (1 Year Treasury Constant Maturity +2.20%) ±		4.44			7-1-2029		400,369		420,898
FNMA (1 Year Treasury Constant Maturity +2.34%) ±		4.44			3-1-2033		986,139		1,042,118
FNMA (1 Year Treasury Constant Maturity +2.19%) ±		4.44			8-1-2033		521,463		545,081
FNMA (1 Year Treasury Constant Maturity +2.21%) ±		4.44			8-1-2035		984,533		1,039,511
FNMA (1 Year Treasury Constant Maturity +2.43%) ±		4.44			7-1-2037		1,702,092		1,806,405

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

Portfolio of investments—February 28, 2019 (unaudited) Wells Fargo Adjustable Rate Government Fund 17

Security name	Interest rate			Maturity date		Principal		Value
Agency Securities (continued)
FNMA (1 Year Treasury Constant Maturity +2.14%) ±		4.45	%		5-1-2035	$	561,065	$	588,004
FNMA (1 Year Treasury Constant Maturity +1.82%) ±		4.45			4-1-2038		382,435		400,089
FNMA (1 Year Treasury Constant Maturity +2.14%) ±		4.45			4-1-2040		131,511		137,886
FNMA (1 Year Treasury Constant Maturity +2.58%) ±		4.45			12-1-2021		2,358		2,355
FNMA (1 Year Treasury Constant Maturity +2.32%) ±		4.46			10-1-2034		250,681		265,306
FNMA (1 Year Treasury Constant Maturity +2.22%) ±		4.46			5-1-2033		222,473		228,630
FNMA (1 Year Treasury Constant Maturity +2.19%) ±		4.46			6-1-2036		1,048,764		1,099,581
FNMA (1 Year Treasury Constant Maturity +2.22%) ±		4.46			12-1-2040		752,009		790,046
FNMA (1 Year Treasury Constant Maturity +2.21%) ±		4.46			9-1-2022		71,485		71,945
FNMA (1 Year Treasury Constant Maturity +2.25%) ±		4.46			5-1-2036		1,382,395		1,439,549
FNMA (1 Year Treasury Constant Maturity +2.21%) ±		4.46			7-1-2035		454,160		481,212
FNMA (1 Year Treasury Constant Maturity +2.24%) ±		4.46			12-1-2040		527,469		554,512
FNMA (1 Year Treasury Constant Maturity +2.24%) ±		4.47			1-1-2037		1,102,955		1,159,674
FNMA (1 Year Treasury Constant Maturity +2.22%) ±		4.47			6-1-2036		571,364		600,466
FNMA (1 Year Treasury Constant Maturity +2.25%) ±		4.47			5-1-2034		236,437		248,808
FNMA (1 Year Treasury Constant Maturity +2.28%) ±		4.47			10-1-2036		524,812		551,738
FNMA (1 Year Treasury Constant Maturity +2.30%) ±		4.47			9-1-2030		94,628		95,903
FNMA (1 Year Treasury Constant Maturity +2.18%) ±		4.47			1-1-2033		1,642,118		1,689,583
FNMA (1 Year Treasury Constant Maturity +2.35%) ±		4.48			6-1-2030		50,007		50,715
FNMA (6 Month LIBOR +1.98%) ±		4.48			9-1-2033		53,582		54,004
FNMA (1 Year Treasury Constant Maturity +2.19%) ±		4.48			10-1-2036		646,430		678,759
FNMA (1 Year Treasury Constant Maturity +2.50%) ±		4.48			10-1-2029		305,667		318,145
FNMA (1 Year Treasury Constant Maturity +2.35%) ±		4.48			12-1-2030		650,256		677,980
FNMA (1 Year Treasury Constant Maturity +2.13%) ±		4.49			10-1-2025		84,096		85,465
FNMA (12 Month LIBOR +1.70%) ±		4.49			8-1-2036		504,069		527,167
FNMA (1 Year Treasury Constant Maturity +2.19%) ±		4.50			5-1-2036		625,270		654,418
FNMA (1 Year Treasury Constant Maturity +2.28%) ±		4.50			4-1-2024		9,380		9,620
FNMA (1 Year Treasury Constant Maturity +2.24%) ±		4.50			10-1-2035		764,746		803,694
FNMA (1 Year Treasury Constant Maturity +2.22%) ±		4.51			12-1-2036		405,688		426,405
FNMA (12 Month LIBOR +1.88%) ±		4.51			5-1-2037		1,531,603		1,615,248
FNMA (1 Year Treasury Constant Maturity +2.17%) ±		4.51			12-1-2034		581,823		609,778
FNMA (1 Year Treasury Constant Maturity +2.18%) ±		4.51			9-1-2035		1,109,662		1,165,212
FNMA (6 Month LIBOR +1.64%) ±		4.52			2-1-2033		127,558		131,059
FNMA (1 Year Treasury Constant Maturity +2.28%) ±		4.53			9-1-2026		31,712		32,173
FNMA (1 Year Treasury Constant Maturity +2.47%) ±		4.53			9-1-2035		45,089		47,806
FNMA (1 Year Treasury Constant Maturity +2.19%) ±		4.53			12-1-2035		287,615		302,017
FNMA (1 Year Treasury Constant Maturity +2.28%) ±		4.54			4-1-2024		32,072		32,294
FNMA (1 Year Treasury Constant Maturity +2.29%) ±		4.54			12-1-2030		20,700		21,031
FNMA (12 Month LIBOR +1.67%) ±		4.54			9-1-2034		838,900		882,305
FNMA (1 Year Treasury Constant Maturity +2.20%) ±		4.54			11-1-2035		1,058,214		1,111,545
FNMA (1 Year Treasury Constant Maturity +2.19%) ±		4.55			12-1-2032		436,090		458,804
FNMA (12 Month Treasury Average +2.27%) ±		4.55			9-1-2036		391,294		406,569
FNMA (6 Month LIBOR +1.93%) ±		4.55			6-1-2032		67,376		68,040
FNMA (1 Year Treasury Constant Maturity +2.13%) ±		4.56			10-1-2035		147,182		154,415
FNMA (1 Year Treasury Constant Maturity +2.25%) ±		4.56			7-1-2030		395,477		411,813
FNMA (1 Year Treasury Constant Maturity +2.24%) ±		4.56			2-1-2033		135,566		138,654
FNMA (12 Month LIBOR +1.87%) ±		4.57			5-1-2038		616,848		649,828
FNMA (1 Year Treasury Constant Maturity +2.22%) ±		4.57			2-1-2034		1,209,712		1,262,949
FNMA (12 Month Treasury Average +2.27%) ±		4.57			8-1-2035		564,230		578,728
FNMA (1 Year Treasury Constant Maturity +2.19%) ±		4.58			9-1-2035		144,449		152,063

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

18 Wells Fargo Adjustable Rate Government Fund Portfolio of investments—February 28, 2019 (unaudited)

Security name	Interest rate			Maturity date		Principal		Value
Agency Securities (continued)
FNMA (1 Year Treasury Constant Maturity +2.18%) ±		4.58	%		11-1-2038	$	481,874	$	506,870
FNMA (1 Year Treasury Constant Maturity +2.08%) ±		4.59			11-1-2035		564,951		591,900
FNMA (1 Year Treasury Constant Maturity +2.41%) ±		4.59			5-1-2027		54,191		56,026
FNMA (1 Year Treasury Constant Maturity +2.34%) ±		4.60			1-1-2037		662,030		699,985
FNMA (1 Year Treasury Constant Maturity +2.34%) ±		4.60			7-1-2028		465,332		480,693
FNMA (12 Month Treasury Average +2.35%) ±		4.60			8-1-2040		441,798		453,415
FNMA (1 Year Treasury Constant Maturity +2.22%) ±		4.60			6-1-2026		15,348		15,748
FNMA (1 Year Treasury Constant Maturity +2.64%) ±		4.60			3-1-2030		6,699		6,853
FNMA (1 Year Treasury Constant Maturity +2.69%) ±		4.60			5-1-2035		574,273		613,814
FNMA (1 Year Treasury Constant Maturity +2.31%) ±		4.60			4-1-2036		516,611		544,166
FNMA (1 Year Treasury Constant Maturity +2.40%) ±		4.61			9-1-2030		253,952		268,724
FNMA (1 Year Treasury Constant Maturity +2.17%) ±		4.61			12-1-2034		890,965		934,397
FNMA (12 Month LIBOR +1.83%) ±		4.61			4-1-2035		880,227		922,449
FNMA (6 Month LIBOR +1.99%) ±		4.62			10-1-2024		66,067		67,805
FNMA (1 Year Treasury Constant Maturity +2.38%) ±		4.63			7-1-2027		85,961		87,858
FNMA (1 Year Treasury Constant Maturity +2.36%) ±		4.63			1-1-2029		204,581		211,307
FNMA (1 Year Treasury Constant Maturity +2.33%) ±		4.63			11-1-2024		60,180		61,848
FNMA (1 Year Treasury Constant Maturity +2.26%) ±		4.64			1-1-2038		534,724		563,513
FNMA (1 Year Treasury Constant Maturity +2.37%) ±		4.64			9-1-2030		634,457		671,829
FNMA (12 Month Treasury Average +2.37%) ±		4.64			5-1-2036		312,674		326,086
FNMA (12 Month LIBOR +1.80%) ±		4.64			7-1-2033		625,445		655,415
FNMA (12 Month LIBOR +1.90%) ±		4.65			10-1-2034		418,989		444,594
FNMA (12 Month LIBOR +1.64%) ±		4.65			12-1-2033		954,309		998,199
FNMA (1 Year Treasury Constant Maturity +2.09%) ±		4.65			1-1-2036		162,783		170,700
FNMA (12 Month LIBOR +1.91%) ±		4.66			8-1-2034		1,458,137		1,535,618
FNMA (1 Year Treasury Constant Maturity +2.22%) ±		4.66			10-1-2034		251,938		266,806
FNMA (1 Year Treasury Constant Maturity +2.17%) ±		4.67			12-1-2039		188,423		193,355
FNMA (1 Year Treasury Constant Maturity +2.23%) ±		4.68			5-1-2035		895,701		943,080
FNMA (11th District Cost of Funds +2.21%) ±		4.68			7-1-2021		3,972		3,970
FNMA (US Treasury H15 Treasury Bill 6 Month Auction High Discount +2.23%) ±		4.69			7-1-2025		1,991		2,038
FNMA (1 Year Treasury Constant Maturity +2.30%) ±		4.69			1-1-2026		180,565		186,334
FNMA (1 Year Treasury Constant Maturity +2.50%) ±		4.69			9-1-2030		488,919		510,307
FNMA (1 Year Treasury Constant Maturity +2.47%) ±		4.72			9-1-2028		37,718		38,364
FNMA (1 Year Treasury Constant Maturity +2.36%) ±		4.72			11-1-2034		357,292		377,570
FNMA (6 Month LIBOR +2.10%) ±		4.72			2-1-2033		349,505		366,814
FNMA (12 Month LIBOR +1.98%) ±		4.73			9-1-2035		435,561		460,653
FNMA (1 Year Treasury Constant Maturity +2.87%) ±		4.75			8-1-2030		77,484		78,378
FNMA (12 Month LIBOR +1.75%) ±		4.77			1-1-2035		514,692		539,054
FNMA (12 Month LIBOR +1.82%) ±		4.77			12-1-2046		627,778		665,722
FNMA (1 Year Treasury Constant Maturity +2.31%) ±		4.78			12-1-2034		681,903		718,936
FNMA (1 Year Treasury Constant Maturity +2.18%) ±		4.80			12-1-2024		22,419		22,605
FNMA (12 Month LIBOR +1.83%) ±		4.81			1-1-2033		658,038		690,550
FNMA (1 Year Treasury Constant Maturity +2.41%) ±		4.81			9-1-2033		488,780		516,352
FNMA (1 Year Treasury Constant Maturity +2.32%) ±		4.82			5-1-2025		30,978		31,116
FNMA (1 Year Treasury Constant Maturity +2.29%) ±		4.83			1-1-2031		307,719		324,718
FNMA (1 Year Treasury Constant Maturity +2.20%) ±		4.83			2-1-2035		168,606		177,237
FNMA (1 Year Treasury Constant Maturity +2.22%) ±		4.85			8-1-2031		104,968		107,093
FNMA (6 Month LIBOR +2.25%) ±		4.87			3-1-2034		1,018,176		1,076,793
FNMA (1 Year Treasury Constant Maturity +2.25%) ±		4.87			6-1-2027		692		710
FNMA (1 Year Treasury Constant Maturity +2.37%) ±		4.87			7-1-2027		20,431		20,613

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

Portfolio of investments—February 28, 2019 (unaudited) Wells Fargo Adjustable Rate Government Fund 19

Security name	Interest rate			Maturity date		Principal		Value
Agency Securities (continued)
FNMA (3 Year Treasury Constant Maturity +2.15%) ±		4.88	%		8-1-2031	$	33,494	$	33,914
FNMA (6 Month LIBOR +2.43%) ±		4.91			1-1-2033		90,253		92,135
FNMA (1 Year Treasury Constant Maturity +2.64%) ±		4.92			7-1-2028		96,161		98,074
FNMA (1 Year Treasury Constant Maturity +2.18%) ±		4.93			1-1-2035		83,941		87,175
FNMA (1 Year Treasury Constant Maturity +2.32%) ±		4.95			1-1-2028		2,036		2,043
FNMA (1 Year Treasury Constant Maturity +2.32%) ±		4.95			6-1-2032		20,377		20,570
FNMA (1 Year Treasury Constant Maturity +2.46%) ±		4.98			8-1-2035		461,524		484,853
FNMA (1 Year Treasury Constant Maturity +2.48%) ±		5.00			5-1-2035		1,123,107		1,190,757
FNMA (1 Year Treasury Constant Maturity +2.50%) ±		5.00			3-1-2027		76,433		78,694
FNMA (1 Year Treasury Constant Maturity +2.52%) ±		5.02			11-1-2024		55,202		55,364
FNMA (1 Year Treasury Constant Maturity +2.60%) ±		5.02			10-1-2025		7,235		7,332
FNMA (1 Year Treasury Constant Maturity +2.28%) ±		5.03			2-1-2037		671,743		710,917
FNMA (1 Year Treasury Constant Maturity +2.58%) ±		5.10			3-1-2032		112,506		115,689
FNMA (6 Month LIBOR +2.64%) ±		5.13			4-1-2033		247,074		258,585
FNMA (1 Year Treasury Constant Maturity +2.64%) ±		5.19			10-1-2028		109,607		112,275
FNMA (1 Year Treasury Constant Maturity +2.60%) ±		5.22			2-1-2028		34,544		34,873
FNMA (6 Month LIBOR +2.48%) ±		5.23			7-1-2033		34,062		34,292
FNMA (1 Year Treasury Constant Maturity +2.50%) ±		5.25			6-1-2032		85,984		87,317
FNMA (6 Month LIBOR +2.65%) ±		5.27			4-1-2024		161,208		168,905
FNMA (6 Month LIBOR +3.11%) ±		5.29			9-1-2033		37,845		38,283
FNMA (6 Month LIBOR +2.70%) ±		5.30			1-1-2033		60,458		61,427
FNMA (1 Year Treasury Constant Maturity +2.89%) ±		5.39			1-1-2031		21,055		21,111
FNMA (6 Month LIBOR +2.72%) ±		5.44			5-1-2033		959,234		1,031,119
FNMA		5.50			9-1-2019		8		8
FNMA (1 Year Treasury Constant Maturity +1.75%) ±		6.00			1-1-2020		1,088		1,079
FNMA (6 Month LIBOR +3.47%) ±		6.08			12-1-2032		145,627		150,077
FNMA (6 Month LIBOR +3.57%) ±		6.32			11-1-2031		11,848		11,828
FNMA (11th District Cost of Funds +1.90%) ±		6.45			2-1-2034		1,849		1,832
FNMA		6.50			8-1-2028		48,159		49,000
FNMA		6.50			5-1-2031		90,747		99,534
FNMA		7.06			11-1-2024		6,120		6,127
FNMA		7.06			12-1-2024		22,283		22,341
FNMA		7.06			3-1-2025		40,011		40,590
FNMA		7.06			3-1-2025		2,075		2,077
FNMA		7.06			1-1-2027		23,094		23,107
FNMA		7.50			1-1-2031		54,524		57,985
FNMA		7.50			1-1-2033		206,486		224,253
FNMA		7.50			5-1-2033		163,605		177,219
FNMA		7.50			5-1-2033		139,765		149,069
FNMA		7.50			6-1-2033		25,362		25,486
FNMA		7.50			7-1-2033		40,662		41,580
FNMA		7.50			8-1-2033		52,741		54,623
FNMA		8.00			12-1-2026		70,666		76,494
FNMA		8.00			2-1-2030		170		171
FNMA		8.00			3-1-2030		223		239
FNMA		8.00			5-1-2033		83,923		89,254
FNMA		8.50			10-1-2026		1,825		1,841
FNMA		8.50			8-15-2024		28,575		28,902
FNMA		10.00			1-20-2021		768		776
FNMA Series 1989-74 Class J		9.80			10-25-2019		820		830

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

20 Wells Fargo Adjustable Rate Government Fund Portfolio of investments—February 28, 2019 (unaudited)

Security name	Interest rate			Maturity date		Principal		Value
Agency Securities (continued)
FNMA Series 1989-96 Class H		9.00	%		12-25-2019	$	594	$	601
FNMA Series 1992-39 Class FA (7-Year Treasury Constant Maturity +0.00%) ±		2.58			3-25-2022		66,622		66,469
FNMA Series 1992-45 Class F (7-Year Treasury Constant Maturity +0.00%) ±		2.58			4-25-2022		10,792		10,766
FNMA Series 1992-87 Class Z		8.00			5-25-2022		5,942		6,258
FNMA Series 1993-113 Class FA (10 Year Treasury Constant Maturity -0.65%) ±		2.02			7-25-2023		44,600		44,529
FNMA Series 1993-247 Class FM (11th District Cost of Funds +1.20%) ±		2.26			12-25-2023		213,057		216,808
FNMA Series 1994-14 Class F (11th District Cost of Funds +1.60%) ±		2.66			10-25-2023		119,142		122,212
FNMA Series 2001-50 Class BA		7.00			10-25-2041		127,941		141,718
FNMA Series 2001-63 Class FD (1 Month LIBOR +0.60%) ±		3.08			12-18-2031		124,815		125,978
FNMA Series 2001-81 Class F (1 Month LIBOR +0.55%) ±		3.04			1-25-2032		52,702		53,177
FNMA Series 2001-T08 Class A1		7.50			7-25-2041		118,757		134,573
FNMA Series 2001-T10 Class A2		7.50			12-25-2041		2,081,748		2,380,997
FNMA Series 2001-T12 Class A2		7.50			8-25-2041		167,583		191,279
FNMA Series 2001-T12 Class A4 ±±		4.53			8-25-2041		3,668,660		3,803,809
FNMA Series 2001-W01 Class AV1 (1 Month LIBOR +0.24%) ±		2.84			8-25-2031		57,911		56,500
FNMA Series 2001-W03 Class A ±±		7.00			9-25-2041		460,465		490,631
FNMA Series 2002-05 Class FD (1 Month LIBOR +0.90%) ±		3.39			2-25-2032		103,308		105,085
FNMA Series 2002-33 Class A4 ±±		5.43			11-25-2030		119,932		124,397
FNMA Series 2002-59 Class F (1 Month LIBOR +0.40%) ±		2.89			9-25-2032		351,885		352,733
FNMA Series 2002-66 Class A3 ±±		4.34			4-25-2042		7,094,014		7,383,695
FNMA Series 2002-T12 Class A3		7.50			5-25-2042		1,213,562		1,410,064
FNMA Series 2002-T12 Class A5 ±±		4.80			10-25-2041		1,464,831		1,495,670
FNMA Series 2002-T18 Class A5 ±±		4.57			5-25-2042		3,045,455		3,124,450
FNMA Series 2002-T19 Class A4 ±±		4.54			3-25-2042		179,059		186,197
FNMA Series 2002-W01 Class 3A ±±		4.17			4-25-2042		977,415		978,733
FNMA Series 2002-W04 Class A6 ±±		4.56			5-25-2042		1,641,043		1,676,315
FNMA Series 2003-07 Class A2 ±±		4.13			5-25-2042		664,224		673,223
FNMA Series 2003-63 Class A8 ±±		4.07			1-25-2043		1,054,045		1,090,398
FNMA Series 2003-W02 Class 1A3		7.50			7-25-2042		357,082		414,721
FNMA Series 2003-W04 Class 5A ±±		4.29			10-25-2042		953,591		956,648
FNMA Series 2003-W08 Class 4A ±±		4.46			11-25-2042		1,220,770		1,250,591
FNMA Series 2003-W09 Class A (1 Month LIBOR +0.12%) ±		2.84			6-25-2033		1,596,846		1,568,532
FNMA Series 2003-W10 Class 2A ±±		4.10			6-25-2043		2,334,148		2,321,353
FNMA Series 2003-W18 Class 2A ±±		4.30			6-25-2043		3,399,210		3,521,584
FNMA Series 2004-T03 Class 1A3		7.00			2-25-2044		447,627		507,033
FNMA Series 2004-T03 Class 2A ±±		4.45			8-25-2043		1,345,146		1,393,617
FNMA Series 2004-W01 Class 2A2		7.00			12-25-2033		238,698		273,187
FNMA Series 2004-W01 Class 3A ±±		4.35			1-25-2043		68,880		69,506
FNMA Series 2004-W02 Class 5A		7.50			3-25-2044		102,221		113,384
FNMA Series 2004-W12 Class 2A ±±		4.32			6-25-2044		4,251,960		4,364,214
FNMA Series 2004-W15 Class 3A ±±		4.40			6-25-2044		5,425,173		5,510,623
FNMA Series 2005-W03 Class 3A ±±		4.14			4-25-2045		1,080,889		1,121,075
FNMA Series 2006-15 Class FW (1 Month LIBOR +0.30%) ±		2.79			1-25-2036		79,051		79,124
FNMA Series 2006-44 Class FY (1 Month LIBOR +0.57%) ±		3.06			6-25-2036		968,674		981,062
FNMA Series 2006-W01 Class 3A ±±		4.26			10-25-2045		4,250,804		4,421,463
FNMA Series 2007-95 Class A2 (1 Month LIBOR +0.25%) ±		2.76			8-27-2036		329,311		327,255
FNMA Series 2012-47 Class FW (1 Month LIBOR +1.70%) ±		4.19			5-25-2027		381,267		397,612
FNMA Series G92-20 Class FB (7-Year Treasury Constant Maturity +0.00%) ±		2.58			4-25-2022		6,320		6,306
FNMA Series G93-1 Class K		6.68			1-25-2023		187,905		195,546
FNMA Series G93-19 Class FD (10 Year Treasury Constant Maturity -0.65%) ±		2.02			4-25-2023		86,802		86,798

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

Portfolio of investments—February 28, 2019 (unaudited) Wells Fargo Adjustable Rate Government Fund 21

Security name	Interest rate			Maturity date		Principal		Value
Agency Securities (continued)
GNMA		6.45	%		4-20-2025	$	32,783	$	35,206
GNMA		6.45			9-20-2025		33,244		36,993
GNMA		6.50			6-20-2034		72,244		73,018
GNMA		6.50			8-20-2034		485,411		522,925
GNMA		6.75			2-15-2029		41,018		45,064
GNMA		9.00			3-15-2020		382		383
GNMA		9.00			8-20-2024		10		10
GNMA		9.00			9-20-2024		867		882
GNMA		9.00			11-20-2024		117		118
GNMA		9.00			1-20-2025		2,767		2,877
GNMA		9.00			2-20-2025		13,039		14,255
GNMA Series 2008-65 Class FG (1 Month LIBOR +0.75%) ±		3.23			8-20-2038		1,432,605		1,453,884
GNMA Series 2008-68 Class FA (1 Month LIBOR +0.95%) ±		3.43			8-20-2038		1,766,328		1,806,322
GNMA Series 2009-50 Class FW (1 Month LIBOR +1.00%) ±		3.48			7-20-2039		1,813,616		1,860,675
GNMA Series 2009-52 Class FD (1 Month LIBOR +0.95%) ±		3.43			7-16-2039		869,175		889,398
GNMA Series 2010-25 Class FH (1 Month LIBOR +0.72%) ±		3.20			2-16-2040		795,227		803,769
GNMA Series 2011-H12 Class FA (1 Month LIBOR +0.49%) ±		3.00			2-20-2061		2,436,449		2,437,683
GNMA Series 2011-H17 Class FA (1 Month LIBOR +0.53%) ±		3.04			6-20-2061		988,271		989,704
GNMA Series 2017-H11 Class FE (12 Month LIBOR +0.18%) ±		2.84			5-20-2067		4,919,969		4,904,917
Total Agency Securities (Cost $303,579,415)									307,825,914
	Yield					Shares
Short-Term Investments: 3.03%
Investment Companies: 3.03%
Wells Fargo Government Money Market Fund Select Class (l)(u)		2.34					9,709,267		9,709,267
Total Short-Term Investments (Cost $9,709,267)									9,709,267

Total investments in securities (Cost $313,288,682)	99.25	%		317,535,181
Other assets and liabilities, net	0.75			2,401,259
Total net assets	100.00	%	$	319,936,440

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

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

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

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

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

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

Abbreviations:

FDIC Federal Deposit Insurance Corporation

FHLMC Federal Home Loan Mortgage Corporation

FNMA Federal National Mortgage Association

GNMA Government National Mortgage Association

LIBOR London Interbank Offered Rate

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

22 Wells Fargo Adjustable Rate Government Fund Portfolio of investments—February 28, 2019 (unaudited)

Investments in Affiliates

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

	Shares, beginning of period		Shares purchased		Shares sold		Shares, end of period		Net realized gains (losses)		Net change in unrealized gains (losses)		Income from affiliated securities		Value, end of period		% of net assets
Short-Term Investments
Investment Companies
Wells Fargo Government Money Market Fund Select Class		14,194,527		59,398,593		63,883,853		9,709,267	$	0	$	0	$	83,634	$	9,709,267		3.03	%

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

Statement of assets and liabilities—February 28, 2019 (unaudited) Wells Fargo Adjustable Rate Government Fund 23

Assets
Investments in unaffiliated securities, at value (cost $303,579,415)	$	307,825,914
Investments in affiliated securities, at value (cost $9,709,267)		9,709,267
Principal paydown receivable		1,708,284
Receivable for Fund shares sold		36,997
Receivable for interest		1,288,962
Prepaid expenses and other assets		78,843
Total assets		320,648,267
Liabilities
Payable for Fund shares redeemed		325,724
Dividends payable		115,257
Management fee payable		58,620
Administration fees payable		28,002
Distribution fee payable		8,601
Trustees’ fees and expenses payable		2,939
Accrued expenses and other liabilities		172,684
Total liabilities		711,827
Total net assets	$	319,936,440
NET ASSETS CONSIST OF
Paid-in capital	$	316,229,242
Total distributable earnings		3,707,198
Total net assets	$	319,936,440
COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE PER SHARE
Net assets – Class A	$	124,689,141
Shares outstanding – Class A1		13,961,362
Net asset value per share – Class A		$8.93
Maximum offering price per share – Class A2		$9.11
Net assets – Class C	$	9,163,795
Shares outstanding – Class C1		1,027,746
Net asset value per share – Class C		$8.92
Net assets – Administrator Class	$	5,802,630
Shares outstanding – Administrator Class1		649,561
Net asset value per share – Administrator Class		$8.93
Net assets – Institutional Class	$	180,280,874
Shares outstanding – Institutional Class1		20,187,797
Net asset value per share – Institutional Class		$8.93

¹  The Fund has an unlimited number of authorized shares.

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

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

24 Wells Fargo Adjustable Rate Government Fund Statement of operations—six months ended February 28, 2019 (unaudited)

Investment income
Interest	$	4,482,917
Income from affiliated securities		83,634
Total investment income		4,566,551
Expenses
Management fee		614,950
Administration fees
Class A		80,154
Class C		30,367
Administrator Class		3,783
Institutional Class		82,273
Shareholder servicing fees
Class A		125,240
Class C		47,449
Administrator Class		9,358
Distribution fee
Class C		142,348
Custody and accounting fees		37,887
Professional fees		33,590
Registration fees		47,932
Shareholder report expenses		29,260
Trustees’ fees and expenses		10,728
Other fees and expenses		25,312
Total expenses		1,320,631
Less: Fee waivers and/or expense reimbursements		(171,354	)
Net expenses		1,149,277
Net investment income		3,417,274
REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS
Net realized gains on investments		259,649
Net change in unrealized gains (losses) on investments		(89,783	)
Net realized and unrealized gains (losses) on investments		169,866
Net increase in net assets resulting from operations	$	3,587,140

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

Statement of changes in net assets Wells Fargo Adjustable Rate Government Fund 25

	Six months ended February 28, 2019 (unaudited)						Year ended August 31, 20181
Operations
Net investment income				$	3,417,274					$	6,407,474
Net realized gains on investments					259,649						736,194
Net change in unrealized gains (losses) on investments					(89,783	)					(2,234,630	)
Net increase in net assets resulting from operations					3,587,140						4,909,038
Distributions to shareholders from net investment income and net realized gains
Class A					(991,326	)					(1,690,233	)
Class C					(223,032	)					(291,921	)
Administrator Class					(78,582	)					(197,212	)
Institutional Class					(2,287,123	)					(4,228,118	)
Total distributions to shareholders					(3,580,063	)					(6,407,484	)
Capital share transactions		Shares						Shares
Proceeds from shares sold
Class A		3,775,383			33,747,273			959,219			8,580,205
Class C		80,493			718,151			96,466			864,644
Administrator Class		2,133			19,038			106,068			950,975
Institutional Class		2,173,512			19,400,760			5,355,474			47,989,301
					53,885,222						58,385,125
Reinvestment of distributions
Class A		92,498			825,447			138,550			1,239,446
Class C		24,128			215,271			31,593			282,408
Administrator Class		8,275			73,836			21,739			194,536
Institutional Class		192,732			1,719,785			358,053			3,204,150
					2,834,339						4,920,540
Payment for shares redeemed
Class A		(1,550,113	)		(13,832,618	)		(6,633,879	)		(59,360,844	)
Class C		(4,194,813	)		(37,487,858	)		(1,791,217	)		(16,036,464	)
Administrator Class		(384,388	)		(3,429,281	)		(1,202,643	)		(10,766,120	)
Institutional Class		(8,505,532	)		(75,914,621	)		(23,742,189	)		(212,822,264	)
					(130,664,378	)					(298,985,692	)
Net decrease in net assets resulting from capital share transactions					(73,944,817	)					(235,680,027	)
Total decrease in net assets					(73,937,740	)					(237,178,473	)
Net assets
Beginning of period					393,874,180						631,052,653
End of period				$	319,936,440					$	393,874,180

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 August 31, 2018 was $192,257. The disaggregated distributions information for the year ended August 31, 2018 is included in Note 7, Distributions to Shareholders, in the notes to the financial statements.

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

26 Wells Fargo Adjustable Rate Government Fund Financial highlights

(For a share outstanding throughout each period)

	Six months ended February 28, 2019 (unaudited)			Year ended August 31
CLASS A				2018			2017			2016			2015			2014
Net asset value, beginning of period		$8.93			$8.96			$9.01			$9.10			$9.15			$9.14
Net investment income		0.08	1		0.10			0.06			0.04			0.05			0.06
Net realized and unrealized gains (losses) on investments		0.01			(0.01	)		(0.04	)		(0.06	)		(0.03	)		0.02
Total from investment operations		0.09			0.09			0.02			(0.02	)		0.02			0.08
Distributions to shareholders from
Net investment income		(0.09	)		(0.12	)		(0.07	)		(0.05	)		(0.05	)		(0.06	)
Tax basis return of capital		0.00			0.00			0.00			(0.02	)		(0.02	)		(0.01	)
Total distributions to shareholders		(0.09	)		(0.12	)		(0.07	)		(0.07	)		(0.07	)		(0.07	)
Net asset value, end of period		$8.93			$8.93			$8.96			$9.01			$9.10			$9.15
Total return2		0.98	%		0.98	%		0.23	%		(0.19	)%		0.24	%		0.90	%
Ratios to average net assets (annualized)
Gross expenses		0.87	%		0.83	%		0.80	%		0.78	%		0.79	%		0.80	%
Net expenses		0.74	%		0.74	%		0.74	%		0.74	%		0.74	%		0.74	%
Net investment income		1.88	%		1.28	%		0.72	%		0.56	%		0.58	%		0.64	%
Supplemental data
Portfolio turnover rate		3	%		3	%		2	%		13	%		10	%		18	%
Net assets, end of period (000s omitted)		$124,689			$103,963			$153,953			$172,131			$215,830			$251,686

¹  Calculated based upon average shares outstanding

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

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

Financial highlights Wells Fargo Adjustable Rate Government Fund 27

(For a share outstanding throughout each period)

	Six months ended February 28, 2019 (unaudited)			Year ended August 31
CLASS C				2018			2017			2016			2015			2014
Net asset value, beginning of period		$8.93			$8.96			$9.01			$9.10			$9.15			$9.14
Net investment income (loss)		0.05	1		0.05	1		(0.00	)1,2		(0.02	)1		(0.01	)1		(0.01	)1
Net realized and unrealized gains (losses) on investments		(0.01	)		(0.03	)		(0.05	)		(0.07	)		(0.04	)		0.02
Total from investment operations		0.04			0.02			(0.05	)		(0.09	)		(0.05	)		0.01
Distributions to shareholders from
Net investment income		(0.05	)		(0.05	)		(0.00	)3		(0.00	)3		(0.00	)3		(0.00	)3
Tax basis return of capital		0.00			0.00			0.00			(0.00	)3		(0.00	)3		(0.00	)3
Total distributions to shareholders		(0.05	)		(0.05	)		(0.00	)3		(0.00	)3		(0.00	)3		(0.00	)3
Net asset value, end of period		$8.92			$8.93			$8.96			$9.01			$9.10			$9.15
Total return4		0.50	%		0.23	%		(0.52	)%		(0.94	)%		(0.51	)%		0.15	%
Ratios to average net assets (annualized)
Gross expenses		1.61	%		1.59	%		1.55	%		1.53	%		1.54	%		1.55	%
Net expenses		1.49	%		1.49	%		1.49	%		1.49	%		1.49	%		1.49	%
Net investment income (loss)		1.07	%		0.54	%		(0.04	)%		(0.19	)%		(0.16	)%		(0.11	)%
Supplemental data
Portfolio turnover rate		3	%		3	%		2	%		13	%		10	%		18	%
Net assets, end of period (000s omitted)		$9,164			$45,693			$60,766			$97,452			$121,117			$148,523

¹  Calculated based upon average shares outstanding

²  Amount is more than $(0.005).

³  Amount is less than $0.005.

⁴  Total return calculations do not include any sales charges. Returns for periods of less than one year are not annualized.

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

28 Wells Fargo Adjustable Rate Government Fund Financial highlights

(For a share outstanding throughout each period)

	Six months ended February 28, 2019 (unaudited)			Year ended August 31
ADMINISTRATOR CLASS				2018			2017			2016			2015			2014
Net asset value, beginning of period		$8.93			$8.96			$9.01			$9.10			$9.15			$9.14
Net investment income		0.09	1		0.13	1		0.07	1		0.06			0.06			0.07
Net realized and unrealized gains (losses) on investments		0.00	2		(0.03	)		(0.04	)		(0.06	)		(0.03	)		0.03
Total from investment operations		0.09			0.10			0.03			0.00			0.03			0.10
Distributions to shareholders from
Net investment income		(0.09	)		(0.13	)		(0.08	)		(0.07	)		(0.06	)		(0.07	)
Tax basis return of capital		0.00			0.00			0.00			(0.02	)		(0.02	)		(0.02	)
Total distributions to shareholders		(0.09	)		(0.13	)		(0.08	)		(0.09	)		(0.08	)		(0.09	)
Net asset value, end of period		$8.93			$8.93			$8.96			$9.01			$9.10			$9.15
Total return3		1.05	%		1.12	%		0.37	%		(0.05	)%		0.38	%		1.05	%
Ratios to average net assets (annualized)
Gross expenses		0.80	%		0.77	%		0.74	%		0.72	%		0.72	%		0.73	%
Net expenses		0.60	%		0.60	%		0.60	%		0.60	%		0.60	%		0.60	%
Net investment income		1.97	%		1.42	%		0.82	%		0.71	%		0.72	%		0.78	%
Supplemental data
Portfolio turnover rate		3	%		3	%		2	%		13	%		10	%		18	%
Net assets, end of period (000s omitted)		$5,803			$9,140			$18,805			$61,658			$66,037			$124,345

¹  Calculated based upon average shares outstanding

²  Amount is less than $0.005.

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

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

Financial highlights Wells Fargo Adjustable Rate Government Fund 29

(For a share outstanding throughout each period)

	Six months ended February 28, 2019 (unaudited)			Year ended August 31
INSTITUTIONAL CLASS				2018			2017			2016			2015			2014
Net asset value, beginning of period		$8.93			$8.96			$9.01			$9.10			$9.15			$9.14
Net investment income		0.10			0.16			0.09			0.08			0.08			0.08
Net realized and unrealized gains (losses) on investments		0.00	1		(0.05	)		(0.04	)		(0.07	)		(0.03	)		0.03
Total from investment operations		0.10			0.11			0.05			0.01			0.05			0.11
Distributions to shareholders from
Net investment income		(0.10	)		(0.14	)		(0.10	)		(0.07	)		(0.08	)		(0.08	)
Tax basis return of capital		0.00			0.00			0.00			(0.03	)		(0.02	)		(0.02	)
Total distributions to shareholders		(0.10	)		(0.14	)		(0.10	)		(0.10	)		(0.10	)		(0.10	)
Net asset value, end of period		$8.93			$8.93			$8.96			$9.01			$9.10			$9.15
Total return2		1.12	%		1.26	%		0.51	%		0.09	%		0.52	%		1.19	%
Ratios to average net assets (annualized)
Gross expenses		0.53	%		0.50	%		0.47	%		0.45	%		0.46	%		0.47	%
Net expenses		0.46	%		0.46	%		0.46	%		0.45	%		0.46	%		0.46	%
Net investment income		2.12	%		1.55	%		0.98	%		0.84	%		0.87	%		0.93	%
Supplemental data
Portfolio turnover rate		3	%		3	%		2	%		13	%		10	%		18	%
Net assets, end of period (000s omitted)		$180,281			$235,078			$397,529			$702,617			$906,536			$844,221

¹  Amount is less than $0.005.

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

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

30 Wells Fargo Adjustable Rate Government Fund Notes to financial statements (unaudited)

1. ORGANIZATION

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

2. SIGNIFICANT ACCOUNTING POLICIES

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

Securities valuation

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

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

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

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

When-issued transactions

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

Security transactions and income recognition

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

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

Distributions to shareholders

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

Notes to financial statements (unaudited) Wells Fargo Adjustable Rate Government Fund 31

Federal and other taxes

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

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

As of February 28, 2019, the aggregate cost of all investments for federal income tax purposes was $313,320,039 and the unrealized gains (losses) consisted of:

Gross unrealized gains	$5,230,288
Gross unrealized losses	(1,015,146	)
Net unrealized gains	$4,215,142

As of August 31, 2018, the Fund had capital loss carryforwards available to offset future net realized capital gains in the amount of $66,443 expiring in 2019.

Class allocations

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

3. FAIR VALUATION MEASUREMENTS

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

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

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

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

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

The following is a summary of the inputs used in valuing the Fund’s assets and liabilities as of February 28, 2019:

	Quoted prices (Level 1)		Other significant observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total
Assets
Investments in:
Agency securities	$	0	$	307,825,914	$	0	$	307,825,914
Short-term investments
Investment companies		9,709,267		0		0		9,709,267
Total assets	$	9,709,267	$	307,825,914	$	0	$	317,535,181

32 Wells Fargo Adjustable Rate Government Fund Notes to financial statements (unaudited)

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

At February 28, 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 a management fee at the following annual rate based on the Fund’s average daily net assets:

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

For the six months ended February 28, 2019, the management fee was equivalent to an annual rate of 0.35% of the Fund’s average daily net assets.

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

Administration fees

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

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

Funds Management has contractually waived and/or reimbursed management and administration fees to the extent necessary to maintain certain net operating expense ratios for the Fund. When each class of the Fund has exceeded its expense cap, Funds Management has waived fees and/or reimbursed expenses from fund level expenses on a proportionate basis and then from class specific expenses. When only certain classes exceed their expense caps, waivers and/or reimbursements are applied against class specific expenses before fund level expenses. Funds Management has committed through December 31, 2019 to waive fees and/or reimburse expenses to the extent necessary to cap the Fund’s expenses at 0.74% for Class A shares, 1.49% for Class C shares, 0.60% for Administrator Class shares, and 0.46% for Institutional Class shares. Prior to or after the commitment expiration date, the cap may be increased or the commitment to maintain the cap may be terminated only with the approval of the Board of Trustees.

Distribution fee

The Trust has adopted a distribution plan for Class C shares of the Fund pursuant to 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.

Notes to financial statements (unaudited) Wells Fargo Adjustable Rate Government Fund 33

In addition, Funds Distributor is entitled to receive the front-end sales charge from the purchase of Class A shares and a contingent deferred sales charge on the redemption of certain Class A shares. Funds Distributor is also entitled to receive the contingent deferred sales charges from redemptions of Class C shares. For the six months ended February 28, 2019, Funds Distributor received $141 from the sale of Class A shares. No contingent deferred sales charges were incurred by Class A and Class C shares for the six months ended February 28, 2019.

Shareholder servicing fees

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

Interfund transactions

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

5. INVESTMENT PORTFOLIO TRANSACTIONS

Purchases and sales of investments, excluding short-term securities, for the six months ended February 28, 2019 were as follows:

Purchases at cost		Sales proceeds
U.S. government	Non-U.S. government	U.S. government	Non-U.S. government
$7,890,936	$1,919,481	$32,819,519	$1,482,220

6. BANK BORROWINGS

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

For the six months ended February 28, 2019, there were no borrowings by the Fund under the agreement.

7. DISTRIBUTIONS TO SHAREHOLDERS

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

	Net investment income
Class A	$	1,690,233
Class C		291,921
Administrator Class		197,212
Institutional Class		4,228,118

8. INDEMNIFICATION

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

34 Wells Fargo Adjustable Rate Government Fund Notes to financial statements (unaudited)

9. NEW ACCOUNTING PRONOUNCEMENTS

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

In March 2017, FASB issued ASU No. 2017-08, Premium Amortization on Purchased Callable Debt Securities. ASU 2017-08 shortens the amortization period for certain callable debt securities held at a premium. The amendments require the premium to be amortized to the earliest call date. The amendments do not require an accounting change for securities held at a discount; the discount continues to be amortized to maturity. ASU 2017-08 is effective for fiscal years beginning after December 15, 2018 and for interim periods within those fiscal years . Management is currently evaluating the potential impact of this new guidance to the financial statements.

Other information (unaudited) Wells Fargo Adjustable Rate Government Fund 35

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 wfam.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 wfam.com or by visiting the SEC website at sec.gov.

PORTFOLIO HOLDINGS INFORMATION

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

36 Wells Fargo Adjustable Rate Government Fund Other information (unaudited)

BOARD OF TRUSTEES AND OFFICERS

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

Independent Trustees

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

Other information (unaudited) Wells Fargo Adjustable Rate Government 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	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	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	Chief Operating Officer, Twin Cities Habitat for Humanity, since January, 2017. Vice President of University Services, University of Minnesota from 2012 to 2017. Prior thereto, on the Board of Directors, Governance Committee and Finance Committee for the Minnesota Philanthropy Partners (Saint Paul Foundation) from 2012 to 2018, Interim President and Chief Executive Officer of Blue Cross Blue Shield of Minnesota from 2010 to 2011, Chairman of the Board from 2009 to 2011 and Board Director from 2003 to 2015. Vice President, Leadership and Community Engagement, Bush Foundation, Saint Paul, Minnesota (a private foundation) from 2009 to 2011. Executive Vice President and Chief Financial Officer, Minnesota Sports and Entertainment from 2004 to 2009 and Senior Vice President from 2002 to 2004. Commissioner of Finance, State of Minnesota, from 1999 to 2002. Currently the Board Chair of the Minnesota Wild Foundation since 2010.	N/A

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

38 Wells Fargo Adjustable Rate Government 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 and 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 wfam.com.

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

Appendix A (unaudited) Wells Fargo Adjustable Rate Government Fund 39

SALES CHARGE REDUCTIONS AND WAIVERS FOR CERTAIN INTERMEDIARIES

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

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

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

• Shares purchased in an investment advisory program.

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

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

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

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

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

• Death or disability of the shareholder.

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

• Return of excess contributions from an IRA Account.

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

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

• Shares acquired through a right of reinstatement.

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

• Breakpoints as described in the Fund’s Prospectus.

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

This page is intentionally left blank.

For more information

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

Wells Fargo Funds

P.O. Box 219967

Kansas City, MO 64121-9967

Website: wfam.com

Individual investors: 1-800-222-8222

Retail investment professionals: 1-888-877-9275

Institutional investment professionals: 1-866-765-0778

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

321623 04-19 SA215/SAR215 02-19

Semi-Annual Report

February 28, 2019

Wells Fargo High Yield Bond Fund

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

If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from the Fund electronically at any time by contacting your financial intermediary (such as a broker-dealer or bank) or, if you are a direct investor, by 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	8
Portfolio of investments	9
Financial statements
Statement of assets and liabilities	16
Statement of operations	17
Statement of changes in net assets	18
Financial highlights	19
Notes to financial statements	23
Other information	28
Appendix A	32

The views expressed and any forward-looking statements are as of February 28, 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 High Yield Bond Fund Letter to shareholders (unaudited)

Andrew Owen

President

Wells Fargo Funds

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

Dear Shareholder:

We are pleased to offer you this semi-annual report for the Wells Fargo High Yield Bond Fund for the six-month period that ended February 28, 2019. Higher short-term interest rates, inflation concerns, trade tensions, slowing economic growth outside the U.S., and geopolitical events contributed to investment market volatility throughout the period.

For the period, U.S. stocks, as measured by the S&P 500 Index,¹ fell 3.04% and international stocks, as measured by the MSCI ACWI ex USA Index (Net),² declined 2.47%. Based on the MSCI EM Index (Net),³ emerging market stocks gained 0.33%. For bond investors, the Bloomberg Barclays U.S. Aggregate Bond Index⁴ added 1.99% while the Bloomberg Barclays Global Aggregate ex-USD Index⁵ gained 0.63%. The Bloomberg Barclays Municipal Bond Index⁶ added 2.34%, and the ICE BofAML U.S. High Yield Index⁷ advanced 1.98%.

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^®8 reached its highest level in 18 years during September 2018. The U.S. Federal Reserve (Fed) raised the federal funds rate by 25 basis points (bps; 100 bps equal 1.00%) to a target range of between 2.00% and 2.25% in September 2018. For the quarter that ended September 30, 2018, the S&P 500 Index added 7.71%.

Investors in international markets were not as confident. 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 Bank of England (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%.

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.

⁸ 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.

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

Conflicting data unsettled markets during the fourth quarter.

November’s U.S. midterm elections shifted control of the House of Representatives from Republicans to Democrats, presaging potential partisan clashes. Third-quarter U.S. gross domestic product (GDP) was announced at an annualized 3.4% rate, lower than the second-quarter rate. Brexit efforts stalled ahead of the March 2019 deadline. The People’s Bank of China 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.

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. The Fed increased the federal funds rate by 25 bps in December 2018 to a target range of between 2.25% and 2.50% and softened its outlook for 2019 rate increases.

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 VIX⁹.

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.

In February, concerns over slowing global growth reemerged. The Bureau of Economic Analysis announced fourth-quarter 2018 GDP grew at an annualized 2.2% rate, down from the 4.2% annualized rate for the second quarter and the 3.4% annualized rate for the third quarter. Analysts attributed the lower growth rate to a slowing housing market and larger trade deficit. The U.S. Labor Department said that the economy created just 20,000 jobs in February. In a February report, the BOE forecast the slowest growth since the financial crisis for 2019. China and the U.S., while putting future tariffs on hold for the time being, continued to wrangle over trade issues.

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.

January’s returns tended to support the investing adage that markets climb a wall of worry.

⁹  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 High Yield Bond Fund Letter to shareholders (unaudited)

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

Sincerely,

Andrew Owen

President

Wells Fargo Funds

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

This page is intentionally left blank.

6 Wells Fargo High Yield Bond Fund Performance highlights (unaudited)

Investment objective

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

Manager

Wells Fargo Funds Management, LLC

Subadviser

Wells Capital Management Incorporated

Portfolio managers

Robert Junkin^‡

Margaret D. Patel

Average annual total returns (%) as of February 28, 2019¹

		Including sales charge						Excluding sales charge						Expense ratios2 (%)
	Inception date	1 year		5 year		10 year		1 year		5 year		10 year		Gross		Net3
Class A (EKHAX)	1-20-1998		-2.99		2.90		9.42		1.67		3.88		9.91		1.02		0.93
Class C (EKHCX)	1-21-1998		-0.09		3.10		9.09		0.91		3.10		9.09		1.77		1.68
Administrator Class (EKHYX)	4-14-1998		–		–		–		2.11		4.12		10.16		0.96		0.80
Institutional Class (EKHIX)4	10-31-2014		–		–		–		2.39		4.30		10.26		0.69		0.53
ICE BofAML U.S. High Yield Constrained Index5	–		–		–		–		4.26		4.55		11.43		–		–

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

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

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

Bond values fluctuate in response to the financial condition of individual issuers, general market and economic conditions, and changes in interest rates. Changes in market conditions and government policies may lead to periods of heightened volatility in the bond market and reduced liquidity for certain bonds held by the Fund. In general, when interest rates rise, bond values fall and investors may lose principal value. Interest rate changes and their impact on the Fund and its share price can be sudden and unpredictable. The use of derivatives may reduce returns and/or increase volatility. High-yield securities have a greater risk of default and tend to be more volatile than higher-rated debt securities. Loans are subject to risks similar to those associated with other below investment-grade bond investments, such as credit risk (for example, risk of issuer default), below investment-grade bond risk (for example, risk of greater volatility in value), and risk that the loan may become illiquid or difficult to price. The Fund is exposed to foreign investment risk. Consult the Fund’s prospectus for additional information on these and other risks.

Please see footnotes on page 7.

Performance highlights (unaudited) Wells Fargo High Yield Bond Fund 7

Ten largest holdings (%) as of February 28, 20196
Mallinckrodt plc, 5.50%, 4-15-2025	3.23
Iron Mountain Incorporated, 5.38%, 6-1-2026	2.97
Tronox Finance plc, 5.75%,10-1-2025	2.68
Post Holdings Incorporated, 5.00%, 8-15-2026	2.31
HCA Incorporated, 5.38%, 2-1-2025	2.24
TransDigm Group Incorporated, 6.38%, 6-15-2026	2.15
Seagate HDD, 4.88%, 6-1-2027	2.13
TTM Technologies Incorporated, 5.63%, 10-1-2025	2.05
Olin Corporation, 5.50%, 8-15-2022	2.04
Micron Technology Incorporated, 5.50%, 2-1-2025	1.95

Credit quality as of February 28, 2019⁷

^‡  Mr. Robert Junkin became a portfolio manager of the Fund on April 1, 2019.

¹  Historical performance shown for all classes of the Fund prior to July 12, 2010 is based on the performance of the Fund’s predecessor, Evergreen High Income Fund.

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

³  The manager has contractually committed through December 31, 2019, to waive fees and/or reimburse expenses to the extent necessary to cap the expense of each class at 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. The expense ratio paid by an investor is the net expense ratio (the total annual fund operating expenses after fee waivers) as stated in the prospectuses.

⁴  Historical performance shown for the Institutional Class shares prior to their inception reflects the performance of the Administrator Class shares, and is not adjusted to reflect the Institutional Class expenses. If these expenses had been included, returns for the Institutional Class shares would be higher.

⁵  The ICE BofAML U.S. High Yield Constrained Index is a market value-weighted index of all domestic and Yankee high-yield bonds, including deferred interest bonds and payment-in kind securities. Issues included in the index have maturities of one year or more and have a credit rating lower than BBB–/Baa3, but are not in default. The ICE BofAML U.S. High Yield Constrained Index limits any individual issuer to a maximum of 2% benchmark exposure. You cannot invest directly in an index. Copyright 2019. ICE Data Indices, LLC. All rights reserved.

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

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

8 Wells Fargo High Yield Bond Fund Fund expenses (unaudited)

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

The example is based on an investment of $1,000 invested at the beginning of the six-month period and held for the entire period from September 1, 2018 to February 28, 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 sales charges (loads) and contingent deferred sales charges. Therefore, the “Hypothetical” line of the table is useful in comparing ongoing costs only and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

	Beginning account value 9-1-2018		Ending account value 2-28-2019		Expenses paid during the period¹		Annualized net expense ratio
Class A
Actual	$	1,000.00	$	1,010.17	$	4.64		0.93	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.18	$	4.66		0.93	%
Class C
Actual	$	1,000.00	$	1,006.42	$	8.36		1.68	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,016.46	$	8.40		1.68	%
Administrator Class
Actual	$	1,000.00	$	1,010.86	$	3.99		0.80	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.83	$	4.01		0.80	%
Institutional Class
Actual	$	1,000.00	$	1,015.27	$	2.65		0.53	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,022.17	$	2.66		0.53	%

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

Portfolio of investments—February 28, 2019 (unaudited) Wells Fargo High Yield Bond Fund 9

Security name	Shares		Value
Common Stocks: 6.43%
Consumer Staples: 0.25%
Food Products: 0.25%
Lamb Weston Holdings Incorporated		15,000	$	1,039,650
Energy: 0.57%
Oil, Gas & Consumable Fuels: 0.57%
Kinder Morgan Incorporated		50,000		958,000
Plains All American Pipeline LP		60,000		1,400,400
				2,358,400
Health Care: 0.46%
Health Care Providers & Services: 0.17%
HCA Holdings Incorporated		5,000		695,200
Life Sciences Tools & Services: 0.19%
Agilent Technologies Incorporated		10,000		794,400
Pharmaceuticals: 0.10%
Merck KGaA ADR		20,000		412,900
Industrials: 0.70%
Aerospace & Defense: 0.48%
Huntington Ingalls Industries Incorporated		5,000		1,047,050
Raytheon Company		5,000		932,500
				1,979,550
Machinery: 0.22%
John Bean Technologies Corporation		10,000		937,000
Information Technology: 1.72%
Electronic Equipment, Instruments & Components: 0.23%
Amphenol Corporation Class A		10,000		939,700
IT Services: 0.64%
Akamai Technologies Incorporated †		20,000		1,393,200
Leidos Holdings Incorporated		20,000		1,291,800
				2,685,000
Semiconductors & Semiconductor Equipment: 0.57%
Applied Materials Incorporated		10,000		383,400
Cypress Semiconductor Corporation		35,000		540,050
Microchip Technology Incorporated «		5,000		434,350
Micron Technology Incorporated †		25,000		1,022,000
				2,379,800

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

10 Wells Fargo High Yield Bond Fund Portfolio of investments—February 28, 2019 (unaudited)

Security name						Shares		Value
Software: 0.26%
Nutanix Incorporated Class A †							5,000	$	250,450
Salesforce.com Incorporated †							5,000		818,250
									1,068,700
Technology Hardware, Storage & Peripherals: 0.02%
Pure Storage Incorporated Class A †							5,000		102,400
Materials: 1.52%
Chemicals: 1.52%
Celanese Corporation Series A							15,000		1,534,350
Eastman Chemical Company							10,000		826,900
Huntsman Corporation							22,000		545,380
LyondellBasell Industries NV Class A							40,000		3,420,800
									6,327,430
Real Estate: 0.20%
Equity REITs: 0.20%
Saul Centers Incorporated							15,000		850,050
Utilities: 1.01%
Gas Utilities: 0.71%
Atmos Energy Corporation							30,000		2,965,500
Multi-Utilities: 0.30%
DTE Energy Company							10,000		1,235,600
Total Common Stocks (Cost $24,773,293)									26,771,280
	Interest rate			Maturity date		Principal
Corporate Bonds and Notes: 76.11%
Communication Services: 3.28%
Media: 3.28%
CCO Holdings LLC 144A		5.75	%		2-15-2026	$	3,000,000		3,108,870
Clear Channel Worldwide Holdings Incorporated		6.50			11-15-2022		3,000,000		3,063,750
McGraw-Hill Global Education Holdings LLC «144A		7.88			5-15-2024		5,500,000		4,427,500
Sinclair Television Group Incorporated 144A		5.63			8-1-2024		3,000,000		3,030,000
									13,630,120
Consumer Discretionary: 3.18%
Auto Components: 2.43%
Allison Transmission Incorporated 144A		5.00			10-1-2024		1,000,000		1,006,250
Dana Holding Corporation		5.50			12-15-2024		1,500,000		1,486,875
Goodyear Tire & Rubber Company «		5.13			11-15-2023		2,500,000		2,493,750
Tenneco Incorporated		5.00			7-15-2026		6,000,000		5,130,000
									10,116,875

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

Portfolio of investments—February 28, 2019 (unaudited) Wells Fargo High Yield Bond Fund 11

Security name	Interest rate			Maturity date		Principal		Value
Hotels, Restaurants & Leisure: 0.75%
Speedway Motorsports Incorporated		5.13	%		2-1-2023	$	3,115,000	$	3,115,000
Consumer Staples: 4.65%
Food Products: 4.18%
Dean Foods Company 144A		6.50			3-15-2023		5,000,000		3,787,500
Lamb Weston Holdings Incorporated 144A		4.63			11-1-2024		1,000,000		1,005,000
Lamb Weston Holdings Incorporated 144A		4.88			11-1-2026		3,000,000		3,003,750
Post Holdings Incorporated 144A		5.00			8-15-2026		10,000,000		9,612,500
									17,408,750
Household Products: 0.47%
Spectrum Brands Incorporated		5.75			7-15-2025		2,000,000		1,957,500
Energy: 2.36%
Energy Equipment & Services: 0.24%
NGPL PipeCo LLC 144A		4.88			8-15-2027		1,000,000		1,005,935
Oil, Gas & Consumable Fuels: 2.12%
Cheniere Corpus Christi Holdings LLC		5.13			6-30-2027		3,500,000		3,570,000
Tennessee Gas Pipeline Company		7.00			3-15-2027		4,534,000		5,232,690
									8,802,690
Financials: 1.99%
Banks: 0.77%
Bank of America Corporation (3 Month LIBOR +3.90%) ±		6.10			12-29-2049		3,000,000		3,188,970
Consumer Finance: 0.82%
Navient Corporation		5.88			10-25-2024		1,000,000		962,500
SLM Corporation		5.50			1-25-2023		2,500,000		2,468,750
									3,431,250
Insurance: 0.40%
Genworth Holdings Incorporated		4.80			2-15-2024		2,000,000		1,650,000
Health Care: 13.77%
Health Care Equipment & Supplies: 1.32%
Teleflex Incorporated		4.88			6-1-2026		5,415,000		5,489,456
Health Care Providers & Services: 7.75%
AMN Healthcare Incorporated 144A		5.13			10-1-2024		6,298,000		6,219,275
Encompass Health Corporation		5.75			11-1-2024		4,000,000		4,041,200
HCA Incorporated		5.38			2-1-2025		9,000,000		9,334,710
HealthSouth Corporation		5.13			3-15-2023		5,000,000		5,037,500
Select Medical Corporation		6.38			6-1-2021		3,500,000		3,513,125
West Street Merger Subordinate Bond Incorporated 144A		6.38			9-1-2025		4,400,000		4,103,000
									32,248,810

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

12 Wells Fargo High Yield Bond Fund Portfolio of investments—February 28, 2019 (unaudited)

Security name	Interest rate			Maturity date		Principal		Value
Health Care Technology: 1.22%
Quintiles IMS Holdings Incorporated 144A		4.88	%		5-15-2023	$	3,000,000	$	3,045,000
Quintiles IMS Holdings Incorporated 144A		5.00			10-15-2026		2,000,000		2,035,000
									5,080,000
Life Sciences Tools & Services: 1.58%
Charles River Laboratories Incorporated 144A		5.50			4-1-2026		6,300,000		6,552,000
Pharmaceuticals: 1.90%
Catalent Pharma Solutions Incorporated 144A		4.88			1-15-2026		8,000,000		7,920,000
Industrials: 12.60%
Aerospace & Defense: 4.47%
Huntington Ingalls Industries Incorporated 144A		5.00			11-15-2025		4,500,000		4,590,000
Moog Incorporated 144A		5.25			12-1-2022		5,000,000		5,079,150
TransDigm Group Incorporated		6.38			6-15-2026		9,200,000		8,947,000
									18,616,150
Commercial Services & Supplies: 1.75%
Acco Brands Corporation 144A		5.25			12-15-2024		7,417,000		7,287,203
Construction & Engineering: 0.68%
Aecom Company		5.13			3-15-2027		3,000,000		2,846,250
Electrical Equipment: 0.99%
Resideo Funding Incorporated 144A		6.13			11-1-2026		4,000,000		4,100,000
Machinery: 2.46%
HD Supply Incorporated 144A		5.38			10-15-2026		1,000,000		1,015,000
Oshkosh Corporation		5.38			3-1-2025		4,163,000		4,225,445
SPX FLOW Incorporated 144A		5.63			8-15-2024		5,000,000		5,000,000
									10,240,445
Trading Companies & Distributors: 2.25%
United Rentals North America Incorporated		5.75			11-15-2024		3,000,000		3,090,000
WESCO Distribution Incorporated		5.38			6-15-2024		6,245,000		6,260,613
									9,350,613
Information Technology: 14.41%
Communications Equipment: 2.80%
CommScope Incorporated 144A		5.50			6-15-2024		8,200,000		7,872,000
CommScope Technologies Finance LLC 144A		6.00			6-15-2025		4,000,000		3,770,000
									11,642,000
Electronic Equipment, Instruments & Components: 2.05%
TTM Technologies Incorporated 144A		5.63			10-1-2025		9,000,000		8,527,500

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

Portfolio of investments—February 28, 2019 (unaudited) Wells Fargo High Yield Bond Fund 13

Security name	Interest rate			Maturity date		Principal		Value
IT Services: 1.95%
First Data Corporation 144A		5.00	%		1-15-2024	$	3,000,000	$	3,078,780
Gartner Incorporated 144A		5.13			4-1-2025		5,000,000		5,037,500
									8,116,280
Semiconductors & Semiconductor Equipment: 3.42%
Micron Technology Incorporated		5.50			2-1-2025		7,900,000		8,116,855
Versum Materials Incorporated 144A		5.50			9-30-2024		5,901,000		6,137,040
									14,253,895
Software: 2.16%
Fair Isaac Corporation 144A		5.25			5-15-2026		1,000,000		1,010,000
Nuance Communications Company		6.00			7-1-2024		6,760,000		6,979,700
Symantec Corporation 144A		5.00			4-15-2025		1,000,000		996,215
									8,985,915
Technology Hardware, Storage & Peripherals: 2.03%
Diebold Incorporated «		8.50			4-15-2024		7,700,000		6,545,000
Western Digital Corporation		4.75			2-15-2026		2,000,000		1,890,000
									8,435,000
Materials: 12.92%
Chemicals: 7.39%
Koppers Incorporated 144A		6.00			2-15-2025		3,363,000		2,942,625
Olin Corporation		5.50			8-15-2022		8,275,000		8,481,875
Rayonier Advanced Materials Products Incorporated 144A		5.50			6-1-2024		7,775,000		7,215,822
Tronox Incorporated «144A		6.50			4-15-2026		2,000,000		1,892,500
Valvoline Incorporated		4.38			8-15-2025		8,000,000		7,580,000
Valvoline Incorporated		5.50			7-15-2024		2,630,000		2,639,863
									30,752,685
Containers & Packaging: 4.90%
Ball Corporation		5.25			7-1-2025		3,000,000		3,150,000
Berry Global Incorporated 144A		4.50			2-15-2026		8,000,000		7,570,000
Berry Global Incorporated		5.13			7-15-2023		4,000,000		4,005,000
Crown Americas Capital Corporation IV		4.50			1-15-2023		2,000,000		2,020,000
Owens-Brockway Glass Container Incorporated 144A		5.88			8-15-2023		2,000,000		2,105,000
Sealed Air Corporation 144A		5.25			4-1-2023		1,500,000		1,543,125
									20,393,125
Metals & Mining: 0.63%
Steel Dynamics Incorporated		5.50			10-1-2024		2,550,000		2,620,125
Real Estate: 6.95%
Equity REITs: 6.95%
Equinix Incorporated		5.38			5-15-2027		6,430,000		6,655,050
Equinix Incorporated		5.75			1-1-2025		5,193,000		5,407,211

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

14 Wells Fargo High Yield Bond Fund Portfolio of investments—February 28, 2019 (unaudited)

Security name	Interest rate			Maturity date		Principal		Value
Equity REITs (continued)
Iron Mountain Incorporated 144A		4.88	%		9-15-2027	$	500,000	$	473,125
Iron Mountain Incorporated 144A		5.38			6-1-2026		12,750,000		12,367,500
Sabra Health Care LP		5.38			6-1-2023		4,000,000		4,020,000
									28,922,886
Total Corporate Bonds and Notes (Cost $324,563,372)									316,687,428
Yankee Corporate Bonds and Notes: 15.21%
Communication Services: 0.98%
Diversified Telecommunication Services: 0.48%
Virgin Media Finance plc 144A		5.75			1-15-2025		2,000,000		1,990,000
Media: 0.50%
Quebecor Media Incorporated		5.75			1-15-2023		2,000,000		2,071,875
Consumer Discretionary: 3.19%
Auto Components: 1.69%
Adient Global Holdings Company «144A		4.88			8-15-2026		9,210,000		7,045,650
Automobiles: 0.73%
Fiat Chrysler Automobiles NV		5.25			4-15-2023		3,000,000		3,048,000
Hotels, Restaurants & Leisure: 0.77%
International Game Technology plc 144A		6.50			2-15-2025		3,000,000		3,191,250
Financials: 2.68%
Diversified Financial Services: 2.68%
Tronox Finance plc 144A		5.75			10-1-2025		12,000,000		11,160,000
Health Care: 3.23%
Pharmaceuticals: 3.23%
Mallinckrodt plc «144A		5.50			4-15-2025		16,500,000		13,447,500
Industrials: 2.00%
Electrical Equipment: 2.00%
Sensata Technologies BV 144A		4.88			10-15-2023		3,000,000		3,082,500
Sensata Technologies BV 144A		5.63			11-1-2024		5,000,000		5,250,000
									8,332,500
Information Technology: 3.13%
Technology Hardware, Storage & Peripherals: 3.13%
Seagate HDD		4.75			6-1-2023		4,140,000		4,152,572
Seagate HDD		4.88			6-1-2027		9,500,000		8,858,883
									13,011,455
Total Yankee Corporate Bonds and Notes (Cost $68,732,770)									63,298,230

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

Portfolio of investments—February 28, 2019 (unaudited) Wells Fargo High Yield Bond Fund 15

Security name	Yield			Shares		Value
Short-Term Investments: 4.31%
Investment Companies: 4.31%
Securities Lending Cash Investments LLC (l)(r)(u)		2.56	%		15,296,231	$	15,297,761
Wells Fargo Government Money Market Fund Select Class (l)(u)		2.34			2,637,237		2,637,237
Total Short-Term Investments (Cost $17,934,998)							17,934,998

Total investments in securities (Cost $436,004,433)	102.06	%		424,691,936
Other assets and liabilities, net	(2.06	)		(8,580,488	)
Total net assets	100.00	%	$	416,111,448

† Non-income-earning security

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

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

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

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

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

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

Abbreviations:

ADR American depositary receipt

LIBOR London Interbank Offered Rate

REIT Real estate investment trust

Investments in Affiliates

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

	Shares, beginning of period		Shares purchased		Shares sold		Shares, end of period		Net realized gains (losses)		Net change in unrealized gains (losses)		Income from affiliated securities		Value, end of period		% of net assets
Short-Term Investments
Investment Companies
Securities Lending Cash Investments LLC		34,166,983		38,166,723		57,037,475		15,296,231	$	0	$	0	$	283,789	$	15,297,761
Wells Fargo Government Money Market Fund Select Class		3,114,436		117,795,371		118,272,570		2,637,237		0		0		56,250		2,637,237
									$	0	$	0	$	340,039	$	17,934,998		4.31	%

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

16 Wells Fargo High Yield Bond Fund Statement of assets and liabilities—February 28, 2019 (unaudited)

Assets
Investments in unaffiliated securities (including $14,977,559 of securities loaned), at value (cost $418,069,435)	$	406,756,938
Investments in affiliated securities, at value (cost $17,934,998)		17,934,998
Receivable for investments sold		2,742,930
Receivable for Fund shares sold		93,201
Receivable for dividends and interest		5,441,756
Receivable for securities lending income		8,790
Prepaid expenses and other assets		114,836
Total assets		433,093,449
Liabilities
Payable upon receipt of securities loaned		15,296,653
Payable for Fund shares redeemed		684,412
Due to custodian bank		581,319
Management fee payable		131,414
Dividends payable		106,233
Administration fees payable		43,267
Distribution fee payable		11,888
Trustees’ fees and expenses payable		2,784
Accrued expenses and other liabilities		124,031
Total liabilities		16,982,001
Total net assets	$	416,111,448
NET ASSETS CONSIST OF
Paid-in capital	$	470,062,486
Total distributable loss		(53,951,038	)
Total net assets	$	416,111,448
COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE PER SHARE
Net assets – Class A	$	278,019,184
Shares outstanding – Class A1		85,693,311
Net asset value per share – Class A		$3.24
Maximum offering price per share – Class A2		$3.39
Net assets – Class C	$	16,173,617
Shares outstanding – Class C1		4,990,508
Net asset value per share – Class C		$3.24
Net assets – Administrator Class	$	23,012,991
Shares outstanding – Administrator Class1		7,087,315
Net asset value per share – Administrator Class		$3.25
Net assets – Institutional Class	$	98,905,656
Shares outstanding – Institutional Class1		30,459,720
Net asset value per share – Institutional Class		$3.25

¹  The Fund has an unlimited number of authorized shares.

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

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

Statement of operations—six months ended February 28, 2019 (unaudited) Wells Fargo High Yield Bond Fund 17

Investment income
Interest	$	10,858,973
Dividends (net of foreign withholding taxes of $51)		303,198
Income from affiliated securities		119,385
Total investment income		11,281,556
Expenses
Management fee		1,134,365
Administration fees
Class A		200,531
Class C		30,950
Administrator Class		11,100
Institutional Class		40,378
Shareholder servicing fees
Class A		313,329
Class C		48,359
Administrator Class		27,751
Distribution fee
Class C		145,078
Custody and accounting fees		15,810
Professional fees		33,112
Registration fees		43,889
Shareholder report expenses		48,768
Trustees’ fees and expenses		10,728
Interest expense		506
Other fees and expenses		8,778
Total expenses		2,113,432
Less: Fee waivers and/or expense reimbursements		(266,060	)
Net expenses		1,847,372
Net investment income		9,434,184
REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS
Net realized losses on investments		(2,340,973	)
Net change in unrealized gains (losses) on investments		(5,213,458	)
Net realized and unrealized gains (losses) on investments		(7,554,431	)
Net increase in net assets resulting from operations	$	1,879,753

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

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

	Six months ended February 28, 2019 (unaudited)						Year ended August 31, 20181
Operations
Net investment income				$	9,434,184					$	21,855,801
Net realized gains (losses) on investments					(2,340,973	)					6,373,390
Net change in unrealized gains (losses) on investments					(5,213,458	)					(25,332,823	)
Net increase in net assets resulting from operations					1,879,753						2,896,368
Distributions to shareholders from
Net investment income and net realized gains
Class A					(5,677,460	)					(11,998,114	)
Class C					(719,388	)					(1,891,216	)
Administrator Class					(516,427	)					(1,158,390	)
Institutional Class					(2,472,890	)					(6,020,709	)
Tax basis return of capital
Class A					0						(464,808	)
Class C					0						(73,266	)
Administrator Class					0						(44,876	)
Institutional Class					0						(233,242	)
Total distributions to shareholders					(9,386,165	)					(21,884,621	)
Capital share transactions		Shares						Shares
Proceeds from shares sold
Class A		9,519,033			30,403,134			4,507,185			15,024,416
Class C		55,048			175,371			604,048			2,028,540
Administrator Class		446,631			1,422,558			1,169,119			3,905,011
Institutional Class		15,294,212			48,778,970			26,302,261			88,474,810
					80,780,033						109,432,777
Reinvestment of distributions
Class A		1,613,270			5,123,049			3,396,062			11,304,123
Class C		220,134			697,539			579,628			1,929,924
Administrator Class		154,461			490,850			345,781			1,152,618
Institutional Class		740,708			2,354,410			1,807,352			6,016,786
					8,665,848						20,403,451
Payment for shares redeemed
Class A		(8,362,845	)		(26,591,013	)		(17,281,250	)		(57,593,665	)
Class C		(9,849,016	)		(31,466,200	)		(4,753,703	)		(15,786,507	)
Administrator Class		(800,864	)		(2,548,670	)		(3,502,094	)		(11,686,695	)
Institutional Class		(26,606,517	)		(83,912,627	)		(24,076,647	)		(80,563,659	)
					(144,518,510	)					(165,630,526	)
Net decrease in net assets resulting from capital share transactions					(55,072,629	)					(35,794,298	)
Total decrease in net assets					(62,579,041	)					(54,782,551	)
Net assets
Beginning of period					478,690,489						533,473,040
End of period				$	416,111,448					$	478,690,489

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 August 31, 2018 was $35,978. The disaggregated distributions information for the year ended August 31, 2018 is included in Note 7, Distributions to Shareholders, in the notes to the financial statements.

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

Financial highlights Wells Fargo High Yield Bond Fund 19

(For a share outstanding throughout each period)

	Six months ended February 28, 2019 (unaudited)			Year ended August 31
CLASS A				2018			2017			2016			2015			2014
Net asset value, beginning of period		$3.28			$3.40			$3.31			$3.16			$3.35			$3.15
Net investment income		0.07			0.14			0.14			0.13			0.13			0.14
Net realized and unrealized gains (losses) on investments		(0.04	)		(0.12	)		0.10			0.15			(0.19	)		0.20
Total from investment operations		0.03			0.02			0.24			0.28			(0.06	)		0.34
Distributions to shareholders from
Net investment income		(0.07	)		(0.13	)		(0.15	)		(0.13	)		(0.13	)		(0.14	)
Tax basis return of capital		0.00			(0.01	)		(0.00	)1		0.00			0.00			0.00
Total distributions to shareholders		(0.07	)		(0.14	)		(0.15	)		(0.13	)		(0.13	)		(0.14	)
Net asset value, end of period		$3.24			$3.28			$3.40			$3.31			$3.16			$3.35
Total return2		1.02	%		0.68	%		7.28	%		9.25	%		(1.79	)%		11.02	%
Ratios to average net assets (annualized)
Gross expenses		1.04	%		1.02	%		1.01	%		1.04	%		1.04	%		1.03	%
Net expenses		0.93	%		0.93	%		0.93	%		1.01	%		1.03	%		1.03	%
Net investment income		4.53	%		4.26	%		4.39	%		4.24	%		4.04	%		4.35	%
Supplemental data
Portfolio turnover rate		10	%		18	%		20	%		75	%		55	%		40	%
Net assets, end of period (000s omitted)		$278,019			$272,170			$314,156			$370,560			$179,357			$210,005

¹  Amount is less than $0.005.

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

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

20 Wells Fargo High Yield Bond Fund Financial highlights

(For a share outstanding throughout each period)

	Six months ended February 28, 2019 (unaudited)			Year ended August 31
CLASS C				2018			2017			2016			2015			2014
Net asset value, beginning of period		$3.28			$3.40			$3.31			$3.16			$3.35			$3.15
Net investment income		0.06	1		0.12			0.12			0.11			0.11			0.12
Net realized and unrealized gains (losses) on investments		(0.04	)		(0.12	)		0.09			0.15			(0.19	)		0.20
Total from investment operations		0.02			(0.00	)		0.21			0.26			(0.08	)		0.32
Distributions to shareholders from
Net investment income		(0.06	)		(0.11	)		(0.12	)		(0.11	)		(0.11	)		(0.12	)
Tax basis return of capital		0.00			(0.01	)		(0.00	)2		0.00			0.00			0.00
Total distributions to shareholders		(0.06	)		(0.12	)		(0.12	)		(0.11	)		(0.11	)		(0.12	)
Net asset value, end of period		$3.24			$3.28			$3.40			$3.31			$3.16			$3.35
Total return3		0.64	%		(0.07	)%		6.49	%		8.44	%		(2.52	)%		10.20	%
Ratios to average net assets (annualized)
Gross expenses		1.79	%		1.77	%		1.76	%		1.80	%		1.79	%		1.78	%
Net expenses		1.68	%		1.68	%		1.68	%		1.77	%		1.78	%		1.78	%
Net investment income		3.71	%		3.51	%		3.65	%		3.48	%		3.29	%		3.60	%
Supplemental data
Portfolio turnover rate		10	%		18	%		20	%		75	%		55	%		40	%
Net assets, end of period (000s omitted)		$16,174			$47,811			$61,734			$72,908			$60,753			$72,728

¹  Calculated based upon average shares outstanding

²  Amount is less than $0.005.

³  Total return calculations do not include any sales charges. Returns for periods of less than one year are not annualized.

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

Financial highlights Wells Fargo High Yield Bond Fund 21

(For a share outstanding throughout each period)

	Six months ended February 28, 2019 (unaudited)			Year ended August 31
ADMINISTRATOR CLASS				2018			2017			2016			2015			2014
Net asset value, beginning of period		$3.29			$3.41			$3.31			$3.16			$3.36			$3.15
Net investment income		0.07			0.15			0.15			0.14	1		0.14			0.15
Net realized and unrealized gains (losses) on investments		(0.04	)		(0.13	)		0.10			0.15			(0.20	)		0.21
Total from investment operations		0.03			0.02			0.25			0.29			(0.06	)		0.36
Distributions to shareholders from
Net investment income		(0.07	)		(0.14	)		(0.15	)		(0.14	)		(0.14	)		(0.15	)
Tax basis return of capital		0.00			(0.01	)		(0.00	)2		0.00			0.00			0.00
Total distributions to shareholders		(0.07	)		(0.15	)		(0.15	)		(0.14	)		(0.14	)		(0.15	)
Net asset value, end of period		$3.25			$3.29			$3.41			$3.31			$3.16			$3.36
Total return3		1.09	%		0.82	%		7.74	%		9.48	%		(1.86	)%		11.61	%
Ratios to average net assets (annualized)
Gross expenses		0.98	%		0.96	%		0.95	%		0.98	%		0.98	%		0.96	%
Net expenses		0.80	%		0.80	%		0.80	%		0.80	%		0.80	%		0.80	%
Net investment income		4.65	%		4.39	%		4.55	%		4.43	%		4.27	%		4.57	%
Supplemental data
Portfolio turnover rate		10	%		18	%		20	%		75	%		55	%		40	%
Net assets, end of period (000s omitted)		$23,013			$23,940			$31,592			$76,688			$13,129			$20,177

¹  Calculated based upon average shares outstanding

²  Amount is less than $0.005.

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

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

22 Wells Fargo High Yield Bond Fund Financial highlights

(For a share outstanding throughout each period)

	Six months ended February 28, 2019 (unaudited)			Year ended August 31
INSTITUTIONAL CLASS				2018			2017			2016			20151
Net asset value, beginning of period		$3.28			$3.41			$3.31			$3.17			$3.33
Net investment income		0.08			0.16			0.16			0.14			0.12
Net realized and unrealized gains (losses) on investments		(0.03	)		(0.13	)		0.10			0.14			(0.16	)
Total from investment operations		0.05			0.03			0.26			0.28			(0.04	)
Distributions to shareholders from
Net investment income		(0.08	)		(0.15	)		(0.16	)		(0.14	)		(0.12	)
Tax basis return of capital		0.00			(0.01	)		(0.00	)2		0.00			0.00
Total distributions to shareholders		(0.08	)		(0.16	)		(0.16	)		(0.14	)		(0.12	)
Net asset value, end of period		$3.25			$3.28			$3.41			$3.31			$3.17
Total return3		1.53	%		0.79	%		8.03	%		9.27	%		(1.31	)%
Ratios to average net assets (annualized)
Gross expenses		0.71	%		0.69	%		0.68	%		0.70	%		0.71	%
Net expenses		0.53	%		0.53	%		0.53	%		0.61	%		0.70	%
Net investment income		4.89	%		4.67	%		4.79	%		4.65	%		4.33	%
Supplemental data
Portfolio turnover rate		10	%		18	%		20	%		75	%		55	%
Net assets, end of period (000s omitted)		$98,906			$134,770			$125,991			$100,023			$4,847

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

²  Amount is less than $0.005.

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

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

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

2. SIGNIFICANT ACCOUNTING POLICIES

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

Securities valuation

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

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

Equity securities that are listed on a foreign or domestic exchange or market are valued at the official closing price or, if none, the last sales price. If no sale occurs on the principal exchange or market that day, a fair value price will be determined in accordance with the Fund’s Valuation Procedures.

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

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

Securities lending

The Fund may lend its securities from time to time in order to earn additional income in the form of fees or interest on securities received as collateral or the investment of any cash received as collateral. The Fund continues to receive interest or dividends on the securities loaned. The Fund receives collateral in the form of cash or securities with a value at least equal to the value of the securities on loan. The value of the loaned securities is determined at the close of each business day and any additional required collateral is delivered to the Fund on the next business day. In a securities lending transaction, the net asset value of the Fund will be affected by an increase or decrease in the value of the securities loaned and by an increase or decrease in the value of the instrument in which collateral is invested. The amount of securities lending activity undertaken by the Fund fluctuates from time to time. In the event of default or bankruptcy by the borrower, the Fund may be prevented from recovering the loaned securities or gaining access to the collateral or may experience delays or costs in doing so. In addition, the investment of any cash collateral received may lose all or part of its value. The Fund has the right under the lending agreement to recover the securities from the borrower on demand.

The Fund lends its securities through an unaffiliated securities lending agent. Cash collateral received in connection with its securities lending transactions is invested in Securities Lending Cash Investments, LLC (the “Securities Lending Fund”). The Securities Lending Fund is exempt from registration under Section 3(c)(7) of the 1940 Act and is managed by Funds Management and is subadvised by Wells Capital Management Incorporated (“WellsCap”), an affiliate of Funds Management and an indirect wholly owned subsidiary of Wells Fargo & Company (“Wells Fargo”). Funds Management receives an advisory

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

fee starting at 0.05% and declining to 0.01% as the average daily net assets of the Securities Lending Fund increase. All of the fees received by Funds Management are paid to WellsCap for its services as subadviser. The Securities Lending Fund seeks to provide a positive return compared to the daily Fed Funds Open Rate by investing in high-quality, U.S. dollar-denominated short-term money market instruments. Securities Lending Fund investments are valued at the evaluated bid price provided by an independent pricing service. Income earned from investment in the Securities Lending Fund (net of fees and rebates), if any, is included in income from affiliated securities on the Statement of Operations.

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.

Dividend income is recognized on the ex-dividend date. Dividend income is recorded net of foreign taxes withheld where recovery of such taxes is not assured.

Distributions to shareholders

Distributions to shareholders from net investment income are declared daily and paid monthly. Distributions from net realized gains, if any, are recorded on 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 February 28, 2019, the aggregate cost of all investments for federal income tax purposes was $434,622,101 and the unrealized gains (losses) consisted of:

Gross unrealized gains	$	8,438,244
Gross unrealized losses		(18,368,409	)
Net unrealized losses	$	(9,930,165	)

As of August 31, 2018, the Fund had capital loss carryforwards which consist of $17,191,434 in short-term capital losses and $24,466,317 in long-term capital losses.

Class allocations

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

3. FAIR VALUATION MEASUREMENTS

Fair value measurements of investments are determined within a framework that has established a fair value hierarchy based upon the various data inputs utilized in determining the value of the Fund’s investments. The three-level hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1) and the

Notes to financial statements (unaudited) Wells Fargo High Yield Bond Fund 25

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

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

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

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

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

The following is a summary of the inputs used in valuing the Fund’s assets and liabilities as of February 28, 2019:

	Quoted prices (Level 1)		Other significant observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total
Assets
Investments in:
Common stocks
Consumer staples	$	1,039,650	$	0	$	0	$	1,039,650
Energy		2,358,400		0		0		2,358,400
Health care		1,902,500		0		0		1,902,500
Industrials		2,916,550		0		0		2,916,550
Information technology		7,175,600		0		0		7,175,600
Materials		6,327,430		0		0		6,327,430
Real estate		850,050		0		0		850,050
Utilities		4,201,100		0		0		4,201,100
Corporate bonds and notes		0		316,687,428		0		316,687,428
Yankee corporate bonds and notes		0		63,298,230		0		63,298,230
Short-term investments
Investment companies		2,637,237		15,297,761		0		17,934,998
Total assets	$	29,408,517	$	395,283,419	$	0	$	424,691,936

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

At February 28, 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, is the manager of the Fund and provides advisory and fund-level administrative services under an investment management agreement. Under the investment management agreement, Funds Management is responsible for, among other services, implementing the investment objectives and strategies of the Fund, supervising the subadviser and providing fund-level administrative services in connection with the Fund’s operations. As compensation for its services under the investment management agreement, Funds Management is entitled to receive a management fee at the following annual rate based on the Fund’s average daily net assets:

Average daily net assets	Annual fee rate
First $500 million		0.550	%
Next $500 million		0.525
Next $2 billion		0.500
Next $2 billion		0.475
Next $5 billion		0.440
Over $10 billion		0.430

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

For the six months ended February 28, 2019, the management fee was equivalent to an annual rate of 0.55% of the Fund’s average daily net assets.

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

Administration fees

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

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

Funds Management has contractually waived and/or reimbursed management and administration fees to the extent necessary to maintain certain net operating expense ratios for the Fund. When each class of the Fund has exceeded its expense cap, Funds Management has waived fees and/or reimbursed expenses from fund level expenses on a proportionate basis and then from class specific expenses. When only certain classes exceed their expense caps, waivers and/or reimbursements are applied against class specific expenses before fund level expenses. Funds Management has committed through December 31, 2019 to waive fees and/or reimburse expenses to the extent necessary to cap the Fund’s expenses at 0.93% for Class A shares, 1.68% for Class C shares, 0.80% for Administrator Class shares and 0.53% for Institutional Class shares. Prior to or after the commitment expiration date, the cap may be increased or the commitment to maintain the cap may be terminated only with the approval of the Board of Trustees. 

Distribution fee

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

In addition, Funds Distributor is entitled to receive the front-end sales charge from the purchase of Class A shares and a contingent deferred sales charge on the redemption of certain Class A shares. Funds Distributor is also entitled to receive the contingent deferred sales charges from redemptions of Class C shares. For the six months ended February 28, 2019, Funds Distributor received $2,383 from the sale of Class A shares and $16 in contingent deferred sales charges from redemptions of Class C shares. No contingent deferred sales charges were incurred by Class A shares for the six months ended February 28, 2019.

Shareholder servicing fees

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

Interfund transactions

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

5. INVESTMENT PORTFOLIO TRANSACTIONS

Purchases and sales of investments, excluding U.S. government obligations (if any) and short-term securities, for the six months ended February 28, 2019 were $40,422,138 and $96,832,157, respectively.

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

6. BANK BORROWINGS

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

During the six months ended February 28, 2019, the Fund had average borrowings outstanding of $13,727 (on an annualized basis) at an average interest rate of 3.69% and paid interest in the amount of $506.

7. DISTRIBUTIONS TO SHAREHOLDERS

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

	Net investment income		Net realized gains
Class A		$11,998,114		$464,808
Class C		1,891,216		73,266
Administrator Class		1,158,390		44,876
Institutional Class		6,020,709		233,242

8. INDEMNIFICATION

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

9. NEW ACCOUNTING PRONOUNCEMENTS

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

In March 2017, FASB issued ASU No. 2017-08, Premium Amortization on Purchased Callable Debt Securities. ASU 2017-08 shortens the amortization period for certain callable debt securities held at a premium. The amendments require the premium to be amortized to the earliest call date. The amendments do not require an accounting change for securities held at a discount; the discount continues to be amortized to maturity. ASU 2017-08 is effective for fiscal years beginning after December 15, 2018 and for interim periods within those fiscal years . Management is currently evaluating the potential impact of this new guidance to the financial statements.

28 Wells Fargo High Yield Bond Fund Other information (unaudited)

PROXY VOTING INFORMATION

A description of the policies and procedures used to determine how to vote proxies relating to portfolio securities is available, upon request, by calling 1-800-222-8222, visiting our website at wfam.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 wfam.com or by visiting the SEC website at sec.gov.

PORTFOLIO HOLDINGS INFORMATION

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

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

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

Name and year of birth	Position held and length of service*	Principal occupations during past five years or longer	Current other public company or investment company directorships
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	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	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	Chief Operating Officer, Twin Cities Habitat for Humanity, since January, 2017. Vice President of University Services, University of Minnesota from 2012 to 2017. Prior thereto, on the Board of Directors, Governance Committee and Finance Committee for the Minnesota Philanthropy Partners (Saint Paul Foundation) from 2012 to 2018, Interim President and Chief Executive Officer of Blue Cross Blue Shield of Minnesota from 2010 to 2011, Chairman of the Board from 2009 to 2011 and Board Director from 2003 to 2015. Vice President, Leadership and Community Engagement, Bush Foundation, Saint Paul, Minnesota (a private foundation) from 2009 to 2011. Executive Vice President and Chief Financial Officer, Minnesota Sports and Entertainment from 2004 to 2009 and Senior Vice President from 2002 to 2004. Commissioner of Finance, State of Minnesota, from 1999 to 2002. Currently the Board Chair of the Minnesota Wild Foundation since 2010.	N/A

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

Other information (unaudited) Wells Fargo High Yield Bond 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 and 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 wfam.com.

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

32 Wells Fargo High Yield Bond Fund Appendix A (unaudited)

SALES CHARGE REDUCTIONS AND WAIVERS FOR CERTAIN INTERMEDIARIES

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

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

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

• Shares purchased in an investment advisory program.

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

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

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

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

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

• Death or disability of the shareholder.

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

• Return of excess contributions from an IRA Account.

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

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

• Shares acquired through a right of reinstatement.

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

• Breakpoints as described in the Fund’s Prospectus.

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

For more information

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

Wells Fargo Funds

P.O. Box 219967

Kansas City, MO 64121-9967

Website: wfam.com

Individual investors: 1-800-222-8222

Retail investment professionals: 1-888-877-9275

Institutional investment professionals: 1-866-765-0778

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

321626 04-19 SA218/SAR218 02-19

Semi-Annual Report

February 28, 2019

Wells Fargo Conservative Income Fund

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

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

Letter to shareholders	2
Performance highlights	6
Fund expenses	8
Portfolio of investments	9
Financial statements
Statement of assets and liabilities	14
Statement of operations	15
Statement of changes in net assets	16
Financial highlights	17
Notes to financial statements	18
Other information	22

The views expressed and any forward-looking statements are as of February 28, 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 Conservative Income Fund Letter to shareholders (unaudited)

Andrew Owen

President

Wells Fargo Funds

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

Dear Shareholder:

We are pleased to offer you this semi-annual report for the Wells Fargo Conservative Income Fund for the six-month period that ended February 28, 2019. Higher short-term interest rates, inflation concerns, trade tensions, slowing economic growth outside the U.S., and geopolitical events contributed to investment market volatility throughout the period.

For the period, U.S. stocks, as measured by the S&P 500 Index,¹ fell 3.04% and international stocks, as measured by the MSCI ACWI ex USA Index (Net),² declined 2.47%. Based on the MSCI EM Index (Net),³ emerging market stocks gained 0.33%. For bond investors, the Bloomberg Barclays U.S. Aggregate Bond Index⁴ added 1.99% while the Bloomberg Barclays Global Aggregate ex-USD Index⁵ gained 0.63%. The Bloomberg Barclays Municipal Bond Index⁶ added 2.34%, and the ICE BofAML U.S. High Yield Index⁷ advanced 1.98%.

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^®8 reached its highest level in 18 years during September 2018. The U.S. Federal Reserve (Fed) raised the federal funds rate by 25 basis points (bps; 100 bps equal 1.00%) to a target range of between 2.00% and 2.25% in September 2018. For the quarter that ended September 30, 2018, the S&P 500 Index added 7.71%.

Investors in international markets were not as confident. 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 Bank of England (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%.

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.

⁸ 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.

Letter to shareholders (unaudited) Wells Fargo Conservative Income Fund 3

Conflicting data unsettled markets during the fourth quarter.

November’s U.S. midterm elections shifted control of the House of Representatives from Republicans to Democrats, presaging potential partisan clashes. Third-quarter U.S. gross domestic product (GDP) was announced at an annualized 3.4% rate, lower than the second-quarter rate. Brexit efforts stalled ahead of the March 2019 deadline. The People’s Bank of China 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.

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. The Fed increased the federal funds rate by 25 bps in December 2018 to a target range of between 2.25% and 2.50% and softened its outlook for 2019 rate increases.

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 VIX⁹.

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.

In February, concerns over slowing global growth reemerged. The Bureau of Economic Analysis announced fourth-quarter 2018 GDP grew at an annualized 2.2% rate, down from the 4.2% annualized rate for the second quarter and the 3.4% annualized rate for the third quarter. Analysts attributed the lower growth rate to a slowing housing market and larger trade deficit. The U.S. Labor Department said that the economy created just 20,000 jobs in February. In a February report, the BOE forecast the slowest growth since the financial crisis for 2019. China and the U.S., while putting future tariffs on hold for the time being, continued to wrangle over trade issues.

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.

January’s returns tended to support the investing adage that markets climb a wall of worry.

⁹  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 Conservative Income Fund Letter to shareholders (unaudited)

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

Sincerely,

Andrew Owen

President

Wells Fargo Funds

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

This page is intentionally left blank.

6 Wells Fargo Conservative Income Fund Performance highlights (unaudited)

Investment objective

The Fund seeks current income consistent with capital preservation.

Manager

Wells Fargo Funds Management, LLC

Subadviser

Wells Capital Management Incorporated

Portfolio managers

Andrew M. Greenberg, CFA^®‡

Anthony J. Melville, CFA^®‡

Jeffrey L. Weaver, CFA^®‡

Average annual total returns (%) as of February 28, 2019

									Expense ratios1 (%)
	Inception date	1 year		5 year		Since inception			Gross		Net2
Institutional Class (WCIIX)	5-31-2013		2.28		1.06		1.02			0.37		0.27
Bloomberg Barclays 6-9 Month Treasury Bill Index3	–		2.08		0.73		0.65	*		–		–

* Based on the inception date of Institutional Class.

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

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

Institutional Class shares are sold without a front-end sales charge or contingent deferred sales charge.

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

Please see footnotes on page 7.

Performance highlights (unaudited) Wells Fargo Conservative Income Fund 7

Ten largest holdings (%) as of February 28, 20194
Metropolitan Life Global Funding, 3.18%, 6-12-2020	1.81
Svenska Handelsbanken AB , 3.12%, 5-24-2021	1.66
Jackson National Life Global, 3.09%, 10-15-2020	1.66
SoFi Consumer Loan Program Trust Series 2018-4 Class A, 3.54%, 11-26-2027	1.64
NextGear Floorplan Master Trust Series 2018-1A Class A1, 3.13%, 2-15-2023	1.51
WM Wrigley Jr. Company, 2.90%, 10-21-2019	1.51
American Honda Finance Corporation, 2.79%, 2-21-2020	1.51
Caterpillar Financial Service, 2.91%, 8-26-2020	1.51
HSBC Holdings plc, 3.43%, 9-11-2021	1.51
Delamare Cards Series 2018-1A Class A1, 3.18%, 11-19-2025	1.51

Portfolio composition as of February 28, 2019⁵

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

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

²  The manager has contractually committed through December 31, 2019, to waive fees and/or reimburse expenses to the extent necessary to cap the expenses at the amount 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. The expense ratio paid by an investor is the net expense ratio (the total annual fund operating expenses after fee waivers) as stated in the prospectuses.

³  The Bloomberg Barclays 6-9 Month Treasury Bill Index includes all publicly issued zero-coupon U.S. Treasury bills that have a remaining maturity of less than nine months and more than six, are rated investment-grade, and have $250 million or more of outstanding face value. You cannot invest directly in an index.

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

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

8 Wells Fargo Conservative Income Fund Fund expenses (unaudited)

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

The example is based on an investment of $1,000 invested at the beginning of the six-month period and held for the entire period from September 1, 2018 to February 28, 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. Therefore, the “Hypothetical” line of the table is useful in comparing ongoing costs only and will not help you determine the relative total costs of owning different funds.

	Beginning account value 9-1-2018		Ending account value 2-28-2019		Expenses paid during the period¹		Annualized net expense ratio
Institutional Class
Actual	$	1,000.00	$	1,011.76	$	1.35		0.27	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,023.46	$	1.35		0.27	%

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

Portfolio of investments—February 28, 2019 (unaudited) Wells Fargo Conservative Income Fund 9

Security name	Interest rate			Maturity date		Principal		Value
Asset-Backed Securities: 24.05%
Bank of the West Auto Trust Series 2018-1 Class A2 144A		3.09	%		4-15-2021	$	3,000,000	$	3,004,416
Barclays Dryrock Issuance Trust Series 2016-1 Class A		1.52			5-16-2022		1,825,000		1,817,313
Canadian Pacer Auto Receivable Series-2A Class A2A 144A		3.00			6-21-2021		1,585,000		1,587,383
CarMax Auto Owner Trust Series 2017-1 Class A3		1.98			11-15-2021		407,053		404,855
CarMax Auto Owner Trust Series 2018-3 Class A2A		2.88			10-15-2021		1,950,000		1,951,721
CarMax Auto Owner Trust Series 2018-4 Class A2A		3.11			2-15-2022		3,250,000		3,258,589
CCG Receivables Trust Series 2018-2 Class A2 144A		3.09			12-15-2025		4,460,000		4,466,997
Chase Issuance Trust Series 2016-A4 Class A4		1.49			7-15-2022		3,000,000		2,950,501
Delamare Cards Series 2018-1A Class A1 (1 Month LIBOR +0.70%) 144A±		3.18			11-19-2025		5,000,000		4,990,770
Dell Equipment Finance Trust Series 2018-1 Class A2A 144A		2.97			10-22-2020		1,219,602		1,221,275
Dell Equipment Finance Trust Series 2018-2 Class A2 144A		3.16			2-22-2021		1,750,000		1,755,787
Ford Credit Auto Lease Trust Series 2019 Class A		2.84			9-15-2021		2,500,000		2,499,652
GM Financial Automobile Leasing Trust Series 2018-3 Class A2A		2.89			9-21-2020		1,000,000		1,001,051
Hertz Fleet Lease Funding LP Series 2017-1 Class A1 (1 Month LIBOR +0.65%) 144A±		3.17			4-10-2031		1,403,197		1,405,201
Honda Auto Receivables Owner Trust Series 2017-1 Class A3		1.72			7-21-2021		1,069,923		1,063,360
Hyundai Auto Lease Securitization Trust Series 2017-B Class A3 144A		1.97			7-15-2020		1,650,000		1,646,606
Hyundai Auto Lease Securitization Trust Series 2019 Class A 144A		2.92			7-15-2021		3,850,000		3,849,520
Mercedes-Benz Auto Lease Trust Series 2019-A Class A2		3.01			2-16-2021		3,250,000		3,257,293
NextGear Floorplan Master Trust Series 2018-1A Class A1 (1 Month LIBOR +0.64%) 144A±		3.13			2-15-2023		5,000,000		5,008,731
Oscar US Funding Trust Series 2017-1A Class A2B (1 Month LIBOR +0.80%) 144A±		3.32			5-11-2020		175,200		175,252
Oscar US Funding Trust Series 2017-2A Class A2A 144A		2.13			11-10-2020		209,259		208,724
Oscar US Funding Trust Series 2018-1A Class A2B (1 Month LIBOR +0.49%) 144A±		3.01			4-12-2021		1,315,820		1,316,079
Oscar US Funding Trust Series 2018-2A Class A2A 144A		3.15			8-10-2021		3,238,983		3,238,880
Securitized Term Auto Receivables Trust Series 2018-2A Class A2A 144A		3.06			2-25-2021		2,000,000		1,998,987
SoFi Consumer Loan Program Trust Series 2018-4 Class A 144A		3.54			11-26-2027		5,395,386		5,417,421
Tesla Auto Lease Trust Series 2018-A Class C 144A		2.97			4-20-2020		1,870,000		1,866,277
Trillium Credit Card Trust III Series 2018-2A Class A (1 Month LIBOR +0.35%) 144A±		2.83			9-26-2023		4,150,000		4,146,858
Verizon Owner Trust Series 2017-1A Class A 144A		2.06			9-20-2021		1,000,000		996,178
Verizon Owner Trust Series 2017-3A Class A1A 144A		2.06			4-20-2022		4,486,000		4,446,633
Volkswagen Auto Loan Enhanced Trust Series 2018-1 Class A2A		2.81			7-20-2021		4,147,146		4,149,423
Volvo Financial Equipment LLC Series 2019-1A Class A2 144A		2.90			11-15-2021		1,600,000		1,602,243
World Omni Auto Lease Series 2018-B Class A2A		2.96			6-15-2021		2,941,048		2,944,204
Total Asset-Backed Securities (Cost $79,575,248)									79,648,180
Certificates of Deposit: 1.81%
Credit Suisse (3 Month LIBOR +0.12%) ±		2.74			2-28-2020		3,000,000		3,000,000
Natixis (3 Month LIBOR +0.23%) ±		3.01			1-10-2020		3,000,000		3,003,259
Total Certificates of Deposit (Cost $6,002,799)									6,003,259
Corporate Bonds and Notes: 26.03%
Communication Services: 0.61%
Media: 0.61%
Comcast Corporation		3.30			10-1-2020		2,000,000		2,013,304
Consumer Discretionary: 0.91%
Automobiles: 0.91%
Volkswagen Group America Company (3 Month LIBOR +0.77%) 144A±		3.46			11-13-2020		3,000,000		3,004,250

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

10 Wells Fargo Conservative Income Fund Portfolio of investments—February 28, 2019 (unaudited)

Security name	Interest rate			Maturity date		Principal		Value
Consumer Staples: 1.51%
Food Products: 1.51%
WM Wrigley Jr. Company 144A		2.90	%		10-21-2019	$	5,000,000	$	5,003,296
Financials: 21.80%
Banks: 6.20%
Branch Banking Trust		2.10			1-15-2020		1,350,000		1,340,865
Citibank NA (3 Month LIBOR +0.32%) ±		3.06			5-1-2020		4,750,000		4,754,906
Cooperatieve Rabobank UA (3 Month LIBOR +0.43%) ±		3.19			4-26-2021		3,000,000		3,004,563
JPMorgan Chase & Company		2.25			1-23-2020		1,000,000		994,507
JPMorgan Chase Bank NA (3 Month LIBOR +0.23%) ±		2.97			9-1-2020		1,500,000		1,499,022
JPMorgan Chase Bank NA (3 Month LIBOR +0.37%) ±		3.05			2-19-2021		2,000,000		2,001,896
PNC Bank NA		1.95			3-4-2019		950,000		950,000
PNC Bank NA		1.45			7-29-2019		1,000,000		995,213
US Bank NA		2.35			1-23-2020		5,000,000		4,981,923
									20,522,895
Capital Markets: 2.58%
Charles Schwab Corporation (3 Month LIBOR +0.32%) ±		2.96			5-21-2021		4,540,000		4,539,955
Goldman Sachs Group Incorporated (3 Month LIBOR +1.04%) ±		3.81			4-25-2019		4,000,000		4,006,776
									8,546,731
Consumer Finance: 6.38%
American Express Credit Corporation		2.25			8-15-2019		2,000,000		1,995,648
American Honda Finance Corporation (3 Month LIBOR +0.15%) ±		2.79			2-21-2020		5,000,000		5,001,005
BMW US Capital LLC (3 Month LIBOR +0.41%) 144A±		3.20			9-13-2019		2,000,000		2,001,427
Caterpillar Financial Service (3 Month LIBOR +0.25%) ±		2.91			8-26-2020		5,000,000		4,998,512
Nissan Motor Acceptance Corporation 144A		2.00			3-8-2019		2,000,000		1,999,856
Nissan Motor Acceptance Corporation (3 Month LIBOR +0.52%) 144A±		3.31			3-15-2021		1,000,000		989,661
Nissan Motor Acceptance Corporation (3 Month LIBOR +0.63%) 144A±		3.42			9-21-2021		1,175,000		1,161,657
Nissan Motor Acceptance Corporation (3 Month LIBOR +1.01%) 144A±		3.78			3-8-2019		1,000,000		1,000,111
Toyota Motor Credit Corporation (3 Month LIBOR +0.17%) ±		2.97			9-18-2020		2,000,000		1,997,870
									21,145,747
Insurance: 6.64%
AIG Global Funding 144A		1.95			10-18-2019		1,750,000		1,740,140
AIG Global Funding (3 Month LIBOR +0.46%) 144A±		3.28			6-25-2021		2,950,000		2,948,469
Jackson National Life Global (3 Month LIBOR +0.30%) 144A±		3.09			10-15-2020		5,500,000		5,488,094
Metropolitan Life Global Funding (3 Month LIBOR +0.40%) 144A±		3.18			6-12-2020		5,975,000		5,988,592
Protective Life Global Funding (3 Month LIBOR +0.52%) 144A±		3.33			6-28-2021		5,000,000		4,989,508
The Allstate Corporation (3 Month LIBOR +0.43%) ±		3.23			3-29-2021		825,000		820,207
									21,975,010
Materials: 1.20%
Paper & Forest Products: 1.20%
Georgia Pacific LLC 144A		2.54			11-15-2019		4,000,000		3,990,951
Total Corporate Bonds and Notes (Cost $86,225,962)									86,202,184

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

Portfolio of investments—February 28, 2019 (unaudited) Wells Fargo Conservative Income Fund 11

Security name	Interest rate			Maturity date		Principal		Value
Municipal Obligations: 1.90%
Colorado: 1.45%
Health Revenue: 1.45%
Colorado Tender Option Bond Trust Receipts/Certificates Series 2017-TPG007 (Bank of America NA LIQ) 144Aø		2.98	%		10-29-2027	$	4,800,000	$	4,800,000
Texas: 0.45%
GO Revenue: 0.45%
Houston TX Taxable Pension Obligation Bonds Series 2017		2.20			3-1-2019		1,500,000		1,500,000
Total Municipal Obligations (Cost $6,300,000)									6,300,000
Yankee Corporate Bonds and Notes: 18.97%
Communication Services: 1.21%
Interactive Media & Services: 1.21%
Tencent Holdings Limited 144A		3.38			05-02-2019		4,000,000		4,003,256
Energy: 1.51%
Oil, Gas & Consumable Fuels: 1.51%
BP Capital Markets plc		2.52			1-15-2020		5,000,000		4,986,609
Financials: 14.77%
Banks: 13.36%
Australia and New Zealand Banking Group 144A		5.10			1-13-2020		4,000,000		4,075,987
Bank of Montreal (3 Month LIBOR +0.40%) ±		3.15			1-22-2021		4,000,000		4,001,140
Barclays Bank plc (3 Month LIBOR +0.46%) ±		3.26			1-11-2021		5,000,000		4,964,287
BNZ International Funding of London (3 Month LIBOR +0.70%) 144A±		3.34			2-21-2020		1,750,000		1,756,012
HSBC Holdings plc (3 Month LIBOR +0.65%) ±		3.43			9-11-2021		5,000,000		4,996,907
National Australia Bank (3 Month LIBOR +0.35%) 144A±		3.15			1-12-2021		2,000,000		1,999,448
Santander UK plc (3 Month LIBOR +0.62%) ±		3.36			6-1-2021		4,000,000		3,993,071
Santander UK plc (3 Month LIBOR +0.66%) ±		3.34			11-15-2021		1,270,000		1,268,341
Sumitomo Mitsui Banking Corporation (3 Month LIBOR +0.35%) ±		3.12			1-17-2020		3,000,000		3,004,959
Sumitomo Mitsui Trust Bank Limited (3 Month LIBOR +0.91%) 144A±		3.69			10-18-2019		3,000,000		3,014,315
Svenska Handelsbanken AB (3 Month LIBOR +0.47%) ±		3.12			5-24-2021		5,500,000		5,504,690
United Overseas Bank Limited (3 Month LIBOR +0.48%) 144A±		3.25			4-23-2021		1,800,000		1,801,580
Westpac Banking Corporation (3 Month LIBOR +0.28%) ±		2.96			5-15-2020		2,325,000		2,327,383
Westpac Banking Corporation (3 Month LIBOR +1.00%) ±		3.69			5-13-2021		1,525,000		1,543,457
									44,251,577
Diversified Financial Services: 0.30%
UBS AG (3 Month LIBOR +0.48%) 144A±		3.22			12-1-2020		1,000,000		1,000,676
Insurance: 1.11%
AIA Group Limited (3 Month LIBOR +0.52%) 144A±		3.31			9-20-2021		3,680,000		3,675,871
Industrials: 1.48%
Electrical Equipment: 1.48%
Tyco Electronics Group SA (3 Month LIBOR +0.45%) ±		3.20			6-5-2020		4,900,000		4,897,000
Total Yankee Corporate Bonds and Notes (Cost $62,824,609)									62,814,989

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

12 Wells Fargo Conservative Income Fund Portfolio of investments—February 28, 2019 (unaudited)

Security name	Interest rate			Maturity date		Principal		Value
Yankee Government Bonds: 1.21%
Export-Import Bank of Korea (3 Month LIBOR +0.70%) ±		3.35	%		5-26-2019	$	4,000,000	$	4,004,880
Total Yankee Government Bonds (Cost $4,000,000)									4,004,880
Short-Term Investments: 25.82%
Commercial Paper: 25.79%
Anglesea Funding plc 144A(p)(z)		2.65			7-1-2019		2,000,000		1,982,076
Atlantic Asset Securitization LLC 144A(z)		2.06			3-4-2019		5,000,000		4,998,648
Charta LLC 144A(p)(z)		2.73			3-25-2019		900,000		898,458
Charta LLC 144A(p)(z)		2.76			4-3-2019		6,000,000		5,985,896
Coca-Cola Company 144A(z)		2.50			5-20-2019		1,500,000		1,491,468
Coca-Cola Company 144A(z)		2.86			10-24-2019		2,100,000		2,062,820
Grand China Air Limited (z)		2.80			3-8-2019		1,000,000		999,457
Great Bridge Capital Company LLC 144A(p)(z)		2.82			5-1-2019		6,000,000		5,972,854
Institutional Secured Funding LLC 144A(p)(z)		2.70			4-25-2019		9,500,000		9,462,449
La Fayette Asset Securitization LLC 144A(p)(z)		2.63			3-13-2019		7,000,000		6,993,794
Liberty Funding LLC 144A(z)		0.00			3-1-2019		5,000,000		4,999,663
LMA Americas LLC (p)(z)		2.77			3-27-2019		5,500,000		5,489,869
Macquarie Bank Limited 144A(z)		0.00			3-1-2019		5,000,000		4,999,664
Mont Blanc Capital Corporation 144A(z)		2.25			3-5-2019		6,000,000		5,997,971
Mountcliff Funding 144A(p)(z)		2.65			3-14-2019		8,000,000		7,992,353
Old Line Funding LLC 144A(p)(z)		2.84			5-2-2019		2,500,000		2,488,927
Ontario Teacher’s Finance Trust 144A(z)		2.69			8-8-2019		2,000,000		1,976,888
Ontario Teachers’ Finance Trust 144A(z)		2.75			4-29-2019		3,150,000		3,136,980
Suncorp Group Limited 144A(z)		2.92			6-13-2019		2,500,000		2,479,944
Toyota Motor Credit Corporation (z)		2.54			3-13-2019		5,000,000		4,995,800
									85,405,979
	Yield					Shares
Investment Companies: 0.03%
Wells Fargo Government Money Market Fund Select Class (l)(u)		2.34					93,297		93,297
Total Short-Term Investments (Cost $85,485,733)									85,499,276

Total investments in securities (Cost $330,414,351)	99.80	%		330,472,768
Other assets and liabilities, net	0.20			672,474
Total net assets	100.00	%	$	331,145,242

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

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

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.

(p) Asset-backed commercial paper

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

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

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

Abbreviations:

GO General obligation

LIBOR London Interbank Offered Rate

LIQ Liquidity agreement

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

Portfolio of investments—February 28, 2019 (unaudited) Wells Fargo Conservative Income Fund 13

Investments in Affiliates

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

	Shares, beginning of period		Shares purchased		Shares sold		Shares, end of period		Net realized gains (losses)		Net change in unrealized gains (losses)		Income from affiliated securities		Value, end of period		% of net assets
Short-Term Investments
Investment Companies
Wells Fargo Government Money Market Fund Select Class		96,943		115,341,521		115,345,167		93,297	$	0	$	0	$	19,564	$	93,297		0.03	%

The accompanying notes are an integral part of these financial statements.

14 Wells Fargo Conservative Income Fund Statement of assets and liabilities—February 28, 2019 (unaudited)

Assets
Investments in unaffiliated securities, at value (cost $330,321,054)	$	330,379,471
Investments in affiliated securities, at value (cost $93,297)		93,297
Receivable for interest		825,339
Receivable for Fund shares sold		555
Prepaid expenses and other assets		36,974
Total assets		331,335,636
Liabilities
Dividends payable		76,345
Management fee payable		33,244
Administration fee payable		19,951
Payable for Fund shares redeemed		19,656
Custodian and accounting fees payable		19,307
Professional fees payable		15,304
Trustees’ fees and expenses payable		2,668
Accrued expenses and other liabilities		3,919
Total liabilities		190,394
Total net assets	$	331,145,242
NET ASSETS CONSIST OF
Paid-in capital	$	332,966,334
Total distributable loss		(1,821,092	)
Total net assets	$	331,145,242
COMPUTATION OF NET ASSET VALUE PER SHARE
Net assets – Institutional Class	$	331,145,242
Shares outstanding – Institutional Class1		33,188,178
Net asset value per share – Institutional Class		$9.98

¹  The Fund has an unlimited number of authorized shares.

The accompanying notes are an integral part of these financial statements.

Statement of operations—six months ended February 28, 2019 (unaudited) Wells Fargo Conservative Income Fund 15

Investment income
Interest	$	6,896,091
Income from affiliated securities		19,564
Total investment income		6,915,655
Expenses
Management fee		622,497
Administration fee
Institutional Class		199,199
Custody and accounting fees		14,238
Professional fees		21,194
Registration fees		31,387
Shareholder report expenses		7,314
Trustees’ fees and expenses		10,728
Other fees and expenses		5,023
Total expenses		911,580
Less: Fee waivers and/or expense reimbursements		(239,284	)
Net expenses		672,296
Net investment income		6,243,359
REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS
Net realized losses on investments		(1,092,825	)
Net change in unrealized gains (losses) on investments		(310,461	)
Net realized and unrealized gains (losses) on investments		(1,403,286	)
Net increase in net assets resulting from operations	$	4,840,073

The accompanying notes are an integral part of these financial statements.

16 Wells Fargo Conservative Income Fund Statement of changes in net assets

	Six months ended February 28, 2019 (unaudited)						Year ended August 31, 20181
Operations
Net investment income				$	6,243,359					$	8,442,895
Net realized losses on investments					(1,092,825	)					(776,935	)
Net change in unrealized gains (losses) on investments					(310,461	)					(313,636	)
Net increase in net assets resulting from operations					4,840,073						7,352,324
Distributions to shareholders from net investment income and net realized gains
Institutional Class					(6,257,292	)					(8,591,551	)
Capital share transactions		Shares						Shares
Proceeds from shares sold – Institutional Class		41,638,996			415,837,869			50,241,480			502,485,302
Reinvestment of distributions – Institutional Class		414,484			4,134,435			739,437			7,389,754
Payment for shares redeemed – Institutional Class		(48,898,945	)		(487,412,201	)		(52,808,731	)		(527,872,511	)
Net decrease in net assets resulting from capital share transactions					(67,439,897	)					(17,997,455	)
Total decrease in net assets					(68,857,116	)					(19,236,682	)
Net assets
Beginning of period					400,002,358						419,239,040
End of period				$	331,145,242					$	400,002,358

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 August 31, 2018 was $4,184. The disaggregated distributions information for the year ended August 31, 2018 is included in Note 7, Distributions to Shareholders, in the notes to the financial statements.

The accompanying notes are an integral part of these financial statements.

Financial highlights Wells Fargo Conservative Income Fund 17

(For a share outstanding throughout each period)

	Six months ended February 28, 2019 (unaudited)			Year ended August 31
INSTITUTIONAL CLASS				2018			2017			2016			2015			2014
Net asset value, beginning of period		$9.99			$10.01			$10.01			$10.00			$10.02			$9.99
Net investment income		0.13			0.18			0.12			0.07			0.05			0.04
Net realized and unrealized gains (losses) on investments		(0.02	)		(0.02	)		0.00	1		0.01			(0.02	)		0.03
Total from investment operations		0.11			0.16			0.12			0.08			0.03			0.07
Distributions to shareholders from
Net investment income		(0.12	)		(0.18	)		(0.12	)		(0.07	)		(0.05	)		(0.04	)
Net realized gains		0.00			(0.00	)1		0.00			0.00			(0.00	)1		(0.00	)1
Total distributions to shareholders		(0.12	)		(0.18	)		(0.12	)		(0.07	)		(0.05	)		(0.04	)
Net asset value, end of period		$9.98			$9.99			$10.01			$10.01			$10.00			$10.02
Total return2		1.18	%		1.65	%		1.20	%		0.79	%		0.28	%		0.74	%
Ratios to average net assets (annualized)
Gross expenses		0.37	%		0.37	%		0.36	%		0.36	%		0.38	%		0.43	%
Net expenses		0.27	%		0.27	%		0.27	%		0.27	%		0.27	%		0.27	%
Net investment income		2.50	%		1.79	%		1.17	%		0.72	%		0.48	%		0.44	%
Supplemental data
Portfolio turnover rate		112	%		197	%		197	%		269	%		80	%		55	%
Net assets, end of period (000s omitted)		$331,145			$400,002			$419,239			$547,829			$336,608			$143,418

¹  Amount is less than $0.005.

²  Returns for periods of less than one year are not annualized.

The accompanying notes are an integral part of these financial statements.

18 Wells Fargo Conservative Income Fund Notes to financial statements (unaudited)

1. ORGANIZATION

Wells Fargo Funds Trust (the “Trust”), a Delaware statutory trust organized on March 10, 1999, is 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 Conservative Income Fund (the “Fund”) which is a diversified series of the Trust.

2. SIGNIFICANT ACCOUNTING POLICIES

The following significant accounting policies, which are consistently followed in the preparation of the financial statements of the Fund, are in conformity with U.S. generally accepted accounting principles which require management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.

Securities valuation

All investments are valued each business day as of the close of regular trading on the New York Stock Exchange (generally 4 p.m. Eastern Time), although the Fund may deviate from this calculation time under unusual or unexpected circumstances.

Debt securities are valued at the evaluated bid price provided by an independent pricing service (e.g. taking into account various factors, including yields, maturities, or credit ratings) or, if a reliable price is not available, the quoted bid price from an independent broker-dealer.

Investments in registered open-end investment companies are valued at net asset value.

Investments which are not valued using any of the methods discussed above are valued at their fair value, as determined in good faith by the Board of Trustees of the Fund. The Board of Trustees has established a Valuation Committee comprised of the Trustees and has delegated to it the authority to take any actions regarding the valuation of portfolio securities that the Valuation Committee deems necessary or appropriate, including determining the fair value of portfolio securities, unless the determination has been delegated to the Wells Fargo Asset Management Pricing Committee at Wells Fargo Funds Management, LLC (“Funds Management”). The Board of Trustees retains the authority to make or ratify any valuation decisions or approve any changes to the Valuation Procedures as it deems appropriate. On a quarterly basis, the Board of Trustees receives reports on any valuation actions taken by the Valuation Committee or the Wells Fargo Asset Management Pricing Committee which may include items for ratification.

Security transactions and income recognition

Securities transactions are recorded on a trade date basis. Realized gains or losses are recorded on the basis of identified cost.

Interest income is accrued daily and bond discounts are accreted and premiums are amortized daily. To the extent debt obligations are placed on non-accrual status, any related interest income may be reduced by writing off interest receivables when the collection of all or a portion of interest has been determined to be doubtful based on consistently applied procedures and the fair value has decreased. If the issuer subsequently resumes interest payments or when the collectability of interest is reasonably assured, the debt obligation is removed from non-accrual status.

Distributions to shareholders

Distributions to shareholders from net investment income are declared daily and paid monthly. Distributions from net realized gains, if any, are recorded on the ex-dividend date and paid at least annually. Such distributions are determined in accordance with income tax regulations and may differ from U.S. generally accepted accounting principles. Dividend sources are estimated at the time of declaration. The tax character of distributions is determined as of the Fund’s fiscal year end. Therefore, a portion of the Fund’s distributions made prior to the Fund’s fiscal year end may be categorized as a tax return of capital at year end.

Federal and other taxes

The Fund intends to 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 (unaudited) Wells Fargo Conservative Income Fund 19

The Fund’s income and federal excise tax returns and all financial records supporting those returns for the prior three fiscal years are subject to examination by the federal and Delaware revenue authorities. Management has analyzed the Fund’s tax positions taken on federal, state, and foreign tax returns for all open tax years and does not believe that there are any uncertain tax positions that require recognition of a tax liability.

As of February 28, 2019, the aggregate cost of all investments for federal income tax purposes was $330,419,095 and the unrealized gains (losses) consisted of:

Gross unrealized gains	$	213,480
Gross unrealized losses		(159,807	)
Net unrealized gains	$	53,673

As of August 31, 2018, the Fund had a capital loss carryforward which consisted of $772,191 in short-term capital losses.

3. FAIR VALUATION MEASUREMENTS

Fair value measurements of investments are determined within a framework that has established a fair value hierarchy based upon the various data inputs utilized in determining the value of the Fund’s investments. The three-level hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). The Fund’s investments are classified within the fair value hierarchy based on the lowest level of input that is significant to the fair value measurement. The inputs are summarized into three broad levels as follows:

∎ Level 1 – quoted prices in active markets for identical securities

∎ Level 2 – other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)

∎ Level 3 – significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments)

The inputs or methodologies used for valuing investments in securities are not necessarily an indication of the risk associated with investing in those securities.

The following is a summary of the inputs used in valuing the Fund’s assets and liabilities as of February 28, 2019:

	Quoted prices (Level 1)		Other significant observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total
Assets
Investments in:
Asset-backed securities	$	0	$	79,648,180	$	0	$	79,648,180
Certificates of deposit		0		6,003,259		0		6,003,259
Corporate bonds and notes		0		86,202,184		0		86,202,184
Municipal obligations		0		6,300,000		0		6,300,000
Yankee corporate bonds and notes		0		62,814,989		0		62,814,989
Yankee government bonds		0		4,004,880		0		4,004,880
Short-term investments
Commercial paper		0		85,405,979		0		85,405,979
Investment companies		93,297		0		0		93,297
Total assets	$	93,297	$	330,379,471	$	0	$	330,472,768

Additional sector, industry or geographic detail is included in the Portfolio of investments.

At February 28, 2019, the Fund did not have any transfers into/out of Level 3.

20 Wells Fargo Conservative Income Fund Notes to financial statements (unaudited)

4. TRANSACTIONS WITH AFFILIATES

Management fee

Funds Management, an indirect wholly owned subsidiary of Wells Fargo & Company (“Wells Fargo”), is the manager of the Fund and provides advisory and fund-level administrative services under an investment management agreement. Under the investment management agreement, Funds Management is responsible for, among other services, implementing the investment objectives and strategies of the Fund, supervising the subadviser and providing fund-level administrative services in connection with the Fund’s operations. As compensation for its services under the investment management agreement, Funds Management is entitled to receive a management fee at the following annual rate based on the Fund’s average daily net assets:

Average daily net assets	Annual fee rate
First $1 billion		0.250	%
Next $4 billion		0.225
Next $5 billion		0.190
Over $10 billion		0.180

For the six months ended February 28, 2019, the management fee was equivalent to an annual rate of 0.25% of the Fund’s average daily net assets.

Funds Management has retained the services of a subadviser to provide daily portfolio management to the Fund. The fee for subadvisory services is borne by Funds Management. Wells Capital Management Incorporated, an affiliate of Funds Management and an indirect wholly owned subsidiary of Wells Fargo, is the subadviser to the Fund and is entitled to receive a fee from Funds Management at an annual rate starting at 0.10% and declining to 0.05% as the average daily net assets of the Fund increase.

Administration fee

Under a class-level administration agreement, Funds Management provides class-level administrative services to the Fund, which includes paying fees and expenses for services provided by the transfer agent, sub-transfer agents, omnibus account servicers and record-keepers. As compensation for its services under the class-level administration agreement, Funds Management receives an annual fee of 0.08% which is calculated based on the average daily net assets of the Institutional Class.

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. Funds Management has committed through December 31, 2019 to waive fees and/or reimburse expenses to the extent necessary to cap the Fund’s expenses at 0.27% for Institutional Class shares. Prior to or after the commitment expiration date, the cap may be increased or the commitment to maintain the cap may be terminated only with the approval of the Board of Trustees.

Interfund transactions

The Fund may purchase or sell portfolio investment securities to certain other Wells Fargo affiliates pursuant to 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. INVESTMENT PORTFOLIO TRANSACTIONS

Purchases and sales of investments, excluding U.S. government obligations (if any) and short-term securities, for the six months ended February 28, 2019 were $366,393,329 and $369,780,470, respectively.

6. BANK BORROWINGS

The Trust (excluding the money market funds), Wells Fargo Master Trust and Wells Fargo Variable Trust are parties to a $280,000,000 revolving credit agreement whereby the Fund is permitted to use bank borrowings for temporary or emergency purposes, such as to fund shareholder redemption requests. Interest under the credit agreement is charged to the Fund based on a borrowing rate equal to the higher of the Federal Funds rate in effect on that day plus 1.25% or the overnight LIBOR rate in effect on that day plus 1.25%. In addition, an annual commitment fee equal to 0.25% of the unused balance is allocated to each participating fund.

Notes to financial statements (unaudited) Wells Fargo Conservative Income Fund 21

For the six months ended February 28, 2019, there were no borrowings by the Fund under the agreement.

7. DISTRIBUTIONS TO SHAREHOLDERS

Effective for all filings after November 4, 2018, the Securities and Exchange Commission eliminated the requirement to separately state the components of distributions to shareholders under U.S. generally accepted accounting principles. The amounts of distributions to shareholders for the year ended August 31, 2018 were as follows:

	Net investment income		Net realized gains
Institutional Class		8,443,388		148,163

8. INDEMNIFICATION

Under the Trust’s organizational documents, the officers and Trustees have been granted certain indemnification rights against certain liabilities that may arise out of performance of their duties to the Trust. Additionally, in the normal course of business, the Trust may enter into contracts with service providers that contain a variety of indemnification clauses. The Trust’s maximum exposure under these arrangements is dependent on future claims that may be made against the Fund and, therefore, cannot be estimated.

9. NEW ACCOUNTING PRONOUNCEMENTS

In August 2018, FASB issued Accounting Standards Update (“ASU”) No. 2018-13, Fair Value Measurement (Topic 820) Disclosure Framework—Changes to the Disclosure Requirements for Fair Value Measurement. 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.

In March 2017, FASB issued ASU No. 2017-08, Premium Amortization on Purchased Callable Debt Securities. ASU 2017-08 shortens the amortization period for certain callable debt securities held at a premium. The amendments require the premium to be amortized to the earliest call date. The amendments do not require an accounting change for securities held at a discount; the discount continues to be amortized to maturity. ASU 2017-08 is effective for fiscal years beginning after December 15, 2018 and for interim periods within those fiscal years. Management is currently evaluating the potential impact of this new guidance to the financial statements.

22 Wells Fargo Conservative Income Fund Other information (unaudited)

PROXY VOTING INFORMATION

A description of the policies and procedures used to determine how to vote proxies relating to portfolio securities is available, upon request, by calling 1-800-222-8222, visiting our website at wfam.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 wfam.com or by visiting the SEC website at sec.gov.

PORTFOLIO HOLDINGS INFORMATION

The complete portfolio holdings for the Fund are publicly available monthly on the Fund’s website (wfam.com), on a one-month delayed basis. In addition, top ten holdings information (excluding derivative positions) for the Fund is publicly available on the Fund’s website on a monthly, seven-day or more delayed basis. The Fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q, which is available by visiting the SEC website at sec.gov. In addition, the Fund’s Form N-Q may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC, and at regional offices in New York City, at 233 Broadway, and in Chicago, at 175 West Jackson Boulevard, Suite 900. Information about the Public Reference Room may be obtained by calling 1-800-SEC-0330.

Other information (unaudited) Wells Fargo Conservative Income Fund 23

BOARD OF TRUSTEES AND OFFICERS

Each of the Trustees and Officers¹ listed in the table below acts in identical capacities for each fund in the Wells Fargo family of funds, which consists of 152 mutual funds comprising the Wells Fargo Funds Trust, Wells Fargo Variable Trust, Wells Fargo Master Trust and four closed-end funds (collectively the “Fund Complex”). This table should be read in conjunction with the Prospectus and the Statement of Additional Information². The mailing address of each Trustee and Officer is 525 Market Street, 12th Floor, San Francisco, CA 94105. Each Trustee and Officer serves an indefinite term, however, each Trustee serves such term until reaching the mandatory retirement age established by the Trustees.

Independent Trustees

Name and year of birth	Position held and length of service*	Principal occupations during past five years or longer	Current other public company or investment company directorships
William R. Ebsworth (Born 1957)	Trustee, since 2015	Retired. From 1984 to 2013, equities analyst, portfolio manager, research director and chief investment officer at Fidelity Management and Research Company in Boston, Tokyo, and Hong Kong, and retired in 2013 as Chief Investment Officer of Fidelity Strategic Advisers, Inc. where he led a team of investment professionals managing client assets. Prior thereto, Board member of Hong Kong Securities Clearing Co., Hong Kong Options Clearing Corp., the Thailand International Fund, Ltd., Fidelity Investments Life Insurance Company, and Empire Fidelity Investments Life Insurance Company. Board member of the Vincent Memorial Hospital Endowment (non-profit organization), where he serves on the Investment Committee and as a Chair of the Audit Committee. Mr. Ebsworth is a CFA® charterholder.	N/A
Jane A. Freeman (Born 1953)	Trustee, since 2015; Chair Liaison, since 2018	Retired. From 2012 to 2014 and 1999 to 2008, Chief Financial Officer of Scientific Learning Corporation. From 2008 to 2012, Ms. Freeman provided consulting services related to strategic business projects. Prior to 1999, Portfolio Manager at Rockefeller & Co. and Scudder, Stevens & Clark. Board member of the Harding Loevner Funds from 1996 to 2014, serving as both Lead Independent Director and chair of the Audit Committee. Board member of the Russell Exchange Traded Funds Trust from 2011 to 2012 and the chair of the Audit Committee. Ms. Freeman is a Board Member of The Ruth Bancroft Garden (non-profit organization). She is also an inactive Chartered Financial Analyst.	N/A
Isaiah Harris, Jr.3 (Born 1952)	Trustee, since 2009; Audit Committee Chairman, since 2019	Retired. Chairman of the Board of CIGNA Corporation since 2009, and Director since 2005. From 2003 to 2011, Director of Deluxe Corporation. Prior thereto, President and CEO of BellSouth Advertising and Publishing Corp. from 2005 to 2007, President and CEO of BellSouth Enterprises from 2004 to 2005 and President of BellSouth Consumer Services from 2000 to 2003. Emeritus member of the Iowa State University Foundation Board of Governors. Emeritus Member of the Advisory Board of Iowa State University School of Business. Advisory Board Member, Palm Harbor Academy (private school). Advisory Board Member, Child Evangelism Fellowship (non-profit). Mr. Harris is a certified public accountant (inactive status).	CIGNA Corporation
Judith M. Johnson3 (Born 1949)	Trustee, since 2008; Audit Committee Chairman, from 2009 to 2018	Retired. Prior thereto, Chief Executive Officer and Chief Investment Officer of Minneapolis Employees Retirement Fund from 1996 to 2008. Ms. Johnson is an attorney, certified public accountant and a certified managerial accountant.	N/A
David F. Larcker (Born 1950)	Trustee, since 2009	James Irvin Miller Professor of Accounting at the Graduate School of Business, Stanford University, Director of the Corporate Governance Research Initiative and Senior Faculty of The Rock Center for Corporate Governance since 2006. From 2005 to 2008, Professor of Accounting at the Graduate School of Business, Stanford University. Prior thereto, Ernst & Young Professor of Accounting at The Wharton School, University of Pennsylvania from 1985 to 2005.	N/A

24 Wells Fargo Conservative Income Fund Other information (unaudited)

Name and year of birth	Position held and length of service*	Principal occupations during past five years or longer	Current other public company or investment company directorships
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	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	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	Chief Operating Officer, Twin Cities Habitat for Humanity, since January, 2017. Vice President of University Services, University of Minnesota from 2012 to 2017. Prior thereto, on the Board of Directors, Governance Committee and Finance Committee for the Minnesota Philanthropy Partners (Saint Paul Foundation) from 2012 to 2018, Interim President and Chief Executive Officer of Blue Cross Blue Shield of Minnesota from 2010 to 2011, Chairman of the Board from 2009 to 2011 and Board Director from 2003 to 2015. Vice President, Leadership and Community Engagement, Bush Foundation, Saint Paul, Minnesota (a private foundation) from 2009 to 2011. Executive Vice President and Chief Financial Officer, Minnesota Sports and Entertainment from 2004 to 2009 and Senior Vice President from 2002 to 2004. Commissioner of Finance, State of Minnesota, from 1999 to 2002. Currently the Board Chair of the Minnesota Wild Foundation since 2010.	N/A

* Length of service dates reflect the Trustee’s commencement of service with the Trust’s predecessor entities, where applicable.

Other information (unaudited) Wells Fargo Conservative Income Fund 25

Officers

Name and year of birth	Position held and length of service	Principal occupations during past five years or longer
Andrew Owen (Born 1960)	President, since 2017	Executive Vice President of Wells Fargo & Company and Head of Affiliated Managers, Wells Fargo Asset Management, since 2014. In addition, Mr. Owen is currently President, Chief Executive Officer and Director of Wells Fargo Funds Management, LLC since 2017. Prior thereto, Executive Vice President responsible for marketing, investments and product development for Wells Fargo Funds Management, LLC, from 2009 to 2014.
Nancy Wiser1 (Born 1967)	Treasurer, since 2012	Executive Vice President of Wells Fargo Funds Management, LLC since 2011. Chief Operating Officer and Chief Compliance Officer at LightBox Capital Management LLC, from 2008 to 2011.
Alexander Kymn (Born 1973)	Secretary and 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 wfam.com.

³  Mr. Harris became Chairman of the Audit Committee effective January 1, 2019.

This page is intentionally left blank.

This page is intentionally left blank.

This page is intentionally left blank.

For more information

More information about Wells Fargo Funds is available free upon request. To obtain literature, please write, visit the Fund’s website, or call:

Wells Fargo Funds

P.O. Box 219967

Kansas City, MO 64121-9967

Website: wfam.com

Individual investors: 1-800-222-8222

Retail investment professionals: 1-888-877-9275

Institutional investment professionals: 1-866-765-0778

This report and the financial statements contained herein are submitted for the general information of the shareholders of the Fund. If this report is used for promotional purposes, distribution of the report must be accompanied or preceded by a current prospectus. Before investing, please consider the investment objectives, risks, charges, and expenses of the investment. For a current prospectus and, if available, a summary prospectus, containing this information, call 1-800-222-8222 or visit the Fund’s website at wfam.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.

321624 04-19 SA265/SAR265 02-19

ITEM 2. CODE OF ETHICS

Not applicable.

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT

Not applicable.

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES

Not applicable.

ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS

Not applicable.

ITEM 6. INVESTMENTS

A Portfolio of Investments for each series of Wells Fargo Funds Trust is included as part of the report to shareholders filed under Item 1 of this Form.

ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES

Not applicable.

ITEM 8. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES

Not applicable.

ITEM 9. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS

Not applicable.

ITEM 10. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS

There have been no material changes to the procedures by which shareholders may recommend nominees to the registrant’s Board of Trustees that have been implemented since the registrant’s last provided disclosure in response to the requirements of this Item.

ITEM 11. CONTROLS AND PROCEDURES

(a) The President and Treasurer have concluded that the Wells Fargo Funds Trust (the “Trust”) disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) provide reasonable assurances that material information relating to the Trust is made known to them by the appropriate persons, based on their evaluation of these controls and procedures as of a date within 90 days of the filing of this report.

(b) There were no significant changes in the Trust’s internal controls over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) that occurred during the second fiscal quarter of the period covered by this report that materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.

ITEM 12. DISCLOSURES OF SECURITIES LENDING ACTIVITIES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES

Not applicable.

ITEM 13. EXHIBITS

(a)(1) Not applicable.

(a)(2) Certification pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)) is filed and attached hereto as Exhibit 99.CERT.

(a)(3) Not applicable.

(b) Certification pursuant to Rule 30a-2(b) under the Investment Company Act of 1940 (17 CFR 270.30a-2(b)) is filed and attached hereto as Exhibit 99.906CERT.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Wells Fargo Funds Trust
By:
	/s/ Andrew Owen
	Andrew Owen
	President
Date: April 26, 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: April 26, 2019
By:
	/s/ Nancy Wiser
	Nancy Wiser
	Treasurer
Date: April 26, 2019